Timnath Reservoir Lease Amendment
Council approved the amended terms of the lease agreement for the Timnath Reservoir. The amendments to the agreement between the town and The Cache La Poudre Reservoir Company include:
- Two 5-year lease extensions, at the Town’s sole discretion. (This replaces the current one-year extension at either party’s discretion.)
- Sets the lease extensions rate to match the current lease terms of an annual increase based on the Consumer Price Index (CPI) in January of the current year.
The lease gives the Town the ability to use the reservoir property, except the restricted areas, for recreation uses, and to improve the property consistent with those uses, with the reservoir company’s permission, through 2041.
Metro District Committee Report and Recommendation Discussion
Council heard an update from the Timnath Metro District Ad Hoc Committee, an advisory committee that was formed to review how the town can play a role in helping the public understand the costs and benefits of living in a neighborhood that comes under the jurisdiction of metro districts. The committee provided a report that included recommendations for the Timnath Model Service Plan (a document that outlines how the Town works with Metro Districts). Recommendations include:
- Protections of residents from excessive debt
- Disclosure requirements
- Caps on Operations and Maintenance Fees and Taxes
- Property tax mill levy caps
With the completion of the report, the committee is slated to dissolve. However, the town will continue Metro District education efforts for the community moving forward.