HomeMy WebLinkAbout074 - 07/20/1993 - AUTHORIZING THE LONG TERM LEASE AT FORT COLLINS-LOVELAND AIRPORT FOR CONSTRUCTION AND SUBLEASE OF AI ORDINANCE NO. 74, 1993
AUTHORIZING THE LONG-TERM LEASE OF PROPERTY
AT THE FORT COLLINS-LOVELAND AIRPORT FOR THE CONSTRUCTION
AND SUBLEASE OF AIRCRAFT HANGARS
WHEREAS, the Cities of Fort Collins and Loveland ("the Cities") jointly own
and operate the Fort Collins-Loveland Airport ("the Airport") ; and
WHEREAS, the Cities have set aside and developed a portion of Airport
property for lease to parties desiring to conduct aeronautical activities and
support activities at the Airport; and
WHEREAS, Keith Griffith has indicated a desire to lease Lot 3 and the West
34.29 feet of Lot 2, Barnstorm Second Addition to the City of Loveland, Colorado
(the "Property") for the construction, maintenance and sublease or sale of an
aircraft hangar on each lot.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO:
Section 1 . That the Mayor is hereby authorized to enter into a long-term
lease with Keith Griffith for the lease of the Property located at said Airport,
a copy of which lease is on file with the City Clerk of the City of Fort Collins,
Colorado.
Section 2. That said long-term lease shall include the following terms and
conditions:
• that the term of the lease shall be twenty-five (25) years with
three (3), five (5) year extension options;
• that the lease will generate a maximum of Four Thousand Seven
Hundred Dollars ($4,700) in land rents annually for the first five
(5) years and that upon commencement of the sixth year, and every
fifth year thereafter, throughout the term of the lease, the rent
will increase (using an equation based on the rate of inflation as
established in the Consumer Price Index) ;
• that one percent (1%) of all rents collected for the use of hangars
on the leased property shall be paid to the Airport; and
• that all improvements constructed on leased property will revert to
the ownership of the Cities upon expiration of the lease.
Introduced, considered favorably on first reading, and ordered published
this 6th day of July, A.D. 1993, and to be presented for final ppassage on the
20th day of July, A.D. 1993.
f
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 20th day of y, . .D. 1993.
ayor
ATTEST:
City Clerk