HomeMy WebLinkAbout117 - 11/20/2007 - AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN CAPITAL IMPROVEMENTS WITHIN THE DOWNTOWN DEVELOPM ORDINANCE NO. 117, 2007
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 46,
1981, establishing the Fort Collins Downtown Development Authority(the"DDA"); and
WHEREAS, the DDA's Plan of Development was approved by the City on September 8,
1981, and established the purpose of the DDA and the types of projects in which the DDA 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 DDA; and
WHEREAS,on November 7,2006, an election was held and electors approved the issuance
by the City of up to $150,000,000 in tax increment obligations to finance the costs of development
projects of the DDA; and
WHEREAS, through the adoption of Ordinance No. 088, 2004, the Council appropriated
proceeds from the issuance of the City ofFort 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,the DDA requested,and Council appropriated,$1,100,000 for the Fort Collins
Museum in Ordinance No. 089, 2004; and
WHEREAS, the DDA wishes to fund the Beet Street Cultural Program with$1,000,000 of
the Fort Collins Museum funds pending an IGA for the Museum; and
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 no longer exist; and
WHEREAS, the Board of Directors of the DDA have voted its approval of the
aforementioned transfer.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the unexpended appropriated amount of ONE MILLION DOLLARS ($1,000,000)
is hereby authorized for transfer from the Downtown Development Authority Operations and
Maintenance 2004A DDA Bond Project(Fort Collins Museum)for the operation of Beet Street for
fiscal year ending December 31, 2008, knowing that the Fort Collins Museum transfer will be
funded in the 2008 bond issuance.
Introduced, considered favorably on first reading, and ordered published this 16th day of
October,A.D. 2007, and to be presented for final passage on the 2 day of November,A.D.2007.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading on the 20th day of ember, A.D. 2007.
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May
ATTEST:
City Clerk