HomeMy WebLinkAbout132 - 12/21/2010 - APPROVING THE TERMS OF THE CITY'S LEASE OF OFFICE SPACE FOR POLICE DISTRICT ONE AT 144 NORTH MASON S ORDINANCE NO. 132, 2010
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE TERMS OF THE CITY'S LEASE OF OFFICE SPACE FOR
POLICE DISTRICT ONE AT 144 NORTH MASON STREET
WHEREAS, on May 1, 2010, the City and Post Modern Development, Inc. ("Post
Modern") entered into a lease agreement (the "Lease Agreement") whereby the City leased from
Post Modern for up to five years approximately 3,802 square feet of space for the Police District
One Office at 144 North Mason Street, Suites 1, 2, and a portion of 3, Fort Collins, Colorado
(the "Leased Premises"); and
WHEREAS, under the Lease Agreement the rental rate for the Leased Premises is $12.95
per square foot for the first three years of the lease, $13.34 per square foot for the fourth year,
and $13.76 per square foot for the fifth year; and
WHEREAS, the term of the Lease Agreement commenced on May 1, 2010, and will
terminate on April 30, 2015, contingent upon the annual appropriation of funds sufficient to
meet the City's obligations under the Lease Agreement; and
WHEREAS, under the Lease Agreement, the City must pay any property taxes on the
Leased Premises if the Leased Premises is not removed from the Larimer County Assessor's tax
rolls; and
WHEREAS, in order for a property rented by a municipality to be exempt from taxation,
Sections 31-15-801 and 802 of the Colorado Revised Statutes require that the lease agreement
and the terms thereof be approved by ordinance, which ordinance will not be effective until 30
days after its passage and publication, and that the property be used for governmental or
proprietary purposes of the municipality; and
WHEREAS, the use of the Leased Premises for a Police substation is a governmental
purpose; and
WHEREAS, a copy of the Lease Agreement is on file in the Office of the City Clerk and
available for inspection; and
WHEREAS, the City Council wishes to approve the Lease Agreement and its terms by
this ordinance so that the Leased Premises may be removed from the tax rolls.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1. That the City Council hereby approves the Lease Agreement for the
property located at 144 North Mason Street, Suites 1, 2 and a portion of 3, in substantially the
form that is on file in the office of the City Clerk, the terms of which include a lease term of one
year commencing on May 1, 2010, with the option for four 12-month extensions at an initial rate
of$12.95 per square foot, together with such other terms and conditions as the City Manager, in
consultation with the City Attorney, determines to be necessary or appropriate to protect the
interests of the City or effectuate the purposes of this Ordinance.
Section 2. That for purposes of the property tax exemption authorized by Section 31-
15-802 of the Colorado Revised Statutes, this Ordinance will take effect thirty days after its
passage and publication.
Introduced, considered favorably on first reading, and ordered published this 7th day of
December, A.D. 2010, and to be presented for final passage on th 1st day of December, A.D.
2010.
t
Mayco
`ATTEST:
City Clerk
Passed and adopted on final reading on the 214oecber, A.D. 2010.
ATTEST:
-ALL
-City Clerk