HomeMy WebLinkAbout2026 Resolution No. 0131
RESOLUTION NO. 13
SERIES OF 2026
A RESOLUTION SUPPORTING AN AGREEMENT BY THE
ENGLEWOOD MCLELLAN RESERVOIR FOUNDATION (EMRF)
FOR THE LEASE OF A PORTION OF THE MCLELLAN
PROPERTY, LOTS 3 AND 4, HIGHLANDS RANCH FILING NO.
157, DOUGLAS COUNTY, COLORADO, TO PAGEWEST
ACQUISITIONS LLC.
WHEREAS, the Englewood/McLellan Reservoir Foundation (“EMRF”) is a
Colorado nonprofit corporation associated with the City of Englewood and organized to
support water storage, utility, and related public purposes; and
WHEREAS, EMRF owns certain real property consisting of approximately 14.81
acres located at Plaza Drive and Plaza Circle, west of Lucent Boulevard, Highlands
Ranch, Douglas County, Colorado, legally described as Lots 3 and 4 in Highlands Ranch
Filing No. 157 (the “Property”); and
WHEREAS, EMRF has negotiated a proposed Ground Lease (“Ground Lease”)
with Pagewest Acquisitions LLC, a Colorado limited liability company (“Tenant”), for
the long-term lease and development of the Property; and
WHEREAS, the proposed Ground Lease contemplates an initial lease term of
twenty (20) years, with eight (8) optional renewal terms of ten (10) years each, and
provides for annual construction rent and base rent payments to EMRF, together with
periodic rent escalations and other financial protections; and
WHEREAS, the proposed Ground Lease is structured as a triple net lease, under
which the Tenant is responsible for taxes, utilities, insurance, maintenance, operation, and
development costs associated with the Property; and
WHEREAS, the proposed Ground Lease authorizes the Tenant to develop
multifamily residential improvements and related facilities on the Property in accordance
with applicable law and governmental approvals; and
WHEREAS, the EMRF Board of Directors seeks a Resolution of Support from
the Englewood City Council for a Ground Lease to Pagewest Acquisitions LLC; and
WHEREAS, the City Council desires to express its support for EMRF’s efforts to
responsibly utilize and generate long-term revenue from Property owned by EMRF in a
manner intended to support EMRF’s public purposes and financial stability.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF ENGLEWOOD, COLORADO, THAT:
Section 1. The City Council of the City of Englewood, Colorado, hereby
supports a Ground Lease Agreement between the Englewood/McLellan Reservoir
Foundation and Pagewest Acquisitions LLC in substantially the same form as the
“Ground Lease” attached hereto.
Section 2. Grant of Authority to Implement Resolution.
The Mayor, Mayor Pro Tem (in the Mayor’s absence), and/or City staff are
hereby granted the authority to take all actions necessary to implement the
provisions of Section 1 above.
ADOPTED AND APPROVED this 18th day of May, 2026.
Othoniel Sierra, Mayor
ATTEST:
Andreina Prado, Acting City Clerk
I, Andreina, Acting City Clerk for the City of Englewood, Colorado, hereby certify the
above is a true copy of Resolution No. 13, Series of 2026.
Andreina Prado
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