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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 09/21/2004 - FIRST READING OF ORDINANCE NO. 148, 2004, APPROPRI ITEM NUMBER: 10 AGENDA ITEM SUMMARY DATE: September 21, 2004 FORT COLLINS CITY COUNCIL STAFF: Carol Tunner SUBJECT First Reading of Ordinance No. 148,2004,Appropriating Unanticipated Revenue in the Amount of $26,500 for a Perpetual Easement at 259 South College Avenue, the Armstrong Hotel. RECOMMENDATION Staff recommends adoption of the Ordinance on First Reading. FINANCIAL IMPACT There is no financial impact because the City has been awarded an additional grant of$26,500 from the Colorado Historical Society's State Historical Fund to pay for a Perpetual Easement at 259 South College Avenue. EXECUTIVE SUMMARY In 2003, the Colorado Historical Society awarded the City of Fort Collins a State Historical Fund grant of$171,000. This money was appropriated in Ordinance 107. The building owners, the Levinger family, already provided to the City the $339,000 cash match for the grant. The grant funds are currently financing the rehabilitation of 259 South College Avenue in Fort Collins. As part of the grant requirements, the building owners must give a perpetual easement on the building to an approved entity. The building owners selected the Colorado Historical Foundation to hold the perpetual easement. The City's role is to: (1) enter into an amended grant contract with the Colorado Historical Society (which was completed in August 2004), (2) receive and administer the grant funds, including the additional perpetual easement grant funds, and (3) be responsible for the distribution of the grant funds. The Advance Planning Department is administering the grant management. The cost of this administration is being covered by the building owners' cash match for the grant. . ......_. . _.. ORDINANCE NO. 148, 2004 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE IN THE GENERAL FUND FOR A PERPETUAL EASEMENT AT 259 SOUTH COLLEGE AVENUE, THE ARMSTRONG HOTEL WHEREAS, the City of Fort Collins has been awarded a grant in the amount of$171,000 from the Colorado Historical Society's State Historical Fund to rehabilitate 259 South College Avenue, also known as the Armstrong Hotel and the Mountain Empire Hotel; and WHEREAS,the building's owners have provided matching funds in the amount of$339,000; and WHEREAS, grant funds in the amount of$171,000 and the grant matching funds in the amount of$339,000 were appropriated in 2003 in Ordinance No. 107; and WHEREAS, the building's owners, pursuant to the grant, are now required to grant a perpetual easement which will be held by the Colorado Historical Foundation; and WHEREAS,the Colorado Historical Society's State Historical Fund provided an additional grant award of$26,500 for the purpose of paying for the perpetual easement and the amended grant now totals $197,500; and WHEREAS,the City will administer the grant and be responsible for the distribution of the grant, cash match funds, and grant for the perpetual easement; and WHEREAS,Article V, Section 9,of the Charter of the City of Fort Collins permits the City Council to make supplemental appropriations by ordinance at any time during the fiscal year, provided that the total amount of such supplemental appropriations,in combination with all previous appropriations for that fiscal year, does not exceed the current estimate of actual and anticipated revenues to be received during the fiscal year; and WHEREAS,City staff has determined that the appropriation of the additional grant revenue from the Colorado Historical Society, as described herein, will not cause the total amount appropriated in the General Fund to exceed the current estimate of actual and anticipated revenues to be received in that fund during any fiscal year. NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that, upon receipt, there is hereby appropriated from unanticipated grant revenue in the General Fund the sum of TWENTY-SIX THOUSAND FIVE HUNDRED DOLLARS ($26,500), for expenditure in the General Fund for a Perpetual Easement at 259 South College Avenue. Introduced and considered favorably on first reading and ordered published this 21 st day of September,A.D. 2004, and to be presented for final passage on the 5th day of October, A.D. 2004. Mayor ATTEST: City Clerk Passed and adopted on final reading this 5th day of October, A.D. 2004. Mayor ATTEST: City Clerk