HomeMy WebLinkAbout178 - 11/16/2004 - APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SE ORDINANCE NO. 178, 2004
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND
FOR PAYMENT OF DEBT SERVICE AND LEASE PAYMENT FOR THE YEAR 2005
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 DDA Board of Directors 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 Bonds,Series 1984A,dated October 1, 1984,in the aggregate amount
of$8,200,000, which bonds were subsequently refunded in 1985, 1998, 1992, and 2001; and
WHEREAS,the Council,in Ordinance 088,2004,authorized the issuance of$6,235,000 of
Subordinate Tax Increment Revenue Bond, Series 2004A, dated June 14, 2004; and
WHEREAS, the DDA expects to issue additional bonds in 2005 in the amount of
$1,000,000; and
WHEREAS, the DDA's payment for principal, interest, and debt service requirements on
the total outstanding bonds and anticipated 2005 bonds will be $3,324,705 in 2005; and
WHEREAS, the Council, in Ordinance No. 128, 1998, authorized the issuance of Lease
Certificates of Participation Series 1998 in the amount of $17,210,000 of which $6,920,000 is
attributable to the Civic Center Parking Structure; and
WHEREAS,pursuant to its intergovernmental agreement with the City and Larimer County,
the DDA has agreed to pay one-third of the lease payments attributable to the Parking Structure each
year through 2006; and
WHEREAS, the DDA's share of the 2005 lease payments for the Parking Structure is
$282,674; and
WHEREAS,pursuant to Section 31-25-816,C.R.S.,the appropriation of DDA debt service
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 herby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of TWO MILLION THREE HUNDRED
TWENTY-FOUR THOUSAND SEVEN HUNDRED FIVE DOLLARS($2,324,705)for payment
of debt service on previously issued and outstanding bonds.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE MILLION DOLLARS ($1,000,000)
for payment of debt service on bonds anticipated to be issued in 2005.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of TWO HUNDRED EIGHTY-TWO
THOUSAND SIX HUNDRED SEVENTY-FOUR DOLLARS($282,674),which amount is hereby
authorized for transfer to the City of Fort Collins Capital Leasing Corporation Fund to be used to
cover the DDA's one-third share of the lease payment on the Civic Center Parking Structure.
Introduced, considered favorably on first reading, and ordered published this 26th day of
October,A.D. 2004,and to be presented for final passage on the 1 day of November,A.D.2004.
Mayor
ATTES
Cit Cl
Passed and adopted on final reading this 16th day of November, A.D. 2004.
Mayor
A'kTEST:
Citt`\y�/1Clerk