|
|
|
 |
ORDINANCE: O-2004-50
SUBJECT: Authorizing the City Manager to execute financing and acquisition
documents whereby the City will acquire office space at 447 South Allison Parkway
via lease-purchase financing.
RECOMMENDATION: Adoption of the Ordinance will allow the City to acquire the office unit within the Public Safety Center Condominium from West Metro Fire Protection District ("WMFPD") and enter in to lease-purchase financing with Chase Equipment Leasing, inc. that will facilitate this acquisition. This will allow the City to potentially consolidate office space that is being utilized elsewhere.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The City sold Unit B to WMFPD in June of 2000 for $589,046.25, which allowed the WMFPD to relocate their administrative offices. The deed to WMFPD included provisions for the repurchase of the property at a discounted rate. In April of 2003, WMFPD purchased the building located at 433 S. Allison Parkway for their administrative headquarters. They now wish to sell the property back to the City for the predetermined price of $657,690.00.
This Ordinance would authorize the acquisition of Unit B and obtain lease-purchase financing with Chase Equipment Leasing, Inc. that will facilitate the acquisition. The acquisition will take place during January of 2005 and has been budgeted accordingly in the City's 2005 Capital Improvement Fund Budget. Lease payments will be made for a period of 6 years, subject to annual appropriation. Chase Equipment Leasing, Inc. has won a competitive proposal process for this financing. The interest rate will be fixed at the time of the closing of the transaction and will be at an interest rate not to exceed 3.73%. Annual payments will not exceed $132,362 and are budgeted in the Capital Improvement and Preservation Plan beginning in 2006.
PROJECT DESCRIPTION: Acquisition and financing of 447 South Allison Parkway
DATE OF FIRST READING: December 13, 2004
DATE OF SECOND READING: January 10, 2005
DOCUMENTS ATTACHED: Ordinance O-2004-50
ORIGINATED BY: Finance Department
STAFF PERSON RESPONSIBLE: Larry Dorr, Director of Finance, 303-987-7601
SUBMITTED BY:
Larry Dorr, Finance Director
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Mike Rock, City Manager
 |
||
Americans with Disability Act (ADA) Notice |
||
