This content was originally published by the Longmont Observer and is licensed under a Creative Commons license.
On Tuesday night, Longmont City Council passed resolution R-2017-121 which approves the McIntosh reservoir recreation lease between the City of Longmont and the Lake Macintosh Reservoir Company.
The five-year lease agreement will begin on January 1, 2018 and terminate on December 31, 2022. The City of Longmont can, if it desires, extend the lease terms for an additional five year period.
According to city council communication, the City of Longmont agrees to pay an annual lease fee for 2018 of $59,908. The fee will increase at an inflation rate of 1% for each subsequent year for the next five years; a 2% inflation rate will be added during the extended term.
The lease fee will be paid from the water operating fund and is included in the 2018 budget.
Should the resolution have failed to pass, the current lease for Lake McIntosh would have expired on December 31, 2017.
