HomeMy WebLinkAbout042 - 03/20/2007 - AUTHORIZING THE LEASE OF CITY-OWNED PROPERTY AT 321 MAPLE STREET FOR UP TO FIVE YEARS ORDINANCE NO. 042, 2007
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE LEASE OF CITY-OWNED PROPERTY AT
321 MAPLE STREET FOR UP TO FIVE YEARS
WHEREAS, the City of Fort Collins is the owner of the property legally described as a
portion of the Northwesterly One-Quarter of Block 42, Fort Collins, Colorado, also known as 321
Maple Street(the"Property"); and
WHEREAS, since 1998, the City has supported the efforts of the Fort Collins Technology
Incubator(FCTI),formerly known as the"Fort Collins Virtual Business Incubator Program,"which
program has provided critical business assistance to new companies in the Fort Collins community;
and
WHEREAS, FCTI benefits the City by replacing primary jobs lost by citizens, enhancing
the economy in the downtown area, and increasing the sales tax base; and
WHEREAS, the City received a proposal from FCTI in March 2004 to increase FCTI's
service by offering below market lease space to its client companies; and
WHEREAS, the City has leased to FCTI and two of its client companies 6,553 square feet
of space located at 200 West Mountain Avenue, Suite C, since the summer of 2004; and
WHEREAS,the City desires to lease portions of the Property to clients selected by FCTI for
a term of one year, with the option to renew for up to two additional years, at a lease rate of
$7/square foot for the first year, $8/square foot for the second year, and$9/square foot for the third
year; and
WHEREAS, under Section 23-114(a) of the Code of the City of Fort Collins, the Council
is authorized to lease for a term of up to five years 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.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the Council hereby finds that leasing the Property at 321 Maple Street
under the terms listed above is in the best interests of the City.
Section 2. That the City Manager is hereby authorized to execute lease agreements for the
Property consistent with the terms of this Ordinance, together with such additional terms and
conditions as the City Manager, in consultation with the City Attorney, determines to be necessary
and appropriate to protect the interests of the City.
Introduced, considered favorably on first reading, and ordered published this 6th day of
March, A.D. 2007, and to be presented for final passage on the h day of March,
Mayo
ATTEST:
4ULk ai.aA
City Clerk
Passed and adopted on final reading on the 20th day of March, A.D. 2007.
Mayo
ATTEST:
City Clerk