HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 10/16/2012 - FIRST READING OF ORDINANCE NO. 107, 2012, BEING THDATE: October 16, 2012
STAFF: Matt Robenalt
Kathy Cardona
AGENDA ITEM SUMMARY
FORT COLLINS CITY COUNCIL 6
SUBJECT
First Reading of Ordinance No. 107, 2012, Being the Annual Appropriation Ordinance of the Fort Collins Downtown
Development Authority Relating to the Annual Appropriations for the Fiscal Year 2013 and Fixing the Mill Levy for the
Downtown Development Authority for Fiscal Year 2013.
EXECUTIVE SUMMARY
The Annual Appropriation Ordinance is presented for First Reading. Ordinance No. 107, 2012, sets the Downtown
Development Authority (DDA) 2013 Operations and Maintenance Budget amount of $769,440 to be appropriated for
fiscal year 2013 for the administrative operations budget; appropriates the 2013 Line of Credit Draw in the amount of
$1,000,000; sets the amount of $3,197,535 for debt service payments to be appropriated for fiscal year 2013; and sets
the 2013 Mill Levy for the Fort Collins DDA at five (5) mills, unchanged since tax year 2002. The approved Budget
becomes the Downtown Development Authority’s financial plan for 2013.
BACKGROUND / DISCUSSION
The Downtown Development Authority was created in 1981 with the purpose, according to Colorado State Statute,
of planning and implementing projects and programs within the boundaries of the DDA. By state statute, the purpose
of the ad valorem tax levied on all real and personal property in the downtown development district, not to exceed five
(5) mills, shall be for the budgeted operations of the authority. The DDA and the 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 the Plan of Development, the City, on behalf of the DDA, has issued various tax increment bonds which
require debt servicing.
The DDA staff and Budget Committee are very cognizant of the changed revenue environment of the organization and
economic conditions, and have made a strong effort to budget conservatively to reflect this climate.
FINANCIAL / ECONOMIC IMPACTS
The Fort Collins Downtown Development Authority is requesting approval of the DDA Operations and Maintenance
budget for fiscal year 2013 in the amount of $769,440. It is requesting appropriation of up to $1,000,000 for the 2013
Line of Credit draw. It is also requesting approval of the DDA debt payment commitments in the amount of $3,197,535
for 2013 obligations.
Uses:
Personnel Services $453,727
Contractual Professional Services 271,253
Purchased Supplies and Commodities 25,693
Other 18,767
Total $769,440
The 2013 Line of Credit draw, whose debt service payment will be made from the debt service fund, is projected to
fund up to $1,000,000.
Uses:
Museum of Discovery – 2013 Payment $500,000
Future Facade Public/Private Investments 450,000
Fees: Project Management and Bank 50,000
$1,000,000
October 16, 2012 -2- ITEM 6
The DDA debt service fund is projected to have sufficient revenue to meet the required debt service payments for
2013.
Uses:
Debt Payment: 2013 $3,197,535
STAFF RECOMMENDATION
The Downtown Development Authority Board of Directors and staff recommend adoption of Ordinance No. 107, 2012
on First Reading.
BOARD / COMMISSION RECOMMENDATION
At its October 11, 2012 meeting, the Downtown Development Authority Board of Directors adopted its proposed budget
for 2013 totaling $4,966,975 and determined the mill levy necessary to provide for payment of administrative costs
incurred by the DDA.
ATTACHMENTS
1. Fort Collins Downtown Development Authority Board Resolution 2012-04 Recommending to Council the
Determining and Fixing of the Mill Levy of the DDA for the Fiscal Year Ending December 31, 2013
2. Fort Collins Downtown Development Authority Board Resolution 2012-05 Recommending to Council the
Budget of the Estimated Amounts Required to Pay the Expenses of Conducting the Business of the DDA for
the Fiscal Year Ending December 31, 2013
3. Fort Collins Downtown Development Authority Board Resolution 2012-06 Recommending to Council the
appropriation of the 2013 Line of Credit Draw
4. Fort Collins Downtown Development Authority Board Resolution 2012-07 Recommending to Council the
Appropriation of $2,914,885 and $282,650 from the DDA Debt Service Fund for Payment of Debt Service and
the DDA’s Obligation for the Civic Center Parking Structure for the Fiscal Year Ending December 31, 2013
5. Downtown Development Authority Boundary Map
E VINE DR
RIVERSIDE AVE
SMITH ST
E ELIZABETH ST
S MASON ST
N COLLEGE AVE
S LEMAY AVE
MATHEWS ST
LOCUST ST
WHEDBEE ST
PETERSON ST
E LINCOLN AVE
E MYRTLE ST
LINDEN ST
STOVER ST
REMINGTON ST
S COLLEGE AVE
12TH ST
MAPLE ST
E PLUM ST
9TH ST
W OAK ST
S HOWES ST
CHERRY ST
E OLIVE ST
W OLIVE ST
CONIFER ST
E OAK ST
E MULBERRY ST
BUCKINGHAM ST
S MELDRUM ST
W LAUREL ST
W MYRTLE ST
LAPORTE AVE
HEMLOCK ST
WILLOW ST
S WHITCOMB ST
N LEMAY AVE
REDWOOD ST
1ST ST
3RD ST
2ND ST
W MAGNOLIA ST
N SHERWOOD ST
W MULBERRY ST
N WHITCOMB ST
W MOUNTAIN AVE
CA
J
E
TA
N
ST
10TH ST
COWAN ST
N MASON ST
O
S
I
A
ORDINANCE NO. 107, 2012
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING THE ANNUAL APPROPRIATION ORDINANCE OF THE FORT COLLINS
DOWNTOWN DEVELOPMENT AUTHORITY RELATING TO THE ANNUAL
APPROPRIATIONS FOR THE FISCAL YEAR 2013 AND FIXING THE MILL LEVY FOR
THE DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2013
WHEREAS, the Fort Collins Downtown Development Authority (the “DDA”) has been duly
organized in accordance with the Colorado Revised Statutes (C.R.S) 31-25-804, 1973 as amended;
and
WHEREAS, on October 11, 2012, the DDA Board of Directors (the “DDA Board”), acting
under the provisions of C.R.S. 31-25-816, 1973, as amended, adopted a budget for the fiscal year
beginning January 1, 2013 which included appropriation of funding for the 2013 Line of Credit , and
determined the mill levy necessary to provide for payment during fiscal year 2013 of properly
authorized operational and maintenance expenditures to be incurred by the DDA; and
WHEREAS, it is the desire of the City Council to appropriate the sum of FOUR MILLION,
NINE HUNDRED SIXTY SIX THOUSAND, NINE HUNDRED SEVENTY FIVE DOLLARS
($4,966,975) in the DDA Operation and Maintenance Fund and the Debt Service Fund for the fiscal
year beginning January 1, 2013 and ending December 31, 2013, to be used as follows:
DDA Operations & Maintenance $ 769,440
2013 Revolving Line of Credit 1,000,000
DDA Debt Service Fund 3,197,535
$4,966,975
WHEREAS, the DDA Board has recommended to the City Council a mill levy of five mills
upon each dollar of assessed valuation on 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 properly authorized operational and maintenance 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, 2012.
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 SEVEN HUNDRED SIXTY
NINE THOUSAND, FOUR HUNDRED AND FORTY DOLLARS ($769,440), to be expended for
the authorized purposes of the DDA.
Section 2. That there is hereby appropriated for expenditure from draws upon the
Downtown Development Authority 2013 Line of Credit the sum of up to ONE MILLION
DOLLARS ($1,000,000), to be used as specified in the attached Exhibit A.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of THREE MILLION, ONE HUNDRED
NINTY SEVEN THOUSAND, FIVE HUNDRED AND THIRTY FIVE DOLLARS ($3,197,535),
for payment of debt service on previously issued and outstanding bonds, to pay the City’s
investment service charge, for payment on the 2013 Line of Credit draw, and to be used to cover the
DDA’s one-third share of payment on the Civic Center Parking Structure.
Section 4. That the 2013 mill levy rate for the taxation upon each dollar of the assessed
valuation of all taxable property within the DDA District as of December 31, 2012 shall be five (5)
mills, which levy represents the amount of taxes for the District purposes to provide for payment
during the aforementioned fiscal year of properly authorized expenditures to be incurred by the
DDA. 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 16th day of
October, A.D. 2012, and to be presented for final passage on the 6th day of November, A.D. 2012.
_________________________________
Mayor
ATTEST:
_____________________________
City Clerk
Passed and adopted on final reading on the 6th day of November, A.D. 2012.
_________________________________
Mayor
ATTEST:
_____________________________
City Clerk
Project/Program to be Funded
Museum of Discovery ‐ 2013 Payment $500,000.00
Future Façade Public/Private Investments ** $450,000.00
Project Management Fee $49,250.00
Annual Fee $500.00
Cost of Financing $250.00
$1,000,000.00
**Release of funds in 2013 is contingent upon owner submission of all DDA requirements for project reimbursement
2013 Line of Credit Draw
EXHIBIT A
N
DE
R
ST
N HOWES ST
JEFFERSON ST
J
E
R
O
M
E
S
T
MAIN ST
COLORADO ST
HO
F
FM
A
N MI
L
L RD
P
A
S
C
A
L
S
T
WALNUT ST
O
V
A
L
D
R
S SHERWOOD ST
E MOUNTAIN AVE
ENDICOTT ST
11TH ST
SYCAMORE ST
MU
L
L
E
I
N
DR
EAST DR
E LAUREL
S
T
FRONTAGE RD
PINE ST
WOO
D
L
AW
N
DR
LESSER DR
BEL
L
F
L
OWE
R
D
R
WEST DR
OLD MAIN DR
E MAGNOLIA ST
LILAC LN
MONTEZUMA FULLER ALLEY
PENNOCK PL
MARTINEZ ST
ELM
S
T
TENNEY CT
LINCOLN AVE
LOPEZ CT
EASTDALE DR
TRUJILLO ST
LINDE
N
C
ENTER DR
BAUM ST
S SHERWOOD ST
E LAUREL ST
FRONTAGE RD
N
LEMAY A
V
E
N MASON ST
Downtown Development Authority Boundary Map
Legend
Parcels
Downtown Development Authority Boundary 1 inch = 1,320 feet
.
Amended: April 1, 2008 Printed: 1/20/2011
ATTACHMENT 5