HomeMy WebLinkAbout003 - 01/19/1993 - GRANTING AN EXEMPTION TO SUMMIT BIOTECHNOLOGY FROM THE PAYMENT OF CERTAIN DEVELOPMENT AND UTILITY FE ORDINANCE NO. 3, 1993
OF THE COUNCIL OF THE CITY OF FORT COLLINS
GRANTING AN EXEMPTION TO SUMMIT BIOTECHNOLOGY
FROM THE PAYMENT OF CERTAIN DEVELOPMENT AND UTILITY FEES
AND MAKING APPROPRIATIONS FROM
PRIOR YEAR RESERVES IN THE GENERAL FUND
INTO VARIOUS FUNDS OF THE CITY IN
THE AMOUNT OF THE FEES EXEMPTED
WHEREAS, Summit Biotechnology ("the Company") is considering the
establishment of a new biotechnology research and development operation within
the municipal boundaries of the City; and
WHEREAS, the Company proposes to construct a new 36,000-square-foot
research and development facility on 3 acres of land in the City located at
Centre and Worthington Avenues, in the Center for Advanced Technology locality,
Fort Collins, Colorado; and
WHEREAS, the Council of the City of Fort Collins has determined that it is
in the best interests of the City that the Company locate its research and
development facility in the City; and
WHEREAS, the Council has further determined that, if the Company should
locate its manufacturing facilities in the City, the City will realize roughly
$25,000 initially, and henceforth approximately $15,000 per year in increased
sales, use, property tax revenue; and
WHEREAS, the location of the Company facilities in the City will also
benefit the City by reason of additional employment opportunities and the
corresponding additional stimulation of the City's economy; and
WHEREAS, the Council has established an Economic Incentive program as
specified in Ordinance No. 44, 1990, and has adopted an Economic Development
Policy (Resolution 91-15) which indicates that financial incentives should be
considered on a case-by-case basis; and
WHEREAS, in consideration of the aforesaid benefits to the City which would
result from the location of the Company research and development facility within
the municipal boundaries of the City, the Council has determined that the Company
should be exempt from a portion of the following utility and development fees
pursuant to the aforementioned program: Street Oversizing, Building Permit,
Plans Review, Water Plant Investment, Sewer Plant Investment, Water Rights
Requirements, Storm Drainage Basin, and Electrical Development fees; and
WHEREAS, the Council believes that the portion of the fees to be exempted
should be limited to an amount that will be returned to the City in the form of
increased tax revenue within a three-year period of time; and
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WHEREAS, the Council has further determined that the funds of the City
which are supported by the payment of the aforesaid fees should be reimbursed
from prior year reserves in the City's general fund.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1 . That Summit Biotechnology be exempted from a portion of the
following fees in consideration of the establishment of a research and
development facility within the City of Fort Collins, which portion shall be in
the following amounts:
EXEMPTED FEE ESTIMATED AMOUNT
Street Oversizing $ 12,605
Building Permit 4,788
Plans Review 2,305
Water Plant Investment 16,240
Sewer Plant Investment 12,080
Water Rights Requirements 11,520
Storm Drainage Basin 3,246
Electrical Development 9340
TOTAL $ 72,124
Section 2. That the sum of Seventy-two Thousand One Hundred Twenty-four
Dollars ($72, 124) is hereby appropriated from prior year reserves in the General
Fund for transfer into the following funds according to the following estimates.
EXEMPTED FEE AMOUNT FUND
Street Oversizing $ 12,605 Street Oversizing
Building Permit 4,788 General
Plans Review 2,305 General
Water Plant Investment 16,240 Plant Investment
Sewer Plant Investment 12,080 Plant Investment
Water Rights Requirements 11,520 Water
Storm Drainage Basin 3,246 Storm Drainage
Electrical Development 9,340 Light and Power
EST. TOTAL APPROP. $ 72,124
Section 3. That the grant of the foregoing exemption to the Company is
made in reliance upon the completion of the location by the Company and the
continuation of the Company in the proposed business at the site of the location
for a period of three (3) years after completion of construction. In the event
that the Company should fail to complete the construction, or should fail to
conduct the proposed business upon the site for a period of three (3) years,
then, to the extent that the City has not been the beneficiary of use, sales and
property taxes in an amount equal to the exemption, the Company shall be
responsible to the City for the prompt reimbursement of any such shortfall and
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economic benefit to the City. The duty of the Company to make such reimbursement
shall commence immediately upon the cessation of construction activities upon the
site for a period of six months. If the Company, after receiving demand from the
City to make reimbursement in accordance with this provision, should fail or
refuse to so reimburse the City within thirty (30) days of receipt of such
demand, then the City shall have a first and prior lien against any real property
of the Company located within the boundaries of the City for the purpose of
enforcing such reimbursement. The City may, but is not required to, record a
statement of lien with the County Clerk and Recorder evidencing such lien.
Introduced, considered favorably on first reading, and ordered published
this 5th day of January, A.D. 1993, and to be presented for final passage on the
19th day of January, A.D. 1993.
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M yor
ATTEST:
City Clerk
Passed and adopted on final reading this 19th day of January, A.D. 1993.
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ATTEST:
LLIC Y C tCti;t
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