Native Water Credit Purchase Agreement
A Water Credit Purchase Agreement between Denmore, LCC and the Town of Firestone was approved during Wednesday night's meeting. The Denmore property is 147.33 acres, located on the northwest corner of Firestone Boulevard and Frontier Street and was previously zoned and annexed in 2022, and had a preliminary subdivision plat approved earlier this year.
The developers of the Denmore property will need water to satisfy the Town's water dedication requirements for the land being developed. The Town staff determined there is availability for Denmore, LLC to purchase up to 238 Native Water Credits from the Town to be used on the Developer's land. Town staff worked with Denmore, LLC on this Native Water Credit Purchase Agreement to offer the purchase of Native Water Credit from water rights the Town has purchased.
Denmore, LLC will be obligated to pay the Town $16,750,000.00 for up to 238 Native Water Credits no more than 21 days after Final Plat approval or by June 30, 2023, whichever occurs first. All fees will be paid to the Town of Firestone Water Activity Enterprise fund.