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ORDINANCE NO. 1729
<br />SERIES 2016
<br />AN ORDINANCE AUTHORIZING THE CONVEYANCE OF A PARCEL OF LAND
<br />OWNED BY THE CITY OF LOUISVILLE IN EXCHANGE FOR THE CONVEYANCE
<br />TO THE CITY OF A PARCEL OF LAND OWNED BY 608 STUDIOS, LLC
<br />WHEREAS, the City is the owner of certain real property having the address of 612 and
<br />624 Main Street in Louisville, and legally described as Lots 9 and 10, Block 4, Town of Louisville,
<br />County of Boulder, State of Colorado, excepting that 113 -square foot portion of Lot 10, Block 4,
<br />legally described in the General Warranty Deed dated August 24, 2016, from Blue Parrot, Inc. to
<br />City of Louisville (the "City Property"); and
<br />WHEREAS, the City acquired the City Property as authorized by Ordinance No. 1722,
<br />Series 2016, wherein the City determined that the City Property was not being acquired for any
<br />park, open space, or governmental purpose, but as a general asset of the City, and that all or portions
<br />of the property, and any interest, licenses, rights or privileges therein, may be sold, leased, conveyed
<br />or disposed of, in whole or part, as determined by subsequent action of the City Council; and
<br />WHEREAS, 608 Studios, LLC ("608 Studios") is the owner of certain real property having
<br />the address of 608 Main Street m Louisville, and legally described as Lot 8, Block 4, Town of
<br />Louisville, County of Boulder, State of Colorado (the "608 Property"); and
<br />WHEREAS, the City and 608 Studios desire to exchange certain portions of the City
<br />Property and the 608 Property such that, after the exchange, the City will own the easterly 105 feet,
<br />more or less, of the 608 Property, and 608 Studios will own the westerly 45 feet, more or less, of the
<br />City Property; and
<br />WHEREAS, City and 608 Studios agree that the parcels to be exchanged each have a
<br />value of $245,000; and
<br />WHEREAS, the City Council has approved a Contract to Exchange Real Estate to
<br />effectuate the exchange and pursuant to which the City has agreed, as additional consideration, to
<br />identify the cost of a Parking Improvement Fee should 608 Studios require to pay such fee with a
<br />future development; and
<br />WHEREAS, the City Council has determined it is m the best interest of the City and its
<br />citizens to exchange with 608 Studios the parcels described herein;
<br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
<br />OF LOUISVILLE, COLORADO:
<br />Section 1. " The City Council of the City of Louisville hereby approves the conveyance
<br />from the City to 608 Studios that certain real property legally described 'as:
<br />Ordinance 1729, Series 2016
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