HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 11/07/2017 - FIRST READING OF ORDINANCE NO. 139, 2017, BEING THAgenda Item 6
Item # 6 Page 1
AGENDA ITEM SUMMARY November 7, 2017
City Council
STAFF
Matt Robenalt, Executive Director
Kristy Klenk, Financial Coordinator
John Duval, Legal
SUBJECT
First Reading of Ordinance No. 139, 2017, Being the Annual Appropriation Ordinance for the Fort Collins
Downtown Development Authority relating to the Annual Appropriations for the Fiscal Year 2018 and Fixing
Mill Levy for the Downtown Development Authority for Fiscal Year 2018.
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 $2,589,216
DDA Operations & Maintenance $ 793,937
Revolving Line of Credit Draws $3,300,000
DDA Debt Service Fund $5,824,521
The Ordinance sets the 2018 Mill Levy for the Fort Collins DDA at five mills, unchanged since tax year 2002.
The approved Budget becomes the Downtown Development Authority's financial plan for 2018.
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 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
2018 in the amount of $2,589,216 and DDA Operation and Maintenance budget for fiscal year 2018 in the
amount of $793,937. It is requesting appropriation of up to $3,300,000 for the 2018 Line of Credit draws. It is
also requesting approval of the DDA-related debt payment commitments in the amount of $5,824,521 for 2018
obligations.
Agenda Item 6
Item # 6 Page 2
Uses:
Alley Operations $ 161,198
Alley Enhancement/Construction/Design (2 new alleys) 1,307,200
Warehouse Operations 25,746
Facade Grant Program 165,518
Old Town Square Operations 360,773
Downtown River District Improvements - Jefferson St 435,000
Whitewater Park 27,300
Other Public/Private Investments & Programs 106,481
Total $2,589,216
The 2018 Operations and Maintenance budget is projected as follows:
Uses:
Personnel Services $499,023
Contractual Professional Services 252,018
Purchased Supplies and Commodities 23,532
Other 19,364
Total $793,937
The 2018 Line of Credit draws, whose debt service payment will be made from the debt service fund, is
projected to fund up to $3,300,000.
Uses:
Multi-Year Reimbursement Payments $ 453,546
Capital Asset Maintenance Obligations 446,898
Project Management Fees 34,509
Future Public/Private Investments & Programs 2,365,047
Total $3,300,000
The DDA debt service fund is projected to have sufficient revenue to meet the required debt service payments
for 2018.
Uses:
Debt Payment: 2018 $5,824,521
BOARD / COMMISSION RECOMMENDATION
At its September 7, 2017, meeting, the Downtown Development Authority Board of Directors adopted its
proposed budget for 2017 totaling $12,507,674 and determined the mill levy necessary to provide for payment
of administrative costs incurred by the DDA.
ATTACHMENTS
1. Boundary Map (PDF)
2. DDA Resolution 2017-04 Determining and Fixing the Mill Levy (PDF)
3. DDA Resolution 2017-05 Determining and Recommending the 2018 Budget (PDF)
4. DDA Resolution 2017-06 Appropriation of the 2018 Line of Credit Draw Service (PDF)
5. DDA Resolution 2017-07 Appropriation for Debt Service (PDF)
6. DDA Resolution 2017-08 Appropriation of Public-Private Investments and Programs (PDF)
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ATTACHMENT 2
ATTACHMENT 3
ATTACHMENT 4
ATTACHMENT 5
ATTACHMENT 6
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ORDINANCE NO. 139, 2017
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 2018 AND FIXING THE MILL LEVY FOR
THE DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2018
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 7, 2017, 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, 2018 and determined the mill levy necessary to provide for payment during fiscal year 2018 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 TWELVE
MILLION, FIVE HUNDRED SEVEN THOUSAND, SIX HUNDRED SEVENTY-FOUR
DOLLARS ($12,507,674) from the DDA Operation and Maintenance Fund and the DDA Debt
Service Fund for the fiscal year beginning January 1, 2018 and ending December 31, 2018, to be
used as follows;
DDA Public/Private Investments & Programs (O&M Fund) $2,589,216
DDA Operations & Maintenance (O&M Fund) 793,937
2018 Revolving Line of Credit Draws 3,300,000
DDA Debt Service Fund 5,824,521
Total $12,507,674
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 2018 for expenditure from
the DDA Operation and Maintenance Fund for the Downtown Development Authority
Public/Private Investments and Programs the sum of TWO MILLION, FIVE HUNDRED
EIGHTY-NINE THOUSAND, TWO HUNDRED SIXTEEN DOLLARS ($2,589,216), to be
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expended to fund the payment of the DDA-related obligations that have been entered into or will
be entered into in furtherance of the DDA’s approved plan of development.
Section 3. That there is also hereby appropriated for fiscal year 2018 for expenditure
from the DDA Operation and Maintenance Fund for the Downtown Development Authority
Operation and Maintenance the sum of SEVEN HUNDRED NINETY-THREE THOUSAND,
NINE HUNDRED THIRTY-SEVEN DOLLARS ($793,937), to be expended for the authorized
purposes of the DDA.
Section 4. That there is hereby appropriated for fiscal year 2018 for expenditure from
the Downtown Development Authority 2018 Line of Credit draws the sum of up to THREE
MILLION, THREE HUNDRED THOUSAND DOLLARS ($3,300,000), to be used to finance
DDA projects or programs in accordance with the DDA Plan of Development including the
multi-year reimbursement payments, and capital asset maintenance obligations.
Section 5. That there is hereby appropriated for the fiscal year 2018 for expenditure
from the Downtown Development Authority Debt Service Fund the sum of FIVE MILLION,
EIGHT HUNDRED TWENTY-FOUR THOUSAND, FIVE HUNDRED TWENTY-ONE
DOLLARS ($5,824,521), for payment of debt service on previously issued and outstanding
bonds, to pay the City’s investment service charge, for payment on the 2018 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 2018 mill levy rate for the taxation upon each dollar of
the assessed valuation of all taxable property within the DDA District as of January 1, 2018,
shall be five (5) mills, which levy represents the amount of taxes necessary to provide for
payment during fiscal year 2018 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 7th day of
November, A.D. 2017, and to be presented for final passage on the 21st day of November, A.D.
2017.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
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Passed and adopted on final reading on the 21st day of November, A.D. 2017.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
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Downtown Development Authority Boundary
Parcels
DDA Boundary
Printed: April 12, 2017
1 inch = 1,320 feet
.
0 0.125 0.25 0.5
Miles
Amended: March 7, 2017
ATTACHMENT 1