SUBJECT:
Title
Town of Erie, City of Lafayette, and Tebo Properties Land Purchase and Sale Agreements:
1. A Resolution of the Town Council of the Town of Erie Approving a Purchase and Sale Agreement with the City of Lafayette
2. A Resolution of the Town Council of the Town of Erie Approving a Purchase and Sale Agreement with Tebo Partnership LLLP
Department
DEPARTMENT: Administrative Operations
Presenter
PRESENTER(S): Patrick Hammer, Deputy Town Manager
end
Time
TIME ESTIMATE: 15 minutes
end
For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY:
Cost as Recommended: $1,000,000
Balance Available: $14,670,886.40
Fund Water Fund
Line Item Number: 500-75-110-605000-100364
New Appropriation Required: No
Policy
POLICY ISSUES:
The policy item under consideration is the purchase and sale of two parcels of land which are critical to supporting the mixed-use development located in the City of Lafayette at the southwest corner of Arapahoe Road and Highway 287, as well as the Town’s long term water infrastructure and storage needs on the west side of Town. Proceeding forward with these purchase and sale agreements helps advance the terms outlined in the 2019 City of Lafayette - Town of Erie - Town of Erie Urban Renewal Authority IGA on Comprehensive Development Plan/Dispute Resolution (generally referred to as the Global Settlement), as well as the Town’s 2020 Water Master Plan.
Because the parties are still preparing the documents needed to execute the proposed land acquisitions between all parties involved, the Purchase and Sale Agreements attached to this item may be revised slightly. If so, we anticipate that happening by Tuesday, May 27, 2025.
ecommendation
STAFF RECOMMENDATION:
Approve the two resolutions.
Body
SUMMARY/KEY POINTS
• This item is scheduled as such to accommodate the timing for the developer to meet deadlines for the project and for the Town to begin design and easement acquisition for the water tank in a timely manner.
• The sale and purchase of land in this area is mutually beneficial for regional economic development and securing critical infrastructure needs for the Town.
BACKGROUND OF SUBJECT MATTER:
To facilitate the development within the City of Lafayette, the Town has agreed to sell a 3.48-acre parcel known as Prince Reservoir #2 (aka Little Prince Lake) to Tebo Properties. This parcel, once a forebay to the Prince Reservoir, which was located where the Town’s Nine Mile development is now, no longer serves a functional purpose for the Town. The parcel sale enables the development to move forward, which once complete, will generate new sales tax revenue-50% of which the City of Lafayette will share with the Town of Erie under the terms of the Global Settlement and Revenue Sharing Agreement.
In parallel, the Town will acquire a 3.04-acre parcel from the City of Lafayette, located west of Aspen Ridge Drive, for the construction of a new drinking water storage facility that will serve current and future demands and increase the Town’s water system reliability. This acquisition is consistent with the provisions of the Global Settlement Agreement between the two municipalities. Additionally, Lafayette has agreed to coordinate with the Town to secure the necessary utility easements for the facility. Town staff have been working for several years to locate a water storage facility in this area. The parcel Lafayette will sell to the Town has nearly ideal elevation and building conditions.
These coordinated land transactions represent a cooperative and mutually beneficial step forward, promoting regional economic development and addressing critical infrastructure needs for the Town of Erie.
priorities
TOWN COUNCIL PRIORITY(S) ADDRESSED:
☐ Attractive Community Amenities
☐ Engaged and Diverse Community
☒ Prosperous Economy
☐ Well-Maintained Transportation Infrastructure
☐ Small Town Feel
☒ Safe and Healthy Community
☒ Effective Governance
☐ Environmentally Sustainable
☒ Fiscally Responsible
attachments
ATTACHMENT(S):
1. Presentation
2. Resolution for Lafayette property purchase
3. Resolution for Erie property sale
4. Purchase and Sale Agreement (PSA) Lafayette property purchase
5. Purchas and Sale Agreement (PSA) Tebo property sale