HomeMy WebLinkAbout143 - 09/01/1998 - APPROPRIATING UNANTICIPATED REVENUE IN THE CAPITAL PROJECTS FUND AND AUTHORIZING THE TRANSFER OF APP ORDINANCE NO. 143, 1998
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE CAPITAL PROJECTS FUND
AND AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN FUNDS
FOR THE DESIGN AND CONSTRUCTION OF A CITY OFFICE BUILDING
WHEREAS, in 1995, the City began earmarking funds for land acquisition and
implementation of the Civic Center Plan and the General Government Services Strategic Facility
Plan; and
WHEREAS, one of the components of the aforementioned plans is construction of a City
Office Building (the "Office Building"); and
WHEREAS,plans call for the Office Building to consist of a 70,000 square foot, four-story
facility to be built on the southeast corner of Block 32, which will allow the City to bring together
numerous City functions currently housed in leased spaces throughout the downtown area; and
WHEREAS, the final cost estimate for design and construction of the Office Building is
$10,030,969,together with a project contingency, a reserve for Art in Public Places, and estimated
financing costs, and the value of the real property used for the Office Building, results in a total
estimated project cost of$11,578,449; and
WHEREAS,on August 4, 1998,City Council adopted Ordinance No. 128, 1998,approving
and authorizing the City to enter into agreements in connection with the execution and delivery of
lease certificates of participation, thereby providing a mechanism to secure funding for projects
associated with the Civic Center Plan, including the Office Building; and
WHEREAS, the value of the real property used for the Office Building, as part of the total
project cost, will be paid to the City as part of the Civic Center Facilities Projects financing, to be
used by the City for an appropriate public project; and
WHEREAS, staff recommends transferring $500,000, representing the City's equity in the
land for Office Building, to the proposed Transit Center project to provide funds for preliminary
design and construction of that facility, also part of the City's Civic Center Master Plan; and
WHEREAS,Article V, Section 9, of the Charter of the City of Fort Collins (the "Charter")
permits the City Council to make supplemental appropriations by ordinance at any time during the
fiscal year,provided that the total amount of such supplemental appropriations,in conjunction with
all previous appropriations for that fiscal year, do not exceed the then current estimate of actual and
anticipated revenue to be received during the fiscal year: and
WHEREAS,Article V, Section 10,of the Charter authorizes the City Council to transfer by
ordinance any unexpended appropriated amount or portion thereof from one fund or capital project
to another fund or capital project, provided that the purpose for which the transferred funds are to
be expended remains unchanged or the purpose for which the funds were initially appropriated no
longer exists; and
WHEREAS, pursuant to Section 23-304 of the City Code, one percent (1%) of the funds
appropriated for the construction of capital projects should be set aside in the Art in Public Places
Reserve Account in the Cultural Services and Facilities Fund, for use in the acquisition or leasing
of works of art,maintenance,repair or display of works of art, and administrative expenses related
to the Art in Public Places Guidelines adopted by Council in Ordinance No. 47, 1998; and
WHEREAS, it is the desire of the Council to appropriate $11,578,449 in unanticipated
revenue in the Capital Projects Fund, representing the proceeds from the issuance of tax-exempt
lease certificates of participation and the accrued interest anticipated to be earned thereon,to be used
for the design and construction of a City Office Building, and authorize the transfer of$500,000
from the Office Building capital project to the Transit Center capital project, and provide funding
for the City's Art in Public Places program by authorizing the transfer of$109,630 from the Office
Building capital project to the Art in Public Places Reserve Account in the Cultural Services and
Facilities Fund.
NOW, THEREFORE, BE IT ORDAINED BY "THE COUNCIL OF THE CITY OF FORT
COLLINS:
Section 1. That there is hereby appropriated for expenditure from unanticipated revenue in
the Capital Projects Fund City Off ice Building capital project,the sum of ELEVEN MILLION FIVE
HUNDRED SEVENTY-EIGHT THOUSAND FOUR HUNDRED FORTY-NINE DOLLARS
($11,578,449) upon receipt of the proceeds from the issuance of tax-exempt lease certificates of
participation and the interest anticipated to be earned thereon, to be used for the design and
construction of a City Office Building.
Section 2. That the unexpended appropriated amount of ONE HUNDRED NINE
THOUSAND SIX HUNDRED THIRTY DOLLARS ($109,630) is hereby authorized for transfer
from the City Office Building capital project in the Capital Projects Fund to the Art in Public Places
Reserve Account in the Cultural Services and Facilities Fund, and appropriated therein to be used
for art associated with the design and construction of the City Office Building.
Section 3. That the unexpended appropriated amount of FIVE HUNDRED THOUSAND
DOLLARS ($500,000)is hereby authorized for transfer from the Office Building capital project in
the Capital Projects Fund to the Transit Center capital project in the Capital Projects Fund.
Introduced and considered favorably on first reading and ordered published this 18th day of
August, A.D. 1998, and to be presented for final passage on the 1 y of September 1998.
i
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 1 st day of Septe er, A.D. 1998. ;
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ATTEST:
0
City Clerk