HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 03/20/2001 - RESOLUTION 2001-41 ADOPTING THE RECOMMENDATIONS OF AGENDA ITEM SUMMARY ITEM NUMBER: 22
DATE: March 20, 2001
FORT COLLINS CITY COUNCIL John Fischbach
FROM: Jay Hardy
SUBJECT:
Resolution 2001-41 Adopting the Recommendations of the Downtown Development Authority
Board of Directors Regarding the Priority Projects to be Supported by the Tax Increment Revenues
from the Expansion of the Downtown Development Authority Boundaries to Include the
Mulberry/L.emay Crossings Property.
RECOMMENDATION:
Staff recommends adoption of the Resolution.
EXECUTIVE SUMMARY:
On December 19, 2000 the City Council approved the expansion of the Downtown Development
Authority(DDA)boundaries to include the Mulberry/L emay Crossings property. As a result of that
action, additional revenue will be generated into the Tax Increment Reserve account of the DDA.
It is estimated that $3.7 to $4.2 million will be generated between 2001 and 2006 (generation of
revenue will not go beyond 2006). These monies will be used for projects that fit within the goals
and objectives of the DDA's Plan of Development.
Recommended Projects
The DDA Board of Directors has approved a Resolution that lists the projects to be supported from
the Tax Increment revenues:
a. Linden/Riverside Intersection Improvements $ 1,500,000
Project activities include design, construction, and administration up
to a maximum cost of$1.5 million.
b. Mulberry/Lemay Intersection Project $ 376,000
Project activities include improvements to the intersection that falls
within the boundaries of the Downtown Development Authority.
C. Poudre River Improvements $ 400,000
Project activities include various improvements to the Poudre River.
These improvements must be consistent with DDA's Plan of
Development and, to the extent possible, fit within the City's River
Corridor Implementation program. Funding may be up to $400,000
with each request to be matched by a corresponding amount of
funding from other sources.
DATE: March 20, 2001 1 2 ITEM NUMBER: 22
d. Update of the Downtown Plan $ 275,000
Project activities are to be done in conjunction with the City of Fort
Collins and could include a parking study update, analysis of
infrastructure needs, design features, market analysis and citizen
participation. Funding may be up to $275,000.
This Resolution expresses the Council's intent with regard to the appropriate use of these funds. The
monies will actually become available for those projects only upon Council's subsequent
appropriation of the funds.
I
RESOLUTION 2001-41
OF THE COUNCIL OF THE CITY OF FORT COLLINS
EXPRESSING THE COUNCILS INTENT WITH REGARD TO
CERTAIN FUTURE EXPENDITURES FOR THE BENEFIT OF
THE DOWNTOWN DEVELOPMENT AUTHORITY DISTRICT
WHEREAS,the City Council on December 19,2000,approved on second reading Ordinance
No. 148,2000,which extended the boundaries of the Downtown Development Authority("DDA")
District through the inclusion of the Mulberry-Lemay Crossings property (the 'Property"); and
WHEREAS, the inclusion of this additional property in the DDA District will increase the
tax increment revenues available to the DDA Board of Directors and the City Council for
expenditure for DDA purposes until the present division of taxes from properties within the DDA
boundaries ends in the year 2006; and
WHEREAS, all proposed expenditures of such tax increment revenues are governed by the
provisions of Section 31-25-801 et seq. of the Colorado Revised Statutes, which provisions state,
in relevant part, that tax increment revenues are to be used for the payment of the principal of, the
interest on, and any premiums due in connection with any indebtedness incurred by the City for
financing or refinancing,in whole or in part,development projects within the boundaries of the Plan
of Development for the District; and
WHEREAS, any such proposed expenditures must be included in the annual budget for the
District and approved by the City Council, pursuant to the recommendation of the DDA Board of
Directors; and
WHEREAS,the City Council wishes to express its intention with regard to the expenditure
of the additional tax increment revenues to be generated by the inclusion of the Property in the
District; and
WHEREAS,on February 8,2001,the DDA Board of Directors adopted Resolution 2001-02
of the Board of Directors of the Fort Collins DDA,Setting its Priorities for Expenditures Related to
the Estimated Revenue Generated From the Annexation of the Mulberry/L.emay Crossings Property
into the Boundaries of the Fort Collins DDA; and
WHEREAS, at its Study Session on February 27, 2001, the City Council considered
Resolution 2001-02 of the DDA Board, together with additional information provided by the City
Manager and the Executive Director of the DDA, and has,based upon those recommendations and
information, identified certain projects that it believes would substantially benefit the DDA District
and would be appropriate for the expenditure of the tax increment revenues generated by the
Property.
NOW,THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That,subject to the appropriation of the necessary funds,the Council believes
that anticipated tax increment revenues from the Property should be used in support of the following
priority projects:
• Linden/Riverside Intersection Improvements (estimated at $1.5 million)
• Mulberry/Lemay Intersection Project (estimated at $376,000)
• Poudre River Improvements (estimated at$400,000)
• Update of the Downtown Plan (estimated at $275,000)
Section 2. That, subject to the appropriation of the necessary funds, the balance of the
tax increment revenues generated by the Property should be used for additional projects that are
consistent with the mission of the DDA and the Plan of Development for the District.
Passed and adopted at a regular meeting of the City Council held this 20th day of March,
A.D. 2001.
Mayor
ATTEST:
City Clerk
DOWNTOWN
DEVELOPMENT
4ddo AUTHORITY
19 OLD TOWN SQUARE, SUITE 230 Telephone (970) 484-2020
FORT COLLINS, CO 80524 Telefax (970) 484-2069
To: Mayor Ray Martinez
Bill Bertschy
Mike Byrne
Kurt Kastein
Scott Mason
Chuck Wanner
Karen Weitkunat
From: Jay Hardy, Executive Director.
Date: March 6, 2001
RE: Amendment of Resolution 2001-02
Attached is a copy ofDDA Board of Directors amended Resolution 2001-02, setting its
priorities related to the spending of the projected revenue from the Mulberry/Lemay
Crossings annexation.
Changes included in this amendment of the original resolution presented to the City
Council Study Session on February 27, 2001 are the following:
- Removal of the word `Roundabout'in project#2, and replaced with the word
`intersection'.
This change reflects the DDA's commitment to the improvement of the intersection at
Mulberry&Lemay Avenue.
RESOLUTION 2001-02
OF THE BOARD OF DIRECTORS
OF THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY
SETTING ITS PRIORITIES FOR EXPENDITURES RELATED TO THE
ESTIMATED REVENUE GENERATED FROM THE ANNEXATION OF THE
MULBERRY/LEMAY CROSSINGS PROPERTY
INTO THE BOUNDARIES OF THE FORT COLLINS
DOWNTOWN DEVELOPMENT AUTHORITY
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,the City Council of Fort Collins approved the annexation of the
Mulberry/Lemay Crossings project into the boundaries of the Downtown Development
Authority on second reading on December 19,2000, creating an additional revenue
stream into the Tax Increment Reserve account of the Downtown Development
Authority; and,
WHEREAS, the Downtown Development Authority fords it to be in the best interests
and welfare of the Downtown Development Authority district to identify funding, in
whole or part, for selected projects detailed below, within the district which fit the
Downtown Development Authority Plan of Development;and,
WHEREAS, the Downtown Development Authority Board of Directors desires that a
significant portion of the tax increment money anticipated to be received from this
annexation be placed in reserve for future projects, which fit within the goals and
objectives of the Plan of Development.
NOW, THEREFORE,BE IT RESOLVED that the Board of Directors of the
Downtown Development Authority hereby expresses its intent to financially support the
following projects from such anticipated tax increment revenues as outlined below:
1. Linden/Riverside Intersection improvements of up to $1,500,000,to
include design, administration and construction.
2. Improvements to those portions of the Mulberry/Lemay intersection
project which fall within the boundaries of the Downtown Development
Authority in an amount of up to $376,000.
3. Various improvements to the Poudre River, as identified in the Plan of
Development and,to the extent consistent with such plan, the Downtown
River Corridor Implementation Program adopted on July 18, 2000 by the
Fort Collins City Council. Funding may be up to $400,000, with each
request to be matched by a corresponding amount of funding from other
sources.
4. Update of the Downtown Plan in conjunction with the City of Fort Collins
and other interested parties in an amount of up to $275,000, which could
include plans for the following,among other components:
a. Downtown parking study update
b. Market analysis and recommendation
C. Planning and Urban Design
d. Infrastructure analysis
e. Facilitation/Citizen participation
5. The DDA Board maintains the discretion to approve, deny or approve with
conditions individual proposed projects based on their compliance with
the Plan of Development and their relative priority to other proposed
projects.
Passed and adopted at a special meeting of the Board of Directors of the Fort Collins
Downtown Development Authority this 8d day of February,2001 and amended on March
1,2001 as written.
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Mary�J. ion, Cffiir
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J n Me ors, Secretary