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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