HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 06/05/2001 - ITEMS RELATING TO AMENDMENTS TO THE VARIOUS AGREEM AGENDA ITEM SUMMARY ITEM NUMBER: 15 A-B
DATE: June 5, 2001
FORT COLLINS CITY COUNCIL Alan Krcmarik/
STAFF: Came Daggett
SUBJECT:
Items Relating to Amendments to the Various Agreements for the Civic Center Facilities.
RECOMMENDATION:
Staff recommends adoption of the Ordinances on First Reading.
FINANCIAL IMPACT:
There is no direct financial impact of the changes to the legal description, except that revisions to the legal
descriptions will reduce the potential for disagreement in the future. Revisions to the Parking Structure License
Agreement with Larimer County will improve the functioning of the joint budgeting for shared operational
expenses between the City and the County, and clarify the County's obligation to share in an equipment
replacement and major maintenance fund for the Parking Structure. The proposed Ordinance limits
amendments to the Ground Lease for Commercial Space in the Parking Structure to those that do not increase
private use of the Parking Structure or increase the City's financial obligations under the Ground Lease. The
payments to be received by the City under the Ground Lease are outlined in the attached Outline of Commercial
Lease, dated August 14, 1998 (Attachment 1).
EXECUTIVE SUMMARY:
A. First Reading of Ordinance No. 102, 2001, Approving Amendments to the Leasehold
Deed of Trust, Site Agreement, Lease Agreement, and Parking Structure License
Agreement for the 1998 Lease Certificates of Participation for the Civic Center Facilities
Project.
B. First Reading of Ordinance No. 103, 2001, Authorizing the City Manager to, from Time
to Time, Amend the Long-Term Lease of Real Property Adjacent to the Civic Center
Parking Structure to Phelps Program Management, LLC, for the Development of
Commercial Space and Related Easements.
In 1998, Council approved Lease Certificates of Participation ("COPS") in the amount of
$17,210,000 for the Civic Center Facilities Project. This Project includes the Civic Center
Parking Structure and the new City Office Building at 215 North Mason Street. In coordination
with the issuance of the COPS and the construction of the Parking Structure, the first level along
the western side of the Parking Structure was leased to Phelps Program Management ("PPM"),
DATE: June 5,2001 2 ITEM NUMBER: 15 A-B
an affiliate of Hensel Phelps, for private use as restaurant, retail and other related purposes to
enhance the attractiveness of the downtown area. As a result of the completion of the planning
and construction of the Project, staff has been better able to define and anticipate certain issues
that are addressed in the various agreements. As a result, staff has prepared and worked with
other involved parties to develop amendments to the several agreements that were part of the
COPS arrangement and the commercial ground lease arrangement, in order to refine the terms of
those agreements. The Bank of Cherry Creek, which is the trustee for the COPS financing, has
already approved the proposed changes.
BACKGROUND:
Through the Civic Center Master Plan process, the City identified the need to construct several
new facilities in the downtown area. Two of the facilities include the City Office Building and
the Parking Structure. After substantial analysis and pre-construction planning, the City decided
to locate the new office building on Block 32 and to locate the Parking Structure on Block 21.
The land area on both blocks had previously been divided into lots,which the City acquired from
individual owners. A portion of the area on which the Parking Structure would be located was
also identified as an appropriate location for commercial space to enhance the appearance and
encourage activity in the downtown area.
Amendments to the COPS Agreements
Among the documents approved by the Council when it approved the COPS financing through
Ordinance No. 128, 1998, were a Deed of Trust, Site Agreement, Lease Agreement, and License
Agreement. These documents included legal descriptions of the land on which the two buildings
to be constructed would be located, and, in some cases, descriptions of the improvements to be
constructed. At that time, legal descriptions were prepared based upon the anticipated final
plans and construction of the buildings. Since that time, the actual construction of the Parking
Structure and Office Building have resulted in modifications to the exact"as-built" of those two
buildings from the original description.
In addition, in the course of the planning process, it was determined that the property to be used
for the Office Building would need to be replatted, and the replatting resulted in a modification
of the lot description for the Office Building, adding 42 feet on the north end of the originally
described. and area. Because the City consolidated several parcels when it took ownership of the
property, the development guidelines require that the property be replatted. In addition, based on
original plans,the Office Building improvements were described as: "A 68,000-square-foot four-
story office building and a 905-space parking structure." As a result of the final planning for the
Office Building, the specific improvements have been adjusted, and the description of the
improvements in the COPS agreements will be changed consistent with those adjustments, to: "A
71,515-square foot, three-story office building and a 909-space (895 automobile spaces and 14
motorcycle spaces)parking structure."
On the site for the Parking Structure, some additional adjustments to the legal descriptions need
to be made because of the commercial space that has been incorporated into the facility.
Ordinance No. 102, 2001, makes the changes necessary to conform the legal descriptions to the
projects as they have been constructed. The original and revised legal descriptions for the
Parking Structure and Office Building are attached to this Agenda Item Summary (Attachments
2 and 3, respectfully).
DATE: June 5, 2001 3 ITEM NUMBER: 15 A-B
The Ordinance also authorizes changes to the Parking Structure License Agreement between the
City and the County to recognize some changes to the budget for and leasing of parking spaces.
These changes update the process originally described in this agreement with the County in
order to allow for smoother and more efficient planning for cost-sharing and payment from the
County for the operating costs of the Parking Structure, which are shared equally between the
City and County. The changes to the License Agreement also clarify the County's obligation to
share in an equipment replacement and major maintenance fund for the Parking Structure. After
Council has approved the changes to the legal descriptions, staff will have all affected parties
execute the appropriate documents.
Amendments to Ground Lease and Reciprocal Easement Agreement
On September 1, 1998, the City Council adopted Ordinance No. 145, 1998, which authorized the
City Manager to execute an agreement to lease a portion of Block 21 along the west end of the
fast floor of the Parking Structure (the "Commercial Space") to Phelps Program Management,
LLC ("PPM"), an affiliate of Hensel Phelps Construction Company, the design-builder of the
Parking Structure (under separate contract with the City), including a grant of access and cross
easements reasonably required for the use of the Commercial Space. This lease arrangement
provides for the development of private commercial space compatible with and incorporated into
the design of the Parking Structure. The authorized Ground Lease agreement ("Ground Lease")
and related Reciprocal Easement and Party Wall Agreement ("REA") were executed in
September 1998, and the Commercial Space has been developed and partially subleased to
private businesses by PPM, with additional subleases currently under negotiation. The initial
term of the Ground Lease, including two ten-year extensions at PPM's sole option, will end in
the year 2039, with a right of first option granted to PPM for an additional subsequent term, if
the City chooses to continue to lease out the Commercial Space at that time.
Section 2 of Ordinance No. 145, 1998, authorized the City Manager to incorporate into those
documents such other lease and easement provisions as the City Manager, in consultation with
the City Attorney, deems appropriate to protect the interests of the City, consistent with the
general lease terms that were outlined at the time of approval. Certain corrections and
modifications to the Ground Lease and REA have been made by the City Manager, pursuant to
his authority under that Ordinance. However, in order to allow the City Manager the
administrative discretion to manage the Ground Lease and REA in view of the commercial uses
for which the Commercial Space is being used, and.in order to allow the City Manager to
respond to requests of PPM in its management of the Commercial Space over time, the
Ordinance authorizes the City Manager to amend the Ground Lease and REA to address or
modify operational, maintenance or use requirements and restrictions for the use of the
Commercial Space. An Outline of the Ground Lease and REA terms as originally approved in
1998 is attached for background regarding those documents (Attachment 1).
ORDINANCE NO. 102, 2001
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING AMENDMENTS TO
THE LEASEHOLD DEED OF TRUST, SITE AGREEMENT, LEASE AGREEMENT
AND PARKING STRUCTURE LICENSE AGREEMENT FOR THE
1998 LEASE CERTIFICATES OF PARTICIPATION
FOR THE CIVIC CENTER FACILITIES PROJECT
WHEREAS, pursuant to Ordinance No. 128, 1998,the City Council approved the form of
certain agreements, including a Leasehold Deed of Trust to be executed by Fort Collins Capital
Leasing Corporation, dated as of August 1, 1998, a Site Agreement between the City and Fort
Collins Capital Leasing Corporation, a Lease Agreement between the Corporation and the City, a
Parking Structure License Agreement between the City and Larimer County,all dated as of August
1, 1998, in order to provide necessary land, buildings, equipment and other property for the Civic
Center Facilities Project,including the Civic Center Parking Structure and Office Building,through
a lease/lease-back arrangement including the issuance of certificates of participation (the "Lease
COPs"); and
WHEREAS, all approved documents have been executed and issued in accordance with
Ordinance No. 128, 1998, and all related financial arrangements completed; and
WHEREAS,the Civic Center Parking Structure was completed and opened for operation in
late 1999 and the Office Building construction is scheduled to be complete near the end of June,
2001; and
WHEREAS, as a result of the final planning, design and construction of the Civic Center
Parking Structure and Office Building, most current and accurate legal descriptions of the exact
property used for those structures,as needed for the Leasehold Deed of Trust,Site Agreement,Lease
Agreement and Parking Structure License Agreement, have been prepared, as well as related
amendments to said agreements incorporating such legal descriptions; and
WHEREAS, further discussions with Larimer County have resulted in the negotiation of
modifications to the Parking Stricture License Agreement to improve the process for joint budgeting
and planning for the equal sharing of expenses for the operation of the Parking Structure,including
planning for parking permits to be acquired by the County and to clarify the County's obligation to
share in an equipment replacement and major maintenance fund for the Parking Structure; and
WHEREAS, the proposed amendments to the Leasehold Deed of Trust, Site Agreement,
Lease Agreement and Parking Structure License Agreement (the "Amendments") have been
submitted to the Bank of Cherry Creek,trustee for the Lease COPS,for approval,and the Bank has
approved and consented to the same; and
WHEREAS,the Amendments,as approved by the Bank of Cherry Creek, are on file in the
Office of the City Clerk and available for review and inspection; and
WHEREAS,the Amendments do not result in any additional financial obligation for the City,
or otherwise increase the burden on the City for the construction and operation of the Civic Center
Facilities, and will not materially impair or impact negatively the Parking Structure or Office
Building projects or future use of those facilities; and
WHEREAS,pursuant to Section 23-114 of the Code of the City of Fort Collins,the Council
is authorized to lease any and all interests in real property owned in the name of the City,provided
that Council first finds that the lease is in the best interests of the City; and
WHEREAS, Section 23-111 of the City Code provides that the City Council is authorized
to sell, convey or otherwise dispose of real property owned by the City,provided the Council first
finds by Ordinance that any sale or disposition of real property owned by the City is in the best
interests of the City of Fort Collins.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the City Council hereby finds that the Amendments are in the best
interest of the City.
Section 2. That the Mayor and City Clerk are hereby authorized and directed to execute
the Amendments.
Section 3. - That the City Manager is hereby directed to circulate the Amendments to all
parties of the Lease COPS arrangement as necessary for full execution of the Amendments.
Introduced,considered favorably on first reading,and ordered published this 5th day of June,
A.D. 2001, and to be presented for final passage on the 19th day of June, A.D. 2001.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 19th day of June, A.D. 2001.
Mayor
ATTEST:
City Clerk
ORDINANCE NO. 103, 2001
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO, FROM TIME TO TIME,
AMEND THE LONG-TERM LEASE OF REAL PROPERTY
ADJACENT TO THE CIVIC CENTER PARKING STRUCTURE
TO PHELPS PROGRAM MANAGEMENT, LLC, FOR THE
DEVELOPMENT OF COMMERCIAL SPACE
AND RELATED EASEMENTS
WHEREAS,the City of Fort Collins owns that certain real property located on Block 21,in
the City of Fort Collins, adjacent to the Civic Center Parking Structure (the "Parking Structure")-
property more particularly described in Exhibit "A," on file in the office of the City Clerk, and
incorporated herein by this reference(the"Property"); and
WHEREAS,in order to provide for the development of private commercial space compatible
with and incorporated into the design of the Parking Structure (the "Commercial Space"), City
Council has approved by its adoption of Ordinance No. 145, 1998, and the City Manager has
executed as of September 14, 1998,a long-term lease of the Property(the"Ground Lease")to Phelps
Program Management, LLC ("PPM"), an affiliate of Hensel Phelps Construction Company, the
design-builder of the Parking Structure under a separate contract with the City; and
WHEREAS,the City Council has previously determined that the Ground Lease is beneficial
to the City and will promote the public purpose of enhancing and contributing to a viable and active
downtown and Civic Center in Fort Collins; and
WHEREAS, the initial term of the Ground Lease, including two ten-year extensions at
PPM's sole option, will end in the year 2039, with a right of first option granted to PPM for an
additional subsequent term,if the City chooses to continue to lease out the Commercial Space; and
WHEREAS,the Ground Lease provides for the coordination of the design and construction
of the Commercial Space with that of the Parking Structure, and requires that all costs for such
design and construction be home by PPM; and
WHEREAS, in exchange for said design and construction, along with responsibility for
management of the Commercial Space during the term of the Ground Lease, the Ground Lease
provides that PPM shall be entitled to sublease units in the Commercial Space for use in a manner
and consistent with those certain conditions set forth in the Ground Lease; and
WHEREAS,the Ground Lease further grants to PPM access easements and cross easements
required for its use of the Commercial Space,including terms for a shared wall and floor/ceiling(the
"Easements"), which Easements were separately documented and executed as of September 22,
1998, and recorded on October 23, 1998; and
WHEREAS,the Ground Lease and Easements are consistent with the terms of the financing
arrangements for the Parking Structure approved by the Council in Ordinance No. 128, 1998, and
with the design and construction of the Parking Structure; and
WHEREAS, the City Manager has further executed a First Amendment to Ground Lease,
and an Amendment to Reciprocal Easement Agreement,each dated November 7,2000,pursuant to
his authority under Ordinance No. 145, 1998,to incorporate into the Ground Lease and Amendments
such other lease and easement provisions as the City Manager, in consultation with the City
Attorney, deems appropriate to protect the interests of the City, consistent with the general lease
terms that were outlined at the time of approval(the"First Amendments"),which First Amendments
are on file in the Office of the City Clerk and available for review and inspection; and
WHEREAS,due to the nature of the commercial uses for which the Commercial Space has
been leased, and the need for changes to the Ground Lease over time based on the needs and
circumstances of specific commercial tenants,which will change over time, City staff anticipates
that ongoing amendment to the terms ofthe Ground Lease and Easements will be required to address
operational, maintenance or use requirements and restrictions; and
WHEREAS, in order to allow the City Manager and City staff to administratively manage
the lease relationship for the Commercial Space and address the changing needs and circumstances
as appropriate in a prompt and efficient manner,staff has requested that the City Council authorize
the City Manager to,from time to time,make certain types of modifications to the Ground Lease and
Easements without further City Council action; and
WHEREAS,pursuant to Section 23-114 of the Code of the City of Fort Collins,the Council
is authorized to lease any and all interests in real property owned in the name of the City, provided
that Council first finds that the lease is in the best interests of the City; and
WHEREAS, Section 23-111 of the City Code provides that the City Council is authorized
to sell,convey or otherwise dispose of real property owned by the City, provided the Council first
finds by Ordinance that any sale or disposition of real property owned by the City is in the best
interests of the City of Fort Collins.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the City Council hereby ratifies and approves the First Amendments,and
finds that the Ground Lease and Easements, as modified by the First Amendments, are in the best
interest of the City.
Section 2. That the City Manager is hereby authorized,without further action by the City
Council,to enter into such amendments and modifications to the Ground Lease and Easements,as
previously amended by the First Amendments, in order to address or modify operational,
maintenance or use requirements and restrictions for the use of the Commercial Space, as the City
Manager, in consultation with the City Attorney, deems appropriate to protect the interests of the
City, provided that:
a. no such amendment shall increase the physical area of City property subject
to the Ground Lease or Easements;
b. no such amendment shall allow use of the Commercial Space not consistent
with applicable land use and zoning requirements;
C. no such amendment shall result in a net increase in private use of the Parking
Structure; and
d. no such amendment shall result in a net increase in the City's financial
obligations under the Ground Lease or Easements.
Introduced,considered favorably on first reading,and ordered published this 5th day of June,
A.D. 2001, and to be presented for final passage on the 19th day of June, A.D. 2001.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 19th day of June, A.D. 2001.
Mayor
ATTEST:
City Clerk
ATTACHMENT
OUTLINE OF COMMERCIAL LEASE
August 14, 1998
The GROUND LEASE(the"Lease")as described in Ordinance No. 145, 1998,of the City
Council of the City of Fort Collins,by and between the CITY OF FORT COLLINS,COLORADO,
a Colorado home rule city (the "Landlord') whose office address is P.O. Box 580, 300 LaPorte
Avenue, Fort Collins, Colorado, and PHELPS PROGRAM MANAGEMENT LLC, a Colorado
limited liability company(the "Tenant")whose address is P.O. Box 0, Greeley, Colorado 80632,
regarding the Property described in Exhibit"A",attached hereto(the"Premises")shall provide as
follows:
1. Lease Term.
A. Initial Term from Lease execution through December 31, 2019;
B. Ten-Year Extension at Tenant's sole option at end of Initial Term;
C. Additional Ten-Year Extension at Tenant's sole option at end of First Extension;
D. Option for Renewal by Tenant at expiration of Second Extension, for any portion of
the Premises Landlord chooses to lease to a for profit entity, for a term determined
by Landlord of from five to twenty years.
2. Lease Payments.
A. For the period through December 31, 1999, no Base Rent shall be due and payable.
B. For the period beginning on January 1, 2000 and ending on December 31,2001,an
amount equal to Five Thousand Dollars($5,000)per annum shall be due and payable.
C. For the period beginning January 1, 2002 and ending on December 31, 2004, a
graduated rental amount shall be due and payable as follows: (i) for Lease year three
(1/1/2002—12/3 1/2002),the amount of$8,672.52,(ii)for Lease year four(1/1/2003
— 12/31/2003), the amount of$12,345.06, and (iii) for Lease year five (1/1/2004—
12/31/2004),the amount of$16,017.60.
D. For the period beginning January 1, 2005 and ending on December 31, 2039, the
Base Rent shall be adjusted annually by taking the annual Base Rent applicable in the
preceding Lease year and adjusting such amount to reflect the increase as determined
by the U.S.Bureau of Labor and Statistics Consumer Price Index for the Fort Collins,
Colorado area.
E. Within three months prior to the end each of the ninth, nineteenth and twenty-ninth
Rental Periods,Landlord shall have the option by giving written notice to Tenant to
OUTLINE OF COMMERCIAL LEASE-PAGE 1
recalculate the Base Rent for the remainder of the Term, or the Extended Term, as
applicable under this Lease,to be based upon an appraisal of fair market rent value.
3. Tenant shall pay for the cost of planning and constructing the Commercial Space
improvements. Landlord shall have the right to review and approve plans and specifications,
and to supervise construction of the improvements. Tenant shall be required to provide
payment and performance bonds, builder's risk and other construction insurance, to
indemnify Landlord for any costs or damage resulting from the construction of the
improvements, and to warranty the improvements for one year from completion.
4. Tenant shall have title to improvements until the termination of the Lease,at which time they
become property of the Landlord.
5. Tenant shall be entitled to form a condominium regime for the term of the Lease,provided
that the Condominium Declaration is satisfactory to Landlord, and is filed by the end of
1999.
6. Tenant shall be permitted to mortgage its rights in the Premises; however, any Leasehold
Mortgagee shall be subject to all terms and conditions of the Lease,and shall not be entitled
to any grace period during which to cure defaults under the Lease.
7. The Premises shall be subject to separate tax assessments from Landlord's adjacent property,
and Tenant shall be required to pay any taxes due in connection with the Premises.
8. Tenant's use of the Premises,and use by any assignee or sublessee of Tenant,shall be limited
to no fewer than two separate commercial spaces of no greater than 6,000 square feet,each,
and sixty percent of the Premises shall be used for an enumerated purpose,including at least
two ofthe following purposes:commercial retail stores,restaurants,fast food establishments,
lounges, banks, copy centers, recreational, educational or entertainment establishments or
facilities,or other uses consented to by Landlord. All use of the Premises must be consistent
with the City Land Use Code.
9. Uses of the Premises prohibited under the Lease include: industrial; hotels; hospitals;
medical or dental facilities; residential; pornographic, drug, sex, "head" shops; gasoline
stations;car rental agencies;services generating unusually high traffic volumes such as, for
example, pizza delivery services; or gaming establishments.
10. Tenant is required to keep the Premises,the improvements, and all appurtenances in good
condition,to comply with all applicable laws,to indemnify Landlord for any environmental
conditions or violations, and to provide risk, commercial general comprehensive public
liability insurance, among others, through insurance providers acceptable to Landlord and
naming Landlord as an additional insured.
11. Tenant may assign or sublet the Premises in whole to a declarent or association,pursuant to
the Condominium Declaration, if one is filed, or to a third party only with Landlord's
OUTLINE OF COMMERCIAL LEASE-PAGE 2
consent,and in the event of an assignment or sublease to a third party,the Landlord shall be
entitled to recapture the Premises by payment of an amount based upon Tenant's costs to
construct the improvements,plus an 8%return on those costs,during the first 20 years of the
Lease, or for the fair market value of the improvements, during any subsequent period.
12. A Reciprocal Easement and Party Wall Agreement C REA')between Tenant and Landlord
is included as part of the Lease,and provides for cross-access,sharing ofparty walls between
the Premises and the adjacent Parking Structure, and easement rights for utility lines,
placement of trash facilities and delivery of goods and supplies to the Premises. The REA
also provides for reasonable maintenance, lighting, and adjacent and subjacent support in
connection therewith.
OUTLINE OF COMMERCIAL LEASE-PAGE 3
ATTACHMENT 2
ORIGINAL DESCRIPTION OF THE PROPERTY (August 1998)
Site
PARCEL I (Office Building) :
Lots 1 through 10, inclusive, Block 32, CITY OF FORT COLLINS,
County of Larimer, State of Colorado,
TOGETHER WITH the North 50. 0 feet of vacated LaPorte Avenue,
according to the recorded Plat thereof, lying Southerly of said Lot
1.
County of Larimer, State of Colorado.
PARCEL II (Parking Structure) :
Lots 24 through 38, inclusive, Block 21, City of Fort Collins,
County of Larimer, State of Colorado,
TOGETHER WITH
Lot 39, Block 21, City of Ft. Collins, County of Larimer, State of
Colorado, if and when title to such Lot 39 is acquired by the City
of Ft. Collins,
EXCEPTING therefrom the following:
The first floor of the building, from slab to slab of any
improvements which are estimated to be approximately 14 ' 7" tall
from the bottom slab of such improvements of the following Tract B,
Block 21, CITY OF FORT �OLLINS, State of Colorado as shown on
Landstar Survey dated 8/10/98 of a replat of Lots 24 through 39,
Block 21 which is more particularly described as:
That portion of Lots 24 through 37, Block 21, City of Fort Collins,
County of Larimer, State of Colorado.
Considering the East line of Lots 24 through 39 of said Block 21 as
bearing South 00 degrees 09 minutes 36 seconds East and with all
bearings contained herein relative thereto.
Commencing at the Northwest Corner of said Lot 24, thence South 14
degrees 33 minutes 10 seconds East, a distance of 18 . 97
feet to the True Point of Beginning;
A-1
thence South 00 degrees 05 minutes 40 seconds East, a distance of
318.34 feet;
thence North 89 degrees 45 minutes 20 seconds East, a distance of
51.13 feet;
thence North 00 degrees 14 minutes 40 seconds West, a distance of
332. 54 feet;
thence South 89 degrees 45 minutes 20 seconds West, a distance of
30. 67 feet;
thence South 00 degrees 14 minutes 40 seconds East, a distance of
12. 38 feet;
thence South 89 degrees 45 minutes 20 seconds West, a distance of
15. 16 feet;
thence South 00 degrees 14 minutes 40 seconds East, a distance of
1.83 feet;
thence South 89 degrees 45 minutes 20 seconds West, a distance of
4. 46 feet to the Point of Beginning.
County of Larimer, State of Colorado.
Improvements
A 68, 000-square foot four-story office building and a 905-
space parking structure, excluding any retail tenant improvements,
together with any personal property permanently affixed to the
office building or parking structure and the following personal
property located in the office building and the parking structure
or constructed or acquired with the proceeds of Lease Certificates
of Participation (Civic Center Facilities Project) , Series 1998,
dated August 1, 1998, in the aggregate principal amount of
$171210, 000:
(a) Office Building - office furnishings, exercise,
health and fitness equipment, telephones and breakroom
equipment
(b) Parking Structure - sweeper, office furniture,
office computer and telephones
A-2
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ATTACHMENT 3
Revised Description of the Property(October 2000)
Site
(Office Building) Parcel I:
LOT 1 of the Plat of The Civic Center Office Building, City of Fort Collins, County of Larimer,
State of Colorado,being a plat of record with the Clerk and Recorder of the County of Larimer.
County of Larimer, State of Colorado.
(Parking Structure) Parcel II:
TRACT A AND TRACT B OF A FINAL PLAT OF REPLAT OF LOTS 24 THROUGH 39,
INCLUSIVE,BLOCK 21,OF THE TOWN MAP OF THE TOWN OF FORT COLLINS,COUNTY
OF LARIMER, STATE OF COLORADO, EXCEPTING THEREFROM THE FOLLOWING:
THAT PORTION OF TRACT B, OF A FINAL PLAT OF A REPLAT OF LOTS 24
THROUGH 39, BLOCK 21, OF THE TOWN OF FT. COLLINS, LARIMER COUNTY,
COLORADO DESCRIBED AS FOLLOWS:
CONSIDERINGTHE WEST LINE OF SAID TRACT B AS BEARING SOUTH 00006'30"
EAST AND WITH ALL BEARINGS CONTAINED HEREIN RELATIVE THERETO.
COMMENCINGAT THENORTHWEST CORNER OF TRACT C OF SAID FINALPLAT
OF A REPLAT OF LOTS 24 THROUGH 39, BLOCK 21, OF THE MAP OF THE TOWN OF
FT. COLLINS, LARIMER COUNTY,COLORADO,THENCE SOUTH 15032'49" EAST 19.48'
TO THE TRUE POINT OF BEGINNING,THENCE SOUTH 000 14'38"EAST,A DISTANCE OF
1.94 FEET;THENCE SOUTH 89°45'22"WEST,A DISTANCE OF 0.45 FEET;THENCE SOUTH
00°14'38" EAST, A DISTANCE OF 53.78 FEET; THENCE SOUTH 89°45'22" WEST, A
DISTANCE OF 0.66 FEET;THENCE SOUTH 00°14'38" EAST,A DISTANCE OF 17.93 FEET;
THENCE SOUTH 89045'22"WEST,A DISTANCE OF 0.66 FEET;THENCE SOUTH 00°14'38"
EAST, A DISTANCE OF 32.64 FEET; THENCE NORTH 89°45'22" EAST, A DISTANCE OF
1.33 FEET;THENCE SOUTH 000 14'38"EAST,A DISTANCE OF 39.07 FEET;THENCE SOUTH
89°45'22" WEST, A DISTANCE OF 0.66 FEET; THENCE SOUTH 00°14'38" EAST, A
DISTANCE OF 14.71 FEET;THENCE NORTH 89045'22"EAST,A DISTANCE OF 0.66 FEET;
THENCE SOUTH 00014'38"EAST,A DISTANCE OF 39.07 FEET;THENCE SOUTH 89°45'22"
WEST, A DISTANCE OF 0.66 FEET; THENCE SOUTH 00°14'38" EAST, A DISTANCE OF
17.93 FEET; THENCE SOUTH 89°45'22" WEST, A DISTANCE OF 0.66 FEET; THENCE
SOUTH 00014'38" EAST, A DISTANCE OF 32.64 FEET; THENCE NORTH 89°45'22" EAST,
A DISTANCE OF 1.33 FEET;THENCE SOUTH 00°14'38"EAST,A DISTANCE OF 57.00 FEET;
THENCE SOUTH 89045'22"WEST,A DISTANCE OF 0.66 FEET;THENCE SOUTH 00°14'38"
EAST, A DISTANCE OF 9.89 FEET; THENCE NORTH 89°45'22" EAST, A DISTANCE OF
50.80 FEET; THENCE NORTH 00014'38" WEST, A DISTANCE OF 332.75 FEET; THENCE
SOUTH 89045'22"WEST, A DISTANCE OF 28.80 FEET; THENCE SOUTH 00014'38" EAST,
A DISTANCE OF 16.14 FEET; THENCE SOUTH 89°45'22" WEST, A DISTANCE OF 20.88
FEET TO THE TRUE POINT OF BEGINNING. CONTAINING 0.378 ACRES,MORE OR LESS.
AND INCLUDINGIMPROVEMENTS THEREON COMPRISINGTHE FIRST FLOOR OF THE
BUILDING EXTENDING FROM THE BOTTOM FLOOR SLAB TO THE CEILING SLAB OF
SUCH FIRST FLOOR WHICH IS ESTIMATED TO BE APPROXIMATELY 147" TALL.
COUNTY OF LARIMER, STATE OF COLORADO.
improvements
A 71,515-square foot,three-story office building and a 909-space(895 automobile spaces and 14
motorcycle spaces)parking structure,excluding any retail tenant improvements,together with any
personal property permanently affixed to the office building or parking structure and the following
personal property located in the office building and the parking structure or constructed or acquired
with the proceeds ofLease Certificates ofParticipation(Civic Center Facilities Project),Series 1998,
dated August 1, 1998, in the aggregate principal amount of$17,210,000:
(a) Office Buildine-office furnishings,exercise,health and fitness equipment,telephone
and breakroom equipment
(b) Parking Structure- sweeper, office furniture, office computer and telephones
REVISED EASEMENT FOR
GROUND LEASE
(page 1 of 2)
Depiction of
p Easement Area
located on Parcel A
Lot 25
• b
LOT 2a ••
LOT 27
• LOT 30' -
c1 LOT 31
• LOi 32
.• to 33 m
•:'LOT•34
LOT 35 , • : .. . •(
'•LOT 35•
F ..
O
G.
N
E
W O
W W En rnN ,64 4pi
WWb+ [ < o
aro .0+ e •000
04
H :D 96 w V M
> a
•
--...a N— _ DETAIL SPACE EXHIBIT
`• • • - 'NAT PdRION WL ; OR A Fp!L 0.AT OF A RFAAT OF LOTS 24 i1S10OfJ1 39.
A+ ® OIOCK 2L OF T1NL�OF fT. COLLL4 LARI1fA WUNfTY. C0.0M00.
0 e SCALE` 1'-30•
H
d
to
o LL--- ----L--j i
J- --- ------ -- ----L ' !
I
N
V EAST LINE
'OF T B ----r———
a -�-
0 N00'U'38 332.73' j !
� 589.4 22'X 2B.B0•N
u T9 C� C t 9'45'22'N i50.60'
w Roo n. 38 N 1 14' ' RETAIL PACE
.o = ! SOO'14'36•E 9.89'
6 ! 589.45 2 X 20.68'
o . T.P.O.B.
NOO.14.30-M 1.94- I I NO '14'3B'X. 7.00'
5B9.45'2`2•N 0.45• I 'N8 '45'22•E .33'
•14.38• 53.78• .
F NW'14'35'X 32.54'
H 509'45.22'N 0.66' NB9.45'22'E 0.55*
N N00'14.36•N 17.93' 89.45.22•E 0.66' NEST LINE OF
�O N89.45'22•E 0.66' •14'38•N 17.93' TRACT B - BASIS
x S00.14.36•E 32.64' \\\ 9't5'22•E 0.66' BEARING
W 15.32't9'E 19.48' SB9.45'22'X 1.33' S00./4'38'E 39.07•
TRUEST CORNER OF TRACT C . �. 500.•U'38•E 39.07' SBOyD*1 . 38* 0.66'
zg'45*22'W 0.66' NOO tsy36'X 14.71' •"r1R
- - - - - - - - -MASON