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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 08/03/1999 - SECOND READING OF ORDINANCE NO. 117, 1999, APPROPR�"'a�svzF.t4'- z+^. .,,,a x� ..'-,amry PY .4.. x"r� .'Sy _ Aa' .,. . TTTt ,,.-.,� ^^-..m-��.•r.. AGENDA ITEM SUMMARY ITEM NUMBER: 10 DATE: August 3, 1999 FORT COLLINS CITY COUNCIL STAFF: Alan Krcmarik SUBJECT: Second Reading of Ordinance No. 117, 1999. Appropriating Unanticipated Revenue in the Capital Projects Fund to Be Used for the Downtown Intersection Renovation Project. i RECOMMENDATION: Staff recommends adoption of the Ordinance on Second Reading. EXECUTIVE SUMMARY: Ordinance No. 117, 1999, which was unanimously adopted on First Reading on July 20, 1999, appropriates$162,355 of existing appropriations within the General Improvement District#1 Fund in the Capital Projects Fund. The money will be used to begin the design work and preliminary engineering for the project. I i i I I i i i i i i i AGENDA ITEM SUMMARY ITEM NUMBER: 15 DATE: July 20, 1999 FORT COLLINS CITY COUNCIL STAFF: Alan Krcmarik SUBJECT: 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. 1 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'lbr the project. Upon completion of the preliminary work, the City will obtain additional funds through a lease purchase financing to construct the improvements in areas adjacent to the intersectionsnn 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. 1 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 approximately3200,0@6;peryear iTproperty tax revenue. The City f Council approved a capital improvementpriority list,which included reconstruction and renovation of the intersections along College AV ue. The arks Department has developed a plan of improvements to continue thetnpmvemnt process-in 1999?She 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 i the capital project fund. This will allow for direct accounting of the project. This Ordinance appropriates$162355 of existing appropriations within the GID No. 1 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.