City Council Minutes 1982 09 07 - Laserfiche WebLink

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9/7/82 Page -8- Councilman Ferrera Commented he felt the entire 6.2 acre land dedication should be made to the city at the time of development, not justa portion of the dedication as payments are made. Rautenstraus replied the reason for this was this was the only way the Aquarius people would sell the property. He further explained each time the City makes a principal payment we receive a small portion 6f the 6.2 acres, plus one of the lots. Mr. Cliff Brock Representing the Aquarius Development Corp. stated the City would be receiving 1.2 acres when the contract is signed. He further advised that the City would not be signing a note, or a deed of trust, which is normal; therefore the City could back out of the con- tract. Brock commented that the water shares owned are of no particular value to the City. Their intent at this time is such that in a ten year period probably will not produce water for 3 years out of the 10. They need to keep control on the water due to the fact that they must go to the State Water Court in Greeley under a judication process, which they are required to do. Under State laws any wells drilled as of a certain date cannot be used for agricultural purposes. They can only be used for domestic use. He reassured Council the water shares would not be sold to anyone else, and if the City becomes their primary source of water, then they will deed the City their rights and hook on to the system. Requested clarification from Attorney Rauten- straus - when Aquarius people develop the property, the City is to get 12% of it under the annexation agreement - the entire property. If they are to develop just 12 acres, the City is entitled to l2%? The <<est of the property - what would be the definition on that? Rautenstraus stated the subdivision agree- ment. Leary asked when that would take place under this agreement? The reply was - it wouldn't necessary. Councilman Leary