HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 12/19/2000 - SECOND READING OF ORDINANCE NO. 148, 2000, EXPANDI AGENDA ITEM SUMMARY ITEM NUMBER: 4.1
FORT COLLINS CITY COUNCIL DATE: December 19, 2000FROM:
Jay Hardy
SUBJECT:
Second Reading of Ordinance No. 148, 2000, Expanding the Boundaries of the Fort Collins,
Colorado Downtown Development Authority and Amending the Plan of Development of the
Authority.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
Ordinance No. 148, 2000, which was adopted 6-1 on November 21, 2000, expands the boundaries
of the Downtown Development Authority (DDA) District. The boundaries are contained in the
Ordinance establishing the District, as previously amended,and in the Plan of Development for the
lipDDA. The purpose of the amendment is to include the Mulberry/L.emay Crossings property.
AGENDA ITEM SUMMARY ITEM NUMBER: 24
DATE: October 17, 2000
FORT COLLINS CITY COUNCIL
FROM: lay Hardy
SUBJECT:
First Reading of Ordinance No. 148,2000,Expanding the Boundaries of the Fort Collins,Colorado
Downtown Development Authority and Amending the Plan of Development of the Authority.
RECOMMENDATION:
Staff recommends adoption o UeOr'i ce o i t Reading
EXECUTIVE SUMMARY:
Adoption of the Ordinance will expand the boundaries of the Downtown Development Authority
(DDA) District. The bounda ' c d ' n establishing the District, as
previously amended, and in th lan oUveloe for e The purpose of the amendment
is to include the Mulberry/Le y Crose
BACKGROUND:
By petition,the owners of the property located at 1250 East Magnolia have requested inclusion into
the DDA District(Attachment 1). The DDA Board of Directors responded favorably to that petition
at its October 2000 regular meeting.
The owners are requesting the inclusion so that the property may contribute effectively to the needs,
growth and additions tote
down area. e D oa D' tors found the petition worthy
of its mission, while offering t_ en u oppo , n . t v arious items of highest priority
with the City of Fort Collins, s well a - he D refor n approval of this inclusion will
contribute to funding for the fo in h r ct corporal in the Poudre River Corridor plan
recently adopted by City Council.
1. Linden/Riverside intersection improvements (estimated at $1.5 million)
2. Linden Street improvements north of Riverside (estimated at $1.5-2.0 million)
3 Partial funding for a downtown shuttle service (estimated at $200,880- $223,200)
If City Council wishes to include this property in the DDA District, it must adopt the attached
ordinance,which amends the legal description contained in Ordinance No. 199, 1998(the amended
creation ordinance that established its most current boundaries), as well as the legal description in
the Plan of Development. When these amendments become effective, the additional property will
be included within the DDA District and will be subject to a division of taxes as provided in the
DDA statute. The City will then direct the tax increment revenues to be used by the DDA for the
purposes stated above.
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DATE: October 17, 2000 2 ITEM NUMBER: 24
The Ordinance contains a finding that the proposed modification of the Plan of Development is not
a substantial one. This finding is based upon the following:
1. The amendment to the Plan amends only the District boundaries and does not affect the other
provisions of the Plan; and
2. The amendment to the District boundaries does not substantially increase either the assessed
valuation of the property in the existing District or the size of the District.
Attachment 2 shows an estimate of the tax increment revenues from the Mulberry/Lemay Crossing
property beginning in 2001 and in . tpSerintend
Ytproposed
levy revenues for the District.
Attachment 3 is a copy of a let from D Ung Schools for the Poudre School
District, indicating that the Sch tric o expansion of the DDA
boundaries.