HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 10/21/2014 - FIRST READING OF ORDINANCE NO. 139, 2014 BEING THAgenda Item 3
Item # 3 Page 1
AGENDA ITEM SUMMARY October 21, 2014
City Council
STAFF
Jennifer Hensley, Finance Coordinator
Matt Robenalt, Executive Director
SUBJECT
First Reading of Ordinance No. 139, 2014 Being the Annual Appropriation Ordinance for the Fort Collins
Downtown Development Authority Relating to the Annual Appropriations for Fiscal Year 2015 and Fixing the
Mill Levy for the Downtown Development Authority for Fiscal Year 2015.
EXECUTIVE SUMMARY
The purpose of this item is to set the Downtown Development Authority (“DDA”) 2015 Operations and
Maintenance Budget amount of $744,084 to be appropriated for fiscal year 2015 for the administrative
operations budget, appropriate the 2015 Line of Credit Draw in the amount of $1,000,000, set the amount of
$3,191,396 for debt service payments to be appropriated for fiscal year 2015 and set the 2015 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 2015.
STAFF RECOMMENDATION
The Downtown Development Authority Board of Directors and staff recommend adoption of the Ordinance on
First Reading.
BACKGROUND / DISCUSSION
The Downtown Development Authority (DDA) was created in 1981 with the purpose, according to Colorado
state statute, of planning and implementing projects and programs within the boundaries of the DDA. By state
statute 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 statute and the Plan of Development the City, on
behalf of the DDA, has issued various tax increment bonds, which require debt servicing.
The City Council is also required by Section 31-25-807(3)(a)(IV)(B) of the Colorado Revised Statutes to certify
to the Larimer County Assessor by August 1st of each calendar year the property tax distribution percentages
for all affected governmental entities whose property taxes are to be allocated to the DDA tax increment fund.
A resolution will be presented to Council in January for this certification.
FINANCIAL / ECONOMIC IMPACTS
The Fort Collins Downtown Development Authority is requesting approval of the DDA Operations and
Maintenance budget for fiscal year 2015 in the amount of $744,084. It is requesting appropriation of up to
$1,000,000 for the 2015 Line of Credit draw. It is also requesting approval of the DDA debt payment
commitments in the amount of $3,191,396 for 2015 obligations.
Agenda Item 3
Item # 3 Page 2
The 2015 Line of Credit draw, whose debt service payment will be made from the debt service fund, is
projected to fund up to $1,000,000.
Uses:
Museum of Discovery $ 500,000
Multi-Year Reimbursement Payments 131,036
Future Public/Private Investments and Programs 368,214
Annual Line of Credit Financing Cost 750
Total $1,000,000
The DDA debt service fund is projected to have sufficient revenue to meet the required debt service payments
for 2015.
BOARD / COMMISSION RECOMMENDATION
At its October 9, 2014 meeting, the Downtown Development Authority Board of Directors adopted its proposed
budget for 2015 totaling $4,935,480 and determined the mill levy necessary to provide for payment of
administrative costs incurred by the DDA.
ATTACHMENTS
1. DDA Boundary Map (PDF)
2. Resolution 2014-01 Determining and Fixing the Mill Levy (PDF)
3. Resolution 2014-02 Budget of the Estimated Amounts Required to Pay the Expenses of Conducting
Business (PDF)
4. Resolution 2014-03 2015 Revolving Line of Credit (PDF)
5. Resolution 2014-04 for Payment of Debt Service (PDF)
Cache La Poudre River
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ATTACHMENT 2
ATTACHMENT 3
ATTACHMENT 4
ATTACHMENT 5
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ORDINANCE NO. 139, 2014
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 FISCAL YEAR 2015 AND FIXING THE MILL LEVY FOR THE
DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2015
WHEREAS, the Fort Collins Downtown Development Authority (the “DDA”) has been
duly organized in accordance with the Colorado Revised Statutes (C.R.S) 31-25-804, 1973 as
amended; and
WHEREAS, on October 9, 2014 DDA Board of Directors (the “DDA Board”), acting
under the provisions of Colorado Revised Statutes Section 31-25-816, 1973, as amended,
adopted a budget for the fiscal year beginning January 1, 2015 which included appropriation of
the 2015 Line of Credit draw, and determined the mill levy necessary to provide for payment
during fiscal year 2015 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 FOUR MILLION
NINE HUNDRED THIRTY FIVE THOUSAND FOUR HUNDRED EIGHTY DOLLARS
($4,935,480) in the DDA Operation and Maintenance Fund and the Debt Service Fund for the
fiscal year beginning January 1, 2015 and ending December 31, 2015, to be used as follows:
DDA Operations & Maintenance $ 744,084
2015 Revolving Line of Credit Draw 1,000,000
DDA Debt Service Fund 3,191,396
$ 4,935,480
WHEREAS, the DDA Board has recommended to the Council 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 for DDA purposes 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, 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, 2014.
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 SEVEN HUNDRED
FORTY FOUR THOUSAND, EIGHTY FOUR DOLLARS ($744,084), to be expended for the
authorized purposes of the DDA.
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Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority 2015 Line of Credit draw the sum of up to ONE MILLION DOLLARS
($1,000,000), to be used to finance DDA projects or programs in accordance with the DDA Plan
of Development including the 2015 Museum of Discovery payment and multi-year
reimbursement payments.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of THREE MILLION, ONE HUNDRED
NINTY ONE THOUSAND, THREE HUNDRED AND NINETY SIX DOLLARS ($3,191,396),
for payment of debt service on previously issued and outstanding bonds, to pay the City’s
investment service charge, for payment on the 2015 Line of Credit draw, and to be used to cover
the DDA’s one-third share of payment on the Civic Center Parking Structure.
Section 4. That the 2015 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, 2014 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 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 21st day of
October, A.D. 2014, and to be presented for final passage on the 4th day of November, A.D.
2014.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
Passed and adopted on final reading on the 4th day of November, A.D. 2014.
__________________________________
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