HomeMy WebLinkAbout22-45 Fourth Amendment Water Credit Purchase Agreement Mortgage Consultants 03-23-2022RESOLUTION NO. 22-43
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TOWN OF
FIRESTONE, COLORADO, APPROVING THE FOURTH AMENDMENT TO
THE WATER CREDIT PURCHASE AGREEMENT BETWEEN THE TOWN OF
FIRESTONE AND MORTGAGE CONSULTANTS, LLC
WHEREAS, Mortgage Consultants, LLC, ("Mortgage COr1sl11tar1tS") plirSuarlt t0 an
Annexation Agreement, agreed to dedicate water rights/shares to the Town of Firestone
("Firestone"), which water rights and or shares must be dedicated prior to the first recording of a
final plat, final subdivision or final development plan or receiving a building permit; and
WHEREAS, Firestone obtained water supplies and ui accordance with its procedures
sought bids and Mortgage Consultants was the successful bidder and awarded the right to and
purchased 131 water credits to fiilfill its dedication requirement, and
WHEREAS, Firestone in its sole discretion agreed to accept the water credits to fulfill
Mortgage Consultants dedication requirement and on February 18, 2018 the parties entered into a
Water Credit Purchase Agreement ("Agreement") which specified in part that the water credits if
not dedicated to Firestone by February 7, 2020, would expire and that the Agreement was not
assignable; and
WHEREAS, Mortgage Consultants advised Firestone that as a result of corltrachtal
difficulties it would be unable to meet the February 7, 2020 dedication deadline but could meet
the deadline if it was extended for one year; and
WHEREAS, Firestone and Mortgage Consultants entered into the First Amendment of the
Agreement which in part, extended the Expiration Date to February 7, 2021, and
WHEREAS, Mortgage Consultants advised Firestone that it had entered into a contract to
sell certain property ("Property") described in the Aruiexation Agreement to Alberta Development
Partners LLC, ("Alberta") which contract was set to close after the February 7, 2021 Expiration
Date, which would result in forfeiture of Mortgage Consultants remaining 74.67 water credits and
any claim to proceeds or reimbursement and subsequent sale by Firestone of the forfeited water
credits; and
W
HEREAS, Mortgage Consultants requested Firestone extend the Expiration Date to
May 10, 2021; and
WHEREAS, Mortgage Consultants also requested that Firestone consent to an assignment
of the Agreement, as amended, to Alberta in comiection with Alberta's purchase of the Property;
and
WHEREAS, Firestone consented to such requests which the parties memorialized in
entering into the Second Amendment to Water Credit Purchase Agreement; and
WHEREAS, Mortgage Consultants has therefore assigned the Agreement and the
remaining 74.67 water credits to Alberta; and
WHEREAS, Alberta to facilitate development of the Property requested that the Expiration
Date be extended from May 10, 2021 to May 10, 2022 and Firestone consented to such request
upon its adoption of the Thrid Amendment to the Water Credit Purchase Agreement upon the
condition that Alberta would not request an additional extension of the Expiration Date; and
WHEREAS, Alberta has once again approached the Town and "%W Uwledges that it can
not meet the Tluid Amendment extension deadline and thus it still needs additional time to
facilitate development of the Property and requests that the expiration date be extended to
December 31, 2022 and affirms that this will be the final extension request; and
WHEREAS, Alberta further agrees to assume all benefits and burdens and be bound by the
terms and conditions of the Agreement, as amended.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO.
The Fourth Amendment to the Water Credit Purchase Agreement between the Town of
Firestone and Mortgage Consultants, LLC, is approved in substantially the same form as the
copy attached hereto and made a part of this resolution and the Mayor is authorized to execute
the Fourth Amendment on behalf of the Town.
INTRODUCED, READ AND ADOPTED this 23rd day of March, 2022.
ATTEST: _
J ss a Koenig,
Camâ–º
Mayor
TOWN OF FIRESTONE, COLORADO
i.... n
APPROV