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ORDINANCE NO. 1582 SERIES 2010 AN ORDINANCE AUTHORIZING THE SALE AND CONVEYANCE OF AN APPROXIMATELY 2.51-ACRE PARCEL OF LAND OWNED BY THE CITY IN THE COLORADO TECHNOLOGICAL CENTER WHEREAS, the City of Louisville is the owner of certain parcels of land located within the Colorado Technological Center consisting of a former wastewater lift station site (Boulder County Assessor's Parcel No. 1.57516000042, approximately 0.17 acres) and a detention pond site (Boulder County Assessor's Parcel No. 157516000032, approximately 4.80 acres), which parcels are hereinafter referred to as the "Property;" and WHEREAS, the Property was acquired by the City for a detention pond and a wastewater lift station, but the Colorado Technological Center development's drainage needs are being satisfied by other facilities, and the City staff has determined that the lift station parcel and portions of the detention pond parcel are no longer needed for detention purposes; and WHEREAS, Etkin Johnson Property Holding LLC, a Colorado limited liability company "Etkin desires to purchase a portion of the Property consisting of approximately 2.51 acres, which portion of the Property is described in Exhibit A attached hereto, and is hereinafter referred to as the "Land;" and WHEREAS, the Land is not needed and is not being held or used for any park, open space, municipal or governmental purposes; and WHEREAS, pursuant to Resolution No. 71, Series 2010, the City Council has approved a Purchase and Sale Agreement (the "Agreement") for the sale of the Property to Etkin for $328.000.00 upon the terms and conditions of the Agreement; and WHEREAS, the City Council desires to authorize the sale and conveyance of the Land in accordance with the terms and conditions of the Agreement; and WHEREAS, the City Council has determined it is in the best interest of the City and its citizens to sell and convey the Land upon the teens and conditions set forth in said Agreement. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: Section 1. The City Council hereby approves and authorizes the sale and conveyance from the City to Etkin Johnson Property Holdings, LLC (the "Purchaser of the Land legally described on Exhibit A attached hereto for a purchase price of $328,000.00. Section 2. The sale and conveyance of the Land shall be upon the terms and conditions set forth in that certain Purchase and Sale Agreement between the City and the Purchaser, which Agreement was approved by City Council Resolution No. 71, Series 2010 (the "Agreement"), and Ordinance No. 1582, Series 2010 Page 1 of 3