HomeMy WebLinkAbout142 - 12/18/2007 - AUTHORIZING LEASES OF CITY PROPERTY AT 200 WEST MOUNTAIN AVENUE, SUITE C, FOR UP TO FIVE YEARS AS PA ORDINANCE NO. 142, 2007
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING LEASES OF CITY PROPERTY AT 200 WEST MOUNTAIN
AVENUE, SUITE C, FOR UP TO FIVE YEARS AS PART OF THE
FORT COLLINS TECHNOLOGY INCUBATOR PROGRAM
WHEREAS, the City of Fort Collins is the owner of the property legally described as a
portion of Lot 2, Replat Lots 1-49, Block 31, Fort Collins, Colorado and also known as 200 West
Mountain Avenue, Suite C (the"Property"); and
WHEREAS, the City purchased this property for the Civic Center Master Plan and has not
yet finalized specific plans for the Property; and
WHEREAS, since 1998, the City has supported the efforts of the Fort Collins Technology
Incubator(FCTI); and
WHEREAS,the FCTI program has provided critical business assistance to high tech startup
companies in the Fort Collins community; and
WHEREAS, the City received a proposal from FCTI in March 2004 to increase its services
by working with the City to offer below market lease space to its client companies; and
WHEREAS,on June 1,2004,the Council approved Resolution 2004-069,which authorized
the lease of the Property to FCTI and its clients for up to two years; and
WHEREAS, on June 6, 2006, the Council passed Ordinance No. 080, 2006, which
authorized the lease of the Property to FCTI and its clients for up to five years; and
WHEREAS, The terms of Ordinance No. 080, 2006 allow FCTI clients to rent a portion of
the Property for only a one year term, with the option to renew for up to two additional years; and
WHEREAS, the current FCTI clients are reaching the end of the third year of their leases
and are not yet sufficiently self-sustaining to be able to move out of the Incubator; and
WHEREAS, the FCTI will benefit the City by replacing primary jobs lost by citizens,
increasing the economy in the downtown area, and enhancing the sales tax base; and
WHEREAS, City staff has recommended that the terms of the FCTI program be amended
to allow FCTI clients to rent portions of the Property for an initial term of three years, with the
option to renew for two additional years, at a cost of$7/square foot for the first year, $8/square foot
for the second year, $9/square foot for the third year, $10/square foot for the fourth year and
$11/square foot for the fifth year; and
WHEREAS, the FCTI would continue to lease a portion of the Property for its Director for
a term of up to five years at no cost to the FCTI; and
WHEREAS, under Section 23-111(a) of the Code of the City of Fort Collins, the Council
is authorized to sell, convey or otherwise dispose of any and all interests in real property owned by
the City, provided that the City Council first finds,by ordinance, that such sale or other disposition
is in the best interests of the City.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the Council hereby finds that allowing the Fort Collins Technology
Incubator and its clients to lease portions of the Property for up to five years under the terms listed
above is in the best interests for the City.
Section 2. That the City Manager is hereby authorized to execute lease agreements or lease
amendments consistent with this Ordinance, together with such additional terms and conditions as
the City Manager,in consultation with the City Attorney,determines to be necessary and appropriate
to protect the interests of the City, including any necessary changes to the legal description of the
Property, as long as such changes do not materially increase the size or change the character of the
Property.
Introduced, considered favorably on first reading, and ordered published this 4th day of
December, A.D. 2007, and to be presented for final passage on the 18th day of December, A.D.
2007.
4Mayr
ATTEST:
City Clerk
Passed and adopted on final reading on the 18th day of mber, A.D. 2007.
� w
Mayo
AT TEST:
446-�. -
City Clerk