HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/07/2002 - FIRST READING OF ORDINANCE NO. 070, 2002, APPROVIN AGENDA ITEM SUMMARY ITEM NUMBER: 17
FORT COLLINS CITY COUNCIL DATE: May 7, 2002
STAFF:
Helen Mason
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 of the Ordinance on First Reading.
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 be responsible for utilities, routine janitorial and maintenance and
personal property insurance.
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EXECUTIVE SUMMARY:
Adoption of this Ordinance authorizes the terms of the Agreement to Amend Lease Agreement for
101 Remington Street,Suite P and will permit the Larimer County Assessor's Office to remove Suite
P from the tax rolls in accordance with Section 31-15-(801 and 802)C.R.S. This will result in lower
lease costs for the City. In order to have this leased space become tax exempt,it is necessary to have
the Council approve the terms of the lease by Ordinance. The Library has been leasing Suites F, M,
O and Q of 101 Remington for its Technical 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 Larimer 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%.
ORDINANCE NO. 070, 2002
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE TERMS OF THE AGREEMENT
TO AMEND LEASE AGREEMENT FOR
101 REMINGTON STREET, SUITE P
WHEREAS, the City has been leasing 3,794 square feet of office and work space and is
increasing its leased space by 645 square feet at 101 Remington Street, Fort Collins, Colorado (the
"Property), pursuant to an Agreement to Amend Lease Agreement dated April 5, 2002, for a term
beginning April 2, 2002 between the City and the owner of the property, Bohemian Real Estate
Corporation (the "Amendment Agreement"); and
WHEREAS, under this Amendment Agreement, the gross annual rent paid by the City is
$4,620 and will be increased 3% annually; and
WHEREAS, the Lease and the Amendment Agreement extend through January 31, 2004,
contingent upon the City's annual appropriation of sufficient funds to met the City's lease
obligations; and
WHEREAS, all other terms of the Lease Agreement and the Amendment remain the same;
and
. WHEREAS, sufficient funds have been budgeted and appropriated by the City to meet is
obligations for the first year of the Amendment Agreement; and
WHEREAS,in order for the Property to be exempt from taxation,Section 31-15-801,C.R.S.,
requires that the Amendment Agreement and the terms thereof must be approved by ordinance by
the City Council; and
WHEREAS, the City Council wishes to approve the Lease Agreement by ordinance so that
the Property may be removed from the tax rolls.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Council hereby approves the terms and conditions of the Amendment
Agreement between the City and Bohemian Real Estate Corporation, dated April 5, 2002, for 101
Remington Street,Suite P, a copy of which is on file in the office of the City Clerk and available for
public inspection.
•
Introduced,considered favorably on first reading,and ordered published this 7th day of May,
A.D. 2002 and to be presented for final passage on the 21st day of May, A.D. 2002.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 21st day of May, A.D. 2002.
Mayor
ATTEST:
City Clerk
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