HomeMy WebLinkAbout196 - 11/20/2001 - APPROPRIATING REVENUE IN THE DDA DEBT SERVICE FUND FOR PAYMENT OF 2002 DEBT SERVICE. ORDINANCE NO. 196, 2001
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND
FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 2002
WHEREAS, the Council of the City of Fort Collins, in Ordinance No. 149, 1984,
authorized the issuance of Tax Increment Refunded Bonds, Series 1984, dated October 1, 1984,
in the aggregate principal amount of EIGHT MILLION TWO HUNDRED THOUSAND
DOLLARS ($8,200,000); which bonds were subsequently refunded in 1985, 1988, 1992, and
2001; and
WHEREAS, through the adoption of Ordinance No. 50, 2001, the City Council
authorized the issuance of new Tax Increment Revenue and Refunding Bonds (the "2001
Bonds"), in order to invoke an early call provision on the City's 1992 Downtown Development
Authority Tax Increment Revenue Refunding and Improvement Bonds, in the aggregate
principal amount of THREE MILLION SIX HUNDRED FORTY THOUSAND DOLLARS
($3,640,000); and
WHEREAS, interest on the 2001 Bonds is due and payable annually; and
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 authority include the power to
borrow money and to finance public improvements within the boundaries of the DDA; and
WHEREAS, Ordinance No. 50, 2001, also allows Council to appropriate tax increment
funds for purposes of debt service payments for obligations other than those of the 2001 Bonds;
and
WHEREAS, on November 1, 2001, the Board of the DDA adopted a 2002 Budget that
provided for the payment of debt service on the 2001 Bonds; and
WHEREAS, in addition, the Board of the DDA is continuing its program to assist and
encourage downtown renovation and revitalization, and in furtherance thereof, to provide
funding for the acquisition and renovation of facades, construction and installation of public
improvement, acquisition of property interests and any other purpose authorized under Section
31-25-801, C.R.S., et seq., through the appropriation of $100,000 in the Downtown
Development Authority Debt Service Fund for various projects; and
WHEREAS, the Council of the City of Fort Collins, in Ordinance No. 128, 1998,
authorized the issuance by the City of Lease Certificates of Participation Series 1998, dated
August 1, 1998, in the aggregate amount of SEVENTEEN MILLION TWO HUNDRED TEN
THOUSAND DOLLARS ($17,210,000) of which SIX MILLION NINE HUNDRED TWENTY
THOUSAND DOLLARS ($6,920,000) is attributable to the Parking Structure; and,
WHEREAS, pursuant to its intergovernmental agreement with the City and the County,
the DDA has agreed to pay one-third of the lease payments attributable to the Parking Structure
each year through 2006 for the financing of the Civic Center Parking Structure; and,
WHEREAS, the DDA's share of the 2002 lease payments for the Parking Structure is
$282,406; and
WHEREAS, the Council of the City of Fort Collins, in Ordinance No. 10, 2000,
authorized the issuance of Subordinate Tax Increment Revenue Bonds, Series 2000A dated
March 1, 2000, in the aggregate amount of SIX HUNDRED EIGHT THOUSAND DOLLARS
($608,000) for financing several capital improvements in the downtown area(the "2000 Bonds");
and
WHEREAS, the DDA's 2002 interest payment for the 2000 Bonds is $35,112; and
WHEREAS, pursuant to Section 31-25-816, C.R.S., the DDA budget 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 hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE MILLION THREE HUNDRED
TWENTY-ONE THOUSAND NINE HUNDRED THIRTY-EIGHT DOLLARS ($1,321,938)
for payment of debt service in 2002 on the 2001 Bonds authorized by Council in Ordinance No.
50, 2001.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of TWO HUNDRED EIGHTY-TWO
THOUSAND FOUR HUNDRED SIX DOLLARS ($282,406), which amount is hereby
authorized for transfer to the City of Fort Collins General Fund to be used to cover the
Downtown Development Authority's one-third share of the debt service payment on the Civic
Center Parking Structure.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of THIRTY-FIVE THOUSAND ONE
HUNDRED TWELVE DOLLARS ($35,112) for interest payment in 2002 on the 2000 Bonds.
Section 4. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of ONE HUNDRED THOUSAND
DOLLARS ($100,000) to be used for the payment of debt to be created by future action of the
City Council, in its discretion, for the following projects:
• Mulberry/Lemay Intersection $35 000
• Poudre River Design Payments $15 000
• Downtown Strategic Plan $50 000
Introduced and considered favorably on first reading and ordered published this 6th day
of November, A.D. 2001, and to be presented for final passage on the 20th day of November,
A.D. 2001.
s
Mayor
ATTEST:
TTy
WL
City Clerk
Passed and adopted on final reading this 20th day of Novembe ,A.D. 2001.
Mayor
ATTEST:
City Clerk