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ORDINANCE NO 1773 SERIES 2019 AN ORDINANCE AUTHORIZING THE PAYMENT OF CITY MONEYS FOR THE CITY'S ACQUISITION OF PROPERTY LEGALLY DESCRIBED AS OUTLOT A, DAVIDSON HIGHLINE SUBDIVISION REPLAT 2 WHEREAS, the City of Louisville intends to acquire certain real property generally located on the west side of State Highway 42 (North 96th Street), between Hecla Dnve and Summit View Drive, which property is owned by RCL Land Company, LLC, and is legally described as Outlot A, Davidson Highhne Subdivision Replat 2 (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 purchase price of Twenty -Seven Thousand and Four and 00/100 Dollars ($27,004 00) for the Property, plus additional reimbursements to the owner in connection with the work to be completed for the City's underpass project in the amount of of Fifteen Thousand Seventy -Five and 00/100 Dollars ($15,075 00), for a total amount of City moneys of Forty -Two Thousand Seventy -Nine and 00/100 Dollars ($42,079 00), 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 Open Space and Parks Fund ($42,079 00) shall be used for the purchase of the Property legally described as Outlot A, Davidson Highhne Subdivision Replat 2 (the "Property") and satisfaction of the City's additional monetary obligations as set forth in the Purchase Contract, all as further described in and subject to the teuus and conditions of the Purchase Contract. 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 appropnatrons 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. 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 Section 4. If any portion of this ordinance is held to be invalid for any reason, such Ordinance No 1773, Series 2019 Page 1 of 2