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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 11/16/1999 - ITEMS RELATING TO THE 2000 DOWNTOWN DEVELOPMENT AU AGENDA ITEM SUMMARY ITEM NUMBER: 36 A-B DATE: November 16, 1999 FORT COLLINS CITY COUNCIL STAFF: John F. Fischbach/ Alan Krcmarik SUBJECT : Items Relating to the 2000 Downtown Development Authority Budget. RECOMMENDATION: Staff recommends adoption of the Ordinances on Second Reading. EXECUTIVE SUMMARY: A. Second Reading of Ordinance No. 172,1999,Appropriating Operating Funds and Approving the Budget of the Downtown Development Authority for the Fiscal Year Beginning January 1,2000,and Fixing the Mill Levy for the Downtown Development Authority for Fiscal Year 2000. The Downtown Development Authority(the"DDA")adopted the proposed DDA budget for 2000, totaling $281,163, 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 20, 1999. Ordinance No. 172, 1999, was unanimously adopted on First Reading on November 2, 1999. B. Second Reading of Ordinance No.173, 1999, Appropriating Revenue in the Downtown Development Authority Debt Service Fund for Payment of Debt Service for the Year 2000. Ordinance No. 173, 1999,which was unanimously adopted on First Reading on November 2, 1999, appropriates funds for the payment of debt service related to DDA projects for 2000, as approved by the DDA Board on October 7, 1999. AGENDA ITEM SUMMARY ITEM NUMBER: 32 A-B DATE: November 2, 1999 FORT COLLINS CITY COUNCIL STAFF: John F. Fischbach/ Alan Krcmarik SUBJECT: Items Relating to the 2000 Downtown Development Authority Budget. RECOMMENDATION: Staff recommends adoption o the Ord'wanceslon -irst Read g. The Downtown Development Authority Board of Directors recoiYtniendss epti of Ordin e No. 172, 1999 on First Reading, and recommended adoption of a debt service budget for 2000 that has been modified by staff as described in Ordinance No. 173, 1999. FINANCIAL IMPACT: These Ordinances represent the annual appropriation for 2000 of $281,163, and approve the Downtown Development Authority ud or 0. �aey also set the DDA mill levy at 4.05 mills and appropriate the Down t n el t onty Debt Service funds for 2000 10 in the amount of$1,650,949. EXECUTIVE SUMMARY: A. First Reading of Ordinance No. 172, 1999,Appropriating Operating Funds and Approving the Budget of the DowC elo ment Authori for the Fiscal Year Beginning January 1,2000,and Fixing ther th o tY ment Authority for Fiscal Year 2000.The Downtown Development (the DX' adopoposed DDA budget for 2000, totaling $281,163, 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 20, 1999. B. First Reading of Ordinance No.173, 1999, Appropriating Revenue in the Downtown Development Authority Debt Service Fund for Payment of Debt Service for the Year 2000, This Ordinance appropriates funds for the payment of debt service related to DDA projects for 2000, as approved by the DDA Board on October 7, 1999. Included in this Ordinance is a recommended appropriation of $100,000 to be used for debt service obligations incurred by the City for the acquisition and renovation of facades, construction and installation of public improvements and acquisitions of property interest. City staff is recommending the Council appropriate $282,129, in the DDA Debt Service Fund budget approved by the DDA Board. This appropriation represents the DATE: November 2, 1999 2 ITEM NUMBER: 32 A-B DDA's share of the annual payment on the certificates of participation used to finance the Civic Center Parking Structure. According to agreements between the City,the County, and the DDA, each party will be responsible for one-third of the lease payments attributable to the parking structure for the period 1999 -2006. After 2006,when the DDA tax increment sunsets,the City and County will equally share in the DDA's commitment through 2016. On May 17, 1988, Council adopted Ordinance No. 95, 1987 authorizing the issuance of tax increment bonds,pledging tax increment revenues to debt retirement,and requiring payment toward that debt retirement on a scheduled basis over the life of the bonds. The Charter requires that all funds which pass through City accounts be appropriated by Council. The tax increment revenue to be appropriated flows directly ' o d- t se 'ce c. In April of 1992,the City issu 11,3 00 o o towYi ment Authority Tax Increment Revenue and Refunding Bonds. accordance wi a appolorado law,only the City may issue long-term debt on behalf of the Authority. The primary purpose of this bond issue was to invoke an early call provision on the City's 1988 Downtown Development Authority Tax Increment Revenue Refunding and Improvement Bonds. Since no Downtown Development Authority projects were pending,a majority of the remaining proceeds,held in the Downtown Development Authority Capital Projects Fund were no longer needed and the related bonds were called. In addition, the remainder of the bond issue was refunded due to favorable interest rates. The new bonds mature through December 1, 2007,with coupons ranging from 5.00%to 7.75%.