HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/21/2002 - SECOND READING OF ORDINANCE NO. 070, 2002, APPROVI AGENDA ITEM SUMMARY ITEM NUMBER: 11
FORT COLLINS CITY COUNCIL DATE: May 21, 2002
FROM:
Helen Matson
SUBJECT:
Second Reading of Ordinance No. 070, 2002, Approving the Terms of the Agreement to Amend
Lease Agreement for 101 Remington Street, Suite P.
i RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
This Ordinance, which was unanimously adopted on First Reading on May 7, 2002, authorizes the
terms of the Agreement to Amend Lease Agreement for 101 Remington Street, Suite P and will
permit the Latimer County Assessor's Office to remove Suite P from the tax rolls in accordance with
Section 31-15-(801 and 802) C.R.S
AGENDA ITEM SUMMARY ITEM NUMBER: 17
FORT COLLINS CITY COUNCIL DATE: May 7, 2002
STAFF:
Helen Matson
SUBJECT:
First Reading of Ordinance No.070,2002,Approving the Terms of the Agreement to Amend Lease
Agreement for 101 Remington Street, Suite P.
RECOMMENDATION:
Staff recommends adoption oCeOrdikCIA) fReading
FINANCIAL IMPACT:
The City will pay$385 per month($4,620 annually),less the reduction in property taxes for leasing
Suite P. This reduction will be determined by the County Assessor's Office. In addition to the
monthly rental, the City will ns. r in itorial and maintenance and
personal property insurance.
i
EXECUTIVE SUMMARY:
Adoption of this Ordinance authorizes the terms of the Agreement to Amend Lease Agreement for
101 Remington Street,Suite P and will ermit the Latimer County Assessor's Office to remove Suite
P from the tax rolls in accord wi ton -1 (8 0 C.R.S. This will result in lower
lease costs for the City. In ord to have is leas eco tax exempt,it is necessary to have
the Council approve the terms the 1 O in ce. The rary has been leasing Suites F,M,
O and Q of 101 Remington for its echnic Services (processing) function since January 1999.
Leasing Suite P will increase the space for these services by 645 square feet. The gross rental for
this facility is $385 per month, including taxes and utilities. 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 Latimer County Assessor's Office. The City will be responsible for routine
janitorial and maintenance and personal property insurance.
The term of the original lease runs from February 1, 1999 through January 31, 2004. This lease
amendment will be effective from April 1, 2002 though January 31, 2004, and the rental will be
increased annually by 3%.