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HomeMy WebLinkAbout102 - 06/19/2001 - APPROVING AMENDMENTS TO THE LEASEHOLD DEED OF TRUST, SITE AGREEMENT, LEASE AGREEMENT, AND PARKING ST ORDINANCE NO. 102, 2001 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING AMENDMENTS TO THE LEASEHOLD DEED OF TRUST, SITE AGREEMENT, LEASE AGREEMENT AND PARKING STRUCTURE LICENSE AGREEMENT FOR THE 1998 LEASE CERTIFICATES OF PARTICIPATION FOR THE CIVIC CENTER FACILITIES PROJECT WHEREAS, pursuant to Ordinance No. 128, 1998, the City Council approved the form of certain agreements, including a Leasehold Deed of Trust to be executed by Fort Collins Capital Leasing Corporation, dated as of August 1, 1998, a Site Agreement between the City and Fort Collins Capital Leasing Corporation, a Lease Agreement between the Corporation and the City, a Parking Structure License Agreement between the City and Larimer County,all dated as of August 1, 1998, in order to provide necessary land, buildings, equipment and other property for the Civic Center Facilities Project,including the Civic Center Parking Structure and Office Building,through a lease/lease-back arrangement including the issuance of certificates of participation (the "Lease COPs"); and WHEREAS, all approved documents have been executed and issued in accordance with Ordinance No. 128, 1998, and all related financial arrangements completed; and WHEREAS,the Civic Center Parking Structure was completed and opened for operation in late 1999 and the Office Building construction is scheduled to be complete near the end of June, 2001; and WHEREAS, as a result of the final planning, design and construction of the Civic Center Parking Structure and Office Building, most current and accurate legal descriptions of the exact property used for those structures,as needed for the Leasehold Deed of Trust,Site Agreement,Lease Agreement and Parking Structure License Agreement, have been prepared, as well as related amendments to said agreements incorporating such legal descriptions; and WHEREAS, further discussions with Larimer County have resulted in the negotiation of modifications to the Parking Structure License Agreement to improve the process for j oint budgeting and planning for the equal sharing of expenses for the operation of the Parking Structure,including planning for parking permits to be acquired by the County and to clarify the County's obligation to share in an equipment replacement and major maintenance fund for the Parking Structure; and WHEREAS, the proposed amendments to the Leasehold Deed of Trust, Site Agreement, Lease Agreement and Parking Structure License Agreement (the "Amendments") have been submitted to the Bank of Cherry Creek,trustee for the Lease COPs, for approval, and the Bank has approved and consented to the same; and WHEREAS,the Amendments, as approved by the Bank of Cherry Creek, are on file in the Office of the City Clerk and available for review and inspection; and WHEREAS,the Amendments do not result in any additional financial obligation for the City, or otherwise increase the burden on the City for the construction and operation of the Civic Center Facilities, and will not materially impair or impact negatively the Parking Structure or Office Building projects or future use of those facilities; and WHEREAS,pursuant to Section 23-114 of the Code of the City of Fort Collins,the Council is authorized to lease any and all interests in real property owned in the name of the City,provided that Council first finds that the lease is in the best interests of the City; and WHEREAS, Section 23-111 of the City Code provides that the City Council is authorized to sell, convey or otherwise dispose of real property owned by the City, provided the Council first finds by Ordinance that any sale or disposition of real property owned by the City is in the best interests of the City of Fort Collins. NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the City Council hereby finds that the Amendments are in the best interest of the City. Section 2. That the Mayor and City Clerk are hereby authorized and directed to execute the Amendments. Section 3. That the City Manager is hereby directed to circulate the Amendments to all parties of the Lease COPs arrangement as necessary for full execution of the Amendments. Introduced,considered favorably on first reading,and ordered published this 5th day of June, A.D. 2001, and to be presented for final passage on the 19th day of.June, A.D. 200,1. V r f , Mayor ATTEST: City Clerk Passed and adopted on final reading this 19th day of June, A.D. 2001. Mayor PF:n x,,, TTEST: City Clerk `