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Home My WebLink AboutResolution 02, 2021 CITY OF WHEAT RIDGE, COLORADO RESOLUTION NO. 02 Series of 2021 TITLE: A RESOLUTION CONCERNING THE LEASE BACK OF PROPERTY LOCATED AT 7575 W 44TH AVENUE TO BANK OF THE WEST WHEREAS, the City of Wheat Ridge (City) seeks to widen and make other improvements to Wadsworth Boulevard between 35th Avenue and 48th Avenue (Project); and, WHEREAS, on January 14, 2019, the City Council approved Resolution No. 04- 2019, and thereby conveyed to the City Manager, or his designee, the authority to negotiate with private landowners and purchase those property rights necessary to construct and maintain the Project; and WHEREAS, pursuant to Resolution No. 04-2019, City staff negotiated in good faith with the owners of 7575 W 44th Avenue (Subject Property), Bank of the West (Bank), to purchase same for the Project; and WHEREAS, as a condition of the timely sale of the Subject Property to the City, the Bank negotiated a short-term lease back of the Subject Property from the City; and WHEREAS, the City’s post-sale lease back of the Subject Property to the Bank facilitates the continued use of the Subject Property as the site of a Bank of the West branch until April 30, 2021; and WHEREAS, pursuant to C.R.S. § 31-15-713(c), so long as term of the lease is less than one year, through the passage of an authorizing resolution finding that it is the best interests of the City to do so, the City may lease any real estate it owns, together with any facilities thereon; and WHEREAS, the City Council hereby finds that it is in the best interests of the City to lease 7575 W 44th Avenue, together with any facilities thereon, to the Bank, until April 30, 2021. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Wheat Ridge, that: Section 1: Lease between the City and Bank Approved. The lease between the City and the Bank, a copy of which is attached to this Resolution as Exhibit A, and incorporated herein by reference, is hereby approved, and the Mayor and City Clerk are authorized and directed to execute the same. Section 2: Effective Date. This Resolution shall become effective upon adoption. DONE AND RESOLVED this 11th day of January 2021 _____________________________ Bud Starker, Mayor ATTEST: _____________________________ Steve Kirkpatrick, City Clerk Exhibit A Lease between the City and Bank of the West [attached]