HomeMy WebLinkAbout151 - 11/01/1994 - AUTHORIZING THE LONG TERM LEASE OF PROPERTY AT FORT COLLINS LOVELAND AIRPORT FOR CONSTRUCTION OF AIR ORDINANCE NO. 151, 1994
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE LONG-TERM LEASE
OF PROPERTY AT THE FORT COLLINS-LOVELAND MUNICIPAL
AIRPORT FOR THE CONSTRUCTION OF AN AIRCRAFT HANGAR
WHEREAS, the Cities of Fort Collins and Loveland (the "Cities") jointly own
and operate the Fort Collins-Loveland Airport; and
WHEREAS, the Cities have set aside and developed a portion of Airport
property for lease to parties desiring to conduct aeronautical and support
activities at the Airport; and
WHEREAS, Fred Herr has indicated a desire to lease 3,600 square feet of
Airport property lmcatfA in the City of Loveland, Colorado ("the Property")_ as
specified in the description on file in the City Clerk's office, for the
construction and maintenance of an aircraft hangar; and
WHEREAS, this lease will generate additional revenue for the Airport,
enabling the facility to continue to pursue financial self-sufficiency.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO, as follows:
Section 1. That the Mayor and City Clerk are hereby authorized to enter
into a long-term lease with Fred Herr for the leasing of the Property, a copy of
which lease is on file with the City Clerk.
Section 2. That said long-term lease shall include the following terms and
conditions:
that the term of the Tease shall be twenty-five (25) years with
three (3), five (5) year extension options;
* that the lease will generate the sum of Three Hundred Sixty Dollars
($360.00) in land rent annually for the first five (5) years, and
that upon commencement of the sixth year, and every year thereafter
throughout the term of the lease, the rent will increase (using an
equation based on the rate of inflation as established in the
Denver-Boulder Consumer price index) ; and
* that all improvements constructed on the Property will revert to the
ownership of the Cities upon expiration of the lease.
Introduced, considered favorably on first reading, and ordered published
this 18th day of October, A.D. 1994, and to be presented for final passage on the
1st day of November, A.D. 1994.
ayor
ATTEST:(L�1.
City Clerk .
Passed and adopted on final reading this 1st day of November, A. 994.
CROor
ATTEST:
City Clerk