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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 12/20/2005 - SECOND READING OF ORDINANCE NO. 166, 2005, AUTHORI ITEM NUMBER: 25 AGENDA ITEM SUMMARY DATE: December20, 2005 FORT COLLINS CITY COUNCIL STAFF: Chuck Seest Chip Steiner SUBJECT Second Reading of Ordinance No. 166,2005,Authorizing the Transfer of Appropriations Between Capital Improvements Within the Downtown Development Authority Operations and Maintenance Fund Related to the City of Fort Collins, Colorado, Downtown Development Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 2004A. RECOMMENDATION The DDA Board of Directors and staff recommend adoption of the Ordinance on Second Reading. EXECUTIVE SUMMARY The City of Fort Collins created the Downtown Development Authority("DDA")to make desired improvements in the downtown area. Through tax increment financing, the DDA has made significant contributions to the redevelopment and improvement of the downtown area. This Ordinance authorizes the transfer of unexpended appropriations in the Downtown Development Authority Operations and Maintenance Fund resulting from the cancellation of an improvement identified in Ordinance No. 89, 2004, the 2004 Bond Appropriation Ordinance for the DDA. Ordinance No. 166,2005,which was unanimously adopted on First Reading on November 29,2005, authorizes the transfer of funds for the improvements identified or are in process of being identified and an existing improvement that will receive increased funding. ITEM NUMBER: 13 AGENDA ITEM SUMMARY DATE: November29, 2005 FORT COLLINS CITY COUNCIL STAFF: Chuck Seest Chip Steiner � �tI iiiii� 3 SUBJECT 'F First Reading of Ordinance No. 166, 2005, Authorizing the Transfer of Appropriations Between Capital Improvements Within the Downtown Development Authority Operations and Maintenance Fund Related to the City of Fort Collins, Colorado, Downtown Development Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 2004A. RECOMMENDATION The DDA Board of Directors and staff recommend adoption of the Ordinance on First Reading. FINANCIAL IMPACT This Ordinance transfers apprpnat�o in to a ou o1800,000 from a cancelled ca ital P improvement to new and ex i (mg ca tal i to ements a�F this transfer does not increase overall DDA appropriations. t},,,,,„„ �,,... EXECUTIVE SUMMARY The City of Fort Collins created the Downtown Development Authority ("DDA") to make desired improvements in the downtown area. Through tax increment financing, the DDA has made significant contributions to the redevelopment and improvement of the downtown area. This Ordinance authorizes the transfer of unexpended appropriations in the Downtown Development Authority Operations and Maintenance Fund resulting from the cancellation of an improvement identified in Ordinance No. 89, 2004, the 2004 Bond Appropriation Ordinance for the DDA. New improvements have been identified or are in process of being identified and an P g existing improvement will receive increased funding. The total of the improvemath�s anTI ssocia)ed� ctis11 ts related to the 2004 Bond Appropriation Ordinance was" 6,235, Tli�"' 'hard"of ectors of the DDA (the "Board") reviewed and recommended al 8 „,those prgc)tmmts. The lowing projects are included: November 29, 2005 -2- Item No. 13 a. Cortina Mixed Use project $1,687,000 b. Pine Street Lofts 500,000 c. Mason Street North 280,000 d. Museum Expansion and Historic Webster House ,( " a 1'ylOf, 00"0"", e. Information Center �EI 1 F =r10,'' $i', f. Old Town Square Ren ation , y I� 11111,E 1,000,0 g. Mason Street Parking Ramp ` " " 800,00 (cancelled) h. Miscellaneous Other Projects 753,000 i. Cost of Issuance 45,000 $6,235,000 The Mason Street Parking Ramp ($800,000) has been cancelled. These appropriations will be transferred to new or expanded improvements as noted below: Old Town Square Renovation $200,000 (existing) Urban Living Lofts $350,000 (new improvement) Miscellaneous Other Projects $250,000 (new improvement). BACKGROUND I�i �t�ltE = ��j f,ii. All the improvements listed for fund��9 thr�fugl�`this Se { s 2004A Bond Issue have been approved by the Board. All a6lgyals =by theB04rd are r de contingent upon City Council appropriation of the necessary funds to fulfill the DDA's commitment to the improvement. With the exception of those projects that are purely public in nature, no DDA expenditures are to be made until the improvements are completed and have received certificates of occupancy from the City. A summary for the improvement being cancelled, the new improvements and expansion of an existing improvement is described below. CANCELLED IMPROVEMENT: Mason Street Parking Ramp. The developer of the Cortina mixed-use project had proposed adding a deck to the Mason Street Parking Lot (owned by the DDA). He would have done this entirely at his own expense. However, the proposal had sparked some interest by neighbors in the area to add a third level and thereby double the available public parking. The funding allocation in 2004 bond deal was anticipating that possibility. However, the developer of Cortina found an alternative to address t . p rkirl roc'11 ent§,,related to the proposal. As a result, DDA participation in a '�ason St $et Pa in '�RaI,fl p i +l longer necessary. u EXISTING & NEW IMPROEMEN S al.. situ•. 1. Additional Funding for Old Town Square Renovation. Old Town Square was built in 1984. It is 20 years old and in need of renovation. The DDA originally proposed to completely revamp the landscaping program so that there will be year-around visual interest, repair broken and dangerous concrete banding, repair ground and overhead lighting, replace all the planter pots, restore and/or replace all the benches and stone seating surfaces, repaint all signage and lighting standards, replace all trash receptacles November 29, 2005 -3- Item No. 13 repair or replace the flagstone pavers at information kiosks and drinking fountains, repair or replace all bollards, completely clean, seal and re-level the cast decorative pavers that cover most of the plaza. As reflected above, the 1 DA rt 911 et td $'1 OO,t 0 for the above improvements. The contractor's bid r the§r�mpr a n }'wa proximately $1,600,000. See attached staff memo A pro oses eting a onty of the improvements and is therefore requesting an additional $200,000 For this p 'ect. 2. Urban Liviniz Lofts. Urban Living Lofts is located at 210-212 West Magnolia. The proposed building will be four stories and include 18 living units, about 3,000 square feet of commercial space and 7,000 square feet of covered parking. Total project cost is estimated at $8.9 million. The project fits well into the neighborhood. Brick, hipped roof lines, lots of glass, and balconies are respectful of adjacent homes within the neighborhood. The Board recommended a $350,000 commitment at its August 4, 2005 meeting. See attached Board minutes and architectural drawing. 3. Miscellaneous. The purpose is to fund minor improvements and/or to serve as a contingency for unanticipated costs for approved projects. SUMMARY The Board has met to review j4ch of tNi`� a imp"` o 1 t m�ts. ox the reasons indicated above, the Board recommends each im vemen ��for f d g The 19oard, DDA staff and City staff recommend adoption of the ordinance'. +•• ATTACHMENTS 1. Staff Memorandum on Urban Living Lofts to DDA Board 2. Staff Memo on Reallocation of Old Town Square Funds 3. DDA Minutes —August 4, 2005 4. Architectural Rendering of Urban Living Lofts tli�t'pp� iqt ill q,�ti •,y�sw ..•",.. ORDINANCE NO. 166, 2005 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN CAPITAL IMPROVEMENTS WITHIN THE DOWNTOWN DEVELOPMENT AUTHORITY OPERATIONS AND MAINTENANCE FUND RELATED TO THE CITY OF FORT COLLINS, COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY TAXABLE SUBORDINATE TAX INCREMENT REVENUE BONDS, SERIES 2004A. WHEREAS, on April 21, 1981, the City of Fort Collins, Colorado, adopted Ordinance No. 46, 1981, establishing the Fort Collins, Colorado, Downtown Development Authority; and WHEREAS, the Downtown Development Authority's Plan of Development was approved by the City on September 8, 1981, and established the purpose of the Authority and the types of projects in which the Authority would participate; and WHEREAS, on June 1, 1982, a special election was held pursuant to Section 31-25- 807(b) of the Colorado Revised Statutes approving the issuance by the City of up to $25,000,000 in tax increment obligations to finance certain projects of the Downtown Development Authority; and WHEREAS, through the adoption of Ordinance No. 089, 2004, of the Council of the City of Fort Collins, the Council appropriated proceeds from the issuance of the City of Fort Collins, Colorado, Downtown Development Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 2004A (the "Bonds"), for expenditure on certain capital improvements in the amount of$6,235,000; and WHEREAS, a certain capital improvement within Ordinance No. 089, 2004, related to the Mason Street Parking Ramp has been cancelled, making available unexpended appropriations for the construction of certain new improvements in the downtown area of the City as follows: a. Old Town Square Renovation $200,000 (existing project) b. Urban Living Lofts 350,000 c. Miscellaneous Other Projects 250,000 $800,000 WHEREAS, Article V, Section 10, of the Charter of the City of Fort Collins authorizes the City Council to transfer by ordinance any unexpended and unencumbered amount or portion thereof from one fund or capital project to another fund or capital project provided that the purpose for which the funds were initially appropriated no longer exists. WHEREAS, the Board of Directors of the Downtown Development Authority has approved the aforementioned projects. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the unexpended appropriated amount of EIGHT HUNDRED THOUSAND DOLLARS ($800,000) is hereby authorized for transfer from the Downtown Development Authority Operations and Maintenance 2004 DDA Bond Projects (Mason Street Ramp Project) and the newly adopted projects, as follows: a. Old Town Square Renovation $200,000 (existing project) b. Urban Living Lofts 350,000 c. Miscellaneous Other Projects 250.000 $800,000 Introduced and considered favorably on first reading and ordered published this 29th day of November, A.D. 2005, and to be presented for final passage on the 20th day of December, A.D. 2005. i Mayor ATTEST: City Clerk Passed and adopted on final reading this 20th day of December, A.D. 2005. Mayor ATTEST: City Clerk