HomeMy WebLinkAbout127 - 09/15/1987 - AUTHORIZING LEASE/PURCHASE AGREEMENT FOR CITY PARK NINE MAINTENANCE/GOLF CAR STORAGE BUILDING (DENIE ORDINANCE NO. 127, 1987
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO ENTER INTO
A LEASE/PURCHASE AGREEMENT AND APPROPRIATE
PROCEEDS FOR THE NEW CITY PARK
NINE MAINTENANCE/GOLF CAR STORAGE BUILDING
WHEREAS, the City is authorized under the provisions Title 31,
Article 15, part 8, C.R.S. , to acquire necessary equipm t and other
property for its governmental and proprietary purposes under he provisions
of a long-term rental or leasehold agreement with an op on to purchase
such property and provide for the payment of said p perty from any
available municipal income; and
WHEREAS, the City has received a proposal fro Maryland National
Leasing Corporation (Maryland) , whereby Maryland will ease to the City the
City Park Nine Maintenance/Golf Car Storage Building; and
WHEREAS, the City Council has determined tha the City is in need of
the above improvement in order that it may b used by the Parks and
Recreation Department/Golf Division; and
WHEREAS, the City Council has determi d that it is in the best
interest of the City to lease said improv ent from Maryland who would
provide financing for the acquisition of sa' improvement; and
WHEREAS, the City desires to ente into a lease/purchase agreement
with Maryland with respect to the leasi of said improvement; and
WHEREAS, the terms of the impr ement lease agreement will provide as
follows:
The City shall lease from M ryland the City Park Nine Maintenance/Golf
Car Storage Building.
This agreement shall be for an original term from the date of
execution of the agr ement through December 31, 1996. The agreement
shall provide for r newable one-year terms as follows:
RENEWABLE
ITEM ONE-YEAR TERM
CITY PARK NI MAINTENANCE/GOLF CAR December 31, 1996
STORAGE B LDING
The City shall make annual payments for each of the consecutive terms
of suc agreement. If the City shall lease the improvement for the
origi 1 term and all successive renewal terms, the payment to
Mary and will total the sum of the principal $140,000 plus interest at
a xed rate equal to 8.95 percent.
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The City shall have an option to purchase the improvement on any
annual payment date of any term. The option to purchase shall be
exercised by paying the annual payment due on said date and the unpaid
principal due after said date.
If the City shall renew the agreement for all the renewal forms, the
City shall be deemed to have exercised the option to purchase said
improvement.
This agreement shall not be a pledge of the City's revenues.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS:
Section 1. That the City Manager be, and he hereby is, authorized to
enter into a lease/purchase agreement for the above described building
improvement in accordance with the terms and provisions set forth herein
above.
Section 2. That all proceeds necessary to purchase said above
described improvements, be, and hereby are appropriated in the Golf Fund
which is acquiring said improvement.
Introduced, considered favorably on first reading and ordered
published this 1st day of September, A.D. 1987, and to be presented for
final passage on the 15th day of September, A.D. 1987.
ayor
ATTEST:
0 City Cl
1987. Passed and adopted on final reading this 15th day of September, A.D.
Mayor
ATTEST:
City Clerk