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EQUIPMENTAPPROVED

Greeley Water & Sewer Board Agenda October 2024

Greeley Approves $13M Neff Lake Pipeline Acquisition

$1,500,000 down at closing, $1,050,000 on 1st anniversary, $1,102,500 on 2nd, $1,157,625 on 3rd, $1,215,506 on 4th, $1,276,282 on 5th, $1,340,096 on 6th, $1,407,100 on 7th, $1,477,455 on 8th, $1,551,328 on 9th; total payments $13,077,893 over 10 years; non-monetary: 10-year water lease and 10-year leaseback of pipelineCity of GreeleyLARAMIE RIVER LLCOctober 16, 2024

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Description

The Greeley Water & Sewer Board approved a Purchase and Sale Agreement with Laramie River LLC to acquire the Neff Lake Pipeline system for a total of $13,077,893 paid over ten years, plus a 10-year water lease and a 10-year leaseback of the pipeline. The transaction includes the pipeline, pumps, easements, and related infrastructure, advancing Greeley's non-potable water supply strategy.

Contract Details

Contract Amount

$1,500,000 down at closing, $1,050,000 on 1st anniversary, $1,102,500 on 2nd, $1,157,625 on 3rd, $1,215,506 on 4th, $1,276,282 on 5th, $1,340,096 on 6th, $1,407,100 on 7th, $1,477,455 on 8th, $1,551,328 on 9th; total payments $13,077,893 over 10 years; non-monetary: 10-year water lease and 10-year leaseback of pipeline

Vendor

LARAMIE RIVER LLC

Agency

City of Greeley, CO

Contract Type

EQUIPMENT

Document Date

October 16, 2024

Contract Term

10 years (payment term and leases from date of closing; leaseback and water lease 2025 – 2034)

Renewal Date

2034-12-31

Renewal Info

Leaseback and water lease each extend for ten years, 2025-2034, with defined annual options; payment schedule outlined in agreement; amendments and deadline extensions allowed at Director's discretion if substantive terms remain unchanged.

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Issuing Agency

City of Greeley

City

City of Greeley, CO

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Vendor

LARAMIE RIVER LLC

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