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Home My WebLink AboutC18-050 Upper Eagle Regional Water AuthorityWATER CONVEYANCE AGREEMENT This Asreement dated this . is between the Board of Countv Commissioners of Eagle County, Colorado (the "County") ancl the Upper Eagle Regional Water Authority (the "Authority"). Whereas, the County is the owner of I,{X)O shares of Class A Series 2 stock in the Eagle Park Reservoir Company entitling the County to 100 acre feet of water from Eagle Park Reservoir. Whereas, the Authority has been asked to provide water seruice to the 6 West Apartments project located in the Edwards area of Eagle County (the "Project"). Whereas, the Authority is willing to enter into a water service agreement to provide water service to the Project provided that sufficient Eagle Park Reservoir water to meet the water demands of the Project is dedicated to the Authority. Whereas, it has been cletermined that the water dedication requirement for the Project is 12.56424 acre feet of Eagle Park Reservoir water. Whereas" the County is willing to dedicate to the Authority 125.6424 shares of Class A Series 2 stock in the Eagle Park Reservoir Company to serve the Project as the Project will consist of 120 rental clwelling units deed restricted for local enployees. Now. therefore, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agreed as follows: I . Assignment. Simultaneous with the execution of a water service agreement between the Authority and the developer of the Project, the County will assign to the Authority 125.(fr24 shares of the County's Class A Series 2 stock in the Eagle Part Reservoir Company free and clear of all liens and encumbrances. There will be no monetary payment by the Authority for these shares of stock. 2. Reverter. In the event that the County entitlements for the Project expire and do nol vest, and the Authority's water service agreement for the Project expires, the Authority will assign the 125.6024 shares of Class A Series stock in the Eagle Park Reservoir Company back tcl the County. C18-050 Executed as of the date first set forth above. COUNTY OF EAG STATE OF COLORADO, By and UPPER EAGLE REGIONAL WATER AUTHORITY ffi Attest: 100924