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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 TEN (10) SHARES OF FULTON IRRIGATING DITCH COMPANY AND THE FOLLOWING PAIRED SHARES: FIFTEEN (15) SHARES OF BURLINGTON DITCH RESERVOIR & LAND COMPANY AND FIFTEEN (15) SHARES OF WELLINGTON RESERVOIR COMPANY FROM THE E-470 PUBLIC HIGHWAY AUTHORITY (SELLER) FOR THE TOTAL NOT TO EXCEED SUM OF ONE MILLION FOUR HUNDRED EIGHTY SEVEN THOUSAND FOUR HUNDRED FIFTY DOLLARS ($1,487,450.00); AMMENDING AND APPROPRIATING THE 2017 BUDGET TO INCLUDE SAID AMOUNT; 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: March 10, 2017
PURPOSE
To consider the approval of a resolution authorizing the purchase of shares in the Fulton Irrigating Ditch, the Burlington Reservoir and Ditch Company, and the Wellington Reservoir Company from the E-470 Public Highway Authority. The shares have been deemed appropriate to be included in Brighton's water portfolio for augmentation purposes. Funding in the amount of $1,487,450 for the proposed purchase will come from existing Plant Investment Fees that have been specifically set aside for such acquisitions.
BACKGROUND
In October 2016 - the eight members of the E-470 Public Highway Authority were sent information regarding the sale of 10 Fulton and 15 paired Burlington/Wellington Shares that E-470 owns but no longer needs. The E-470 Authority subsequently decided to put the shares out for formal bidding.
The historical information on the shares has been reviewed by Brighton's water engineers and deemed appropriate to include in Brighto...
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