HomeMy WebLinkAbout140 - 11/15/2005 - APPROPRIATING OPERATING FUNDS OF THE DOWNTOWN DEVELOPMENT AUTHORITY FOR THE FISCAL YEAR BEGINNING JA i
ORDINANCE NO. 140, 2005
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING OPERATING FUNDS OF THE
DOWNTOWN DEVELOPMENT AUTHORITY
FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2006,
AND FIXING THE MILL LEVY FOR THE
DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2006
WHEREAS,the Fort Collins Downtown Development Authority(the"DDA")has been duly
organized in accordance with Section 31-25-804, C.R.S.; and
WHEREAS,on October 6,2005,the Board of Directors of the DDA("DDA Board"),acting
under the provisions of Section 31-25-816, C.R.S., adopted a budget for the fiscal year beginning
January 1, 2006, and determined the mill levy necessary to provide for payment during fiscal year
2006 of all properly authorized expenditures to be incurred by the DDA; and
WHEREAS, it is the desire of the Council to appropriate the sum of TWO MILLION
THREE HUNDRED SEVENTY-FIVE THOUSAND FIVE HUNDRED FIFTY TWO DOLLARS
($2,377,757) in the DDA Operation and Maintenance Fund for the fiscal year beginning January 1,
2006 and ending December 31, 2006, to be used as follows:
• DDA Operations &Maintenance from taxation and otherwise $ 817,757
• DDA Projects from anticipated bond proceeds 1,000,000
• Cultural Program from anticipated bond proceeds and donations 560,000
WHEREAS,the DDA Board has recommended to the Council a mill levy of 5.0 mills upon
each dollar of assessed valuation of all taxable property within the DDA District, such levy
representing the amount of taxes for DDA purposes necessary to provide for payment during the
ensuing fiscal year for all properly authorized expenditures to be incurred by the DDA; and
WHEREAS,Section 39-5-128(1),C.R.S.,requires certification of any tax levy to the Board
of County Commissioners no later than December 15, 2005
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 Operations and Maintenance Fund the sum of EIGHT HUNDRED
SEVENTEEN THOUSAND SEVEN HUNDRED AND FIFTY-SEVEN DOLLARS ($817,757),
to be raised by taxation and otherwise, to be expended for the authorized purposes of the DDA.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Operations and Maintenance Fund the sum of ONE MILLION FIVE
HUNDRED FIFTY THOUSAND DOLLARS ($1,550,000), to be raised by bond proceeds
anticipated to be issued in 2006.
Section 3. That the 2006 mill levy rate for the taxation upon each dollar of the assessed
valuation of all taxable property within the DDA District as of December 31,2005 shall be 5.0 mills,
which levy represents the amount of taxes for the District purposes to provide for payment during
the aforementioned fiscal year of all properly authorized expenditures to be incurred by the District.
Said mill levy shall be certified to the County Assessor and the Board of County Commissioners of
Larimer County, Colorado,by the City Clerk as provided by law.
Introduced, considered favorably on first reading, and ordered published this 2nd day of
November, A.D. 2005, and to be presented for final passage on the 15th day of November, A.D.
2005.
Mayor
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City Clerk f ieG N.j
Passed and adopted on final reading this 15th day ovember, A.D. 2005.
Mayor
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City Clerk