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 acqui...
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