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ORDINANCE: O-2008-3
SUBJECT: Authorizing the City Manager to execute financing and acquisition documents, and authorizing a supplemental budget appropriation for the acquisition of 1290 Harlan Street, Lakewood, Colorado. Approval of this acquisition Ordinance will also trigger RTD's obligation to make other significant offsite stormwater mitigation improvements in excess of $1,000,000, in accordance with the recently executed Intergovernmental Agreement. In addition to acquiring the property for drainage improvements, the City is also acquiring the property for other presently unidentified City purposes.
ADDRESS: 1290 Harlan Street, Lakewood, Colorado
RECOMMENDATION: Adoption of the Ordinance will allow the City to acquire the property for future City uses and stormwater drainage from Robert A. Fulcher, SICO LLC, Diana S. Fulcher, Allan E. Beavers and Neva Beavers Family Trust (collectively as Seller). In addition, the Ordinance will facilitate the related changes to the City budget.
FUNDING SOURCE: Economic Development Fund, Stormwater Enterprise Fund, and Urban Drainage/Flood Control District.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: This Ordinance would authorize the acquisition of 1290 Harlan Street with funding from the Economic Development Fund in the amount of $900,000 and from the Stormwater Enterprise Fund in the amount of $300,000. The acquisition will take place in early 2008 assuming favorable results on the due diligence process in accordance with the Reinstatement and Amendment to Purchase and Sale Agreement between the City and the Seller, and requires a supplemental appropriation to the City's 2008 Budget from the Economic Development Fund for $900,000 and from the Stormwater Enterprise Fund for $300,000. The Urban Drainage/Flood Control District will contribute a matching portion of approximately $50,000 for the drainage easement at closing.
PROJECT DESCRIPTION: Acquisition and financing of 1290 Harlan Street.
DATE OF FIRST READING: February 11, 2008
DATE OF SECOND READING AND PUBLIC HEARING: February 25, 2008
ORIGINATED BY: Larry Dorr, Director of Finance
STAFF PERSON RESPONSIBLE: Larry Dorr, Director of Finance, 303-987-7601
Richard Plastino, Director of Public Works, 303-987-7901
Rebecca Clark, Director of Community Planning & Development, 303-987-7731
Cathy Barum, Budget Management Analyst, 303-987-7031
DOCUMENTS ATTACHED: Ordinance
O-2008-3
Map
SUBMITTED BY:
Larry Dorr, Finance Director
Richard Plastino, Public Works Director
Rebecca Clark, Director Community Planning & Development
REVIEWED BY:
Joni Inman, Director, Mayor and City Manager's Office
Michael J. Rock, City Manager
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