HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 07/20/1999 - FIRST READING OF ORDINANCE NO. 117, 1999, APPROPRI AGENDA ITEM SUMMARY ITEM NUMBER: 15
DATE: July 20, 1999
FORT COLLINS CITY COUNCIL
STAFF:
Alan Krcmarik
ISUBJECT:
First Reading of Ordinance No. 117, 1999, Appropriating Unanticipated Revenue in the Capital
Projects Fund to Be Used For The Downtown Intersection Renovation Project.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on First Reading.
FINANCIAL IMPACT:
This Ordinance appropriates existing appropriations in the GID No. I fund that are being transferred
to the City's capital projects fund. The amount of the transfer is $162,355. The transferred funds
will be to begin the design and engineering work for the project. Upon completion of the
preliminary work, the City will obtain additional funds through a lease purchase financing to
constructthe improvements in areas adjacerutothe intersections in the downtown area along College
Avenue. The total amount to be financed is approximately $1.1 million. The lease purchase
financing is expected to be 15 to 20 years in length.
EXECUTIVE SUMMARY:
The City created the downtown General Improvement District No. I in 1976 to fund improvements
in the downtown area. The District's major source of revenue is from the annual mill levy, 4.924
mills in 1999,which generates approximately$200,000 per year in property tax revenue. The City
Council approved a capital improvement priority list which included reconstruction and renovation
of the intersections along College Avenue. The Parks Department has developed a plan of
improvements to continue the improvement process in 1999. The City intended to pay for the
improvements through a lease purchase financing that should be completed in September. The total
project cost is estimated to be$1.1 million. The project will be managed as a separate project within
the capital project fund. This will allow for direct accounting of the project. This Ordinance
appropriates$162,355 of existing appropriations within the GID No. I Fund in the Capital Projects
Fund. The money will be used to begin the design work and preliminary engineering for the project.
The GID Board of Directors will be authorizing the transfer of these appropriations at its meeting
tonight.
ORDINANCE NO. 117, 1999
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE
IN THE CAPITAL PROJECTS FUND TO BE USED
FOR THE DOWNTOWN INTERSECTION RENOVATION PROJECT
WHEREAS, several of the intersections in the downtown area within the General
Improvement District No. 1 along College Avenue are in need of repair,reconstruction,and capital
improvements in order to enhance and otherwise improve the downtown area; and
WHEREAS, City staff members in the Parks and Engineering Departments have been
working on design plans for improvement to the aforementioned section of College Avenue (the
"Project")including reconstruction of the roadway,curb,gutter,sidewalks,bus stops,street pavers,
and other miscellaneous improvements adjacent to the intersections; and
WHEREAS, upon completion of the design process for the Project, the staff expects to
finance improvements over a period of time not to exceed twenty (20)years; 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, do not exceed the then current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS,it is the desire of the Council to appropriate unanticipated revenue,in the form
of a transfer from the General Improvement District No. 1,totaling$162,355 in the Capital Projects
Fund, Downtown Intersection Renovation capital project.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from unanticipated revenue in the
Capital Projects Fund, Downtown Intersection Renovation capital project, the sum of ONE
HUNDRED SIXTY-TWO THOUSAND THREE HUNDRED FIFTY-FIVE($162,355),contingent
upon City Council, acting as the Board of Directors of the General Improvement District No. 1,
authorizing a transfer of such amount from the General Improvement District No. 1, to be used for
design and engineering work associated with the reconstruction and renovation of intersections in
the downtown area along College Avenue.
Introduced and considered favorably on first reading and ordered published this 20th day of
July, A.D. 1999, and to be presented for final passage on the 3rd day of August, A.D. 1999.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 3rd day of August,A.D. 1999.
Mayor
ATTEST:
City Clerk