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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 12/17/2002 - ITEMS RELATING TO THE ISSUANCE OF CITY OF FORT COL AGENDA ITEM SUMMARY ITEM NUMBER: 11 A-B FORT COLLINS CITY COUNCIL DATE: December 17, 2002lip FROM Alan Krcmarik SUBJECT: Items Relating to the Issuance of City of Fort Collins Downtown Development Authority Subordinate Tax Increment Revenue Bonds, Series 2002. RECOMMENDATION: Staff and the DDA recommend adoption of the Ordinances on Second Reading. EXECUTIVE SUMMARY: A. Second Reading of Ordinance No. 174, 2002, Authorizing the Issuance of City of Fort Collins Downtown Development Authority Taxable Subordinate Tax Increment Revenue Bonds Series 2002 in the Amount of $1,065,000 for the Purpose of Financing Certain lipCapital Improvements and Capital Projects. B. Second Reading of Ordinance No. 175, 2002,Appropriating Proceeds from the Issuance of City of Fort Collins,Colorado,Downtown Development Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 2002, for the Purpose of Making Certain Capital Improvements in the Downtown Area of Fort Collins and Appropriating Revenues in the Tax Increment Fund. 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. Ordinance No. 174,2002,which was unanimously adopted on First Reading on November 19,2002, authorizes the issuance of short term bonds for the projects which will be paid from the tax increment revenue. Ordinance No. 175, 2002, which was also unanimously adopted on First Reading on November 19, 2002, appropriates the proceeds in the Capital Projects Fund for the various projects. AGENDA ITEM SUMMARY ITEM NUMBER: 17 A_B FORT COLLINS CITY COUNCIL DATE: November 19, 2002 STAFF: Alan Krcmarik SUBJECT: Items Relating to the Issuance of City of Fort Collins Downtown Development Authority Subordinate Tax Increment Revenue Bonds, Series 2002. RECOMMENDATION: The DDA Board of Directors Cdstaff om Pdoption Ordinances on First Reading. FINANCIAL IMPACT: At the end of 2001, the Downtown Development Authority Debt Service Fund held approximately $1,370,000 of unreserved fund balance. By the end of 2002, the unreserved fund balance is projected to be appr t e l 35 D Board and staff recommend using $1,065,000 of the unres ed f alan t c 'ta mprovements in the downtown area consistent with the miss n of th DA. A de service fund will have sufficient revenue to meet all required i e and rese e requirements for 2002 through 2006. EXECUTIVE SUMMARY: A. First Reading of Ordinance No. 174, 2002, Authorizing the Issuance of City of Fort Collins Downtown Development Authority Taxable Subordinate Tax Increment Revenue Bonds Series 2002 in o 0 1, t utpose of Financing Certain Capital Improvements d Capi Proj s. B. First Reading of Ordinan o. 1 00 , prop Proceeds from the Issuance of City of Fort Collins, Colorado, Downtown Development Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 2002, for the Purpose of Making Certain Capital Improvements in the Downtown Area of Fort Collins and Appropriating Revenues in the Tax Increment Fund. 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. These two Ordinances provide $1,065,000 of funding from the unreserved fund balance in the DDA Debt Service Fund to make additional improvements and contribute to City projects in the downtown area. The first ordinance authorizes the issuance of short term bonds for the projects i t DATE: _ITEM NUMBER: t which will be paid from the tax increment revenue. The second ordinance appropriates the proceeds in the Capital Projects Fund for the various projects. BACKGROUND: The projects include. 231 North College $ 50,000 Chamber of Commerce 52,000 Mason Street North 251,000 Old Town Square Play Area 12,000 , Museum p Linden Street Plan 250, Mulberry-Lemay 85, 3 Y River Design 0 Linden Loan 100,000 Downtown Strategic Plan 56,250 300 East Mountain 90,000 Baptist Church 64,000 $l,050,500 231 North College—Rehabilitation of this property to include a new stone fagade and removal of the billboards on top of the bCing—c Chamber of Commerce Bu opletee l pme of the Chamber of Commerce building. Mason Street North—mixed use housing and commercial project next to Lee Martinez Park. Old Town Square Play Area—an interactive collection of sculptures that children can climb upon. Museum--compete reconstruction of the approach and entry to the Fort Collins Museum Linden Street Plan—Desigm l . op nt lan for the Linden Street Neighborhood including all d dilige Mulberry-Lemay Intersection bu ment t he City of Fort Collins for improvements made to the Mulberry-Lemay Intersection. River Design—Reimbursement payment to the City of Fort Collins for design work along the Poudre River. Linden Loan—retiring the balance of a loan made by the City of Fort Collins Street Oversizing fund to the Downtown Development Authority. Downtown Strategic Plan—reimbursement payment to the City of Fort Collins for the development of a Downtown Strategic Plan. 300 East Mountain—redevelopment of this single story structure into two and ''/z stories of mixed use residential and commercial uses. ovetu er DATE: ITEM NUMBER: Baptist Church—Complete rehabilitation of this historic structure located at the Northeast corner of Remington and Magnolia Streets. The remaining amount ($14,500) is available to cover costs of issuing the bonds. Staff is negotiating with a few banks to determine who the purchaser will be, the name of the purchaser will be inserted on Second Reading. All of these projects have been reviewed and recommended by the Board of Directors of the DDA.