LICENSEPENDING

Town of Elizabeth AgendaPacket Board of Trustees Meeting 2026-05-26

Water lease agreement with Turn 2 Development

$1.00 per yearTown of ElizabethTURN 2 DEVELOPMENT LLCMay 25, 2026

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Description

The Town of Elizabeth plans to execute a water lease agreement with Turn 2 Development, LLC for domestic well use at 889 South Elizabeth Street at a nominal rate of $1.00 per year. The lease will allow continued well service for two existing homes until the well is abandoned at the start of new development.

Contract Details

Contract Amount

$1.00 per year

Vendor

TURN 2 DEVELOPMENT LLC

Agency

Town of Elizabeth, CO

Contract Type

LICENSE

Document Date

May 25, 2026

Contract Term

From execution until well abandonment, which must occur no later than issuance of the first building permit or six months after first final plat approval, whichever occurs first

Renewal Info

Lease continues annually at $1 per year until the domestic well is abandoned, which must occur by the earlier of issuance of the first building permit or six months after first final plat approval; no automatic renewal beyond that milestone-based term.