HomeMy WebLinkAbout107 - 07/15/1997 - APPROVING THE TERMS OF THE LEASE AGREEMENT FOR MUNICIPAL COURT AT 123 NORTH COLLEGE AVENUE, SUITES K ORDINANCE NO. 107, 1997
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE TERMS OF THE LEASE AGREEMENT FOR
MUNICIPAL COURT AT 123 NORTH COLLEGE AVENUE, SUITES K, L AND M
WHEREAS, the City intends to lease 5,125 square feet of space for the Municipal Court
functions at 123 North College Avenue, Suites K,L,and M,Fort Collins,Colorado(the"Property'),
pursuant to a Lease Agreement dated April 11, 1997 between the City and the owners of the
property, Historical Opera House Properties, Ltd. A Colorado Limited Partnership (the "Lease
Agreement"); and
WHEREAS, under the Lease Agreement, the gross annual rent (prior to removal from tax
rolls)paid by the City is $61,500; and
WHEREAS,the negotiated term of the Lease Agreement becomes effective with the tenant
finish is completed and expires one year from that date; 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. Section 31-15-801
requires that the Lease Agreement and the terms thereof be approved by ordinance by the City
Council; and
WHEREAS,the negotiated 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 an initial rental
period of one year from completion of tenant finish,with an 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 ordered published this 1 st day of J
A.D. 1997, and to be presented for final passage on the 15th day of Jul . . 997. i
yor
ATTEST:
�ax"
City Clerk
Passed and adopted on final reading this 15th day of July, . 199 .
Mayor
ATTEST:
tilrt
City Clerk