HomeMy WebLinkAbout112 - 11/06/2007 - APPROPRIATING PRIOR YEAR RESERVES IN THE STREET OVERSIZING FUND FOR TRANSFER TO THE CAPITAL PROJECTS ORDINANCE NO. 112, 2007
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES
IN THE STREET OVERSIZING FUND FOR TRANSFER
TO THE CAPITAL PROJECTS FUND - NORTH COLLEGE AVENUE IMPROVEMENTS
PROJECT TO BE USED FOR TO ACQUIRE PROPERTY NECESSARY FOR
FUTURE IMPROVEMENTS ALONG NORTH COLLEGE AVENUE
WHEREAS, the removal of the Dry Creek Basin from the designated floodplain and the
establishment of the North College Urban Renewal Authority have generated considerable
development and redevelopment interest along the North College Corridor; and
WHEREAS, on North College Avenue, south of Conifer Street, there are numerous public
infrastructure improvements under discussion including: the realignment of East Vine Drive, the
construction of a regional detention pond and stormwater outfall, and the installation of two large-
diameter water pipelines owned by outside agencies; and
WHEREAS,the Fort Collins Master Street Plan provides for the eventual relocation of East
Vine Drive to the north of its present location; and
WHEREAS,the realignment of East Vine Drive will require the acquisition of land for right-
of-way for the East Vine Drive realignment and intersection improvements at North College Avenue;
and
WHEREAS, the owner of a parcel of property and improvements thereon (the"Property")
located on North College Avenue at the site of the proposed new intersection of North College
Avenue and East Vine Drive has offered to sell the Property to the City at market value, pending
appropriation of funds by the City for the acquisition; and
WHEREAS, in addition to providing right-of-way for the East Vine realignment and
intersection improvements at North College Avenue, the City's purchase of the Property will also
allow the City to control potential future uses of the property for utilities,easements,or other entities
and/or agencies needing to enter the Property; and
WHEREAS, the proposed purchase price of the Property, including closing costs, is
$225,000; and
WHEREAS, staff has identified prior year reserves in the City's Street Oversizing Fund as
being available for the proposed acquisition of the Property and such acquisition would be an
appropriate use of those funds; and
WHEREAS, Article V, Section 9,of the Charter of the City of Fort Collins permits the City
Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as
may be available from reserves accumulated in prior years, notwithstanding that such reserves were
not previously appropriated; and
WHEREAS,it is the desire of the City Council to appropriate prior year reserves in the Street
Oversizing Fund, totaling$225,000, to be transferred to the Capital Projects Fund -North College
Avenue Improvements capital project for the purchase of property and improvements on North
College Avenue.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated from prior year reserves in the Street Oversizing Fund,
the sum of TWO HUNDRED TWENTY-FIVE THOUSAND DOLLARS ($225,000) for transfer
to the Capital Projects Fund-North College Avenue Improvements capital project,and appropriated
therein, to be used to purchase property and improvements along North College Avenue
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 day of November, A.D. 2007.
Mayo
ATTEST!
City Clerk
Passed and adopted on final reading on the 6th day of N her, A.D. 2007.
Mayo
ATTEST:
City Clerk