Wednesday, September 20, 2017

5 terms The Broadmoor agreed to in the city's study of selling Rosemont Reservoir

Posted By on Wed, Sep 20, 2017 at 9:14 AM

click to enlarge Rosemont Reservoir is among the assets evaluated in a study of whether the city should sell the system to The Broadmoor. - PAM ZUBECK
  • Pam Zubeck
  • Rosemont Reservoir is among the assets evaluated in a study of whether the city should sell the system to The Broadmoor.
In the latest issue of the Independent, we explore the status of talks between city-owned Colorado Springs Utilities and The Broadmoor over the resort's possible purchase of the city's Rosemont Reservoir water system.

Besides lots of appraisal information, we report some of the conditions the city imposed on The Broadmoor before undertaking an exhaustive analysis of such a deal.

Among those terms, The Broadmoor agreed to:

• Purchase the system for a "sum mutually agreed upon" that "shall not be less than the fair market value."

• Operate and maintain the system and assume responsibility for obtaining needed approvals, easements, licenses and permits for the system from the city, Colorado Springs Utilities and the U.S. Forest Service.

• Grant Utilities all necessary easements for its water system infrastructure on lands sold to The Broadmoor as part of the deal.

• Acknowledge that some components of the system need "significant infrastructure improvements or replacement" for which The Broadmoor would be responsible.

• Use the water to irrigate its golf courses and deliver any excess to Utilities; the resort would be barred from selling water to a third party, although the entire system could be sold to a buyer taking ownership of the hotel.

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