HomeMy WebLinkAbout1985-007-01/15/1985-APPROVING THE NOEL ASSIGNMENT OF LEASE RESOLUTION 85- 7
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE NOEL ASSIGNMENT OF LEASE
WHEREAS, on December 4, 1984, the Council of the City of Fort Collins
adopted a resolution approving the purchase by the City , and Larimer
County, of a certain parcel of property in Block 31 of the City of Fort
Collins owned by Wallace Noel ; and
WHEREAS, the Council has further, on January 2 , 1985, approved and
authorized the execution of an Agreement of Sale and Purchase between the
City, the County, and Noel ; and
WHEREAS, all necessary funding actions have been taken with regard to
said purchase, both by the City and the County; and
WHEREAS, said Noel property is presently under lease with the Out of
Bounds restaurant; and
WHEREAS, an assignment of said lease has been negotiated between the
County, the City and the Out of Bounds whereby the County and the City
become the assignees of the original lease between the Out of Bounds and
Noel subject to certain modifications of said lease, principal among them
that the lease will extend for a period of ten (10) years with a five (5)
year renewal upon the consent of the City and the County; that rent shall
be established at Five Thousand Dollars ($5,000.00) per month plus an addi-
tional annual payment of Three Thousand Six Hundred Dollars ($3,600.00) to
be paid in lieu of taxes; that a rent escalator provision shall be included
at the rate of three percent (3%) per annum or based upon the consumer
price index, whichever is less; that certain provisions be made whereby the
City and the County would contribute, in an amount not to exceed Thirty
Five Thousand Dollars ($35,000.00) in the event that the Out of Bounds
should be required to move because of the City/County's refusal to extend
the lease; and that provisions pertaining to maintenance be included; and
WHEREAS, the Council has considered said Assignment of Lease and does
hereby find that said Assignment is in the best interest of the citizens of
the City.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the Assignment of Lease as negotiated between the City, the
County and the Out of Bounds restaurant be approved and that the Mayor be,
and he hereby is, authorized to execute said Assignment of Lease upon the
terms and conditions as above set forth and as are contained in said
assignment.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 15th day of January, A.D. 1985.
&L,
ATTEST: mayor
City Clerk