HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 02/20/2001 - SECOND READING OF ORDINANCE NO. 19, 2001, APPROPRI AGENDA ITEM SUMMARY ITEM NUMBER: 14
FORT COLLINS CITY COUNCIL DATE: February 20, 2001
STAFF: Alan Krcmarik
SUBJECT :
Second Reading of Ordinance No. 19, 2001, Appropriating Prior Year Reserves and
Unanticipated Revenue in the Downtown Development Authority Operations and Maintenance
Fund for Maintenance and Repair of the Old Town Square.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
This Ordinance, which was unanimously adopted on First Reading on February 6, 2001,
appropriates prior year reserves and unanticipated revenue for the maintenance and repair of
the. Old Town Square.
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AGENDA ITEM SUMMARY ITEM NUMBER: 17
FORT COLLINS CITY COUNCIL DATE: February 6, 2001
STAFF:
Alan I{rcmarik
SUBJECT:
First Reading of Ordinance No. 19, 2001, Appropriating Prior Year Reserves and Unanticipated
Revenue in the Downtown Development Authority Operations and Maintenance Fund for
Maintenance and Repair of the Old Town Square.
RECOMMENDATION:
Staff recommends adoption oft(®rdinJQrspeadiy
FINANCIAL IMPACT:
This appropriation increases the 2001 annual appropriation for the DDA Operations and
Maintenance Fund by $6,551.C
th r rov a transfer of $6,551 from
the City's General Fund into : The n di o a e sufficient appropriations to
expend the money for
the intdated August 14, 2000. In adde f e year Z . , this appropriation ordinance
includes a $12,500 appropriation from the DDA Operations and Maintenance Fund. This
amount will be funded from 2001 transfer from the General Fund.
EXECUTIVE SUMMARY:
This Ordinance appropriates $6,551 of prior year reserves and S 12,500 of unanticipated revenue
for the year 2001. The source of these monies is transfers from the City's General Fund.
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In 1993, representatives of Pro essive OPd Tow[r SI irare'Limlted Liability Company, owner of
several parcels of land in the" wntowit}area,!of fort Collins; entered into an agreement to
maintain, repair and replace, certain improvements in the" downtown area owned by, the
Downtown Development Authority (DDA). Over the years, the annual cost of the maintenance
and repair increased and the Company requested the City of Fort Collins and the DDA assist in
the funding of the maintenance and capital improvements. In August of 2000, the Company,
DDA, and the City reached a cost sharing agreement. Under this agreement, the DDA agreed to
match (50% Owner-50% DDA) up to $12,500 of enhanced capital improvements and $12,500 of
enhanced maintenance each year. The City agreed to designate $12,500 per year to reimburse
funds spent by the Company according to the approved Enhanced Maintenance Plan. In 2000,
the Owner spent $13,100 on Enhanced Maintenance. The City transferred $6,551 to the DDA
Operations and Maintenance Fund. The Fund did not have sufficient appropriations to be used
in 2000. Under the agreement, the monies are carried forward and may be spent when an
appropriation is made. In 2001, the City and DDA expect that more maintenance and
improvements will be completed by the owner and will be eligible for reimbursement. The
DATE: February 6, 2001 2 ITEM NUMBER: 17
second section of the Ordinance makes the appropriation for the 2001 work. Monies from the
City will be transferred after the work is completed and adequate documentation is delivered to
the City.
COPY
C OPY,
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