HomeMy WebLinkAbout1992-183-12/15/1992-HORSETOOTH ROAD IGA POUDRE R-1 SCHOOL DISTRICT REIMBURSEMENT AGREEMENT SOUTH TAFT HILL INVESTMENTS L RESOLUTION 92-183
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE MAYOR TO ENTER INTO AN INTERGOVERNMENTAL
AGREEMENT WITH THE POUDRE R-1 SCHOOL DISTRICT AND
SOUTH TAFT HILL INVESTMENTS, LTD. , FOR THE
COLLECTION AND REIMBURSEMENT OF THE
CONSTRUCTION COST FOR A PORTION
OF HORSETOOTH ROAD
WHEREAS, on July 25, 1989, the City and the Poudre R-1 School District
("the District") signed a "Letter of Intent" which addressed the sharing of the
cost of construction of the north half of Horsetooth Road from Taft Hill Road to
Auntie Stone Street, including the sharing of any reimbursements received from
any intervening developer for the cost of construction of such portion of
Horsetooth Road; and
WHEREAS, the parties desire to clarify and formalize the provisions of
Paragraph Two (2) of the "Letter of Intent" ; and
WHEREAS, the City, the District and the intervening developer (South Taft
Hill Investments, LTD.) have negotiated an agreement to set forth the parties'
intentions regarding the making and sharing of reimbursement payments for this
portion of Horsetooth Road; and
WHEREAS, by said agreement, the City formalizes its pledge to share equally
with the District the reimbursement payments received by the City for the
aforesaid portion of Horsetooth Road.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that the Mayor be, and hereby is, authorized to enter into an intergovernmental
agreement with the District, and with South Taft Hill Investments, Ltd. , for the
collection and reimbursement of the cost of construction of the north half of
Horsetooth Road from Taft Hill Road to Auntie Stone Street, which agreement shall
provide that the City and the District shall share equally the reimbursement
payments anticipated to be received by the City from subsequent developers for
the construction of said portion of Horsetooth Road, which payments, when
aggregated, shall be in the principal sum of Fifty-four Thousand Nine Hundred
Eighteen Dollars and Thirty-two Cents ($54,918.32) , plus an adjustment for
inflation based on the Denver Regional Inflation Factor Index as set forth in the
Engineering News Record.
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held this 15th day of December, A.D. 1992.
�l \Mayor
ATTEST:
2
City Clerk