HomeMy WebLinkAbout101 - 08/16/1988 - AMENDING ORDINANCE NO. 149, 1986 WHICH ASSESSED THE COST OF IMPROVEMENTS IN THE CUNNINGHAM CORNER SP ORDINANCE NO. 101 , 1988
AMENDING ORDINANCE N0. 149, 1986
WHICH ORDINANCE ASSESSED THE COST OF IMPROVEMENTS
IN THE CUNNINGHAM CORNER
SPECIAL IMPROVEMENT DISTRICT NO. 82
AND ACCEPTING THE REVISED ASSESSMENT ROLL AND
REVISED STATEMENT OF COSTS OF THE DISTRICT
PREPARED BY THE FINANCE DIRECTOR
WHEREAS, on November 4, 1986, the City Council (the "Council ") passed
and adopted Ordinance No. 149, 1986, assessing the cost improvements in
Cunningham Corner Special Improvement District No. 82 (the "District") in
the City of Fort Collins, Colorado and providing for the payment and
collection thereof; and
WHEREAS, during the period from December 1, 1984 to May 31, 1988,
there accrued in investment earnings on bond proceeds for the District in
the amount of $107,613. 15; and
WHEREAS, said earnings were placed in the District Bond Fund and used
to call District bonds on July 1, 1988; and
WHEREAS, the aforementioned bond call reduces the amount of District
costs assessable to the property owners in the District; and
WHEREAS, in order to proportionately reduce the amount of assessment
payable by each property owner in the District, it is necessary to amend
the original assessing documents; and
WHEREAS, notice of the revised assessments was published as provided
in Chapter 22 of the City Code and the date of August 2, 1988, was set for
the hearing of complaints or objections to the proposed Amended Assessment
Roll for the District.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, COLORADO as follows:
Section 1. That Section 1 of Ordinance No. 149, 1986 be and is hereby
amended to read as follows:
Section 1. That the total cost of the Improvements,
including the cost of construction, engineering, acquisition of
existing improvements and rights-of-way, interest accruing on
bonds issued to pay the cost of improvements up to the date when
such costs will be assessed , legal fees , publication ,
administration, financing and other incidentals incurred in
connection with the Improvements (but excluding the 2% cost of
collection which will be added to each annual assessment by the
County Treasurer at the time such assessment is due) is
$1,494,371 . 15. The amount or proportion of the total cost of the
Improvements to be paid by other than special assessments is
$247,976.86. The amount of interest earnings for the period from
December 1 , 1984 to May 31 , 1988, to be credited to the total
cost of the district is $107,613. 15. The balance of the total
cost in the District, $1,138,781 . 14, is hereby assessed upon the
real property in the District in accordance with the resolutions
and ordinances pertaining to the District adopted by the Council
and the provisions of Chapter 22 of the Code of the City. The
proportion of the total District cost to be assessed upon each
lot or tract of land in the District shall be as set forth on
Exhibit "A" attached hereto and incorporated herein by reference.
Section 2. That the District Assessment Roll and the Revised
Statement of District Costs heretofore ratified, approved and confirmed by
the Council in Section 7 of Ordinance No. 149, 1986, are hereby amended as
shown on Exhibits "A" and "B" respectively attached hereto and incorporated
herein by this reference.
Introduced, considered favorably on first reading, and ordered
published this 2nd day of August, A.D. 1988, and to be presented for final
passage on the 16th day of August, A.D. 1988.
Mayo
ATTEST:
City Clerk
1988.Passed and adopted on final reading thi 16 d y of August, A.D.
Mayor
A�1;EST:
City Clerk
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EXH3.:T
REVISED STATEMENT OF COSTS OF FINANCE DIRECTOR
CUNNINGHAM CORNER SPECIAL IMPROVEMENT DISTRICT NO. 82
On the 15th day of May, 1984, the Fort Collins City Council
established the Cunningham Corner Special Improvement District No. 82, (the
"District" ) by adoption of Resolution 84-82, Resolution 84-83, and
Ordinance No. 65, 1984. The District was established to allow for the
construction of certain street , water line, sanitary sewer line, and storm
drainage improvements (the "Improvements" ) in the District.
In accordance with Chapter 22-85 of the Code of the City of Fort
Collins requiring the Director of Finance to prepare a statement of costs
of the Improvements , the Director of Finance hereby certifies the whole
cost of the Improvements to be assessed as follows:
1. Actual Construction Cost $ 859,865.78
a. District Costs 611,888.92
b. City Costs 247,976.86
2. Engineering and Construction 89,732.99
Management
3. Acquisition of Existing Improvements
and Rights-of-Way 7,186.00
4. Interest accrusing on bonds issued
to pay the cost of improvements up
to the date when such costs will be
assessed 417,450.00
5. Legal fees , publication, admini -
stration, financing and other
incidentals 120,136.38
TOTAL PROJECT COST $ 1,494,371.15
TOTAL DISTRICT COST $ 1,246,394.29
**
INTEREST EARNINGS 107,613.15
*
TOTAL ASSESSABLE COSTS $ 1,138,781.14
*This total does not include interest and a 2% collection fee which will be
added to each assessment if paid in installments .
**Interest earnings have been calculated on all idle bond proceeds through
May 31, 1988.
Dated this 28th day of July, 1988. /
Alan J.CXrcmarik, Finance