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HomeMy WebLinkAbout119 - 08/21/2001 - APPROVING THE TERMS OF THE LEASE BY THE CITY OF 415 EAST MONROE FOR A YOUTH ACTIVITY CENTER ORDINANCE NO. 119, 2001 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING THE TERMS OF THE LEASE BY THE CITY OF 415 EAST MONROE FOR A YOUTH ACTIVITY CENTER WHEREAS, the City has entered into a lease of approximately 26,000 square feet of space for a Youth Activity Center (the "YAC") at 415 East Monroe in Fort Collins, Colorado (the "Property"), pursuant to a Lease Agreement which lease has been executed by the City Manager, and a copy of which, dated July 13, 2001, is on file in the office of the City Clerk and available for review (the "Lease Agreement"); and WHEREAS,under the Lease Agreement,the monthly rent for the Property is$20,760.67 for each month of the initial term and four subsequent annual terms, subject to annual adjustment after the fifth term to reflect inflation from the time of execution of the Lease Agreement in subsequent renewal terms; and WHEREAS, the total term of the Lease Agreement is up to ten years from the date of execution of the Lease Agreement, subject to appropriation of funds sufficient and intended for annual renewal after the initial term thereof; and WHEREAS, sufficient funds have been budgeted and appropriated by the City for all expenses associated with the initial term of the Lease Agreement; and WHEREAS,the Lease Agreement provides that the City shall be responsible for any taxes attributable to the Property during the term of the Lease; and WHEREAS,in order for the Property to be exempt from taxation,C.R.S.Section 31-15-801 requires that the Lease Agreement and the terms thereof 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 Lease Agreement, dated July 13, 2001, in the form on file and available for public inspection in the office of the City Clerk, the terms of which include an initial rental period of through December 31,2002,with an option to extend through July 14,2011,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 ordered published this 17th day of July, A.D. 2001, and to be presented for final passage on the 21st day of August, A.D. 2Q01. Mayor ATTEST: . %LL City Clerk Passed and adopted on final reading this 21st day of August, A.D. 2001. Mayor Y ATTEST: City Clerk