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HomeMy WebLinkAbout1986-048-03/04/1986-FORGIVENESS FORT COLLINS LOVELAND AIRPORT LEASE PAYMENTS RESOLUTION 86-48 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE FORGIVENESS OF CERTAIN LEASE PAYMENTS FROM THE FORT COLLINS-LOVELAND AIRPORT AUTHORITY AND A CREDIT OF CERTAIN CONTRIBUTIONS FOR LEASE PAYMENTS FOR 1986 WHEREAS, on the 20th day of December, 1983, the cities of Fort Collins and Loveland leased the Fort Collins-Loveland Airport to the Fort Collins-Loveland Airport Authority pursuant to written lease; and WHEREAS, in accordance with the Lease, the Airport Authority is to pay to the City semi -annual lease payments in the amount of One Hundred Thirty-Seven Thousand Eight Hundred and Ninety Dollars ($137,890.) on April 1 and October 1 of each year; and WHEREAS, the lease payments to be paid by the Airport Authority are equal to the payments by the City of Fort Collins for debt incurred by the City for improvements at the Airport; and WHEREAS, the Airport Authority has not developed sufficient revenues for the lease payments required under the terms of the Lease; and WHEREAS, the cities of Fort Collins and Loveland have separately budgeted for and have paid the necessary semi-annual payments toward the retirement of the cities' debt for Airport improvements; and WHEREAS, the cities of Fort Collins and Loveland have each budgeted in the year of 1986, the sum of One Hundred Thirty-Seven Thousand Eight Hundred and Ninety Dollars ($137,890.) as a contribution to the Airport Authority to aid in the operations of the Airport and payment of the Lease; and WHEREAS, the Airport Authority has requested that it be forgiven from the debt for the lease payments which were required to be made in the years of 1984 and 1985 and, further, be credited with the 1986 contributions from the cities of Fort Collins and Loveland in the amount of One Hundred Thirty-Seven Thousand Eight Hundred and Ninety Dollars ($137,890. ) on April 1 and similar sum of One Hundred Thirty-Seven Thousand Eight Hundred and Ninety Dollars ($137,890. ) on October 1 of the year of 1986. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. The obligations of the Fort Collins-Loveland Airport Authority for 1984 and 1985 lease payments for the Fort Collins-Loveland Airport are forgiven and satisfied. Section 2. Fort Collins-Loveland Airport Authority shall be credited with the sums of One Hundred Thirty-Seven Thousand Eight Hundred and Ninety Dollars ($137,890.) on April 1 and October 1 of the year of 1986 as contributions by the cities of Fort Collins and Loveland to the Airport Authority for the Airport Authority's lease payments of the Fort Collins-Loveland Airport. Section 3. The Director of Finance of the City of Fort Collins is authorized to issue to the Airport Authority checks for the City's contribution to the Airport Authority for the April 1 and October 1 lease payments, each check in the amount of Sixty-Eight Thousand Nine Hundred and Forty-Five Dollars ($68,945. ) from funds which were previously budgeted and appropriated by the City for expenditure for that purpose in the year 1986. Passed and adopted at a regular meeting of the City Council held this 4th day of March, A.D. 1986. Mayor ATTEST: U&2� I". City Clerk' -2-