HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 02/01/2011 - FIRST READING OF ORDINANCE NO. 010, 2001, APPROPRI DATE: February 1, 2011
STAFF: Matt Robenalt
Kathy Cardona -
First Reading of Ordinance No.010,2001,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 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.
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 the Plan of Development the City, on behalf of the DDA, has issued various notes .
and tax increment bonds. The first issuance of tax increment bonds occurred in 1984 with subsequent issues through
2010.
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 for funding through this appropriation
have been approved by the DDA Board of Directors. All approvals by the DDA board are made contingent upon City
Council appropriation of these funds to fulfill the Authority's commitment to the projects. With the exception of those
projects or programs which are purely public in nature,no DDA expenditures 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 Maintenance (Three Years) 120,000
5. Downtown Holiday Lights for the 2011/2012 Season 35,000
6. Hotel Consultant Team Additional Scope of Work 25,000
7. Miscellaneous - Reserved for Projects 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.
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 Area.
ATTACHMENT 1
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RESOLUTION 2011-01
OF THE BOARD OF DIRECTORS OF THE FORT COLLINS DOWNTOWN
DEVELOPMENT AUTHORITY RECOMMENDING TO THE FORT COLLINS
CITY COUNCIL THE APPROPRIATION OF S15341,000 (ONE MILLION,
THREE HUNDRED, FORTY ONE THOUSAND DOLLARS) INTEREST
EARNINGS, PROJECT SAVINGS AND 2010 BOND SERIES"BONDED BUT
NOT APPROPRIATED" PROCEEDS IN THE FORT COLLINS DOWNTOWN
DEVELOPMENT AUTHORITY FUND FOR EXPENDITURE ON PROJECTS IN
ACCORDANCE WITH THE DOWNTOWN PLAN OF DEVELOPMENT
WHEREAS, the Fort Collins Downtown Development Authority has been duly
organized in accordance with the Colorado Revised Statutes 31-25-804, 1973 as amended;
and,
WHEREAS, tax increment bond proceeds-fi•onn 2009 though December 2010 have
accrued interest earnings of$242,561 and project savings of$289,294; and
WHEREAS, the Fort Collins Downtown.Developmeut Authority through the City of Fort Collins issued bonds in 2010 and did not appropriate all proceeds of$809,145; and
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WHEREAS, said interest earnings, project savings, and bond proceeds must be
appropriated by the Fort Collins City Council for expenditure on downtown projects in
accordance with the Downtown Plan of Development adopted by City Council by
Resolution 81-129, September 8, 1981,
NOW,THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY to
recommend to the Council of the City of Fort Collins the appropriation for expenditure
from the tax increment fund in accordance with the Downtown Plan of Development,
interest earnings in the amount of$242,561 (Two Hundred, Forty Two Thousand, Five
Hundred and Sixty One Dollars), project savings in the amount of$289,294 (Two
Hundred, Eighty Nine Thousand,Two Hundred and Ninety Four Dollars) and 2010 Bond
Proceeds of$809,145 (Eight Hundred,Nine Thousand, One hundred and Forty Five
Dollars).
Passed and adopted at a regular meeting of the Board of Directors of the Fort Collins
Downtown Development Authority this 13"'day of January, 2011.`
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Patty S e cer, Chair
;J � ramhall, Alternate Secretary
ATTACHMENT 2
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DDA Minutes
December 9,2010
pg.
Wynne Odell asked for a clarification of the meaning of"live-work"dhich architect Jim BothN 0104
provided. Darin Atteberry commented that he felt this was a great response to reconune ons and a
valued addition to the Mason Corridor. George Brelig provided detailed collie the materials used
and design changes. Ken Marmon added that the design looks good and_.tW its With the original
covenants to provide main level retail. Astrid noted the proximit trauns and noise levels. Kevin
Brhiluuan responded that noise is a concern and that they w ' tempting some accommodation to the
problem,however the cost of noise-proof window w ohibitive.
Moved by Ms.Odell,seconded by ell.• To approve the staff recommendation and commit
funding for up to$160,000 at norize the Board Chair to enter into an agreement for the east-
facing facade,contin noon owner submission of all DDA requirements for project
reimbursement ' nding actual cost accounting documentation,certificate of liability insurance,
and gran agade easement by the owner and that the project be subject to pay up to 5%of the
legs s for the new agreement and all of the legal fees for revising the agreement with Coburn,
ed February 12,2009.The motion passed unauimonsly.
REVISED BEET STREET 2011 BUDGET
Patty Spencer invited members of the Beet Street Board present to cone to the table for the discussion of
the Beet Street budget. She noted that she has submitted her resignation from the Beet Street Board of
Directors and appreciates the vision and hard work of that board and staff.
Matt Robenalt gave background to the discussion. He reminded the Board that the 2011 budget had first
been presented at the DDA retreat. Following the retreat,the DDA budget and finance committee had
questions which were posed to Beet Street in response to the new financial reality facing the DDA. In
response to those questions,Beet Street has presented a new budget for Board approval.
Beet Street board member Steve Taylor presented(lie budget. He prefaced his remarks with a tribute to the
DDA,City govenunent,Downtown Business Association and Convention and Visitors Bureau in making
downtown Fort Collins a vital and successfid place and his desire to see Beet Street annong the list of strong-
contributors to that success.
Highlights of the budget are that 2011 will be the final year of DDA funding for Beet Street. In 2011 the
DDA.has proposed approving use of the 2010 fund balance in the approximate amount of$530,000 to be
the first fiords expended to pay for 2011 budgeted expenses.Further,approval is recommended of$250,000
in additional fluids to pay for 2011 budgeted expenses to be utilized after the fund balance is expended.
Filially,by no later than December 31,2011,the DDA Board will consider the approval of up to$250,000
as a performance challenge grant to match Beet Street revenues on a one-to-one basis. In kind
contributions and other non-cash revenues are specifically excluded from(he challenge grant.
Additionally,the budget/finance committee reconiniends the restatement of the DDA/Beet Street
agreement to reflect the revised budget and work plan,and to identify that the DDA's historical finding
structure for Beet Street will conclude at the end of 2011. The restated agreement will also define steps to
be taken in 2011 by Beet Street to shift employment status of Beet street staff from employees of the DDA
to employees of the 50l(c)(3)organization,and provide for the migration from Beet Street's use of the
DDA accounting system to an independent system better suited for non-profitaccounting. This agreenent
will be brought to the Board for adoption.
With these recommendations in mind Beet Street has reviewed and revised their work plan,five-year
projections and budget. A sunumary of changes was presented,which include budget savings of
approximately$100,000. Work plan revisions include no longer adding two additional culture cafes,no
longer making a financial contribution to the MOCA Ansel Adams exhibit.Beet Street will still provide
marketing services to MOCA for the exhibit.Homegrown Fort Collins will be discontinued. Beet Street
feels that these changes are prudent and timely and will not affect their ability to move forward.
DDA Minutes
December 9,2010
pg.5
Moved by iMs.Odell,seconded by Mr.Marvel: To accept the staff recommendation to approve the
Beet Street budget and work plan,and to commit funding to Beet Street for the reserve fluid balance
of approximately$530,000 plus up to$500,000 in additional funds-$250,000 to be granted when
reserves are expended and up to$250,000 as a performance challenge grant to match Beet Street
revenues on a one-to-one basis by no later than December 31,2011. The motion passed unanimously.
BEET STREET BOARD APP0I1NTMENTS
Beet Street Board Chair Blue I-lovatter addressed the Board,thanking Patty Spencer for her years o ice
to the Beet Street Board of Directors.. He noted that the existing agreennen�'between Beet nd the
DDA calls for an additional DDA board member to serve on the Beet�treet board. a iley added that
this provision was to provide for oversight of public fiords and tI he agre can be changed to reflect
that there need be only one DDA board member,while continu' g th e relationship between the two
organizations and maintaining fiduciary responsibility. Mc peffalian is currently the only DDA
representative on the Beet Street Board. None of the bo embers present volunteered to serve.
Mr.Hovatter suggested that Beet Street coul 'de more detailed quarterly reports as an alternative to
increased DDA representation. He add at7et Street was willing to have more DDA representation
but realized the required time con cents 6uld be difficult and added that they would want aboard
representative who believes i missio of Beet Street. Matt Robenalt recommended that the Executive
Committees of both boar feet quartq y to fulfill communication and oversight requirements. Patty
Spencer thanked Mc e Callahan fer his service. He responded that he enjoyed serving on the other
boards and feels' s benefit to th community. Steve Taylor thanked the DDA for the vote of support for
Beet Street ng that it has en a turbulent and risky project. He added that Ryau Keiffer has
straight the course for is organization. Mr.Keiffer answered Board questions noting that Beet
Str s nnissioit and strafegy remains the same. They will work on improved outreach and brand
d ,elopnnent and help Fort Collins see itself as an arts community.
PIANOS ABOUT TOWN/ART IN ACTION
The Bohemian Foundation, in collaboration with the DI�Aan�n Public Places,has h d a new
program call"Pianos About Town,"modeled on a,ii afar project in Denver. .Pian e placed in
familiar areas of downtown,providing the opportt nfty for people to spouta y sit down and play. Two
pianos,painted by local artists,have been place in Old Town Squar pilot project. DDA,Bohemian
Foundation and APP staffs are exploring the ossibility of int rig the project with Art in Action 2011,
in which selected artists would paint pnan in Old To uare.
Board members agreed that this wo id" be at Art in Action project. Staff will work with the Bohemian
Foundation and Art in Public PI Ce arify the DDXs role with a written agreement and bring it back
for Board approval. Board in rs George Brelig and Ellen Zibell agreed to remain of the Art in Action
committee.
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OTHER BU SS
No ot—heermess was discussed.
There being no further business the meeting adjourned at 9:50 a.m.
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JennY Bran h Alternate Seer
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DDA Minutes
August 12,2010
pg-
slue and to attend City Council meetings when this is discussed,noting that this could severely affe
fu e City tax base.
Lively Bo discussion followed. Matt Robenalt said that he would contact�l eUtility Dep rent,study
the issue and e ate the impact on the DDA. Darin Attebeny added tha his had not be decided yet
and would be vette ough regular boards and commissions process well as be a to of a Council
work session. Jim Rei d requested that UniverCity.Connectionss e included in th rocess. Board
members requested update d thatCity Stontt Water staff pres ift infonriation to Board.
BEET STREET UPDATES
Blue Hovatter,Board President,presen the Beet St- report: He noted t to lot is happening at Beet
Street and summarized current activities. Beet SP.4twebsite and net etter have been redesigned.
Streetnosphere has been very successful and r-gram has received y positive feedback. Creative
Garden,which will be part;of the Bohemian Nigll) 'tNewWestFest,." 11 take place next weekend.
Homegrown Fort Collins is planned for Septet tiler. a move to - gadro's for Science Cafe has been
very successful and new cafes are planned.
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PRIORITY PROJECTS UPDATE& EGULAR UPI) S i
Kelly Ohlsorn praised the work done the fagade monito ' p .'ect. There were no further comments or
questions on updates. The sales to eport was not pr nted.
CONSENT AGENDA.
Resolution Opposing Prop� ition 101 a Amendments 60 and 61: D staff and legal counsel
believe that these ballot nt 5suresare imental to the DDA. They requeste he Board approve a
resolution opposing tltes measu
Amendment to ZO10 rt in ion Contract: The Board approved a contractual reement with Jim
Lynxwiler,the 2010 rt ction artist;at the May 2010 meeting. Since that time t artist has requested
two changes to the act. The first change requests clarification that the second cast will not occur on
site. The second nge allows the artist to make up to four additional castings of the scu re for
installation no oser than 100 miles of Fort Collins. According to Ellen Martin of the City, is is common
language' ntracts with sculptors. Staff requested that the Board approve these changes.
Mov Villiam Sears,seconded by David Zamzow: To approve the Consent Agenda ns
pr eoted. The motion passed unanimously.
401 S.MASON.STREET—FUNDING REQUEST
Justin Larson of JCL Architecture presented the funding request for a new office building to be located at
401 South Mason Street. The design was presented at the June meeting of the DDA Board.The property,
located at the southwest corner of Magnolia and Mason,now houses a small structure. A five story, 14,000
square foot office building is planned for the site. There will.be a photovoltaic system on the roof and the
developers hope to achieve LEED certification. Staff recommended that the project be funded for up to
$192,000 for a tax increment investment and an additional$50,000 for a green building grant.
Moved by Jack Wolfe,seconded by William Sears: To approve funding in amounts up to$192,000
for a tax increment investment and up to$50,000 for a green building grant for a total of up to
$242,000 and authorize the Board Chair to enter into an agreement for the north and east facing
facades,contingent upon the submission of all DDA requirements for project reimbursement
including actual cost accounting documentation,certificate of liability insurance and grant of fagade
easements by the owner.The motiorpassed unanimously.
ANT RE UEST
Architect Gopal Shrestha
g e iistoric a merits of the design. The fagade improvements at 148 West Oak Street will
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2010
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e process;rather public input should have been sought first. That process is now underway. In response
to question about whether this would apply to other Floodplains within the City, it w s noted that the
regu ions would affect the Poudre River only. It was noted that Fort Collins already has the stronge
Floodp 'n regulations in the state. Concern for the effect on potential development at Link N Gree vas
also note long with the possible negative impact to DDA funding. Another C/Oncern was that t change
in rules won affect property owners who had invested under one set of rules and now may fa a
reduction in pr erty values. It was also mentioned that perhaps ideologyrather than other cerns were
driving the push hange regulations. Others mentioned that this was perhaps an opport ty for a
broader discussion and use, upstream mitigation efforts and economic impact. Kell hlson added that
the discussion was dri n by a look at storm water in general and a need to look at b management
practices for the 2 1"cell - .
Noting that City Council wou e discussing this issue on December 21 S'tine ers of the Board discussed
what would be an appropriate ro nd response for the DDA4 This presen it opportunity for Board
members to provide feedback to C cil. A resolution was discussed b oard members-felt further
conversation on the matter was neede Stormwater sttaaff noted that t would welcome any feedback.
LINDEN STREET IMPROVEMENT P JEC�
Anne Aspen introduced the progress of the L en/Street imp ement project,noting that the project had
been before the Board for an update in May 20 Since tl the City.has received an additional$700,000
CMAQ grant with an 80/20 local match. If COrrlri1 ed A fluids are used for local match,the grant will
bring a net increase to the project of$530,0p. Whi is new funding does not fill the full gap in the
budget,it allows for greater ability to coil5huct a co t iensive project.
Dean Klinger updated the Board on tit design ogress. T are in the final design phase with work in
this fall and winter focusing on c '7an(I s tiring rights of y and easements. During the spring and
sunnner of 201 I they hope to bid t le,proj and begin construe ' n.
Highlights include a traditional/inter tion at Linden and Willow. tie proposed roundabout was deenned
unfeasible given the railroad track at serves Ranch Way and the imp tto Northern Colorado Feeders
Supply and El Burrito. Th�� n be enhancement at each of the corner vith a,plaza on the northwest
portion of the intersection- T design reflects the industrial character of area as well as containing
historic elements. New 6 n drains and sewers will be placed in the streets. There will be diagonal
parking and bike lane . oard members expressed appreciation of the design icepts requesting that the
project come back t re Board when they have specifics of the design such asp ers.and colors.
EXECUTIV SSION
Moved by 1 olfe,seconded by Mr.sears: To move to Executive Session to dis s determining
positions lative to matters that may be subject to negotiations in regard to a downt t hotel l
pill-Still to CRS 24-6-402(4)(e) This Executive Session for the purpose stated is autho ed I
purs tit o CRS 24-6-402(4)(1)(1). The motion passed unanimously.
vec by Mr. Wolfe,seconded by Ms.Odell: To move from Executive Session back to Regula
Session. The motion passed unanimously.
HOTEL CONSULTANT SCOPE OF SERVICES AMENDMENT
Matt Robenalt introduced the proposal to amend the scope of services for hotel consultants RRC Associates
due to the revised approach to hotel financing being considered which has required additional services by i
the team. He noted that RRC completed Phase I in June and the Board identified that it desired to explore
public/private financing structures to support an upscale branded hotel with conference facility. The
original scope of services identified that it would be necessary to amend if something other than a
traditional private venture was required. The amendment to the scope accommodates the following: 12
month extension to the contract term;reprogramming of unused consulting budget to accommodate more l
detailed financial analysis; additional services for a variety of meetings and work sessions;and additional
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DDA Minutes
September 9,2610
pg 5
services requested by the subcommittee to verify specifics of conference meeting spaces. The cost of the
additional requested services is 525,000.
Moved by Mr.Sears,seconded by Mr.Zamzow: To approve changes to the RRC Associates scope of
services,a twelve month extension to the contract term and an increase in funding in the amount of
up to 525,000. The motion passed unanimously.
Q'NI'H 13USIN....
Proposet t Sales Tax: Board I t) Zellylson requested that sport the
proposed increase in City sa es <. venny r 2010 ballot with n.
Moved by Mr. Wolfe,seconded by Mr.S . . o direct DDA s a re a resolution in support
of ballot measure 2B which c , it increase in City sales tax to be approve xecutive
Committee of the B ne n o ion passed unanimously.
AD N
were being no further business the meeting adjourned at 12:20 p.m.
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William ears, ecr ry
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ATTACHMENT
ORDINANCE NO. 091, 2010
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY TAXABLE 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 AREA OF FORT COLLINS
WHEREAS, on April 21, 1981, the City Council adopted Ordinance No. 046, 1981,
establishing the Fort Collins, Colorado, Downtown Development Authority; and
WHEREAS,the Downtown Development Authority's Plan of Development was approved
by the City on September 8, 1981, and established the purpose of the Authority and the types of
projects in which the Authority would participate; and
WHEREAS,on June 1, 1982,a special election was held pursuant to Section 31-25-807(b)
of the Colorado Revised Statutes approving the issuance by the City of up to $25,000,000 in tax
increment obligations to finance certain projects of the Downtown Development Authority; and
WHEREAS,on November 7,2006,an election was held and electors approved the issuance
by the City of up to S 150,000,000 in tax increment obligations to finance the costs of development
projects of the.Downtown Development Authority; and
WHEREAS,there is sufficient remaining bonding authorization available to fund additional
projects in the downtown area, pursuant to Ordinance No. 090, 2010, as approved by the City
Council this same date; and
WHEREAS,through the adoption of Ordinance No. 090,2010,the City Council authorized
the issuance of the City of Fort Collins,Colorado,Downtown Development Authority Taxable Tax
Increment Revenue Bonds, Series 2010A and Tax-Exempt Tax Increment Revenue Bonds,.Series
2010B (the"Bonds"), in the maximum aggregate principal amount $14,000,000; and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, are
necessary to complete the,construction of certain capital improvements, capital projects and
development projects in the downtown area of the City; and
WHEREAS, Article V, Section 9, of the City Charter permits the City Council to make
supplemental appropriations, in conjunction with all previous appropriations for that fiscal years,
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.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that, contingent upon the final sale and issuance of the Bonds, there is hereby I
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appropriated for expenditure from Bond proceeds in the Downtown Development Authority
Operating Fund in the maximum aggregate amount of FOURTEEN MILLION DOLLARS
($14,000,000) to be used, as defined in the attached Exhibit A.
Introduced, considered favorably on first reading, and ordered published this 17th day of
August,. A.D. 2010, and to be presented for final passage on the ay of September, A.D. 2010.
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Mayo '
ATTEST:
City-Clerk
Passed and adopted on final reading on the 7th day of S i ber, A.D. 2010.
4ay
ATTEST:.
4a
City Clerk
EXHIBIT A
EXISTING COMMITMENTS
Art in Action: Old Town Square'—2010 $66,700
Beet Street—4th Year Funding 500,000
Brendle Group Up to 108,000
City Drug Building Up to 100,000
Downtown River District Improvements 500,000
Flats at the Oval Up to 1,148,781
Fort Collins Brewery Up to 539,918
Funding of Downtown Police Officer 226,545
Holiday Lights 2010.201 1 35,000
Holiday Lights 2010-2012: City's Portion 60,000
Lincoln Center Acoustical Upgrades 621,855
Lincoln Center Intergovernmental Agreement Up to 165,827
Odell Brewery Expansion 378,142
Old Town Square Ice Rink 2009-2012 Up to 120,000
Old Town Square Video Camera Project Up to 10,000
OtterBox Up to 1,500,000
Snooze Up to 34,610
Miscellaneous Estimated at 1,248,237
Project Management Fees Estimated at 378.156
Maximum Aggregate of$7,741,770
RE-BONDING OF OPEN PROJECT COMMITTMENTS
Penny Flats $252,085
Kayak course 2,000
Mason Corridor 600,000 i
River District Improvements 500,000
Fort ZED 250,000
Coca-Cola Sign Restoration 10,000 i
Maximum Aggregate of$1,614,085
TOTAL OPEN PROJECT COMMITMENTS $9,355,855
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UNAPPROPRIATED BOND PROJECT ACCOUNT
2010 Allcy Enhancement Project—Maintenance Estimated at$154,145
Art in Action: Old Town Square—2011 Estimated at 50,000
DDA Parking Lot—Elks Facility Estimated at 65,000
DDA Warehouse Utilities and Maintenance Costs Estimated at 120,000
Future Funding: Beet Street—2011 and 2012 Up to 1,000,000
Holiday Lights 201 1-2012 Estimated at 35,000.
Old Town Square Preconstruction Activities Estimated at 220,000
Maximum Aggregate of$1,644,145
OTHER
Debt Service Reserve Fund $1,400,000
Origination Fee 61,800
Cost of Issuance 60,000
Bond Counsel and Financial Advisor Estimated at 60,000
Contingency 1,418,200
Maximum Aggregate of$3,000,000
TOTAL USES Maximum Aggregate of$14,000,000
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
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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 15th day of February, A.D. 2011.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading on the 15th day of February, A.D. 2011.
Mayor
ATTEST:
City Clerk