HomeMy WebLinkAbout09811 RESOLUTION NO. 9811
A RESOLUTION APPROVING A LEASE MODIFICATION AGREEMENT BETVVEEN THE CITY OF
PUEBLO, A MUNICIPAL CORPORATION, AND TRAVELAIRE SERVICES, INC., A COLORADO
CORPORATION, AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE
SAME
WHEREAS, the City of Pueblo, a Municipal Corporation, and Travelaire Services, Inc., a
Colorado Corporation, entered into an Operating Agreement and Land Lease on January 26, 1987;
and
WHEREAS, both parties wish to modify the Lease; now, therefore
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
A certain Lease Modification 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 Travelaire Services, Inc., a Colorado
Corporation, relating to the lease of land at the Pueblo Memorial Airport, is hereby approved,
subject to the conditions as set forth in said Agreement.
SECTION 2.
The President of the City Council is hereby authorized to execute said Agreement 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 24, 2003
BY Al Gurule/Councilperson
APPROVED: Bill Sova/President of City Council
ATTEST: Gina Dutcher/City Clerk
Background Paper for Proposed
RESOLUTION
AGENDAITEM# Iq
DATE: March 24, 2003
DEPARTMENT: AVIATION - JOHN B. O'NEAL, C.M.
TITLE
A RESOLUTION APPROVING A LEASE MODIFICATION AGREEMENT
BETWEEN THE CITY OF PUEBLO, A MUNICPAL CORPORATION, AND
TRAVELAIRE SERVICES, INC., A COLORADO CORPORATION, AND
AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME
ISSUE
Should City Council approve a Lease Modification Agreement between the City of
Pueblo and Travelaire Services, Inc.?
RECOMMENDATION
Approval of this Resolution.
BACKGROUND
Travelaire Services has agreed to reduce the amount of property it currently leases from
the City in order to provide land for the new hangar to be built by Sam Brown and
Travelaire Services.
FINANCIAL IMPACT
Currently, Travelaire Services leases 1.18 acres at $240.00 per acre annually for a total
rent of $283.20 annually. This will reduce their acreage to 0.83 acres and the rent will be
reduced to $199.20 annually.
LEASE MODIFICATION AGREEMENT
THIS LEASE MODIFICATION AGREEMENT ("Agreemem") entered into as of
March 24 ., 2003, by and between Pueblo, a municipal corporation ("City") and
Travelaire Service, Inc., a Colorado corporation ("Lessee"), WITNESSETH:
RECITALS
A. City and Lessee entered into a Pueblo Memorial Operating Agreement and Land Lease
dated as of Jantm_ry 26, 1987 ("Lease").
B. Lessee desires to modify the Lease by reducing the area of the Property leased by Lessee
under the Lease and City is willing to so modify the Lease.
NOW, THEREFORE, in consideration of the foregoing Recitals and mutual covenants
herein, City and Lessee agree as follows:
1. The description of the Property under Lease is modified and changed to 0.83 acres, more
or less, as described in attached Exhibit A and from date hereof shall be the description of
Property under the Lease subject to all terms and conditions of the Lease.
2. The rent payable pursuant to Paragraph 2(d) of the Lease shall be based upon 0.83 acres
of land instead of 1.18 acres of land.
3. The Lease as modified by this Lease Modification Agreement shall remain in full force
and effective binding upon and inuring to the benefit of City and Lessee.
Executed at Pueblo, Colorado the day and year first above written.
Pueblo, a - ' ' Travslaire Serv, jqes, Inc.
By M~ By~~ _ ~
President of the City Council, Bill Sova President ~/' /
Attest: Attest:
Secretary