HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 11/01/2011 - SECOND READING OF ORDINANCE NO. 137, 2011, MAKINGDATE: November 1, 2011
STAFF: Matt Robenalt
Kathy Cardona
AGENDA ITEM SUMMARY
FORT COLLINS CITY COUNCIL 12
SUBJECT
Second Reading of Ordinance No. 137, 2011, Making Annual Appropriations for the Downtown Development Authority
for the Fiscal Year 2012 and Fixing the Mill Levy for Fiscal Year 2012.
EXECUTIVE SUMMARY
Ordinance No. 137, 2011, unanimously adopted on First Reading on October 18, 2011, sets the Downtown
Development Authority 2012 budget amount of $814,380 to be appropriated for fiscal year 2012 for the administrative
operations budget; sets the amount of $1,652,346 for debt service payments to be appropriated for fiscal year 2012;
and sets the 2012 Mill Levy for the Fort Collins, Downtown Development Authority at five (5) mills, unchanged since
2002. The approved budget becomes the Downtown Development Authority’s financial plan for 2012.
This Ordinance does not appropriate funds for projects or programs of the DDA funded with bond proceeds. Examples
of projects and programs funded with bond proceeds include annual holiday light display, facade improvements, the
enhanced alley annual maintenance costs, ice rink, and participation in the river district improvement projects, etc.
STAFF RECOMMENDATION
Staff recommends adoption of the Ordinance on Second Reading.
ATTACHMENTS
1. Copy of First Reading Agenda Item Summary - October 18, 2011
(w/o attachments)
2. Map of the Downtown Development Authority
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ATTACHMENT 1
DATE: October 18, 2011
STAFF: Matt Robenalt
Kathy Cardona
AGENDA ITEM SUMMARY
FORT COLLINS CITY COUNCIL 19
SUBJECT
First Reading of Ordinance No. 137, 2011, Making Annual Appropriations for the Downtown Development Authority
for the Fiscal Year 2012 and Fixing the Mill Levy for Fiscal Year 2012.
EXECUTIVE SUMMARY
The Annual Appropriation Ordinance for the Downtown Development Authority is presented for First Reading.
Ordinance No. 137, 2011, sets the Downtown Development Authority 2012 budget amount of $814,380 to be
appropriated for fiscal year 2012 for the administrative operations budget; sets the amount of $1,652,346 for debt
service payments to be appropriated for fiscal year 2012; and sets the 2012 Mill Levy for the Fort Collins, Downtown
Development Authority at five (5) mills, unchanged since 2002. The approved budget becomes the Downtown
Development Authority’s financial plan for 2012.
This Ordinance does not appropriate funds for projects or programs of the DDA funded with bond proceeds. Examples
of projects and programs funded with bond proceeds include annual holiday light display, facade improvements, the
enhanced alley annual maintenance costs, ice rink, and participation in the river district improvement projects, etc.
BACKGROUND / DISCUSSION
The Downtown Development Authority (the “DDA”) was created in 1981 with the purpose, according to State statue,
of planning and implementing projects and programs within the boundaries of the DDA. By state statue the purpose
of the ad valorem tax levied on all real and personal property in the downtown development district, not to exceed five
(5) mills, shall be for the budgeted operations of the authority. The DDA and the 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
statue and the Plan of Development the City, on behalf of the DDA, has issued various tax increment bonds, which
require debt servicing.
The DDA staff and Budget Committee are very cognizant of the changed revenue environment of the organization and
economic conditions, and have made a strong effort to budget conservatively to reflect this climate.
FINANCIAL / ECONOMIC IMPACTS
The Fort Collins Downtown Development Authority is requesting approval of the DDA Operations and Maintenance
budget, for fiscal year 2012, in the amount of $814,380. It is also requesting approval of the DDA debt payment
commitments in the amount of $1,652,346 for 2012 obligations.
Uses:
Personnel Services: $452,768
Contractual Professional Services: 318,114
Purchased Supplies and Commodities: 23,635
Other: 19,863
Total $814,380
The DDA debt service fund is projected to have sufficient revenue to meet the required debt service payments for
2012.
Uses:
Debt Payment: 2012 $1,652,346
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October 18, 2011 -2- ITEM 19
STAFF RECOMMENDATION
Staff recommends adoption of the Ordinance on First Reading.
BOARD / COMMISSION RECOMMENDATION
At its September 8, 2011 meeting, the Downtown Development Authority Board of Directors adopted its proposed
budget for 2012 totaling $2,466,726 and determined the mill levy necessary to provide for payment of administrative
costs incurred by the DDA.
ATTACHMENTS
1. Map of the Downtown Development Authority.
2. Fort Collins Downtown Development Authority Board Resolution 2011-03 Recommending to Council the
Determining and Fixing of the Mill Levy of the DDA for the Fiscal Year Ending December 31, 2012
3. Fort Collins Downtown Development Authority Board Resolution 2011-04 Recommending to Council the
Budget of the Estimated Amounts Required to Pay the Expenses of Conducting the Business of the DDA for
the Fiscal Year Ending December 31, 2012
4. Fort Collins Downtown Development Authority Board Resolution 2011-05 Recommending to Council the
Appropriation of $1,368,973 and $283,373 from the DDA Debt Service Fund for Payment of Debt Service and
the DDA’s Obligation for the Civic Center Parking Structure for the Fiscal Year Ending December 31, 2012
5. Powerpoint presentation
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A
ORDINANCE NO. 137, 2011
OF THE COUNCIL OF THE CITY OF FORT COLLINS
MAKING ANNUAL APPROPRIATIONS FOR THE DOWNTOWN DEVELOPMENT
AUTHORITY FOR THE FISCAL YEAR 2012 AND FIXING THE MILL LEVY
FOR FISCAL YEAR 2012
WHEREAS, the Fort Collins Downtown Development Authority (the “DDA”) has been duly
organized in accordance with Section 31-25-804, C.R.S.; and
WHEREAS, on September 8, 2011, the DDA Board of Directors (the “DDA Board”), acting
under the provisions of Section 31-25-816, C.R.S., adopted a budget for the fiscal year beginning
January 1, 2012 and determined the mill levy necessary to provide for payment during fiscal year
2012 of all properly authorized expenditures to be incurred by the DDA; and
WHEREAS, it is the desire of the City Council to appropriate the sum of TWO MLLION,
FOUR HUNDRED SIXTY SIX THOUSAND, SEVEN HUNDRED TWENTY SIX DOLLARS
($2,466,726) in the DDA Operation and Maintenance Fund and the Debt Service Fund for the fiscal
year beginning January 1, 2012 and ending December 31, 2012, to be used as follows:
DDA Operations & Maintenance $ 814,380
DDA Debt Service Fund 1,652,346
$2,466,726
WHEREAS, the DDA Board has recommended to the City Council a mill levy of five mills
upon each dollar of assessed valuation on all taxable property within the DDA District, such levy
representing the amount of taxes for DDA purposes necessary to provide for payment during the
ensuing fiscal year for all properly authorized expenditures to be incurred by the DDA; and
WHEREAS, Section 39-5-128(1), C.R.S., requires certification of any tax levy to the Board
of County Commissioners no later than December 15, 2011.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
Section 1. That there is hereby appropriated for expenditure from the Downtown
Development Authority Operations and Maintenance Fund the sum of EIGHT HUNDRED
FOURTEEN THOUSAND, THREE HUNDRED AND EIGHTY DOLLARS ($814,380), to be
expended for the authorized purposes of the DDA.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE MILLION, SIX HUNDRED FIFTY
TWO THOUSAND, THREE HUNDRED AND FORTY SIX DOLLARS ($1,652,346), for payment
of debt service on previously issued and outstanding bonds, to pay the City’s investment service
charge, and to be used to cover the DDA’s one-third share of payment on the Civic Center Parking
Structure.
Section 3. That the 2012 mill levy rate for the taxation upon each dollar of the assessed
valuation of all taxable property within the DDA District as of December 31, 2011 shall be five (5)
mills, which levy represents the amount of taxes for the District purposes to provide for payment
during the aforementioned fiscal year of all properly authorized expenditures to be incurred by the
DDA. Said mill levy shall be certified to the County Assessor and the Board of County
Commissioners of Larimer County, Colorado, by the City Clerk as provided by law.
Introduced, considered favorably on first reading, and ordered published this 18th day of
October, A.D. 2011, and to be presented for final passage on the 1st day of November, A.D. 2011.
_________________________________
Mayor
ATTEST:
_____________________________
City Clerk
Passed and adopted on final reading on the 1st day of November, A.D. 2011.
_________________________________
Mayor
ATTEST:
_____________________________
City Clerk
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Downtown Development Authority Boundary Map
Legend
Parcels
Downtown Development Authority Boundary 1 inch = 1,320 feet
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Amended: April 1, 2008 Printed: 1/20/2011
ATTACHMENT 2