City Council Minutes 2002 04 02 - Laserfiche WebLink

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Louisville City Council Meeting April 2, 2002 Page 3 Davidson asked if anyone in the audience wished to speak for or against Ordinance No. 1378, Series 2002. Hearing none, Davidson closed the public hearing. MOTION: Mayer moved that Council approve Ordinance No. 1378, Series 2002, seconded by Keany. Roll call vote was taken. The motion passed by a vote of 7-0. ORDINANCE NO. 1381, SERIES 2002 - AN ORDINANCE AUTHORIZING AND RELATING TO THE PAYMENT OF MONEYS FOR THE ACQUISITION OF A FEE TITLE INTEREST IN AND RECIPROCAL CONSERVATION EASEMENT OVER CERTAIN VACANT REAL ESTATE FOR OPEN SPACE PURPOSES - 2ua reading -public hearing (advertised Daily Camera 3/23/02) [154.48 acres of land located at the Southeast corner of Colorado State Hwy 42 & South 104th Street, known as the Mayhoffer Section 15 property] Davidson called for City Attorney introduction. City Attorney Sam Light read Ordinance No. 1381, Series 2002. Davidson called for Staff presentation. Assistant to the City Manager Heather Balser reviewed the Boulder County purchase of 154.48 acres of land located at the intersection of Colorado State Highway 42 and South 104th Street (Mayhoffer Section 15 Property). An IGA has been proposed among the Cities of Louisville and Lafayette and Boulder County for the purchase and sale of fee title interests in and reciprocal conservation easements over the property. Under the agreement, Louisville and Lafayette will each acquire an undivided twenty-five percent interest in the property and reciprocal conservation easements over the entire property. Under the IGA, Louisville shall purchase its interest in the Property for a purchase price equal to twenty-five cent of the County's initial purchase price paid in 2001, plus a five percent per annum price escalation. This will be paid from the fund made available to Louisville for open space purchases under the Northwest Parkway Intergovernmental Agreement. According to the IGA, funds for open space are to be allocated in 2008, which at a 5% annual purchase price escalation would be a cost of $1,057,575 in 2008. Balser noted that the Louisville Citizens Open Space Advisory Board reviewed the IGA and had no concerns or comments regarding the purchase. Davidson opened the public hearing and asked if anyone in the audience wished to speak for or against Ordinance No. 1381, Series 2002. There were no comments. COUNCIL COMMENTS Van Pelt questioned waiting until 2008, given the 5% per annum fee. Balser stated that the Northwest Parkway funds for open space are available in 2008, and if open space properties are obtainable between now and 2008, funds would be available.