HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 03/03/2015 - ITEMS RELATING TO THE DOWNTOWN DEVELOPMENT AUTHORIAgenda Item 8
Item # 8 Page 1
AGENDA ITEM SUMMARY March 3, 2015
City Council
STAFF
Matt Robenalt, Executive Director
Jennifer Hensley, Finance Coordinator
SUBJECT
Items Relating to the Downtown Development Authority.
EXECUTIVE SUMMARY
A. First Reading of Ordinance No. 033, 2015 Appropriating Unanticipated Tax Increment Revenues in the
Fort Collins, Colorado Downtown Development Authority Fund for Expenditure on Projects and Programs
in Accordance with the Downtown Plan of Development.
B. First Reading of Ordinance No. 034, 2015, Appropriating Unanticipated Revenue from Interest Earnings
and Reappropriating Existing Project Funds for Expenditure on Projects and Programs in Accordance with
the Downtown Plan of Development.
The purpose of this item is to appropriate certain unanticipated revenues and reappropriate certain funds
previously committed for projects and programs under the Downtown Plan of Redevelopment. Ordinance
No.033, 2015, will appropriate $63,205 in unanticipated revenue for use in the Old Town Square Renovation.
This ordinance also includes the repayment of the 2015 Revolving Line of Credit Draw #2, in the amount of
$63,205 from the Downtown Development Authority Debt Service Fund. Ordinance No. 034, 2015, will
appropriate unanticipated revenue from interest earnings in the amount of $29,220, and will also reappropriate
previously committed project funds in the amount of $438,611 for use in the Old Town Square Renovation.
STAFF RECOMMENDATION
Staff recommends adoption of the Ordinances on First Reading.
BACKGROUND / DISCUSSION
The Downtown Development Authority (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 and/or
notes occurred in 1984 with subsequent issues through 2012.
A. Ordinance No. 033, 2015, 2015 Appropriating Unanticipated Tax Increment Revenues in the Fort
Collins, Colorado Downtown Development Authority Fund for Expenditure on Projects and
Programs in Accordance with the Downtown Plan of Development.
Within the 2015 budgeting process, the DDA Board and City Council adopted a Revolving Line of Credit (“Line
of Credit”) draw of up to $1,000,000. The purpose of the Line of Credit established by the City of Fort Collins
on behalf of the DDA by Ordinance No. 089, 2012 is to satisfy the statutory requirement for expending
revenues received in the Tax Increment Fund for debt service. The DDA and City have agreed that the Line of
Agenda Item 8
Item # 8 Page 2
Credit will be used only for the purposes of expending tax increment revenues that are available in the Tax
Increment Fund in the respective calendar year, thus achieving $0.00 balance owed on the Line of Credit at
the end of each year. The DDA will receive additional tax increment revenue in 2015 above amounts
previously forecasted during the annual budgeting process that occurred in late 2014. The Board of Directors
desires to appropriate those additional revenues in the amount of $63,205 to the Old Town Square Renovation
Project.
B. Ordinance No. 034, 2015, Appropriating Unanticipated Revenue from Interest Earnings and
Reappropriating Existing Project Funds for Expenditure on Projects and Programs in Accordance
with the Downtown Plan of Development.
Over the past year, proceeds from DDA revenues that have not been spent have accumulated interest
earnings. These funds need to be appropriated for expenditure. The amount of interest earnings to be used at
this time is $29,220. The DDA Board desires the appropriation of these interest earnings for use in the Old
Town Square Renovation.
Also, the DDA Board desires to re-appropriate remaining funds previously appropriated for the Downtown
River District Improvements - Jefferson St. Project in the amount of $438,611. Originally approved by the
DDA in 2009 and appropriated by Council in 2012, these funds are not currently being utilized by the City and
Colorado Department of Transportation in an active construction project. The DDA’s committed amount of
$438,611 is insufficient to finance the full scope of improvements envisioned for Jefferson Street, and further
financing discussions and funding solutions are necessary before the City and Colorado Department of
Transportation can advance the Jefferson Street improvements The DDA Board desires to utilize the
available funds from the Downtown River District Improvement - Jefferson St. Project in 2015 for capital
improvements associated with the Old Town Square Renovation, and then refund the project commitment with
uncommitted tax increment revenues that will be realized in 2016. These uncommitted revenues are being
realized in part from the DDA Board of Director’s policy to contribute less than the full tax increment stream
produced by a public/private project and thus preserve a portion of the tax increment stream for other public
capital projects, such as the Old Town Square Renovation.
CITY FINANCIAL IMPACTS
The DDA Board has authorized expenditure on the following projects and programs which will be funded with
this appropriation:
Unanticipated Revenue 63,205
Interest Earnings 29,220
Reappropriation of Downtown River District
Improvements - Jefferson St. Project Funds 438,611
Old Town Square Renovation $531,036
BOARD / COMMISSION RECOMMENDATION
At its February 12, 2015 meeting, the Downtown Development Authority Board of Directors adopted Resolution
2015-02 authorizing the appropriation of funds as stated above. (Attachment 3) All approvals by the DDA
Board are contingent upon City Council appropriation of these funds to fulfill the DDA’s commitment to the
projects and programs.
ATTACHMENTS
1. DDA Boundary map (PDF)
2. DDA minutes, February 12, 2015 (draft) (PDF)
3. DDA Resolution 2015-02 (PDF)
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ATTACHMENT 3
- 1 -
ORDINANCE NO. 033, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED TAX INCREMENT REVENUES
IN THE FORT COLLINS, COLORADO DOWNTOWN DEVELOPMENT
AUTHORITY FUND FOR EXPENDITURE ON PROJECTS AND PROGRAMS
IN ACCORDANCE WITH THE DOWNTOWN DEVELOPMENT PLAN
WHEREAS, the Fort Collins, Colorado Downtown Development Authority (the “DDA”)
has been duly organized in accordance with C.R.S Section 31-25-804; and
WHEREAS, on October 9, 2014, the DDA Board of Directors (the “DDA Board”),
acting under the provisions of C.R.S. 31-25-816, adopted a budget for the fiscal year beginning
January 1, 2015 which included appropriation of the 2015 Line of Credit Draw (the “2015 LOC
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, on November 4, 2014, the City Council adopted on second reading
Ordinance No. 139, 2014 appropriating for expenditure from the 2015 LOC Draw the sum of up
to $1,000,000 to be used in accordance with DDA Resolution 2014-03; and
WHEREAS, on November 14, 2013 the DDA Board adopted a $3,000,000 budget for the
Old Town Square Renovation; and
WHEREAS, on February 12, 2015 the DDA Board amended the budget for the Old
Town Square Renovation to $3,900,000; and
WHEREAS, also on February 12, 2015, the DDA Board, by Resolution 2015-01,
recommended to the City Council the appropriation of $63,205 from the 2015 LOC Draw to be
used to finance DDA projects or programs in accordance with the DDA Plan of Development
including the Old Town Square Renovation and annual line of credit financing cost; and
WHEREAS, it is the desire of the City Council to appropriate the sum of $63,205 in the
DDA Debt Service Fund for the fiscal year beginning January 1, 2015 and ending December 31,
2015, to be for the 2015 LOC Draw; 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, the appropriation of the unanticipated 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 the fiscal year.
- 2 -
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 2015 LOC Draw
the sum of up to SIXTY THREE THOUSAND TWO HUNDRED FIVE DOLLARS ($63,205),
to be used to finance DDA projects or programs in accordance with the DDA Plan of
Development including the Old Town Square Renovation and annual line of credit financing
cost.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of SIXTY THREE THOUSAND TWO
HUNDRED FIVE DOLLARS ($63,205) for payment on the 2015 LOC Draw.
Introduced, considered favorably on first reading, and ordered published this 3rd day of
March, A.D. 2015, and to be presented for final passage on the 17th day of March, A.D. 2015.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
Passed and adopted on final reading on the 17th day of March, A.D. 2015.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
- 1 -
ORDINANCE NO. 034, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE FROM INTEREST EARNINGS AND
REAPPROPRIATING EXISTING PROJECT FUNDS
FOR EXPENDITURE ON PROJECTS AND PROGRAMS IN ACCORDANCE
WITH THE DOWNTOWN PLAN OF DEVELOPMENT
WHEREAS, on April 21, 1981, the City adopted Ordinance No. 46, 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 of the
City 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 from 2008 through 2012 have accrued interest earnings in
the amount of $29,220; and
WHEREAS, DDA and City staff have identified previously committed project funds in
the amount of $438,611 which are currently available and are not needed in 2015 for the
planned project; and
WHEREAS, on February 12, 2015, the Board of Directors of the DDA voted to
recommend to the City Council of the City the appropriation of the above-referenced interest
earnings and previously committed project funds for expenditure on the Old Town Square
Renovation; 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, the appropriation of the unanticipated 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 the fiscal year.
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 FOUR HUNDRED SIXTY SEVEN THOUSAND EIGHT HUNDRED
THIRTY-ONE DOLLARS ($467,831) to be used for the Old Town Square Renovation Project.
- 2 -
Introduced, considered favorably on first reading, and ordered published this 3rd day of
March, A.D. 2015, and to be presented for final passage on the 17th day of March, A.D. 2015.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
Passed and adopted on final reading on the 17th day of March, A.D. 2015.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
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ATTACHMENT 2
N Whitcomb St
C
a
j
e
tan
S
t
10th St
Canyon Ave
O
s
i
a
nde
r
S
t
Cowan St
N Meldrum St
S Mason St
Jerome St
Colorado St
Main St
Walnut St
H
o
ffm
an Mil
l
Rd
P
a
scal
S
t
O
v
al
D
r
Endicott St
S Sherwood St
11th St
Mull
e
i
n
D
r
Sycamore St
Bellflower Dr
East Dr
Frontage Rd
E Laurel St
Woo
d
l
awn
D
r
Lesser Dr
West Dr
Pine St
E Magnolia St
Lilac Ln
Duff Dr
Lupine Dr
Martinez St
N Mason St
El
m
St
W Plum St
Trujillo St
Mas
o
n
Ct
Rivend
a
l
Dr
Lopez Ct
Eastdal
e
D
r
Poudre River Dr
Li
n
d
e
n
Ce
n
ter Dr
Rembrandt Dr
Locust Ct
Baum St
Kenroy Ct
Pine St
Frontage Rd
E Laurel St
E Magnolia St
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