Ordinance 2003-1435 - Laserfiche WebLink

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ORDINANCE NO. 1435 SERIES 2003 AN ORDINANCE AUTHORIZING THE PAYMENT OF CITY MONEYS FOR THE ACQUISITION OF A PARCEL OF VACANT REAL ESTATE FOR PARK AND RIGHT- OF-WAY PURPOSES WHEREAS, the City of Louisville intends to enter into a Purchase Contract with Bruce R. Savage and Ilene C. Savage for the acquisition, for park and right-of-way purposes, of approximately 3.5 acres of property owned by Mr. and Mrs. Savage (the "Property"); and WHEREAS, the Property consists of a parcels of land lying within unincorporated Boulder County, in the Southwest One-Quarter of Section 8, Township 1 South, Range 69 West of the 6th P.M, north of Spruce Street between the eastern and westem ends of Walnut Street, and in the vicinity of the Treehaven, McKinley Park and Louisville Heights subdivisions; and WHEREAS, Louisville shall pay the owners of the Property a total of three hundred and twenty-two thousand dollars ($322,000.00), for the Property; and WHEREAS, the City Council by this ordinance desires to identify the sources of funding for such purchase and otherwise comply with Section 31-25-202, Colorado Revised Statutes. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. Unless other funds become available for use by the City as determined by the City Council, moneys from the City Conservation Trust Fund - Land Acquisition shall be used to pay at closing the amount of three hundred twenty-two thousand dollars ($322,000.00) for the Property, which Property is generally described on Exhibit A attached hereto, and is further described in the Purchase Agreement therefor. The City Conservation Trust Fund - Land Acquisition shall be reimbursed for the costs of any portion of the Property subsequently identified and used for right-of-way purposes. Section 2. City payment for the Property shall be made in cash, certified funds or City warrant, subject to the Purchase Contract and to any necessary budgetary transfers or supplementary budgets and appropriations in accordance with State law. Such City payment is subject and conditioned upon satisfaction of all conditions in the Purchase Contract for the Property, including but not limited to the completion of annexation, zoning, subdivision and planned unit development approvals for establishment of the Property, and remaining portions of owners' land, as City lots. Section 3. Nothing in this Ordinance is intended to nor should be construed to create any multiple-fiscal year direct or indirect City debt or fiscal obligation whatsoever.