Title
A Resolution Authorizing a Term for a Lease of Colorado Springs Utilities’ Communications Network Assets
Presenter:
Tristan Gearhart, Chief Planning and Finance Officer, Colorado Springs Utilities
Body
Summary:
Colorado Springs Utilities (Utilities) is requesting authorization to lease a portion of its communications network assets for a term greater than twenty-five (25) years. This request is made in accord with the economic development purposes of City Charter section 10-60.
Background:
Utilities, through its delegated authority under City Code sections 12.1.106, 12.1.107, and 12.1.109, is working to amend and restate the terms of the lease of its communications network assets but cannot execute the necessary documents without the approval of City Council due to the longer than twenty-five (25) year lease term. Thus, Utilities seeks City Council approval to enter into this lease for a term greater than twenty-five (25) years but less than ninety-nine (99) years as permitted by City Charter section 10-60.
Previous Council Action:
N/A
Financial Implications:
There is a material economic benefit and public purpose if Utilities is authorized to amend and restate the lease of its communications network assets for a term longer than twenty-five (25) years.
City Council Appointed Board/Commission/Committee Recommendation:
N/A
Stakeholder Process:
N/A
Alternatives:
Not approve the Resolution
Recommended Action
Proposed Motion:
Move approval of the Resolution
Summary of Ordinance Language
N/A