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Department of Utilities
Reference: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRIGHTON, COLORADO, ACTING BY AND THROUGH ITS WATER ACTIVITY ENTERPRISE, AUTHORIZING THE PURCHASE OF THREE AND 79/100 (3.79) SHARES OF BURLINGTON DITCH, RESERVOIR AND LAND COMPANY ("BURLINGTON SHARES") AND THREE AND 79/100 (3.79) SHARES OF BRIGHTON LATERAL DITCH COMPANY ("LATERAL SHARES") FROM ORCHARD CHURCH (SELLER) FOR THE TOTAL NOT TO EXCEED SUM OF NINETY FOUR THOUSAND, SEVEN HUNDRED AND FIFTY DOLLARS ($94,750.00); APPROVING A SUPPLEMENTAL APPROPRIATION FROM THE WATER ENTERPRISE FUND IN THE AMOUNT OF NINETY FOUR THOUSAND, SEVEN HUNDRED AND FIFTY DOLLARS; AND AUTHORIZING THE ACTING CITY MANAGER TO UNDERTAKE SUCH TASKS AND EXECUTE SUCH DOCUMENTS AS MAY BE REQUIRED TO CONSUMMATE THE PURCHASE ON BEHALF OF THE CITY.
To: Mayor Richard N. McLean and Members of City Council
Through: Clint Blackhurst, Acting City Manager
Chontel Trujillo, Assistant City Manager of Operations
Prepared By: Curtis Bauers, Director of Utilities
Date Prepared: August 22, 2017
PURPOSE
To consider the approval of a resolution authorizing the execution of contract with Orchard Church for the purchase of three and 79/100 (3.79) shares of capital stock in the Burlington Ditch, Reservoir & Land Company ("Burlington Shares") and three and 79/100 (3.79) shares of capital stock in the Brighton Lateral Ditch Company ("Lateral Shares"). The shares have been deemed appropriate to be included in Brighton's water portfolio for augmentation purposes. Funding for the purchase - $94,750 - will come from existing Plant Investment Fees that have been specifically set aside for such acquisitions.
BACKGROUND
Occasionally, developers purchase water rights in excess of their development needs and opportunities arise to purchase those rights at same cost. These opportunities to purchase small quantities of shares at bulk pricing, would not ordinarily be available were the City to bid out its requirements at similar si...
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