HomeMy WebLinkAbout 18-12 Water CR Amend #1 Sterling CorpRESOLUTION NO. 18-12
A RESOLUTION APPROVING A WATER CREDIT PURCHASE AGREEMENT
AMENDMENT NO, 1 BETWEEN THE TOWN OF FIRESTONE AND STERLING
CORPORATION
WHEREAS, Sterling_Corporation ("Buyer") previously entered into a Water Credit Purchase
Agreement with the Town of Firestone ("Firestone") to purchase 30 water dedication credits, said
agreement being effective on February 7, 2018 and approved by the Firestone Board of Trustees by
Resolution No. 1840 ("Agreement"); and
WHEREAS, Firestone has determined that additional water credits are available on a first
come, first served basis at the fixed unit price of $37,100.00 each; and
WHEREAS, Buyer would like to purchase 19 Additional Water Credits from Firestone; and
WHEREAS, Firestone and Buyer desires to amend the Agreement to include the purchase of
the Additional Water Credits ("Amendment"); and
WHEREAS, the Board of Trustees has determined that the proposed Amendment is in the
best interests of the Town and desires by this Resolution to approve said Amendment and authorize
its execution.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO@
Section 1. The Water Credit Purchase Agreement Amendment No. 1 ("Amendment")
between the Town of Firestone and Sterling Corporation ("Buyer"), providing for Buyer's purchase
from Firestone 19 Additional 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 June
7, 1978, is hereby approved in essentially the same form as the copy of such Amendment
accompanying this Resolution.
Section 2. The Mayor and Mayor ProJem, or either of them, is hereby authorized to
execute the Amendment, except that each is hereby further granted the authority to negotiate and
approve such revisions to said Amendment as are determined necessary or desirable for the protection
of the Town, so long as the essential terms and conditions of the Amendment are not altered.
INTRODUCED, READ, and ADOPTED this day of EL L4 , 2018.
N
TOWN OF FIRESTONE, COLORADO
aul Sorensen,
WATER CREDIT PURCHASE AGREEMENT AMENDMENT NO.1
This Amendment No, l to Water Credit Purchase Agreement ("Amendment"), is made and
entered into this day of , 2018, by and between the Town of Firestone ("Firestone")
and \ Ott r- &f , whose address is
1'Z-0 e V co R 'l;\�t ,1 ko�9 OAirv ', CO tb2.W6 (the "Buyer
RECITALS
WHEREAS, Firestone and Buyer recently entered into a Water Credit Purchase Agreement
approved by Resolution No. 18-jQ (the "Agreement'); and
WHEREAS, the previous bidding of water dedication credits was undersubscribed, anW
redits remain available for purchase; and
WHEREAS, Finest ne has agreed to sell to Buyer, and Buyer wishes to purchase from
Firestone an additional ILA Water Credits (hereinafter the "Additional Water Credits") to be
dedicated to Firestone in fulfillment of the "water rights" and/or "shares" dedication requirement
of the Code; and
WHEREAS, Firestone and Buyer wish to amend the Agreement to reflect the acquisition
of the Additional Water Credits by Buyer.
AMENDMENT
NOW, THEREFORE, in consideration ofthe foregoing Recitals and the mutual agreement,
and promises set forth herein, the receipt and sufficiency of which are hereby acknowledged by
both Patties, the Parties agree as follows:
Recitals. The foregoing Recitals are incorporated herein as if fully set forth.
2. Water Credits. The following will be added to Paragraph 2 of the Agreement: "Buyer shall also
purchase Additional Water Credits. The Additional Water Credits sold herein shall be Water
Credit Nos, 37 tod5:. Each Additional Water Credit is equivalent to one (1) acre-foot of water
and shall meet the requirements for water dedicated as more particularly described in the
Agreement."
3. Purchase Price. The following will be added to Paragraph 3 of the Agreement: "Buyer also
agrees to pay the Unit Price of $37.100.00 per V ater Credit for each of the Additional Water
Credits purchased. The Purchase Price of'$ A'A ba 00 for the Additional Water
Credits is due and payable on delivery of this signed Amendment No. 1 to Firestone."
4. No other Modifications. Except as modified by the Amendment, the terms of the Agreement
remain in fill force and effect. Any amendments or additions shall be made in writing and signed
by the parties. In the event of any inconsistencies between the terms and provision of this
Amendment and those set for the in the Agreement, the terms of this Amendment shall control.
Capitalized terms not otherwise defined in this Amendment shall have the same definition as set
forth in the Agreement.
IN WITNESS WHEREOF, the Pa►'ties hereto have executed this Agreement on the date and yea►•
first above written
NOW
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