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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 03/06/2001 - SECOND READING OF ORDINANCE NO. 29, 2001, APPROPRI AGENDA ITEM SUMMARY ITEM NUMBER: 9 DATE: March 6, 2001 FORT COLLINS CITY COUNCIL STAFF: Jay Hardy Alan Krcmarik SUBJECT: Second Reading of Ordinance No. 29, 2001, Appropriating Prior Year Reserves in the Downtown Development Authority Operation and Maintenance Fund for the Replacement of the Sidewalk on the West Side of the 200 Block of South College Avenue. RECOMMENDATION: Staff and the Downtown Development Authority Board recommend adoption of the Ordinance on Second Reading. EXECUTIVE SUMMARY: This Ordinance, which was unanimously adopted on First Reading on February 20, 2001, appropriates prior year reserves in the Downtown Development Authority's Operation and Maintenance Fund for the purpose of constructing sidewalk improvements on the west side of the 200 block of South College Avenue. AGENDA ITEM SUMMARY ITEM NUMBER: 2$ FORT COLLINS CITY COUNCIL DATE: February 20, 2001 STAFF: Jay Hardy Alan Krcmarik ;SUBJECT: First Reading of Ordinance No. 29, 2001, Appropriating Prior Year Reserves in the Downtown Development Authority Operation and Maintenance Fund for the Replacement of the Sidewalk on the West Side of the 200 Block of South College Avenue. RECOMMENDATION: Staff and the Downtown Dev ment thori B d recom end adoption of the Ordinance on First Reading. FINANCIAL IMPACT: In 1999 and 2000, the DDA completed bond transactions for a variety of projects within the Authority's boundaries. Because some of the projects included for funding in these transactions are now on hold, the Authority has nt nen r ro s that may be used for other projects. If adopted, this Ore app r e 2, proceeds from the 2000 bond transaction held in the DDA' perati and i ce F d for the sidewalk in front of the newly remodeled Ace Hardwa es 1 venu EXECUTIVE SUMMARY: This Ordinance appropriates prior year reserves in the Downtown Development Authority's Operation and Maintenance Fund for the pu ose of constructor sidewalk improvements on the west side of the 200 block o outh ege ve e. o ntown Development Authority (DDA) has as part of its ssion, t abil' ici in street, sidewalk, and other improvements that renovate the i im ve a busine s and public improvements in the downtown area. The new owner o the of a ee s location 227 South College Avenue) has requested, and the DDA Board has approved, up to $32,000 for the replacement of the existing sidewalk. The DDA has sufficient prior year reserves available for this purpose. BACKGROUND: On February 1, 2001,the DDA committed up to$32,000 for the replacement of the sidewalk on the west side of the 200 block of South College Avenue. The location is immediately adjacent to Ace Hardware and the property where Larrabee's Home Furnishings had been located for over 20 years. During a presentation to the DDA Board of Directors regarding the redevelopment of the 227 South College Avenue property (old Larrabee's) the new owner, Tom McClelland of Ace Hardware outlined his plans to renovate this property and subsequently move from his current location to the DATE: February 20, 2001 ITEM NUMBER: main level of the old Larrabee's building. Additionally,a patio furniture store will be located in the basement of this property. Following the move to the new property, the current Ace Hardware location will be home to a new tenant, and this property will also be renovated. The renovation of the old Larrabee's location will be complete with a new fagade comprising brick and stucco to better fit the ambiance of downtown. The total renovation cost is estimated to be $524,333. The DDA has committed $23,871 toward fagade improvements in addition to the $32,000 for sidewalks. DDA felt it was a unique opportunity to address the sidewalk renovation during the relatively short downtime, which will be expC Ote t ce Hardware locations. This effectively reduces any additiPevenue sh s. Additionally, the streetscape improvements to the corner ed by the General Improvement District are now complete. Cmp ents, the fagade improvements and the sidewalk renovation will give the entire west side of the street a much needed face-lift. In February 2000, the City Council adopted Ordinance No. 9, 2000, which authorized the issuance of City of Fort Collins, Colorado, Downtown Development Authority Subordinate Tax Increment Revenue Bonds, Series 2000A, in the aggregate principal amount of$610,000, for the purpose of financing certain capital improvements and capital projects. Certain of the projects originally planned to take place and receive financial support from these bond proceeds have been delayed, or may not go forward. Becaus a pro d sPyment ' ents are within the range of projects for which the bond pr eds a e us mended using$32,000 of the bond proceeds in the Operatio and M tenan of the sidewalk in front of 227 South College Avenue. An excerpt of the minutes of the DDA Board's February 1, 2001, meeting regarding this matter is attached.