HomeMy WebLinkAbout164 - 11/19/2002 - APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SE ORDINANCE NO. 164, 2002
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND
FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 2003
WHEREAS, the Downtown Development Authority(the "DDA") is a body corporate duly
created, established and authorized to transact business and exercise its powers, all under and
pursuant to the Downtown Development Authorities Act of the State of Colorado, Section 31-25-
801,C.R.S. et seq. (the"Act"), and the powers of the authority include the power to borrow money
and to finance public improvements within the boundaries of the DDA; and
WHEREAS,the Council of the City of Fort Collins,in Ordinance No. 149, 1984,authorized
the issuance of Tax Increment Refunded Bonds,Series 1984,dated October 1, 1984,in the aggregate
principal amount of$8,200,000;which bonds were subsequently refunded in 1985, 1988, 1992,and
2001; and
WHEREAS, through the adoption of Ordinance No. 50, 2001, the City Council authorized
the issuance of new Tax Increment Revenue and Refunding Bonds (the "2001 Bonds"), in order to
invoke an early call provision on the City's 1992 Downtown Development Authority Tax Increment
Revenue Refunding and Improvement Bonds,in the aggregate principal amount of$3,640,000; and
WHEREAS, interest on the 2001 Bonds is due and payable annually; and
WHEREAS, the 2003 debt service payment for the 2001 Bonds is $1,355,938; and
WHEREAS, the City Council, in Ordinance No. 128, 1998, authorized the issuance by the
City of Lease Certificates of Participation Series 1998, dated August 1, 1998, in the aggregate
amount of$17,210,000 of which $6,920,000 is attributable to the Parking Structure; and
WHEREAS,pursuant to its intergovernmental agreement with the City and the County, the
DDA has agreed to pay one-third of the lease payments attributable to the Parking Structure each
year through 2006 for the financing of the Civic Center Parking Structure; and
WHEREAS, the DDA's share of the 2002 lease payments for the Parking Structure is
$281,987; and
WHEREAS,the Council of the City of Fort Collins, in Ordinance No. 10, 2000, authorized
the issuance of Subordinate Tax Increment Revenue Bonds, Series 2000A dated March 1, 2000, in
the aggregate amount of$608,000 for financing several capital improvements in the downtown area
(the "2000 Bonds"); and
WHEREAS, the DDA's 2003 interest payment for the 2000 Bonds is $35,1 12; and
WHEREAS, in addition, the Board of the DDA is continuing its program to assist and
encourage downtown renovation and revitalization, and in furtherance thereof, to provide funding
for the acquisition and renovation of facades, construction and installation of public improvement,
acquisition of property interests and any other purpose authorized under Section 31-25-801,C.R.S.,
et seq., through the appropriation of $156,500 in the Downtown Development Authority Debt
Service Fund for various projects; and
WHEREAS,on October 3,2002,the Board of the DDA adopted a 2003 Budget that provided
for the payment of debt service on the 2001 Bonds,2000 Bonds,various projects and lease payments
for the Parking Structure, and payment for other projects; and
WHEREAS,pursuant to Section 31-25-816, C.R.S.,the DDA budget is subject to approval
by the City Council.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of$1,355,938 for payment of debt service in
2003 on the 2001 Bonds authorized by Council in Ordinance No. 50, 2001.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of$281,987,which amount is hereby authorized
for transfer to the City of Fort Collins General Fund to be used to cover the Downtown Development
Authority's one-third share of the debt service payment on the Civic Center Parking Structure.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of$35,112 for interest payment in 2003 on the
2000 Bonds.
Section 4. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of$156,500 to be used for the payment of debt
to be created by future action of the City Council, in its discretion, for the following projects:
Mulberry/Lemay Intersection $85,250
Poudre River Design Payments $15,000
Downtown Strategic Plan $56,250
Introduced and considered favorably on first reading and ordered published this 5th day of
November, A.D. 2002, and to be presented for final passage on the 19th day of November, A.D.
2002.
C _
Mayor
ATTEST:
kA
City Clerk
Passed and adopted on final reading this 19th day of November, A.D. 2002.
Mayor
ATTEST:
City Clerk