SUBJECT:
Title
An Ordinance of the Town Council of the Town of Erie Approving a Purchase and Sale Agreement with Tebo Partnership LLLP and Authorizing the Related Transfer of Property to Tebo Partnership LLLP
Department
DEPARTMENT: Administrative Operations
Presenter
PRESENTER(S): Patrick Hammer, Deputy Town Manager
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Time
TIME ESTIMATE: 0
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Fiscal
FISCAL SUMMARY:
Cost as Recommended: Revenue of $700,000
Balance Available: NA
Fund General Fund
Line Item Number:
New Appropriation Required: No, sale proceeds of $700,000 will be booked as revenue in the General Fund
Policy
POLICY ISSUES:
The Town Charter requires Town purchase or sale of real property to be approved by Town Council through an ordinance. Selling the Town's 3.48 acre parcel to Tebo Partnership LLLP is consistent with the Town's agreement in the 2019 Global Settlement with the City of Lafayette that the City and Town will "cooperate with each other to foster development of both the Lafayette Development Parcel and the Erie Development Parcel in a complementary pattern to achieve optimal economic and societal benefits for both Lafayette and Erie." Facilitating development on this parcel will ultimately generate sales tax revenue for the Town through the revenue sharing provisions in the Global Settlement. Finally, other than facilitating development in this location, the Town has no other use for this property, it requires periodic maintenance, and consequently, it is surplus.
Recommendation
STAFF RECOMMENDATION:
Adopt the Ordinance authorizing the Purchase and Sale Agreement and subsequent transfer of property to Tebo Partnership LLLP.
Body
SUMMARY/KEY POINTS
* On May 27, 2025, the Council approved by resolution a prior version of the PSA with Tebo Partnership LLLP to sell a roughly 3.47-acre parcel of Town-owned land for $700,000 to be integrated into a future mixed-use development located at the southwest corner of Arapahoe Road and Highway ...
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