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HomeMy WebLinkAbout055 - 05/15/1979 - AUTHORIZING THE CITY TO ENTER INTO AN AGREEMENT WITH BOETTCHER & COMPANY FOR THE LEASE AND OPTION TO ORDINANCE NO 55 1979 BEING AN ORDINANCE AUTHORIZING THE CITY TO ENTER INTO AN AGREEMENT WITH BOETTCHER & COMPANY FOR THE LEASE AND OPTION TO PURCHASE CERTAIN REAL PROPERTY WHEREAS, tF- City is authorized under the provisions of Part 8, Chapter 15, Title 31 , C R S , 1973, as amended, to acquire necessary equipment and other property for its governmental and proprietary purposes under the provisions of a long term rental or leasehold agreement with an option to purchase such equipment or property, and WHEREAS, the City Council of the City desires to enter into such a lease purchase agreement with Boettcher & Company to lease that certain real property commonly known as the Equipment Repair Facility for the purpose of financing a portion of said facility, and WHEREAS, the City has appropriated funds for fiscal year 1979 which may lawfully be used to make payments coming due under the lease purchase agreement during the remainder of fiscal year 1979 NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS Section 1 That the City Manager and the City Clerk be and they hereby are, authorized to execute a lease purchase agreement with Boettcher & Company of that certain real property known as the Equipment Repair Facility, the legal description of which appears on Exhibit A, attached hereto and by this reference made a part hereof Section 2 That said lease purchase aqreement shall commence upon execution of the lease and shall be automatically renewable for successive annual periods up to four (4) 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 agreement shall specify that there is no obligation on the part of the City of Fort Collins to purchase the property if the lease is terminated Section 4 That lease payments under such lease purchase agreement shall be paid every six (6) months beginning December 1 , 1979, and such lease payments shall include an annual interest rate of 7 375% on the total purchase price of $367,000 The option to purchase the property shall be exercised by the City on or before June 1 , 1984 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 Charter, this ordi , t,ice shall not be effective until May 25, 1979 Section 7 That title to the property set forth on Exhibit A be transferred from the City to Boettcher R Company nq tha dafe of execution of the lease agreement and thereinafter such title shall be transferred as provided in such agreement Introduced, considered favorably on first reading , and ordered published this 1st day of May, A D 1979, and to be presented for final passage on the 15th day of May, A D 1979 May ATTEST Cit Clerk U "v " —✓ Passed and adopted on final reading this 15th day of May, A D 1979 Ma ATTEST City Clerk -2- EXHIBIT A Begin at a point 1266 ft North of the SW corner of Section 2, T 7 N , R 69 West of the 6th P M , and run thence East 790 ft to the true point of beginning, thence South 276 ft , thence West 130 ft , thence South 193 ft , thence East 660 ft more or less to the east line of the SW , of SW , of said Sec 2, thence North 474 ft along said east line , thence West 530 ft more or less to the true point of beginning