HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 09/07/1999 - SECOND READING OF ORDINANCE NO. 134, 1999, APPROVI AGENDA ITEM SUMMARY ITEM NUMBER: 9
DATE: September 7, 1999
• FORT COLLINS CITY COUNCIL STAFF Helen Matson/
Tom Frazier
SUBJECT:
Second Reading of Ordinance No. 114, 1999,Approving the Terms of the Lease for the City's Lease
of the Building at 220 East Olive Street/235 Mathews Street Fort Collins, Colorado
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
The City's Transportation Department leases the building at Olive and Mathews Streets. The current
lease expires August 31, 1999. Staff has renegotiated the lease to continue until the Transportation
Department moves into the new City office building upon its completion. The term of this Lease
Agreement commences on September 1, 1999 and continues until August 31, 2002, with the City
having the option to terminate at any time with a six-month notice of termination. Ordinance No.
114. 1999,was unanimously adopted on First Reading on August 17, 1999 and authorizes the City's
lease of 220 East Olive Streed235 Mathews Street.
AGENDA ITEM SUMMARY ITEM NUMBER: 14
DATE: August 17, 1999
FORT COLLINS CITY COUNCIL STAFF: Helen Matson/
• Tom Frazier
SUBJECT:
First Reading of Ordinance No. 134, 1999,Approving the Terms of the Lease for the City's Lease
of the Building at 220 East Olive Street/235 Mathews Street Fort Collins, Colorado
RECOMMENDATION:
Staff recommends adoption of the Or dit ance on Fist Reading_
FINANCIAL IMPACT:
Adoption of this Ordinance authorizes the terms of the City's lease of 220 East Olive Street/235
Mathews Street 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- 01" id 802. If the leased property
remains on the tax rolls,the City would a resp ible to p the taxes. I
EXECUTIVE SUMMARY:
In order for this property to remain tax exempt,state law requires that the Council approve the terms
of the lease by Ordinance.
r gym,
The City's Transportation Department leses thel4uiidinat Olwe and Mathews Streets. The current
lease expires August 31. 1999:`Staffhas-�enegotiatedthe leaselo continue until the Transportation
Department moves into the new City office building upon its completion. The term of this Lease
Agreement commences on September 1, 1999 and continues until August 31, 2001 with the City
having the option to terminate at any time with a six-month notice of termination. The lease is for
10,384 square feet of office space and 2,040 square feet of warehouse space. The gross rental for
this facility is $11,624.17 per month. This breaks down to $12.50/square foot for the office space,
which is comparable to other downtown office gross leases, and$4.50/square foot for the warehouse
space..which is comparable to warehouse leases in Fort Collins. Expenses paid by the Landlord are
structural insurance,building and grounds maintenance,custodial,and utilities. The only other City
responsibility will be for personal property insurance. The lease will be increased by the annual
Consumer Price Index at the end of each year.
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