HomeMy WebLinkAbout118 - 11/15/2016 - BEING THE ANNUAL APPROPRIATION ORDINANCE FOR THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RELATINORDINANCE 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 V
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-
4-
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.
F°K7 C0
4
Mayor
ATTEST:COLOtzPO
City Clerk
2-
Passed and adopted on final reading on the 15th day of November, A.D. 2016.
Mayor
ATTEST:
FO'k
ucy N
Chief Deputy City Clerk
OLORADD
t
3-