HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 11/05/2002 - SECOND READING OF ORDINANCE NO. 149, 2002, APPROPR AGENDA ITEM SUMMARY ITEM NUMBER: 8
FORT COLLINS CITY COUNCIL DATE: November 5, 2002
FROM: Edith Felchle
Alan Krcmarik
SUBJECT:
Second Reading of Ordinance No. 149, 2002, Appropriating Unanticipated Revenue in the
General Fund for Property Donated by the Estate of Robert H. Udall.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
On July 17, 2001, the City Council adopted Resolution 2001-95 authorizing the acceptance of a
donation from the Estate of Robert H. Udall. When Council authorized the acceptance of the
donation, the value of the property had not been determined. The property has now been
appraised with the 20.133 acres of land valued at $300,000 and the three buildings on the
10 property valued at $150,000. The total amount of $450,000 will be appropriated to properly
account for the value of the donation according to fixed asset accounting guidelines. This
Ordinance, which was unanimously adopted on First Reading on October 15, 2002, appropriates
the 2002 interest earnings on the cash donation for the maintenance and repair of the property.
AGENDA ITEM SUMMARY ITEM NUMBER: 13
October 15, 2002
FORT COLLINS CITY COUNCIL DATE:STAFF: Edith Felchle
is Alan Krcmarik
SUBJECT:
First Reading of Ordinance No. 149, 2002, Appropriating Unanticipated Revenue in the General
Fund for Property Donated by the Estate of Robert H. Udall.
RECOMMENDATION:
sA
Staff recommends adoption o e Ordice otFi t Reading,
FINANCIAL IMPACT:
Property that was donated by the Estate of Robert H. Udall in 2001 for natural area purposes, has
now been appraised at $450,000. In addition, the Estate also made a cash donation of$125,000
to be placed in a perpetual tr t - o i n f the site. This ordinance
appropriates 2002 interest nings the a d au he amount of $2,300, for
maintenance and repair ex ` ditures nd a r° es th $450,000 appraisal to properly
account for the donated prope a g tt�uced ass counting guidelines.
EXECUTIVE SUMMARY:
On July 17, 2001, the City Council adopted Resolution 2001-95 authorizing the acceptance of a
donation from the Estate of Robert H. Udall. The donation consisted of 20.133 acres of land
located on the south end of CI or at ptenancyethe
d and Lane and northeast of the
Reservoir Ridge Natural Are three b dings d, along with $125,000 in cash
to be placed in a perpetual tru or th oin site.
When Council authorized the acceptance of the donation, the value of the property had not been
determined. The property has now been appraised with the 20.133 acres of land valued at
$300,000 and the three buildings on the property valued at $150,000. The total amount of
$450,000 will be appropriated to properly account for the value of the donation according to
fixed asset accounting guidelines.
In January 2002, the City received the cash donation of $125,000. Under the terms of the
donation agreement, the cash donation is to be placed in a perpetual trust and the interest
earnings on the funds "shall be used solely for the maintenance and repair of the property." In
2002, the City will receive approximately $2,300 in interest earnings which is to be used for the
maintenance and repair of the donated property.