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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 02/15/2011 - SECOND READING OF ORDINANCE NO. 010, 2011, APPROPR DATE: February 15, 2011 STAFF: Matt Robenalt Kathy Cardona Second Reading of Ordinance No. 010, 2011, Appropriating Prior Year Reserves in the Downtown Development Authority Fund for Expenditure on Projects in Accordance with the Downtown Plan of Development. EXECUTIVE SUMMARY Over the past year, proceeds from the Downtown Development Authority(DDA)tax increment finance revenues that have not been spent have accumulated interest earnings. These funds, as well as the project savings, need to be appropriated for expenditure. This Ordinance, unanimously adopted on First Reading on February 1, 2011, appropriates unanticipated revenue from interest earnings in the amount of $242,561, from project savings in the amount of$289,294 and from the 2010 Bond Series"Bonded but not Appropriated" bond proceeds in the amount of $809,145, for a total appropriation of$1,341,000. The DDA Board has authorized the expenditure on the various projects and programs. STAFF RECOMMENDATION Staff recommends adoption of the Ordinance on Second Reading. ATTACHMENTS 1. Copy of First Reading Agenda Item Summary- February 1, 2011 (w/o attachments) 2. Map of DDA boundary ATTACHMENT 1 DATE: February 1, 2011 AGENDA ITEM SUMMARYSTAFF: Matt Robenalt _ T COLLINS CITY COUNCIL Kathy Cardona First Reading of Ordinance No.010,2011,Appropriating Prior Year Reserves in the Downtown Development Authority Fund for Expenditure on Projects in Accordance with the Downtown Plan of Development. EXECUTIVE SUMMARY This Ordinance will appropriate unantiapated revenue from in terest.earnings in the amount of$242,561, from project savings in the amount of$289,294 and from,the\2010 Bond Series"Bonded but not Appropriated" bond proceeds in the amount of$809,145 for a total appropriation The DDA-Board has authorized the expenditure on the various projects and programs. BACKGROUND / DISCUSSION The Downtown Development Authority(the"DDA")was created 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 projects and programs the DDA would undertake. In order to carry out the purposes of the State statute and thePlanof\Development the.Git',l T behalfof the DDA, has issued various notes and tax increment bonds. The first issuance/off tax inent bonds bccurred'in 1984 with subsequent issues through 2010. � � ) 1 Over the past year, proceeds from DDA-tax/ increment finance (TIF) revenues that have not been spent have accumulated interest earnings. These funds, as well as the project savings, need to be appropriated for expenditure. The amount of interest earnings is currently $242,561 and project savings is $289,294. Also, the DDA needs to appropriate 2010's bond proceeds that were earmarked "Bonded but not Appropriated". These funds need to be appropriated for expenditure and the amount is$809,145. Staff has provided DDA Board minutes for three of the projects. Three of the projects were identified in Ordinance No. 091, 2010 (Attachment 3). The request for miscellaneous funds will cover projects committed to by the DDA Board before the estimated 2012 Bond Issuance. All the projects/programs listed forfunding through this appropriation have been approved by the DDA Board of_Director�All approvals by the DDA board are made contingent upon City Council appropriation of these funds tofiulfillsthe Authority's commitmenPto thePprojects. With the exception of those projects or programs which are purely public m nature, no DDAlexpenditures will be made until projects are completed and have met all DDA requirements for reimbursement, including-but not limited to evidence of a letter of completion or certificate of occupancy from the City- FINANCIAL / ECONOMIC IMPACTS The DDA Board has authorized expenditure on the following projects or programs which will be funded with this appropriation: 1. Fifth Year Funding of Beet Street $ 500,000 2. 401 South Mason Fagade Improvements 192,000 3. 2010 Alley Enhancement Project--.Maintenance (Three Years) 154,145 4. DDA Warehouse Operations?and Maintenan(Threee Y\rs) 120,000 5. Downtown Holiday Lights for the 2011/2012 Season _ J 35,000 6. Hotel Consultant Team Additional Scopekof Work- I 25,000 T. Miscellaneous - Reserved forProjects Committed to by the DDA Board before the next Bond Issuance 314,855 $1,341,000 February 1 2011 -2- ITEM 13 STAFF RECOMMENDATION Staff recommends adoption of the Ordinance on First Reading. BOARD / COMMISSION RECOMMENDATION The Downtown Development Authority Board of Directors passed and adopted at a regular meeting of the Board of Directors of the Fort Collins Downtown Development Authority Resolution 2011-01, recommending to the Fort Collins City Council the appropriation of$1,341 000 PY ATTACHMENTS 1. Fort Collins Downtown Development Authority Board Resolution 2011-01 2. Fort Collins Downtown Development Board of Directors meeting minutes relating to the summary and approval of the projects/program: - Fifth Year Funding of Beet Street— December 9, 2010 -401 South Mason Facade Improvements—August 2, 2010 - Hotel Consultant Team Additional Scope of Work—September 9, 2010 3, Fort Collins Ordinance No.091,2010,Appropriating Proceeds from the Issuance of DDATaxable Tax Increment Revenue Bonds, Series 2010A and Tax-exempt Tax Increment Revenue Bonds, Series 2010B,for the Purpose of Making-Certain.Capital Improvements, Capital Projects and Development Projects within the Downtown AreaU V" U L_� U �- COPY , =� == =1I/IIIIIIi ■ �I�IIIII`Ij/� • s' ■ <rI// No ■ • '%�IIII� �I �•I�� /,�.��%IIIIII! �e— _ — ■ � ■� �I�rj�l � :III ■ ■� ��I I■1111111111111■� � - 11y1911 � - IIIIIIIIIII■ �I— ■■ IL illMIN ■ - = IIIIIIII �II , \ II�IIa ' 01-Ivan III _ IL = ,= = : ■ LIB Illlllli illl I. 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' s Ile - . r r ORDINANCE NO. 010, 2011 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING.PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR EXPENDITURE ON PROJECTS IN ACCORDANCE WITH THE DOWNTOWN PLAN OF DEVELOPMENT WHEREAS,on April 21, 1981,City Council adopted Ordinance No.46, 1981,establishing the Fort Collins, Colorado, Downtown Development Authority (the"DDA"); and WHEREAS,the DDA's Plan of Development,approved by the City Council on September 8, 1981, established the purpose of the DDA and the types of projects in which the DDA would participate; and WHEREAS, bond proceeds have accrued interest earnings in the amount of$242,561; and WHEREAS, City staff has identified project savings of$289,294 currently in reserves; and WHEREAS,staff has also identified bond proceeds from the 2010 Bond Series that were not appropriated in the amount of$809,145; and WHEREAS, on January 13, 2011, the Board of Directors of the DDA adopted Resolution 2011-01 recommending to the City Council the appropriation of these funds for the expenditure on projects and programs; and WHEREAS, Article V, Section 9, of the City Charter permits the City Council to make supplemental appropriations by ordinance at any time during the fiscal year,provided that the total amount of 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, City staff has determined that the appropriation of the anticipated revenue as described herein will not cause the total amount appropriated in the DDA 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 for expenditure from reserves in the DDA Fund the sum of ONE MILLION THREE HUNDRED FORTY ONE THOUSAND DOLLARS ($1,341,000) to be used for the projects stated below: Fifth Year Funding of Beet Street $ 500,000 401 South Mason Facade Improvements 192,000 2010 Alley Enhancement Project—Maintenance (Three Years) 154,145 DDA Warehouse Operations and Maintenance (Three Years) 120,000 Downtown Holiday Lights—2011/2012 Season 35,000 Hotel Consultant Team Additional Scope of Work 25,000 Miscellaneous (Reserved for Projects Committed to by the DDA Board before the next Bond Issuance 314,855 Total Projects/Programs $1,341,000 Introduced, considered favorably on first reading, and ordered published this 1st day of February,A.D. 2011, and to be presented for final passage on the day of February,A.D 2011. May , ATTEST: City Clerk Passed and adopted on final reading on the 15th day of February, A.D. 2011. Mayor ATTEST: City Clerk