HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 10/20/2015 - FIRST READING OF ORDINANCE NO. 129, 2015, APPROPRIAgenda Item 8
Item # 8 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. 129, 2015, Appropriating Prior Year Reserves in the Downtown Development
Authority Fund for Expenditure on Projects and Programs in Fiscal Year 2015 in Accordance with the
Downtown Plan of Development.
EXECUTIVE SUMMARY
The purpose of this item is to appropriate unanticipated revenue from interest earnings in the amount of
$13,508 and from project savings in the amount of $63,836 for a total appropriation of $77,344. The
Downtown Development Authority (“DDA”) Board has authorized the expenditure of these funds for various
DDA projects and programs in fiscal year 2015.
STAFF RECOMMENDATION
Staff recommends adoption of the Ordinance on First Reading.
BACKGROUND / DISCUSSION
The DDA was created in 1981 with the purpose, according to State statute, of planning and implementing
projects and programs within the boundaries of the DDA. The DDA and 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 statute and the Plan of Development, the City, on behalf of the DDA, has issued various notes and tax
increment bonds. The first issuance of tax increment bonds occurred in 1984 with subsequent issues through
2012.
Over the past year, proceeds from DDA TIF revenues that have been appropriated but not spent have
accumulated interest earnings. These funds, as well as the project savings, need to be appropriated by City
Council for expenditure in fiscal year 2015. The amount of interest earnings to be appropriated at this time is
$13,508 and project savings is $63,836.
The subject funds of this appropriation have been directed by the DDA Board for the following purposes:
1. Old Town Square Maintenance: The DDA utilizes the City Parks Department for plaza maintenance
through an IGA covering fountain upkeep, pressure washing, trash removal, and spring planting
among other routine maintenance items. Funding for the Square’s maintenance is a three-way
partnership between the DDA, City, and Progressive Old Town Square - the entity owning a majority of
the buildings touching the public plaza.
2. Holiday Lights - 2015/2016 Season: The holiday lights program is a successful partnership between
the City, DDA, and DBA which features a larger, enhanced display that has been in place since the
2012/2013 season due to this collaborative effort.
Agenda Item 8
Item # 8 Page 2
All of the projects and programs listed for funding through this appropriation have been approved by the DDA
Board of Directors. All approvals by the DDA Board are made contingent upon City Council appropriation of
these funds to fulfill the DDA’s commitment to the projects and programs.
CITY FINANCIAL IMPACTS
The DDA Board has authorized expenditure on the following projects and programs in fiscal year 2015 which
will be funded with this appropriation:
1. Old Town Square Maintenance $42,344
2. Holiday Lights - 2015/2016 Season 35,000
$77,344
BOARD / COMMISSION RECOMMENDATION
At its April 9 and August 13, 2015 meetings, the Downtown Development Authority Board of Directors
approved the appropriation of funds as stated above.
ATTACHMENTS
1. DDA Boundary map (PDF)
2. DDA minutes, April 9, 2015 (PDF)
3. DDA minutes, August 13, 2015 (PDF)
4. DDA Resolution 2015-03 (PDF)
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Riverside Ave
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Remington St
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9th St
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Laporte Ave
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Jefferson St
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ATTACHMENT 2
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ATTACHMENT 4
- 1 -
ORDINANCE NO. 129, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT
AUTHORITY FUND FOR EXPENDITURE ON PROJECTS AND PROGRAMS IN FISCAL
YEAR 2015 IN ACCORDANCE WITH THE DOWNTOWN PLAN OF DEVELOPMENT
WHEREAS, on April 21, 1981, the City adopted Ordinance No. 046, 1981, establishing
the Fort Collins, Colorado Downtown Development Authority (the “DDA”); and
WHEREAS, the DDA’s Plan of Development was approved by the City Council on
September 8, 1981, and established the purpose of the DDA and the types of projects and
programs in which the DDA would participate; and
WHEREAS, bond proceeds received from City bonds issued on behalf of the DDA in
2008 and 2010 have accrued interest earnings in the amount of $13,508; and
WHEREAS, DDA staff has also identified project savings of $63,836 from bond
proceeds currently in reserves; and
WHEREAS, on April 9, 2015, and August 13, 2015, the DDA’s Board of Directors voted
to recommend to the City Council the appropriation of the above-referenced funds for
expenditure on DDA projects and programs as hereinafter provided in fiscal year 2015; and
WHEREAS, said projects and programs are authorized in the Downtown Plan of
Development and are projects and programs that can be funded with these bond proceeds and
with this interest that has accrued from bond proceeds; and
WHEREAS, Article V, Section 9, of the City Charter permits the City Council to make
supplemental appropriations by ordinance at any time during the fiscal year, provided that the
total amount of such supplemental appropriations, in combination with all previous
appropriations for that fiscal year, does not exceed the current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS, City staff has determined that the appropriation of the anticipated revenue as
described herein will not cause the total amount appropriated in the DDA Fund to exceed the
current estimate of actual and anticipated revenues to be received in that fund during fiscal year
2015.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that there is hereby appropriated for expenditure from reserves in the DDA
Fund the sum of SEVENTY SEVEN THOUSAND THREE HUNDRED FORTY-FOUR
DOLLARS ($77,344) to be used in fiscal year 2015 for the DDA projects and programs stated
below:
- 2 -
Old Town Square Maintenance $42,344
Holiday Lights – 2015/2016 Season 35,000
Total Projects/Programs $77,344
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