HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/18/1999 - SECOND READING OF ORDINANCE NO. 75, 1999, AUTHORIZ AGENDA ITEM SUMMARY ITEM NUMBER: 12
DATE: May 18, 1999
FORT COLLINS CITY COUNCIL
STAFF: Fred Anderton
SUBJECT :
Second Reading of Ordinance No. 75, 1999, Authorizing the Long-Term Lease of Property at the
Fort Collins-Loveland Municipal Airport to Mike S. Hoffman for the Construction of an Aircraft
Hangar. (Hanger Site A)
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
The Airport Manager has negotiated a twenty-five year lease of property with Mike S.Hoffman,for
the construction of an aircraft hangar. Mike S. Hoffman will construct a hangar that will provide
at least 2,500 square feet of aircraft storage space. At the expiration of the lease,the improvements
revert to the ownership of the Cities. Ordinance No. 75, 1999, was unanimously adopted on First
Reading on May 4. 1999.
AGENDA ITEM SUMMARY ITEM NUMBER: 25
DATE: May 4, 1999
FORT COLLINS CITY COUNCIL
STAFF: Fred Anderton
SUBJECT:
First Reading of Ordinance No. 75, 1999,Authorizing the Long-Term Lease of Property at the Fort
Collins-Loveland Municipal Airport to Mike S.Hoffman for the Construction of anAircraft Hangar.
(Hanger Site A)
RECOMMENDATION: W
Staff recommends adoption of the Ordinance on First Reading.
FINANCIAL IMPACT:
The lease will generate,in land rents for the airport,$432 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 i1lationca`te estafflis'hed W,.jhe Deliver-Boulder Consumer Price
xr
Index).
EXECUTIVE SUMMARY:
The Airport Manager has negotiated a twenty-five year lease of property-Mth Mike S.Hoffman,for
the construction of an aircraft hangar. Mike S. Hoffman will construct a hangar that will provide
at least 2,500 square feet of aircraft storage space. At the expiration of the lease,the improvements
revert to the ownership of the Cities.
The construction of the hangar will generate new revenue for the Airport and help meet the aircraft
storage needs of local aircraft owners.