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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 11/07/2000 - FIRST READING OF ORDINANCE NO. 165, 2000 APPROVING AGENDA ITEM SUMMARY ITEM NUMBER: 23 FORT COLLINS CITY COUNCIL DATE: November 7, 2000 STAFF: Gary Diede SUBJECT: First Reading of Ordinance No. 165, 2000, Approving the Restated and Amended Parking Agreement and Amendment to the Downtown Development Authority Agreement Regarding the Opera Galleria. RECOMMENDATION: Staff recommends adoption of the Ordinance on First Reading. FINANCIAL IMPACT: The Opera Galleria, LLC will pay the current rate for any parking permits purchased under this agreement, but will do so on a monthly, rather than annual, basis. The Opera Galleria will continue to make payment to the City in lieu of taxes if tax revenues to the City from the Opera Galleria Project fall below specified levels through the end of the agreement. EXECUTIVE SUMMARY: In 1994 the City of Fort Collins entered into an agreement with the Opera Galleria property owner that entitled the Opera Galleria to purchase a number of parking permits in the Laporte- America Lot adjacent to the property, as well as the Block 31 Lot and the Old Town Parking Structure. The current owner of the Opera Galleria, Ed Orr of Opera Galleria, LLC, requested that the City of Fort Collins amend and restate the original agreement to reflect that the Laporte America Lot was replaced by the Civic Center Parking Structure and that the Block 31 Lot is no longer available for permit customers, and to allow for monthly payment for the permits (rather than annual). The proposed amendments to the original agreements maintain the City's original position and provide the Opera Galleria with the same rights to purchase permits for tenants of the building. • ORDINANCE NO. 165, 2000 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING THE RESTATED AND AMENDED PARKING AGREEMENT AND AMENDMENT TO THE DOWNTOWN DEVELOPMENT AUTHORITY AGREEMENT REGARDING THE OPERA GALLERIA WHEREAS, the City and HISTORICAL OPERA HOUSE PROPERTIES,LTD.,a limited partnership by OPERA GALLERIA I,LLC(collectively hereinafter referred to as"Historical Opera House")are parties to a Parking Agreement dated December 30, 1993(hereinafter referred to as"the Parking Agreement"), relating to the use of the City's parking lots located or previously located at (i) the Laporte-America Lot(hereinafter referred to as the "Laporte-America Lot"), (ii)the parking structure at Lots 7-16,Block 131 City of Fort Collins("the Old Town Parking Structure"), and(iii) the City/County parking lot previously located at Lots 12-39, Block 31, City of Fort Collins (the "City/County Lot"); and WHEREAS, the DDA,the City, and Historical Opera House, and Houlihan Lokey Howard & Zukin, Inc. (hereinafter referred to as "Houlihan") are parties to an.agreement dated November 4, 1993,recorded on January 4, 1994,at Reception No.94001179,in the Latimer County,Colorado real estate records (hereinafter referred to as the "DDA Agreement"); and WHEREAS, OPERA GALLERIA,LLC,a Colorado limited liability company(hereinafter • referred to as "Opera Galleria") is the successor in interest to all right,title and interest of Historical Opera House in and to the Parking Agreement and the DDA Agreement; and WHEREAS,Houlihan no longer has any right,title or interest in or to the matters described in the Parking Agreement or the DDA Agreement and has, by its acknowledgement as set forth below, consented to and agreed that it shall no longer be a party to this Agreement; and WHEREAS,the City has constructed a parking structure over substantially all of the Laporte- America Lot(hereinafter referred to as the"Civic Center Parking Structure"),and no longer operates the City/County Lot; and WHEREAS, the City and Opera Galleria are in the process of negotiating an agreement to amend and restate the Parking Agreement and amend the DDA Agreement to reflect changes to said agreements necessitated by the construction of the Civic Center Parking Structure and to provide for additional changes to said agreements as described herein (the Civic Center Parking Structure and the Old Town Parking Structure are collectively referred to herein as the "Property"); and WHEREAS, the City of Fort Collins is the owner of the Property, and the Restated and Amended Parking Agreement and Amendment to DDA Agreement, a draft of which is dated November 3, 2000, and is on file in the Office of the City Clerk(the "New Agreement"),will alter a previously recorded agreement applicable to the Property; and • WHEREAS, under Section 23-111 of the Code of the City of Fort Collins, the Council is authorized to sell or otherwise dispose of any and all interests in real property owned in the name of the City,provided that Council first finds by ordinance that the sale or disposition is in the best interests of the City. NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the New Agreement is in the best interests of the City of Fort Collins. Section 2. That the Mayor is hereby authorized to execute the New Agreement in substantially the form for the same dated November 3, 2000, and on file in the Office of the City Clerk,subject to such modifications in form or substance as the City Manager,in consultation with the City Attorney,may deem necessary to effectuate the purposes of this Ordinance or to protect the interests of the City. Introduced, considered favorably on first reading, and ordered published this 7th day of November, A.D. 2000, and to be presented for final passage on the 21st day of November, A.D. 2000. Mayor ATTEST: City Clerk Passed and adopted on final reading this 21st day of November, A.D. 2000. Mayor ATTEST: City Clerk