HomeMy WebLinkAbout083 - 07/05/1983 - APPROPRIATING MONIES FOR THE DOWNTOWN DEVELOPMENT AUTHORITY FOR EXPENDITURE ON THE LINDEN STREET PLA ^-y
ORDINANCE NO. 83, 1983
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING MONIES FOR THE FORT COLLINS
DOWNTOWN DEVELOPMENT AUTHORITY FOR EXPENDITURE
ON THE LINDEN STREET PLAZA PROJECT AS REQUIRED
BY THE AGREEMENT BETWEEN THE FORT COLLINS DOWNTOWN
DEVELOPMENT AUTHORITY AND OLD TOWN ASSOCIATES, LTD.
WHEREAS, the Fort Collins Downtown Development Authority and Old Town
Associates, Ltd. have entered into an Agreement approved by both parties;
and
WHEREAS, said Agreement commits the Fort Collins Downtown Development
Authority to expend a sum not greater than One Million Seven Hundred
Thirty-Nine Thousand One Hundred Eighty-Six Dollars ($1 ,739,186) for the
construction of the Linden Street Plaza to include all associated traffic
improvements and administrative expenses.
WHEREAS, the Fort Collins Downtown Development Authority shall not
expend the $1 ,739,186 until such time as Old Town Associates, Ltd. can show
proof to the satisfaction of legal and financial counsel of the Downtown
Development Authority and the City of Fort Collins that it has adequate
financing to insure completion of the entire project; and
WHEREAS, pursuant to Ordinance No. 53, 1983, the Council of the City
of Fort Collins authorized issuance of Tax Increment Bond Anticipation
Notes, series April 1 , 1983, dated April 1 , 1983, in the aggregate amount
of Three Million One Hundred Thousand Dollars ($3 ,100,000) ; and
WHEREAS, Section 10 of Ordinance No. 53, 1983 permits the expenditure
from the Project Account of the City of Fort Collins of funds for the
purpose of financing undertakings set forth in the Downtown Development
Authorities Act, Title 31, Article 25, Part 8, C.R.S. 1973, as amended; _
and
WHEREAS, the Downtown Development Authorities Act of the State of
Colorado Section 31-25-808 (b) and (c) , C.R.S. 1973, as amended, authorizes
the construction of public improvements.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, that there is hereby appropriated for expenditure by the Fort
Collins Downtown Development Authority, the sum of One Million Seven
Hundred Thirty-Nine Thousand One Hunderd Eighty-Six Dollars ($1 ,739,186)
.to be used for the construction of the Linden Street Plaza to include all
associated traffic improvements and administrative expenses.
Introduced, considered favorably on first reading, and ordered pub-
lished this 21st day of June, A.D. , 1983, and to be presented for final
passage on the 5th day of July, A.D. 19
73•
ATTEST: Mayo
City Clerk
Passed and adopted on final reading this 5th day of July, A.D. 1983.
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ATTEST:
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