HomeMy WebLinkAbout1984-04-23 (Special) Meeting Agendan
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City Council Meeting -Special
April 23, 1984
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AGENDA FOR THE
SPGCIAL MGGTIN G OV
TilE ENGLEWOOD CITY COUNCIL
APRIL 23, 198~
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Call to order, invocation, pledge
and roll call. of allegiance ,
Consideration of amendment to parking lease in
the 3300 block of South Acoma Street. (Co pies enclosed.)
Consideration of appointment to the Statewide
Development Board.
Consideration of appointment to the Englewood
Downtown Development Authority .
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A~r1l 23. 1 ~9~8~4 ____ _
The
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Ma~or~declared the motion carried .
Page 2
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COUNCIL I'IEP18ER HIQDAY P10VED TO APPOINT RACHEL OWE~---------_
STArEWIDE DEVELOPI'IENT BOARD . Council P1ember VobeJda ••conded
motion . Upon a call of the roll. the vote re•ulted as 'ollo••=
----rli· A~••: Council "••b•r• Higdav. Neal. VobeJda. W•
Bi lo . Brad•haw.
Na~s : None .
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111otton carried .
Absent : ~\0 "3o~s .
The P1avor ~d eclared the ___ .....__
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COUNCIL NEAL P10VED TO APPOINT DAN QREEN TO FILL CLE~
QASSON 'S POSITION ON THE EDDA BOARD UNTIL THE END OF JUNE• 1 . ll
Council P1e111ber Wei•t seconded the 111otion . Upon a call o' th• ro '
the vote resulted as 'ollows : ___----_ _
status .
p .m.
Aves : Council P1e111bers Higdav . Neal. VobeJda• Weilt•
S ilo, Bradshaw. _ -----------
Na~s : None .
Ab•ent : P1avor Otis . -f~~
The P1avor~declared the motion carried .
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No 'urther bu siness could be discussed to s pecial meeting
P1av _o}i ~ adJourn•d,..-1h• ~·•t,ing without a vote at 7 :15
f-.LD ~ ~ -----
Deputv Cit~ Clerk -
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COUNCIL CH AMBERS
City of' Englewood-;-Co'c:l-o_r_a_d7 o ___ _ --Apri 1 23 , 1984 /tJ-;
SPECIAL MEETINQ : ~--
The Cit~ Council of the Citv of' E~glewood, Arapahoe County,
Colorado, met in special session on April 23, 1984, at 7 :10p .m.
Mav or Pro Tem Brad shaw, pres i d i:__n_i•_ called the meet i_!!L t.E_E .,.II'·
The invocation was given bll Council Member Higdav .
of allegiance was led bv Mavor Pro Tem Bradshaw.
The p.h ..
roli.
Mayor Pro Tem Bradshaw asked for
the following were _pre..!._ent : J roll call .
Council Members Higdav•r~o~eJda, Weist, Bilo.
Absent : Mayor Oth .
---{)A§. Jy }')j
The Mavor~declared a quorum present .
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Also present were :
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Citv Manager McCown
Citv Attorney Olsen
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Upon • call of' Il l
Bradshaw. I
Assistant Citv Manager Vargas
Director of' Communitv Development Po~
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Citv Man~er McCown stated staff' needed some additional revilll --_ -------· __ -===4""''
Deputv Citv Clerk Owen
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of ue•s in the a•end•ent to the parking lease in the 3300 block of jliil / ·;,
Aco-Street1 and reco-ended setting a special meeting f'or the f'ollo.-. ·:J
dalh ___ ----,
COUNCIL MEMBER NEAL MOVED TO SET A SPECIAL MEETING AT 5 :30 P."·
ON APRIL 24, 1984, TO CONSIDER AMENDMEN~TO PARKIN~LOT LEASE . C~n ~-----
Member Higdav seconded the motion. Upon a call of' the roll, the vote
resulted as follows :
Aves : Council Members Higd;y, Neal, VobeJda, Wei st:
Bi lo, Bradshaw.
Navs : None .
Absent : Kauor ~O~t~i~•~·----------------------
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AGENDA ITEM ----PRESENTED BY ------
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ObJ-o ~
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ROLL CALL
Hoved Seconded Ayes Nay Absent
Hi Qdav
Neal
Vobe1da
Wei s t
Bi lo
Bradshaw
Otis
MOTION:
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AbstaIn
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AGEN DA I TEM -----P RE SENTED BY--------
ROLL CALL
Moved Seconded Ayes Nay Absent Abstain
~ay c.--
Nea...!_ ~
VOb~U_da ,_
Wei s t l--
Bi lo ,_-
Bradshaw y-
Otis -
MCYriON:
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AG ENDA ITEM ...... /..___, __ _ P RESENTED BY lh (_ ~
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ROLL CALL
Moved Seconded Ayes Nay Absent Abstain
."' HiQdav --.
v Neal --.
Vobeida ___,
Wei s t -• Bi lo -
Bradshaw
Otis -
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AGENDA ITEM -----PRESENTED BY---------
ROLL CALL
Moved Seconded Abstain
v Hladav
Neal ,_. Vobe,da
Weist
Bllo
Bradshaw
Otis -
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AGEN DA I TEM cJ ' PRESENTED BY
ROLL CALL
Moved Seconded Ayes Nay Absent Abstain
111gaay
v Neal
Vobe1da
v We i s t
Bllo
Bradshaw
Otis -
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TO:
FROM:
UATE:
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Englewood City Council Members . "'-
<.:_ 'Jc} Susan Powers, Director of Community Development -:;rJv
April 20 , J ':l!l4
SUBJECT: Proposed Lease for City Parking Lot
In order to construct the King Soopers Store, Brady Corporation hus re-
quested that the City Council consider the attached lease on the Clty
parking lot. There is currently a lease on the property which limits
the use to short-term public parking. Since the King Soopers Store will
occupy the majority of the site, it is necessary that a new lease be
negotiated. The staff has been nego tiating with Brady's staff for
several weeks , and the resulting lease is being recommended to the City
Council. I have outlined the important elements of the lease on an at-tached sheet.
The property has been utilized as a public parking lot since 1950 when
it was first leased to Shopping Centers, Inc. (Paul Ambrose, President).
This lease was eventually assigned to Englewood Pl.na, J.td. (M:ut ln
llcrzug, C:cncrul i'<~rlncr).
During the term of the lease , the City received $400 per year from the
lessee . Since the City maintained ownership of the property and it was
leased for a public purpose , no property taxes were assessed or collected.
IVhen Brady purchased the Herzog property in the 3300 block of South Broadway,
he purchased Herzog's rights to the lease as well.
The development planned by Brady Corporation will produce several types
of tax revenues to the tax increment district and the City of Englewood.
Property Tax
Sales Tax
Use Tax
Total
$108,000.
$158,000.
$ 30,000.
$296,000 annually in 1983
dollars.
These estimates were prepared by Steve Bell, Hanifen-Imhoff, based on a
total of 68,000 sq. ft. of retail (King Soopers and two other retail out-
lets). This does not include the new retail he will be constructing on
Broadway or on Girard.
The le'lse payment from Brady is an additional revenu e source. For the
first four years, it would be $25,000 per year. In four years, the prop-
erty would be appraised, and Brady would pay 4% of the value. The City
recently received an appraisal on the property indicating a value of
$1.8 million. Assuming a 5% increase per year in value due to inflation,
the property would have an estiolated value of $2,188,000 in four yeara .
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Therefore, Brady's payment would be $87,520 based on 4 % of the value.
This could certainly vary based on property values in the area , but 1t
is likely to increase with the major redevelopment occurring.
The appraisal that the City obtained stated that the market value of
the property could result in a $200,000 per year lease payment. This
is assuming that we were involved in a traditional lease arrangement
with a private developer. Clearly, the downtown redevelopment proj ect
is not a tratlttion;ll bus I ness arrnngcmcnt. Throughout the pru.itw t,
Brady has made a considerable financial investment in Englewood's down-
town. This includes the initial development of the plnn as well as rt:>-
cent acquisition of property. In Urban Renewal projects generally,
there is a subsidy somewhere in the project to enable the developer
to accomplish the private development. Very often the subsidy is in
the form of "writing down" the coat of land. For instance, the Littleton
Riverfront Authori.ty purchased the property in the Urban Renewal area
for $7.5 million , and Writer Corporation l s paying only ~5 million.
This is not at all uncommon, since projects of this type are so complex
and expensive. This subsidy becomes the incentive for the developer to
proceed with some profit margin. In the long run, the benefits to the
community far outweigh the initial subsidy to the developer.
By reducing the lease rate to Brady, he is able to obtain tho Cinanclng
for the: King Soop e rs Store and begin this rltlcal. c•h•lll<•nt or till• projl·<·t.
The staff wei.ghed the value of the City property agatnst the value of
Brady 's development, and we feel that the negotiated lease is fair to
both partlc:s. ~/lien the Kint: Soopcrs Sturl• I;; l'OIIIj>.l l't<•d, tl1<• City will
receive more than $350 ,000 per year in revenue from taxes and lease pay-
ments. This far exceeds the appraiser's estimate of value. Therefore ,
the staff recommends approval of the lease by the City Council.
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SUMMARY OF PltOl'OSI\IJ LEASE
15 years with renewal options totalling 45 additional years.
(With landlord approval.)
RENT:
Annual rent of $25,000 paid quarterly for four (4) years.
In 1988, an appraisal of fair market value of the premis es will be con-
ducted and Brady will pay 4 % of appraisal value.
In 1992 and e very four years, the rent will be incr eased by 25 % of the
consumer price index f o r Denver.
FIRST RIGHT OF REFUSAL:
If the City receiv es a written offer from a third party (not llrady) Lo
purchase the parking lot, the City must first give Brady th e right t o
purchase th e property . If h e chooses not to exercio;e th is r ight , tl 1e
City is free to sell the parking lot .
REPAIRS AND MAINTENAN CE :
Br ady is r esponsible for all maintenance and repairs of the parking
lot (includ ing landscaping).
FINANCING :
Brady ""'Y c·ununit hi s lnl er.csL In tht• parking luL as c-o llat e r al /secu ri ty
for a loan to flnance the improvement s on the site (Ki ng Soopers Store,
etc.). He may not use the City's interest in the parking lot as
collateral/security for a loan . Either party shall notify the other
if their interest in the parking lot is to be used for financing of
another project.
INSURANCE:
Brady must maintain adequate ins urance coverage during construction
and post-construction .
ASSIGNHENT AND SUBLETTING OF LE AS E:
Brady must receive authorization from Lhe City before assigning or sub-
letting Lhe parking lot to another party.
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GHOU ND LEASE
f.tl.tlptHit•d lv<~~.~· 1vj 11
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j; l 'iidy /lL!Vc:.J.upldL'lll
Co l"po l 'ill i 011 ( 1· i 1 y ·-u\Vlll•d
/'ill'k j llg .I Ul)
This Gr o und Lease is mndc and entered
__ day of April 198'1 by and b et~1 een 'l'he City of
Colot·ado, a mun i cipal corp ore~tion, ( "Landlot·d"),
Bt·ady ("Te n a n t 11
), jo i ntly cal l ed t h e 11 Partics. 11
into this
Enqlewood,
and S. BLid
1. Dem ise of Pt·e luir:;eo. Lnncllonl, for <allcl i11 co JJ>,idt•J-
ation of tJ:iC: i<eJ)t~. COVenant!;; and conditions contained het·e in
to b e performed b y T enant , do es hereby let nnd clcmi S C! lliJl·o
Tennnt, and Tenant docs hereby talw and lc:l: from Landlord,
the real property described in E><h .ibi t /\ nl: tnc h cd hen: to <111cl
by this t·eference incorpot·ated here i n , together with all
fl)"lpurte n anc es thereto incl.udinc;-r, Hi.i:hout limi t :in<;J l:l11·
CJCl1'10.L"Hlity Of t}w [Ot'!;!CJO :ing, H il:f;pn~.;(! ilbOV!' the lilll'f'ilC!• uf'
l:JH! Pn,JuiJ :c·:. '""I full ill l<l llll.iJup.ai 11 ·<1 '" "'''·'· lu '·'"I' JJ I u,,.., ly
i.lt all l:i1nes ("Premises"). In the event Lnncllord sh<ll.l
ncquire ti tl.c to nny portion of illly of tla.: publ.i c :.;t J:OL·Lr;
ndjucent to the Prc1niscs ov1 i ng to u vncation of such r;trPr!l:s
u: o·thcnlisc:, then l:he.: 1't-r:Jni:;es >:hiil..liJ~: <:l\jJ.tll t il·<i Lo .illcilltl ..
those portions of such s·t:reets 1·1ith.in the definition of the
P ·:nznis r>r; >~Ct [ori;h ill l.il ·ir; Cl'O\Illtl J,e.:;u ;~:, illltl IIi LliuuL <.:li.alllJ<:
i1. any of l:l1c: OtllcJ: p1 ·ovi siun>.; ol' L11 ·i;; GI'CJ\Iild LP<'Jr;ro. Ill t lH•
l'l:UU<:Y;L ,,[ <d Llll:l' ur Lill: 1'<11 I I,.,,, i ill· I'd I I I,., dljl'l"' Lu dl lll 'lld
E ;:!)'bit 11 co :i nclude >~ucli porl:io11F; uf ncljnc.cnl: fanner publ .ic
r;Lr cc:t:;, bul: r;Licl ;111 """''"lHif,llL :;liiill llt'L '"' lir,c:c>:.:c "ry Lo
.include> >;w:.:IJ jll:opc.rt:y 11i thjli t:lll: 1'1 l'llli::<·r;.
?. . 'J.'c.nn . '.L'hc tcn11 of l:his Ground Lease shull be <ls J:t, t forth hnl.o11.
i, Dasic 'l'c:nn . 'l 'he Bur;ic 'l'crm of this Ground
Leas e shall commence a ·t t~1elve o'cloclt n oon , ''·1 ''-~l __ , 1901} (
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1.!'.!nE:e Co1mnenccment DiltC!"), nnd f3hnll C><pirc!
<•I. !:vll: lvc· o ''c J u c:J~ llu Cn<, 11<~y J, .I 'J'J'J, >;u !Jj uc; L Lu Li te J.ullo\ling;
(1) 'l'he Parties acknowledge tha t Tenant in~ends co subl eilse a portion of the Premises f o r an initia l tc::~-m of fifteen ( 15) year s corrunencing a pp r ox i mately
Decernbe..r._;>"' 198<!-. If for any t·eason the expi r a tio n date of
thG term of SLic h 15-ye<~r sublease s h al l b e a date after
11il.Y_L 1999, the Purt:ies ilgt·ee ·thut the e><piration d a t e o f
cle Basic 'l'erm of this Ground Lease sh all be delayed until
1:.' G !irs1: clay of the mo11th immediately f o ll ow i nq the month in
\lh_ch 1:he term of such 1 5-yanr nub l a<~se e )t pires provid ~s!J
l.. · :'{er, t1 u_t l:he .2.l!.P ·y')_l:i o!l _d; :t:u_qf . .J:h t1 . ..J3.<Ls:Lc. Term_ sh.H.Ll_!}O_t
L JL.~illLJ~eJ.:_JJ,_,_2_QJJlL_J;.n~.:..,_e1 tiiUID.l..e.., if the term o f L: .. : :.5-ye;,r r.: •• blease shall e>tpire li...P~r 2. 1999, the Ba sic
'J'r::Li n s h a ll e)tpire at t~o1elve o'cl o clt noon, J.nmuu:¥.......1..._~00_0 ..
' .:nnnt r:l < ll certif y to Lnndlorcl the clntc of e ><piration of
such lS-ycnr sublease , and upon a request from ei t h er o f the
J •. ~ti es , nn a ne ndment to this Gr ou nd Lease setti ng forth th e
nov expiration date of the Dasic Tcnn shall be executed , but
.. ,,r. , r.a el,d.ll l':l.t. f;hall not be necessury to c:.xtc11d the 13a~;.ic
T1 .·1.1 ex pil·ation clnte ns pt·ovicled nbove.
B. Renewal Terms. Tennnt shall have the right to :~c .. ·.1 the: 1:.erm of this Ground Lease for a kt 9_!_ fQ.l!r._(4J . ~":l!..r peri ods n.a set forth below ("Renewal Term"), upon app1ovul of the landlord,
( 1) I\ Renewal Term. 'rho first Renewal T erm
>.L •. 1 comm ence at the Oltpirution of tho Dnojc Term and expire
\lc: 1 vt:.: o' c loclc nuon on l:hc t:Lt:..t.i!...<m:Jj) ( 1 !/th) anni vet·sat·y oJ. ·~:!." clay the first nencwol Tel.·111 commenced. lL~u.P..llitQuent
_ ...•• , •. 1 "crm 1;hnll cormnenc~-~;t tho Oltpiration of the pt·.t~:n-.
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Renewal Term and expire at twelve o'clock noon on th~
fifteenth (15thl anniversary of the day such Renewal Term
commenced.
C. Lease Provisions of Renewal Terms. Each
Renewal Term shall be upon the same terms and conditions as
during the Basic Term, provided that Tenant shall have no
right to renew the term of this Ground Lease for more than
forty-five (45) years beyond the expiration of the Basic Term
without the prior written consent of Landlord.
D. Automatic Renewal. Tenant shallAexercis e i t s
right to each Renewal Term11 by delivering written notice
thereof to Landl o rd~no later than sixty (60) days prior to
the expiration of the then current term.A
E . S ec1al Provis ion . The part i e s acknow ledge
that they are present y the parties to that certain Lease
dated October 1, 1979 be t ween Landlord and Englewood Pla z a,
Ltd. ("Park ing Lot Leas e "), and which Parking Lot Lease
concerns the Prem1ses . It 1s s pecifica l ly ag r eed betwe e n t h e
Parties that the rk ng Lot Lease shall expire, termina t e
anc;l be vo i d a s of and from the commencemen t of the Ba si c
Term .11
3 . Rent. Te1 ant shall pay to Land l ord Rent as set
forth in th is Par agraph 3.
A. Re nt. Rent s hall be payable quarterly, in
advance, in lawfu l mone y of the United States of America, and
in installments due and payable commencing January 1, 198~,
and payab l e thereafter ~ril 1. July 1. and October 1. and
January 1 of each year during the term of this _Ground Lease,
in equal installment s of ~Thousand ~Hundred Fifty and
00/100 Dollars ( ~0. 00), subject to adjustment as set
f o rth below in Par a graph 3(B); provided however, that
n otwi thstanding such quarterly rent installments the total
Rent due for the period from the commencement date of this
Ground Lease to January 1, 1985 shall be Ten Thousand and
00 /100 Dollars ($lQ,OOO.OO) due and payable on pecember 1,
liM,.
B. Adjustments to Rent. Rent shall be period-
ically adjusted as set forth in this Paragraph 3(B).
(1) FMV Adjustment. No later than Jy_.l.y l,
1988, the fair market value of the Premises as of the fourth
i._4th) anniversary of the Lease Commencement Date ( "FMV
AdJuStmen.!...._Pate") shall be established as· the Parties
mut u ally agree, or in the absence of such agreement ~ by
app raisal as set forth below; and the annual Rent shall be
a d justed commencing the FMV Adjustment Date to be equal to
t o~ percent (~) of the fair market value of the Premises,
wi th the quarterly payments of Rent as so adjusted being
t h o s e payments due and payable commencing July 1, 198§. _A1.
the time of payment of the July 1, 1988 quarterly Rent
_;!"l!Ot allmen.!_, Tenant shall also a the amount by which the
ent for the period from the FMV Adjustment pate to July 1,
~~8 exceeds the Rent paid for such period prior to this FMV
en_t Adjustment .
(a) If the Parties are unable to agree
up n the fair market value of the Premises by January 31,
1 988, then either Party, by written notice, may demand that
u, fair market value of the Premises be determined by
appr aisal, which demand 15hall set forth the name of an
appr aiser selected by such Party, together with the names of
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two (2) additional appraisers acceptable to such Party .
Within ten (10) days after delivery of such notice, the Party
receiving such demand also shall designate an appraiser,
together with setting forth the names of two (2) additional
appraisers acceptable to such responding Party . If any
additional appraiser shall be designated by both of the
Parties, such appraiser shall become the third (3rd)
appraiser for purposes of determining the fair market value
of the Premises hereunder. If the Parties are unable to
select from the four (4) additional appraisers nominated a
third (3rd) appraiser to form an appraisal board composed of
each Party's designee and such third appraiser, then such
third appraiser shall be designated by the Chief Judge of the
Arapahoe County District Court upon the application thereof
by either Party. Upon determination of three (3) appraise rs,
each appraiser shall perform independently an appraisal of
th e Premises, together with all improvements thereon, and the
fair market value of the Premises for the purposes of this
Paragraph 3(B) sha ll be the average of the two closest
appraisals . Each appraiser shall be MAl qual i fied, and shall
be knowledgeable in the appraisal of property having similar
characteristics to the Premises . Each party to this Ground
Lease shall pay the fees and costs of the appraiser desi g-
na t ed by it, and they shall share equally in the fees and
costs of the third (3 r d) appraiser . The determin ation of the
fair market value of the Premises pursuant to the appraisal
procedures set forth above shall be binding and conclusive
upon the Parties, their successors and assigns and each Party
waive s all right s to petition any court to challenge such
fa~r market value as so determined.
(2) CPI Adjustments. Effective tn~~hth
(Bthl anniversary of the Lease Commencement pate. and ev~
~L-1 4J years thereafter _dY.tlng~e Buic Term and any
Renewal Term,,'\ Rent shall be adjusted as of such date by
adding to or subtracting from the Rent payment determined
pursuant to Paragraph 3(B)(l) an amount equal to such Rent as
multiplied by the Percentage Change in the Consumer Price
Index, as the terms "Percentage Change" and "Consumer Price
Index" are hereinafter defined.
(a) Percentage Change. The term
"Percentage Change" shall mean twenty-five percent (25%) of
the perc entage cha nge in the Consumer Price Index determined
by measuring the percentage change in that Index between the
Index published for ~ 1988 (or for March 1988 if the
Index shall not be published for April 1988) and the most
recent statement of the Consumer Price Index published for
April (or for the month immediately prior thereto if the
Index shall not be published for such month) of tbe year as
of which the Rent is being adjusted. Such percentage
increase shall be equal to a fraction, the numerator of which
shall be the most recent Consumer Price Index published for
the month (or the immediately prior month) as of which the
Rent CPI adjustment is being made, and the denominator of
which shall be the Consumer Price Index published for ~
1988 (or for March 1988 if the Index shall not be published
f or April. 1988), minus one (1), and the result multiplied by
o ne hundred (100).
(b) Consumer Price Index. The term
"Col s umer Price Index ," as that term is used herein, is the
Consumer Price Index (CPI-U) for all urban consumers in
Denve r, Colorado , all items, published by the Bureau of Labor
Sta~~stics , with the year 1967 equalling one hundred (100).
If ~h is Index shall cease to be published when the adjust-
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ments provided for herein are to occur, then a successor
Index or the most nearly comparable Index shall be used.
4. First Right of Refusal. Landlord hereby grants
Tenant the f.i..r.ll right of refusal to purchase" Landlord's
right, title, and interest in the Premises, Wlder a bona
fide, arm's le~th transaction with a third party with which
Landlord has executed a purchase contract r··purcJ1as e Offer T
.ki!nd !.p rd a ±~.es to deliver a copy o_f such . signed P~rch as et~.
Qffer to TeD~t within fiye (5) days afte~andlord and the
prospective purchaser have ellecuted the Purchase Offer.
Tenant shall have thirty (30) days after receipt of the
Purchase Offer in which to exercise this First Right of
Refusal. and upon such exercise Tenant shall purchase
LandJ,_o_rd's right, title, and interest in the Premises in
.,ili;.cordance with and to the extent of the te_r ms of such
Pur c ha s e Off e r. T[l_i ~ __ F li ~t._F.-i_gl}t __ g..f _ Re fu sa l _s h a ll......J2.c
exercis.~ .9.Ul Y .. by _written notice thereof delivered to
Landlord within the 30-day time period described above . If
Tenant shall ~a ~_tq deliver its written notice exercising
this First Right of Refu s al within such _30-d ~io d_ t he n
this First Right Rf_Refusal shall expire as to such Purchase
Off.§!.L;_.Q\J..t _in the_ e_y ent such Purcha_se Off~.r_shall b e_Elt e r ed
or if such Purchase Offer does not close and thereaf t er a
_:;ub s~qu e_l}! P t.!t:.~l!_a s-e _<2_f_~r IS e n tei.-eci int:_o_!2.Y _L aJ1dl .Q~-t 11e"n
in._.bo..thJVen~s _su~ ~ s · t\,_1!'\.t.i.Q.[L _sh.a~L Q.~-deemed a new
fll_::.c;:ba s _e_Qf.Jer ._s _@ ject to the term s he r eof.
5 . Use. Ten a nt ma y use the Premise s for the develop-
ment, construction, leasing, operation, and maintenance of a
shopping center, and for any other purpose permitted under
applicable federaL stat..g_, and m\!.11.i..tiP-.al law. including
municipal zoning ordinances.
6 . Improvements. Tenant shall have the right to make
alterat i ons or improvements to the Premises as Tenant shall
dee m app r opr i a t e in its sole discretion, in accordance with
all applicable laws (including federal, state and municipal
law) and municipal zoning and building code regulations, at
any time and from time to time during the term of this Ground
Lea s e, including all Renewal Terms . With respect to all
present and future improvements to the Premises, and without
limiting the generality of the foregoing sentence, Tenant
shall have the right to erect, remodel, renovate, refurbish,
expand, contract, demolish, excavate, and otherwise alter all
or any portions of the Premises, subject to the limitations
of Paragraph 5. At the expiration of this Ground Lease, all
permanent improvements to the Premises made by Tenant or its
subtenants shall become, absent any specific written agree-
ment between Landlord and Tenant to the contrary at the time
of installation, the property of Landlord and shall remain
u p on and be surrendered with the Premises as a part thereof
at the end of the term hereof, subject to the terms of
Paragraph 17 (Surrender of the Premises). Prior to such
expiration of this Ground Lease, all improvements to the
Pr e mises shall remain the property of Tenant . Nothing herein
sh a l l be deemed to transfer to Landlord ownership of the
t r d e fixtures or other personal property upon or affixed to
the Premi ses or any improvements thereon, and Tenant, its
subt enants and assignees shall be entitled to remove such
i tern s f rom the Premises within the period set forth in
Para graph 17 (Surrender of the Premi sea); but auch persons
~h <~l l repa i r any damage to the permanent improvements owing
to s u ch r emova l.
7. Repairs .
and expense,
Tenant shall be responsible, at ita sole
for all repairs and maintenance to the
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Premises and the improvements located thereon. Nothing
herein shall be deemed to limit the liability, if any, under
law of Landlord to Tenant for damages suffered by Tenant with
respect to the negligent acts or omissions, and willful
misconduct, of Landlord, its agents, employees, and all other
persons for whose conduct Landlord is responsible under law;
nor shall this Paragraph 7 limit the obligations, if any, of
Landlord to repair or maintain utilities located in, on, or
above the Premises owing to Landlord functioning a s a
municipality or provider of utility services.
8. Financin~ The rights and obligations of the
Parties with respect to the use of their interests in the
Premises as security for the repayment of indebtedness shall
be as set forth below.
A. Definitions .
( 1) "Lender" means a commercial or savings
bank, trust company, savings and loan association, insurance
company, pension or profit-sharing trust or plan, or other
similar organization regularly engaged in the business of
lending .
(2) "Mortgage" means a mortgage, deed of
trust, or other docum ents pledging all or any interest Q.!.
Tenant under this Ground Lease as security for the payment of
a Permitted Loan, including without limiting the genet·ality
of the foregoing assignments of leases and rents, assignments
of security deposits, security agreements, and financing
statements.
(3) "Mortgagee" means any Lender which takes,
holds, owns, or receives a Mortgage.
(4) "Permitted Loan" means any acquisition,
construction, bridge, interim, or permanent loan, including
the refinancing thereof obtained by Tenant for the purpose of
financing all or any of the activities defined in Paragraph 6
(Improvements) .
B. Leasehold Financing. Tenant may grant at any
time and from time to time during the term of this Ground
Lease, as security for the repayment of Permitted Loans,
Mortgages upon Tenant's interest in the Premises provided
that the Mortgagee agrees that: (i) it will give Landlord
written notice of any default under such Mortgage, the
fa~lure to cure which might result in the acceieration of the
maturity date of the Permitted Loan and (ii) Landlord will
have thirty (30) days after receipt of such notice within
which to cure such default if Landlord shall so choose.
C. ~Subordination of the Fee.ATenant shall~
have the right to eubordinate or otherwise subject Landlord's
i n ~er ests in the Premises to ~ Mortgage~
/\ D. Notice by Landlord . If Landlord ahall claim
t h at Tenant is in default of the terms of thia Ground Lease,
La s lord agrees to send a duplicate of each such notice of
d efault to each Mortgagee, and Landlord further agrees that
e ach such Mortgagee shall have the right to cure all defaults
b y Tenant under this Ground Lease, within a period of time
e qua l to the period available hereunder to Tenant but
b egi nning at the expiration of such period in which Tenant
may cure .
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E. Mortgagee Not Liable Prior to Possession.
Landlord agrees that no Mortgagee of Tenant shall be liable
for Tenant's obligatins hereunder prior to such Mort gagee
either taking possession of the Premises and then only for so
long as such Mortgagee remains in possession of the Premi ses ,
or upon assignment or subletting of the Premises to such
Mortgagee and then only for the term of such assignment or
subletting.
F. Notice of Financing. In the event either
Party subiects its interests unde~s Ground Lease or in
the Premises t_o__any~eed of trl.l.2_t_~m ortgage. or othet:
security interest, such party shall provide the other party
with thirty ( 30) days prior written notice of such even t,
together with providing a copy of the deed of trust, mort-
S]Age ,__f~n~D~ i l}g _sta_t..~ments or _Q_t._h_e_r_doc!:!!'le ll! ~videnc i ng suc ll
security interest within sixty (6 0} day s after the filing o r
recording thereof. However. such prior notice and such~
of the recorded_or filed instrument shall not affect the
Y..!lliruJ: Y -~•my ~J:l ._ti_g_n or secu ti_ty_j,J} t e_r.J'! s.1__qx a !1 t;ed __ i n.
good faith for consideration .
9. Insurance . Tenant shall, at its sole cost and
expense , maintain policies of insurance with respect to the
Premises as set forth in this Paragraph 9.
A . Ca sualty Insurance . Tenant shall maintain the
following types of casualty insurance during the applicable
per1ods set forth below.
(1) Construction Periods. During periods of
con struc t i on , alterat ion, or demolition of improvements to
the Premises by Tenant , Tenant shall maintain builder's risk
insurance in an amount equal to the completed value of such
improve ments to the Premises, with Lan dlord listed as an
additional insured thereunder to the extent of its interests
in the property insured.
(2) Post-Construction. Upon completion of
construction or alteration of improvements to the Premises,
Tenant shall obta in fire and extended coverage casualty
insurance for no less than eighty percent (80%) of the
replaceme nt value of the improvements to the Premises made by
Tenant, with Landlord a s a loss payee thereunder to the
extent of its interests in the property insured .
B . Liab i lity Insurance. Tenant shall maintain at
all times a policy of comprehensive public liability insur-
ance with policy limits not less than one million dollars
($1,000,000) per person, per occurrence, and naming Landlord
as an additional insured thereunder with respect to the
Premises.
C . Policies and Companies . All insurance
c o verages required by this Paragraph 9 shall be standard form
insurance contracts with insurance companies licensed to
transact business in the State of Colorado, and with provi-
sions providing that no auch policies ahall be cancelled
without thirty (30) days prior written notice to Landlord .
D . Evidence of Insurance. At or pr ior to the
commencement of each period of time during which Tenant is
obligated to have the insurance specified in this Paragraph 9
in force, Tenant shall present to Landlord either a standard
ce rt ificate of insurance evidencing that the applicable
in su rance coverages required under this Ground Lease are in
fo rc e or a copy of each applicable insurance policy.
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E. Blanket Insurance Policies. Nothing in this
Paragraph 9 shall limit Tenant in obtaining insurance of the
kinds and in the amounts provided in this Paragraph 9 under a
blanket insurance policy or policies which cover other
properties owned or operated by Tenant as well as the
Premises.
F. Waive1· of Surrogation . Landlord and Tenant
each hereby waive any and all rights of recovery, c 1 a im s,
actions, or causes of action, against the other, its agents,
officers, employees, contractors, invitees, or customers for
all loss or damage that may occur to the Premises or any
improvements thereto, or any personal property of either
party thereon, by reason of fire, the elements, or any other
cause which is or could be insured against under the terms of
the standard fire and extended coverage insurance policies
referred to in Paragraph 9 above, regardle ss of cause or
origin, including negligence of the other party hereto, its
agents, officers, employees, contractors, invitees, or
customers .
G. Right to Obtain Insurance . Upon ten (10) days
prior written notice to Tenant that the insurance coverages
set forth in this Paragraph 9 are not in force, Landlord
shall have the right to obtain and pay for tho se required
insurance coverages not in force, and the insurance premium
for such coverag es shall be additional rent due hereunder
from Tenant to Landlord, due and payable thirty ( 30) days
after delivery of written dem an d therefor to Tenant.
10. Assignment and Subletting. Tenant shall not assign
[except pursuant to Paragraph 8 (Financing and Subordina-
tion)] all of its rights as Tenant under this Ground Lease
without the prior written consent of Landlord, which consent
shall not be unreasonably withheld or delayed; provided,
however, that such consent shall not be required for such a
transfer to an entity owned in whole or in part by S. Bud
Brady . In the event of an assignment of Tenant's rights as
permitted hereunder, Tenant shall be released from any and
all further liability under this Ground Lease commencing the
date of such assignment, but shall remain liable with respect
to obligations which accrued prior to &uch assignment .
Tenant shall have the right to sublet all or any portion of
the Premise s at any time and from time to time upon such
terms, conditions~ andArent as Tenant shall deem appropriate
in its sole discretion .
11. Landlord's Right of Entry. Landlorq or its agents
shall have the right to enter the Premises during reasonable
business hours for the purpose of inspecting the Premi&es,
including additions or alterations thereto, and for the
purpose of exhibiting the Premises to prospective tenants or
purchasers of Landlord's interest. Landlord agrees to give
Tenant three (3) days prior written notice of its desire to
exercise its rights hereunder, and agrees that its entry
shall be conducted in such a manner as not to interfere with
the operations of Tenant or any subtenant or assi9nee of
Tenant making use of the Premises, or the their customers .
The exerc ise of this right to enter the Premises shall not be
deemed an eviction or disturbance of Tenant's use or posses-
s ion of the Premises . Nothing herein shall be deemed to
l i ml t the rights of access to the Premises pursuant to
Land lord's general police powers as a municipality, as
d 1s~inquished from its rights asALandlord hereunder .
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12. Eminent Domain.
A. Complete Taking-General . If the entire
Premises shall be taken in the exercise of the power of
eminent domain, this Ground Lease shall terminate as of the
date of such taking and the Tenant shall thereupon be
released from all further liability hereunder.
B. Partial Taking -Gene r al . If a po~tion of th e
Premises is condemned or taken in the exercise of the power
of eminent domain so as to render the entire Premi ses
unusable, then in such event Tenant shall have the right to
cancel and terminate this Ground Lease (as of the date of
such taking) upon giving to Landlord notice in writing of
such election within sixty (60) days after the receipt by
Tenant from Landlord of written notice of such appr o p r i atio n
or taking . Landlord agrees that it will give written not1ce
to Tenant immediately upon appropriation or taking hereunder.
Any taking or appropriation by eminent domain proceeding
shall be deemed to render the Premises substantially unu s a b le
if such appropriation or taking results in Tenant's inab i l i ty
to use the Premises in the manner in which it was being used
immediately prior to such appropriation or taking . In the
event of such cancellation of this Ground Le ase pur s u an t to
this Paragraph 12(8), Tenant shall thereupon be released from
all further liability hereunder.
C. Partial Taking-Special Provision. The pa~ties
acknowledge that it is the intent of Tenant to sublease a
portion of the Premises for the purposes of retail store
operations, and that Tenant intends to install parking spaces
on the Premises for the customers of such store. Inasmuch as
the availability of parking and commercially acceptable
access for the Premises and the building to be constructed
thereon by Tenant is an essential element to the store
operat i on, Landlord agree s that ( i) if the parking area
constructed by Tenant on the Premises is taken or damaged
under the exercise of eminent domain resulting in the
reduction in the number of car parking spaces on the Premises
from that existing prior to such taking or damage, or (ii) if
any exercise of the power of eminent domain results in
unreasonable or commercially unacceptable access to the store
constructed by Tenant on the Premises from unaffected areas;
such that as the result of (i) or (ii) above the store
operator terminates its sublease with Tenant, then Tenant
shall have the right to terminate this Ground Lease within
sixty (60) days after receipt of the sublease termination
no t ice from Tenant's subtenant, and Tenant agr~es to promptly
forward a copy of such sublease termination notice to
Landlord upon receipt thereof. In the event of cancellation
of this Ground Lease pursuant to this Paragraph 12(C), Tenant
shall thereupon be released from all further liability
hereunder.
D. Rent Payments. If this Ground Lease is
te rmi nated in any manner provided above, the Rent shall be
prorated to the date of termination, and Tenant shall pay
s uch Rent within thirty (30) days after the date of such
ta ki ng i n the event of a taking of the entire Premises or, in
t he event of a taking of a portion of the Premises rendering
t he balance unusable , then such Rent shall be paid within
t hir ty (30) days after delivery of Tenant's notice termi-
n at.l ng this Ground Lease. If less than the whole of the
P rem 1ses are so appropriated or taken and Tenant shall not
e l~c t to terminate this Ground Lease, but shall remain in
th at portion of the Premises which shall not have been
appr opriated or taken, then in such event the Rent shall
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abate according to the value, as of the previous rent
adjustment, of the portion of the Premises not taken or
condemned.
E. Condemnation Award. To the extent that
payment of the condemnation proceeds is not made directly to
Tenant for the losses suffered by Tenant, then the entire
condemnation award shall be paid to Landlord but Landlord
shall, and hereby doe s, a ss ign to Te na nt ou t of a n y s u c h
award paid to Landlord the greater of the following two
amounts: (1) such portion of the condemnation award, if any,
as shall be determined in such condemnation proceedings to be
the value of Tenant's interest and business; or (2) the
unamortized value of Tenant's expenses in making improvements
or alterations to the Premises. The unamortized portion of
Te n a n t's expenditures for improving or altering th e P r em ise s
s h all be determined by multiplying such expenditures by a
fraction, the numerator of which shall be the number of years
(and any fractional part of a year) of the term of this
Ground Lease which have not expired at the time of such
taking of appropriation, and the denominator of which s h all
be the number of years (and any fractional part of a year) of
this Ground Lease which shall not have expired at the time of
improving or a l tering the Prem ise s. The Re n e wa l Te rms sha ll
be taken i n to consideration both in determining the numerator
and d enominator of such fraction . Furthermore, Tenant's
right to receive compensation or damages for fixtures or
personal property sh a ll not be affected in any manner by th is
Pa r agraph 12 .
13 . Default. If Tenant shall fail to pay any sum to be
paid by Tenant under this Ground Lease, and such failure
shall continue for thirty (30) days after written notice to
Tenant, or if Tenant shall fail to perform any of the other
covenants or conditions wh i ch Tenant is required to observe
a n d perform unde r th is Grou n d Lease and such failure shall
con t inue for thirty (30) days after written notice to Tenant
(or for such longer period of time as may be reasonably
requ ired so long as Tenant promptly commences and diligently
pu r sues the cu r e of such failure), Tenant shall be in default
under t h e terms of thls Ground Lease.
14. Re medies. In the event Tenant is in default under
the terms of this Ground Lease, Landlord may have any one or
more of the following described remedies.
A . Termi nation . Upon default, the Landlord may
terminate this Ground Lease and forthwith repossess the
Premises, with the right to recover such damages as are
al l owed by law .
B . Reentry and Reletting. Landlord may terminate
Tenant's right of possession (but not the Ground Lease) and
may repossess the Premises by forceable entry and detainer
s uit o r by o the r legal process without terminating th i s
Ground Lease, in which event Landlord shall make reasonable
efforts to relet the Premi ses for the account of Tenant at
s uch rent and upon such other terms as shall be reasonable
u nd er t he c i rcumstances. Upon such reletting, Landlord shall
b e e ntit led to recover from Ten~nt the difference by which
the a mount of the Rent reserved under the terms of this
Ground Lease for the balance of the current term hereof
e x c eeds the amount of rent reserved under the relettinq, both
s ums d i s c ounted to present value, and deduct i ng from the
d isc ounted value of the rent reserved under the relettinq the
reasonable costs incurred by Landlord for such reletting,
inc lud i nq real eatate commiaaions, repair&, chanqea,
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alterations or additions in and to the Premises as reasonably
necessary to accomplish such reletting. The Landlord may at
any time after such reentry elect to terminate this Ground
Lease owing to the default from which Landlord's right of
reentry and reletting arose.
15. Quiet Enj oyrnent. Landlord hereby covenants and
warrants that Landlord is the owner of the Premises and that
Tenant, on payment of those rentals herein provided for and
performance of the provisions hereof to be performed by
Tenant, shall and may peacefully pos sess and enjoy the
Premises during the term hereof without a ny interruption or
disturbance .
16. Estoppe l Certificates . Either of the Parties upon
not less than ten (10) days prior written notice from th e
other Party, shall exe c ute, acknowledge, and del1ve r ~o s u h
requesting Party any and all written statement s as may be
requested of or required of the requesting Party by banks or
other lending institutions with security interests in the
Premise s , or by prospective purchasers of such Party's
interest in the Premises, ( i) certifyi ng that this Ground
Lease is unmodified and in full force and effect (or, if
modified, stating the nature of such modification(s ) and
certifying that this Ground Lease, as so modified, i s in full
force and effect) and, if appropriate, the date to wh ich the
Rent and other charges are paid, and ·(ii) acknowledg ing that
there are not, to such Party's knowledge, any uncured
def a ult s on the pat·t of the othet· Party hereundet·, or
specifying such defaults if they are claimed .
17. Surrender of the Premises. Upon expirat i on or
ear lier termination of this Ground Lease, Tenant shall
surrender the Premises to Landlord in good order and repair,
exce pt for ordinary wear and tear and damage from fire or
othe r ca s ualty . In the event Tenant makes improvements or
alterations to the Premises pursuant to Paragraph 6 (Improv e-
ments), Tenant shall not be obligated to restore the Premi s es
to the condition of the Premises when Tenant took possession,
but Tenant shall surrender the Premises as improved by
Tenant, subject to ord ina r y wear and tear and damage from
fire or other casualty. However, upon such expiration or
termination of this Ground Lease, Tenant, its subtenants and
assignees shall, for thirty (30) days following such expira-
t i on or termin ation, have the right to remove all additions,
fixtures, installations, and improvements (excluding
structural components of such improvements) placed upon the
Premises by such persons, subject to the provisions of
Paragraph 6 (Improvements).
18. Representations . Landlord represents and warrants
to Tenant that the Premises are free and clear of all liens ,
encumbrances, and leases (except the Parking Lot Lease), and
that Landlord has full power and authority to enter into and
bind Landlord to the terms of this Ground Lease . Tenant
re p resents and warrants to Landlord that Tenant has ful l
power and authority to enter into and bind Tenant to the
te r ms of this Ground Lease.
19 . Transfer by Landlord . In the event of a sale or
c onveyance by Landlord of Landlord's interest in the Premises
or any part thereof, other than a transfer solely for
se c urity purposes, Landlord shall be relieved from all
fu r ther obligations and liabilities arising from this Ground
Le a se from and after the date of such transfer, provided,
however, that any funds held by Landlord at the time of
tra nsfer in which Tenant has an interest shall be delivered
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to the successor of Landlord . This Ground Lease shal l not be
affected by any such sale or conveyance and Tenant agrees to
attorn to Landlord's successor provided that all Land lord's
obligations hereunder are assumed in writing by such
successor .
20 . Waiver of Breach. One or more waivers of any
covenant, term, or condition of this Ground Lease by eithe~
Party shall not be construed as a waiver of any subsequent
breach of the same covenant, term, or condition. The conse nt
or approval by either party to any act by the other pa ~t y
requiring such consent or approval shall not be deemed to
waive or render unnecessary consent to or approval of any
subsequent similar act .
21. Ti me of the Essence. Time is of the ess ence for
the performance of each and e v ery provision hereof.
22 . Short Form Lease . The Parties agree to execute and
record in the record s of the Clerk and Recorder of Arap ahoe
County , Colorado, a short form lease evidencing the creation
of the leasehold estate in Tenant as set forth herein, with
s uch shor~ for m lease to r e cite the Parties , the term hereof
in cludi ng all Renewal Term s, and the granting of the pu~ch ase
o ption descr ibed in Paragraph 4, all as record notice of
Tenant's interests here under.
23 . Headings for Conv enie nce Only. The he adi ng s ,
captions, and t i tles used herein are intended solely for
conven i ence and reference and shall not affect that which is
se t forth in any of the provisions hereof .
24. Pronouns . Unless the context requires a contrary
construction , the singular shall include the plural and the
plural the singul ar; and th e masculine, fe minine, or neuter
sha ll each include the masc uli ne, feminine, and neuter .
25 . Amendments to be in Writing. This Ground Lease may
be modified, amended, changed, or terminated (except as
oth erw ise provided in this Ground Lease) in whole or in part
o nly by an agreement in wr"i ting duly authorized and executed
b y both Landlord and Tenant .
26. Parties Bound . Each and every provision of this
Ground Lease shall, subject to the provisions regarding
ass i g nment, apply to, bind, and inure to the benefit of the
Parties and their legal representatives. The term "legal
representatives" is used in this Ground Lease in the broadest
po Esi b le sense and includes, but is not limited to, in
add ition to personal representatives, executors and admini-
st ato rs, every person, partnership, corporation, or associ-
ation succeeding to the interest, or any part thereof , of
either Landlord or Tenant in this Ground Lease or the
Premises whether such succession results from the act of a
pa rty in interest, operation of law, or a combination of
operation of law together with the act of such party .
27 . Holding Over . The holding over and continuation of
any business by Tenant upon the Premises after the termina-
t i o n or expiration of the term hereof shall not be considered
to be a renewal or extension of this Lease Agreement unless
Land lord approves such holding over in writing and a def inite
ex tension agreement defining the length of such additional
te rm is signed by Landlord . Any holding over without the
consent of Landlord shall be considered to be a month-to-
mo nth tenancy at a rental equal to the Rental herein provided
and otherwise subject to all condi tiona, provisions, and
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obligations of this Ground Lease (excluding all renewal
rights of Tenant hereunder) insofar as the same are applic-
able to a month-to-month tenancy.
28. Notices. Any notices, demands, or other communica-
tions required or permitted to be given by any provision of
this Lease Agreement shall be qiven in writing, personally or
sent by certified or registered mail, postage prepaid,
addressed to Tenant or Landlord, as appropriate, at the
address set forth below or at such other address as either
Party may from time to time designate by written notice to
the other party. Notice shall be considered given when
personally delivered or mailed, and shall be considet-ed
received on the earlier of the day on which such notice is
actually received by the party to whom such notice is
addressed or the third day after such notice is given .
Landlord:
Tenant: s. Bud Brady
29. Severability. Invalidation of any of the provi-
sions of this Ground Lease or of an·y paragraph, sentence,
clause, phrase, or word herein, or the application thereof in
any given circumstance, shall not affect the validity of the
remainder of this Ground Lease.
30. Exclusive Agreement . This Ground Lease contains
the entire agreement between the Parties and no statement,
promise, or inducement made by either Party or the agent of
either Party that is not contained in this Ground Lease shall
be valid or binding .
31 . Binding Effect. This Ground Lease shall become
immediately binding upon the Parties upon the date of the
last party signing hereunder notwithstanding that the term of
this Ground Lease shall commence on a future date.
32 . Interpretation and Jurisdiction. The Parties agree
that this Ground Lease was drafted by both Parties, and that
no interpretation of this Ground Lease shall be made more
favorable or more detrimental to either party as a result of
the drafting of this document. This Ground Lease shall be
governed by the laws of the State of Colorado~
33. Relationship of the Parties. Nothinq herein
contained shall be deemed or construed by the Parties, nor by
any third party, as creating the relationship of principal
and agent, partners, or joint venturers between the Parties;
and it is hereby understood and agreed that nothing herein
shall be deemed to create any relationship between the
pa rti es hereto other than the relationship of landlord and
tenant .
IN WITNESS WHEREOF, the Parties have executed this
Ground Lease the day and year first above written.
(SEAL)
ATTEST :
LANDLORD:
CITY OF ENGLEWOOD, COLORADO, a
municipal corporation
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( By: __________________________ __
TENANT :
S . Bud Brady
STATE OF
COUNTY OF ss .
The foregoing instrument was acknowledged before me
this ____ day of -:-----------' 1984, by as
and as of
the City of Englewood, Colorado, a municipal corporation .
WITNESS my hand and official seal.
My commission expires:
My address is:
Notary Public
STATE OF --------------
COUNTY OF -----
ss.
this The foregoing instrument was acknowledged before me
day of , 1984, by S. Bud Brady .
WITNESS my hand and official seal.
My commission expires:
My address is:
Notary Public
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L E A S E
Copy or ('lll"r l!nt l l!iiSl!
for City-owned block
(P ark and Shop /llerzog)
THIS INDENTURE, Made th.is 1st day of October, A . ll ,,
19 79, between the City o f Englewood, Color ado , a Colorado
muni ci pality o rganized pursuant t o the provisions of
Article XX of the Const i tut ion .. r the State of Colorado,
Lessor , (h ereinafter called "C .i.·~y ") am] Englewood PJ.uza
Limited , a Limited Partnership , Lessee , (h ereinafter culled
"Company ").
WI'rNP.SSE'J.'ll : 'rha t in co :.s.i.dcra t.i.on of the paymtcn L or:
the rent and the keeping and performanc e of the cov enants
and agreements by the said Lessee hereinafter set forth ,
the said Lessor hereby leases t~ the said Lessee the fol -
lowing described premises situate .i.n the C.il:y or-E!FJl<•l·mnd,
County of Arapahoe , in the State of Colorado, to wit :
l\ tract of lane] locat:e cl :i.n l:he Sl·:l/~ or:
the SWJ./~ of Section J~" Township 4 South ,
Range 6 8 We st of the 6t .'1 P .M. , Arapahoe
County , Colo rado , described as follows :
Beginning at a point 1 97.7 feet South and
50.0 feet We st o f the NE corner of the SEl/4
of l:hc fMl /11 of Secti on :l~, 'l'n~Jn :;hi p II
South , Hanqc 6U \lies L of the 6th P.M . , wh.i.cl1
point is the West li ne ~£ South Broadwuy ,
thence So uth 89°~0' West for 298.0 feet to
the center line of South Acoma Street,
thence South 89°40' West for 30 .0 f eet to
the West line of South /\coma Street, which
poi.nt .i:: the t:ruc, point: of ber.r.i.nn.i.n<J;
l:hunc.:c !:iouth fl9°~0 ' W<~:,n. for 263 .0 f e el: to thr~ J:a:;t l i.ne of Soulh d ilnn oclt Strout ;
then ce South 0° East 317.C feet ; then ce
:ltli-Lli I!'J 0 1!0 ' Ea:;t l2J feet., thcncu South 0 °
East 125 feet ; thence North 89°40' East 138
feet , which point. lies 10 .0 feet West o i
the cent e r line of South Acoma Street;
thence No rth 0° East 4tl ;l feet to the true
point of beginning.
1'0 11/\VE AND TO HOLD TilE SAl1E with all appurtenances
U'1l:o Lhu :.aid J.ussuc from twclv-~ o 'clock noon on the lst cwy
o£ October , A. D., 1979 , until _welve o'clock noon on the
J.st day of October , 1\, D., 1999 , unless sooner forfeited
thronq h the violation o£ any covenunt or promise hereinafter
set forth.
And in consideration of the denise aforesaid, the
Lessee hereby covenants and agrees with the Lessor as
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follows, to wit:
1. Said Lessee agrees to oc cupy and to maintain the
lea sed premises as a public parking lot f or motor vehicles.
It being the intention of the Parties that the demised
premises be converted into a public parking lot for the u s~
and con ven ience of shoppnrs l:r<HlJ .n<J ilL LIH· :;Lou!:; o~nd :;Jiu[J::.
located on the adjacent blocks .
2. The Less or agrees t o have the surface of the
demised premises black-topped in a manner suitable Eor a
motor vehicle parking lot .
3 . 'l'he l.cs:;cc shall pay to the l.u~::Jor il rcn t<tl J c;r
the full term aforesaid a su111 e~ual to one-half: (1/~) ul
the cost of iHack-topping I: he same dclllised J.>remi:·:c,:;, iJLIYdl; I<.:
in twenty (20) annual instaLLments , in advance, on or J;c"lorc:
twelve o'clock noon of the lst day oE October of each yuar
during said term , at the office of the clerk of the City of
Englewood, Arapahoe County , Colorado .
4 . The Lessee agrees that the rules and regulations
f or Lhe Oj)C:l:al:.i.O li ol :;ai.d jlilrk.i.ng lot. :;h.t .IJ jJr(Jvirk" Jlilrl:··
ing lim itation, which shall not be more than three (3)
hours , and the Lessor , the City o f Englewood , agrees to
pclice said public parking l ot E.nd to issue traffic summonses
Eor viola t.i.on o E the pa rk:Lnq lo l l.i.m.i. ta t.ion r;; that :;aid
limiti'ltions shall be duly established by the City in accord -
ance vlith the applicable laws and ordinances; an_d that the
City shall enforce said parking limitatio ns in the same
manner as o ther parking restrictions in the City arc en -
forced by it . n• IS PUl<TJJJm. l\GHEP.D that no chanjcs will be
made for parking in said public parking lot unless charge~
are collected for parking on the streets adjacent to said
lot , ancl in thaL evenL the Clty of Englewood shall assume
I.JH~ pol ic:inq <~nd 111<1 i.ntai.n.i.n<.J oE :;aiel lot. I!OWJWEH , .i.t i:;
<HJrccd that as long as no p.:trki;·,g charge .i.s made , the
Lessee shall maintain said lot , includi ng the oiled surface
thereof.
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5. The Lessee agrees to carry sui t able Public
Liability Insuumce sufficient t •) protect both th e Le ss ee
and the City of Englewood against suit.
6 . Lessor reserves fee t i tle to the minQral astute
u n de rl yi ng till:! d em ised premis e s a nd t o l:he air SLJilCe ovc.:r -
ly i n g t he demi s ect p remises a nd s h all be entitled to access
to said mineral estate a n d a ir spa c e f o r the purr,osc of
d8veloping t he same, so long as such acc e s s a n d d ev e lopmer.t
does not unreasonably interfere with the u se o f t h e demis0d
premises by Lessee as a parking l o l: in tht~ ltlanncr cont:l.!m-
plated by l:h.i.s Lease .
'J'he obligations ar;uumcd b y l:hc p art.i.c.!S to th.L,; L<:u:-;c:
and all amen2lments thereto itre completely nuvc!~ct!J.lc and
r;cpuri.ltc and LlwL , should di!Y !.;inglc pro v i:.;.i .un , o b .L.i.guL.i.un
or i t e m of co ns .i .dcru t.i.on b e c.lec :.ared by a c o u rt of c ompc;,tcnt
jurisdicti o n t o be vo id , .i.lle ga~ or otherwise ineff ect ive
or une n forcea b le , said d ecla r ati on s h all n o t t erminate said
agreement s, nor sha l l th e sa me h ave any effect u po n t h e
othcJ-p•:ov L!;j on:-; l:hcn~or..
7. S h o uld t he Ci ty desire to dev elop t he demised
premi s es , the n in a ny su ch e vent the City shal l prov ide t h e
same squ are f oo tage f o r p ar ki ng a s currently e x i s ts pursuan t
to the te r ms o f t h is Lease . 'J'h e park i n<] wr oas , i n the e v e nt
of any suc h de v elopme n t , s h all be prov i d e d from wit h i n t h e
c.lt,vclopment .i.ts ul r:, a t g r ad e l e·:2 l or street leve l , a bov e
grndc le v el o r street lev e l , or below grad e lev el or s tr eet
level , at the opti o n o f the City.
fJ . 7\ND T'l' IS FUH'l'II E R EXP H!':SSLY UNDJ-:HS 'J'OOD 1\t!D
fi.GHEED that all the c ov enan ts a :,d agreeme n ts in th is Leas e
contained shall e x t end to and be binding upon the successors
and assigns o f the r e spec tiv e parties hereto.
9 . 'l'his Lease is made i>y and between the Parties
with the e x p re ss understanding and agreement that in the
e v ent the Less e e b e come s i.nsolvc ·nt, or is declared bankrupt,
t~en , i n either event, the Less~r may declare this Lease
ended a nd all r i ghts of Lessee ~ereunder shall thereupon
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terminate and cease.
IN WITNESS WHEREOF, the Parties hereto have hereun to
set their hands and seal the day and year first above
written .
ATTEST :
T ::JE CI 'l'Y OF EN GLEWOOD, COLOHJ\DO
a Municipal corporation
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l~NGLI!:>iuOD PLAGA LTD . , n ColoN.clo
Limited Partnership
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TO: City Manager HcCown
FR OM: (~
Susan Powers, Director of Community De v elopment t)
DATE: April 20, 1984
SUBJECT : Appointment of Representative to the Statewide
Development Corporation
As the attached letter from Steve Schmitz, Director of the Division of
Comme rc e a nd Development , indicates , the City is being asked to appoint
a representat ive to the Stat ewide Development Corporation. Even though
the program has not yet been considered for funding by the State CDnc
Advisory Committee, the State staff is in terested in having the Board
of Directors formed now so that they are organized in anticipation of funding.
I have discussed this appointmen t with Rachel Owens, EDDA Board members ,
and she is interested in serving on th e Board. I feel she would be an
excellen t representative from Englewood.
I would recommend that the City Cou ncil des ignate Ms. Owens to the Board
of Directors of the Statewide Development Corporation.
gw
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Personal Data:
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PERSONAL RESUME
Rachel A. Owens
10615 Devils Head
Littleton, Co 80127
(303) 979-8270
Age 31 Married Metro Denver Resident April 1977
Education MA Business University of Cal i forni a , Irvin e 1974
Hobbies Tennis, Aerobics, Running, Reading
Work History:
1980 to Present
197 4 to 1980
Special Skills:
Real Estate Brokerage; specializing in rentals
for investor of 4 units o r l ess . 1983, Jncmber
of the 2 .5 million dollar club with Century 2 1.
Salesperson of the year 1982 and 1983 . Currentl y ,
principal of Co-Equity .Investments which
specializes in matching an Investor and a Home
Buyer to purchase a home under a "Shared Equity"
Program.
Retail Buyer: Menswear buyer for the Broadway
Department Stores in Los Angele s , California
handling an annual sales volume of 1.5 million
dollars from 1974 to 1977. Joined the Denver
Department Stores in Col orado, April 1977 to
purchase the Boys 4-20 Department handling an
annual sales volume of 2.2 million dollars. ·
Ability to create a financial plan for invest-ment growth
Forecast sales trends for retail sales and
community growth
Strong mortgage and financing understanding
Social and Community Involvement
1980 to Present
1977 to Present
1981 to Present
1981 to Present
1977 to Present
1981 to Present
Active member Englewood Downtown Development
Authorjty
Chairman of various committees for the Ken Caryl
Ranch
Teacher for Denver Free University, real estate
Guest lecturer for investment groups on real esta
Member of Ken caryl Ranch interclub tennis team
Secretary of the Convilled s oftbal l team
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;·,i'.': lf'l f Jt 'jlol/11111'111 11f ftH od /\lf dll''
DIVI~ION 01 COMMWC I. ANIJ IHVHUI'MI:N"f"
l lt•H·n Sc hmil•
!lirt•l lur
1 111 ';; ··'
1\pril 9, 1 984
Ms, Susan Powers
Plan ning Director
City of Englewood
3400 S, Eluti St.
Englewood, Co l orado
D ~ar Susan:
00110
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/(It h.ud IJ 1 1111
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1\s one ur tho CO··ilppl it<ln t s hJY· CIJIH; runrl'i11u tu LilJJil.,,IL't.· l.l1u .<.LtJLL·IIicJc· /Je-
vc:lopm c·n t CCJr poration , you ~ii"ll recall that the Corporat ion's noarcl of llil·ec-
t ors · s to include rept·esentatives t o be des ignated by each of the uppl ·icunt
E•nt't '~:s. Al thounh 1·w ~till not l~now ~ihether the SDC Will be funded llnt'i 1
i Ftu ti·c· CllflL /
1
rlvi so,·y Co111mi t tee 111r.e ti llrJ !ichr.du 'l eel ror l·liiY 9-11. 1 llli 11k it
is il~f'·0rt:unt t1 H llw lloiird be uble tu move qLrick'ly H runcling is ilflpi·ovrd.
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•i11r!, I Hf!tllrl 'l"ih: y(Ju to proc:er•rl l.o dPI•Oii JI YIHir· ,.,.,"., •. ,,.,,!.,,,"'
II l•ll':•.il•lr;, plc:;;;r• !.tlhlllil Llli•, il•llllf (<~l i•I•'J 11ii11 >1 11 ',1/;u; I ,
.. ',1,(,1 • [i,,,,r:ilii.C·I' il!, yuu tdn. llli~ up/1uil,[ua•lll llliiY be 1,,,,., li 1
. · lid c.· • ''':I Ol', "L your cl i sere: t'l on, unrJ s 10u ·1 u he lllilrlr· IJt 111 ' '· •,r, r ,,, ...... , ; 1 '' 1 or.u 1 t·roq11 i r·t'IIINI 1.·;.
. '.'J · ·. '•' r ,, ':! l'u t11liul l'l•pr esonta .. i ves on the lloard, yo u shou ld remember tn~t Ergl GY:oocJ 's ilpplication \·las lllo de on behalf of all non -e ntitlou1ent ilreu s
::." ~·( ::'.;• tt·. It 11oulcJ lw helpful if tho representative• is already f'arnil iar
,·,;,-~,.c ~cr,r::rol philosophy of us ·ing a puhlic··iH''IVate fin anc ing partnership as
' .. ,· feu· :jusinr:ss and con un unity de ve l op ment which the SOC emb odies; Sfle?Cif ic u~u 'c ·cc 11lth :,,noll busine ss fina11 cinn lvould he <1 drslrahlr. pl us f'or the . ~ :.r ·.'
I' fur'';,. ( i s u llll'overJ , r e:<\Ject that the Uoard wi 11 need to meet as o ften as
·c.· .rl; i · d1c: ol'gon ir.otiona .stage , 'f'hereafter, the 9-member Executive :c r·-i tte~: may meet monthly , while tho Ooard as iJ whole ~~i ll probably meet once
1:-r ll vurd mc:mbc·rs. ::.1' ~.1'ce ·J yc·ar. It is the Di visio n's ·intllntion to reimburse travel expenses
I r ji(J.t lt ovt• uny quc·s licJIIr., plr:os c~ call 1110 at fJGG-220!), or contact £van Metcalf ~r my starr at U~G-~026,
s·ncrp;ely, ~
.--.r. C... . .
7;/ .~ v r!l/ /va-/-·-~~~C),~fr.Jof' .. ~ ....
Dir<?ctor < ... ..)
ss: Ci ln
:
i J i1 ~ .c·rm,1n Slrc•ol, Room 523 I Donvcr, Colorndo ll020J I Phon!! (303) llbb·2205
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