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Home My WebLink About051 - 05/16/1995 - APPROVING THE TERMS OF THE LEASE FOR MINI-LIBRARY AT 132 TROUTMAN PLACE ORDINANCE NO. 51, 1995 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING THE TERMS OF THE LEASE FOR THE MINI-LIBRARY AT 132 TROUTMAN PLACE, FORT COLLINS, COLORADO WHEREAS,the City of Fort Collins, Colorado("the City"),has leased 132 Troutman Place, Fort Collins, Colorado ("the Property") from Troutman Place Limited LLC pursuant to an Agreement dated January 30, 1995 (the "Lease Agreement") and containing approximately 3,600 square feet; and WHEREAS,under the Lease Agreement, the base annual rent paid by the City is $45,000, which amount increases to $46,800 for the second year and $48,600 for the third year, $50,400 for the fourth year, and $52,200 for the fifth year; and WHEREAS, the initial term of the Lease Agreement expires on May 31, 1996; and WHEREAS, the City may extend the Lease Agreement for up to four additional one-year terms; and WHEREAS, sufficient funds have been budgeted and appropriated by the City for the first year of the Lease Agreement; and WHEREAS,pursuant to §§31-15-801 and 802,C.R.S.,in order for the Property to be exempt from taxation,the Larimer County Assessor requires that the Lease Agreement and the terms thereof must be concluded by ordinance by the City Council; and WHEREAS,the Lease Agreement is presently on file with the Office of the City Clerk; and WHEREAS,the City Council wishes to approve the Lease Agreement by ordinance so that the Prnperty may he removed from the tax rolls. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the City Council hereby approves the terms and conditions of the Lease Agreement, which terms include an initial rental period of one year from June 1, 1995 through May 31, 1996, with the option to extend for four additional one-year terms, contingent upon the annual appropriation of funds sufficient to meet the City's obligations under the Lease Agreement for each additional term. Introduced,considered favorably on first reading,and ordered published this 2nd day of May, A.D. 1995, and to be presented for final passage on the 16th day oo A.D. 1995. or ATTEST: City Clerk — , Passed and adopted on final reading this 16th day of A.D 995. t Mayor ATTEST: City Clerk .