HomeMy WebLinkAbout119 - 08/21/2001 - APPROVING THE TERMS OF THE LEASE BY THE CITY OF 415 EAST MONROE FOR A YOUTH ACTIVITY CENTER ORDINANCE NO. 119, 2001
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE TERMS OF THE LEASE BY THE CITY OF
415 EAST MONROE FOR A YOUTH ACTIVITY CENTER
WHEREAS, the City has entered into a lease of approximately 26,000 square feet of space
for a Youth Activity Center (the "YAC") at 415 East Monroe in Fort Collins, Colorado (the
"Property"), pursuant to a Lease Agreement which lease has been executed by the City Manager,
and a copy of which, dated July 13, 2001, is on file in the office of the City Clerk and available for
review (the "Lease Agreement"); and
WHEREAS,under the Lease Agreement,the monthly rent for the Property is$20,760.67 for
each month of the initial term and four subsequent annual terms, subject to annual adjustment after
the fifth term to reflect inflation from the time of execution of the Lease Agreement in subsequent
renewal terms; and
WHEREAS, the total term of the Lease Agreement is up to ten years from the date of
execution of the Lease Agreement, subject to appropriation of funds sufficient and intended for
annual renewal after the initial term thereof; and
WHEREAS, sufficient funds have been budgeted and appropriated by the City for all
expenses associated with the initial term of the Lease Agreement; and
WHEREAS,the Lease Agreement provides that the City shall be responsible for any taxes
attributable to the Property during the term of the Lease; and
WHEREAS,in order for the Property 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 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, dated July 13, 2001, in the
form on file and available for public inspection in the office of the City Clerk, the terms of which
include an initial rental period of through December 31,2002,with an option to extend through July
14,2011,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 17th day of
July, A.D. 2001, and to be presented for final passage on the 21st day of August, A.D. 2Q01.
Mayor
ATTEST:
. %LL
City Clerk
Passed and adopted on final reading this 21st day of August, A.D. 2001.
Mayor
Y
ATTEST:
City Clerk