HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 09/02/2008 - SECOND READING OF ORDINANCE NO. 101, 2008, EXTENDI ITEM NUMBER: 13
AGENDA ITEM SUMMARY DATE: September 2, 2008
FORT COLLINS CITY COUNCIL STAFF: Chip Steiner
SUBJECT
Second Reading of Ordinance No. 101,2008,Extending the Period During Which the Fort Collins,
Colorado Downtown Development Authority May Allocate and Collect in the Downtown
Development Authority Tax Increment Fund a Portion of Property Taxes.
RECOMMENDATION
Staff recommends adoption of this Ordinance on Second Reading.
EXECUTIVE SUMMARY
This Ordinance,unanimously adopted on First Reading on August 19,2008,allows the Downtown
Development Authority (DDA) to extend the period during which a portion of the property taxes
may be allocated,in accordance with the provisions of Senate Bill 170-08,and when collected,paid
into the DDA's Tax Increment Fund. This extension is for 20 years.
ATTACHMENTS
1. Copy of First Reading Agenda Item Summary- August 19, 2008.
(w/o original attachments)
ATTACHMENT 1
ITEM NUMBER: 21
AGENDA ITEM SUMMARY DATE: August 19, 2008
FORT COLLINS CITY COUNCIL FF: Chip Steiner
SUBJECT
First Reading of Ordinance No. 101, 2008, Extending the Period During Which the Fort Collins,
Colorado Downtown Development Authority May Allocate and Collect in the Downtown
Development Authority Tax Increment Fund a Portion of Property Taxes.
RECOMMENDATION
Staff and the DDA Board recommend adoption of the Ordinance on First Reading.
FINANCIAL IMPACT
This Ordinance allocates one h dyed a ent(1 ° o , e ' property tax increment to be paid
into the DDA's Tax Incremen and d g the I xtensio eriod.
EXECUTIVE SUMMARY
The Downtown Development Authority(DDA)is asking Council to extend the period during which
a portion of the property taxes may be allocated, in accordance with the provisions of Senate Bill
170-08, and when collected, paid into the DDA's Tax Increment Fund. This extension is for 20
years.
BACKGROUND
The Downtown Development Authority was created in 1981 with the purpose, according to State
statute, of planning and implementing projects and programs within the boundaries of the DDA.
The DDA and the City adopted a Plan of Development that specifies the projects and programs the
DDA would undertake. TheKDi s at at 1 ve b n made in public infrastructure
improvements and redevelopthi e D ea, ealizes that certain objectives and
purposes of the DDA Plan hae n mpl ed d requir further work. The DDA finds that,
in order to achieve the objectrposes, ojec d pro s of the DDA Plan,it is necessary
to continue the use of tax increment financing beyond the original TIF term as provided by the DDA
Statute.
ATTACHMENTS
1. Downtown Development Authority Board minutes, July 10, 2008.
ORDINANCE NO. 101, 2008
OF THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO
EXTENDING THE PERIOD DURING WHICH THE FORT COLLINS,
COLORADO DOWNTOWN DEVELOPMENT AUTHORITY MAY ALLOCATE
AND COLLECT IN THE DOWNTOWN DEVELOPMENT AUTHORITY TAX
INCREMENT FUND A PORTION OF PROPERTY TAXES
WHEREAS,on April 21, 1981,the City Council adopted Ordinance No.046, 1981,creating
pursuant to C.R.S. Sections 31-25-801 et seq. (the "DDA Statute") a Downtown Development
Authority(the"Authority")and establishing the boundaries of the Downtown Development District
(the"District'); and
WHEREAS,on September 8, 1981, by Resolution 1981-129, the City Council approved the
Fort Collins Downtown Development Authority Plan of Development, which also describes the
boundaries of the District; and
WHEREAS,on May 14,2008,the Colorado Legislature passed Senate Bill 08-170 amending
the DDA Statute by extending the period of time that a downtown development authority may utilize
tax increment financing; and
WHEREAS,under amended Section 31-25-807,C.R.S., in the final ten years of the original
thirty years that a downtown development authority may allocate and collect property taxes, the
downtown development authority may, through the passage of an ordinance by the governing body,
extend the period by one additional twenty year period(the "Property Tax Extension"); and
WHEREAS, on the first day of the Property Tax Extension the established base year for the
allocation of property taxes (the"Base") must be advanced by ten years, and upon the completion
of the first ten years of Property Tax Extension, the Base must be advanced by one year for every
additional year through the final ten years; and
WHEREAS,the Board of Directors of the Authority believes that the Property Tax Extension
would further the objectives and purposes of the District as contained in the Plan of Development
and has, by adopting Resolution 2008-006, attached as Exhibit"A"and incorporated herein by this
reference, recommended approval of the Property Tax Extension by the City Council; and
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the City Council hereby approves a twenty-year extension of the period
during which the Downtown Development Authority may allocate and collect property taxes.
Section 2. That on the first day of the extension of property taxes the established base
year for the allocation of property taxes is advanced by ten years.
Section 3. That upon the completion of the first ten years of extension of property taxes,
the base year for the allocation of property taxes be advanced by one year for every additional year
through the final ten years.
Introduced, considered favorably on first reading, and ordered published this 19th day of
August, A.D. 2008, and to be presented for final passage on the,2TOday o'f September, A.D. 2008.
ATTEST: May
City Clerk
Passed and adopted on final reading on the 2nd day of September, A.D. 2008.
Mayor
ATTEST:
City Clerk