Title
AN ORDINANCE AMENDING THE 2017 BUDGET OF THE CITY OF COMMERCE CITY, COLORADO BY APPROPRIATING A PORTION OF THE UNENCUMBERED FUND BALANCE OF THE WATER ACQUISITION FUND IN THE AMOUNT OF $1,787,850 FOR THE PURCHASE OF 4A WATER AND AUTHORIZING THE EXPENDITURE THEREOF
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Summary and Background Information:
Roger Tinklenberg presented information to council at a study session on 1/23/17, and Resolution 2017-18 was approved 2/6/17. The resolution authorized the purchase of 4A water from South Adams County Water and Sanitation District (SACWSD). The district is selling more 4A water to raise money for the purchase of augmentation water. SACWSD wants to buy augmentation water for future availability in the eventual build-out of the community. Without augmentation water, the 4A water cannot be made available in the future. SACWSD wants to buy augmentation water now that a large block is available. This is a rare opportunity.
The city will need another 2,299.2 ERUs in the future for additional facilities and parks. The city has $1.8 million available in the Water Acquisition Fee Fund, which will purchase 261 ERUs at the current discounted rate of $6,850 per ERU (minus the connection fee).
Staff Responsible (Department Head): Sheryl Carstens
Staff Member Presenting: Sheryl Carstens
Financial Impact: $1,787,850
Funding Source: Water Acquisition Fee Fund