GREELEY, Colo. — The Greeley Water and Sewer Board on July 16 approved a First Amendment to the amended and restated master purchase and sale agreement for the Terry Ranch project and separately approved a related purchase-and-sale agreement transferring 250 raw-water credits to the water enterprise as compensation for that amendment.

Board members said the actions align the Wingfoot schedule with the utility’s capital plan and formalize how Wingfoot’s cash contributions and the city’s matching funds will be managed.

Sean (Director, Water and Sewer Department) told the board the original agreement transferred 1,200,000 acre-feet of deep aquifer groundwater to the city and called for $125,000,000 in cash contributions from the seller to help fund infrastructure. He said the amendment chiefly extends the schedule for remaining cash contributions, clarifies escrow mechanics and remedies for failure to fund, and narrows the city’s ability to add new sources for dedication until later in the agreement’s term. “You cannot have one without the other,” he said when asked whether the credit sale and the amendment are contingent on each other, referring to the two items before the board.

The board heard that under the original deal Wingfoot paid $25 million at closing and the remaining $100 million was to be paid over time tied to notices to construct. Sean explained the parties negotiated incentive match terms (80% Wingfoot / 20% Greeley for the first $62.5 million, then 50/50 thereafter) and that after the amendment the schedule for the remaining $62.5 million of Wingfoot contributions is extended so the city cannot call for those contributions earlier than 2034, with anticipated receipt in 2036.

The utility will receive 250 raw-water credits as consideration for approving the amendment. Staff said those credits are limited to economic-development uses, may be resold at cost to preserve the water enterprise fund, and could produce cash flow and new account formation if deployed for development such as the West Greeley catalyst project. Staff described the credits’ base cost using the agreement’s put/call price (which was discussed in the meeting as a per-credit figure that escalates over time) rather than the city’s cash-in-lieu pricing methodology.

Board members and staff reviewed project accounting: the pipeline phase 1 (about 7.7 miles) and well drilling to furnish the Terry Ranch supply, and the sequence of later pipeline phases and on‑ranch treatment needs. Sean and project staff emphasized uncertainties about long-term demand and the capital-priority trade-offs the utility faces.

Chairman Evans placed the amendment in the program’s larger history: the board previously rejected a large-dam option and evaluated Terry Ranch as a phased, long-term alternative. “I still think that we’re gonna look back 50, 75 years from now and Terry Ranch will be one of the significant milestones of Greeley Water,” Evans said while urging caution on timing and expenditures.

The board approved the First Amendment and authorized execution; staff recommended, and the board approved, the separate purchase-and-sale agreement transferring 250 raw-water credits to the water enterprise. Both votes carried by voice vote without recorded roll-call tallies.

Staff said the amendment preserves a 90% cash-sweep on Wingfoot credit sales (money from credit sales placed into escrow) so sales can be used to fund the escrowed contributions. The board and staff noted that if growth remains slow, the city will delay building pipeline, treatment or on‑ranch facilities until demand triggers the need.

Separating discussion and formal decision: the board discussed multiple options and policy trade-offs, directed staff to continue quarterly reporting on Terry Ranch accounting and phasing, and took formal action approving both the First Amendment and the raw-water credit purchase-and-sale agreement.

The approved documents reference the parties’ amended and restated Master Purchase and Sale Agreement and the related raw water credit administration terms; staff said the executed agreements will be the controlling legal instruments.