HomeMy WebLinkAbout157 - 01/07/1997 - APPROVING TERMS OF LEASE AGREEMENT FOR 151 SOUTH COLLEGE, SUITE H ORDINANCE NO. 157, 1996
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE TERMS OF THE LEASE AGREEMENT FOR
151 SOUTH COLLEGE, SUITE H
WHEREAS,the City is presently leasing 2,000 square feet of office and meeting space at 151
South College Avenue, Fort Collins, Colorado (the "Property"), pursuant to a Lease Agreement
beginning January 1, 1997 between the City and the owners of the property, Oak Street Plaza LLC
(the"Lease Agreement"); and
WHEREAS, under the Lease Agreement, the gross annual rent (prior to removal from tax
rolls) paid by the City is $18,000; and
WHEREAS, the current term of the Lease Agreement expires on December 31, 1997; and
WHEREAS, the City may extend the Lease Agreement for up to four additional one-year
terms contingent upon funds being budgeted and appropriated; and
WHEREAS, sufficient funds have been budgeted and appropriated by the City for the first
year of the Lease Agreement; and
WHEREAS, in order for the Property to be exempt from taxation, C.R.S. 31-15-801
requires that the Lease Agreement and the terms thereof must be approved by ordinance by the City
Council; and
WHEREAS, the City Council wishes to approve the Lease Agreement by ordinance so that
the Property may be removed from the tax rolls.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Council hereby approves the terms and conditions of the Lease Agreement,
which terms include an initial rental period of one year from January 1, 1997 through December 31,
1997, with the option to extend for four additional one-year terms, contingent upon the annual
appropriation of funds sufficient to meet the City's obligations under the Lease Agreement for each
additional term.
Introduced, considered favorably on first reading, and or" published this 1.7th d9y of
December, A.D. 1996, and to be presented for final passage M the 7th day of January, A. 1997.
Mayor
ATTEST: _
City Clerk
Passed and adopted on final reading this 7th day of uaq, A.D. 1997.
or
ATTEST:
City Clerk