HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/20/2008 - RESOLUTION 2008-046 AUTHORIZING THE LEASE OF CITY- ITEM NUMBER: 21
AGENDA ITEM SUMMARY DATE: May 20, 2008
FORT COLLINS CITY COUNCIL STAFF: Helen Matson
Joe Frank
SUBJECT
Resolution 2008-046 Authorizing the Lease of City-Owned Property at 1506B West Horsetooth
Road, for up to Two Years.
RECOMMENDATION
Staff recommends adoption of the Resolution.
FINANCIAL IMPACT
Rent collected from the lease of the efficiency apartment will result in an annual rate of at least
$4,200 in unanticipated revenue to the Advance Planning Affordable Housing Program. The tenant
will pay all utilities charges and the cost of any City-approved minor repairs.
EXECUTIVE SUMMARY
The City acquired this property as part of the Affordable Housing Land Bank Program (the "Land
Bank Program"). The total property is composed of 8.3 acres of development land. Currently this
site has one single family residence,one building with an efficiency apartment and garage,and horse
facilities. One of the goals of the Land Bank Program is to hold land for a minimum of ten years.
Leasing the property during this time period generates revenue for the program, eliminates ground
maintenance and discourages vandalism in empty structures.
The lease for 1506B West Horsetooth Road is for the efficiency apartment.
ATTACHMENTS
1. Location Map.
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RESOLUTION 2008-046
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE LEASE OF CITY-OWNED PROPERTY AT
1506B WEST HORSETOOTH ROAD, FOR UP TO TWO YEARS
WHEREAS, in April 2001, the Council adopted Ordinance No. 048, 2001, amending
Chapter 23 of the Code of the City by the addition of a new Article XI entitled"Land Banking";and
WHEREAS, Ordinance No. 048, 2001, contains a determination made by the City Council
that the acquisition of real property in order to ensure the property will be available for future
development to provide housing for extremely low and very low income families would be in the
best interests of the citizens of the city; and
WHEREAS, Ordinance No. 048, 2001, further stated that the proposed land banking
program would not negatively impact the local real estate market,due to the anticipated low volume
of property purchases the program would entail; and
WHEREAS, as part of the land banking program, the City acquired the property at 1506B
West Horsetooth Road, in Fort Collins (the "Property"), in February, 2003;
WHEREAS,the City desires to lease the Property for a period of up to two years at an annual
rate of at least $4,200; and
WHEREAS, under Section 23-114(a) of the Code of the City of Fort Collins, the Council
is authorized to lease, for a definite term of two years or less, any and all interests in real property
owned in the name of the City, provided that the Council first finds, by resolution,that the lease is
in the best interests of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the Council hereby finds that leasing the Property under the terms listed
above is in the best interests of the City of Fort Collins.
Section 2. That the City Manager is hereby authorized to execute a lease agreement for
the Property on terms and conditions consistent with this Resolution,together with such additional
terms and conditions as the City Manager, in consultation with the City Attorney, determines to be
necessary and appropriate to protect the interests of the City,including any necessary changes to the
legal description of the Property, so long as such changes do not materially increase the size or
change the character of the leased premises.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 20th
day of May A.D. 2008.
Mayor
ATTEST:
City Clerk