HomeMy WebLinkAbout 17-37 Payment Rate for Cash-in-Lieu of Water Rights DedicationRESOLUTION NO 17-37
A RESOLUTION PRESCRIBING THE PAYMENT RATE FOR PAYMENTS OF New LIEU LIEU OF WATER RIGHTS DEDICATIONS TO THE TOWN OF FIRESTONE,
COLORADO.
WHEREAS, the Town operates a municipal water system and requires the dedication
of water rights in connection 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, the Town allows, under prescribed circumstances and in the sole and absolute discretion
of the Town, for the dedication requirement to be met by payment of cash in lieu of dedication;
and
WHEREAS, Sections 1.08.050 and 13.08.010 provide that the rate for payments of
cash- in -lieu of water rights shall be as determined by the Board of Trustees from time to time
by resolution, such rate to be not less than one hundred and ten percent (110%) of the then -
current price of a Colorado Big Thompson ("CBT") unit, with an assumed annual yield of 0.60
acre-feet of actual water per CBT unit; and
WHEREAS, the Board of Trustees previously approved a resolution setting the payment
rate at $27,750.00 per unit of CBT water; and
WHEREAS, the Board of Trustees desires to re -adopt such rate and confirm the
assumed yield requirements of Sections 1.08.050 and 13.08.010 of the Firestone Municipal
Code;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FIRESTONE, COLORADO0
Section 1. Effective upon the adoption of this resolution, the payment rate for
payments of cash -in -lieu of water rights dedications shall be $27,750.00 per unit of Colorado
Big Thompson ("CBT") water, with an assumed yield of 0.60 acre-feet per CBT unit. Said
rate shall remain in effect until revised by subsequent resolution of the Board of Trustees.
Section 2. The charges set by this resolution shall supersede and replace any
charges previously set or adopted by the Board of Trustees for the same purpose.
Section 3. All other resolutions or portions thereof inconsistent or conflicting
with this resolution or any portion hereof are hereby repealed to the extent of such
inconsistency or conflict.
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PASSED AND ADOPTED THIS 23"' DAY OF August, 2017.
ATTEST:
Leah Vanarsdall. Town Clerk
TOWN OF FIRESTONE, COLORADO
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