Loading...
HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 09/18/2007 - SECOND READING OF ORDINANCE NO. 099, 2007, APPROPR ITEM NUMBER: 6 AGENDA ITEM SUMMARY DATE: September 18, 2007 FORT COLLINS CITY COUNCIL STAFF: Timothy Wilder SUBJECT Second Reading of Ordinance No. 099, 2007, Appropriating Unanticipated Grant Revenue in the General Fund for the Landmark Rehabilitation Loan Program. RECOMMENDATION Staff recommends adoption of the Ordinance on Second Reading. EXECUTIVE SUMMARY This Ordinance,unanimously adopted on First Reading on September 4,2007, appropriates$24,000 provided by a grant from the Colorado Historical Society toward the rehabilitation of historic commercial properties in Fort Collins. ATTACHMENTS 1. Copy of First Reading Agenda Item Summary- September 4, 2007. ATTACHMENT 1 ITEM NUMBER: 19 AGENDA ITEM SUMMARY DATE: September4, 2007 FORT COLLINS CITY COUNCIL S . FF: Timothy Wilder f SUBJECT First Reading of Ordinance No. 099, 2007, Appropriating Unanticipated Grant Revenue in the General Fund for the Landmark Rehabilitation Loan Program. RECOMMENDATION Staff recommends adoption of the Ordinance on First Reading. EXECUTIVE SUMMARY This Ordinance appropriates 4,000 vide y t (theoColorado Historical Society toward the rehabilitation of his c c erci r erties inllins. BACKGROUND The Landmark Rehabilitation Loan Program provides funds for the rehabilitation of local historic landmarked properties. A portion of these funds is typically spent on commercial properties and this amount varies from year to year depending on the requests for rehabilitation work received. Property owners who are awarded Loan Program funds are required to provide at least 50% matching funds. The Colorado Historical Society has provided a grant of$24,000 to pay for the rehabilitation of commercial landmarks, which will be combined with the City's Loan Program and property owner matching funds, resulting in at least $48,000 for rehabilitation projects. This Ordinance appropriates $24,000 from the grant provided by the Colorado Historical Society. ORDINANCE NO. 099, 2007 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED GRANT REVENUE IN THE GENERAL FUND FOR THE LANDMARK REHABILITATION LOAN PROGRAM WHEREAS,the City ofFort Collins has been awarded a grant in the amount of$24,000(the "Grant") from the Colorado Historical Society for the rehabilitation of historic commercial properties; and WHEREAS, the City's Landmark Rehabilitation Loan Program provides funds for the rehabilitation of local historic landmarks and a portion of these funds is typically spent on commercial properties; and WHEREAS, property owners who are awarded Loan Program funds are required to provide at least 50% in matching funds; and WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins permits the City Council to make supplemental appropriations by ordinance at any time during the fiscal year, provided that the total amountof such supplemental appropriations, in combination with all previous appropriations for that fiscal year, does not exceed the current estimate of actual and anticipated revenues to be received during the fiscal year; and WHEREAS,Citystaff have determined that the appropriation of the Grant from the Colorado Historical Society as described herein will not cause the total amount appropriated in the General Fund to exceed the current estimate of actual and anticipated revenues to be received in that fund during any fiscal year. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby appropriated from unanticipated grant revenue in the General Fund the sum of TWENTY-FOUR THOUSAND DOLLARS ($24,000) for expenditure in the General Fund for the rehabilitation of historic commercial properties. Introduced, considered favorably on first reading, and ordered published this 4th day of September, A.D. 2007, and to be presented for final passage on the 18th day of September, A.D. 2007. x/1 Mayor ATTEST: City Clerk Passed and adopted on final reading on the 18th day of September, A.D. 2007. Mayor ATTEST: City Clerk