HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 10/15/2019 - FIRST READING OF ORDINANCE NO. 122, 2019, BEING THAgenda Item 6
Item # 6 Page 1
AGENDA ITEM SUMMARY October 15, 2019
City Council
STAFF
Matt Robenalt, Executive Director
Kristy Klenk, Financial Coordinator
John Duval, Legal
SUBJECT
First Reading of Ordinance No. 122, 2019, Being the Annual Appropriation Ordinance for the Fort Collins
Downtown Development Authority Relating to the Annual Appropriations for the Fiscal Year 2020 and Fixing
Mill Levy for the Downtown Development Authority for Fiscal Year 2020.
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 and Programs $3,918,409
DDA Operations & Maintenance $ 959,165
Revolving Line of Credit Draws $6,400,000
DDA Debt Service Fund $8,256,548
The Ordinance sets the 2020 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 2020.
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 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.
CITY FINANCIAL IMPACTS
The DDA is requesting approval of the DDA Public/Private Investments and Programs budget for fiscal year
2020 in the amount of $3,918,409 and DDA Operation and Maintenance budget for fiscal year 2020 in the
amount of $959,165. It is requesting appropriation of up to $6,400,000 for the 2020 Line of Credit draws. It is
also requesting approval of the DDA debt payment commitments in the amount of $8,256,548 for 2020
obligations.
Agenda Item 6
Item # 6 Page 2
Uses:
Alley Operations $ 106,870
Alley Capital Reserve Replacement 159,048
Downtown Wayfinding 40,000
Elks Lot Pre-Development 1,028,034
Elks Lot Construction Capital 1,839,941
Façade Grant Program 315,518
Gateway Entrances 55,000
Nighttime Economy Economic Impact Study 35,000
Old Town Square Operations 28,152
Old Town Square Capital Reserve Replacement 70,078
Urban Micro-Space Design Plan 105,814
Warehouse Operations 15,220
Other Public/Private Investments & Programs 119,734
Total $3,918,409
The 2020 Operations and Maintenance budget is projected as follows:
Uses:
Personnel Services $642,502
Contractual Professional Services 270,902
Purchased Supplies and Commodities 22,367
Other 23,394
Total $959,165
The 2020 Line of Credit draws, whose debt service payment will be made from the debt service fund, is
projected to fund up to $6,400,000.
Uses:
Old Firehouse Alley Parking Garage IGA Payment $ 300,000
Multi-Year Reimbursement Payments 621,361
Project Management Fees 111,092
Capital Asset General Maintenance 551,400
Capital Asset Reserve 186,058
Capital Asset Reserve & Replacement Annual Program 70,150
Future Public/Private Investments & Programs 4,559,939
Total $6,400,000
The DDA debt service fund is projected to have sufficient revenue to meet the required debt service payments
for 2020.
Uses:
Debt Payment: 2020 $8,256,548
BOARD / COMMISSION RECOMMENDATION
At its September 12, 2019 meeting, the Downtown Development Authority Board of Directors adopted its
proposed budget for 2020 totaling $19,534,122 and determined the mill levy necessary to provide for payment
of administrative costs incurred by the DDA.
Agenda Item 6
Item # 6 Page 3
ATTACHMENTS
1. Boundary Map (PDF)
2. DDA Resolution 2019-03 Determining and Fixing the Mill Levy (PDF)
3. DDA Resolution 2019-04 Determining and Recommending the 2020 Budget (PDF)
4. DDA Resolution 2019-05 Appropriation of the 2020 Line of Credit Draw Service (PDF)
5. DDA Resolution 2019-06 Appropriation for Debt Service (PDF)
6. DDA Resolution 2019-07 Appropriation of Public-Private Investments & Programs (PDF)
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ATTACHMENT 6
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ORDINANCE NO. 122, 2019
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 2020 AND FIXING THE MILL LEVY FOR THE DOWNTOWN
DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2020
WHEREAS, the Fort Collins Downtown Development Authority (the “DDA”) has been
duly organized in accordance with the Colorado Revised Statutes (“C.R.S.”) Section 31-25-804;
and
WHEREAS, on September 12, 2019, DDA Board of Directors (the “DDA Board”),
acting under the provisions of C.R.S. Section 31-25-816, adopted a proposed and recommended
DDA budget for the fiscal year beginning January 1, 2020, as reflected in DDA Board
Resolutions 2019-04, 2019-05, 2019-06 and 2019-07 (the “Budget”), and determined the mill
levy necessary to provide for payment during fiscal year 2020 of properly authorized operational
and maintenance expenditures to be incurred by the DDA; and
WHEREAS, it is the desire of the City Council to appropriate the sum of NINETEEN
MILLION, FIVE HUNDRED THIRTY-FOUR THOUSAND, ONE HUNDRED TWENTY-
TWO DOLLARS ($19,534,122) from the DDA Operation and Maintenance Fund and the DDA
Debt Service Fund for the fiscal year beginning January 1, 2020, and ending December 31, 2020,
to be used as follows;
DDA Public/Private Investments & Programs (O&M Fund) $3,918,409
DDA Operations & Maintenance (O&M Fund) 959,165
2020 Revolving Line of Credit Draws 6,400,000
DDA Debt Service Fund 8,256,548
Total $19,534,122
WHEREAS, the DDA Board, as reflected in DDA Board Resolution 2019-03, 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, unchanged since 2002, 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 2020 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 this mill levy to the
Larimer County Board of County Commissioners no later than December 15, 2019.
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.
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Section 2. That the City Council hereby approves the Budget established under
C.R.S. Section 31-25-816(1).
Section 3. That there is hereby appropriated for fiscal year 2020 for expenditure from
the DDA Operation and Maintenance Fund for the Downtown Development Authority
Public/Private Investments and Programs the sum of THREE MILLION NINE HUNDRED
EIGHTEEN THOUSAND FOUR HUNDRED NINE DOLLARS ($3,918,409), to be 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 4. That there is also hereby appropriated for fiscal year 2020 for expenditure
from the DDA Operation and Maintenance Fund for the Downtown Development Authority
Operation and Maintenance the sum of NINE HUNDRED FIFTY-NINE THOUSAND ONE
HUNDRED SIXTY-FIVE DOLLARS ($959,165), to be expended for the authorized purposes of
the DDA.
Section 5. That there is hereby appropriated for fiscal year 2020 for expenditure from
the Downtown Development Authority 2020 Line of Credit draws the sum of up to SIX
MILLION FOUR HUNDRED THOUSAND DOLLARS ($6,400,000), 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 6. That there is hereby appropriated for the fiscal year 2020 for expenditure
from the Downtown Development Authority Debt Service Fund the sum of EIGHT MILLION
TWO HUNDRED FIFTY-SIX THOUSAND FIVE HUNDRED FORTY-EIGHT DOLLARS
($8,256,548), for payment of debt service on previously issued and outstanding bonds, and for
payment on the 2020 Line of Credit draws.
Section 7. That the DDA’s mill levy rate for the taxation upon each dollar of the
assessed valuation of all taxable property within the DDA District shall be five (5) mills to be
imposed on the assessed value of such property as set by state law for property taxes payable in
2020, which levy represents the amount of taxes necessary to provide for payment during fiscal
year 2020 of all properly authorized operational and maintenance expenditures to be incurred by
the DDA, as appropriated herein. The City Clerk shall certify said mill levy to the County
Assessor and the Board of County Commissioners of Larimer County, Colorado, no later than
December 15, 2019.
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Introduced, considered favorably on first reading, and ordered published this 15th day of
October, A.D. 2019, and to be presented for final passage on the 5th day of November, A.D.
2019.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
Passed and adopted on final reading on the 5th day of November, A.D. 2019.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
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Downtown Development Authority Boundary
Parcels
DDA Boundary Printed: October 01, 2017
1 inch = 1,320 feet
.
0 0.125 0.25 0.5 Miles Amended: March 7, 2017
ATTACHMENT 1