HomeMy WebLinkAbout167 - 12/16/2003 - APPROVING THE TERMS OF THE LEASE AGREEMENTS FOR THE PULLIAM RANCH ORDINANCE NO. 167, 2003
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE TERMS OF THE LEASE AGREEMENTS
FOR THE PULLIAM RANCH
WHEREAS,the City will be leasing and will have an option to purchase certain lands known
as the Pulliam Ranch located in Sections 15, 16,21,22 and 27 of Township 6 North,Range 70 West
of the 6th P.M.,Latimer County,Colorado(the"Property")pursuant to Lease Agreements with the
Pulliam Charitable Trust and the Pulliam Marital Trust (the "Lease Agreements"); and
WHEREAS, the City will lease certain of these lands for a period of at least one year up to
a period of four years with a lease rate based on 5% of the 2003 appraised value of any lease and
optioned property; and
WHEREAS,under the Lease Agreements,the gross annual rent paid by the City for the lease
and optioned properties, assuming options to purchase are not exercised before the end of the lease
period, will be $207,380 paid in advance for the initial lease year; $142,100 for the second lease
year; $84,800 for the third lease year; and$55,898 for the fourth lease year; and
WHEREAS,the Lease Agreements extend through December 15,2007,contingent upon the
City's annual appropriation of sufficient funds to meet the City's lease obligations; and
WHEREAS, sufficient funds have been budgeted and appropriated by the City to meet its
obligations for the first year of the Lease Agreements; and
WHEREAS,in order for the Property to be exempt from taxation,Section 31-15-801,C.R.S.,
requires that the Lease Agreements and the terms thereof be approved by ordinance by the City
Council; and
WHEREAS,the City Council wishes to approve the Lease Agreements 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 terms and conditions of the Lease Agreements
between the City and the Pulliam Charitable Trust and the Pulliam Marital Trust, for the lease of
lands in Sections 15, 16, 21, 22 and 27 of Township 8 6 North, Range 70 West of the 6th P.M.
Latimer County, Colorado, drafts of which Lease Agreements, dated November 28, 2003, are on
file in the office of the City Clerk and available for public inspection.
Introduced and considered favorably on first reading and ordered published this 2nd day of
December, A.D. 2003, and to be presented for final passage on the 16th day of December, A.D.
2003.
Mayor
ATTEST:
F-�eoGl/Tl�lY15
Chief Deputy City Clerk
Passed and adopted on final reading this 16th day of December, A.D. 2003.
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Mayor
ATTEST:
4Qu
City Clerk