This content was originally published by the Longmont Observer and is licensed under a Creative Commons license.
On Tuesday night, Longmont City Council unanimously approved a resolution to approve the surrender and termination of a lease between the city and GCC Longmont Holdings, Limited Partnership.
GCC Longmont Holdings, Limited Partnership is a foreign limited partnership business with offices in Delaware. It is under a company based out of Canada called Gibralt Capital Corporation. Gibralt Capital Corporation is a private equity firm who prefers to invest in the real estate sector. It focuses on office, industrial, residential, hotels and new development.
In February 2012, the city began leasing the property at 1801 Lefthand Circle, Longmont. According to city council communication, the facility was used, "for temporary offsite
storage of the Museum’s collections."
In June 2015, a three-year extension was amended by the city while a new building was being constructed to become the home for the museum's permanent collection. The new building is scheduled for completion in January 2018. The staff will begin transferring the collection to the new facility in February.
City council communication states that "GCC Longmont Holdings, Limited Partnership, has secured a new tenant for its building at 1801 Lefthand Circle and this tenant needs to take possession of the building by March 1, 2018. GCC Longmont Holdings and the City of Longmont have mutually agreed to the terms and conditions to surrender the premises and terminate the lease."
