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ORDINANCE NO. 1698 SERIES 2015 AN ORDINANCE AUTHORIZING THE SALE AND CONVEYANCE OF PROPERTY OWNED BY THE CITY AND DESCRIBED AS LOTS 1 AND 2, BLOCK 4, TOWN OF LOUISVILLE AND APPROVING A PARKING LEASE AGREEMENT AND REVOCABLE LICENSE AGREEMENT IN CONNECTION WITH SUCH SALE WHEREAS, the City of Louisville is the owner of certain real property legally described as Lots 1 and 2, Block 4, Town of Louisville, County of Boulder, State of Colorado, and having a street address of 637 Front Street (hereinafter the "Property"); and WHEREAS, the City acquired Lots 1-6, Block 4 as authorized by Ordinance No. 1540, Series 2008, wherein the City determined that the property was not being acquired for any park, open space, or governmental purpose, but as a general asset of the City, and that all or portions of the property, and any interest, licenses, rights or privileges therein, may be sold, leased, conveyed or disposed of, in whole or part, as determined by subsequent action of the City Council; and WHEREAS, the City Council desires to sell the Property and pursuant to Resolution No. 'ti43 , Series 2015, the City Council has approved a Contract to Buy and Sell Real Estate (the "Purchase Contract") for sale of the Property to Front Street Ventures, LLC, a Colorado limited liability company and/or assigns for $1,200,000; and WHEREAS, the City Council desires to authorize the sale and conveyance of the Property in accordance with the terms and conditions of the Purchase Contract; and WHEREAS, the City Council has determined that the Property is not and will not be needed for any public purposes, and is not and will not be used or held for park purposes or any other governmental purpose; and WHEREAS, in connection with the sale of the Property, the City Council desires to enter into a Parking Lease Agreement with Lucky Pie Management Company for the lease of a number of parking spaces on Lot 3, Block 4 for operation of the restaurant; and WHEREAS, in connection with the sale of the Property, the City Council further desires to grant to Front Street Ventures, LLC a revocable license to use and occupy portions of adjoining City -owned lots for conduct of restaurant operations; and WHEREAS, the City Council has determined it is in the best interest of the City and its citizens to sell and convey the Property upon the terms and conditions set forth herein. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILE, COLORADO: Ordinance No. 1698, Series 2015 Page 1 of 3