HomeMy WebLinkAbout 18-09 Water CR with I&J Partnership & Moradi FTRESOLUTION NO. 18-09
A RESOLUTION APPROVING A WATER CREDIT PURCHASE AGREEMENT BETWEEN
THE TOWN OF FIRESTONE AND I & J PARTNERSHIP, 610 SOUTH MAIN, LLC, AND
THE MORADI FAMILY TRUST
WHEREAS, the Firestone Municipal Code ("Code") requires land developers to agree to
dedicate a certain amount of "water rights" and/or "shares" before annexing new land into
Firestone; and
WHEREAS, pursuant to the Code, a land developer must actually dedicate "water rights"
and/or "shares" in payment of water connection charges and before recording a plat or final
subdivision and/or final development and/or before receiving a building permit or water connection
to the Town water system; and
WHEREAS, I & J Partnership, 610 South Main, LLC, and the Moradi Family Trust
("Buyer") is a "subdivider" as that term is defined in Section 16.04.020 of the Code who has agreed
to dedicate "water rights" and/or "shares" to Firestone pursuant to an Annexation Agreements dated
December 14, 2000, February 16, 2005, September 13, 2007, and January 23, 2013 ("Annexation
Agreement"), and who must actually dedicate those "water rights" and/or "shares" prior to the first
of recording of a final plat, final subdivision or final development plan or receiving a building
permit; and
WHEREAS, Firestone has entered into a lease with the City of Loveland which entitles
Firestone to receive up to 300 acre-feet from the Windy Gap Project, which can be delivered to
Firestone as a treated potable water supply; and
WHEREAS, Firestone has made these water supplies available to bidders pursuant to the
Firestone Municipal Water Credit Bidding Rules and Procedures ("Bidding Rules and Procedures")
as "Water Credits," which may be applied to fulfill a dedication of "water rights" and/or "shares"
requirement as outlined in the Code; and
WHEREAS, Buyer placed a successful bid and was awarded the right to purchase 75 Water
Credits from Firestone; and
WHEREAS, Firestone desires to accept the Water Credits to fulfill a dedication of "water
rights" and/or "shares" requirement as outlined in the Code; and
WHEREAS, pursuant to the Bidding Rules and Procedures, there has been proposed a
Water Credit Purchase Agreement ("Agreement") between the Buyer and the Town of Firestone,
providing for Buyer's purchase from Firestone 75 Water Credits to be dedicated to Firestone in
fulfillment of the "water rights" and/or "shares" dedication requirement of the Code and the
Annexation Agreement; and
WHEREAS, the Board of Trustees has determined that the proposed Agreement is in the
best interests of the Town and desires by this Resolution to approve said Agreement and authorize
its execution.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO,
Section 1. The proposed Water Credit Purchase Agreement ("Agreement") between the
Town of Firestone and I & J Partnership, 610 South Main, LLC, and the Moradi Family Trust
("Buyer"), providing for Buyer's purchase from Firestone 75 Water Credits to be dedicated to
Firestone in fulfillment of the "water rights" and/or "shares" dedication requirement of the Code
and the Annexation Agreement dated December 14, 2000, February 16, 2005, September 13, 2007,
and January 23, 2013, is hereby approved in essentially the same form as the copy of such
Agreement accompanying this Resolution.
Section 2. .The Mayor and Mayor Pro Tem, or either of them, is hereby authorized to
execute the Agreement, except that each is hereby further granted the authority to negotiate and
approve such revisions to said Agreement as are determined necessary or desirable for the
protection of the Town, so long as the essential terms and conditions of the Agreement are not
altered.
INTRODUCED, READ, and ADOPTED this /' day of
TOWN OF FIRESTONE, COLORADO
Mayor
Attest:
Leah Vanarsdall, Town Clerk