Title
First Amendment to the April 16, 2010 IGA Between the Northern Infrastructure General Improvement District and the City of Commerce City
Body
Summary and Background Information:
• The City and the GID have an IGA regarding the purchase of water rights.
• It is necessary to remove specific names from the IGA and to better define the financial relationship regarding the sale of the water rights:
• When the water rights are sold the sale proceeds shall go to the GID;
• When the water rights are converted to use in City facilities or property then the City shall pay to the GID 110% of the original purchase price, using the lowest purchase price of the available water rights;
• When the water rights are used for economic development incentive purposes, regardless of the amount of the discounted sale price or if the water rights are provided free of charge, the City shall pay the GID 110% of the original purchase price, using the lowest purchase price of the available water rights.
Staff Responsible (Department Head): Roger Tinklenberg
Staff Member Presenting: Roger Tinklenberg
Financial Impact: None for this action
Funding Source: N.A.
Suggested Motion: Adopt the resolution approving the first amendment to the IGA.