HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/18/1999 - SECOND READING OF ORDINANCE NO. 74, 1999, AUTHORIZ AGENDA ITEM SUMMARY ITEM NUMBER: 11
DATE: May 18, 1999
FORT COLLINS CITY COUNCIL STAFF
• Fred Anderton
r
SUBJECT:
Second Reading of Ordinance No. 74, 1999, Authorizing the Long-Term Lease of Property at the
Fort Collins-Loveland Municipal Airport to James Grubbs for the Construction of an Aircraft i
Hangar.
I
RECOMMENDATION: R
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
The Airport Manager has negotiated a twenty-five year lease of property with James Grubbs,for the
construction of an aircraft hangar. James Grubbs will construct a hangar that will provide at least
2,000 square feet of aircraft storage space. At the expiration of the lease, the improvements revert
to the ownership of the Cities. Ordinance No. 74, 1999,was unanimously adopted on First Reading
on May 4, 1999.
AGENDA ITEM SUMMARY ITEM NUMBER: 24
10
DATE: May 4, 1999
FORT COLLINS CITY COUNCIL STAFF
Fred Anderton
SUBJECT:
First Reading of Ordinance No. 74, 1999,Authorizing the Long-Term Lease of Property at the Fort
Collins-Loveland Municipal Airport to James Grubbs for the Construction of an Aircraft Hangar.
RECOMMENDATION:
4k
F �
Staff recommends adoption ofte Ordinance onx"F of Reading
FINANCIAL IMPACT:
The lease will generate,in land rents for the airport,$288 annually for the first five years. After the
fifth,and every fifth year thereafter through the term of the lease(twenty-five),the rent will increase
(using an equation based on the;iOa ion-rate established byfhe Denver-Boulder Consumer Price
Index).
EXECUTIVE SUMMARY:
The Airport Manager has negotiated a twenty-five year lease of property with James Grubbs,for the
construction of an aircraft hangar. James Grubbs will construct a hangar that will provide at least
2,000 square feet of aircraft storage space. At#expiration f the lease, the improvements revert
to the ownership of the Cities kx ,
The construction of the hangar will generate new revenue for the Airport and help meet the aircraft
storage needs of local aircraft owners.