HomeMy WebLinkAbout 13-16 Prescribing Payment Rate for Payments of Cash-in-Lieu of Water Rights DedicationsRESOLUTION NO.
A RESOLUTION PRESCRIBING THE PAYMENT RATE FOR PAYMENTS OF AEU OF 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 $8,900.00 per acre-foot of CBT water; and
WHEREAS, based on current information regarding the average purchase price for shares
of CB 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 of this resolution, the payment rate for
payments of cash4n4ieu of water rights dedications shall be $10,700.00 per acre-foot unit of
Colorado Big Thompson ("CBT") water. Said rate shall remain in effect until revised by
subsequent resolution of the Board of Trustees.
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.
Section 3. 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this resolution or any portion hereof are hereby repealed to the extent of such inconsistency or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 , 2013.
J
Kilt
11ATTEST: f 0,.cO�O
Larissa Medina, Town Clerk Pro-tem
2
TOWN OF FIRESTONE, COLORADO
Paul Sorensen, Mayor Pro-tem
COLORADO CIVIL GROUP, INC.
Engineering Consultants
TO:
FROM:
DATE:
SUBJECT:
PROJECT No.:
Mr. Wes LaVanchy, Manager, Town of Firestone
Dave Lindsay, Colorado Civil Group, Inc., Town Engineer " `-
March 26, 2013
CBT Share Cash -in -Lieu
In March of 2012 the Board of Trustees set the cash -in -lieu amount of CBT water dedication at $8,900.00
per Share based on then current average sales prices. We recently reviewed the current CBT sales
information that Julie Pasillas was able to obtain from Northern Water. Though process have fluctuated
greatly in the past year they are trending upward. The purchase price for each transaction are not always
listed and one thing that we have noticed is that most of the sales being reported between November 2012
and the end of March 2013 is that most of the transactions involve less than 10 Shares and that only three
transfers were for more than 20 Shares. A February sale of 20 Shares was for $8,500/Share, a December
sale of 58 Shares was for $8,000/Share, and March sale of 25 Shares was for $13,500/Share. From
November through March the average sale price for transactions involving less than 10 Shares was closer
to $10,500/Share. That disparity makes it difficult to determine a true value for the resource. However,
from November 2012 through March 2013 there were 138 Shares sold for an average price of
$9,746/Share. The Firestone Municipal Code (1.08.050 A.6.) allows the Town to charge 110% of the then
current sale price of CBT Shares. Based on this current information we are recommending the Town
establish a new cash -in -lieu amount of $10,700.00 per CBT Share.
Let me know if there is any additional information I can provide.
COLORADO CIVIL GROUP, INC. • 1413 W. 29`" Street •Loveland, Colorado 80538 • 970-278-0029
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