HomeMy WebLinkAbout004 - 02/01/1994 - AUTHORIZING A PARKING AGREEMENT FOR THE LEASE OF CITY PROPERTY TO OPERA GALLERIA I, L.L.C. ORDINANCE NO. 4, 1994
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE MAYOR TO ENTER INTO A PARKING
AGREEMENT FOR THE LEASE OF CITY PROPERTY TO
OPERA GALLERIA I, L.L.C.
WHEREAS, the Opera Galleria Project has a need to lease parking spaces from
the City in the downtown area to provide for the parking needs of the project;
and
WHEREAS, the City has parking spaces in the downtown area that are
available for lease; and
WHEREAS, the City Council believes that it would be in the best interests
of the City to enter into a Parking Agreement to lease parking spaces in the
downtown area to Opera Galleria I, L.L.C. ; and
WHEREAS, Section 23-114 of the City Code authorizes the City Council to
lease real property owned in the name of the City having a potential term of more
than two years, provided Council first finds, by ordinance, that the lease 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 Mayor be, and hereby is, authorized to execute a lease
agreement between the City and the Opera Galleria I , L.L.C. , for the lease of
parking spaces in the downtown area, which agreement shall include the following
terms and conditions:
a. The City will provide the Partnership with fifty (50) full -
time parking spaces at the LaPorte America Lot for so long a
these spaces are offered by the City for parking.
b. The City will provide the Partnership with the opportunity to
lease up to seventy (70) additional parking spaces at the
LaPorte America Lot, up to fifty (50) parking spaces on the
third floor of the downtown parking garage and up to twenty
(20) parking spaces on Block 31, on a space-available basis.
If these spaces are not leased to third parties, they will be
available for lease first by the Partnership on an annual
basis and then to other parties. Once the Partnership begins
leasing a space, it will have the opportunity to continue to
lease that space annually thereafter at the current rental
rate for so long as these spaces are offered by the City for
parking.
C. The monthly fee for the parking spaces will be Ten Dollars
($10. ) per parking space on the LaPorte America Lot and Block
31 and Fifteen Dollars ($15. ) per space in the parking garage.
d. The lease will require that a minimum of fifty (50) parking
spaces be leased at any given time. The number of parking
spaces may be increased on a monthly basis if additional
spaces become available.
e. The lessee will pay an advance rental amount of Fifty Thousand
Dollars ($50,000. ) upon the closing of the lease. This Fifty
Thousand Dollars ($50,000.) will be applied to the amounts due
by the lessee under the lease until these funds are exhausted.
At than .ime, the lessee will pay the a. Baal lease costs in
advance for the next year of the lease. If the number of
parking spaces increases, rent for these spaces, through the
then-existing annual term, will be paid immediately for these
additional spaces.
f. The monthly rental amount for each parking space will not be
increased until the advanced rental payment of Fifty Thousand
Dollars ($50,000. ) is exhausted. At that time, and
thereafter, the monthly rental amount for each parking space
will equal the amount charged by the City for other parking
spaces in the lots where these spaces are located.
g. The Partnership will acknowledge that a condition of approval
of the planned unit development for the Project was that the
owner of the Project have available for employees, tenants and
patrons of the Project at least forty (40) parking spaces in
the LaPorte America Lot and that in the event the Partnership
or their successors fail to meet such condition, then in
accordance with §118-83L of the Land Development Guidance
System of the City, such failure may subject the Partnership
to the enforcement remedies of §29-4 of the Code of the City
and such other remedies as may be available at law or equity.
h. In the event any parking space leased to the lessee is no
longer offered by the City for parking, these parking spaces
will be removed from this Agreement until such time as these
spaces are again offered by the City for parking, if ever.
However, if parking spaces are so removed, the lessee shall
have the first opportunity to lease an equal number of
available parking spaces owned by the City on the same terms
and conditions set forth in the lease.
Section 2. The lease of these parking spaces to the Opera Galleria I,
L.L.C. , is in the best interests of the City.
Introduced, considered favorably on first reading, and ordered published
this 18th day of January, A.D. 1994, and to be presented for final passa a on the
1st day of February, A.D. 1994.
ATTEST: Mayor
City Clerk
Passed and adopted on final reading this 1 a of Februar 1994.
ATTEST: Mayor
0
City Clerk