HomeMy WebLinkAboutR17-037 Approving Funding for Hardscrabble Ranch Open Space Property Commissioner Ct. * I'J DLIC - moved adoption of the following resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2017- 0'51
RESOLUTION APPROVING FUNDING FOR THE PURCHASE AND PERMANENT
PROTECTION OF THE HARDSCRABBLE RANCH OPEN SPACE PROPERTY TO
INCLUDE THE USE OF GENERAL FUNDS FOR A PORTION OF THE PURCHASE
WITH FUTURE REIMBURSEMENT OF THE GENERAL FUND FROM THE OPEN
SPACE FUND
WHEREAS,The Board of County Commissioners of Eagle County, Colorado("Board")
executed the Agreement Between Eagle County and The Conservation Fund Related to the
Hardscrabble Ranch Conservation Project on May 9, 2017 (the"Agreement"); and
WHEREAS, the Agreement set forth the terms and conditions upon which The
Conservation Fund would acquire approximately 1,540 acres of land in Eagle County known as
the Hardscrabble Ranch(the"Property") for future conveyance to Eagle County; and
WHEREAS,the purchase price for the Property is $15,500,000 and transaction costs are
anticipated to be approximately$527,000; and
WHEREAS,the Open Space Advisory Committee recommended funding the purchase
of the Property and related transaction costs at its meeting of April 10, 2017; and
WHEREAS,pursuant to that Agreement, the Board agreed to fund, directly or through
contributions from third parties, $10,300,000 for the purchase of the Property and related
transaction costs; and
WHEREAS, the Board agreed to an expenditure of up to $9,000,000 from the Open
Space Fund subject to budgeting and appropriation by the Board and satisfactory due diligence
review by Eagle County; and
WHEREAS,the Town of Eagle is expected to contribute $600,000 to the purchase of the
Property and the Eagle Ranch Wildlife Commission is expected to contribute $700,000 to the
purchase(the two contributions shall collectively be referred to herein as the"Contributions");
and
WHEREAS,the Contributions together with the expenditure of up to $9,000,000 from
the Open Space Fund comprise the$10,300,000 set forth in the Agreement; and
Eagle County, CO 201713377
Regina O'Brien 07/12/2017
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WHEREAS,Great Outdoors Colorado ("GOCO")has agreed to commit $3,100,000 to
be allocated toward the purchase and transaction costs as required by GOCO and to be paid after
closing and at the time a conservation easement is recorded against the Property; and
WHEREAS, additional funding in an amount up to $3,850,000 is required to complete
the initial purchase and eventual conveyance of the Property to Eagle County; and
WHEREAS,beyond the funding for the purchase of the Property and transaction costs
an additional amount of up to $500,000 to cover operating costs for the Open Space Program is
necessary; and
WHEREAS,the Board desires to authorize the use of General Funds to fund a portion of
the purchase price and transaction costs for acquisition of the Property, subject to the
requirement that any General Funds used for the purchase and transaction costs be reimbursed by
future open space revenues or other sources of funds, such as grants or private contributions; and
WHEREAS, the Board desires to authorize the use of General Funds to fund operating
costs of the Open Space Program, subject to the requirement that any General Funds used for
operating costs be reimbursed by future open space revenues; and
WHEREAS,the use of General Funds is subject to budgeting and appropriation by the
Board; and
WHEREAS, The Conservation Fund anticipates closing on the Property on or about July
31, 2017 and Open Space Funds, the Contributions and General Funds will be paid at that time.
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT,the Board, subject to budgeting and appropriation and satisfactory due diligence
review by the Eagle County Attorney's Office, hereby approves and authorizes the use of up to
$9,000,000 from the Open Space Fund for the purchase of the Property and related transaction
costs.
THAT,the Board, subject to budgeting and appropriation and satisfactory due diligence
review by the Eagle County Attorney's Office, hereby approves and authorizes the use of
General Funds in an amount up to $3,850,000 toward the acquisition and permanent protection
of the Property which will be reimbursed though future open space revenues or other funding
sources generated through the Open Space Program; and
THAT, the Board, subject to budgeting and appropriation,hereby approves the use of
General Funds in the amount up to $500,000 to cover operating costs of the Open Space
Program, which will be reimbursed through future open space revenues or other funding sources
generated through the Open Space Program; and
1
THAT,the General Fund shall be reimbursed without interest as soon as funds become
available and in no event later than December 31, 2018; and
THAT,the Board of County Commissioners finds, determines and declares that this
Resolution is necessary for the public health, safety and welfare of the citizens of the County of
Eagle, State of Colorado.
MOVED,READ,AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held this 111 N day of
, 2017.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
of loco) BOARD OF COUNTY COMMISSIONERS
ATTEST: -
Aft(JV Li - 0 I✓IGI otoRoP
Clerk to the Board of J' ian H. Ryan
County Chair
1 y O vTc
Jeanne cQueeney
Comm':sioner
/
IV A , A LAI
Kathy Ch.4 I er-Henry •
Commissioner
Commissioner 1"116.-1•1 seconded adoption of the foregoing resolution. The roll call
having been called, the vote as follows:
Commissioner McQueeney At _‘ T
Commissioner Ryan 14'1,
Commissioner Chandler-Henry la-N
This Resolution passed by l 0 vote of the Board of County Commissioners
of the County of Eagle, State of Colorado.
