HomeMy WebLinkAbout154 - 11/19/2024 - APPROVING THE FISCAL YEAR 2025 BUDGET, AND BEING THE ANNUAL APPROPRIATION ORDINANCE FOR THE FORT COLORDINANCE NO. 154, 2024
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE FISCAL YEAR 2025 BUDGET, AND BEING
THE ANNUAL APPROPRIATION ORDINANCE FOR THE FORT
COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RELATING
TO THE ANNUAL APPROPRIATIONS FOR FISCAL YEAR 2025,
AND FIXING THE MILL LEVY FOR THE DOWNTOWN
DEVELOPMENT AUTHORITY FOR PROPERTY TAXES
PAYABLE FISCAL YEAR 2025
A.The Fort Collins Downtown Development Authority (the "ODA") has been
duly organized in accordance with the Colorado Revised Statutes ("C.R.S.") Section 31-
25-804.
B.On September 8, 1981, the City Council adopted Resolution 81-129
approving DDA's original Plan of Development dated July 1981, which Plan has been
amended several times since 1981 {the "ODA Plan of Development").
C.On September 5, 2024, ODA Board of Directors (the "DDA Board"), acting
under the provisions of C.R.S. Section 31-25-816, adopted a proposed and
recommended DOA budget for the fiscal year beginning January 1, 2025, as reflected in
DOA Board Resolutions 2024-05, 2024-06, 2024-07 and 2024-08 (the "Budget"), and
determined the mill levy necessary to provide for payment during fiscal year 2025 of
properly authorized operational and maintenance expenditures to be incurred by the DOA.
D.The DOA anticipates receiving in 2025 tax increment revenues of
approximately $8,706,279 and approximately $965,152 in revenues from its five-mill
property tax for the DDA's operational and maintenance expenditures.
E.It is the desire of the Council to appropriate the sum of THIRTY-ONE
MILLION, SIX HUNDRED TWENTY-TWO THOUSAND, SEVEN HUNDRED FIFTY·
SEVEN DOLLARS ($31,622,757) from the ODA Operation and Maintenance Fund and
the DOA Debt Service Fund for the fiscal year beginning January 1, 2025, and ending
December 31, 2025, to be used as follows:
DOA Public/Private Investments & Programs
DOA Operations & Maintenance {O&M Fund)
2024 Revolving Line of Credit Draws
DDA Debt Service Fund
Total
$11,634,753
1,556,393
9,000,000
9.431,611
$31,622,757
F.The ODA Board, as reflected in ODA Board Resolution 2024-04, 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
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for payment during the 2025 fiscal year for all properly authorized operational and
maintenance expenditures to be incurred by the ODA
G.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.
H.C.R.S. Section 39-5-128(1) requires certification of this mill levy to the
Larimer County Board of County Com missioners no later than December 15, 2024.
In light of the foregoing recitals, which the Council hereby makes and adopts as
determinations and findings, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1. The City Council hereby approves the Budget as provided in C.R.S.
Section 31-25-816(1).
Section 2. There is hereby appropriated for fiscal year 2025 for expenditure
from the ODA Operation and Maintenance Fund for the Downtown Development Authority
Public/Private Investments and Programs the sum of ELEVEN MILLION SIX HUNDRED
THIRTY-FOUR THOUSAND SEVEN HUNDRED FIFTY-THREE DOLLARS
($11,634,753), to be expended to fund the payment of the ODA-relat ed obligations that
have been entered into or will be entered into in furtherance of the DOA Plan of
Development.
Section 3. There is also hereby appropriated for fiscal year 2025 for expenditure
from the DDA Operation and Maintenance Fund for the Downtown Development Authority
Operation and Maintenance the sum of ONE MILLION FIVE HUNDRED FIFTY-SIX
THOUSAND THREE HUNDRED NINETY-THREE DOLLARS ($1,556,393), to be
expended for the authorized purposes of the DOA.
Section 4. There is hereby appropriated for fiscal year 2025 for expenditure
from the Downtown Development Authority 2025 Line of Credit dr aws the sum of up to
NINE MILLION DOLLARS ($9,000,000), to be used to finance DDA projects or programs
in accordanc e with the DDA Plan of Development including the multi-year reimbursement
payments, and capital asset mainte nance obligations.
Section 5. There is hereby appropriated for the fiscal year 2025 for expenditure
from the Downtown Development Authority Debt Service Fund the sum of NINE MILLION
FOUR HUNDRED THIRTY-ONE THOUSAND SIX HUNDRED ELEVEN DOLLARS
($9,431,611), for payment of debt service on a previously issued and outst anding bond,
and for payment on the 2025 Line of Credit draws.
Section 6. The DDA's mill levy rate for the taxation upon each dollar of the
assessed valuation of all taxable property within the ODA District shall be five (5) mills to
be imposed on the assessed value of such property as set by state law for property taxes
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payable in 2025, which levy represents the amount of taxes necessary to provide for
payment during fiscal year 2025 of all properly authorized operational and maintenance
expenditures to be incurred by the DOA, 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, 2024.
Introduced, considered favorably on first reading on November 4, 2024, and
approved on second reading for final passage on November 19, 2024.
Effective Date: November 29, 2024
Approving Attorney: Jenny Lopez Filkins
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. .
•••'" . I Tott��,
, Sr. Deputy