Title
RESOLUTION APPROVING CONVEYANCE OF EASEMENT TO NORTHERN COMMERCE METROPOLITAN DISTRICT
Body
Summary and Background Information:
Pursuant to the terms of a Reimbursement Agreement, Northern Commerce Metropolitan District (District) agreed to repay the Commerce City Northern Infrastructure General Improvement District (GID) for funds advanced to complete improvements to East 104th Avenue from Chambers Road to the Hogan property line, and from Altura Street to Chambers Road. An amendment to the Reimbursement Agreement has been prepared to restructure the terms of reimbursement made necessary due to an assessed valuation significantly lower than originally antipicated. Under the terms of the amended agreement, a $100,000.00 payment will be made to the GID by December 31, 2013 to be applied to the outstanding interest and principal due to the GID.
In addition, the District has installed landscaping and storm drainage improvements within an easement held by Commerce City for access and public purposes. However, the District does not hold an easement interest in order to finance, operate, and maintain those public improvements. Commerce City is willing to convey a non-exclusive easement for the landscaping and storm drainage improvements.
Staff Responsible (Department Head): Robert R. Gehler, City Attorney
Staff Member Presenting: Robert R. Gehler, City Attorney
Financial Impact: $100,000.00 to be paid to the GID by December 31, 2013
Funding Source: n/a
Staff Recommendation:
Approval of First Amendment to Reimbursement Agreement and Conveyance of Easement
Suggested Motion:
I move that Resolution 2013-81 be passed.