HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 05/01/2001 - SECOND READING OF ORDINANCE NO. 56, 2001, AUTHORIZ AGENDA ITEM SUMMARY ITEM NUMBER: 10
DATE: May 1,2001
FORT COLLINS CITY COUNCIL FROM:• Frank Bruno
SUBJECT:
Second Reading of Ordinance No. 56, 2001, Authorizing the Long-Term Lease of Property at
the Fort Collins-Loveland Municipal Airport to Cole Smith, dba Signal Construction, for the
Construction of Aircraft Hangars.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
The Airport Manager has negotiated a lease of property with Cole Smith, dba Signal
Construction, for the construction of aircraft hangars. Cole Smith will construct two hangars
that will provide at least 19,816 square feet of aircraft storage space. At the expiration of the
lease, the improvements revert to the ownership of the Airport.
The construction of the hangars will generate new revenue for the Airport and help meet the
aircraft storage needs of local aircraft owners. This Ordinance was unanimously adopted on
First Reading on April 17, 2001.
AGENDA ITEM SUMMARY ITEM NUMBER: 19
DATE:
FORT COLLINS CITY COUNCIL April 17, 2001
STAFF:
Frank Bruno
SUBJECT:
First Reading of Ordinance No. 56, 2001, Authorizing the Long-Term Lease of Property at the
Fort Collins-Loveland Municipal Airport to Cole Smith, dba Signal Construction, for the
Construction of Aircraft Hangars.
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RECOMMENDATION:
Staff recommends adoption of the Ordinance on First Reading
FINANCIAL IMPACT: ,
The lease will generate $2,377.92 annually in eland rents for the Airport for the first five years.
After the fifth year, and every fifth year thereafter through the term of the lease, the rent will
increase (using an equation based on CPIs).
EXECUTIVE SUMMARY:
The Airport Manager has negotiated a lease of property with Cole Smith, dba Signal
Construction, for the construction ofaircraft hangars. Cole Smith will construct two hangars
thatwill provide at least 19,816 square feet of aircraft storage space. At the expiration of the
lease;,the improvements revert to'the ownership of the Airport.
The construction of the hangars will generate new revenue for the Airport and help meet the
aircraft storage needs of local aircraft owners.
u