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A1164 W WAMSON, SCHWARTP <br /> LEAVENWORTH & COPE, P.C. <br /> ATfOPMEY$AT LAW <br /> Th MNNATTAN 001111-WR 1 <br /> I.O.Io+c OM <br /> 4014.1140,001.1301A40 NMI <br /> JOHN D.MU$I K.JR. T4sPI10I OO 440-31/5 OaOOD 001141.411011111101 <br /> X17.W_____11 IOOLDI 1400 3,31.314111 1411001044/AMiM/ <br /> AMOE.1tC111MI1N11 December 29, 1971 FA.00rIMOAiNS <br /> JON11 A CO M TELIPg01M..Ns tiaMls <br /> OW 041111 HARMS. • <br /> WILLIAM TI MMf1f4 a. <br /> REWN L PATRICK <br /> Mr. Leon A. Hurl <br /> City Administrator <br /> City of Louisville <br /> 749 Main <br /> Louisville, Co. 80027 <br /> Re: Coal Ridge Ditch - C.M. Richardson Contract <br /> Dear Leon: <br /> The Richardson's have asked the City to approve a modification of <br /> the payment schedule set forth in our Contract dated October, 4, 1971 <br /> with respect to the 95 shares of stock in the Coal Ridge Ditch <br /> Company. You have indicated to me that the City has the necessary <br /> funds. I an recommending that the City agree to the modification. <br /> The Contract provides for a payment of 5,625.0 on January 1, <br /> 1979 and payments of $71,250.00 in January o lowing three <br /> years. The Richardson* have proposed that these four payments be <br /> made equal in the amount of $62,343.75. Under the modification, <br /> our next payment would be larger than originally anticipated, but <br /> the three subsequent payments would each be smaller. <br /> The modification will assist them in meeting some of their obligations <br /> and will promote good will. We must remember that we will need their <br /> assistance in the eventual transfer proceeding. Also, the City is paying <br /> 7% interest on the unpaid balance under this contract. The adjustment <br /> of the payment schedule will save the City $5,610.94 in interest over <br /> the term of the contract. <br /> In addition, the addendum would modify the payment date from January <br /> 1 until January 15 of each year January 1 is an awkward date for the <br /> City and this additional modification would provide us with additional <br /> time to make the payment within the proper budget year. <br /> Copies of this letter and of the proposed addendum are enclosed <br /> in sufficient number for distribution to the Council members. <br /> Very truly yours, <br /> )(USICS, WILLIAMSOl1, SCHWARTZ <br /> ATV 4 .� <br /> Hy <br /> top awn <br /> STW:no <br /> •nc. <br />