RECOMMENDATION FROM:
Chancellor DiStefano with the concurrence of Chief Operating Officer O’Rourke and Vice Chancellor for Infrastructure and Sustainability Kang.
STATEMENT OF INFORMATION:
The University of Colorado Boulder (the “University”) is proposing to transfer real property assets to the City of Boulder (the “City”) under the terms of the Annexation Agreement that is being negotiated with the City.
The property herein referred to as “CU Boulder South" is a 308.15-acre site in Boulder County, owned by the University of Colorado. The University acquired this property in 1996 and has since engaged in discussions with the City about the use of this property and its annexation into the City of Boulder.
In the mid-2000s, CU Boulder South was identified by the City to potentially accommodate a flood mitigation project, and after the floods of 2013, the City approached the University about annexing land to implement flood protection. Since 2017, CU Boulder and the City have been engaged in negotiations related to the annexation of the entire CU Boulder South property. Annexation of CU Boulder South will result in much-needed flood protection for more than 2,300 residents and will allow for the development of this property for the University through connection to city utilities.
Through the annexation agreement, the City and University will establish specific terms composing the agreement, including development standards and limitations, consideration, and the conveyance of real property interests (land and water rights). The University proposes that certain land at CU Boulder South be conveyed under the terms of the annexation agreement to the City of Boulder in consideration for the annexation of the property and other considerations in the form of Capital Impact Fee credits and offsets, irrigable water credits, and related Plant Investment Fee (PIF) credits. Annexation will preserve the University’s ability to conduct its mission into the future and allow the City of Boulder to achieve vital flood protection for thousands of Boulder residents. While no real property disposition will take place until the City of Boulder receives its permits to construct the flood mitigation project - which will likely take 3 to 5 years from annexation – the annexation agreement and an affirmative City Council vote in September will memorialize CU Boulder’s obligation to convey the real property interests contemplated in the agreement.
The real property interests that are proposed for disposition are:
- The University will transfer 80 acres to the City of Boulder for flood mitigation/ open space
- The University will convey 2 acres to the City of Boulder for a public safety facility
- The City of Boulder will have the option to purchase 75 acres from the University for open space
- The University will convey 30.2 shares of water rights in Dry Creek Ditch #2 to the City
A. Conformity with Institutional Master Plan
This disposition is consistent with the 2011 Campus Master Plan goal to “Acquire and use the land wisely”.
PREVIOUS ACTION(S):
The program plan for the acquisition of the Flatiron Gateway property was approved by the Board of Regents at a special meeting on April 10, 1996.
CHANCELLOR'S SIGNATURE:
PRESIDENT'S SIGNATURE:
