HomeMy WebLinkAboutR12-135 Approving funds for acquisition of Nottingham ParcelCommissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 2012- 1,5,5"
APPROVING THE USE OF FUNDS FOR ACQUISITION OF THE NOTTINGHAM
PARCEL LOCATED IN EAGLE COUNTY, COLORADO AND AUTHORIZING ANY
OF THE EAGLE COUNTY COMMISSIONERS TO EXECUTE ALL DOCUMENTS
NECESSARY TO EFFECTUATE THE CLOSING OF THE PURCHASE
WHEREAS, the Eagle County Open Space Fund was created to acquire and protect
outstanding natural lands, wildlife habitat, historic ranches and scenic areas in Eagle County; and
WHEREAS, the White River National Forest — Eagle/Holy Cross Ranger District
initiated a multi -party land exchange involving Eagle County, the Colorado State Land Board,
the Upper Eagle Regional Water Authority ( "BRWA "), and the United States Forest Service
( "USFS ")(hereinafter referred to as the "Eagle Valley Land Exchange" or the "Land Exchange ");
and
WHEREAS, by Resolution No. 2012 -111, the Eagle County Commissioners approved
the Eagle Valley Land Exchange; and on or about November 28, 2012, the Eagle Valley Land
Exchange Agreement was executed by the parties; and
WHEREAS, the Eagle Valley Land Exchange was intended to result in the direct
transfer to the United States of a parcel known as the Nottingham- Dickson Creek Parcel,
containing approximately 183.125 acres (the "Nottingham Parcel "); and
WHEREAS, the closing of the Eagle Valley Land Exchange is expected to occur on or
before October 31, 2013; and
WHEREAS, the owners of the Nottingham Parcel desire to close on the transfer of the
Nottingham Parcel in December 2012; to avoid the potential for negative tax treatment of the
transaction which could occur in 2013; and
WHEREAS, in order to close on the Nottingham Parcel in December 2012, it is
necessary to restructure the Land Exchange transaction such that the County shall take title to the
Nottingham Parcel on December 31, 2012, and in the event the Land Exchange closes, the
County shall transfer the Nottingham Parcel to the United States simultaneously with the closing
of the Land Exchange; and
WHEREAS, the owners of the Nottingham property have agreed to pay one -half of the
costs associated with a transfer of the Nottingham Parcel to the United States in the event the
Land Exchange closes, including those costs associated with closing, the reissuance of title
insurance, and the costs which may be incurred by the USFS in the event the USFS requires
updates to any of its reports or investigations of the Nottingham Parcel for the period between
the December 2012 closing and the subsequent conveyance of the property to the United States;
and
WHEREAS, by Resolution No. 2012 -111, the Board approved the use of Open Space
Funds to fund the expenditures associated with the Land Exchange, including the acquisition
costs of the Nottingham Parcel; and
WHEREAS, the purchase price of the Nottingham Parcel is $1,555,000.00; and
WHEREAS, the costs of acquiring the Nottingham Parcel include, but are not limited
to, the purchase price, closing costs, title insurance and the like; and
WHEREAS, the use of Eagle County general funds to fund the acquisition costs of the
Nottingham Parcel would give the County more flexibility regarding future uses of that parcel.
To the extent that any general funds are used to fund any portion of the purchase of the
Nottingham Parcel, the general fund will be reimbursed from Open Space Funds at such time as
the Board, in its sole discretion, deems it proper. It is anticipated that general funds will be used
to purchase the Property and in the event the Land Exchange closes, the general fund will be
reimbursed from Open Space Funds. Notwithstanding the foregoing, the Board may waive any
of the matters identified herein and be reimbursed from Open Space Funds at its election.
WHEREAS, closing on the Nottingham Parcel is currently scheduled for December 31,
2012 and it is important to ensure that any of the County Commissioners have the authority to
execute all documents associated with the purchase of the Nottingham Parcel so that a timely
closing can occur.
NOW THEREFORE BE IT RESOLVED by the Board of County Commissioners of the
County of Eagle State of Colorado:
THAT, the Board hereby authorizes the restructuring of the Land Exchange transaction
such that the County shall take title to the Nottingham Parcel on December 31, 2012, and in the
event the Land Exchange closes, the County shall transfer the Nottingham Parcel to the United
States simultaneously with the closing of the Land Exchange; and
THAT, Eagle County General Funds may be used to fund the acquisition costs of the
Nottingham Parcel; and
THAT, the General Fund will be reimbursed from Open Space Funds at such time as the
Board, in its sole discretion, deems it proper; and
THAT, the Board authorizes any Commissioner to execute on its behalf any and all
necessary documents, instruments, papers or other forms necessary for the consummation of the
purchase of the Nottingham Parcel. Such documents may include, but shall not be limited to, the
purchase and sale agreement, closing authorization and instructions, settlement statements, as
well as any other necessary documents which in the opinion of staff are required or desirable.
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 Eagle County,
State of Colorado.
MOVED AND ADOPTED by the Board of County Commissioners of the County of Eagle,
State of Colorado, at its regular meeting held the day of , 2012
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUN OM
ATT .
By:
Clerk to the Board of Peter F. Runyon /
County Commissioners
Chairman
Jon Stayney
Co sinner
Sara J. Fisher
Commissioner
Commissioner seconded adoption of the foregoing resolution. The roll
having been called, the vote was as follows:
Commissioner Runyon
Commissioner Stavney
Commissioner Fisher
This resolution passed by °��� vote of the Board of County Commissioners.
