HomeMy WebLinkAbout019 - 03/07/2000 - APPROVING THE TERMS OF THE CITYS LEASE OF BUILDING 15, OLD TOWN SQUARE (DISTRICT ONE OFFICE) ORDINANCE NO. 19, 2000
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE TERMS OF THE CITY'S LEASE OF
BUILDING 15, OLD TOWN SQUARE, FORT COLLINS, COLORADO
WHEREAS, the City intends to lease 2,075 square feet of office space at Building 15, Old
Town Square, Fort Collins, Colorado (the "Property"), pursuant to a Lease Agreement dated
December 12, 1999,between the City and the owners of the Property,Progressive Old Town Square,
LLC (the "Lease Agreement"); and
WHEREAS, under the Lease Agreement, the gross annual rent is $26,485; and
WHEREAS, the term of the Lease Agreement commenced on January 1, 2000, and
terminates on the 31 st day of December, 2004, contingent upon the annual appropriation of funds
sufficient to meet the City's obligations under the Lease Agreement; and
WHEREAS,in order for the Property to continue to be exempt from taxation,C.R.S.Section
31-15-801 requires that the Lease Agreement and the terms thereof be approved 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 Property may be 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 Lease Agreement, a copy of which is on file
in the Office of the City Clerk, the terms of which include a lease term of five years at a gross
annual rent of$26,485,adjusted annually by the Consumer Price Index,contingent upon the annual
appropriation of funds sufficient to meet the City's obligations under the Lease Agreement.
Introduced, considered favorably on first reading, and ordered published this 15th day of
February, A.D. 2000, and to be presented for final passage on the 7th day of March, A.D. 2000.
Mayor
ATTEST:
City Clerk ,
Passed and adopted on final reading this 7th day of March, A.D. 200 .
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Mayor
ATTEST:
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City Clerk A(�Ie-1 ��