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HomeMy WebLinkAbout10427ORDINANCE NO. 10427 AN ORDINANCE APPROVING AND AUTHORIZING THE MAYOR TO SIGN A LEASE BETWEEN THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION AND PROFESSIONAL BULL RIDERS, LIC, A DELAWARE LIMITED LIABILITY COMPANY FOR STORAGE SPACE LOCATED AT 317 NORTH MAIN STREET, PUEBLO, COLORADO 81003 BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The Lease between the City of Pueblo, a Colorado municipal corporation, and Professional Bull Riders, LLC, a Delaware Limited Liability Company, dated March 27, 2023, a copy of which is attached hereto, having been approved as to form by the City Attorney, is hereby approved. The Mayor is authorized to execute and deliver said Lease in the name of the City and the City Clerk is authorized to affix the seal of the City thereto and attest same. SECTION 2. The officers and staff of the City are authorized and directed to perform any and all acts consistent with this Ordinance and the attached Lease which are necessary or desirable to implement the transactions described therein. SECTION 3. This Ordinance shall become effective on the date of final action by the Mayor and City Council. Action by City Council: Introduced and initial adoption of Ordinance by City Council on March 13, 2023. Final adoption of Ordinance by City Council on March 27, 2023 . President of City Council Action by the Mayor: ☒ Approved on March 29, 2023 . □ Disapproved on based on the following objections: Mayor Action by City Council After Disapproval by the Mayor: □ Council did not act to override the Mayor's veto. □ Ordinance re-adopted on a vote of , on □ Council action on _______ failed to override the Mayor’s veto. President of City Council ATTEST City Clerk City Clerk's Office Item # R11 Background Paper for Proposed Ordinance March 13, 2023 COUNCIL MEETING DATE: TO: President Heather Graham and Members of City Council CC: Mayor Nicholas A. Gradisar VIA: Marisa Stoller, City Clerk FROM: Daniel C. Kogovsek, City Attorney SUBJECT: AN ORDINANCE APPROVING AND AUTHORIZING THE MAYOR TO SIGN A LEASE BETWEEN THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION AND PROFESSIONAL BULL RIDERS, LIC, A DELAWARE LIMITED LIABILITY COMPANY FOR STORAGE SPACE LOCATED AT 317 NORTH MAIN STREET, PUEBLO, COLORADO 81003 SUMMARY: Attached is a Proposed Ordinance approving and authorizing the Mayor to sign a Lease between the City of Pueblo and Professional Bull Riders, LLC, a Delaware Limited Liability Company (“PBR”). PREVIOUS COUNCIL ACTION: The City has been leasing approximately 2,400 square feet of storage space in the Pope Block Building to PBR since 2016. The current lease expires on March 31, 2023. BACKGROUND: PBR wishes to continue to lease storage space in the Pope Block Building located at 317 North Main Street in Downtown Pueblo. The Pope Block Building is owned by the City of Pueblo. The lease approved by the attached Ordinance is for three (3) years beginning April 30,2023 and ending on March 31, 2026. PBR may exercise two (2) one (1) year renewal options with 90 days prior notice to the Landlord. The rent will increase by 3% per year in each renewal year. FINANCIAL IMPLICATIONS: Base Rent owed by PBR to the City shall be as follows: FINANCIAL IMPLICATIONS: Base Rent owed by PBR to the City shall be as follows: Time Period Base Rent per Month April 1, 2023 to March 31, 2024 $2,250.00 April 1, 2024 to March 31, 2025 $2,317.50 April 1, 2025 to March 31, 2026 $2,387.00 During the lease term and any extensions, PBR shall continue to pay its pro rata portion of CAM expenses. BOARD/COMMISSION RECOMMENDATION: Not applicable to this Ordinance. STAKEHOLDER PROCESS: Not applicable to this Ordinance. ALTERNATIVES: If this Ordinance is not approved, PBR’s current lease will expire and it shall become a month-to-month tenant. RECOMMENDATION: Approve the Ordinance. ATTACHMENTS: 1. PBR Storage Lease with City