HomeMy WebLinkAbout166 - 12/20/2005 - AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN CAPITAL IMPROVEMENTS WITHIN THE DOWNTOWN DEVELOPM ORDINANCE NO. 166, 2005
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN CAPITAL
IMPROVEMENTS WITHIN THE DOWNTOWN DEVELOPMENT AUTHORITY
OPERATIONS AND MAINTENANCE FUND RELATED TO THE CITY OF FORT
COLLINS, COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY TAXABLE
SUBORDINATE TAX INCREMENT REVENUE BONDS, SERIES 2004A.
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, and 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, through the adoption of Ordinance No. 089, 2004, of the Council of the City
of Fort Collins, the Council appropriated proceeds from the issuance of the City of Fort Collins,
Colorado, Downtown Development Authority Taxable Subordinate Tax Increment Revenue
Bonds, Series 2004A (the "Bonds"), for expenditure on certain capital improvements in the
amount of$6,235,000; and
WHEREAS, a certain capital improvement within Ordinance No. 089, 2004, related to
the Mason Street Parking Ramp has been cancelled, making available unexpended
appropriations for the construction of certain new improvements in the downtown area of the
City as follows:
a. Old Town Square Renovation $200,000 (existing project)
b. Urban Living Lofts 350,000
c. Miscellaneous Other Projects 250,000
800 000
WHEREAS, Article V, Section 10, of the Charter of the City of Fort Collins 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.
WHEREAS, the Board of Directors of the Downtown Development Authority has
approved the aforementioned projects.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that the unexpended appropriated amount of EIGHT HUNDRED
THOUSAND DOLLARS ($800,000) is hereby authorized for transfer from the Downtown
Development Authority Operations and Maintenance 2004 DDA Bond Projects (Mason Street
Ramp Project) and the newly adopted projects, as follows:
a. Old Town Square Renovation $200,000 (existing project)
b. Urban Living Lofts 350,000
c. Miscellaneous Other Projects 250,000
$800,000
Introduced and considered favorably on first reading and ordered published this 29th day of
November, A.D. 2005, and to be presented for final passage on the 20th day of December, A.D.
2005.
Mayor
ATTEST:
4QL4L4
City Clerk
Passed and adopted on final reading this 20th day of December, A.D. 2005.
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Mayo
ATTEST:
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City Clerk