HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 02/20/2001 - SECOND READING OF ORDINANCE NO. 15, 2001, APPROPRI AGENDA ITEM SUMMARY ITEM NUMBER: 10
FORT COLLINS CITY COUNCIL DATE: February 20, 2001
STAFF: Ken Waido
SUBJECT:
Second Reading of Ordinance No. 15, 2001, Appropriating Prior Year Reserves in the
Affordable Housing Reserve in the General Fund for Impact Fee Rebate Payments for
Affordable Housing Projects.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
Ordinance No. 15, 2001, which was unanimously adopted on First Reading on February 6, 2001,
appropriates Prior Year Reserves in the Affordable Housing Reserve in the General Fund for
Impact Fee Rebate Payments for Affordable Housing Projects.
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AGENDA ITEM SUMMARY ITEM NUMBER: 13
FORT COLLINS CITY COUNCIL DATE: February 6, 2001
STAFF:
Ken Waido
SUBJECT:
First Reading of Ordinance No. 15, 2001, Appropriating Prior Year Reserves in the Affordable
Housing Reserve in the General Fund for Impact Fee Rebate Payments for Affordable Housing
Projects.
RECOMMENDATION:
Staff recommends adoption oCeOrdi
c)ofit eading
FINANCIAL IMPACT:
This appropriation of $345,004 for the affordable housing development impact fee rebates will
reduce the Affordable Housing Reserve balance by $345,004, leaving a balance of $4t,988 in
the reserve.
EXECUTIVE SUMMARY:
The City has received requests from Brisben Companies for development impact fee rebates for
$179,580 for Bull Run Apartments and for $86,140 for Country Ranch Apartments affordable
housing projects. In addition,. ab�ta� Hui nr` s AlIi F n Yfay homes ($6,284), and CARE
Housings Windtrail Apartments ($73,0F70) pro, reaching completion and applications for
development impact fee rebates are un'ttpatet be amountf $345,004 is needed to provide
the eligible development impact ree rebate—lor these projects and is available in the General
Fund's Affordable Housing Fund prior year reserves. Article V, Section 9 of the Charter of the
City of Fort Collins authorizes the City Council to provide by ordinance for payment of any
expense from reserves accumulated in prior years notwithstanding that such reserves were not
appropriated for expenditure in the annual appropriation ordinance.
BACKGROUND:
In 1994, the Council established the Development Impact Fee Rebate Program as an
administrative program permitting a partial rebate of City impact fees for the purpose of
promoting the development of additional affordable housing units. Fees eligible for rebate
included almost all City fees as well as fees from special purpose utility districts and school
districts. The Affordable Housing Board considered proposing a series of changes to the Rebate
DATE: February 6, 2001 2 ITEM NUMBER: "
Program, but in the context of the "Priority Affordable Housing Needs and Strategies" report the
Rebate Program was replaced with the competitive process. On February 2, 1999, the Council
adopted Ordinance No. 20, 1999, eliminating the Rebate Program except for eleven projects that
had received preliminary planning approval from the City and had financially anticipated
rebates. These four affordable housing projects are among the eleven projects still eligible for
impact fee rebates. Two projects remain that would be eligible for development impact fee
rebates, provided they meet the criteria for affordable units.
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