HomeMy WebLinkAbout151 - 10/19/1999 - APPROPRIATING THE PROCEEDS OF THE DDA TAXABLE SUBORDINATE TAX INCREMENT REVENUE BONDS IN THE DDA OPE ORDINANCE NO. 151, 1999
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY TAXABLE SUBORDINATE
TAX INCREMENT REVENUE BONDS, SERIES 1999, FOR THE PURPOSE OF MAKING
CERTAIN CAPITAL IMPROVEMENTS IN THE DOWNTOWN AREA OF FORT COLLINS
AND APPROPRIATING REVENUES IN THE TAX INCREMENT FUND
WHEREAS, on April 21, 1981,the City of Fort Collins, Colorado, adopted Ordinance No.
46, 1981, establishing the Fort Collins, Colorado, Downtown Development Authority; and
WHEREAS,the Downtown Development Authority's Plan of Development was approved
by the City on September 8, 1981 which established the purpose of the Authority and the types of
projects in which the Authority would participate; and
WHEREAS, on June 1, 1982, a special election was held pursuant to Section 31-25-807(b)
of the Colorado Revised Statutes approving the issuance by the City of up to $25,000,000 in tax
increment obligations to finance certain projects of the Downtown Development Authority; and
WHEREAS,there is sufficient remaining bonding authorization available to fund additional
projects in the downtown area, pursuant to Ordinance No. 150, 1999, as approved by the City
Council this same date, and there is sufficient tax increment revenue available in 1999 to pay the
debt service on the bonds issued by such ordinance; and
WHEREAS, through the adoption of Ordinance No. 150, 1999, of the Council of the City
of Fort Collins,the Council has issued the City of Fort Collins,Colorado,Downtown Development
Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 1999 (the 'Bonds"), in the
aggregate principal amount $750,000; and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, are
necessary to complete the construction of certain improvements in the downtown area of the City;
and
WHEREAS,Article V, Section 9,of the Charter of the City of Fort Collins permits the City
Council to make supplemental appropriations, in conjunction with all previous appropriations for
that fiscal years,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.
NOW, THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That,contingent upon the final sale and issuance of the Bonds,there is hereby
appropriated for expenditure from bond proceeds in the Downtown Development Authority
Operating Fund the amount of SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($750,000)
to be used for the following capital improvements in the downtown area:
Northern Hotel
185 North College Avenue
Robert Trimble Block Building (107-115 South College Avenue)
City Drug (101-103 South College Avenue)
Old Baptist Church (328 Remington)
345 East Mountain
251 Linden
231 South Howes Street
Section 2. That there is hereby appropriated for expenditure from the City of Fort
Collins,Colorado,Downtown Development Authority Tax Increment Bonds,Bond Fund the amount
of SEVEN HUNDRED FIFTY THOUSAND ($750,000)to be used for the payment of the Bonds.
Introduced and considered favorably on first reading and ordered published this 5th day of
October, A.D. 1999, and to be presented for final passage on the 19th day pf October, A.D. 1999.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 19th day of October, A.D 9 9.
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Mayor
ATTEST:
City Clerk `