HomeMy WebLinkAbout064 - 05/03/1994 - AUTHORIZING A LONG TERM LEASE AT FORT COLLINS LOVELAND AIRPORT FOR THE CONSTRUCTION OF AIRCRAFT HANG ORDINANCE NO. 64, 1994
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE LONG-TERM LEASE OF PROPERTY AT
THE FORT COLLINS-LOVELAND AIRPORT FOR THE
CONSTRUCTION OF AN AIRCRAFT HANGAR
WHEREAS, the Cities of Fort Collins and Loveland ("the Cities") jointly own
and operate the Fort Collins-Loveland Municipal Airport; and
WHEREAS, the Cities have set aside and developed a portion of Airport
property for lease to parties desiring to conduct aeronautical activities and
support activities at the Airport; and
WHEREAS, Dwight L. Hayden has indicated a desire to lease the northern
21,966.5 square feet of lot No.15, Barnstorm Second Addition to the City of
Loveland, Colorado ("the Property") for the construction and maintenance of an
aircraft hangar; and
WHEREAS, this lease will generate additional revenue for the Airport,
enabling the facility to continue to pursue financial self-sufficiency.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO, as follows:
Section 1. That the Mayor and City Clerk are hereby authorized to enter
into a long-term lease with Dwight L.Hayden for one lot, as described on the
attached Exhibit A and located at said Airport, a copy of which lease form is on
file with the City Clerk.
Section 2. That said long-term lease shall include the following terms and
conditions:
* that the term of the lease shall be twenty-five (25) years with
three (3) , five (5) year extension options;
* that the lease will generate the sum of Two Thousand One Hundred
Ninety-six and 65/100 Dollars ($2,196.65) in land rents annually for
the first five (5) years, and that upon commencement of the sixth
year, and every year thereafter throughout the term of the lease,
the rent will increase (using an equation based on the rate of
inflation as established in the Consumer Price Index) ;
* that all improvements constructed on the Property will revert to the
ownership of the Cities upon expiration of the lease.
Introduced, considered favorably on first reading, and ordered published
this 19th day of April , A.D. 1994, and to be prese d for final a on the
3rd day of May, A.D. 1994.
yor `
ATTEST-
City (
Clerk
Passed and adopted on final reading this 3 d of May, 94.
ATTEST:
City Clerk