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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 11/03/2009 - SECOND READING OF ORDINANCE NO. 111, 2009, APPROPR DATE: November 3, 2009AGENDA ITEM SUMMARY STAFF: Matt Robenalt _ T COLLINS CITY COUNCIL Kathy Cardona Second Reading of Ordinance No. 111,2009,Appropriating Downtown Development Authority Operating Funds,Debt Service Funds and Fixing the Mill Levy for Fiscal Year 2010. EXECUTIVE SUMMARY This Ordinance, unanimously adopted on First Reading on October 20„ 2009, adopts the 2010 Budget for the Downtown Development Authority(DDA)and sets the amount of$7,577,054 to be appropriated for fiscal year 2010. This Ordinance also sets the 2010 mill levy for the Downtown Development Authority at.five mills, unchanged since 2002. STAFF RECOMMENDATION Staff recommends adoption of the Ordinance on Second Reading. ATTACHMENTS 1. Copy of First Reading Agenda Item Summary-October 20, 2009. (w/o original attachments) ATTACHMENT 1 ITEM NUMBER: 23 AGENDA ITEM SUMMARY DATE: October20, 2009 FORT COLLINS CITY COUNCIL STAFF: Matt Robenalt Kathy Cardona SUBJECT — First Reading of Ordinance No?1�1 11 2009', Appropnating Downtown Development Authority Operating Funds, Debt Service Funds and Fixing tiami-11 Le`ry for Fiscal Year 2010. it J� RECOMMENDATION Staff recommends adoption of this Ordinance on First Reading. At its August 13, 2009 meeting, the Downtown Development Authority Board of Directors (the "Board") adopted its proposed budget for 2010 totaling $7,577,054 and determined the mill levy necessary to provide for payment-of-administrative,costs incurred-by the DDA. ff FINANCIAL IMPACT This Ordinance sets the Fort Collins Downtown Development Authority budget for fiscal year 2010 and represents the annual appropriation for fiscal year 2010 in the amount of $7,577,054. The Ordinance also sets the Fort Collins Downtown Development Authority mill levy at five (5) mills, unchanged since 2002. DDA Operations and Maintenance: $1,024,682 DDA Debt Service: $6;5523�72 V-` JA EXECUTIVE SUMMARY This Ordinance adopts the 2010 Budget for the Downtown Development Authority(DDA)and sets the amount of$7,577,054 to be appropriated for fiscal year 2010. This Ordinance also sets the 2010 mill levy for the Downtown Development Authority at five mills, unchanged since 2002. BACKGROUND t The Downtown Development`�ut ority, ``D ") wasjcreated 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 City adopted a Plan of Development that specifies the October 20, 2009 -2- Item No. 23 projects and programs the DDA would undertake. In order to carry out the purposes of the State statute and the Plan of Development the City, on behalf of the DDA, has issued various notes and tax increment bonds. In addition to the projects financed using the tax increment,the DDA has the ability under State law to assess a mill levy for administration, operations, and maintenance purposes. The mill levy proposed by the Board of Directors for 2010 is five mills. Estimated revenue from the mill levy for 2010 is $590,379. The total operating budget for 2010 is $1,024,682. � - The DDA also asks Council to appr oprlate%�fundsfromthe Downtown Development Authority Debt Service Fund for current debt payments.fthe currenttldebt includes outstanding bonds and the 2010 i payment for its one-third share of the/Ciw•i`�eirte Parking Structure. The DDA Board adopted Resolution 2009-08 on August 13, 2009, recommending the payment of debt service on the outstanding bonds and the payment of the DDA share of the Civic Center Parking Structure debt payment. ATTACHMENTS 1. DDA Resolution 2009-,006-Recommeading to -Collins City Council the Determining and Fixing of the Mill Levy of�the�Downtown Deve opment Authority for the Fiscal Year Ending December 31, 20110. 2. DDA Resolution 2009-07-Approving=and Recommending to the Fort Collins City Council the Budget of the Estimated Amounts Required to Pay the Expenses of Conducting the Business of the Downtown Development Authority for the Fiscal Year Ending December 31, 2010. 3. DDA Resolution 2009-08 Recommending to the Fort Collins City Council the Appropriation of$6,552,372 from the Downtown Development Authority Debt Service Fund for Payment of Debt Service for the Fiscal Year ending December 31, 2010. ORDINANCE NO. 111, 2009 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING DOWNTOWN DEVELOPMENT AUTHORITY OPERATING FUNDS, DEBT SERVICE FUNDS, AND FIXING THE MILL LEVY FOR FISCAL YEAR 2010 WHEREAS,the Fort Collins Downtown Development Authority(the"DDA")has been duly organized in accordance with Section 31-25-804,'C.R.S.; and WHEREAS, on August 13, 2009, the DDA Board of Directors (the "DDA Board"), acting under the provisions of Section 31-25-816, C.R.S., adopted a budget for the fiscal year beginning January 1, 2010, and determined the mill levy necessary to provide for payment during Fiscal year 2010 of all properly authorized expenditures to be incurred by the DDA; and WHEREAS,it is the desire of the City Council to appropriate the sum of SEVEN MILLION, FIVE HUNDRED SEVENTY SEVEN THOUSAND FIFTY FOUR DOLLARS($7,577,054)in the DDA Operation and Maintenance Fund and the Debt Service Fund for the fiscal year beginning January 1, 2010 and ending December 31, 2010, to be used as follows: DDA Operations and Maintenance $1,024,682 DDA Debt Service Fund 6,552,372 WHEREAS, the DDA Board has recommended to the City Council a mill levy of 5.0 mills upon each dollar of assessed valuation of all taxable property within the DDA District, such levy representing the amount of taxes for DDA purposes necessary to provide for payment during the ensuing fiscal year for all property authorized expenditures to be incurred by the DDA; and WHEREAS, Section 39-5-128(1),C.R.S.,requires certification of any tax levy to the Board of County Commissioners no later than December 15, 2009. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, as follows: Section 1. That there is hereby appropriated for expenditure from the Downtown Development Authority Operations and Maintenance Fund the sum of ONE MILLION TWENTY FOUR THOUSAND, SIX HUNDRED AND EIGHTY TWO DOLLARS ($1,024,682), to be expended for the authorized purposes of the Downtown Development Authority. Section 2. That there is hereby appropriated for expenditure from the Downtown Development Authority Debt Service Fund the sum of SIX MILLION, FIVE HUNDRED FIFTY TWO THOUSAND THREE HUNDRED AND SEVENTY TWO DOLLARS ($6,552,372), for payment of debt service on previously issued and outstanding bonds and to be used to cover the Downtown Development Authority's one-third share of payment on the Civic Center Parking Structure. Section 3. That the 2010 mill levy rate for the taxation upon each dollar of the assessed valuation of all taxable property within the Downtown Development Authority District as of December 31, 2009 shall be five mills, which levy represents the amount of taxes to provide for payment during the aforementioned fiscal year of all properly authorized expenditures to be incurred by the Downtown Development Authority. Said mill levy shall be certified to the County Assessor and the Board of County Commissioners of Larimer County,Colorado,by the City Clerk as provided by law. Introduced, considered favorably on first reading, and ordered published this 20th day of October, A.D. 2009, and to be presented for final passage on t rd, ay of November, A.D. 2009. i Mayo ATTEST: City Clerk Passed and adopted on final reading on the 3rd day of November, A.D. 2009. Mayor ATTEST: City Clerk