HomeMy WebLinkAbout001 - 02/21/2006 - APPROPRIATING UNANTICIPATED REVENUE IN THE NEIGHBORHOOD PARKLAND FUND - OAK STREET PLAZA PARK CAPITA ORDINANCE NO. 001, 2006
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE NEIGHBORHOOD PARKLAND
FUND - OAK STREET PLAZA PARK CAPITAL PROJECT TO BE USED TO CONSTRUCT
IMPROVEMENTS TO THE OAK STREET PLAZA PARK
WHEREAS, Oak Street Plaza Park (the "Park") is an important open space in the City's
downtown, bounded by the Museum of Contemporary Art to the south, First Community Bank to
the north,College Avenue to east, and access to the Museum and Bank,via Oak Street on the west;
and
WHEREAS,the Park is a focal point in downtown Fort Collins and is used for small concerts
and provides a nice setting for people gathering or just relaxing; and
WHEREAS, City staff has been working with the Downtown Development Authority,area
businesses and other interested parties on a new design for the Park; and
WHEREAS,the scope of the planned improvements will make the Park more functional and
inviting by removing planters to allow for better movement of people; replacing the existing
fountain with a water spray feature while conserving water;and providing new paving and pedestrian
lighting, new furniture, a large grass area, ornamental plantings, and better access for those with
disabilities (the"Project"); and
WHEREAS, the estimated cost to construct the Project improvements is $1,280,000; and
WHEREAS, the following sources have been appropriated and will be used to fund the
Project improvements:
Neighborhood Parkland Fund impact fees
Approved by City Council on November 18, 2003, via
the adoption of Ordinance No. 156, 2003 $ 150,000
Unspent interest earnings on Certificates of Participation
used to fund the Downtown Intersection Renovation project
Approved by City Council on October 18, 2005, via
the adoption of Ordinance No. 113, 2005 121,165
Total $ 271,165
WHEREAS,staffhas identified the following additional sources,totaling$1,008,835,which
may be used to fund the balance of the costs associated with the Project improvements:
Contribution from the Downtown Development Authority $ 350,000
Contribution from the General Improvement District No. 1 $ 312,575
Prior Year Reserves in the Neighborhood Parkland Fund $ 346,260
Total $ 1,008,835
WHEREAS, on July 7, 2005, the Board of Directors of the Downtown Development
Authority approved funding of$300,000 for the Project and up to $50,000 for additional work on
the south side of the stairway to the Museum of Contemporary Art, contingent upon City Council
appropriating funds relating to the issuance of City of Fort Collins Downtown Development
Authority Subordinate Tax Increment Revenue Bonds, Series 2005A; and
WHEREAS, on November 15, 2005, City Council adopted Ordinance No. 121, 2005,
appropriating proceeds in the Downtown Development Authority Fund from the issuance of City of
Fort Collins Downtown Development Authority Subordinate Tax Increment Revenue Bonds,Series
2005A, for the purpose of making certain capital improvements in the downtown area; and
WHEREAS,Ordinance No. 121,2005,included an appropriation of$350,000 to be used for
the Project; and
WHEREAS,the General Improvement District No. 1 (the"GID")contribution of$312,575
will be available, contingent upon the adoption of Ordinance No. 051 of the Council of the City of
Fort Collins,Ex-Officio the Board of Directors of General Improvement District No. 1,on February
7, 2006, authorizing the transfer of appropriations from the GID to the City's Neighborhood
Parkland Fund to be used for the Project; and
WHEREAS,the Project improvements are scheduled to begin in 2006,with final completion
scheduled for June 2006; and
WHEREAS, Article V, Section 9 of the Charter of the City of Fort Collins (the"Charter")
permits the City Council to make supplemental appropriations by ordinance at any time during the
fiscal year,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; and
WHEREAS,Article V,Section 9,of the Charter also permits the City Council to appropriate
byordinance at any time during the fiscal year such funds from expenditure as may be available from
reserves accumulated in prior years, notwithstanding that such reserves were not previously
appropriated; and
WHEREAS, City staff has determined that the appropriation of funds from unanticipated
revenue as described herein will not cause the total amount appropriated in the Neighborhood
Parkland Fund - Oak Street Plaza Park Project to exceed the current estimate of actual and
anticipated revenues to be received during any fiscal year; and
WHEREAS, it is the desire of Council to appropriate the sum of$662,575, in the form of
contributions from the Downtown Development Authority($350,000)and the GID($312,575),and
$346,260 from prior year reserves in the Neighborhood Parkland Fund, to be used with amounts
previously appropriated by Council,totaling$271,165,to construct improvements to the Oak Street
Plaza Park.
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 unanticipated revenue in
the Neighborhood Parkland Fund-Oak Street Plaza Park capital project,the sum of SIX HUNDRED
SIXTY-TWO THOUSAND FIVE HUNDRED SEVENTY-FIVE DOLLARS ($662,575) from the
following sources:
Downtown Development Authority Contribution $ 350,000
General Improvement District No. 1 Contribution $ 312,575
Total $ 662,575
to be used to construct improvements to the Oak Street Plaza Park.
Section 2. That there is hereby appropriated from prior year reserves in the Neighborhood
Parkland Fund the sum of THREE HUNDRED FORTY-SIC THOUSAND TWO HUNDRED
SIXTY DOLLARS ($346,260) to be used to construct improvements to the Oak Street Plaza Park.
Introduced and considered favorably on first reading and ordered published this 7th day of
February, A.D. 2006, and to be presented for final passage he 21st day of February,A.D. 2006.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 21 st day o ebruary�A.D. 2006
Mayor
ATTEST:
"�1ML
City Clerk