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Home My WebLink AboutMINUTES-06/14/1988-AdjournedADJOURNED MEETING OF THE COUNCIL OF THE CITY OF FORT.COLLINS June 14, 1988 6:15 p.m. An adjourned meeting of the Council of the City of Fort Collins was held on Tuesday, June 14, 1988 at 6:15 p.m. in the Council Chambers in the City of Fort Collins City Hall. Roll call was answered by the following Councilmembers: Estrada, Horak, Kirkpatrick, Mabry, Maxey, Stoner, and Winokur. Staff Members Present: Burkett, Krajicek, Roy Agenda Review City Manager Burkett stated revised Resolutions had been provided for Item #4, Resolution 88-99 Authorizing the Execution and Delivery of Second and Third Supplemental Indentures and Second and Third Amendments to Loan Agreement and Other Documents Relating to the City's Industrial Development Revenue Bonds (The Opera House Project) Series 1986, and Item #5, Resolution 88-100 Authorizing the City Attorney to Perform Legal Services for the North Front Range Transportation and Air Quality Planning Council. Resolution 88-98 Making Findings of Fact Regarding the Appeal of the Financial Officer's Decision Regarding the Reallocation of Certain Assessments in the Boardwalk Special Improvement District No. 77, Adopted Following is staff's memorandum on this item: "EXECUTIVE SUMMARY On June 7, 1988, Council heard the appeal of the Financial Officer regarding the reallocation of Boardwalk SID #77. Council voted to uphold decision. This resolution makes findings of decision. BACKGROUND the final decision of the certain assessments in the the Financial Officer's fact in support of this The affected property owners could not reach an agreement on the method of reallocation of assessments levied against their property for the Boardwalk Special Improvement District #77. The Financial Officer conducted a -170- June 14, 1988 hearing on March 18, 1988, after notice to the public and the affected ' property owners, to decide the method of of reallocation to be used. The Financial Officer determined that the Finance Department should proceed to implement the reallocation of assessment based upon square footage proportions. On May 18, 1988, an appeal to Council of that final decision was made by Mr. David Osborn on behalf of his client, TCP, Inc. of Santa Monica, California. Council found the grounds of the appeal to be appropriate for their consideration under the relevant provisions of the Code and heard presentations by staff and the appellant on the proposed reallocation. At the conclusion of the hearing, Council voted to uphold the Financial Officer's decision." Mayor Stoner withdrew from discussion and vote on this item due to a perceived conflict of interest. Councilmember Mabry made a motion, seconded by Councilmember Kirkpatrick, to adopt Resolution 88-98. Yeas: Councilmembers Estrada, Horak, Kirkpatrick, Mabry, Maxey, and Winokur. Nays: None. (Mayor Stoner withdrawn) THE MOTION CARRIED. Resolution 88-99 Authorizing the Execution ' and Delivery of Second and Third Supplemental Indentures and Second and Third Amendments to Loan Agreement and Other Documents Relating to the City's Industrial Development Revenue Bonds (The Opera House Project) Series 1986 Adopted Following is staff's memorandum on this item: "EXECUTIVE SUMMARY In December of 1986 the City approved the issuance of $5,800,000 in Industrial Development Revenue Bonds and executed a loan agreement and indenture of trust for the construction of the Opera House Project. In April of 1987 an additional agreement was signed between Historical Opera House Properties, Ltd., the City and the DDA to provide reimbursement to the developer for public improvements made in conjunction with the project. The original documents required the developer, Mr. Walt Brown of Historical Opera House Properties, Ltd., to commence construction of the project before January 8, 1988. On December 15, 1987 the City and the DDA extended .a11 executed agreements to July 8, 1988. The letter of credit that secured the payment of the bonds was also extended to July 8, 1988. -171- June 14, 1988 Mr. Brown has requested that the City amend the loan agreement and supplement the indenture agreement between the City and United Bank to accomplish the following: 1. Facilitate the extension of the letter of credit issued by Bankers Trust Company until the revised conversion date. 2. Facilitate the conversion of the interest rate on the Bonds to a fixed rate under the indenture; 3. Aiiow the appointment of a successor trustee under the indenture; 4. Provide a sinking fund for the amortization of the principal on the bonds; 5. Permit the replacement of the Bankers letter of credit with other security for the bonds, including a mortgage on the Project and standby purchase agreements or letters of credit to be provided by United Bank of Fort Collins and other banks. The overall purpose of these changes is to enable the developer to effect the extension of the Bankers letter of credit for the bonds until the revised conversion date (the date when the project commences and principal is drawn from the bond issue). A substitute security will be provided to ' replace the letter of credit." Councilmember Winokur made a motion, seconded by Councilmember Estrada, to adopt Resolution 88-99 (revised version). Administrative Services Director Pete Dallow and bond counsel Jack Gardner responded to questions from Council. The vote on Councilmember Winokur's motion to adopt Resolution 88-99 was as follows: Yeas: Councilmembers Estrada, Horak, Kirkpatrick, Mabry, Maxey, Stoner, and Winokur. Nays: None. THE MOTION CARRIED. Resolution 88-100 Authorizing the City Attorney to Perform Legal Services for the North Front Range Transportation and Air Quality Planning Council Adopted Following is staff's memorandum on this item: "FINANCIAL IMPACT There will be no direct financial impact, but the Resolution will result in ' some increased duties for the City Attorney's office. -172- June 14, 1988 EXECUTIVE SUMMARY I In 1987, the cities of Greeley, Fort Collins, Loveland, Evans, Garden City and LaSalle, together with Larimer County, formed the North Front Range Transportation and Air Quality Planning Council (the "NFRTAQPC"). The purpose of the NFRTAQPC is to promote cooperation and coordination among federal, state and local governments in addressing transportation and related air quality issues. Articles of association were prepared, and the execution of those articles was authorized by the City Council. According to the articles, the Fort Collins Director of Development Services was appointed as the Executive Director of the NFRTAQPC, and the City's Transportation Director was appointed to serve as Secretary. From time to time, the NFRTAQPC is in need of legal services, primarily for the preparation and approval of contracts and other agreements. In order to ensure that the office of the City Attorney is duly and properly authorized by the City Council to perform legal services for the NFRTAQPC, it is necessary that the Council formally make such authorization by resolution or motion. The attached Resolution accomplishes the authorization." Councilmember Kirkpatrick made a motion, seconded by Councilmember Winokur, to adopt Resolution 88-100 (revised version). City Attorney Roy responded to questions from Council relating to what will ' determine when the Attorney's office no longer has resources available to provide these legal services. Councilmember Horak stated he did not feel it was necessary to include language in the Resolution which allows the City Attorney to terminate the provision of legal services. The vote on Councilmember Kirkpatrick's motion to adopt Resolution 88-100 was as follows: Yeas: Councilmembers Estrada, Horak, Kirkpatrick, Mabry, Maxey, Stoner, and Winokur. Nays: None. THE MOTION CARRIED. Other Business Councilmember Horak questioned the rationale behind scheduling an ordinance relating to the sexual orientation issue on July 19th rather than July 5th. City Attorney Roy stated he would prefer additional time for extensive research and drafting of the ordinance. He noted he could be prepared for July 5th if Council requested it be scheduled for that meeting. Councilmember Kirkpatrick stated the Railroad Relocation Committee has suggested they be disbanded. She questioned whether actions were being ' taken to accomplish that. -173- June 14, 1988 City Manager Burkett stated staff would investigate how the committee was created to see if formal action was needed to disband the committee. Councilmember_ Estrada suggested ceremonial recognition be given to the committee in conjunction with the disbanding. Ad.iournment Councilmember Winokur made a motion, seconded by Councilmember Kirkpatrick, to adjourn the meeting. Yeas: Councilmembers Estrada, Horak, Kirkpatrick, Mabry, Maxey, Stoner, and Winokur. Nays: None. The meeting adjourned at 6:35 p.m. ,ATTEST: - City Clerk I� Mayor -174-