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ORDINANCE: O-2002-22
SUBJECT: Authorize the transfer of part of William Fredrick Hayden Green Mountain Park to Jefferson County Open Space to meet Lakewood's obligations under a Intergovernmental Agreement for the release of reversionary interests related to the 2000 Certificates of Participation and authorizing the acceptance of a Commissioner's Deed from Jefferson County with a reversionary interest in the same property.
LOCATION: North of Alameda Avenue and east of C-470
RECOMMENDATION: Approve the Ordinance
FUNDING SOURCE: Not Applicable
SUMMARY AND BACKGROUND OF SUBJECT MATTER: In August 2000, the Lakewood Public Building Authority issued Certificates of Participation for the construction of Whitlock, Carmody and Lakewood Link Recreation Centers, Homestead at Fox Hollow Golf Course and other public facilities. In order to complete the financing of these facilities, the City of Lakewood requested that Jefferson County release their reversionary interests in five parcels that were to be used as collateral in the financing. As part of an Intergovernmental Agreement (IGA) between the City and the County, the County released the reversionary interests in those five parcels on the condition that Lakewood convey property of equal value to Jefferson County (replacement property). The County would then deed the property back to the City of Lakewood by a Commissioner's deed that would include a reverter clause which would give the ownership of the property back to Lakewood "for so long as all of the real property remains within the Jefferson County boundaries, is used by a public entity for public open space, park or recreational purposes, and all Jefferson County Residents are charged the same user fee which the City may from time to time impose for the use of the real property or any improvements thereon, and no longer."
After an exhaustive search of current City-owned properties, this 320-acre parcel was selected because 315 of the 320 acres are not currently subject to a reversionary interest to Jefferson County and the value of this property is roughly equivalent to the value of the property which was released by Jefferson County in 2000.
The remaining 5 acres is currently subject to the County's reversionary interest
and is surrounded by the 315 acres. It is being included in the transfers in
order to prevent the possibility of creating a gap or overlap in the legal descriptions.
The proposed ordinance would have no impact to the City of Lakewood as long
as the property is used for public open space, park or recreational purposes
and it will complete the City's obligations under the IGA. The result of conveying
the property to the County and accepting the deed back from the County will
be to reinforce the existing City Charter provision to preserve any open space
parcel.
DATE OF FIRST READING: June 24, 2002
DATE OF SECOND READING: July 8, 2002
ORIGINATED BY: Community Resources and Finance
STAFF PERSON RESPONSIBLE: Mike Connor 303-987-7659
Ross Williams 303-987-7814
DOCUMENTS ATTACHED: Ordinance O-2002-22 and Vicinity Map
SUBMITTED BY:
Mike Connor, Joni Inman, Director
Property Manager Mayor and City Manager's Office
Jacque Wedding-Scott
Director of Finance
REVIEWED BY:
Joni Inman, Director
Mayor and City Manager's Office
Michael J. Rock,
City Manager
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