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HomeMy WebLinkAboutCOUNCIL - SUMMARY AGENDA - 05/05/2009 - SUMMARY AGENDA Cityof CITY COUNCIL AGENDA F6rt CoUins Doug Hutchinson, Mayor City Council Chambers Kelly Ohlson, District 5, Mayor Pro Tern City Hall West Ben Manvel, District 1 300 LaPorte Avenue Lisa Poppaw, District 2 Fort Collins, Colorado Aislinn Kottwitz, District 3 Wade Troxell, District 4 Cablecast on City Cable Channel 14 David Roy, District 6 on the Comcast cable system Darin Atteberry, City Manager Steve Roy, City Attorney Wanda Krajicek, City Clerk The City of Fort Collins will make reasonable accommodations for access to City services,programs,and activities and will make special communication arrangements for persons with disabilities. Please call 221-6515(TDD 224-6001)for assistance. REGULAR MEETING May 5, 2009 Proclamations and Presentations 5:30 • A. Proclamation Declaring"Virtue" as the Character Focus for the month of May 2009. B. Proclamation Declaring May 7, 2009 as the National Day of Prayer. C. Proclamation Declaring May as Fort Collins Historic Preservation Month. D. Proclamation Declaring May as Fort Collins Municipal Railway Month. E. Proclamation Declaring the week of May 4-May 10, 2009 as Public Service Recognition Week. Regular • 11 • PLEDGE OF ALLEGIANCE 1. CALL MEETING TO ORDER. 2. ROLL CALL. PAGE 2 3. CITIZEN PARTICIPATION (limited to 30 minutes) Individuals who wish to make comments regarding items scheduled on the Consent Calendar or wish to address the Council on items not specifically scheduled on the agenda must first be recognized by the Mayor or Mayor Pro Tem. Before speaking,please sign in at the table in the back of the room. The timer will buzz once when there are 30 seconds left and the light will turn yellow. The timer will buzz again at the end of the speaker's time. Each speaker is allowed 5 minutes. If there are more than 6 individuals who wish to speak,the Mayor may reduce the time allowed for each individual. • State your name and address for the record • Applause, outbursts or other demonstrations by the audience is not allowed • Keep comments brief; if available,provide a written copy of statement to City Clerk • Address your comments to Council,not the audience. 4. CITIZEN PARTICIPATION FOLLOW-UP: This is an opportunity for the Mayor or Councilmembers to follow-up on issues raised during Citizen Participation. 5. AGENDA REVIEW: CITY MANAGER Consent • The Consent Calendar consists of Items 6 through 22. This Calendar is intended to allow the City Council to spend its time and energy on the important items on a lengthy agenda. Staff recommends approval of the Consent Calendar. Anyone may request an item on this calendar to be "pulled" off the Consent Calendar and considered separately. Agenda items pulled from the Consent Calendar will be considered separately under Item No. 31, Pulled Consent Items. The Consent Calendar consists of: • Ordinances on First Reading that are routine; • Ordinances on Second Reading that are routine; • Those of no perceived controversy; • Routine administrative actions. 6. Second Reading of Ordinance No. 033, 2009, Transferring Existing Appropriations in the Street Oversizing Fund into the Capital Projects Fund for the Drake Road Improvements, Taft Hill to Overland Trail Project. This Ordinance, unanimously adopted on First Reading on April 21, 2009, transfers $280,315 from existing Street Oversizing appropriations into the Capital Projects Fund for the Drake Road Improvements, Taft Hill to Overland Trail Project. The improvements are needed to construct the remaining roadway widening on the south side of Drake Road, between Taft Hill and Overland Trail. This will allow Drake Road to be restriped to a four lane roadway. This appropriation will provide the funds needed to immediately proceed with construction of the roadway improvements. PAGE 3 7. Second Reading of Ordinance No. 034 2009 Appropriating Proceeds from the Issuance of City of Fort Collins Water Utility Enterprise Water Revenue Refunding Bonds Series 2009, in the Maximum Aggregate Principal Amount of$8,500,000. This Ordinance, unanimously adopted on First Reading on April 21, 2009,appropriates the Water Utility Fund proceeds from bonds issued by Ordinance No. 007, of the Board of the Water Utility Enterprise, for the purpose of refunding, paying and discharging all of the Enterprise's outstanding Revenue Refunding Bonds and Improvement Bonds, Series 1998. The bonds being refunded have interest rates of 4.25% to 4.625%; the new bonds would result in an average interest rate of approximately 2.50%. Overall, the transaction is estimated to yield cashflow savings of$430,000 and net present value savings of$400,000. 8. Second Reading of Ordinance No. 035 2009 Authorizing the Issuance and Sale of the City of Fort Collins Colorado Revenue Bond(Larimer Center for Mental Health Project)Series 2009 in a Total Principal Amount Not to Exceed$1 400 000,Making Determinations as to Sufficiency of Revenues and as to Other Matters Related to the Project and Approving the Form and Authorizing the Execution of Certain Documents Relating Thereto. This Ordinance, unanimously adopted on First Reading on April 21, 2009, authorizes the issuance of tax-exempt private activity bonds in an amount not to exceed$1,400,000 for the Larimer Center for Mental Health project(a non-profit corporation). Under State Statute, the City can utilize its tax exempt status and issue revenue bonds for financing a project that will induce a non-profit corporation to locate,expand or remain within its boundaries. From a financial standpoint, the issuance of tax exempt revenue, as compared to conventional financing,will result in cashflow savings of$315,000 and present value savings of$194,000 over the life of the bonds. These bonds are not an obligation of the City of Fort Collins. 9. Second Readies of Ordinance No. 036 2009, Amending Various Provisions of the City Code and the Fort Collins Traffic Code Regarding the Sale and Maintenance of Said Codes. This Ordinance, unanimously adopted on First Reading on April 21, 2009, amends the City Code and Traffic Code to reflect that the City's official codifier maintains copies for sale to the public, and to reduce to one the number of public inspection copies the City Clerk is required to maintain. 10. Second Reading of Ordinance No. 037 2009, Amending Chapter 5 of the City Code Regarding Violations and Penalties to the International Property Maintenance Code. This Ordinance, unanimously adopted on First Reading on April 21, 2009, amends the violation and penalty section of the International Property Maintenance Code (IPMC) in order to clarify that certain violations of the IPMC are civil infractions while others are criminal misdemeanors. It will also delete Section 5-48 of the City Code as it is no longer necessary. PAGE 4 11. Second Reading of Ordinance No. 038,2009,Expanding the Boundaries of the Downtown Development Authority and Amending the Plan of Development. Ordinance No.038,2009,unanimously adopted on First Reading on April 21,2009,changes the boundaries of the Downtown Development Authority (DDA) District and amends the Plan of Development of the Authority to include properties located in the Lemay/Lincoln Avenue area and South Howes Street area. 12. Second Readina of Ordinance No.039,2009,Authorizing the Lease of City-owned Property at 149 Grandview Avenue for Up to Five Years. This Ordinance, unanimously adopted on First Reading on April 21, 2009, authorizes staff to rent the City-owned house located at 149 Grandview for up to five years. 13. Second Reading of Ordinance No. 040, 2009, Declaring Certain City-Acquired Property as Hickory Street Right-of-Way. The City acquired a 7,673 square foot parcel of real property in 1994 for the purpose of constructing public road and sidewalk improvements on Hickory Street. Although it was never dedicated as public right-of-way, it has been used as such since that time. This Ordinance, unanimously adopted on First Reading on April 21, 2009, dedicates the public right-of-way in order to clearly delineate the boundaries of the public right-of-way for Hickory Street. 14. Second Reading of Ordinance No.041,2009,Authorizing the Lease of City-Owned Property at 400 Wood Street for up to Fifteen Years. This Ordinance, unanimously adopted on First Reading on April 21, 2009, authorizes the lease of the building located at 400 Wood Street to Foothills Gateway for a five-year lease term, with the option for two five-year renewal terms, in exchange for payment of nominal rent of$25 per year. 15. Second Readina of Ordinance No.042,2009,Authorizing the Lease of City-Owned Property at 214 North Howes Street,Along with Related Parking Rights at 220 North Howes Street, for unto Five Years. City Council adopted Ordinance No.098,2007,authorizing the lease of City-owned property at 214 North Howes Street,along with the use of parking spaces at 220 North Howes Street for up to five years. The Ordinance specified a minimum annual lease amount of no less than $61,036, which was based on an annual price of$10.50 per square foot. This Ordinance, unanimously adopted on First Reading on April 21, 2009, modifies the authorization from an aggregate annual amount to a per square foot rate and reduces the minimum lease rate from $10.50 to $9 per square foot. 16. Items Relating to the Mountain View School Second Annexation and Zoning. A. Second Reading of Ordinance No. 043, 2009, Annexing Property Known as the Mountain View School Second Annexation to the City. PAGE 5 B. Second Reading of Ordinance No. 044,2009,Amending the Zoning Map of the City of Fort Collins and Classifying for Zoning Purposes the Property Included in the Mountain View School Second Annexation to the City. These Ordinances,unanimously adopted on First Reading on April 21,2009,annex and zone 1.46 acres located on the north side of LaPorte Avenue, midway between North Taft Hill Road (to the east) and North Overland Trail (to the west). The property is partially developed as a Poudre School District parking lot and is in the FA, Farming Zone District in Larimer County. Existing Poudre School District facilities are to the west and south;and property to the east and north are undeveloped; however, the Sanctuary West residential development proposal, located north of LaPorte Avenue, is under review by the City. The requested zoning for this annexation is LMN, Low Density Mixed-Use Neighborhood. 17. Second Reading of Ordinance No. 046,2009,Appropriating Funds from the City's General Fund Reserves for Transfer to the Fort Collins Urban Renewal Authority for the Purpose of Providing a Loan for the North College Marketplace Project. The Urban Renewal Authority(URA)is seeking a loan from the City to establish monetary flow of funds to begin the North College Marketplace wetlands mitigation reimbursement and off site street infrastructure capital improvement projects and the demolition and property cleanup. The cost of these projects, without financing charges, total $4,942,4.76. This Ordinance, unanimously adopted on First Reading on April 21, 2009, authorizes the requested loan amount of$5,000,000 from the City of Fort Collins' General Fund Reserves to the Urban Renewal Authority. The URA will utilize the City's Interfund Borrowing program that was formally added to the City's investment policies last year. This program enables the City to use a portion of its investment portfolio to assist City Departments and related entities (e.g., the Downtown Development Authority, and the Urban Renewal Authority)to access funds at a competitive interest rate while still providing a market based yield to the City investment portfolio. 18. First Reading of Ordinance No. 047, 2009, Appropriating Unanticipated Revenue in the General Fund for E911 and Emergency Medical Dispatch Systems at the Poudre Emergency Communications Center. Larimer Emergency Telephone Authority(LETA)provides funds to the Fort Collins Police Services to be used for equipment and training to process E911 calls. This Ordinance appropriates those funds. 19. First Reading of Ordinance No.048,2009,Appropriating Prior Year Reserves in the General Fund From Police Seizure Activities for Police Services. This Ordinance appropriates funds to be used by Police Services to pay for training as well as to fund partnerships with community groups that seek to promote positive youth activities, anti-violence, anti-drug, and diversity activities. PAGE 6 20. Items Relating to the North College and East Willox Lane Capital Improvement Project. A. First Reading of Ordinance No. 049, 2009, Authorizing the Transfer of Existing Appropriations from the Fort Collins Urban Renewal Authority Fund to the Capital Projects Fund for the North College Avenue and East Willox Lane Improvement Project. B. Resolution 2009-042 Approving an Exemption to the Use of a Competitive Process for a Contract with Interwest Consulting Group to Design Road Improvements for the North College Avenue and East Willox Lane Improvements Project. C. First Reading of Ordinance No. 050,2009,Authorizing the Acquisition by Eminent Domain Proceedings of Certain Lands Necessary to Construct Public Improvements Related to the North College Avenue and East Willox Lane Improvement Project. On April 21, 2009, City Council adopted, on First Reading, Ordinance No. 046, 2009, Appropriating Funds from the City's General Fund Reserves for Transfer to the Fort Collins Urban Renewal Authority for the Purpose of Providing a Loan for the North College Marketplace Project. Subsequently,the Fort Collins Urban Renewal Authority adopted URA Resolution No.016, Authorizing the Negotiation and Execution of a Loan Agreement with the City of Fort Collins for the North College Marketplace Project. Ordinance No.049,2009,appropriates funding from the URA into a Capital Projects account for the design and construction of the improvements. Resolution 2009-042 authorizes a Sole Source Agreement for the Engineering design of the project. Ordinance No.050,2009,authorizes the use of the City's eminent domain powers to acquire rights-of-way for the project, if necessary. 21. Resolution 2009-043 Authorizing the Cili Manager to Execute a Project Agreement with the Water Research Foundation to Conduct a Research Study Regarding Watershed Anal This agreement would support the research study,"Watershed Analysis of Dissolved Organic Matter and Control of Disinfection By-Products." The investigation will include,but not be limited to, the effects of pine beetle infestation on water quality, and the potential for photodegradation of dissolved organic matter in Horsetooth Reservoir water. The result of the study would be a workable model for making watershed and water treatment facility (WTF) management decisions. PAGE 7 22. Resolution 2009-044 Approving the Acceptance of the Proposed Donation of the Sculpture "Transcend." This Resolution approves the donation of artwork,a sculpture entitled"Transcend"by artist Collen Nyanhongo, to the City. The sculpture will become part of the City's Art in Public Places collection. END CONSENT 23. Consent Calendar Follow-up. a. This is an opportunity for Councilmembers to comment on items adopted or approved on the Consent Calendar. 24. Staff Reports. 25. Councilmember Reports. Discussion The method of debate for discussion items is as follows: • Mayor introduces the item number,and subject;asks if formal presentation will be made by staff • Staff presentation(optional) • Mayor requests citizen comment on the item(five minute limit for each citizen) • Council questions of staff on the item • Council motion on the item • Council discussion • Final Council comments • Council vote on the item Note: Time limits for individual agenda items may be revised,at the discretion of the Mayor,to ensure all citizens have an opportunity to speak. Please sign in at the table in the back of the room. The timer will buzz when there are 30 seconds left and the light will turn yellow. It will buzz again at the end of the speaker's time. 26. Second Readina of Ordinance No. 045, 2009, Amending Section 5-261 of the City Code Related to Fees for Rental Housing and Establishing an Incentive Program with Regard to the Payment of Such Fees For Rental Dwelling Units Not Previously Recorded With or Approved by the City. (staff: Felix Lee,Mike Gebo; 5 minute staff presentation; 10 minute discussion) Council has identified sanitary and safe housing for all Fort Collins residents as one of its primary concerns. On October 21,2008,Council adopted the Supplemental Rental Housing provisions related to minimum health and safety standards for rental housing. At that time, Council postponed discussion of City Code Section 5-261 relating to fees and"unrecorded/ unapproved" dwelling units — housing units created or converted without required City approvals. Council directed staff to consider options for establishing"incentive periods,"-- PAGE 8 periods of time wherein rental property owners would be encouraged through financial incentives to identify their unrecorded/unapproved rental units and comply with the City's rental housing minimum health and safety standards. This Ordinance, unanimously adopted on First Reading on April 21, 2009, establishes an incentive program with a twenty-five month application period. Property owners will have twenty-five months from May 15,2009,(the date the ordinance goes into effect)to apply for a certificate of occupancy. A one-time fee would be charged for processing the application as follows: $200 during the first thirteen months,increasing to$300 for the next six months, then$400 for the last six months. Owners will also have to pay any fees or taxes that would normally be due upon issuance of a building permit for any work needed to bring their dwelling units into compliance with the Rental Housing Standards. 27. Resolution 2009-045 Reaffirming the Council's Commitment to Diversity and Encouraging the Free Exchange of Ideas and Opinions Without Threat or Intimidation. (staff: Darin Atteberry; 5 minute staff presentation; 45 minute discussion) On April 2,2009 a number of anti-immigration flyers were left on vehicles in Old Town Fort Collins. The flyers were offensive to many community members. A community meeting was subsequently held on April 17, 2009 to reaffirm the Fort Collins community's commitment to the dignity and respect of all residents. By the adoption of this Resolution,the City Council reaffirms its commitment to protecting and honoring diversity within our community, while recognizing the right of all persons to engage in constitutionally protected speech, and encourages respectful dialogue and debate about controversial issues in a manner that is free of threat or intimidation. 28. First Reading of Ordinance No.051,2009,Amendin thg e City Code Relating to Enforcement of Occupancy Limits. (staff: Beth Sowder, Felix Lee, Mike Gebo; 10 minute staff presentation; 45 minute discussion) Since the last Code revisions to the occupancy regulation went into effect in 2007, staff has identified an additional Code change and some administrative changes that would enhance their ability to more effectively enforce the regulation. These mid-course changes are separate from the comprehensive two-year review currently scheduled for Council work session on October 27, 2009. The Ordinance would amend the City Code to eliminate the existing requirement that an opportunity be given to property owners to cure occupancy violations prior to the issuance of a citation. City Code Section 19-65(a) (1) sets forth the procedures to be used by the City's Code enforcement officers in enforcing civil infractions,including the occupancy regulation. The proposed amendment to this Section would authorize enforcement staff to serve civil citations on violators of the occupancy limit regulation without first serving a notice of violation. Two options are presented for Council consideration: PAGE 9 Option 1: elimination of the notice requirement would apply to all violators of the occupancy regulation; or Option 2: elimination of the notice requirement would apply only to violators who previously have been issued a notice of violation or citation for violation of the occupancy regulation regardless of the location of the earlier violation. Staff recommends adopting Option 1. 29. Items Relating to Trash Services. (staff: Darin Atteberry,Ann Turnquist, Susie Gordon; 10 minute staff presentation; 1 hour discussion) A. First Reading of Ordinance No.052,2009,Amending Section 12-19 and Article XV of Chapter 15 of the City Code Relating to Trash Collection. B. Resolution 2009-046 Directing the City Manager to Develop a Pilot Trash Service District Within a Portion of the City. Original Problem Statement: "In what ways can the City reduce the impacts of trash collection services in Fort Collins, addressing issues of the cost of street wear, air quality, neighborhood aesthetics, noise, and other neighborhood impacts? Are there ways that the City might also improve diversion rates for recyclables?" On December 9, 2008, City Council and staff met for the fourth work session on this topic to review policy alternatives developed from the Trash Services Study. Council was asked to review several implementation alternatives for which staff could develop detailed proposals. Council expressed support for a variety of regulatory changes which were proposed, suggesting that staff evaluate the possibility of creating a pilot trash district for a ` portion of the community. Based on those discussions, staff has developed two items for Council consideration: 1. An ordinance which implements the highest priority items from the list of additional requirements proposed at the December 9 work session. These changes focus on requiring haulers to take actions that will improve recycling diversion rates and improve the pricing incentives of the Pay-as-you-throw Ordinance. 2. A resolution directing staff to develop a pilot trash district in a portion of the community. This pilot would change the market for trash services from a purely open competitive market for trash services to a mix of City-contracted service and an open competitive market. PAGE 10 30. First Reading of Ordinance No. 053, 2009, Appropriating Funds From the Citv's General Fund Reserves for Transfer to the Fort Collins Urban Renewal Authority for the Purpose of Providing a Loan for the Rocky Mountain Innovation Initiative Project. (staff: Mike Freeman,Josh Birks,Christina Vincent; 10 minute staff presentation;45 minute discussion) The new facility for RMII will cost approximately $7.1 million to develop and construct. The City will provide a loan of $5.3 million to the URA to cover development and construction costs,a portion of which will be offset by the$2.8 million in pledged TIF. The proposed New Market Tax Credit(NMTC) financing solution will contribute $1.8 million in project equity. In the long-term, RMII will owe approximately $2.6 million on a $7.1 million project as a result of this financing solution. Ordinance No. 053, 2009, authorizes an interfund loan, as authorized by City Council Resolution 2008-121, to the URA in the amount of$5,303,939. The loan will enable the URA to lend Rocky Mountain Innovation Initiative Properties,LLC(RMII Properties,LLC) the funds necessary to construction a new facility for the business incubation program. RMII Properties, LLC is associated with the Rocky Mountain Innovation Initiative,which runs a successful science and technology incubation program on behalf of the City and other sponsors. The deliberations as City Council should focus on the worthiness of this investment as a key economic development tool for the City and Region. The underlying details of the project and the financing solution should be questioned and discussed by the URA Board of Commissioners. The interfund loan will have a 20 year term, 2.5 percent interest rate, and stipulate interest only for the first seven years consistent with the City's Investment Policy. In addition, the loan agreement stipulates two disbursements from the loan. These disbursements will mirror the anticipated disbursements required to fund the construction of the RMII facility, which will be owned and operated by RMII Properties,LLC. The first disbursement of$1,100,000 will be used to fund a "Bridge Loan" to RMII Properties, LLC for the development costs occurring prior to the closing of the NMTC loans. These development costs include: subdivision of the property, entitlement, development review, building design, and land acquisition. The second disbursement of$4,203,939 will occur when the NMTC loans close and provide the URA the necessary cash to fund the senior leverage loan in the NMTC structure. 31. Pulled Consent Items. 32. Other Business. 33. Adjournment. PAGE 11 Every Council meeting will end no later than 10:30 p.m.,except that:(1)any item of business commenced before 10:30 p.m. may be concluded before the meeting is adjourned and (2) the City Council may, by majority vote,extend a meeting until no later than 12:00 a.m.for the purpose of considering additional items of business. Any matter which has been commenced and is still pending at the conclusion of the Council meeting,and all matters scheduled for consideration at the meeting which have not yet been considered by the Council,will be continued to the next regular Council meeting and will be placed first on the discussion agenda for such meeting. FORT COLLINS �y.. z urban renewal authority I Doug Hutchinson, President City Council Chambers Kelly Ohlson, Vice-President City Hall West Ben Manvel 300 LaPorte Avenue Lisa Poppaw Fort Collins, Colorado Aislinn Kottwitz Wade Troxell at the conclusion of the Regular Meeting David Roy Cablecast on City Cable Channel 14 on the Comcast cable system Darin Atteberry, City Manager Steve Roy, City Attorney Wanda Krajicek, City Clerk The City of Fort Collins will make reasonable accommodations for access to City services,programs,and activities and will make special communication arrangements for persons with disabilities. Please call221-6515(TDD 224-6001)for assistance. MEETING AGENDA May 5, 2009 1. Call Meeting to Order. 2. Roll Call. 3. Resolution No. 017 Authorizingthe he Negotiation and Execution of a Loan Agreement with the City of Fort Collins for the Rocky Mountain Innovation Initiative Project. The new facility for RMII will cost approximately $7.1 million to develop and construct. The City will provide a loan of $5.3 million to the URA to cover development and construction costs,a portion of which will be offset by the$2.8 million in pledged TIF. The proposed New Market Tax Credit(NMTC) financing solution will contribute $1.8 million in project equity. In the long-term, RMII will owe approximately $2.6 million on a $7.1 million project as a result of this financing solution. Resolution No. 017 authorizes the first disbursement of the $5,303,939 borrowed from the City as an interfund loan. The initial disbursement will cover the cost of development prior to the beginning of construction and the closing of the New Market Tax Credit (NMTC) loans. These development costs include: subdivision of the property, entitlement, development review, building design, and land acquisition. The deliberations of the URA Board of Commissioners should evaluate the worthiness of this investment of City funds, the details of the proposed project, and the aspects of the financing solution. The"Bridge Loan"made to RMII Properties,LLC will include$1,100,000 payable on June 1,2010 with an interest rate of 2.5%. The loan will require annual payments of principal and interest. The loan is anticipated to be paid in full at the time the NMTC loans close, estimated at or before construction begins on the facility in November 2009. Typically, the URA approves a proposed redevelopment project by adopting a resolution enacting a redevelopment agreement and stipulating a Tax Increment revenue dedication amount. These will not be considered this evening because they rely on the details of the NMTC loans. The legal documents enabling the NMTC loan have not been completely drafted 'and reviewed at this time. However, both the Colorado Housing and Finance Authority (CHFA) and US Bank Community Development Corporation (USBCDC) have provided a loan commitment and term sheet which stipulate the broad outlines of the NMTC loans. These documents have been executed by RMII and are contingent upon the URA providing its portion of the funds to the agreement. 4. Other Business. 5. Adjournment. • • AGENDA Doug Hutchinson, President City Council Chambers Kelly Ohlson, District 5, Vice-President City Hall West Ben Manvel, District 1 300 LaPorte Avenue Lisa Poppaw, District 2 Fort Collins, Colorado Aislinn Kottwitz, District 3 at the conclusion of the Urban Renewal Authority meeting Wade Troxell, District 4 Cablecast on City Cable Channel 14 David Roy, District 6 on the Comcast cable system Darin Atteberry, City Manager Steve Roy, City Attorney Wanda Krajicek, City Clerk The City of Fort Collins will make reasonable accommodations for access to City services, programs, and activities and will make special communication arrangements for persons with disabilities. Please call 221-6515 (TDD 224- 6001)for assistance. MEETING May 5, 2009 1. Call Meeting to Order. 2. Roll Call. 3. Second Reading of Ordinance No. 007, Authorizing the Issuance of City of Fort Collins Water Utility Enterprise, Water Revenue Refunding Bonds, Series 2009, in the Maximum Aggregate Principal Amount of$8,500,000. The City of Fort Collins and its Water Utility Enterprise have issued bonds to raise funds to pay for needed capital improvements that provide water distribution and water treatment services to residents and businesses within the City. In 1998, the City issued $31,580,000 of bonds to refund bonds that had been previously issued to provide funding for improvements to the water treatment facilities within the City. According to the provisions of the 1998 bonds, they became eligible to be refinanced at the ten year anniversary in Fall 2008. This Ordinance, unanimously adopted on First Reading on April 21, 2009, authorizes the issuance of water revenue refunding bonds that will be paying off bonds that carry higher interest rates. The 1998 issues carried interest rates up to 4.75%. The refunding Bonds in this ordinance will carry interest rates of between 2.25% — 2.75%. The present value savings on the lower rates should be approximately $400,000. The final rates will be determined by selling the Bonds at a negotiated sale in May. 4. Other Business. 5. Adjournment.