HomeMy WebLinkAbout132 - 10/26/1979 - BEING AN ORDINANCE AUTHORIZING THE CITY TO ENTER INTO AN AGREEMENT WITH ELEVATOR PROPERTIES FOR THE ORDINANCE NO 132 , 1979
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EING AN ORDINANCE AUTHORIZING THE CITY
ER INTO A"! AGPEEf1ENT WITH ELEVATOR PROPERTIES
THE LEASE AND OPTION TO PURCHASE CERTAIN
REAL PROPERTY
WHEREAS, the Pity is authorized under the provisions of Part 8, Chapter
15, Title 31 , C R S ,\973, as amended, to acquire necessary equipment and
other property for its governmental and proprietary purposes under the pro-
visions of a long term rental or leasehold agreement with an option to purchase
such equipment or pioperty\and
WHEREAS, the City Council of the City desires to enter into such a lease
purchase agreement with Elevator Properties to lease certain real property
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
Section 1 That the City Mager and City Clerk be, and they hereby are,
authorized to execute a lease purchase agreement with Elevator Properties of
that certain real property, the legal description of which appears on Exhibit A,
at-cached hereto and by this reference made a part hereof
Section 2 That said lease purchase agreement snall commence upon
execution of the lease and shall be automatically renewable for Successive
annual periods up to nine (9) such additional periods unless terminated by the
City in writing prior to the end of the original term or any successive term
Section 3 That said lease purchase agre\ent shall specify that there
is no obligation on the part of the City of Fort Collins to purchase the property
if the lease S terminated
Section 4 That lease payments under such lease purchase agreement shall
be paid annually beginninq flay 1 , 1980, and such lease payments shall include
an annual interest rate of 7 5010 on the total puchase price of $300,000 00 The
option to purchase the property shall be exercised by the\City on or before
May 1 , 1990
Section 5 That nothing contained in the lease option agreement or herein
shall be deemed to constitute a pledge of the funds, monies or�credits of the
City except as funds of the City may be appropriated in any fiscal year to any
payment of rentals under such lease purchase agreement
Section 6 That as required by the provisions of the Fort Collins City
Cnarter, this ordinance shall not be effective until October 26, 1979\
wqy 'So
Introduced, considered favorably on first reading, and ordered published
this day of A D 1979, and to be presented for final passage
on the day of - A D 1979
Ma
ATTEST
City Clerk
Passed and adopted on final reading this jay of A D 1979
Mayor
ATTEST
City Clerk
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EXHIBIT A
Legal Description of the property is as follows
Lots 12, 13, 14, 15, 16, 17, 18, and 19 in Bloch 31, City
of Fort Collins, Colorado