HomeMy WebLinkAbout1989-014-01/17/1989-AUTHORIZING THE CITY MNAGER TO ENTER INTO A LEASE AGREEMENT WITH A PURCHASE OPTION TO ACQUIRE THE IN RESOLUTION 89-14
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO
ENTER INTO A LEASE AGREEMENT WITH A
PURCHASE OPTION TO ACQUIRE THE
INDOOR SHOOTING RANGE, FORMERLY KNOWN AS
THE MARKSMAN RANGE
WHEREAS, Police Services requires an adequate shooting range for
training and maintenance of shooting proficiency among its officers; and
WHEREAS, the Marksman Indoor Shooting Range, a shooting range formerly
open to the public which closed in early 1985, is available for lease to
the City; and
WHEREAS, Police Services has determined that the Marksman facility is
suitable for its use; and
WHEREAS, the monies for the first year's rent are available and
appropriated in the Police Services budget for 1989.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Manager be, and he hereby is, authorized to enter
into a Lease Agreement with Purchase Option for the building situate on the
premises at 2554 Midpoint Drive, Fort Collins, Colorado, along with
particular items of shooting range equipment, upon the following terms and
conditions:
1. In consideration for the use of the property and the right to
purchase the same during the five (5) year lease term, the City shall pay
to Mr. Pitcairn the sum of Three Thousand Five Hundred Seventeen and 91/100
Dollars ($3,517.91) per month during the first year of the lease. The
lease amount may increase during the subsequent years of the lease term, so
long as any such increase is limited to an escalation of three percent (3%)
per year on that portion of the monthly payment which is derived for the
rental of the building only.
2. In addition, the City may exercise its option to purchase the
leased premises during the first year of the lease for Three Hundred
Forty-two Thousand Dollars ($342,000.00) . The purchase price during
subsequent years will be Three Hundred Forty-six Thousand Six Hundred
Dollars ($346,600.00) during the second year, Three Hundred Fifty-one
Thousand Nine Hundred Thirty Dollars ($351,930.00) during the third year,
Three Hundred Fifty-eight Thousand Twenty-six Dollars ($358,026.00) during
the fourth year, and Three Hundred Sixty-four Thousand Nine Hundred
Twenty-seven Dollars ($364,927.00) during the fifth year. Payments made
for equipment rent during the lease shall be deducted from the purchase
price.
3. All obligations of the City under the lease-option shall be
subject to annual budgeting and appropriation.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 17th day of January, A.D. 9.
Al
City Clerk