HomeMy WebLinkAbout2008 Resolution No. 040CONTRA CT NO. 'fo-,3,J~or
• RESOLUTION NO . _$2.
SERIES OF 200 8
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A RESOLUTION SUPPORTING THE NEGOTL.\ TION OF A LEASE BY THE
ENGLEWOOD MCLELLAN RESERVOIR FOUNDATION (EMRF) FOR THE LEASE OF A
PORTI ON OF THE MCLELLAN PROPERTY TO TT OF DENVER .
WHEREAS , the Englewood/Mcle ll an Re servoir foundation (EMRF) was formed to oversee
the development of the Mclellan Reservoir pro pert y; and
WHEREAS , the proposed Letter of Int ent is fo r approximatel y 12 .8 acres of the
Englewood/Mclellan Reservoir Foundation property ; and
WHEREAS, TT of Denve r submitt ed a Letter of Intent to the Englewood Ci ty Counci l; and
WHEREAS , Cit y Council reviewed the Letter of Intent and instructed EMRF to begi n
nego tiation of fin al lease terms.
NOW, THEREFORE , BE IT RESOLVED BY THE CITY COUNCD.. OF THE CITY OF
ENGLEWOOD, COLORADO, THAT :
Section I. The City Counci l of the City of Englewood, Co lorado, hereby supports negotiation
of a lease agreement between the Englewood/Mclellan Reservoir Foundatio n and TT of Denver .
ADOPTED AND APPROVED thi s 2"" day of June, 2008.
I, Loucrishia A. Ellis, City Clerk for f!foCity of Englewood,
above is a tn,e copy of Reso luti on No. , Series of 08 .
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COUNCIL COMMUNICATION
Date : Agenda Item : Subject:
Jun e 2, 2008 11 C ii Reso luti ', n support of EMRF ente ring into
nego tiati ons for lease of approxima tely 12.8 acr«s
to TT of D enver
Initiat ed By: I Staff Source :
Englewood McLe'lan Reserv oir Foundation Stewart H. Fond a, Preside nt
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
In 1999, City Counci l authorized th e crea tion of the Englewood Mclellan Reservoir Foundation
(EMRF) for the purpose of fa ci litating th e development of property adjacent to th e City's Mclellan
Reservo ir. On December 17, 2007, Council supported EMRF in the sale of approximately 11 acres
of PA65 to RTD for $3.2 million. On May 19, 2008, City Council supported EMRF in leasing
approximately 13.6 acres of Pl anning Area 64 (PA 84) to CarMax Sup erstores West Coast, In c. This
proposed action would be the third transaction involving EMRF properties.
RECOMMENDED ACTION
EMRF re com mends City Council approve a Res olution in support o f EMRF entering into
negotiati o ns with TT of Denver for lease of approximately 12.8 acres of Planning Area 84 (PA 84).
BACKGROUND
In 1999, City Council au th orized, through O rd inance 41 , th e creation of the Englewood Mclellan
Reservoir Fou ndati on, a no n-profit corporation charged with furthering th e d~velopment of the
Mclellan Reservoir property and transferred the property to EMRF . Th e fo ll owing goals for
deve lopment were established by City Council in Ordinance 41.
1. Protect the quality of the City's stored water at Mel ellan Reservoir.
2. Protec t the rese rvo ir ecosystem .
3. Establish and maximize a future long-term income stream to benefit the City.
4. Maintain the quality of th e Highline Canal rec rea tional facilities and th e wetlands
between C-470 and County Line Road.
5. Minimize development impacts on the reservoir.
6. Enhance the quality of life of th e neighborhood of which it is part
7. Enhan ce the quality of life for residents of the City of Englewood.
With the recent develo pment of th e Ralph Schamp auto dealership immedia\S ly east of th e subj ec t
parce l, interest in EMRF property has focused on auto uses . La st m onth EMRF complet0 d a lease
with CarMax for 13.6 ac res of property fo r use as an auto dea lership. At a Council Executive
Sessi o n on May 19, 2006, EMRF presented Council th e terms of a Letter of Intent with TT of
D enver fo r one or more future auto dea lers hips. Th e adjustmen ts to th e Lett er of Intent suggest ed
by City Coun ci l during Execu tive Session are included in th e re vis ed Lett er of Intent. Approva l of •
this Resolotion will all ow EMRF to enter into formal lease negotiations w ith th e objective of
completing a lease ag reement.
FINA NC IAL IMPACT
To b e determin ed, based on nego tiati ons , Minimum annual rate of re turn tor firs t full contract year
is estimated to be $4 73,500.
LIST OF ATTACHMENTS
Reso lution
Site Map of Subject Prope rty
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