HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 10/20/2015 - FIRST READING OF ORDINANCE NO. 128, 2015, BEING THAgenda Item 7
Item # 7 Page 1
AGENDA ITEM SUMMARY October 20, 2015
City Council
STAFF
Matt Robenalt, Executive Director
Jennifer Hensley, Finance Coordinator
SUBJECT
First Reading of Ordinance No. 128, 2015, Being the Annual Appropriation Ordinance for the Fort Collins
Downtown Development Authority Relating to the Annual Appropriations for the Fiscal Year 2016 and Fixing
Mill Levy for the Downtown Development Authority for Fiscal Year 2016.
EXECUTIVE SUMMARY
The purpose of this item is to set the Downtown Development Authority (“DDA”) Budget.
The following amounts will be appropriated:
DDA Public/Private Investments & Programs $ 725,394
DDA Operations & Maintenance $ 791,717
Revolving Line of Credit Draws $ 2,100,000
DDA Debt Service Fund $ 4,521,012
The Ordinance sets the 2016 Mill Levy for the Fort Collins DDA at five (5) mills, unchanged since tax year
2002. The approved Budget becomes the Downtown Development Authority’s financial plan for 2016.
STAFF RECOMMENDATION
Staff recommends adoption of the Ordinance on First Reading.
BACKGROUND / DISCUSSION
The DDA was created in 1981 with the purpose, according to Colorado 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.
CITY FINANCIAL IMPACTS
The DDA is requesting approval of the DDA Public/Private Investments and Programs budget for fiscal year
2016 in the amount of $725,394 and DDA Operations and Maintenance budget for fiscal year 2016 in the
amount of $791,717. It is requesting appropriation of up to $2,100,000 for the 2016 Line of Credit draws. It is
also requesting approval of the DDA debt payment commitments in the amount of $4,521,012 for 2016
obligations.
Agenda Item 7
Item # 7 Page 2
Uses:
Alley Operations $ 95,143
Warehouse Operations 137,430
Façade Grant Program 105,669
Old Town Square Operations 295,731
Other Public/Private Investments & Programs 91,421
Total $ 725,394
The 2016 Operations and Maintenance budget is projected as follows:
Uses:
Personnel Services $ 468,110
Contractual Professional Services 276,855
Purchased Supplies and Commodities 27,397
Other 19,355
Total $ 791,717
The 2016 Line of Credit draws, whose debt service payment will be made from the debt service fund, is
projected to fund up to $2,100,000.
Uses:
Museum of Discovery – 2016 Payment $ 500,000
Multi-Year Reimbursement Payments 302,352
Whitewater Park Commitment 27,300
Capital Asset Maintenance Obligations 131,000
Future Public/Private Investments & Programs 1,139,348
Total $2,100,000
The DDA debt service fund is projected to have sufficient revenue to meet the required debt service payments
for 2016.
Uses:
Debt Payment: 2016 $4,521,012
BOARD / COMMISSION RECOMMENDATION
At its October 8, 2015 meeting, the Downtown Development Authority Board of Directors adopted its proposed
budget for 2016 totaling $8,138,123 and determined the mill levy necessary to provide for payment of
administrative costs incurred by the DDA.
ATTACHMENTS
1. DDA Boundary map (PDF)
2. DDA Resolution 2015-06, Determining and Fixing the Mill Levy (PDF)
3. DDA Resolution 2015-07, Determining and Recommending the 2016 Budget (PDF)
4. DDA Resolution 2015-08 Appropriation of the 2016 Line of Credit Draw Service (PDF)
5. DDA Resolution 2015-09, Appropriation for Debt Service (PDF)
6. DDA Resolution 2015-10, Appropriation of amounts required to pay Public/Private Investments and
Programs (PDF)
Cache La Poudre River
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ORDINANCE NO. 128, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING THE ANNUAL APPROPRIATION ORDINANCE FOR THE FORT COLLINS
DOWNTOWN DEVELOPMENT AUTHORITY RELATING TO THE ANNUAL
APPROPRIATIONS FOR THE FISCAL YEAR 2016 AND FIXING THE MILL LEVY FOR
THE DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2016
WHEREAS, the Fort Collins Downtown Development Authority (the “DDA”) has been
duly organized in accordance with the C.R.S. Section 31-25-804; and
WHEREAS, on October 8, 2015, the DDA Board of Directors (the “DDA Board”),
acting under the provisions of C.R.S. Section 31-25-816, adopted a budget for the fiscal year
beginning January 1, 2016, and determined the mill levy necessary to provide for payment
during fiscal year 2016 of properly authorized operational and maintenance expenditures to be
incurred by the DDA; and
WHEREAS, it is the desire of the Council to appropriate the sum of EIGHT MILLION
ONE HUNDRED THIRTY-EIGHT THOUSAND ONE HUNDRED TWENTY-THREE
DOLLARS ($8,138,123) from the DDA Operation and Maintenance Fund and the DDA Debt
Service Fund for the fiscal year beginning January 1, 2016 and ending December 31, 2016, to be
used as follows:
DDA Public/Private Investments & Programs (O&M Fund) $ 725,394
DDA Operations & Maintenance (O&M Fund) 791,717
2016 Revolving Line of Credit Draws 2,100,000
DDA Debt Service Fund 4,521,012
Total $8,138,123
WHEREAS, the DDA Board has recommended to the Council that pursuant to C.R.S.
Section 31-25-817 the Council set a mill levy of five (5) mills upon each dollar of assessed
valuation on all taxable property within the DDA District, such levy representing the amount of
taxes necessary to provide for payment during the ensuing fiscal year for all properly authorized
operational and maintenance expenditures to be incurred by the DDA; and
WHEREAS, C.R.S. Section 39-5-128(1) requires certification of any tax levy to the
Larimer County Board of County Commissioners no later than December 15, 2015.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS, as follows:
Section 1. That there is hereby appropriated for fiscal year 2016 for expenditure from
DDA Operation and Maintenance Fund for the Downtown Development Authority
Public/Private Investments and Programs the sum of SEVEN HUNDRED TWENTY-FIVE
THOUSAND THREE HUNDRED NINETY-FOUR DOLLARS ($725,394), to be expended for
the authorized purposes of the DDA. That there is also hereby appropriated for fiscal year 2016
for expenditure from the DDA Operation and Maintenance Fund for the Downtown
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Development Authority Operations and Maintenance the sum of SEVEN HUNDRED NINETY
ONE THOUSAND SEVEN HUNDRED SEVENTEEN DOLLARS ($791,717), to be expended
for the authorized purposes of the DDA.
Section 2. That there is hereby appropriated for fiscal year 2016 for expenditure from
the Downtown Development Authority 2016 Line of Credit draws the sum of up to TWO
MILLION ONE HUNDRED THOUSAND DOLLARS ($2,100,000), to be used to finance DDA
projects or programs in accordance with the DDA Plan of Development including the 2016
Museum of Discovery payment, multi-year reimbursement payments, Whitewater Park
commitment, and capital asset maintenance obligations.
Section 3. That there is hereby appropriated for fiscal year 2016 for expenditure from
the Downtown Development Authority Debt Service Fund the sum of FOUR MILLION FIVE
HUNDRED TWENTY ONE THOUSAND TWELVE DOLLARS ($4,521,012), for payment of
debt service on previously issued and outstanding bonds, to pay the City’s investment service
charge, for payment on the 2016 Line of Credit draws, and to be used to cover the DDA’s one-
third share of payment on the Civic Center Parking Structure.
Section 4. That the DDA’s 2016 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, 2015 shall
be five (5) mills, which levy represents the amount of taxes necessary to provide for payment
during fiscal year 2016 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 20th day of
October, A.D. 2015, and to be presented for final passage on the 3rd day of November, A.D.
2015.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
Passed and adopted on final reading on the 3rd day of November, A.D. 2015.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
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Downtown Development Authority Boundary
Parcels
DDA Boundary Amended: September 17, 2013
Printed: November 07, 2013
1 inch = 1,320 feet
.
0 0.125 0.25 0.5
Miles
ATTACHMENT 1