HomeMy WebLinkAbout11494RESOLUTION NO. 11494
A RESOLUTION CONSENTING TO THE PARTIAL ASSIGNMENT
OF THE HANGAR GROUND LEASE BETWEEN THE CITY OF
PUEBLO, A MUNICIPAL CORPORATION, AND AIRPORT
PROPERTIES, INC., A TEXAS CORPORATION, TO MANWEILER
TRANSPORTS, INC., A COLORADO CORPORATION FOR LEASE
PARCEL B -1 AND AUTHORIZING THE PRESIDENT OF CITY
COUNCIL TO EXECUTE SAME
WHEREAS, Airport Properties, Inc., entered into a Hangar Ground Lease ( "Lease ") with
the City of Pueblo for land located at the Pueblo Memorial Airport on February 25, 2002; and
WHEREAS, Airport Properties, Inc., desires to partially assign the Lease with respect to
the unimproved 4,140 square feet parcel of land ( "Lease Parcel B -1 ") to Manweiler Transports,
Inc.; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The City of Pueblo does hereby consent, subject to the terms and conditions set forth in
the Consent to Assignment attached hereto, to the partial assignment of the February 25, 2002
Hangar Ground Lease by Airport Properties, Inc., to Manweiler Transports, Inc., as described in,
and contemplated by the Lease Assignment and Assumption Agreement, a copy of which is
attached hereto, subject to and contingent upon Manweiler Transports, Inc. assuming and
performing all of the obligations imposed on the Lessee under the Lease with respect to Lease
Parcel B -1 through the remaining term of the Lease unless sooner terminated or extended as
provided within the Lease.
SECTION 2.
The President of City Council is hereby authorized to execute the Consent to
Assignment.
BY: Randy Thurston
Councilperson
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INTRODUCED: December 22, 2008
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Background Paper for Proposed
RESOLUTION
AGENDA ITEM # 17
DATE: December 22, 2008
DEPARTMENT: AVIATION - TOM MARTINEZ, ACTING DIRECTOR OF
AVIATION
TITLE
A RESOLUTION CONSENTING TO THE PARTIAL ASSIGNMENT OF THE HANGAR
GROUND LEASE BETWEEN THE CITY OF PUEBLO, A MUNICIPAL CORPORATION,
AND AIRPORT PROPERTIES, INC., A TEXAS CORPORATION, TO MANWEILER
TRANSPORTS, INC., A COLORADO CORPORATION FOR LEASE PARCEL B -1 AND
AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME
ISSUE
Should City Council consent to the partial assignment of the Hangar Ground Lease between the
City of Pueblo and Airport Properties, Inc. to Manweiler Transports, Inc.
RECOMMENDATION
Approval of this Resolution.
BACKGROUND
Airport Properties entered into a Hangar Ground Lease with the City on February 25, 2002.
Airport Properties would like to assign the Lease with respect to the unimproved 4,140 square
feet parcel of land ( "Lease Parcel B -1 ") to Manweiler Transports, Inc. Manweiler will assume
and fulfill all of the terms, covenants, conditions and obligations required by the Lease with
respect to Lease Parcel B -1.
FINANCIAL IMPACT
Airport Properties lease area will be reduced from 36,970 sq. ft. (.8487 acres) to 32,830 sq. ft.
(.7537 acres). Their rent will be reduced to $3,757.52 annually and the combined service fee
will be $376.79 annually. Manweiler Transports leased area will be 4,140 sq. ft. (.095 acres).
Their annual rent will be $473.84 and the combined service fee will be $47.49 annually.
Consent to Assignment
The City of Pueblo does hereby consent to the foregoing Lease Assignment and
Assumption Agreement relating to unimproved land which does not involve issues under the
Colorado Condominium Ownership Act, on the express condition that no further assignment of
the Hangar Ground Lease or Partial Assignment shall be made without further consent of the
City. The City of Pueblo agrees as follows:
(a) Effective March 1, 2008, Airport Properties, Inc.'s total leased premises and land
area under the Hangar Ground Lease for which Airport Properties, Inc. shall pay monthly rent is
32,830 square feet.
(b) Airport.Properties, Inc. is released from any further obligations or liabilities under
the Hangar Ground Lease with respect to Lease Parcel B -1.
(c) Default by Airport Properties, Inc. under the Hangar Ground Lease shall not
constitute an event of default under the Lease Assignment and Assumption Agreement with
respect to Lease Parcel B -1.
(d) Default of Manweiler Transports, Inc. under the Lease Assignment and
Assumption Agreement shall not constitute an event of default under the Hangar Ground Lease.
(e) City of Pueblo's consent to the Lease Assignment and Assumption Agreement
shall not constitute nor be deemed to constitute a precedent binding on the City of Pueblo with
respect to any past or future assignment or transfer by Airport Properties, Inc. or any of its rights
or leasehold interests under the Hangar Ground Lease.
Executed at Pueblo, Colorado as of March 1, 2008.
City of Pueblo
By
Name: Barbara A. Vidmar
Title: President of City Council