HomeMy WebLinkAbout111 - 09/21/1982 - AUTHORIZING THE CITY MANAGER TO ENTER INTO AN AGREEMENT FOR THE LEASE AND OPTION TO PURCHASE A PARCE ORDINANCE NO 111 , 1982
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO ENTER INTO
AN AGREEMENT FOR THE LEASE AND OPTION TO PURCHASE
A PARCEL OF REAL ESTATE FOR THE PURPOSE OF
CONSTRUCTING THE JEFFERSON STREET PARKING LOT AND
APPROPRIATING ALL PROCEEDS NECESSARY TO PURCHASE
SAID REAL PROPERTY IN THE CAPITAL PROJECTS FUND
WHEREAS, the City is authorized under the provisions Title 31 ,
Chapter 15, Part 8, CRS 1973, as amended, to acquire necessa land, buil-
dings, equipment and other property for its governmental d proprietary
purposes under the provisions of a long term rental or le ehold agreement
with an option to purchase such property, and
WHEREAS, the City has received a proposal from
whereby will lease
to the City a parcel of real property to be use/er for the construction
of the Jefferson Street Parking Lot Said real operty being more fully
described as herein set forth
A parcel of land, being a ports of Block 6 and
portion of vacated Jefferson Stree in the City of Fort
Collins in the Northwest Quarter 1W1/4) of Section 12,
Township 7 North, Range 69 West of the Sixth Principal
Meridian, Larimer County, St e of Colorado, bounded
and described as follows
Commencing at the northwe corner of said Section 12,
thence along the west 1 ne of said Section and along
the east right-of-way ne of College Avenue as estab-
lished by Vacation dinance recorded in Book 866 ,
Page 182, Records o said County, South 00 degrees 00
minutes 00 seconds est, 1927 60 feet to a point on the
northeasterly r ght-of-way of Jefferson Street as
established by acation Ordinance recorded in Book
1680, Page 65 Records of said County, thence along
said northeas erly line, South 48 degrees 49 minutes 09
seconds Eas , 87 49 feet of the TRUE POINT OF BEGIN-
NING, the a parallel with the southeasterly line of
said Blo 6, North 41 degrees 10 minutes 51 seconds
East, 8 47 feet to a point that is 25 00 feet distant
south w sterly, measured radially, from the centerline
of U ion Pacific Railroad Company' s main track, said
poi t also being the beginning of a non-tangent curve,
c cave northeasterly , to which point a radial line
ears South 49 degrees 26 minutes 10 seconds West,
664 11 feet, thence southeasterly, concentric with said
centerline and along said curve, through a central
angle of 08 degrees 16 minutes 01 seconds , 95 82
feet, thence parallel with said centerline, South 48
ben I eel
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degrees 49 minutes 51 seconds East, 165 38 feet to the
most northerly corner of a parcel of land heretofore
conveyed by Union Pacific Land Resources Corporation to
Robert H and Joan K Schultz and Raymond C and
Shirley Reetz by Special Warranty Deed dated March 5,
1979, UPLRC Audit No 27375, thence along the north-
westerly line of said deeded parcel , South 41 degrees
10 minutes 51 seconds West, 76 62 feet to the most
westerly corner of said deeded parcel , said point also
being on said northeasterly line of Jefferson Street,
thence along said northeasterly line, North 48 degrees
49 minutes 09 seconds West, 260 87 feet to the TRUE
POINT OF BEGINNING
Containing an area of 20,200 square feet, more or less
(0 464 of an acre, more or less)
and
WHEREAS , the Council has determined that the City is in need of
the Jefferson Street Parking Lot, and
WHEREAS, the Council has determined that it is in the best interest of
the City to lease the real property for the construction of the Jefferson
Street Parking Lot from , which is providing
financing for the acquisition of the aforementioned real property, and
WHEREAS, the City desires to enter into a lease agreement with respect
to the leasing of the site for construction of said parking lot, and
WHEREAS, the terms of the lease agreement will provide as follows
The City shall lease from
the real property for construction of the Jefferson Street
Parking Lot
The agreement shall be for an original term from the date of
execution of the agreement through , at a
cost of The agreement shall provide for a
renewable one-year term as follows
RENEWABLE
ONE YEAR
ITEM TERM
Jefferson Street Parking Lot Site September, 1983
through
September,
The City shall make equal quarterly payments for each of the
consecutive terms of such agreement
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If the City shall lease the site for said parking lot for the
original term and all successive renewal terms, the payment to
will total the sum of the
principal , plus interest at a fixed rate equal to %
The City shall have an option to purchase the site for said
parking lot on any quarterly payment date of any term The
option to purchase shall be exercised by paying the quarterly
payment due on said date and the unpaid principal due after said
date
If the City shall renew the agreement for all the renewal terms,
the City shall be deemed to have exercised the option to purchase
the parking lot and have all right, title and interest to said
parking lot
This agreement shall not be a pledge of the City' s revenues
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS
Section 1 That the City Manager be, and he hereby is, authorized to
enter into a lease/purchase agreement for the above described real property
in accordance with the terms and provisions set forth herein above
Section 2 That all proceeds necessary to lease/purchase said above
described real property be, and they hereby are, appropriated in the
Capital Projects Fund for construction of the Jefferson Street Parking
Lot
Introduced, considered favorably on first reading, and ordered pub-
lished this day of A D 1982 , and to be presented for
final passage on the day of A D 1982
Mayor
ATTEST
City Clerk
Passed and adopted on final reading this day of A D
1982
Mayor
ATTEST
City Clerk
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