HomeMy WebLinkAbout128 - 11/17/2020 - BEING THE ANNUAL APPROPRIATION ORDINANCE FOR THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RELATIN ORDINANCE NO. 128, 2020
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 2021 AND FIXING THE
MILL LEVY FOR THE DOWNTOWN DEVELOPMENT AUTHORITY
FOR FISCAL YEAR 2021
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 10, 2020, 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 1,2021,as reflected in DDA Board Resolutions 2020-
06, 2020-07, 2020-08 and 2020-09 (the "Budget"), and determined the mill levy necessary to
provide for payment during fiscal year 2021 of properly authorized operational and maintenance
expenditures to be incurred by the DDA; and
WHEREAS, the DDA anticipates receiving in 2021 tax increment revenues of
approximately $6,630,081 and approximately$788,897 in revenues from its five-mill property tax
for the DDA's operational and maintenance expenditures; and
WHEREAS, it is the desire of the Council to appropriate the sum of TWENTY-THREE
MILLION, EIGHT HUNDRED EIGHTY-FOUR THOUSAND, FIVE HUNDRED AND FIVE
DOLLARS ($23,884,505) from the DDA Operation and Maintenance Fund and the DDA Debt
Service Fund for the fiscal year beginning January 1, 2021 and ending December 31, 2021, to be
used as follows:
DDA Public/Private Investments & Programs (O&M Fund) $8,067,545
DDA Operations & Maintenance (O&M Fund) 1,385,349
2021 Revolving Line of Credit Draws 7,000,000
DDA Debt Service Fund 7,431,611
Total $23,884,505
and
WHEREAS, the DDA Board, as reflected in DDA Board Resolution 2020-05, 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
2021 fiscal year for all properly authorized operational and maintenance expenditures to be
incurred by the DDA; and
WHEREAS, the amount of this proposed mill levy is not an increase over prior years and,
as such, prior voter approval of the proposed levy is not required under Article X, Section 20 of
the Colorado Constitution; and
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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, 2020.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
Section I. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That the City Council hereby approves the Budget as provided in C.R.S.
Section 31-25-816(1).
Section 3. That there is hereby appropriated for fiscal year 2021 for expenditure from
the DDA Operation and Maintenance Fund for the Downtown Development Authority
Public/Private Investments and Programs the sum of EIGHT MILLION SIXTY-SEVEN
THOUSAND FIVE HUNDRED FORTY-FIVE DOLLARS ($8,067,545), 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 2021 for expenditure
from the DDA Operation and Maintenance Fund for the Downtown Development Authority
Operation and Maintenance the sum of ONE MILLION THREE HUNDRED EIGHTY-FIVE
THOUSAND THREE HUNDRED FORTY-NINE DOLLARS ($1,385,349), to be expended for
the authorized purposes of the DDA.
Section 5. That there is hereby appropriated for fiscal year 2021 for expenditure from
the Downtown Development Authority 2021 Line of Credit draws the sum of up to SEVEN
MILLION DOLLARS ($7,000,000), 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 2021 for expenditure
from the Downtown Development Authority Debt Service Fund the sum of SEVEN MILLION
FOUR HUNDRED THIRTY-ONE THOUSAND SIX HUNDRED ELEVEN DOLLARS
($7,431,611), for payment of debt service on a previously issued and outstanding bond, and for
payment on the 2021 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
2021, which levy represents the amount of taxes necessary to provide for payment during fiscal
year 2021 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, 2020.
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Introduced, considered favorably on first reading, and ordered published this 4th day of
November, A.D. 2020, and to be presented for final passage on the 17th day of November, A.D.
2020.
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Passed and adopted on final reading on the 17th day of November, A.D. 2020.
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