What we know now is the city needs to obtain rights to a portion of the golf course to proceed with the design of their drainage project so that construction can begin in January of 2019. As such the city will be filing a land acquisition ordinance (LAO) that will be considered by City Council in December. This LAO will allow the City to obtain rights to a maximum of 90 acres of property, likely this will be through a temporary easement for the 90 acres to allow for construction and a permanent easement for a smaller footprint once the drainage project is complete.
Whereas, on September 21, 2017, a complicated proposed contract between Denver and Clayton was publicly released (likewise on the INC website) that, among other things, would divide the 155 acres of Park Hill Golf Course into 2 parcels – 50% of the property that would be sold in fee title directly to Denver for $10 million (Art. 2) and the remaining 50% that would be “leased” to Denver (Art. 3.1) but also subject to potential sale to third parties depending on the outcome of a “Visioning / Master Plan” process (Art. 7); and
Proceeds from Future Sales of Property.
(a) Following the Initial Closing Date, and until such date as the ECE
Funding Goal is achieved, the Trust shall be entitled to seventy-five percent (75%) of the Net
Sales Proceeds from any sales of the Property, and the City shall be entitled to twenty-five
percent (25%) of such Net Sales Proceeds. As used herein, “Net Sales Proceeds” shall mean the
gross sale proceeds, less any brokerage commissions and closing costs, but expressly excluding
any attorneys’ fees or other costs incurred by the City or the Trust in connection with any such
The relationship between Denver and Clayton Early Learning (previously known as The George W. Clayton Trust) is a long and complicated one going back many, many decades. Most recently, in 2000 the two parties entered into an “Agency Agreement” that was intended to contain the … READ MORE