City Council Agenda and Packet 1998 08 18

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d. Fee simple estate in and to a tract of land containing approximately four and one- '" half acres (Parcel 3) arld including all oil, gas, and minerals, to be acquired by the City for right-of-way purposes and not as open space. e. Fee simple estate, in and to the following water rights (referred to as Excess Water Rights) which include three shares of the capital stock of the Fanners Reservoir and Irrigation Company and four shares of the South Boulder and Coal Creek Irrigating Ditch Company. The total purchase of Parcell, the Parcel 1 Water Rights, the Conservation Easement (including the Parcel 2 and Parcel 2 Water Rights), Parcel 3, and the Excess Water Rights shall be Six Million, Two Hundred and Twenty-one Thousand Dollars ($6,221,000.00). Davidson called for Council questions and comments. Keany commended the Warembourgs, Bill Simmons, and Rob Lathrop for all the work they have completed to negotiate this contract. He feels that this property will be a tremendous ass.et to the community. . Sisk agreed with Keany. He also commended the citizens of Louisville who started the Open Space Petition years ago. Their efforts are directly responsible for providing the funds to purchase this property. He asked staffwhen a draft contract, complete with closing dates, etc., would be available for review. Simmons replied that the draft contract is currently under review by the Warembourgs and Bpulder County. Lathrop replied that it is expected to close before the end of the year. Sisk asked Sam Light, City Attorney, what Council action would be necessary to approve this contract offer. Light replied that Resolution No. 39, Series 1998, is the standard resolution used for real estate purchases. It authorizes the Mayor to sign this form of contract, and to approve such amendments or negotiated changes which are in the interest of the City but which do not change the substantive terms and conditions of the form in front of Council this evening. As for a closing date, the City will work with the Warembourgs to estimate a reasonable amount of time for all the due diligence processes to carry through. Davidson stated that there are many individuals to thank for their contribution to this purchase. He recognized John Sackett for initially informing the City that this land might be available. He stated that he (Davidson) and Tom Mayer worked to convince the County Commissioners to provide half the money for this purchase, as it is substantially more per acre than they normally pay for open space. He also commended Council for supporting this type of action. 14