TC Ord. No. 1994-23 Authorizing Execution of a certain lease agreementORDINANCE NO. 94 - 23
AN ORDINANCE AUTHORIZING EXECUTION OF
A CERTAIN LEASE AGREEMENT
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF AVON,
COLORADO:
Section 1. That certain Lease Agreement, a copy of
which agreement is attached hereto as Addendum I, and the terms
of the agreement are hereby approved and authorized.
Section 2. The Mayor and Town Clerk are hereby
authorized and directed to execute said Lease Agreement.
INTRODUCED, PASSED ON FIRST READING,
ORDERED POSTED, this 13th day of December
and a public hearing on this ordinance shall be
regular meeting of the Town Council of the Town
on the 10th day of January
7:30 p.m. in the Municipal Building of the Town
Colorado.
AT ST:
PattNNe 4r,~~Town Clerk
APPROVED AND
, 1994,
held at the
of Avon, Colorado
1995, at
of Avon,
T N OF A ON, OLORADO
bert R /q'noldi, May
INTRODUCED, PASSED ON SECOND READING, APPROVED AND
ORDERED POSTED this 10th day of January , 1995.
AT ST:
Patty Ne ha t, Town Clerk
APPROVED AS TO FORM:
o n W. Dunn, Town Attorney
A bert yno s, Mayor
LEASE AGREEMENT
THIS LEASE AGREEMENT is entered into the 15th day of
January, 1995, between GLENNA GOODACRE, Artist, ("Lessor") and
TOWN OF AVON and AVON ARTS COUNCIL ("Lessees") with respect to
Artist's sculpture titled "Pledge of Allegiance" ("the
Sculpture").
LEASE TERM. Lessor leases the Sculpture to Lessees for
a term of two years commencing on January 15, 1995, and ending on
January 15, 1997.
LEASE PRICE. The lease price is $150,000, based upon a
purchase price for the sculpture of $195,000 and an artist's
professional adjustment of $45,000. The purchase price does not
include the copyright to the Sculpture which copyright is
retained by the artist.
LEASE PAYMENTS. The first lease payment in the amount
of $54,222.60 shall be made upon execution hereof. The second
lease payment in the amount of $57,500.00 shall be made on
January 15, 1996, and the third lease payment in the amount of
$53,750.00 shall be made on January 15, 1997. Such payments
shall include interest at the rate of 7.5% per annum from
September 1, 1994, in accordance with the amortization schedule
attached as Exhibit "A."
MISCELLANEOUS. The waiver by Lessor of Lessees' breach
of any term, covenant or condition hereof shall not be a waiver
of any subsequent breach of the same or any other term, covenant
ADDENDUM I
or condition. This Agreement constitutes the entire agreement
between the parties and shall not be modified, amended, altered
or changed except in writing. This Agreement shall be governed
by the laws of the State of Colorado and any provision of this
Agreement found to be prohibited by law shall be ineffective to
the extent of such prohibition without invalidating the remainder
of this Agreement.
NONAPPROPRIATION.
It is Lessees' intent to make lease
payments for the full term. However, if Town of Avon does not
budget for any successive fiscal period to continue making the
lease payments, and it has no funds for such payments from other
sources and Avon Arts Council does not have the funds to pay the
amount owing by the Town of Avon, Lessees' may terminate this
Agreement with respect to the Sculpture at the end of the then
current fiscal period, and Lessees shall not, in this sole event,
be obligated to make any payments beyond the end of the then
current fiscal period, in which event Lessor shall be entitled to
return of possession of the Sculpture.
OPTION TO PURCHASE.
Lessees shall have the option to
purchase the Sculpture at any time during the lease term by
payment of the remaining lease payments due. Payment of the
final lease payment on or before January 15, 1997, shall be
deemed to be an exercise of this option. Upon exercise of this
option, title to the Sculpture shall be deemed vested in the
Lessees as tenants in common.
TOWN O AVON
By:
-j~-
Albert R yno , Mayor
A
Patty Ne' hart
Town Cl=
AVON ARTS COUNCIL
By:
Glenna Goodacre
.VON ARTS COUNCIL
'OTE PAYABLE AMORTIZATION SCHEDULE
OF AVON - "PLEDGE OF ALLEGIANCE" - GLENNA GOODACRE
YEARS 3
INTEREST 7.50%
ANNUAL PAYMENT 50,000.00
ORIGINAL PRINCIPLE 150,000.00
STARTING DATE 01-Sep-94
ERIOD
PRINCIPLE
PRINCIPLE
INTEREST
TOTAL
REMAINING
PAYMENT
PAYMENT
PAYMENT
PENNING
150,000.00
an-95
1 100,000.00
50,000.00
4,222.60
54,222.60
an-96
2 50,000.00
50,000.00
7,500.00
57,500.00
an-97
3 0.00
50,000.00
3,750.00
53,750.00
150,000.00
15,472.60
165,472.60
~>C}}1r-s! T- b.~ -
STATE OF COLORADO )
COUNTY OF EAGLE ) SS
TOWN OF AVON )
NOTICE IS HEREBY GIVEN OF A PUBLIC HEARING BEFORE THE TOWN
COUNCIL OF THE TOWN OF AVON, COLORADO AT 7:30 P.M. ON THE 10TH
DAY OF JANUARY, 1995, AT THE TOWN MUNICIPAL BUILDING FOR THE
PURPOSE OF CONSIDERING THE ADOPTION OF ORDINANCE NO. 94-23,
SERIES OF 1994:
AN ORDINANCE AUTHORIZING EXECUTION OF A CERTAIN LEASE
AGREEMENT
A copy of said ordinance is attached hereto, and is also on file
at the office of the Town Clerk, and may be inspected during
regular business hours.
Following this hearing, the Council may consider final passage of
this Ordinance.
This notice is given and posted by order of the Town Council of
the Town of Avon, Colorado
Dated this 14th day of December, 1994.
TOWN OF AVON, COLORADO
BY.
Pa ty Ney a t
Town Cler
POSTED AT THE FOLLOWING PUBLIC PLACES WITHIN THE TOWN OF AVON ON
DECEMBER 14, 1994;
AVON POST OFFICE IN THE MAIN LOBBY
CITY MARKET IN THE MAIN LOBBY
COASTAL MART, INC.; AND
AVON MUNICIPAL BUILDING IN THE MAIN LOBBY
JAN-23-1995 16:11 DLNN ALP
LEASE AGREEMENT
P . 02
THIS LEASE AGREEMENT is entered into as of the 15th day
of January, 1995, between GLENNA GOODACRE, Artist, ("Lessor") and
TOWN OF AVON and AVON ARTS COUNCIL ("Lessees") with respect to
Artist's sculpture titled "Pledge of Allegiance" ("the
Sculpture").
LEASE TERM. Lessor leases the Sculpture to Lessees for
a term of two years commencing on January 15, 1995, and ending on
January 15, 1997.
LEASE PRICE. The lease price is $150,000, based upon a
purchase price for the sculpture of $195,000 and an artist's
professional adjustment of $45,000. The purchase price does not
include the copyright to the Sculpture which copyright is
retained by the artist.
LEASE PAYMENTS. The first lease payment in the amount
of $54,222.60 shall be made upon execution hereof. The second
lease payment in the amount of $57,500.00 shall be made on
January 15, 1996, and the third lease payment in the amount of
$53,750.00 shall be made on January 15, 1997. Such payments
shall include interest at the rate of 7.5% per annum from
September 1, 1994, in accordance with the amortization schedule
attached as Exhibit "A."
MISCELLANEOUS. AAn express waiver by Lessor of Lessees'
breach of any term, covenant or condition hereof shall not be a
waiver of any subsequent breach of the same or any other term,
JAN-23-1995 16:11 DIr-IN ALF' P,83
covenant or condition. This Agreement constitutes the entire
agreement between the parties and shall not be modified, amended,
altered or changed except in writing. This Agreement shall be
governed by the laws of the State of Colorado and any provision
of this Agreement found to be prohibited by law shall be
ineffective to the extent of such prohibition without
invalidating the remainder of this Agreement.
NONAPPROPRIATION. It is Lessees' intent to make lease
payments for the full term. However, if Town of Avon does not
budget for any successive fiscal period to continue making the
lease payments, and it has no funds for such payments from other
sources and Avon Arts Council does not have the funds to pay the
amount owing by the Town of Avon, Lessees' may terminate this
Agreement with respect to the Sculpture at the end of the then
current fiscal period, and Lessees shall not, in this sole event,
be obligated to make any payments beyond the end of the then
current fiscal period, in which event Lessor shall be entitled to
return of possession of the Sculpture and to retention of all
lease payments.
INSURANCE. At its own expense, Lessee shall cause
casualty insurance to be carried and maintained with respect to
the Sculpture and shall carry public liability and property
damage insurance sufficient to protect Lessor from liability in
all events. All insurance,7proceeds from casualty losses shall be
to-Lease -
payable solely to-~, ~b'ect to the terms of this Agreement.
DAMAGE OR DESTRUCTION OF EQUIPMENT. In the event the
JAN-23-13951 15:47 DI-1P If I HI-F' P. 014
Sculpture is partially damaged or destroyed, Lessee shall have
the option to terminate this Agreement upon payment of the
payment due during the then current fiscal period.
OPTION TO PURCHASE. Lessees shall have the option to
purchase the Sculpture at any time during the lease term by
payment of the remaining lease payments due together with then
accrued interest. Payment of the final lease payment on or
before January 15, 1997, including accrued interest, shall be
deemed to be an exercise of this option. Upon exercise of this
option, title to the Sculpture shall be deemed vested in the
Lessees as tenants in common.
ATTEST
Patty I pyhart
Town Clerk
TOWN 0 AVON
By:
A ert ey ds, Mayor
AVON ARTS COUNCIL
04
By'
a G oodacr9'
TJ
TOTHL P. _I-'
11/27/1994 13:20 3039264411 TERRZ DIEM PC PAGE 03
AVOI1 ARTS COUNCIL
K TE PAYABLE AMORTIZATION SCHEDULE
TAW OP AVON - "PLEDGE OF ALLEGIANCE" - GLENNA GOODACRE
YEARS 3
INTEREST 7.50%
ANNUAL PAYMENT 50,000.00
ORIGINAL PRINCIPLE 150,000.00
STARTING DATE 01-Sep-94
PERIOD
PRINCIPLE
PRINCIPLE
INTEREST
TOTAL
RMTNTNG
PAYMENT
PAYMENT
PAYMENT
ismr----
GPWING
150,000.00
Jan-95
1 1000000.00
50,000.00
4,222.60
54,222.60
Jan-96
2 50,000.00
50,000.00
7,500.00
57,500.00
Jan-97
3 0.00
50,000.00
3,750.00
53,750.00
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
150,000.00
15,472.60
165,472.60
J4
Ex441 r-3 T'
~r y- 3