HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 10/17/2000 - ITEMS RELATING TO THE 2001 DOWNTOWN DEVELOPMENT AU AGENDA ITEM SUMMARY ITEM NUMBER: 39 A-B
FORT COLLINS CITY COUNCIL DATE: October 17, 2000
STAFF: John F. Fischbach/
Alan Krcmarik
SUBJECT:
Items Relating to the 2001 Downtown Development Authority Budget.
RECOMMENDATION:
Staff recommends adoption of the Ordinances on First Reading. The Downtown Development
Authority Board of Directors recommends adoption of Ordinance No. 156, 2000 on First Reading,
and recommended adoption of a debt service budget for 2001 that has been modified by staff as
described in Ordinance No. 157, 2000.
FINANCIAL IMPACT:
Ordinance No. 156,2000 sets the Downtown Development Authority annual mill levy at 4.05 mills and appropriates$322,617
in the operating fund for 2001. The mill levy is projected to generate$216,415. The animal appropriation includes$132,500
be transferred from the DDA debt service fund that will be used for debt service on facade acquisitions and sidewalk
improvements.
Ordinance No. 157,2000 appropriates the tax increment revenue for debt service to be paid in 2001 on DDA revenue bonds,
DDA subordinate revenue bonds,the transfer to the operating fund for facade acquisitions and sidewalk improvements,and
the DDA share of the lease purchase certificates of participation for the Civic Center Parking Structure. The total tax
increment revenue for 2001 is projected to be$1,815,463. The 2001 appropriation from the debt service fund is$1,758,542.
EXECUTIVE SUMMARY:
A. First Reading of Ordinance No. 156 , 2000,Appropriating Operating Funds and Approving
the Budget of the Downtown Development Authority for the Fiscal Year Beginning January
1, 2001, and Fixing the Mill Levy for the Downtown Development Authority for 2001.
The Downtown Development Authority(the"DDA")adopted the proposed DDA budget for 2001,
totaling $322,617, and determined the mill levy necessary to provide for payment of all properly
authorized expenditures incurred by the District, at its regular meeting of October 5, 2000.
B. First Reading of Ordinance No. 157, 2000, Appropriating Revenue in the Downtown
Development Authority Debt Service Fund for Payment of Debt Service for the Year 2001.
This Ordinance appropriates funds for 2001 from the tax increment received by the City for the DDA
for debt service payments. Debt service and annual lease payments include: the semi-annual
payments on the 1992 DDA Refunding Revenue Bonds in the amount of$1,303,483,the DDA share
of the Parking Structure lease payment of$282,429, the transfer of tax increment to the operating
fund for facade acquisition and sidewalk improvements in the amount of$132,500, and the amount
of$40,130 for the annual interest payment on the subordinate revenue bonds issued in 2000.
DATE: October 17, 2000 2 ITEM NUMBER: 39 A-B
BACKGROUND:
Through action of the Council and the qualified electors, the City of Fort Collins created the
Authority in 1981. According to the state statute,the purpose of the DDA is to plan and implement
improvements within the boundaries of the Authority. The DDA established a Plan of Development
that specified the types of projects that it would undertake. In order to undertake the plan of
improvements, the City on behalf of the DDA has issued various bond anticipation notes and
revenue bonds. The first issuance of revenue bonds for the DDA occurred in 1984. Subsequently,
the bonds have been refunded to effect savings and to better match the tax increment of the authority
with the debt service of the bonds. The most recent refunding of the bonds occurred in 1992.
In April of 1992,the City issued$11,380,000 of Downtown Development Authority Tax Increment
Revenue and Refunding Bonds. In accordance with the applicable state law,only the City may issue
long-term debt on behalf of the Authority. The bond ordinances pledge tax increment revenues of
the DDA to debt retirement and establish the debt service payments. The Charter requires that
Council appropriate all funds that pass through City accounts. The tax increment from the DDA to
be appropriated by the City flows directly into the debt service account. In 2001, the debt service
on the 1992 bonds is $1,303,483.
In addition to the debt service on the 1992 bonds, the DDA has entered into agreements or passed
resolutions that use additional amounts of tax increment.
According to an agreement with the City of Fort Collins and Larimer County, the DDA is to pay a
share of the annual lease payment on the Civic Center Parking Structure. In 2001, the DDA share
of the payment is $282,429.
In 2000, the DDA also issued subordinate revenue bonds to participate in the financing of other
improvements within the Authority's boundaries. This bond issued has an interest rate that readjusts
with the prime rate of the Key Bank, the buyer of the bonds. Staff projects an interest rate on the
bonds at 6.6%. This interest rate generates an annual interest payment of$40,130.
The DDA also anticipates that it will participate in additional improvements in the DDA area in
2001. The debt service appropriation Ordinance transfers $132,500 to the DDA operating budget
for expenditure on the additional projects.
In addition to the projects financed using the tax increment from the Authority, the DDA has the
ability to impose a mill levy for the administration, operation, and maintenance of the entity. The
mill levy for 2001 is 4.05 mills. According to preliminary information from the County Assessor,
this mill levy should generate$216,415 of revenue in 2001. The total operating budget for the DDA
is $322,617.
Staff has attached the corresponding resolutions adopted by the DDA Board of Directors.
Staff recommends adoption of the two ordinances.
RESOLUTION 00-07
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, 2001
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 4.05 mills to be sufficient to meet the operational and administrative needs
of the Authority for fiscal year 2001.
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 torte for
taxation upon all the taxable property within the Downtown Development Authority District
for the fiscal year ending December 31, 2001 be set at 4.05 nulls which is sufficient to raise
ad valorem revenues for the 2001 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 sball be
distributed to general expense, which levy 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 5th day
yof_October, 2000.
/"C.2 Md
Mary J. BrkVk C
A7 T:
71 Me ors, Secretary
RESOLUTION 00-05
. 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 31,2001
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 exlmnditures
to be received and incurred during fiscal year ending December 31,2001.
NOW,THEREFORE BE TT RESOLVED BY THE BOARD OF DIRECTORS OF THE
DOWNTOWN DEVELOPMENT AUTHORITY that the following budget is adopted for the fiscal
year ending December 31,2001 and therefore recommends to the Council of the City of Fort Collins
the adoption of this budget.
Revenues:
Ad Valorem Taxes $216,415
. Auto Specific Ownership Tax 23,401
Interest Earnings 5,000
Tax Increment Funds 132,500
TOTAL S377,316
Expenses:
Personal Services $116,352
Contractual Services 34,982
Commodities 1,050
Capital Outlay 132,500
Other 37,733
TOTAL $322,617
Passed and adopted at a special meeting of the Board of Directors of the Fort Collins
Downtown Development Authority this 5th day of October,2000.
E Mary J. OjWon,Chair
1 Mea ors, Secretary
RESOLUTION 00-06
OF THE BOARD OF DIRECTORS
OF THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY
RECOMMENDING TO THE FORT COLLINS CITY COUNCIL
THE APPROPRIATION IN THE DOWNTOWN DEVELOPMENT AUTHORITY'S
DEBT SERVICE FUND FOR PAYMENT OF DEBT SERVICE FOR THE FISCAL
YEAR ENDING DECEMBER 31,2001
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 fiord 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 fiords
consisting of proceeds of bonds,loans, and other forms of indebtedness; and,
WHEREAS, the Council of the City of Fort Collins, in Ordinance No. 36, 1992
authorized the issuance of Tax Increment Revenue Refmding and Improvement Bonds Series
1987, dated May 15, 1988, in the aggregate amount of ELEVEN MILLION THREE
HUNDRED EIGHTY THOUSAND DOLLARS ($11,380,000);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 Council of the City of Fort Collins, in Ordinance No. 128, 1998
authorized the issuance of Tax Increment Revenue Refunding and Lease Certificates of
Participation Series 1998, dated August 1, 1998 in the aggregate amount of SEVENTEEN
MILLION,TWO HUNDRED TEN THOUSAND DOLLARS ($17,210,000) of which SIX
MILLION NINE HUNDRED TWENTY THOUSAND DOLLARS ($6,920,000) is
applicable to the Parking Structure; and,
WHEREAS,the Downtown Development Authority will participate in the financing of
the Civic Center Parking Structure; and,
WHEREAS, the Downtown Development Authority's share of the 2001 payments for
the Parking Structure is $282,429; and
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 2001 from the Downtown Development Authority Debt Service
Fund,the sum of ONE MILLION THREE HUNDRED AND THREE THOUSAND FOUR
HUNDRED AND EIGHTY THREE DOLLARS ($1,303,483) for payment of debt service
for 2001 on the bonds authorized by City Council in Ordinance No.36. 1992.
Section 2. That it recommends to the Council of the City of Fort Collins the
appropriation for acpenditure in 2001 from the Downtown Development Authority Debt Service
Fund,the sum ofTWO HUNDRED EIGHTY TWO THOUSAND FOUR HUNDRED AND
TWENTY NINE DOLLARS($282,429) for payment of debt service for 2001 on the bonds
authorized by City Council in Ordinance No.128, 1998.
Section"3. That it recommends to the Council of the City of Fort Collins the
appropriation for cgmditrme in 2001 from the Downtown Development Authority Debt Service
Fund, the sum of THIRTY-FIVE THOUSAND ONE HUNDRED TWELVE DOLLARS
($35,112) for interest payment for 2001 on the bonds authorized by City Council in Ordinance
No. 10,2000.
.Passed and adopted at a regular meeting of the Board of Directors of the Fort Collins
Downtown Development Authority this 5°day of October,2000.
Mary J. Brayton, Chairman
A ST:
J Meadors, Secretary
RESOLUTION 00-08
OF THE BOARD OF DIRECTORS OF THE FORT COLLINS
DOWNTOWN DEVELOPMENT AUTHORITY RECOMMENDING
TO THE FORT COLLINS CITY COUNCIL THE APPROPRIATION OF
ONE HUNDRED THIRTY-TWO THOUSAND FIVE HUNDRED DOLLARS(S132,500)
FROM TAX INCREMENT RESERVE MONIES INTO THE OPERATING
AND MAINTENANCE FUND OF THE DOWNTOWN DEVELOPMENT AUTHORITY
FOR PAYMENT OF OBLIGATIONS TO MAKE CERTAIN CAPITAL
IMPROVEMENTS IN THE DOWNTOWN DEVELOPMENT AUTHORITY DISTRICT
IN THE FISCAL YEAR 2001
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. 36, 1992,Section 5B and Section 5J thereof, the City
Council may appropriate tax increment monies for purposes of debt service payments for
obligations other than those of the City of Fort Collins Downtown Development Authority Tax
Increment Revenue Refunding Bonds Series 1992;and,
WHEREAS,the Downtown Development Authority finds it to be in the best interests and
welfare of the Downtown Development Authority district to continue its program to assist and
encourage downtown renovation and revitalization in the furtherance therco� to provide funding
for the acquisition and renovation of facades, construction and installation of public
improvement, acquisitions of property interest and any other purpose authorized under CRS 31-
25-801 et sec;
NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY that it recommends to the
Council of the City of Fort Collins the appropriation from the tax increment fund to the Operation
and Maintenance Fund of the Downtown Development Authority for expenditure in 2000 the sum
of ONE HUNDRED THIRTY-TWO THOUSAND FIVE HUNDRED DOLLARS ($132,500) for
the acquisition and renovation of facades,construction and installation of public improvements,
acquisitions of property interest and any other purpose authorized under CRS 31-25-801 et sec.
Passed and adopted at a regular meeting of the Board of Directors of the Fort Collins Downtown
Development Authority this 5th day of October, 2000.
Mary J on,Chof
ATTE
Ja7Neaofs, Secretary
ACTUAL BUDGET REVISED r ,F,rD ;; PROJECTED PROJECTED PROJECTED PROJECTED
1999 2000 2000 2002 2003 2004 2005
Beginning fund Balance $258,582 $277,890 $733,842 t' 1 $491,711 $548,048 $605,197 $664,393
Revenue
Property Tax 190,001 186,584 210,112 15 222,908 229,595 236,483 243,577
Auto Specific Ownership Tax 24,996 22,719 22 719 �`P P ,�.�� # f401. 24,103 24,826 25,570 26,338
Interest Earnings 15,175 5,000 5000 ;*,a' a,-,fB�i000 5,000 5,000 5,000 5,000
Miscellaneous 2,315 0 0 ,r" - 0. 0 0 0 0 0
Total Revenue 232,488 214,303 237 831 `M 244$16. 252,010 259,421 267,053 274,915 00
C
_.. - G
Expenses
Personal Services 94,257 107,435 107 435 " al`18r352 120,424 124,639 129,002 133,517 •p m
Contractual Services 66,214 34,008 34966 Oh Q82 36,031 37,112 38,226 39,373 0) y
Commodities 1,349 2,300 2,300 xxy - so, 1,061 1,071 1,082 1,093 ^!
Total Expenses 161,821 143,743 144,701 fU�, 84- 157,516 162,823 168,309 173,982 O 3
Excess of Revenue Over(Under) MgfD (A32 94,494 96,598 98,744 100,933
v
Expenses 70,667 70,560 93,131 4 .
_ C
Other Revenue(Expenses) *`F142 O. G O
Bond Proceeds 750,000 0 608,000- vs 0 0 0 0 0 93 '0
Other(Contingency) (2,925) (5,000) (5,440 00 (5,250) (5,513) (5,7881 (6,078) ram•► f11
Loan Repayment-Interest 0 (7,420) (7,420 -33 (4,907) (3,437) 11,760) 0 W.
Other Capital Projects (47,482) (100,000) (100,000 _QQ (100,000) (100,000) (100,000) (100,000) P+ '''►
Transfer from DDA Debt Service 100,000 100,000 100,000 Do 100,000 100,000 100,000 100,000 91)
Transfer to General Fund 0 0 0 K. 0'. 0 0 0 0 N N C
Transfer to Capital Projects Fund 0 0 (185,000 ,';-` ' 0 0 0 0 0 3 O r+
Transfer to Cultural Services 0 0 (7,000 0 0 0 0 0 7 A O
DDA Projects 1371,000) 0 (768,100 0 0 0 0 0 rf
Total Other Revenue(Expenses) 428,593 (12,420) (364,960 33 (10,157) (8,950) (7,548) (6,078) `G
Adjustments to Fund Balance
Prin.Repmt.-Street Oversizing Adv. (24,000) (25,000) (25,000 1)fj (28,000) (30,500) (32,000) 0
Ending Fund Balance $733,842 $311,030 $437,012 g 11: $548,048 $605,197 $664,393 $759,249
Reserves
Undesignated Reserve $244,883 $175,566 $301,548 4Y' S412,584 $469,733 $528,929 $623,785
Reserved for Encumbrances 353,495 0 0 .`0 0 0 0 0
Reserved for Inventory 135,464 135,464 135,464 64 135,464 135,464 135,464 135,464
Total Reserves $733,842 $311,030 $437,012 W .S ?1'lr $548,048 $605,197 $664,393 $759,249
ACTUAL BUDGET REVISED a PROJECTED PROJECTED PROJECTED PROJECTED 0
1999 2000 2000 2002 2003 2004 2005 O
O
BB %nn%n Fund Balance $2,143,016 $1,580,716 $1,544,968 -:..7. $1,885,750 $2,096,139 $2,322,096 $2,571,491
Revenue C
CO
Tax Increment Collections 1,614,654 1,356,441 1,779,866 _ 1,851,773 1,888,808 1,926,584 1,965,116 d 0 G
Earnings on Investments 135,226 109,602 109,602 2 103,716 115,288 127,715 141,432
Q
Total Revenue 1,749,880 1,466,043 1,889,468 1,955,489 2,004,096 2,054,299 2,106,548 m "►
Other Revenue(Expenses) M M
Transfer to Sales&Use Tax Fund (1,239,048) (1,268,820) (1,268,820 (1,327,582) (1,361,040) (1,388,568) (1440,212) C
Transfer to DDA 0&M Fund (100,000) (100,000) (100,000 (100,000) (100,000) (100,000) ;100,0001 (0010
Transfer to Debt Service Fund 0 (282,129) (282,129 (282,406) 1281,987) (281,224) (282,674) .CD+
Transfer to General Fund (258,880) 0 0 0 0 0 0
Bond Issuance Costs 0 0 0 A 0 0 0 0 9, j
Bond Interest Expense 0 0 ? ';:>„'`•�0 rL D
Other Loan Repayments (750,000) _ _0 (50,000 Y (35,112) (35,112) (35,112) (35,112) N
Total Other Revenues T
(Expenses) (2,347,928) (1,650,949) (1,700,949 (1,745,100) (1,778,139) (1,804,904) (11857,998) O
rs X
End%n Fund Balance $1,544,968 $1,395,810 $1,733,487 . O $2,096,139 $2,322,096 $2,571,491 $2,820,041
ORDINANCE NO. 156, 2000
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING OPERATING FUNDS
AND APPROVING THE BUDGET OF THE
DOWNTOWN DEVELOPMENT AUTHORITY
FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2001,
AND FIXING THE MILL LEVY FOR THE
DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2001
WHEREAS,the Fort Collins Downtown Development Authority(the"DDA")has been duly
organized in accordance with Section 31-25-804, C.R.S.; and
WHEREAS, on October 5,2000, the Board of Directors of the DDA, under the provisions
of Section 31-25-816, C.R.S., adopted a budget for the fiscal year beginning January 1, 2001, and
determined the mill levy necessary to provide for payment during fiscal year 2001 of all properly
authorized expenditures to be incurred by the DDA; and
WHEREAS, it is the desire of the Council to approve said budget of the DDA and to
appropriate the sum of THREE HUNDRED TWENTY-TWO THOUSAND SIX HUNDRED
SEVENTEEN DOLLARS($322,617)for operation and maintenance of the DDA for the fiscal year
beginning January 1, 2001 and ending December 31, 2001; and
• WHEREAS,the Board of the DDA has recommended to the Council a mill levy of 4.05 mills
upon each dollar of assessed valuation of all taxable property within the DDA District, such levy
representing the amount of taxes for DDA purposes necessary to provide for payment during the
ensuing fiscal year for all properly authorized expenditures to be incurred by the DDA; and
WHEREAS,Section 39-5-128(1),C.R.S.,requires certification of any tax levy to the Board
of County Commissioners no later than December 15, 2000.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the Council has reviewed the DDA's 2001 Recommended Budget, as
adopted by the Board of Directors of the DDA, and approves said budget, which is on file in the
Office of the City Clerk.
Section 2.That there be, and hereby is, appropriated out of the revenues of the DDA for the
fiscal year beginning January 1, 2001 and ending December 31, 2001, the sum of THREE
HUNDRED TWENTY-TWO THOUSAND SIX HUNDRED SEVENTEEN DOLLARS($322,617),
to be raised by taxation and otherwise, to be expended for the authorized purposes of the DDA.
Section 3. That the 2001 mill levy rate for the taxation upon each dollar of the assessed
• valuation of all taxable property within the DDA District as of December 31, 2000, shall be 4.05
mills, which levy represents the amount of taxes for the District purposes to provide for payment
during the aforementioned budget year of all properly authorized expenditures to be incurred by the
District. Said mill levy shall be certified to the County Assessor and the Board of County
Commissioners of Larimer County, Colorado by the City Clerk as provided by law.
Introduced, considered favorably on first reading, and ordered published this 17th day of
October,A.D. 2000,and to be presented for final passage on the 21 st day of November,A.D. 2000.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 21st day of November, A.D. 2000.
Mayor
ATTEST:
City Clerk
ORDINANCE NO. 157, 2000
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND
FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 2001
WHEREAS,the Council of the City of Fort Collins,in Ordinance No. 149, 1984,authorized
the issuance of Tax Increment Refunded Bonds,Series 1984,dated October 1, 1984,in the aggregate
principal amount of EIGHT MILLION TWO HUNDRED THOUSAND DOLLARS ($8,200,000);
which bonds were subsequently refunded in 1985, 1988, and 1992; and
WHEREAS, through the adoption of Ordinance No. 36, 1992, the City Council authorized
the issuance of new Tax Increment Revenue and Refunding Bonds(the"1992 Bonds"), in order to
invoke an early call provision on the City's 1988 Downtown Development Authority Tax Increment
Revenue Refunding and Improvement Bonds, in the aggregate principal amount of ELEVEN
MILLION THREE HUNDRED EIGHTY THOUSAND DOLLARS ($11,380,000); and
WHEREAS, interest on the 1992 Bonds is due and payable annually; and
WHEREAS, the Downtown Development Authority(the"DDA") is a body corporate duly
created, established and authorized to transact business and exercise its powers, all under and
pursuant to the Downtown Development Authorities Act of the State of Colorado, Section 31-25-
801,C.R.S.et seq. (the"Act"), and the powers of the authority include the power to borrow money
and to finance public improvements within the boundaries of the DDA; and
WHEREAS,Ordinance No.36, 1992,also allows Council to appropriate tax increment funds
for purposes of debt service payments for obligations other than those of the 1992 Bonds; and
WHEREAS,on October 5,2000,the Board of the DDA adopted a 2001 Budget that provided
for the payment of debt service on the 1992 Bonds; and
WHEREAS, in addition, the Board of the DDA is continuing its program to assist and
encourage downtown renovation and revitalization, and in furtherance thereof, to provide funding
for the acquisition and renovation of facades,construction and installation of public improvement,
acquisition of property interests and any other purpose authorized under Section 31-25-801,C.R.S.,
et seq., through the appropriation and transfer of $132,500 from the Downtown Development
Authority Debt Service Fund to the Downtown Development Authority Operations and Maintenance
Fund; and
WHEREAS,the Council of the City of Fort Collins,in Ordinance No. 128, 1998,authorized
the issuance by the City of Lease Certificates of Participation Series 1998,dated August 1, 1998,in
the aggregate amount of SEVENTEEN MILLION TWO HUNDRED TEN THOUSAND DOLLARS
($17,210,000) of which SIX MILLION NINE HUNDRED TWENTY THOUSAND DOLLARS
($6,920,000) is attributable to the Parking Structure; and,
WHEREAS,pursuant to its intergovernmental agreement with the City and the County,the
DDA has agreed to pay one-third of the lease payments attributable to the Parking Structure each
year through 2006 for the financing of the Civic Center Parking Structure; and,
WHEREAS, the DDA's share of the 2001 lease payments for the Parking Structure is
$282,429; and
WHEREAS,the Council of the City of Fort Collins, in Ordinance No. 10,2000,authorized
the issuance of Subordinate Tax Increment Revenue Bonds,Series 2000A dated March 1, 2000,in
the aggregate amount of SIX HUNDRED EIGHT THOUSAND DOLLARS($608,000)for financing
several capital improvements in the downtown area(the "2000 Bonds"); and
WHEREAS, the DDA's 2001 interest payment for the 2000 Bonds is $35,112; and
WHEREAS,pursuant to Section 31-25-816,C.R.S.,the DDA budget is subject to approval
by the City Council.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE MILLION THREE HUNDRED THREE
THOUSAND FOUR HUNDRED EIGHTY-THREE DOLLARS ($1,303,483)for payment of debt
service in 2001 on the 1992 Bonds authorized by Council in Ordinance No. 36, 1992.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE HUNDRED THIRTY-TWO
THOUSAND FIVE HUNDRED DOLLARS ($132,500), which amount is hereby authorized for
transfer to the Downtown Development Authority Operations and Maintenance Fund to be used for
purposes of debt service payments incurred for facade acquisitions and sidewalk improvements.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of TWO HUNDRED EIGHTY-TWO
THOUSAND FOUR HUNDRED TWENTY-NINE DOLLARS($282,429),which amount is hereby
authorized for transfer to the City of Fort Collins General Fund to be used to cover the Downtown
Development Authority's one-third share of the debt service payment on the Civic Center Parking
Structure.
Section 4. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of THIRTY-FIVE THOUSAND ONE
HUNDRED TWELVE DOLLARS ($35,112) for interest payment in 2001 on the 2000 Bonds.
Introduced and considered favorably on first reading and ordered published this 17th day of
October,A.D. 2000,and to be presented for final passage on the 21 st day of November,A.D.2000.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 21st day of November,A.D. 2000.
Mayor
ATTEST:
• City Clerk
•