HomeMy WebLinkAbout028 - 03/15/1994 - APPROPRIATING ADDITIONAL FUNDS FOR AFFORDABLE HOUSING PURPOSES AND SEEKING A RECOMMENDATION FROM STA ORDINANCE NO. 28, 1994
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIAIING ADDITIONAL FUNDS FOR AFFORDABLE HOUSING PURPOSES
AND SEEKING A RECOMMENDATION FROM STAFF AND THE AFFORDABLE
HOUSING BOARD REGARDING THE USE OF SUCH FUNDS
WHEREAS, on October 6, 1992, the City Council passed Resolution 92-155
adopting an affordable housing policy, the purpose of which was to strengthen the
City's commitment to the provision of affordable housing for low and moderate
income citizens of the City; and
WHEREAS, on July 20, 1993, by Resolution 93-111, the Council directed City
staff to develop certain affordable housing implementation strategy; and
WHEREAS, Section 4 of Resolution 93-111 called for the establishment of
procedures dealing with the payment of development fees for affordable housing
projects; and
WHEREAS, the promotion of affordable housing serves an important public
purpose; and
WHEREAS, City staff has made certain recommendations to the Council
pertaining to the possible waiver and/or payment by the City of various
development-related fees for affordable housing projects; and
WHEREAS, by the adoption of Ordinance No. 27, 1994, the Council has
approved a general increase in the development review fees for development-
related activity within the City with a waiver provision for affordable housing
projects; and
WHEREAS, the Council is desirous of appropriating a portion of said
unanticipated revenue for affordable housing purposes, including the possible
payment of development related fees for affordable housing projects; and
WHEREAS, One Hundred Thousand Dollars ($100,000.) has already been
appropriated by the Council in the 1994 budget for the support of affordable
housing projects and is presently available to be expended for that purpose; and
WHEREAS, there presently exists an Affordable Housing Reserve ("the
Reserve") in which there is approximately $250,000; and
WHEREAS, the Couti ii Wl ievEs that there will be an ongoing need to
appropriate funds for affordable housing purposes from year to year and that it
would be in the best interests of the City to increase the Reserve each fiscal
year, to the extent that monies appropriated for expenditure for the promotion
of affordable housing are not, in fact, fully expended in any such year.
NOW T1iEREFORE BETT ORDA:;4ED BY THE COUNCIL OF THE CITY OF FORT COLLINS as
follows:
Section 1. That there is hereby appropriated the sum of One Hundred
Thirty-three Thousand Dollars ($133,000. ) from unanticipated revenue from
increased development review fees, which funds may be expended for such
affordable housing purposes as may subsequently be approved by the Council by
resolution, together with the One Hundred Thousand Dollars ($100,000.) previously
appropriated for such purpose in the 1994 fiscal year budget.
Section 2. That City staff is hereby directed to work with the Affordable
Housing Board to develop recommendations regarding the possible payment of City
fees for affordable housing projects and to review the criteria for identifying
such projects which have been approved by the Council by the adoption of
Ordinance No. 27, 1994, for the waiver of development review fees under Section
23-227 of the City Code.
Section 3. That any amounts appropriated by the Council for affordable
housing purposes which are not expended for such purposes during the fiscal year
in which the same are appropriated shall lapse to the Affordable Housing Reserve.
Introduced, considered favorably on first reading, and ordered published
this 15th day of February, A.D. 1994, and to be presented for final passage on
the 15th day of March, A.D. 1994.
May r
ATTEST:
City Clerk
Passed and adopted on final reading this 4dayofc A.D. 1994.
read;,
ATTEST:
City Clerk