HomeMy WebLinkAbout20-36 Rate of Payment of Cash-in-lieu water right dedications 03-25-2020RESOLUTION NO. 20-36
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF FIRESTONE,
COLORADO, PRESCRIBING THE RATE FOR PAYMENT OF CASH -IN -LIEU OF
WATER RIGHT DEDICATIONS TO THE TOWN OF FIRESTONE, COLORADO
WHEREAS, the Town of Firestone ("Town") operates a municipal water system and requires the
dedication of water rights in conjunction 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, ("Code"), the
Town allows, under prescribed circumstances, and in its sole and absolute discretion for the water rights dedication
requirement to be met by payment of cash in lieu the dedication; and
WHEREAS, Sections 1.08.050 and 13.08.010 of the Code provide that the rate for payments of cash -in -
lieu of water right dedications shall be as determined by the Board of Trustees by resolution and such rate shall
be not less than one hundred and ten percent (110%) of the then cut -rent price of a Colorado Big Thompson
("CBT") unit, with an assumed annual yield of 0.6 acre-feet per CBT unit; and
WHEREAS, the Board of Trustees last established the cash -in -lieu of water rights dedication rate by
Resolution 19-61 at $43,900.00 per unit of CBT water with an assumed yield of 0.6 acre-feet per CBT unit; and
WHEREAS, the Board of Trustees in consideration of the increase in cost of a CBT unit since adoption
of Resolution 19-61 desires to repeal Resolution 19-61 and establish a new cash -in -lieu of water rights dedication
rate in accordance with the requirements of Sections 1.08.050 and 13.08.010 of the Code.
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 cash -in -lieu of water
rights dedications shall be $68,200.00 per unit of Colorado Big Thompson ("CBT") water, with an assumed yield
of 0.6 acre-feet per CBT unit.
Section 2. Upon adoption of this Resolution any other resolution including Resolution 19-61
setting forth the payment rate for cash -in -lieu water rights dedications of CBT water shall be repealed in their
entirety.
INTRODUCED, READ AND ADOPTED this 25"' day of March, 2020.
TOWN OF
rO
........ol�� °tip
bi Sin8
t }O A
William P,
:ESTOP , COLORADO
Mayor
,S TO FORM:
ashi, Town Attorney