HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 11/21/2006 - RESOLUTION 2006-117 AGREEING TO ACT AS A REVIEWING ITEM NUMBER: 16
AGENDA ITEM SUMMARY DATE: November 21, 2006
FORT COLLINS CITY COUNCIL STAFF: Carol Turner
SUBJECT
Resolution 2006-117 Agreeing to Act as a Reviewing Entity for Properties Located Within the
Downtown Development Authority Boundaries for the State Income Tax Credit Program for
Qualifying Rehabilitation Projects.
RECOMMENDATION
Staff recommends adoption of the Resolution. On October 26, 2006, the Landmark Preservation
Commission voted to recommend adoption of the Resolution.
EXECUTIVE SUMMARY
This Resolution states the City of Fort Collins chooses to be a reviewing entity for the Colorado
Historic Preservation Income Tax Credit within the Downtown Development Authority boundaries
during the next calendar year.
BACKGROUND
Fort Collins became a Certified Local Government in 1991,when the Colorado Income Tax Credit
was instituted, but did not take on the reviewing entity function for this program until 1995. For
three years,the Landmark Preservation Commission was the reviewing entity and performed design
review on qualifying historic rehabilitation projects in Fort Collins for the Colorado Income Tax
Credit. The City declined the review from 1998 through 2005 because staff resources were
dedicated to higher priority local preservation activities. In 2005, the City decided to accept the
design review function in 2006 for properties within the Downtown Development Authority(DDA)
boundaries.
The decision to accept review in 2006 for business applicants within the DDA boundaries was based
on Budgeting For Outcomes offer #324, HISTORIC PRESERVATION PROGRAM FOR OLD
TOWN COMMERCIAL PROPERTIES. This proposed new service providing City processing of
State Tax Credits will provide a financial incentive for developers of historic properties within the
DDA boundaries. Currently, to use the state tax credit, the developers work with the Colorado
Historical Society by mail and phone. Local processing will streamline the tax credit review,saving
property owners time and money. A further benefit to the City is that the City will recover an
administration fee which helps offset the administrative costs of this component of the offer.
November 21, 2006 -2- Item No. 16
On October 25,2006,the Landmark Preservation Commission discussed this function and made the
decision to recommend that the City again accept the reviewing entity function for the Colorado
Historic Preservation Income Tax Credit in 2007 for properties within the DDA boundaries. The
City is required to maintain a"preservation fund" of fees collected for the service. Fees are set by
state legislation,but collected by the local government to be used for expenditures incurred in the
performance of the design review duties. Fees range from $250 to $750 depending on the cost of
the project.
The reviewing entity function for the rest of the City will still be performed by the Colorado
Historical Society staff for the 2007 calendar year so that the program will be available to all Fort
Collins' citizens.
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http://www.downtownfortcollins.org/images/dda-map-large.jpg 02/25/2006
RESOLUTION 2006-117
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AGREEING TO ACT AS A REVIEWING ENTITY FOR PROPERTIES
LOCATED WITHIN THE DOWNTOWN DEVELOPMENT AUTHORITY
BOUNDARIES FOR THE STATE INCOME TAX CREDIT PROGRAM
FOR QUALIFYING REHABILITATION PROJECTS
WHEREAS, the Fort Collins Landmark Preservation Commission and the City Council
support the creation of incentives to assist in the preservation and protection of historically
significant resources; and
WHEREAS,Colorado Revised Statute Section 39-22-514 establishes tax credits for historic
structures throughout the state; and
WHEREAS, the City of Fort Collins, as a Certified Local Government, pursuant to the
provisions of 16 U.S.C. § 470 (a) (C) (1), as amended, is eligible to review such rehabilitation tax
credit projects as a reviewing entity; and
WHEREAS, the provisions of C.R.S. § 39-22-514(10)(a)require that each Certified Local
Government adopt annually a resolution stating whether such Certified Local Government will act
as a reviewing entity during the following twelve (12)months; and
WHEREAS, the Fort Collins Landmark Preservation Commission, as the City of Fort
Collins's official review board for historic resources, endorses rehabilitation project reviews at the
local level, which provide an increased level of preservation service to our community.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT COLLINS that the City of Fort Collins, through the Landmark Preservation Commission,
hereby agrees to act as a reviewing entity for properties within the Downtown Development
Authority boundaries for the purposes of subsections(3)and(6)of C.R.S. § 39-22-514 for calendar
year 2007. The City will maintain the"preservation fund"as required by C.R.S. §39-22-514(11)(a),
for use in administering the program and to provide information and education to the community
within the context of historic preservation.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 21 st
day of November, A.D. 2006.
Mayor
ATTEST:
City Clerk