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RESOLUTION NO. 71 SERIES 2010 A RESOLUTION APPROVING A PURCHASE AND SALE AGREEMENT TO SELL AN APPROXIMATELY 2.51 -ACRE PARCEL OF CITY LAND LOCATED IN THE COLORADO TECHNOLOGICAL CENTER WHEREAS, the City of Louisville is the owner of certain parcels of land located within the Colorado Technological Center consisting of a former wastewater lift station site (Boulder County Assessor's Parcel No. 157516000042, approximately 0.17 acres) and a detention pond site (Boulder County Assessor's Parcel No. 157516000032, approximately 4.80 acres), which parcels are hereinafter referred to as the "Property;" and WHEREAS, the Property was acquired by the City for a detention pond and a wastewater lift station, but the Colorado Technological Center development's drainage needs are being satisfied by other facilities, and the City staff has determined that the lift station parcel and portions of the detention pond parcel are no longer needed for detention purposes or any other City purpose; and WHEREAS, Etkin Johnson Property Holding LLC "Etkin desires to purchase a portion of the Property consisting of approximately 2.51 acres, which portion of the Property is described in Exhibit A attached hereto, and is hereinafter referred to as the "Land;" and WHEREAS, the City Council is willing to sell the Land and has received a proposed Purchase and Sale Agreement for sale of the Land to Etkin for $328,000.00; and WHEREAS, City Council by this resolution desires to approve the Purchase and Sale Agreement and authorize its execution; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: 1. The proposed Purchase and Sale Agreement "Agreement between City of Louisville and Etkin Johnson Property Holdings LLC, for the sale of the Land as described in the Agreement and in Exhibit A attached hereto, is hereby approved in essentially the same form as the copy of such Contract accompanying this Resolution. As provided in Exhibit A and the Agreement, the final legal description and square footage of the Land shall be as determined by survey prepared in accordance with the Agreement, and the purchase price shall be subject to adjustment if the net area of the Land is greater or less than 109,335 square feet. 2. The Mayor and City Manager, or either of them, is authorized to execute the Agreement, except that the Mayor and City Manager are hereby granted the authority to negotiate and approve such revisions to said Contract as they determine are necessary or desirable for the protection of the City, so long as the essential terms and conditions of the Agreement are not altered. Resolution 71, Series 2010 Page 1 of 3