HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 07/19/2022 - RESOLUTION 2022-072 APPROVING THE 2022 CERTIFICATI Agenda Item 5
Item # 5 Page 1
AGENDA ITEM SUMMARY July 19, 2022
City Council
STAFF
Travis Storin, Chief Financial Officer
Matt Robenalt, DDA Executive Director
Kristy Klenk, DDA Financial Coordinator
John Duval, Legal
SUBJECT
Resolution 2022-072 Approving the 2022 Certification to the Larimer County Assessor Pursuant to Colorado
Revised Statutes Section 31-25-807(3)(a)(IV)(B) for the Downtown Development Authority Property Tax
Increment.
EXECUTIVE SUMMARY
The purpose of this item is to certify to the Larimer County Assessor the percentages of property tax
distributions to be allocated for the Downtown Development Authority by the Assessor as tax increment from
the 2022 property taxes payable in 2023 to the City and to all other affected taxing entities.
STAFF RECOMMENDATION
Staff recommends adoption of the Resolution.
BACKGROUND / DISCUSSION
In 2008, the Fort Collins, Colorado Downtown Development Authority (“DDA”) was in the final ten years of its
original 30-year period (the “Original TIF Term”) during which property tax increment funds (“TIF”) could be
allocated to and, when collected, paid to the City for deposit into a special fund to be used for DDA projects as
provided in Colorado Revised Statues (“C.R.S.”) Section 31-25-807(3)(a)(II) (“TIF Fund”). Pursuant to C.R.S.
Section 31-25-807(3)(a)(IV)(A), in the final ten years of the Original TIF Term, Council had the authority to
extend by ordinance such term by one additional 20-year period (the “TIF Extension Period”), provided that:
(i) on the first day of the TIF Extension Period, the established base year for the allocation of property taxes is
advanced by ten years, and
(ii) upon the completion of the first ten years of the TIF Extension period, the base is advanced by one year
for every additional year through the final ten years. Also, under C.R.S. Section 31-25-807(3)(a)(IV)(B),
Council had the authority to allocate more than 50% of property taxes levied by the City to be allocated
and paid into the TIF Fund.
On July 10, 2008, the DDA approved i ts Resolution 2008-06 (the “DDA Resolution”), recommending to
Council:
(i) approval of the TIF Extension Period, and
(ii) the allocation of 100% of the City’s property tax increment into the TIF Fund (the 100% City TIF
Allocation).
Agenda Item 5
Item # 5 Page 2
On September 2, 2008, Council adopted Ordinance No. 101, 2008, (the “2008 Ordinance”) approving the TIF
Extension Period and, consistent with the August 19, 2008, Agenda Item Summary accompanying such
ordinance and the DDA Resolution, approved the 100% City TIF Allocation. Also, on February 15, 2011,
Council, as the ex-officio Board of Directors of General Improvement District No. 1 (“GID Board”), adopted
Ordinance No. 060 (the “2011 GID Ordinance”) allocating 100% of the tax increment revenue from the Fort
Collins General Improvement District No. 1 to the DDA Tax Increment Fund for the TIF Extension Period, with
the seventh recital of the 2011 GID Ordinance confirming that the 2008 Ordinance had approved the 100%
City TIF Allocation.
Pursuant to C.R.S. Section 31-25-807(3)(a)(IV)(B), an annual certification to the Larimer County Assessor is
required by August 1 of each calendar year, which certification needs to include the allocations of tax
increment for that year of all affected taxing entities, including the City. The pr oposed Resolution reaffirms
Council’s previous actions in the 2008 Ordinance, acknowledges the actions taken as the GID Board in the
2011 GID Ordinance, and provides the Assessor with Council’s 2022 certification pursuant to C.R.S. Section
31-25-807(3)(a)(IV)(B). It also directs the City’s Financial Officer to provide this certification to the Assessor by
August 1, 2022.
CITY FINANCIAL IMPACTS
There are no changes in the financial or economic impacts to the City as they currently exist.
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RESOLUTION 2022-072
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE 2022 CERTIFICATION TO THE LARIMER COUNTY
ASSESSOR PURSUANT TO COLORADO REVISED STATUTES
SECTION 31-25-807(3)(a)(IV)(B) FOR THE DOWNTOWN
DEVELOPMENT AUTHORITY PROPERTY TAX INCREMENT
WHEREAS, in 2008, the Fort Collins, Colorado Downtown Development Authority
(“DDA”) was in the final ten years of its original 30-year period (“Original TIF Term”) during
which property tax increment funds (“TIF”) could be allocated to and, when coll ected, paid to
the City of Fort Collins (“City”) for deposit into a special fund to be used for DDA projects, as
provided in Colorado Revised Statutes (“C.R.S.”) Section 31-25-807(3)(a)(II) (“TIF Fund”); and
WHEREAS, pursuant to C.R.S. Section 31-25-807(3)(a)(IV)(A), in the final ten years of
the Original TIF Term, the Fort Collins City Council had the authority to extend by ordinance
such term by one additional 20-year period (the “TIF Extension Period”), provided that (i) on the
first day of the TIF Extension Period the established base year for the allocation of property taxes
is advanced by ten years, and (ii) upon the completion of the first ten years of the TIF Extension
period, the base is advanced by one year for every additional year through the final ten years; and
WHEREAS, pursuant to C.R.S. Section 31-25-807(3)(a)(IV)(B), the City Council also
had and continues to have the authority to commit more than 50% of the property taxes levied by
the City to be allocated and paid into the TIF Fund; and
WHEREAS, on July 10, 2008, the DDA approved its Resolution 2008-06 (the “DDA
Resolution”) recommending to the City Council (i) approval of the TIF Extension Period, and
(ii) the allocation of 100% of the City’s property tax increment into the TIF Fund (th e “100%
City TIF Allocation”); and
WHEREAS, on September 2, 2008, the City Council adopted Ordinance No. 101, 2008
(the “2008 Ordinance”) approving the TIF Extension Period and, consistent with the August 19,
2008 Agenda Item Summary accompanying such ordinance and the DDA Resolution, approved
the 100% City TIF Allocation; and
WHEREAS, on February 15, 2011, the City Council, as the ex-officio Board of Directors
of General Improvement District No. 1 (“GID Board”), adopted Ordinance No. 060 (“2011 GID
Ordinance”) allocating 100% of the tax increment revenue from the Fort Collins General
Improvement District No. 1 to the DDA Tax Increment Fund for the TIF Extension Period, with
the seventh recital of the 2011 GID Ordinance confirming that the 2008 Ordinance had approved
the 100% City TIF Allocation; and
WHEREAS, pursuant to C.R.S. Section 31-25-807(3)(a)(IV)(B), an annual certification
to the Larimer County Assessor (“Assessor”) is required by August 1 of each calendar year,
which certification needs to include the allocations of tax increment for that year of all affected
taxing entities, including the City; and
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WHEREAS, the purposes of this Resolution are to reaffirm the Council’s previous
actions in the 2008 Ordinance, to acknowledge the actions it took as the GID Board in the 2011
GID Ordinance, and to provide the Assessor with the City Council’s 2022 certification pursuant
to C.R.S. Section 31-25-807(3)(a)(IV)(B).
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That the City Council hereby reaffirms its previous actions in the 2008
Ordinance, acknowledges the actions it took as the GID Board in the 2011 GID Ordinance, and
certifies to the Assessor, pursuant to C.R.S. Section 31-25-807(3)(a)(IV)(B), that for 2022
property taxes payable in 2023, the City and the Fort Collins General Improvement District No.
1 continue to allocate 100% of their available property tax increment from their mill levies to the
DDA tax increment fund, but that all other affected taxing entities are allocating only 50% of
their property tax increment, and directs the City’s Financial Officer to provide this certification
to the Assessor by August 1, 2022.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this
19th day of July, A.D. 2022.
_________________________________
Mayor
ATTEST:
_____________________________
City Clerk