HomeMy WebLinkAbout09548RESOLUTION NO. 9548
A RESOLUTION APPROVING AN AMENDMENT TO THE
HANGAR GROUND LEASE AGREEMENT BETWEEN THE
CITY OF PUEBLO, A MUNICIPAL CORPORATION, AND
AIRPORT PROPERTIES, INC., A TEXAS CORPORATION,
AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL
TO EXECUTE SAME
WHEREAS, the City of Pueblo, A Municipal Corporation, and Airport Properties, Inc., a
Texas Corporation, entered into a Hangar Ground Lease Agreement on February 25, 2002, and
WHEREAS, both parties wish to amend the provisions of the Lease, now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
A certain Amendment to Hangar Ground Lease Agreement, a copy of which is attached
hereto and made a part hereof by reference, after having been approved as to form by the City
Attorney, by and between the City of Pueblo, a Municipal Corporation, and Airport Properties,
Inc., a Texas Corporation, relating to the lease of ground at the Airport, is hereby approved,
subject to the conditions as set forth in said Amendment.
SECTION 2.
The President of the City Council is hereby authorized to execute said Amendment on
behalf of the City of Pueblo, a Municipal Corporation, and the City Clerk shall affix the Seal of
the City thereto and attest the same.
INTRODUCED: March 25, 2002
BY: Patrick Avalos
C99NCIL PERSON
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APPROVED: Q,—"
PRESIDENT OF CITY COUNCIL
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Background Paper for Proposed
RESOLUTION
AGENDA ITEM # t q
DATE: March 18, 2002
DEPARTMENT: AVIATION -JOHN OWEAL
TITLE
A RESOLUTION APPROVING AN AMENDMENT TO THE HANGAR GROUND
LEASE AGREEMENT BETWEEN THE CITY OF PUEBLO, A MUNICIPAL
CORPORATION, AND AIRPORT PROPERTIES, INC., A TEXAS CORPORATION,
AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME
ISSUE
Should City Council approve an Amendment to the Hangar Ground Lease Agreement
between the City of Pueblo and Airport Properties, Inc.?
RECOMMENDATION
Approval of this Resolution.
BACKGROUND
City Council approved a Hangar Ground Lease between the City and Airport Properties
on February 25, 2002 under Resolution No. 9535. The commencement date of the Lease
is January 1, 2002. Since the approval did not occur until after the commencement date,
Airport Properties has requested that the commencement date be changed due to the time
constraints for improvements that are in the lease. Therefore, this Amendment will
change the commencement date to February 26, 2002 and ending date to February 25,
2022.
FINANCIAL IMPACT
None.
AMENDMENT TO HANGAR GROUND LEASE
THIS AMENDMENT entered into this 25t hday of March , 2002 A.D. between the City of Pueblo, a
municipal corporation (the "Lessor "), and Airport Properties, Inc., a Texas Corporation (the "Lessee "),
WITNESSETH:
WHEREAS, Lessor and Lessee entered into a Hangar Ground Lease dated February 25, 2002 relating to the
lease of a tract of ground on Airport property for the purpose of constructing and occupying new Hangar(s),
WHEREAS, Lessor and Lessee are desirous of modifying the provisions of the Lease,
NOW THEREFORE, in consideration of the mutual covenants contained herein, Lessor and Lessee agree
as follows:
1. Section 2A of the Agreement is amended to read as follows:
The initial term on this Lease is for a period of twenty (20) years commencing February 26, 2002
( "commencement date ") and ending February 25. 2022 unless sooner terminated or extended as
herein provided.
2. The Agreement as modified and amended by this Amendment to the Hangar Ground Lease shall
remain in full force and effect.
Signed in Pueblo, Colorado the day and year first above written.
LESSOR
CITY OF PUEBLO,
A Municipal 6r - on
BY
LESSEE
AIRPORT PROPERTIES, INC.
B k 4f 1 0.10,
I sident, Jack W Cox
Title: President of Ci Council
Attest:
City C1
Approved as to form:
. - e4�4��
City Attorney