Board of Trustees Action Items
Wednesday, May 11, 2022

Firestone Board Recognizes Scholarship Recipients 

During the Board of Trustees meeting on Wednesday, May 11, the Board of Trustees and Mrs. Betty Heath recognized two students from Firestone for the George E. Heath Community Scholarship: Elizabeth Schmidt and Audrey Long.  Both students will receive $1,250 to go towards educational expenses this fall. 

Both students, graduating from high school in a few weeks, have demonstrated their excellence in academics, showed involvement in many extracurricular activities, and even had time to complete community service hours. 

Congratulations to Elizabeth and Audrey, and to all of the graduating students who live in Firestone!

Proclamation Celebrations

May is a busy month in Firestone!  The Board of Trustees read the following proclamations during the Wednesday, May 11th meeting: 

• A Proclamation Recognizing the Month of May 2022 as Building Safety Month
• A Proclamation Recognizing the Week of May 1 - 7, 2022 as Municipal Clerks Week
• A Proclamation Recognizing the Week of May 11 - 17, 2022 as National Police Week
• A Proclamation Recognizing the Week of May 15 - 21, 2022 as National Public Works Week

Impact Fee Study Agreement Approved

During Wednesday night’s meeting, the Board of Trustees approved an agreement with TischlerBise to conduct a Development Impact Fee Study.   

• Analyze and recommend methodologies to determine the assessment of impact fees, including current methodology and any recommended alternatives, 
• Analyze and recommend appropriate impact fees to fund the Town's Capital Improvement needs as it relates to growth and development 
• Analyze and recommend an annual escalator to apply to all fees between impact fee studies to offset the cost of constructing infrastructure assets 
• Provide impact fee rate comparisons with surrounding government entities 

Two Water Agreements Amendments Approved

The Cottonwood Hollows developer has worked with Town staff on the Native Water Dedication Agreement approved by the Board on November 10, 2021. Since the Agreement was executed, the Developer has paid the Town the Native Water Dedication Fee of $200,000.00, triggering the investigation period. During the investigation period, the Town determined the native water could be used to satisfy in part, the dedication requirements for the Developer’s lands. Upon execution of the Agreement, the Developer and the Town will schedule the Credit Closing within 14 days. Since the native water credit has been determined, the Developer will pay the Town $1,575,000.00 for the Storage and Infrastructure Fee at the Credit Closing.

In addition to the native water credits that were determined through the investigation period, the developer will need additional water to fully satisfy the Town’s water dedication requirements for the land being developed in Cottonwood Hollows.

The Town staff worked with the Developer on the Native Water Credit Purchase Agreement, and the Board approved that agreement on November 11, 2021. The Native Credit Purchase Agreement offered the purchase of 155 Native Credits from water rights the Town currently owns. Since the investigation period was completed for the Native Water Dedication Agreement, the Town staff has determined the Developer will need to purchase fewer Native Credits. The First Amendment to the Native Water Credit Purchase Agreement reduces the total number of Native Credits being purchased from 155 to 125, which changes the purchase price from $5,812,500.00 to $4,687,500.00. It amends the Effective Date from January 5, 2022, to May 25, 2022. The Developer will make a payment to the Town prior to the Effective Date.

Additional Information

View the complete May 11, 2022 Board of Trustees Meeting Packet here.

Board of Trustees Action Items are brief summaries of some, but not all, agenda items and do not serve as the official meeting minutes.  To request approved meeting minutes of Board of Trustees meetings, please contact the Town Clerk’s Office at townclerk@firestoneco.gov.