The URL can be used to link to this page

Home My WebLink About 18-13 Water CR Amend #1 I&J Partnership-Moradi FTRESOLUTION NO. 18-13 A RESOLUTION APPROVING A WATER CREDIT PURCHASE AGREEMENT AMENDMENT NO. 1 BETWEEN THE TOWN OF FIRESTONE AND I & J PARTNERSHIP, 610 SOUTH MAIN, LLC, AND THE MORADI FAMILY TRUST WHEREAS, I & J Partnership 610 South Main LLC and the Moradi Family Trust ("Buyer") previously entered into a Water Credit Purchase Agreement with the Town of Firestone ("Firestone") to purchase 75 water dedication credits, said agreement being effective on February 7, 2018 and approved by the Firestone Board of Trustees by Resolution No. 18-09 ("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 45 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 I & J Partnership, 610 South Main, LLC, and the Moradi Family Trust (collectively the "Buyer"), providing for Buyer's purchase from Firestone 45 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 Agreements 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 Amendment accompanying this Resolution. Section 2. The Mayor and Mayor Pro-Tem, 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 relr r, 2018. O0V 4 Leah Vanarsdall, Town Clerk TOWN OF FIRESTONE, COLORADO ®Nh s Paul Sorensen, Mayor WATER CREDIT PURCHASE AGREEMENT AMENDMENT NO01 This Amendment No. Ito Water Credit Purchase Agreement ("Amendment"), is made and entered into this h day of February, 2018, by and between the Town of Firestone ("Firestone") and I & J Partnership, a California limited partnership, 610 South Main, LLC, a Delaware limited liability company, and the Moradi Family Trust, all of whose address is 9301 Wilshire Blvd., Suite 315, Beverly Hills, CA 90210 (collectively the `Buyer"); RECITALS WHEREAS, Firestone and Buyer recently entered into a Water Credit Purchase Agreement approved by Resolution No. I & dq (the "Agreement"); and WHEREAS, the previous bidding of water dedication credits was undersubscribed, and f-Y credits remain available for purchase; and WHEREAS, Firestone has agreed to sell to Buyer, and Buyer wishes to purchase from Firestone an additional 45 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 of the foregoing Recitals and the mutual agreement, and promises set forth herein, the receipt and sufficiency of which are hereby acknowledged by both Parties, the Parties agree as follows: l . 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 45 Additional Water Credits. The Additional Water Credits sold herein shall be Water Credit Nos. 6 to 3W . 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 Water Credit for each of the Additional Water Credits purchased. The Purchase Price of $ 1,669,500,00 for the Additional Water Credits is due and payable on delivery of this signed Amendment No. 1 to Firestone." 1 4. No other Modifications. Except as modified by the Amendment, the terms of the Agreement remain in full 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 Paiiies hereto Have executed this Agreement on the date and year first above written Paul Sorensen Print: Mayor Title: 610 South Main, LLC ISAAC MORADI Print: MANAGER Title: i►J I & J Partnership, a ISAAC MORADI Print: GENERAL PARTNER Title: ISAAC MORADI Print: TRUSTEE Title: