HomeMy WebLinkAbout036 - 04/15/1980 - AUTHORIZING THE CITY TO ENTER INTO AN AGREEMENT WITH ELEVATOR PROPERTIES FOR THE LEASE AND OPTION TO ORDINANCE NO 36, 1980
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING AN ORDINANCE AUTHOPIZING THE CITY
TO ENTER INTO AN AGREEMENT WITH ELEVATOR PROPERTIES
FOR THE LEASE AND OPTION TO PURCHASE CERTAIN
REAL PPOPERTY
WHEREAS, the 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 of Fort Collins 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 FOPT
COLLINS
Section 1 That the City Manager and City Clerk be, and they hereby
are, authorized to execute a lease purchase agreement with Elevator Proper-
ties of that certain real property, the legal description of which appears
on Exhibit "A" , attached hereto and by this reference made a part hereof
Section 2 That the term of said lease purchase agreement shall
commence July 1, 1980 and end December 31, 1980 and shall be automatically
renewable for successive semi-annual periods thereafter up to six (6)
such additional periods unless terminated by the City in writinq prior to
the end of the original term or any successive term
Section 3 That said lease purchase aqreement shall specify that
there is no requirement 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 semi-annually beginning July 1, 1980 and such lease payments
shall include an annual interest rate of nine percent (9%) on the total
purchase price of Three Hundred Five Thousand Dollars ($305,000 00) The
option to purchase the property may be exercised by the City on January 2,
1984
Section 5 That nothing contained in the lease option aqreement or
herein shall be deemed to constitute a pledqe 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 Ordinance shall not be effective until April 4, 1980
Introduced, considered favorably on first reading, and ordered pub-
lished this llth day of March , A D 1980, and to be presented for
final passage on the 1st day of April A D 1980
Mayor
ATTES
City e44
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Passed and adopted on final reading this lst day of April
A D 1980
Mayor
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EXHIBIT "A"
Lots 12, 13, 14, 15, 16, 17, 18, and 19, Block 31, City of Fort Collins,
accoraing to the original map or plat of said City of Fort Collins, Larimer
County, Colorado, together with all buidlings and improvements located
thereon