HomeMy WebLinkAbout121 - 08/03/1999 - APPROPRIATING PRIOR YEAR RESERVES IN THE SALES AND USE TAX FUND TO PARTIALLY FUND THE RESTORATION OF ORDINANCE NO. 121, 1999
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE SALES
AND USE TAX FUND TO PARTIALLY FUND THE
RESTORATION OF THE NORTHERN HOTEL
WHEREAS,in 1978,the City Council adopted Resolution 78-37,which pledged the City's
fullest cooperation and assistance to any and all parties actively engaged in the restoration and
reconstruction of the Northern Hotel located at 172 North College Avenue; and
WHEREAS,Funding Partners for Housing Solutions and the National Development Council,
together with certain private equity investors,are in the process of forming a limited partnership(the
"Partnership")to redevelop the Northern Hotel including an historic renovation, commercial retail
space, public space, and rental housing units; and
WHEREAS,funding for the redevelopment of the Northern Hotel(the"Project")will come
from a variety of sources including Historic Tax Credits and grants,Housing Tax Credits and grants,
Community Development Block Grant, HOME Program, Municipal grants, and Downtown
Development Authority tax increment financing; and
WHEREAS, local funding support for the Project will greatly enhance the Project's ability
to leverage additional funds; and
WHEREAS,it is the objective of the City to enhance the quality of life in Fort Collins by the
preservation of historic resources and the inclusion of heritage in the daily life and development of
the City and the community; and
WHEREAS, it is a stated goal of the City to safeguard the remnants of the City's historical
past against vandalism, neglect, and inappropriate redevelopment; and
WHEREAS, the Project would advance the preservation of an historic resource of
significance and visual prominence in downtown Fort Collins; and
WHEREAS,on February 2, 1999,the City Council adopted Resolution 99-16,approving the
City's Priority Affordable Housing Needs and Strategies Report,dated February 2, 1999,which sets
forth the City's priorities and strategies for the development and enhancement of affordable housing
resources in Fort Collins; and
WHEREAS, the Project, which will include affordable rental units targeted for lower low-
income households, advances the goals and objectives o f the Priority Affordable Housing Needs and
Strategies Report; and
WHEREAS,the economic viability and development of the downtown Fort Collins area is
of great importance to the City, and has been a priority for the City in the planning and
implementation of various plans and projects; and
WHEREAS, the Northern Hotel Project will contribute to the ongoing development and
improvement of downtown Fort Collins,and will encourage further economic growth and prosperity
in the downtown area; and
WHEREAS, in view of the foregoing public benefits to be served by the Northern Hotel
Project, the City is desirous of providing financial support for the Project; and
WHEREAS,the City Manager is in the process of negotiating, and expects to finalize prior
to August 15, 1999, a written agreement between the City and the Partnership under which the City
would contribute funding in the amount of $670,000 toward the completion of the Project, in
exchange for the operation of the Northern Hotel as an affordable housing project for no less than
twenty years from the date of completion; and
WHEREAS, $670,000 is available from the Sales and Use Tax Fund Use Tax Carryover
Reserve for the City's share of the Northern Hotel Restoration; and
WHEREAS,Article V, Section 9, of the Charter of the City of Fort Collins permits the City
Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as
may be available from reserves accumulated in prior years, notwithstanding that such reserves were
not previously appropriated.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from prior year reserves in the Sales and
Use Tax Fund the total sum of SIX HUNDRED SEVENTY THOUSAND DOLLARS ($670,000)
for payment by the City to the Partnership for the Project,upon execution of an agreement between
the City and the Partnership,upon the terms and conditions recited above,and upon such additional
terms and conditions as the City Manager, in consultation with the City Attorney, determines
reasonable or necessary to protect the interests of the City and advance the above-reference public
purposes.
Introduced,considered favorably on first reading, and published this 27th day of July, A.D.
1999, and to be presented for final passage on the 3rd day of August, A.D. 1999.
Mayor
ATTEST:
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City Clerk -Ni-t- l`��
Passed and adopted on final reading this 3rd day of August, A.D. 1999.
Mayor =
ATTEST:
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City Clerk - C'�jre-71 ;Ay