HomeMy WebLinkAbout061 - 06/02/1992 - AUTHORIZING THE LEASE OF A CORPORATE LOT AT FORT COLLINS-LOVELAND MUNICIPAL AIRPORT ORDINANCE NO. 61 , 1992
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE LEASE OF A "CORPORATE LOT" AT THE
FORT COLLINS-LOVELAND MUNICIPAL AIRPORT
WHEREAS, the Cities of Loveland and Fort Collins jointly own and operate
the Fort Collins-Loveland Municipal Airport; and
WHEREAS, the Cities have set aside and developed a portion of the airport
property for lease to parties desiring to conduct aeronautical activities and
support activities at the airport; and
WHEREAS, Virga Corp. has indicated a desire to lease a portion of the
airport property and construct an aircraft hanger to house its corporate
aircraft, which property is more particularly described as follows, to wit:
Lot 1, Barnstorm Second Addition to the City of Loveland, Colorado;
and
WHEREAS, the Council of the City of Fort Collins has determined that it is
in the best interests of the City and the Airport that such lease be executed
with Virga Corp. ; and
WHEREAS, Section 23-114 of the City Code provides the Council must find by
ordinance that any lease of real property owned by the City for a term of more
than two (2) years is in the best interest of the City.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1 . That the Council hereby finds that it is in the City's best
interest for the City to lease to Virga Corp. that certain property described
above, for a term of twenty-five (25) years with three (3) five (5) year options,
in consideration of the payment of Four Thousand Three Hundred Fifty-six Dollars
($4,356. ) annually to be paid in monthly installments to the Fort Collins-
Loveland Municipal Airport.
Section 2. That the lease rate of Ten Cents ($. 10) per square foot shall
increase every five (5) years consistent with a formula described in Section 4.2
of the document.
Section 3. That the Mayor be, and hereby is, authorized to execute such
lease on behalf of the City.
Introduced, considered favorably on first reading, and ordered published
this 19th day of May, A.D. 1992, and to be presented for final passage on the 2nd
day of June, A.D. 1992.
mayor
ATTEST:
rikji )City Clerk
Passed and adopted on final reading this 2nd day of June, A.D. 1992.
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Mayor
ATTEST:
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City Clerk