HomeMy WebLinkAbout102 - 06/19/2001 - APPROVING AMENDMENTS TO THE LEASEHOLD DEED OF TRUST, SITE AGREEMENT, LEASE AGREEMENT, AND PARKING ST ORDINANCE NO. 102, 2001
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING AMENDMENTS TO
THE LEASEHOLD DEED OF TRUST, SITE AGREEMENT, LEASE AGREEMENT
AND PARKING STRUCTURE LICENSE AGREEMENT FOR THE
1998 LEASE CERTIFICATES OF PARTICIPATION
FOR THE CIVIC CENTER FACILITIES PROJECT
WHEREAS, pursuant to Ordinance No. 128, 1998, the City Council approved the form of
certain agreements, including a Leasehold Deed of Trust to be executed by Fort Collins Capital
Leasing Corporation, dated as of August 1, 1998, a Site Agreement between the City and Fort
Collins Capital Leasing Corporation, a Lease Agreement between the Corporation and the City, a
Parking Structure License Agreement between the City and Larimer County,all dated as of August
1, 1998, in order to provide necessary land, buildings, equipment and other property for the Civic
Center Facilities Project,including the Civic Center Parking Structure and Office Building,through
a lease/lease-back arrangement including the issuance of certificates of participation (the "Lease
COPs"); and
WHEREAS, all approved documents have been executed and issued in accordance with
Ordinance No. 128, 1998, and all related financial arrangements completed; and
WHEREAS,the Civic Center Parking Structure was completed and opened for operation in
late 1999 and the Office Building construction is scheduled to be complete near the end of June,
2001; and
WHEREAS, as a result of the final planning, design and construction of the Civic Center
Parking Structure and Office Building, most current and accurate legal descriptions of the exact
property used for those structures,as needed for the Leasehold Deed of Trust,Site Agreement,Lease
Agreement and Parking Structure License Agreement, have been prepared, as well as related
amendments to said agreements incorporating such legal descriptions; and
WHEREAS, further discussions with Larimer County have resulted in the negotiation of
modifications to the Parking Structure License Agreement to improve the process for j oint budgeting
and planning for the equal sharing of expenses for the operation of the Parking Structure,including
planning for parking permits to be acquired by the County and to clarify the County's obligation to
share in an equipment replacement and major maintenance fund for the Parking Structure; and
WHEREAS, the proposed amendments to the Leasehold Deed of Trust, Site Agreement,
Lease Agreement and Parking Structure License Agreement (the "Amendments") have been
submitted to the Bank of Cherry Creek,trustee for the Lease COPs, for approval, and the Bank has
approved and consented to the same; and
WHEREAS,the Amendments, as approved by the Bank of Cherry Creek, are on file in the
Office of the City Clerk and available for review and inspection; and
WHEREAS,the Amendments do not result in any additional financial obligation for the City,
or otherwise increase the burden on the City for the construction and operation of the Civic Center
Facilities, and will not materially impair or impact negatively the Parking Structure or Office
Building projects or future use of those facilities; and
WHEREAS,pursuant to Section 23-114 of the Code of the City of Fort Collins,the Council
is authorized to lease any and all interests in real property owned in the name of the City,provided
that Council first finds that the lease is in the best interests of the City; and
WHEREAS, Section 23-111 of the City Code provides that the City Council is authorized
to sell, convey or otherwise dispose of real property owned by the City, provided the Council first
finds by Ordinance that any sale or disposition of real property owned by the City is in the best
interests of the City of Fort Collins.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the City Council hereby finds that the Amendments are in the best
interest of the City.
Section 2. That the Mayor and City Clerk are hereby authorized and directed to execute
the Amendments.
Section 3. That the City Manager is hereby directed to circulate the Amendments to all
parties of the Lease COPs arrangement as necessary for full execution of the Amendments.
Introduced,considered favorably on first reading,and ordered published this 5th day of June,
A.D. 2001, and to be presented for final passage on the 19th day of.June, A.D. 200,1.
V
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Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 19th day of June, A.D. 2001.
Mayor PF:n x,,,
TTEST:
City Clerk `