HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 08/15/2000 - FIRST READING OF ORDINANCE NO. 97, 2000, APPROPRIA AGENDA ITEM SUMMARY ITEM NUMBER: 16
FORT COLLINS CITY COUNCIL DATE: August 15, 2000
STAFF:
Ken Waido
SUBJECT:
First Reading of Ordinance No. 97, 2000, Appropriating Funds from the Affordable Housing
Fund for an Impact Fee Rebate Payment for the Bull Run Apartments Affordable Housing
Project.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on First Reading.
FINANCIAL IMPACT:
Appropriation of these funds from the Affordable Housing Fund will have no financial impact on
the City because the funds are available in the General Fund Affordable Housing Fund prior year
reserves.
EXECUTIVE SUMMARY:
The City has received an application for a development impact fee rebate for $207,450 from the
Brisben Company for its Bull Run Apartments affordable housing project. The current balance
of available appropriations for development fee impact rebates is $117,215. Additional funds in
the amount of $90,235 are needed to provide the eligible development impact fee rebate for the
project. The $90,235 needed to provide the eligible rebate is available in the General Fund's
Affordable Housing Fund prior year reserves. Article V, Section 9, of the Charter of the City of
Fort Collins authorizes the City Council to provide by ordinance for payment of any expense
from reserves accumulated in prior years notwithstanding that such reserves were not
appropriated for expenditure in the annual appropriation ordinance.
BACKGROUND:
In 1994, the City Council established the Development Impact Fee Rebate Program as an
administrative program permitting a partial rebate of City impact fees for the purpose of
promoting the development of additional affordable housing units. Fees eligible for rebate
included almost all City fees as well as fees from special purpose utility districts and school
districts. The Affordable Housing Board considered proposing a series of changes to the Rebate
Program, but in the context of the "Priority Affordable Housing Needs and Strategies" report,
DATE: August 15, 2000 2 ITEM NUMBER: 16
recommended that the Rebate Program be eliminated and replaced with a competitive process.
On February 2, 1999, the Council adopted Ordinance No. 20, 1999, eliminating the Rebate
Program except for eleven projects that had received preliminary planning approval from the
City and had financially anticipated rebates. The Bull Run Apartments affordable housing
project is one of the eleven projects still eligible for impact fee rebates. Other eligible projects,
including CARE's Windtrail and Brisben's Buffalo Run and Country Ranch projects, are under
construction and should be completed later this year or in early 2001.
• ORDINANCE NO. 97, 2000
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING FUNDS FROM THE AFFORDABLE
HOUSING FUND FOR AN IMPACT FEE REBATE PAYMENT
FOR THE BULL RUN APARTMENTS AFFORDABLE HOUSING PROJECT
WHEREAS,pursuant to Ordinance No. 145, 1994,the City may rebate development impact
fees for the purpose of promoting affordable housing; and
WHEREAS,by its adoption of Ordinance No. 20, 1999,the Council eliminated the Rebate
Program except for eleven projects that had received preliminary planning approval from the City
and had financially anticipated rebates; and
WHEREAS, the Bull Run Apartments affordable housing project is one of the eleven
projects still eligible for impact fee rebates; and
WHEREAS, the City has received an application for a development impact fee rebate for
$207,450 from the Brisben Company for its Bull Run Apartments affordable housing project; and
WHEREAS, the current balance of available appropriations for development fee impact
rebates is $117,215; and
• WHEREAS, additional funds in the amount of$90,235 are needed to provide the eligible
development impact fee rebate for the Bull Run Apartments affordable housing project; and
WHEREAS, the $90,235 needed to provide the eligible rebate is available in the General
Fund Affordable Housing Fund prior year reserves; and
WHEREAS,Article V, Section 9,of the Charter of the City of Fort Collins permits the City
Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as
may be available from reserves accumulated in prior years,notwithstanding that such reserves were
not previously appropriated.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from the General Fund Affordable
Housing Fund prior year reserve the sum of NINETY THOUSAND TWO HUNDRED THIRTY-
FIVE DOLLARS ($90,235) for the development impact fee rebate for the Bull Run Apartments
affordable housing project.
Introduced and considered favorably on first reading and ordered published this 15th day of
August, A.D. 2000, and to be presented for final passage on the 5th day of September, A.D. 2000.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 5th day of September, A.D. 2000.
Mayor
ATTEST:
City Clerk