HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 03/07/2000 - SECOND READING OF ORDINANCE NO. 19, 2000, APPROVIN ITEM NUMBER: 10
AGENDA ITEM SUMMARY
DATE: March 7, 2000 j
FORT COLLINS CITY COUNCIL STAFF:
Helen Matson
SUBJECT:
Second Reading of Ordinance No. 19, 2000,Approving the Terms of the City's Lease of Building
15, Old Town Square.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
Ordinance No. 19, 2000, which was unanimously adopted on First Reading on February 15, 2000,
authorizes the terms of the City's lease of Building 15,Old Town Square and will permit the Latimer
County Treasurer's Office to remove the leased property from the tax rolls in accordance with C.R.S.
• Sections 31-15-801 and 802.
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AGENDA ITEM SUMMARY ITEM NUMBER: 17
DATE: February 15, 2000
. FORT COLLINS CITY COUNCIL STAFF:
Helen Matson
SUBJECT:
i
First Reading of Ordinance No. 19,2000,Approving the Terms of the City's Lease of Building 15,
Old Town Square.
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RECOMMENDATION: "
Staff recommends adoption o the Ordi ce o Reading
FINANCIAL IMPACT:
Adoption of this Ordinance authorizes the terms of the City's lease of Building 15,Old Town Square
and will permit the Larimer Cc a ur�r• ---V leased property from the tax
rolls in accordance with C.R. �ectio 1-15 1 d 102 a leased property remains on the
• tax rolls, the City would be responsible r pay es.
EXECUTIVE SUMMARY:
In order for this property to become tax exempt,state law requires that the Council approve the terms
of the lease by Ordinance.
Since February 1996, the Ci been acing Id Square for the Police Services
District One office. Police s and a To S are have en working together to find anew
space in Old Town to replace their asle ocation. A new space became available and the City
entered into a new Lease Agreement dated December 12, 1999, with a term of five years that
commenced January 1,2000,following a month of tenant finish work. The tenant finish work was
paid for with contributions from the Landlord (Progressive Old Town Square, LLC), the former
tenant,and the City. The new location has 2,075 square feet of office space and is located in the 200
block of Walnut Street. District One houses a Police Museum and office space for officers. The
base rental for the first year of the lease is $18,675, or$9 per square foot, which will be adjusted
annually by the Consumer Price Index. In addition to the base rental, the City will also pay the
Landlord for the common area maintenance,its insurance and utilities. These costs total $3.76 per
square foot, bringing the total price per square foot to $12.76. The only other expense paid by the
City is the janitorial expense. The base rent will increase to $11 per square foot at the
commencement of the third year of the lease.