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HomeMy WebLinkAbout021 - 03/20/2012 - AUTHORIZING THE LEASE OF CITY-OWNED PROPERTY AT 1506B WEST HORSETOOTH ROAD FOR UP TO FIVE YEARS ORDINANCE NO. 021, 2012 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE LEASE OF CITY-OWNED PROPERTY AT 1506B WEST HORSETOOTH ROAD FOR UP TO FIVE YEARS WHEREAS, on April 17, 2001, the City Council adopted Ordinance No. 048, 2001, amending Chapter 23 of the City Code by the addition of a new Article XI entitled"Land Banking"; and WHEREAS, in Ordinance No. 048, 2001 the City Council determined that the acquisition of real property in order to ensure the property will be available for.future development to provide housing for extremely low and very low income families is in the best interests of the citizens of the City; and WHEREAS, Ordinance No. 048, 2001 further states that banking real property for the purpose of assisting housing providers in providing housing for extremely low and very low income families will not negatively impact the local real estate market, due to the anticipated volume of property purchases the program would entail; and WHEREAS, in February, 2003, the City acquired the property at 1506B West Horsetooth Road, in Fort Collins (the "Property") as part of the land banking program established pursuant to Ordinance No. 048, 2001; and WHEREAS, the City Council first authorized the lease of the Property in 2003 and the Property had been continuously leased since then; and WHEREAS, most recently, on May 4, 2010, the City Council passed Resolution 2010-26, which authorized the lease of the Property for up to two years; and WHEREAS,the City desires to continue leasing the Property for a period of up to five years at an annual rate of at least $4,200; and WHEREAS,under Section 23-111(a)of the City Code,the City Council is authorized to sell, convey or otherwise dispose of any and all interests in real property owned in the name of the City, provided that the City Council first finds, by ordinance, that such sale or other disposition 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 City Council hereby finds that the lease of the Property as provided herein is in the best interest of the City. Section 2. That the City Manager is hereby authorized to execute a lease agreement 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 appropriate to protect the interests of the City or effectuate the purposes of this Ordinance. Introduced, considered favorably on first reading, and ordered published this 6th day of March, A.D. 2012, and to be presented for final passage on the 20th day of March, A.D. 2012. T.COz<, rSU or' •'•.2 May r ATTEST: i' Interim City Clerk g @ P Passed and adopted on final reading on the 20th day of March, A.D. 2012. y ayor ATTEST: FORT IVAM.5 REAL Interim City Clerk �a�ORa�o0