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ORDINANCE: O-2007-27
SUBJECT: Authorizing the City Manager to execute financing and acquisition documents, and a supplemental budget appropriation whereby the City will acquire a facility for Police evidence storage.
ADDRESS: 1290 Harlan Street, Lakewood, Colorado
RECOMMENDATION: Adoption of the ordinance will allow the City to acquire the
facility for Police evidence storage from Robert A. Fulcher, SICO LLC, Diana
S. Fulcher, Alan E. Beavers and Neva Beavers Family Trust (collectively as Seller)
and enter into lease-purchase financing with a leasing company that will facilitate
this acquisition. This will allow the City to store and to protect evidence
related to crime. In addition, the ordinance will facilitate the related changes
to the City budget.
FUNDING SOURCE: N/A
SUMMARY AND BACKGROUND OF SUBJECT MATTER: This Ordinance would authorize the
acquisition of 1290 Harlan Street and obtain lease-purchase financing with a
leasing company, in a future request for proposals, which will facilitate the
acquisition. The acquisition will take place latter part of 2007 or early 2008
pending due diligence results in accordance with the Purchase and Sale Agreement
between the City and the Seller and will be budgeted accordingly in the City's
2007 Capital Improvement Fund Budget. Lease payments will be made for a period
of 15 years, subject to annual appropriation. The anticipated interest rate
will be fixed at the time of the closing of the transaction and will be at an
interest rate not to exceed 6.0%. Annual payments will not exceed $125,000 per
year and will be budgeted in the Capital Improvement and Preservation Plan beginning
in 2008.
DATE OF FIRST READING: August 13, 2007
DATE OF SECOND READING: August 27, 2007
ORIGINATED BY: Ron Burns, Chief of Police
STAFF PERSON RESPONSIBLE: Ron Burns, Chief of Police, 303-987-7102
Larry Dorr, Director of Finance, 303-987-7601
Cathy Barum, Budget Management Analyst 303-987-7031
DOCUMENTS ATTACHED: Ordinance O-2007-27
SUBMITTED BY:
Larry Dorr, Finance Director
Ron Burns, Chief of Police
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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