HomeMy WebLinkAbout084 - 08/16/2005 - APPROPRIATING UNANTICIPATED REVENUE IN CAPITAL PROJECTS FUND-TIMBERLINE ROAD IMPROVEMENTS PROJECT AN ORDINANCE NO. 084, 2005
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE CAPITAL PROJECTS FUND -
TIMBERLINE ROAD IMPROVEMENTS PROJECT AND APPROPRIATING PRIOR YEAR
RESERVES IN THE STREET OVERSIZING FUND FOR TRANSFER TO THE CAPITAL
PROJECTS FUND -TIMBERLINE ROAD IMPROVEMENTS PROJECT TO BE USED TO
CONSTRUCT IMPROVEMENTS ON TIMBERLINE ROAD BETWEEN DRAKE AND
PROSPECT ROADS
WHEREAS,Timberline Road, from Drake Road to Prospect Road, is currently the highest
deficiency segment in the City's street network, with the Timberline/Prospect intersection
experiencing failing levels of service during both the morning and afternoon peak hours; and
WHEREAS,the developers (the James Company and the St. Charles Investment Group)of
two parcels,east and west of Timberline Road and north of Drake Road are not able to proceed with
development of their respective parcels until improvements have been made at the
Timberline/Prospect intersection,in accordance with Section 3.7.3(D)(1)(b)of the City's Land Use
Code - Adequate Public Facilities ("APF"); and
WHEREAS, the James Company and the St. Charles Investment Group have proposed the
formation of an involuntary Special Improvement District("SID")as a financing mechanism to fund
improvements along Timberline Road from Drake Road to Prospect Road; and
WHEREAS, on November 4, 2003,City Council adopted Resolution 2003-122,Accepting
a Property Owner Petition Regarding the Initiation of a Special Improvement District, Stating the
Need For, the Nature Of, and the Location of the Improvements to Be Made,Describing the Areas
to Be Assessed for the Same,and Directing the Director for Community Planning and Environmental
Services to Prepare and Present to the City Council the Necessary Information for the Formation of
Said District; and
WHEREAS, accordingly,the process for the establishment of the Timberline and Prospect
Special Improvement District No. 94 commenced for the purpose of constructing improvements at
the intersection of Timberline Road and Prospect Road aimed towards increasing capacity and
improve service levels at the intersection; and
WHEREAS, the amount financed and needed to make the necessary APF improvements to
the Timberline/Prospect intersection is estimated to cost $2.5 million dollars; and
WHEREAS, no municipal or City-backed bonds will be issued as financing for the
Timberline/Prospect intersection improvements but the improvements will instead by financed by
the James Company and the St. Charles Investment Group using private placement bonds; and
- r
WHEREAS,the City will act as the collection agency for the SID assessments,and properties
included within the SID will begin repayment of the proportionate share upon completion of
construction of the improvements and the final account of the costs; and
WHEREAS, in addition to the intersection improvements totaling$2.5 million associated
with the aforementioned SID,staff proposes constructing other improvements on Timberline Road,
from Drake Road to Prospect Road, which include widening the Spring Creek bridge; installing
sewer and water infrastructure, new railroad crossing materials and signals, curbs and gutters,
sidewalks, bike lanes, asphalt paving, landscaped and hardscaped medians, traffic signals at the
Nancy Grey/Timberline and Prospect/Timberline intersections; widening Timberline to a major
arterial standard; and the construction of the connector streets adjacent to the City's Police Services
facility site; and
WHEREAS,the estimated cost to construct the aforementioned improvements is$6,180,455,
and funding sources have been identified as follows:
City of Fort Collins Police Facility Capital Project
Existing Appropriations $ 1,272,291
Sidehill Development Contribution 829,512
St. Charles Investment Group Contribution 354,014
Fleischli Enterprises Contribution 115,447
Integrated Equities Contribution 119,830
Street Oversizing Fund Prior Year Reserves
(Including a$215,936 contribution from
Prospect Industrial Park) 3,489,361
Total $ 6,180,455
WHEREAS, upon completion of the bid process, the improvements to the intersection of
Timberline Road and Prospect Road are scheduled to begin in the Winter of 2005, with final
completion scheduled for the Spring of 2006; and
WHEREAS, the improvements to Timberline Road from Drake Road to Prospect Road are
scheduled to begin in the Spring of 2006, with final completion scheduled for the end of the year;
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 combination with
all previous appropriations for that fiscal year does not exceed the current estimate of actual and
anticipated revenues to be received during the fiscal year; and
WHEREAS, City staff has determined that the appropriation of funds from unanticipated
revenue as described herein will not cause the total amount appropriated in the Capital Projects Fund
- Timberline Road Improvements project to exceed the current estimate of actual and anticipated
revenues to be received during any fiscal year; and
WHEREAS,Article X, Section 9,of the Charter also 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; and
WHEREAS,Article X, Section 10,of the Charter authorizes the City Council to transfer by
ordinance any unexpended and unencumbered amount or portion thereof from one fund or capital
project to another fund or capital project, provided that the purpose for which the funds were
initially appropriated no longer exists; and
WHEREAS,it is the desire of the Council to appropriate the sum of$2,500,000,in the form
of private placement bonds associated with Special Improvement District No. 94; and$1,418,803,
representing contributions from developers adjacent to SID No. 94; and to appropriate $3,489,361
from prior year reserves in the City's Street Oversizing Fund for transfer to the Capital Projects
Fund - Timberline Road Improvements capital project; and to authorize the transfer of existing
appropriations, totaling $1,272,291, from the Capital Projects Fund - COPs Police Facility to the
Capital Projects Fund - Timberline Road Improvements capital project to be used to construct
improvements to Timberline Road, between Drake and Prospect Roads.
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 unanticipated revenue
in the form of private placement bonds associated with Special Improvement District No. 94,in the
Capital Projects Fund-Timberline Road Improvements capital project,the sum of TWO MILLION
FIVE HUNDRED THOUSAND DOLLARS ($2,500,000), to be used to construct improvements
to the intersection of Timberline Road and Prospect Road.
Section 2. That there is hereby appropriated for expenditure from unanticipated revenue
in the form of developer contributions, in the Capital Projects Fund - Timberline Road
Improvements capital project, the sum of ONE MILLION FOUR HUNDRED EIGHTEEN
THOUSAND EIGHT HUNDRED THREE DOLLARS ($1,418,803), to be used to construct
improvements to Timberline Road, between Drake and Prospect Roads.
Section 3. That there is hereby appropriated from prior year reserves in the Street
Oversizing Fund the sum of THREE MILLION FOUR HUNDRED EIGHTY-NINE THOUSAND
THREE HUNDRED SIXTY ONE DOLLARS($3,489,361)for transfer to the Capital Projects Fund
- Timberline Road Improvements capital project, and appropriated therein, to be used to construct
improvements to Timberline Road, between Drake and Prospect Roads.
Section 4. That the unexpended appropriated amount of ONE MILLION TWO
HUNDRED SEVENTY-TWO THOUSAND TWO HUNDRED NINETY-ONE DOLLARS
($1,272,291)is hereby authorized for transfer from the Capital Projects Fund-COP's Police Facility
capital project to the Capital Projects Fund - Timberline Road Improvements capital project to be
used to construct improvements to Timberline Road, between Drake and Prospect Roads.
F
Introduced and considered favorably on first reading and ordered published this 19th day of
July, A.D. 2005, and to be presented for final passage on 16th day of August, D. 2005.
May
ATTEST:
LL 4 'C
City Clerk 11)
Passed and adopted on final reading this 16th day gust, A.D. 2005
Mayor
ATTEST:
s
City Clerk