HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 11/01/2016 - FIRST READING OF ORDINANCE NO. 118, 2016, BEING THAgenda Item 4
Item # 4 Page 1
AGENDA ITEM SUMMARY November 1, 2016
City Council
STAFF
Matt Robenalt, Executive Director
Kristy Klenk, Financial Coordinator
SUBJECT
First Reading of Ordinance No. 118, 2016, Being the Annual Appropriation Ordinance for the Fort Collins
Downtown Development Authority Relating to the Annual Appropriations for the Fiscal Year 2017 and Fixing
Mill Levy for the Downtown Development Authority for Fiscal Year 2017.
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 $1,665,408
DDA Operations & Maintenance $ 835,283
Revolving Line of Credit Draws $2,450,000
DDA Debt Service Fund $4,938,036
The Ordinance sets the 2017 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 2017.
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 statute 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
2017 in the amount of $1,665,408 to fund the DDA’s fulfillment of obligations it has entered into or will enter
into in furtherance of the Plan of Development, and DDA Operation and Maintenance budget for fiscal year
2017 in the amount of $835,283. It is requesting appropriation of up to $2,450,000 for the 2017 Line of Credit
draws. It is also requesting approval of the DDA debt payment commitments in the amount of $4,938,036 for
2017 obligations.
Agenda Item 4
Item # 4 Page 2
Uses:
Alley Operations $122,678
Alley Enhancement/Construction/Design (2 new alleys) 536,000
Warehouse Operations 127,340
Façade Grant Program 98,456
Old Town Square Operations 216,246
Downtown River District Improvements - Jefferson St 435,000
Other Public/Private Investments & Programs 129,688
Total $1,665,408
The 2017 Operations and Maintenance budget is projected as follows:
Uses:
Personnel Services $515,611
Contractual Professional Services 273,273
Purchased Supplies and Commodities 26,026
Other 20,373
Total $835,283
The 2017 Line of Credit draws, whose debt service payment will be made from the debt service fund, is
projected to fund up to $2,450,000.
Uses:
Museum of Discovery - 2017 Payment $ 250,000
Multi-Year Reimbursement Payments 420,939
Whitewater Park Commitment 27,300
Project Management Fees 70,000
Capital Asset Maintenance Obligations 358,094
Future Public/Private Investments & Programs 1,323,667
Total $2,450,000
The DDA debt service fund is projected to have sufficient revenue to meet the required debt service payments
for 2017.
Uses:
Debt Payment: 2017 $4,938,036
BOARD / COMMISSION RECOMMENDATION
At its September 8, 2016 meeting, the Downtown Development Authority Board of Directors adopted its
proposed budget for 2017 totaling $9,888,727 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 2016-02 Determining and Fixing the Mill Levy (PDF)
3. DDA Resolution 2016-03 Approving and Recommending the 2017 Budget (PDF)
4. DDA Resolution 2016-04 Appropriation of the 2017 Line of Credit Draw Service (PDF)
5. DDA Resolution 2016-05 Appropriation for Debt Service (PDF)
6. DDA Resolution 2016-06 Appropriation of Amounts Required to Pay Public-Private Investments and
Programs (PDF)
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ATTACHMENT 2
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ATTACHMENT 4
ATTACHMENT 5
ATTACHMENT 6
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ORDINANCE NO. 118, 2016
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 2017 AND FIXING THE MILL LEVY FOR
THE DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2017
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 September 8, 2016, 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, 2017, and determined the mill levy necessary to provide for payment
during fiscal year 2017 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 NINE MILLION
EIGHT HUNDRED EIGHTY-EIGHT THOUSAND SEVEN HUNDRED TWENTY-SEVEN
DOLLARS ($9,888,727) from the DDA Operation and Maintenance Fund and the DDA Debt
Service Fund for the fiscal year beginning January 1, 2017 and ending December 31, 2017, to be
used as follows:
DDA Public/Private Investments & Programs (O&M Fund) $1,665,408
DDA Operations & Maintenance (O&M Fund) 835,283
2017 Revolving Line of Credit Draws 2,450,000
DDA Debt Service Fund 4,938,036
Total $9,888,727
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, 2016.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS, as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That there is hereby appropriated for fiscal year 2017 for expenditure from
DDA Operation and Maintenance Fund for the Downtown Development Authority
Public/Private Investments and Programs the sum of ONE MILLION SIX HUNDRED SIXTY-
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FIVE THOUSAND FOUR HUNDRED EIGHT DOLLARS ($1,665,408), to be expended to
fund the DDA’s payment of the obligations it has entered into or will enter into in furtherance of
the DDA’s approved plan of development.
Section 3. That there is also hereby appropriated for fiscal year 2017 for expenditure
from the DDA Operation and Maintenance Fund for the Downtown Development Authority
Operations and Maintenance the sum of EIGHT HUNDRED THIRTY-FIVE THOUSAND
TWO HUNDRED EIGHTY-THREE DOLLARS ($835,283), to be expended for the authorized
purposes of the DDA.
Section 4. That there is hereby appropriated for fiscal year 2017 for expenditure from
the Downtown Development Authority 2017 Line of Credit draws the sum of up to TWO
MILLION FOUR HUNDRED FIFTY THOUSAND DOLLARS ($2,450,000), to be used to
finance DDA projects or programs in accordance with the DDA plan of development including
the 2017 Museum of Discovery payment, multi-year reimbursement payments, Whitewater Park
commitment, and capital asset maintenance obligations.
Section 5. That there is hereby appropriated for fiscal year 2017 for expenditure from
the Downtown Development Authority Debt Service Fund the sum of FOUR MILLION NINE
HUNDRED THIRTY-EIGHT THOUSAND THIRTY-SIX DOLLARS ($4,938,036), for
payment of debt service on previously issued and outstanding bonds, to pay the City’s
investment service charge, for payment on the 2017 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 6. That the DDA’s 2017 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, 2016 shall
be five (5) mills, which levy represents the amount of taxes necessary to provide for payment
during fiscal year 2017 of all properly authorized operational and maintenance expenditures to
be incurred by the DDA, as appropriated herein. 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 1st day of
November, A.D. 2016, and to be presented for final passage on the 15th day of November, A.D.
2016.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
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Passed and adopted on final reading on the 15th day of November, A.D. 2016.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
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Downtown Development Authority Boundary
Parcels
DDA Boundary Amended: September 17, 2013
Printed: January 01, 2014
1 inch = 1,320 feet
.
00.0.125 250.5
Miles
ATTACHMENT 1