HomeMy WebLinkAbout134 - 09/07/1999 - APPROVING THE TERMS OF THE LEASE FOR THE CITYS LEASE OF THE BUILDING AT 220 EAST OLIVE/235 MATHEWS S ORDINANCE NO. 134, 1999
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE TERMS OF THE LEASE FOR THE CITY'S LEASE OF
THE BUILDING AT 220 EAST OLIVE STREF,T/235 MATHEWS STREET
FORT COLLINS, COLOR-ADO
WHEREAS,the City intends to continue leasing 10,384 square feet of office space and 2,040
square feet of warehouse space at 220 East Olive Street/235 Mathews Street,Fort Collins,Colorado
(the "Property"),pursuant to a Lease Agreement between the City and the owners of the Property,
Abdelnour Family Limited Liability Partnership (the "Lease Agreement"); and
WHEREAS, under the Lease Agreement, the gross annual rent is $139,490; and
WHEREAS,the negotiated term ofthe Lease Agreement commences September 1, 1999 and
expires August 31, 2002, or upon the City issuing a six-month notice of termination; 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 negotiated 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 THE
FORT COLLINS that the City Council hereby approves the Lease Agreement, which is on file and
available for public inspection in the Office of the City Clerk, the terms of which include a lease
period of three years, at a gross annual rent of$139,490, adjusted annually for inflation,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 17th day of
August, A.D. 1999, and to be presented for final passage on the 7th day of September, A.D. 1999.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 7th day of September, A.D. 1999.
Mayor
ATTEST:
44 Clerk