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ORDINANCE NO. 1722 SERIES 2016 AN ORDINANCE AUTHORIZING THE PAYMENT OF CITY MONEYS FOR THE CITY'S ACQUISITION OF PROPERTY LEGALLY DESCRIBED AS LOTS 9 AND 10, BLOCK 4, LOUISVILLE OLD TOWN WHEREAS, the City of Louisville intends to acquire certain real property located at 612 and 624 Main Street in Louisville, which property is owned by Blue Parrot, Inc., and is legally described as Lots 9 and 10, Block 4, Louisville Old Town (the "Property"); and WHEREAS, the City and owner of the Property have entered into an Purchase Contract to Buy and Sell Real Estate (the "Purchase Contract ") for sale and purchase of the Property upon terms and conditions mutually agreeable to the City and owner; and WHEREAS, the Purchase Contract provides that the City shall pay the owner of the Property a total purchase price of Seven Hundred Thousand Dollars ($700,000) for the Property; and WHEREAS, the City Council by this ordinance desires to identify the source of funding for such purchase, make certain determinations regarding the Property, and otherwise comply with applicable laws regarding the acquisition of the Property; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. Unless other funds become available for use by the City as determined by the City Council, moneys from the General Fund ($700,000) shall be used for the purchase of the Property legally described as Lots 9 and 10, Block 4, Louisville Old Town (the "Property "), as further described in and subject to the terms and conditions of the Purchase Contract therefor. Section 2. City payment for the Property shall be made in cash, certified funds, wire transfer or City warrant, subject to the Purchase Contract and to any necessary budgetary transfers or supplementary budgets and appropriations in accordance with State law. Such City payment is subject to and conditioned upon satisfaction of all conditions in the Purchase Contract for the Property. Section 3. The City Council finds and determines that the Property is being acquired as a general asset of the City for potential parking uses and not as park or open space property, and that all or portions of the Property, and any interests, licenses, rights or privileges therein, may be sold, leased, conveyed or disposed of, in whole or part, as determined by subsequent action of City Council, without necessity of election, pursuant to the home rule charter of the City. Section 4. Nothing in this Ordinance is intended to nor should be construed to create any multiple - fiscal year direct or indirect City debt or fiscal obligation whatsoever. Ordinance No. 1722, Series 2016 Page 1 of 2