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HomeMy WebLinkAboutordinance.council.078-81FORM ~0 C.f. HOECKEL ~. 8, & L, CO. RECORD OF PROCEEDINGS 100 Leaves (Series of i981) AN ORDINANCE APPROVING THE TERMS OF AN AGREEMENT WITH RED ROOF INNS PERTAINING TO THE LEASE WITH AN OPTION TO PURCHASE THAT PREMISES CONSISTING OF APPROXIMATELY FOUR (4) ACRES AND THE IMPROVEMENTS THEREON LOCATED ON HIGHWAY 82~ IN THE CITY OF ASPEN, COUNTY OF PITKIN, STATE OF COLORADO, COMMONLY KNOWN AS THE "PLUM TREE INN" PREMISES AND AUTHORIZING AND DIRECTING THE MAYOR TO EXECUTE THE SAME ON BEHALF OF THE CITY OF ASPEN; SAID AGREEMENT PROVIDING FOR INITIAL LEASE TERM OF FIVE (5) YEARS WITH AN OPTION TO PURCHASE' FOR THE SUM OF $2.5 MILLION AND AN OPTION TO RENEW THE INITIAL TERM FOR AN ADDITIONAL FIVE (5) YEAR PERIOD WITH A COMMITMENT TO PURCHASE FOR THE SUM OF $3.4 MILLION WHEREAS, Red Roof Inns, Inc. has proposed to the City Council an agreement, a copy of which is annexed hereto and incorporated herein as Exhibit "A", to lease for a five (5) year initial term with an option to purchaser that property currently owned by the City of Aspen consisting of approximately fouri~(4) acres and the improvements thereon, located on Highway 82, in the City of Aspen, County of Pitkin, commonly known as the "Plum Tree Inn', premises, said agreement containing the following basic provisions; 1. Red Roof Inns, Inc. will lease the premises for an ini- tial term of five (5) years, with rental payments during the first and second lease years in an amount of Two Hundred Thousand Dollars ($200,000.00) per year, payable quarterly and commencing on the Rent Commencement Date (the date that the premises are open for business to the public or one hundred thirteen (1i3) days from the approval of the lease by the City~ whichever date first occurs); during the third through fifth leaSe years~ rental payments will be in the amount of Two Hundred Fifty Thousand Dollars ($250,000.00) per year, payable month ly. 2. During the initial term, Red Roof Inns will have the option to purchase the premises for $2.5 million. RECORD OF PROCEEDINGS 100 Leaves 3. Red Roof Inns, Inc. will conu~it to constructing the improvements and golf pro shop set forth and depicted in Exhibits "C" and ~'D" of the agreement, at a cost of not less than Five Hundred Thousand Dollars ($500,000.00). 4. Red Roof Inns, Inc. will have the option of extending the initial term for an additional five (5) years, rental payments during the renewal term (6th through 10tn lease years) in an amount of Three Hundred Thousand Dollars ($300,000.00) per year,'payabie monthly. 5. During the renewal term, Red Roof Inns, Inc. will be obligated to purchase the Plum Tree premises at a pur- chase price of $3.4 million; and WHEREAS, the City Council has determined that it is in the best interest of the City of Aspen to enter into the aforesaid agreement and desires to approve the terms thereof and authorize and direct the Mayor to execute the same on behalf of the City of Aspen. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ASPEN~ COLORADO: Section 1 The terms and conditions of that agreement annexed hereto and incorporated herein as Exhibit "A" are hereby approved and, sub- ject to approval as to form by the City Attorney, the Mayor is hereby authorized and directed to execute the same on beha±~ of the City of Aspen. Section 2 If any provision of this ordinance or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or application of the ordinance which can be given effect without the invalid provision or appli- 2 RECORD OF PROCEEDINGS 100 Leaves cation, and to this end the provisions o~ this ordinance are declared to be severable. Section 3 T~at a public hearing De held on this ordinance on the ~ day o~ ~/~-Z/-~<>~~ ~ i981~ at 5;00 P.M. in the City Council Chambers, Aspen City Hall, Aspen, Colorado. INTRODUCED, READ AND ORDERED published as provided by law by the City Council of the City of Aspen, Colorado, at its regular meeting held at the City of Aspen on y/~~c~%J ~ , ATTEST; ? Kathryn S~t~och / City Cler~ FINAr,r,¥ adopted, passed and approved on the~.~,~ ~/~~~ , 198i. Mayor ~TTEST: day of 3 RECORD OF PROCEEDINGS 100 Leaves STATE OF COLORADO ) ) ss COUNTY OF PITKIN ) CERTIFICATE I, Kathryn S. Koch, City Clerk of Aspen, Colorado, do hereby certify that the above and foregoing ordinance was introduced, read in full, and passed on reading at a regular meeting of the City Council of the City of Aspen on ~ ?, !9 ~,__ and published in the Aspen Times a weekly newspaper of general circul- ation, published in the City of Aspen, Colorado, in its issue of ~ /~ , 19._~'~ and was finally adopted and approved at a regular meeting of the City Council on ~-~ , 19 ~, and ordered published as Ordinance No. _ ~ , Series of 19.~, of said City, as / provided by law. IN WITNESS WHEREOF, I have hereunto set my hand and the sea]. of said City of Aspen, Colorado, this day of ~ , 19 .~. c~EAL Kathyrn S./Koch, 'City Clerk Deputy Ci'~"Cl'erk .....