HomeMy WebLinkAbout074 - 06/21/1994 - AUTHORIZING THE LONG TERM LEASE WITH GRACON LEASING COMPANY (GERALD R. ASHBACH) FOR TWO PARCELS AT T ORDINANCE NO. 74, 1994
OF THE COUNCIL OF THE CITY Of FORT- COLLINS
AUTHORIZING THE LONG-TERM LEASE WITH GRACON LEASING COMPANY
(GERALD R. ASH )L FOR TWO PARCELS AT AND E FORT COLLINS-
MUNIC PAL AIRPORT
0 E
WHEREAS, the Cities of Fort Collins and Loveland ("the Cities") jointly own
and operate the Fort Collins-Loveland Municipal Airport ("the Airport") ; and
WHEREAS, the Cities have set aside and developed a portion of Airport
property for lease to parties desiring to conduct aeronautical activities and
support activities at the Airport; and
WHEREAS, Gracon Leasing Company (Gerald R. Ashbach) has indicated a desire
to lease tract 9 (43,000 square feet) and tract 10 (47,858 square feet) ,
Barnstorm Second Addition to the City of Loveland, Colorado (the "Property") for
the construction and maintenance of a commercial 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 Gracon Leasing Company for two lots, as described on
the attached Exhibit "A" and- located- at- the- Airport,- p-ursuant to the terms and
conditions contained in the form lease agreement on file with the City Clerk of
the City of Fort Collins, Colorado.
Section 2. That said long-term lease shall include the following specific
terms and conditions:
* that the term of the lease shall be twenty-five (25) years with
three (3) , five (5) year extension options;
* that the lease will generate a minimum of Nine Thousand One Hundred
Dollars ($9,100. ) in land rents 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 Consumer Price Index) ; and
* that all improvements constructed on leased Property will revert to
the ownership of the Cities upon expiration of the lease.
Introduced, considered favorably on first reading, and ordered published
this 7th day of June, A.D. 1994, and to be present"-for final :.zn the
21st day of June, A.D. 1994.
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ATTEST:
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City Clerk
Passed and adopted on final reading this day of Jun 1994.
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AT T ST:
City Clerk
EXHIBIT A
DESCRIPTION OF TRACT 9
A tract of land located in Section 33, T6N, R68W, of the 6th P.M. of Larimer County, Colorado, being
more particularly described as follows:
Considering the North line of the NE 1/4 of said Section 33 as bearing N 870 59' 52"W and with all
bearings contained herein relative thereto:
Commmencing at the NE corner of said Section 33; thence along the East line of Section 33, S 000
31' 31" E, 1196.53 feet; thence, leaving said East line S 700 01' 13"W, 876.75 feet to the True Point
of Beg rnnnT. Thence, S 190 58'47"E, 20T.71 feet, thence, S-700 01' 13"W, 168.71 feet; thence,
46.36 feet along the arc of a non-tangent curve to the left with a central angle of 530 07'48", radius of
50.00 feet and whose long chord bears N 630 24' S3"W, 44.72 feet; thence, N 190 58' 47"W, 188.71
feet; thence, N 700 01' 13" E, 208.71 feet to the True Point of Beginning.
The above described tract contains 43,000 square feet (0.99 acre) and is subject to all easements and
rights-of-way now on record.
DESCRIPTION OF TRACT 10
A tract of land located in Section 33, T6N, R68W, of the 6th P.M. of Larimer County, Colorado, being
more particularly described as follows:
Considering the North line of the NE 1/4 of said Section 33 as bearing N 670 59' 52"W and with all
bearings contained herein relative thereto:
Commencing at the NE corner of said Section 33; thence along the East line of Section 33, S 000 31'
31" E, 1196.53 feet; thence, leaving said East line S 700 01' 13"W, 1085.46 feet to the True Point of
Beginning. Thence, S 190 58' 47" E, 188.71 feet, thence, 78.54 feet along the arc of a non-tangent
curve to the left with a central angle of 900 00' 00", radius of 50.00 feet and whose long chord bears S
250 01' 13" W, 70.71 feet; thence, S 700 01' 13"W, 158.71 feet; thence, N 19 0 58' 47"W, 238.71
feet; thence, N 700 01' 13" E, 208.71 feet to the True Point of Beginning.
The above described tract contains 47,858 square feet (1.10 acres) and is subject to all easements
and rights-of-way now on record.