HomeMy WebLinkAbout073 - 07/20/1993 - AUTHORIZING A LONG TERM LEASE AT FORT COLLINS-LOVELAND AIRPORT FOR CONSTRUCTION AND SUBLEASE OF T-HA ORDINANCE NO. 73, 1993
AUTHORIZING THE LONG-TERM LEASE OF PROPERTY AT THE
FORT COLLINS-LOVELAND AIRPORT FOR THE CONSTRUCTION
AND SUBLEASE OF T-HANGARS
WHEREAS, the Cities of Loveland and Fort Collins ("the Cities") jointly own
and operate the Fort Collins-Loveland Airport ("the Airport") ; and
WHEREAS, the Cities have set aside and developed a portion of the Airport
property for lease to parties desiring to conduct aeronautical activities and
support activities at the Airport; and
WHEREAS, the Virga Corporation has indicated a desire to lease a portion
of the Airport property for the construction, maintenance and sublease or sale
of T-Hangars.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO:
Section 1. That the Mayor and City Clerk are hereby authorized to enter
into a long-term lease with Virga "Corporation for certain property, described
on the attached Exhibit "A" and located at said Airport, a copy of which lease
is on file with the City Clerk of the City of Fort Collins, Colorado.
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 Two Thousand Three Hundred Dollars
($2,300) in land rents annually for the first five (5) years and
that upon commencement of the sixth year, and every fifth 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 one percent (1%) of all rents collected for the use of hangars
on the leased property shall be paid to the Airport; and
• that all improvements constructed on leased property will revert to
the ownership of the Cities upon expiration of the lease.
Introduced, considered favorably on first reading, and ordered published
this 6th day of July, A.D. 1993, and to be presented for final passa5A-(n) the
20th day of July, A.D. 1993.
r'
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 20t d y Jyky, A.D 993.
—flayor
ATTEST:
City Cler
FREDERICK LAUD SURVEYING
,I 1528 N. Lincoln
1 Loveland, Co. 80538
FLS, (303) 669-3652
June 22 , 1993
Project No : 93-05-707
EXHIBIT "A"
LAND DESCRIPTION: PROPOSED HANGAR SITE
All that portion of the northeast one-quarter of Section 33 ,
Township 6 North , Range 68 West , of the 6th P .M. , Larimer County ,
Colorado , more particularly described as follows :
Considering the east line of said northeast one-quarter of Section
33 as bearing SOUTH 000 31 ' 15" EAST and with all bearings
contained herein relative thereto.
Commencing at the northeast corner of said Section 33 ; THENCE
along said east line of the northeast one-quarter of Section 33
SOUTH 000 31 ' 15" EAST 1005 .95 feet ; THENCE leaving said east line
SOUTH 890 28 ' 45" WEST 944 . 86 feet to the TRUE POINT OF BEGINNING;
THENCE SOUTH 700 00 ' 58" WEST 51 . 75 feet ; THENCE NORTH 190 59 ' 02 '
WEST 444 . 17 feet ; THENCE NORTH 700 00 ' 58" EAST 51 . 75 feet ; THENCE
SOUTH 190 59 ' 02" EAST 444 . 17 feet to the TRUE POINT OF
BEGINNING.
Said portion contains 22 , 986 square feet , more or less .