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HomeMy WebLinkAboutDowntown Development Authority - Minutes - 09/18/20020 0 DOWNTOWN DEVELOPMENT AUTHORITY REGULAR DIRECTORS' MEETING LARRY STROUD, CHAIR 229-9900 (W) BILL BERT3CHY, COUNCIL LIAISON 484-8838 Mp ANNE GARRISON, STAFF LUUSON 484-2020 (W) MINUTES OF SEPTEMBER 16, 2002 SPECIAL MEETING THE BOARD OF DIRECTORS OF THE DOWNTOWN DEVELOPMENT AUTHORITY MET IN SPECIAL SESSION AT 4:00 P.M. ON SERTEMBER 18, 2002 IN THE MEETING ROOM AT HOME STATE BANK - 303 EAST MOUNTAIN AVENUE, FORT COLLINS, CO 80524. PRESENT THERE WERE PRESENT: LARRY STROUD, CHAIR JASON MEADORS, SECRETARY/TREASURER BILL BERTSCIHY MARY BRAYTON, RICK GooDALE CAREY HEWRT STEVE TAYLOR ABSENT: Kim JORDAN. VICE CHAIR GREG BELCHER STAFF: ROBERT STEINER, EXECUTIVE DIRECTOR ANNE GARRISON LULU LILEY, LEGAL COUNSEL GUESTS: JOHN FISCHBACH, DAVID SHORT, MIKE WALKER, MIKE STEELS, DUNE JONES, MYRNE WATROUS, ED STONER CALL T7 ORDER MR. STROUD CALLED THE MEETING TO ORDER AND ROLL CALL WAS TAKEN. APPROVAL OF MINUTES MR. MEADORS MOVED TO APPROVE THE MINUTES OF SEPTEMBER 5, 2002 THIS WAS SECONDED BY MR, TAYLOR AND CARRIED UNANIMOUSLY. TRANSPORTATION MR. BERTSCMY AND MS, JONES PROVIDED/, POWER ROINT PRESENTATION, NOTING THAT COUNCIL BALLOT ISSUE HAD ADOPTED A RESOLUTION ON AUGUST 20. 2002 IN SUPPORT OF THE FUNDING STRATEGY FOR TRANSPORTATION CAPITAL NEEDS, TO THIS END, CITY COUNCIL WOULD APPRECIATE DDA'S SUPPORT. THE FOUR PRONGED STRATEGY COMMITS TO A 20 YEAR, ONL QUARTER CENT SALES AND USE TAX, A 1 % CONSTRUCTION EXCISE TAX, A TRANSPORTATION MAINTENANCE FEE, AND AN ANNUAL GENERAL FUND ALLOCATION OF $ 1,000.000 FOR TRANSPORTATION CAPITAL. THE TWO TAX MEASURES WILL REQUIRE VOTER APPROVAL, WHILE THE MAINTENANCE FEE AND GENERAL FUND COMMITMENT CAN BE DECIDED BY COUNCIL ACTION. THE ORDINANCE SPECIFICALLY NAMES FOUR INITIAL HIGH PRIORITY PROJECTS, WITH OTHERS TO BE SELECTED OVER TIME, BASED ON THE TRANSRORTATION MASTER PLAN AND THE COMMUNITY'S EVOLVING NEEDS, MR, HEYmT MOVED TO ENDORSE COUNCIL'S PROPOSAL AS STATED, THIS WAS SECONDED BY MR.TAYLOR AND THE MOTION CARRIED, WITi MS. BRAYTON ABSTAINING. DDA MINUTES PAGE 2 INCREASED SECURITY/ MAINTENANCE FUNDING AT THE LAST MEETING, THE BOARD DISCUSSED IDENTIFYING RESOURCES TO FUND THE INCREASED MAINTENANCE AND SECURITY SERVICES NEEDED DOWNTOWN, AND IN OLD TOWN SQUARE. ONE SOURCE INVOLVED INCREASING THE DDA ADMINISTRATIVE MILL LEVY FROM 4.05 TO 5 MILLS, AND THE BOARD FELT IT PRUDENT TO DISCUSS THE ISSUE IN OREATER DEPTH, SINCE CHANGES IN THIS CATEGORY WOULD IMPACT THE BUDGET, OTHER POSSIBLE FUNDING SOURCES WERE ALSO IDENTIFIED AND SET FORTH IN THE BOARD PACKETS. FACTORING AN ANNUAL COST OF MAINTENANCE AT $303.000 THE TOTAL MILL LEVY INCREASE REQUIRED WOULD BE 8.4. THIS DOES NOT TAKE INTO CONSIDERATION FUNDS FOR INCREASED SECURITY SERVICES. EACH ADDITIONAL POLICE OFFICER WOULD COST APPROXIMATELY $ 100,000 REQUIRING ANOTHER 8.5 BID MILLS FOR A TOTAL OF 17 MILLS. AS AN AIIERNATVE, MR. STEINER NOTED THAT DDA COULD USE TAX INCREMENT TO FUND CAPITAL EXPENDITURES, ABOVE WHAT WOULD NORMALLY BE EXPENDED, AND PREVAIL UPON THE CITY, FOR THEIR PART, TO PROVIDE MONIES FOR ENHANCED MAINTENANCE AND SECURITY. WHILE THERE 13 3UFFICIENT IN TAX INCREMENT TO DO THIS, THE BOARD EXPRESSED CONCERN THAT IT MIGHT INHIBIT ITS ABILITY TO FUND OTHER PROJECTS, THE QUESTION WAS ASKED WHETHER THE MAINTENANCE COST IS AN ACCURATE FlOURE, AND IF IT IS POSSIBLE TO CONSIDER OUTSIDE BIDS. MR. GOOOALE THEN MADE A MOTION TO RAISE THE MILL LEVY TO 5.0 THIS WAS SECONDED BY MR. BERTSCHY AND CARRIED UNANIMOUSLY. PLAZA RULE CHANGES IT WAS IMMEDIATELY PROPOSED THAT THE BOARD ADJOURN TO EXECUTIVE SESSION FOR THE PURPOSE OF OBTAINING LEOAL COUNSEL IN THE MATTER OF RESTRICTING THE HOURS OF PUBLIC USE IN OLD TOWN PLAZA, THIS IS PURSUANT TO CRS 24-5-402 (4) (1) (1). REFERENCING THE STATUTORY PROVISION, MR. MEADOR$ MOVED TO ADJOURN TO EXECUTIVE SESSION FOR THE REASONS STATED, THIS WAS SECONDED BY MR. HEWITT AND CARRIED UNANIMOUSLY. MESSRS. FISCHBACH AND STONER AND OFFICERS STEELE AND WALKER WERE INVITED TO REMAIN, ALL OTHERS WERE EXCUSED. THE MINUTES OF THIS SESSION WERE ELECTRONICALLY RECORDED. AT THE CLOSE OF THIN SEGMENT, MR. MEADORS MOVED TO ADJOURN FROM EXECUTIVE SESSION, THIS WAS SECONDED BY MR. BERTSCHY AND CARRIED UNANIMOUSLY. Two CHANGES IN THE LANGUAGE OF THE RESOLUTION WERE NOTED BY COUNSEL. AT WHICH POINT, MR, GooDALE MOVED TO ADOPT RESOLUTION 2002-03 wTTH THE SuooESTEo CHANGES, THIS WAS SECONDED BY MR. BERTECHY AND CARRIED UNANIMOUSLY. OTHER BUSINESS 185 NORTH COLLEGE AVENUE - MR. STEINER DISTRIBUTED A LETTER FROM THE TENANT OF JOHNNY'S PLACE, WITH A SCHEMATIC ATTACHED OUTLINING CHANGES TO THE NAME OF THE ESTABLISHMENT. THE TENANT WILL ADHERE TO THE AGREEMENT REGARDING THE STUCCO BACKGROUND FOR THE SIGN, AND CHANGE OF COLOR ON THE LETTERING FROM RED TO HUNTER GREEN, (TO MATCH THE AWNINGS.) SINCE THE SCHEMATIC WAS IN BLACK AND WHITE, MS. ULEY SUGGESTED THAT WHEN DDA RESPONDS TO THE LETTER, THE CHANGE OF COLOR SHOULD BE STATED, AS OUTLINED ABOVE. ADJOURN THERE BEING NO FURTHER BUSINESS, THE MEETING ADJOURNED AT 5:50 P.M. JASON MEADORS, SECRETARY DOWNTOWN DEVELOPMENT AUTHORITY TO: DDA Board of DirecAt r FROM: Chip Steiner DATE: September 30, 2002 RE: 2003 Administrative Budget Notes (Revised) Line items in the administrative budget have been changed to reflect the categories used by the City. Since the DDA receives monthly updates, having the same categories will make tracking the budget easier. Some of the categories are irrelevant to our budget but are included to maintain across the board consistency. 1. Under Personal Services: Salaries. Gross salaries for 2002 were revised downward because of the four -month gap between Jay's departure as a salaried employee and my start as a salaried employee. Salaries for 2003 are calculated assuming five percent raises with Ann's increase running the full year and the executive director's beginning in August and running for five months. Decisions on raises are the Board's prerogative, so these figures are used for budgeting purposes only. All other. The rest of the figures in Personal Services were adjusted with the assistance of the City. Health and dental insurance actually dropped a little bit but life insurance and long-term disability went up by 50 percent. Since the DDA uses the ICMA retirement fund the number in the social security line item is for medicare, not retirement. 2. Under Contractual Services: Telephone —Telephone charges in 2002 have exceeded the budget by a considerable amount. There are two reasons for this: (1) the DDA changed phone service that involved some one-time charges and, (2) because the DDA is not networked to the City's computer system Anne was required to dial up through a regular 56k modem. Because access was so slow Anne was leaving the connection in place, not realizing the City assessed a 4-cent charge for every minute connected. She of course has stopped this practice but it doesn't resolve the difficulty in accessing information at the city. We are working with the city to obtain a wireless connection. The 2003 telephone budget is left at 2002 levels since we are anticipating fixing the problems that caused the 2002 increases. 19 Old Town Square • Suite 230 • Fort Collins, Colorado 80524 • tel:970.484.2020 • fax: 970.484.2069 • 0 Postage, Employee Liability Insurance, Mileage. These remain at 2002 budget levels. Mileage was higher than normal because Jay had to make frequent trips to Denver regarding Senate Bill 32. Outside Reproduction. Don't know why we have spent so much in 2002. We have in- house copying capabilities that should minimize the need for outside reproduction and so the budgeted amount remains unchanged. If, in 2003, we still incur higher than anticipated costs in this line item, we will (1) figure out what is causing it, and (2) either increase the budgeted amount or reduce our use of outside reproduction services. Computer Charges. This item has been reduced. A new computer and printer were bought in 2002 but we are not anticipating buying any additional hardware. The budgeted figure anticipates breakdowns requiring technical support. Maintenance Contracts. This is a fixed cost for the lease of the office copying system (color and black and white). The DDA pays the lease. The DBA pays for all supplies. Enterprise Zone. This is a pass through. $24,000 in, $24,000 out. A corresponding revenue figure shows up in the revenue projection. Cable Repairs. City category. Not applicable to DDA. Janitorial Services. Included in office rent. Contractual Labor. None anticipated. Consulting Services. $250,000 has been budgeted for the Linden Street Plan. Project Management. The City had $240,000 funds budgeted in this category for the Empire/Armstrong Hotel. The funds are now unencumbered and they will show up in our reserves. Marketing. Standing arrangement with DBA to retain $2000 in marketing services. The DDA will consider renewal of this agreement in December, 2002. Office Rent. Progressive Old Town Square has agreed to renew the DBA lease (the DDA sublets from the DBA) at no change in rate. Dues and Subscriptions. Budget has been increased to allow the DDA to join the International Downtown Association. DDA is currently a member of the Colorado Community Revitalization Association, Colorado Historic Society, DBA, and the National Trust for Historic Preservation. Other Contractual. In the revised 2002 budget the cost of my consulting services has been added to this line item (moving funds from Capital Outlay which shows a corresponding reduction). Nothing is budgeted for 2003. POTS Plaza Improvements. This is an annual pass -through of $12,500. A corresponding figure is included in the revenue projections. Meals. 2002 expenditures in this category are well above budget. $200 has been added to the 2003 budget. 3. Under Commodities: Office Supplies. We are well over budget in this category. $300 has been added to the 2003 budget. Copier Supplies. DBA pays for these materials. Nothing has been budgeted for 2003. Coffee Supplies. Nobody drinks coffee around here. Budget is for our guests. Other Commodities (e.g. Board retreat, Christmas party). Don't know if this is categorized correctly. $2000 seems to cover these costs so the same figure is used for 2003. 5. Under Capital Outlay: DDA Funded Improvements. The budget projection is at $300,000 and includes the re - appropriation of $240,000 that was originally pledged to the Empire Hotel but that has been unencumbered. The balance is anticipated carryover from 2002. It is important to understand that the Authority has bond proceeds available from the last two issues available for projects. We are also assembling anew issue in excess of $10 million and are hoping to go to market before the end of this year to take advantage of very low interest rates. Below is a chart representing bond funds available or necessary to meet existing and future project obligations. Under "Encumbered Bond Proceeds" the first two items are commitments the DDA has made to assist City projects. The third item, 334 East Mountain, is for Rhythms. This project appears to be stalled and the Authority may need to have the funds reappropriated. The $10,000 commitment to 251 Linden Street is the remainder of a $20,000 obligation. We are trying to determine the status of this project. The $240,000 under, "Unappropriated Bond Proceeds" was the Authority's commitment to the Armstrong/Empire Hotel. These funds have been unencumbered. To use them, they must be reappropriated by City Council which is what we are asking it to do through the approval process for our 2003 budget. "Unfunded Projects" is a best estimate of pending and planned projects. Some of these are projects for which commitments have already been made. Others, including the Linden Street Plan, the Great Architects endowment, and downtown development projects are anticipated for funding in the next one to five years. Please note the $1,000,000 included for Administrative Capital Projects. The intent is to replenish the "DDA funded improvements" line item in the administrative budget with these monies. (The Board needs to be aware that a bond issue of $10.5 million puts the DDA at its borrowing limit of $25 million. We cannot borrow more without asking for voter approval. How this affects the use of tax increment revenues above what is needed to service debt has not yet been answered.) DDA Projects Funds (e)isting and proposed bond proceeds) Encumbered Bond Proceeds fas of January 1.2003) Mason -LaPorte (four corners) 140,000.00 Walnut Street Sidewalk 45,000.00 334 East Mountain 40,000.00 251 Linden Street 0 Ol 00.00 236,000.00 Unappropriated Bond Proceeds (Funds originally pledged to the Armstrong Hotel) Unfunded Protects Linden Street Plan 231 North College (Torgerson project) Chamber of Commerce Mason Street North Old Town Play Area Library Linden/Jefferson Intersection Muibeny/Lemay Crossing Poudre River Downtown Plan Great Architects Endowment Administrative Capital Projects fund Downtown Development Projects 240, 000.00 250,000.00 50,000.00 52,000.00 251,000.00 12,000.00 25,000.00 1,500,000.00 376,000.00 400,000.00 275,000.00 1,000,000.00 1,000,000.00 5,500,000.00 10,691,000.00 Available project funding 235,000.00 Bond proceeds requiring reappropriation 240,000.00 Proceeds necessary from new bond issue 10,691,000.00 Other Capital Outlay. Nothing budgeted. 6. Under Other: City Loan: The loan is to be paid off through bond proceeds. Since the bonds have not been issued, funds to retire the debt cannot be included in the revenue projections. The payment, therefore, remains as a budgeted expense to the Administrative budget. Once the bonds are issued and the loan retired, the DDA can reallocate these monies to "DDA Funded Improvements." Larimer County Treasurer's Fee. It is somewhat unclear to me why this expense has been moved into the DDA's Administrative Budget. Nevertheless, it has. The fee is for the cost of collecting and distributing tax revenues. BID Contribution. If the board authorizes an increased mill levy this line item will be $62,331. Contingency. $5,000. Same as last year. The Administrative Mill Levy. The Board of Directors approved increasing the administrative levy to five mills at its special meeting, September 18, 2002. This will generate an additional $60,000 + annually. The funds are intended to support increased maintenance services in the central business district. 11 • Downtown Development Authority, FY 2003 Administrative Budget Catsuory Personnal Services Salaries Employee Group Life Unemployment Compensation Employee Group Health Social Security (FICA) ICMA (retirement benefit) Dental Insurance Long-term Disability Workers Compensation Subtotal Contractual Services Telephone Postage Employee Liability Insurance Mileage Outside Reproduction Computer Charges Maintenance Contracts (copier lease) Enterprise Zone (pass through) Cable Repairs Conference (Travel/training) Legal Services Janitorial Services Contractual Labor Consulting Services Project Management Marketing (DBA) Office Rent Dues and Subscriptions Other Contractual POTS Plaza Improvements Meals Bond Issuance Costs Subtotal Commodities Office Supplies Copier Supplies Coffee Supplies Other Commodities (e.g board retreat) Subtotal FY 2002 Revised '02 Difference 106,890.00 90,959.00 300.00 300.00 258.00 258.00 14,420.00 14,420.00 1,462.00 1,462.00 8,573.00 7,153.00 892.00 892.00 751.00 751.00 400.00 400.00 133,946.00 116,595.00 2,800.00 4,184.00 200.00 200.00 1,725.00 1,725.00 250.00 900.00 200.00 662.00 1,500.00 2,795.00 6,014.00 7,236.00 1,500.00 1,500.00 14,058.00 14,058.00 2,000.00 2,000.00 6,240.00 6,240.00 350.00 350.00 - 26,443.00 400.00 1,000.00 0 0 37,237.00 69,293.00 250.00 300.00 100.00 2,000.00 2,650.00 400.00 100.00 2,000.00 2,600.00 15,931.00 1,420.00 17,351.00 (1 (26,443.00) (600.00) 0 (32,056.00) (150.00) 300.00 Capital Outlay DDA Funded Improvements Other Capital Outlay Subtotal Other City Loan (Linden Hotel) Larimer County Treasurers Fee BID contribution Contingency Subtotal TOTAL 132, 500.00 117, 945.00 14, 555.00 132,500.00 117,945.00 14,555.00 32,908.00 32,908.00 - 5,000.00 5,000.00 - 37,908.00 37,908.00 - 344,241.00 344,241.00 - Revenues 5 mills Property tax 328,057.00 Auto Specific Ownership Tax 31,827.00 Interest Earnings 15,000.00 Undesignated Reserves 240,000.00 Licenses and Permits 4,410.00 Contributions (Enterprise Zone) 24,000.00 POTS Plaza Improvements 12,500.00 655,794.00 RESOLUTION 02-05 OF THE BOARD OF DIRECTORS OF THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY APPROVING AND RECOMMENDING TO THE FORT COLLINS CITY COUNCIL THE BUDGET OF THE ESTIMATED AMOUNTS REQUIRED TO PAY THE EXPENSES OF CONDUCTING THE BUSINESS OF THE DOWNTOWN DEVELOPMENT AUTHORITY FOR THE FISCAL YEAR ENDING 31, 2003 WHEREAS, the Fort Collins Downtown Development Authority has been duly organized in accordance with the Colorado Revised Statutes 31-25-804, 1973 as amended; and, WHEREAS, the Board of Directors of the Downtown Development Authority shall under Colorado Revised Statutes, 31-25-816, 1973 adopt a budget of the estimated revenues and expenditures to be received and incurred during fiscal year ending December 31, 2003. NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE DOWNTOWN DEVELOPMENT AUTHORITY that the following budget is adopted for the fiscal year ending December 31, 2003 and therefore recommends to the Council of the City of Fort Collins the adoption of this budget. Revenues Ad Valorem Taxes $328,057 Auto Specific Ownership Tax 31,827 Interest Earnings 15,000 Licenses and Permits 4,410 Undesignated Reserves 240,000 Contributions 24,000 POTS plaza improvements 12,500 TOTAL $655,794 Expenses: Personal Services $158,184 Contractual Services 88,491 Commodities 2,650 Capital Outlay 300,000 BID Contribution 62,331 Other 44,138 TOTAL $655,794 Passed and adopted at a regular meeting of the Board of Directors of the Fort Collins Downtown Development Authority this 3 " day of October, 2002. Lary Stroud, Chairman ATTEST: Jason Meadors, Secretary RESOLUTION 02-06 OF THE BOARD OF DIRECTORS OF THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RECOMMENDING TO THE FORT COLLINS CITY COUNCIL THE APPROPRIATION OF ONE MILLION, EIGHT HUNDRED TWENTY-NINE THOUSAND, FIVE HUNDRED AND THIRTY-SEVEN ($1,829,537) DOLLARS IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SERVICE FOR THE FISCAL YEAR ENDING DECEMBER 31, 2003 WHEREAS, the Fort Collins Downtown Development Authority has been duly organized in accordance with the Colorado Revised Statutes 31-25-804, 1973 as amended; and WHEREAS, pursuant to Ordinance No. 15, 1983, the Council of the City of Fort Collins established a special fund consisting of separate accounts for: (1) operation and maintenance expenses of the Fort Collins Downtown Development Authority; (2) tax increment funds received by the Fort Collins downtown Development Authority; and (3) project funds consisting of proceeds of bonds, loans, and other forms of indebtedness; and WHEREAS, the Council of the City of Fort Collins, in Ordinance No. 50, 2001 authorized the issuance of Tax Increment Revenue Refunding Bonds Series 2001, dated April 10, 2001, in the aggregate amount of THREE MILLION SIX HUNDRED FORTY THOUSAND DOLLARS ($3,640,000); and WHEREAS, Section 2 of Ordinance No. 95, 1987 provides that tax increment monies will be pledged to the payment of interest on the Bonds; and WHEREAS, interest on the bonds is due and payable; and WHEREAS, the DDA and the City have entered into certain intergovernmental agreements obligating the payment of tax increment funds for certain capital improvements in the central business district. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY as follows: Section 1. That it recommends to the Council of the City of Fort Collins the appropriation for expenditure in 2003 from the Downtown Development Authority Debt Service Fund, the sum of ONE MILLION THREE HUNDRED FIFTY FIVE THOUSAND NINE HUNDRED THIRTY- EIGHT DOLLARS ($1,355,938) for payment of debt service for 2003 on the bonds authorized by City Council in Ordinance No. 50, 2001. Section 2. That it recommends to the Council of the City of Fort Collins the appropriation for expenditure in 2003 from the Downtown Development Authority Debt Service Fund, the sum of TWO HUNDRED EIGHTY ONE THOUSAND NINE HUNDRED EIGHTY-SEVEN DOLLARS ($281,987) for payment of debt service for 2003 on the bonds authorized by City Council in Ordinance No. 128, 1998. Section 2. That it recommends to the Council of the City of Fort Collins the appropriation for expenditure in 2003 from the Downtown Development Authority Debt Service Fund, the sum of THIRTY-FIVE THOUSAND ONE HUNDRED TWELVE DOLLARS ($35,112) for interest payment for 2003 on the bonds authorized by City Council in Ordinance No. 10, 2000. Section 3. That it recommends to the Council of the City of Fort Collins the appropriation for expenditure in 2003 from the Downtown Development Authority Debt Service Fund, the sum of ONE HUNDRED FIFTY-SIX THOUSAND FIVE HUNDRED DOLLARS ($156,500) to be used as follows: * Mulberry/LeMay Intersection Repayments $85,250 * River Design Payments $15,000 * Downtown Strategic Plan Repayments $56,250 * Parking Garage Repayment $281,987 Passed and adopted at a regular meeting of the Board of Directors of the Fort Collins Downtown Development Authority this 3'd day of October, 2002. Larry Stroud, Chairman ATTEST: Jason Meadors, Secretary RESOLUTION 2002-04 OF THE BOARD OF DIRECTORS OF THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RECOMMENDING TO THE FORT COLLINS CITY COUNCIL THE DETERMINING AND FIXING OF THE MILL LEVY OF THE DOWNTOWN DEVELOPMENT AUTHORITY FOR THE FISCAL YEAR ENDING DECEMBER 31, 2003 WHEREAS, the Fort Collins Downtown Development Authority has been duly organized in accordance with the Colorado Revised Statutes 31-25-804, 1973 as amended; and, WHEREAS, the Board of Directors of the Downtown Development Authority finds that a mill levy of 5 mills to be sufficient to meet the operational and administrative needs of the Authority for fiscal year 2003. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE DOWNTOWN DEVELOPMENT AUTHORITY OF THE CITY OF FORT COLLINS, to recommend to the Council of the City of Fort Collins the mill levy rate for taxation upon all the taxable property within the Downtown Development Authority District for the fiscal year ending December 31, 2003 be set at 5 mills which is sufficient to raise ad valorem revenues for the 2003 Operations and Maintenance Budget as approved by the Downtown Development Authority which levy represents the amount of taxes for the Downtown Development Authority (however, said mill levy is subject to change based on the assessor's calculations which have not been published at this time). Said mill levy shall be distributed to general expense, which levy as so distributed shall be certified by the County Assessor and the Board of the County Commissioners of Larimer County, Colorado by the City Clerk as provided by law. Passed and adopted at a regular meeting of the Board of Directors of the Fort Collins Downtown Development Authority this P day of October, 2002. Larry Stroud, Chairman ATTEST: Jason Meadors, Secretary RESOLUTION 2002-05 OF THE BOARD OF DIRECTORS OF THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY APPROVING AND RECOMMENDING TO THE FORT COLLINS CITY COUNCIL THE BUDGET OF THE ESTIMATED AMOUNTS REQUIRED TO PAY THE EXPENSES OF CONDUCTING THE BUSINESS OF THE DOWNTOWN DEVELOPMENT AUTHORITY FOR THE FISCAL YEAR ENDING DECEMBER 31, 2003 WHEREAS, the Fort Collins Downtown Development Authority has been duly organized in accordance with the Colorado Revised Statutes 31-25-804, 1973 as amended; and, WHEREAS, the Board of Directors of the Downtown Development Authority shall under Colorado Revised Statutes, 31-25-816, 1973 adopt a budget of the estimated revenues and expenditures to be received and incurred during fiscal year ending December 31, 2003. NOW, THEREFORE BE PP RESOLVED BY THE BOARD OF DIRECTORS OF THE DOWNTOWN DEVELOPMENT AUTHORITY that the following budget is adopted for the fiscal year ending December 31, 2003 and therefore recommends to the Council of the City of Fort Collins the adoption of this budget. Revenues: Ad Valorem Taxes $328,057 Auto Specific Ownership Tax 31,827 Interest Earnings 15,000 Licenses and Permits 4,410 Undesignated Reserves 240,000 Contributions 24,000 POTS plaza improvements 12,500 TOTAL $655,794 Expenses: Personal Services $158,184 Contractual Services 88,491 Commodities 2,650 Capital Outlay 300,000 BID Contribution 62,331 Other 44,138 TOTAL $655,794 Passed and adopted at a regular meeting of the Board of Directors of the Fort Collins Downtown Development Authority this P day of October, 2002. Larry Stroud, Chairman ATTEST: Jason Meadors, Secretary Section 2. That it recommends to the Council of the City of Fort Collins the appropriation for expenditure in 2003 from the Downtown Development Authority Debt Service Fund, the sum of THIRTY-FIVE THOUSAND ONE HUNDRED TWELVE DOLLARS ($35,112) for interest payment for 2003 on the bonds authorized by City Council in Ordinance No. 10, 2000. Section 3. That it recommends to the Council of the City of Fort Collins the appropriation for expenditure in 2003 from the Downtown Development Authority Debt Service Fund, the sum of ONE HUNDRED FIFTY-SIX THOUSAND FIVE HUNDRED DOLLARS ($156,500) to be used as follows: * Mulberry/LeMay Intersection Repayments $85,250 * River Design Payments $15,000 * Downtown Strategic Plan Repayments $56,250 * Parking Garage Repayment $281,987 Passed and adopted at a regular meeting of the Board of Directors of the Fort Collins Downtown Development Authority this Yd day of October, 2002. Larry Stroud, Chairman ATTEST: Jason Meadors, Secretary 0 RESOLUTION 2002-06 OF THE BOARD OF DIRECTORS OF THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RECOMMENDING TO THE FORT COLLINS CITY COUNCIL THE APPROPRIATION OF ONE MILLION, EIGHT HUNDRED TWENTY-NINE THOUSAND, FIVE HUNDRED AND THIRTY-SEVEN ($1,829,537) DOLLARS IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SERVICE FOR THE FISCAL YEAR ENDING DECEMBER 31, 2003 WHEREAS, the Fort Collins Downtown Development Authority has been duly organized in accordance with the Colorado Revised Statutes 31-25-804, 1973 as amended; and WHEREAS, pursuant to Ordinance No. 15, 1983, the Council of the City of Fort Collins established a special fund consisting of separate accounts for: (1) operation and maintenance expenses of the Fort Collins Downtown Development Authority; (2) tax increment funds received by the Fort Collins downtown Development Authority; and (3) project funds consisting of proceeds of bonds, loans, and other forms of indebtedness; and WHEREAS, the Council of the City of Fort Collins, in Ordinance No. 50, 2001 authorized the issuance of Tax Increment Revenue Refunding Bonds Series 2001, dated April 10, 2001, in the aggregate amount of THREE MILLION SIX HUNDRED FORTY THOUSAND DOLLARS ($3,640,000); and WHEREAS, Section 2 of Ordinance No. 95, 1987 provides that tax increment monies will be pledged to the payment of interest on the Bonds; and WHEREAS, interest on the bonds is due and payable; and WHEREAS, the DDA and the City have entered into certain intergovernmental agreements obligating the payment of tax increment funds for certain capital improvements in the central business district. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY as follows: Section 1. That it recommends to the Council of the City of Fort Collins the appropriation for expenditure in 2003 from the Downtown Development Authority Debt Service Fund, the sum of ONE MILLION THREE HUNDRED FIFTY FIVE THOUSAND NINE HUNDRED THIRTY- EIGHT DOLLARS ($1,355,938) for payment of debt service for 2003 on the bonds authorized by City Council in Ordinance No. 50, 2001. Section 2. That it recommends to the Council of the City of Fort Collins the appropriation for expenditure in 2003 from the Downtown Development Authority Debt Service Fund, the sum of TWO HUNDRED EIGHTY ONE THOUSAND NINE HUNDRED EIGHTY-SEVEN DOLLARS ($281,987) for payment of debt service for 2003 on the bonds authorized by City Council in Ordinance No. 128, 1998.