HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 02/16/1999 - SECOND READING OF ORDINANCE NO. 16, 1999, APPROVIN ITEM NUMBER: 9
AGENDA ITEM SUMMARY DATE: February 16, 1999
FORT COLLINS CITY COUNCIL STAFF: Brenda Cams
SUBJECT:
Second Reading of Ordinance No. 16, 1999,Approving the Terms of the Lease Agreement for 101
Remington Street, Suites F, M, O and Q.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
Ordinance No. 16, 1999, was unanimously adopted on First Reading on February 2, 1999, and
authorizes the terms of the lease for 101 Remington Street, and permits the Larimer County
Treasurer's office to remove the Leased Property from the tax rolls in accordance with Section 31-
15-(801 and 802) C.R.S.
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ITEM NUMBER: 12
AGENDA ITEM SUMMARY
DATE: February 2, 1999
FORT COLLINS CITY COUNCIL STAFF:
Brenda Cams
SUBJECT:
First Reading of Ordinance No. 16, 1999, Approving the Terms of the Lease Agreement for 101
Remington Street, Suites F,M, O and Q.
RECOMMENDATION:
Staff recommends adoption o e Ordi ce o adin
FINANCIAL IMPACT:
The City will pay$2,736.17 per month($32,834 annually), less the reduction in property taxes for
the leased property, as determined by the County Treasurer. Funds are available in the Library's
1999 operating budget to pay re d<n"tided W1`t3e .
EXECUTIVE SUMMARY:
Adoption of this Ordinance authorizes the terms of the lease for 101 Remington Street and will
permit the Larimer County Treasurer's office to remove the Leased Property from the tax rolls in
accordance with Section 31-1(7uare
d$@2) .R. lll result in lower lease costs for the
City. In order to have this lepac eco a s necessary to have the Council
approve the terms of the leasrd' ce. e tbrary nes to move its Technical Services
(processing) function into a 3 aci t OIRRemmngton Street, Suites F,M, O and
Q, to meet the growing demands for space at the main library. The gross rental for this facility is
$2,736.17 per month,including taxes. This amount will be reduced after approval of the Ordinance.
The amount of tax abatement, (and the rent reduction amount) will be determined by the Larimer
County Assessor's Office. The City's other responsibilities as Tenant will be for utilities, routine
janitorial,maintenance, and personal property insurance.
The term of this lease runs from February 1, 1999 until January 31,2004,with the option of a third
year anniversary cost of living adjustment not to exceed 4% annually, and annual cost of living
adjustments thereafter.