HomeMy WebLinkAbout 15-05 Prescribing Payment Rates of Cash-in-LieuRESOLUTION NO.)*:;' .0 5
A RESOLUTION PRESCRIBING THE PAYMENT RATE FOR PAYMENTS OF CASH -IN -
LIEU OF WATER RIGHTS DEDICATIONS TO THE TOWN OF FIRESTONE, COLORADO.
WHEREAS, the Town operates a municipal water system and requires the dedication of
water rights in connection with the annexation, subdivision and development of, and water
service to, properties within the Town; and
WHEREAS, pursuant to Sections 1.08.050 and 13.08.010 of the Firestone Municipal
Code, the Town requires that seventy-five percent (75%) of the water dedication requirement be
net by dedication of water and that twenty-five percent (25%) of the dedication requirement be
net by payment of cash -in -lieu of dedication; and
WHEREAS, Sections 1.08.050 and 13.08.010 provide that the rate for payments of cash -
in -lieu of water rights shall be as determined by the Board of Trustees from time to time by
resolution, which rate shall be equivalent to one hundred and ten percent (110%) of the then -current
purchase price of acre-foot units of Colorado Big Thompson ("CBT") water; and
WHEREAS, the Board of Trustees previously approved a resolution setting the payment
rate at $22,000.00 per acre-foot units of CBT water; and
WHEREAS, based on current information regarding the average purchase price for shares
of CBT water, the Board of Trustees desires to set a new cash -in -lieu payment rate;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO:
Section 1. Effective upon the adoption
payments of cash -in -lieu of water rights dedications
Colorado Big Thompson ("CBT") water. Said ra
subsequent resolution of the Board of Trustees.
of this resolution, the payment rate for
shall be $26,000.00 per acre-foot unit of
:e shall remain in effect until revised by
Section 2. The charges set by this resolution shall supersede and replace any charges
previously set or adopted by the Board of Trustees for the same purpose. '
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Section 1 All other resolutions or portions thereof inconsistent or conflicting
with this resolution or any portion hereof are hereby repealed to the extent of such
inconsistency or conflict.
PASSED AND ADOPTED THIS DAY OF A�'L , 2015.
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TOWN OF FIRESTONE, COLORADO
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�o „, ag Paul Sorensen, Mayor
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Ca ' aMedina, Town Cleric