HomeMy WebLinkAbout062 - 07/05/2005 - APPROVING THE TERMS OF THE CITYS LEASE OF BUILDING 15, OLD TOWN SQUARE, FORT COLLINS, COLORADO ORDINANCE NO. 062, 2005
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE TERMS OF THE CITY'S LEASE OF
BUILDING 15, OLD TOWN SQUARE, FORT COLLINS, COLORADO
WHEREAS, the City intends to lease 2,075 square feet of office space at Building 15, Old
Town Square,Fort Collins, Colorado(the"Property"),pursuant to a Lease Agreement between the
City and the owners of the Property,Progressive Old Town Square,LLC(the"Lease Agreement");
and
WHEREAS,under the Lease Agreement,the gross annual rent for the first year of the lease
is $22,824; the second and third years the rent increases to $24,900 annually; the fourth year is
$26,975; and the fifth year is $29,050; and
WHEREAS, the term of the Lease Agreement commenced on January 1, 2005 and
terminates on the 31st day of December, 2009, contingent upon the annual appropriation of funds
sufficient to meet the City's obligations under the Lease Agreement; and
WHEREAS,in order for the Property to continue 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 Lease Agreement is presently on file with the office of the City Clerk; 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, which is on file and
available for public inspection in the Office of the City Clerk, the terms of which include a lease
term of five years at an initial gross annual rent of $22,824, contingent upon the annual
appropriation of funds sufficient to meet the City's obligations under the Lease Agreement, along
with such other terms as the City Manager in consultation with the City Attorney determines to be
in the best interests of the City.
Introduced,considered favorably on first reading,and ordered published this 7th day ofJune,
A.D. 2005, and to be presented for final passage on the 5th day-of July, A.D. 2005.
Mayo
A-k'I'EST:
`\t "-
City Clerk
Passed and adopted on final reading this 5th daAMay
A.D. 1005.
ATTEST:
City Clerk