HomeMy WebLinkAbout148 - 12/16/2008 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY DOWNTOWN DEVELOPMENT AUTHORITY TAXABLE SUBORDINATE ORDINANCE NO. 148, 2008
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY TAXABLE
SUBORDINATE TAX INCREMENT REVENUE BONDS, SERIES 2008A,
FOR THE PURPOSE OF MAKING CERTAIN CAPITAL IMPROVEMENTS,
CAPITAL PROJECTS AND DEVELOPMENT PROJECTS WITHIN THE DOWNTOWN
AREA OF FORT COLLINS, AUTHORIZING THE TRANSFER OF APPROPRIATIONS
BETWEEN FUNDS AND APPROPRIATING EXPENDITURES FROM THE DDA DEBT
SERVICE FUND TO MAKE THE 2008 PAYMENT ON THE BONDS
WHEREAS, on April 21, 1981,the City of Fort Collins, Colorado, adopted Ordinance No.
046, 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,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 Downtown Development Authority; and
WHEREAS,there is sufficient remaining bonding authorization available to fund additional
projects in the downtown area, pursuant to Ordinance No. 147, 2008, as approved by the City
Council this same date, and there is sufficient revenue in the Operations and Maintenance Fund
available to pay the annual debt service payments on the bonds issued by said Ordinance; and
WHEREAS, through the adoption of Ordinance No. 147, 2008, of the Council of the City
of Fort Collins,the Council authorized the issuance of the City of Fort Collins,Colorado,Downtown
Development Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 2008A (the
"Bonds"), in the maximum aggregate principal amount$10,488,043; and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, are
necessary to complete the construction of certain capital improvements, capital projects and
development projects in the downtown area of the City; and
WHEREAS,Article V, Section 9,of the Charter of the City of Fort Collins permits the City
Council to make supplemental appropriations, in conjunction with all previous appropriations for
that fiscal years,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 10,of the Charter authorizes the City Council to transfer by
ordinance any unexpended appropriated amount or portion thereof from one fund or capital project
to another fund or capital project, if the purpose for which the transferred funds are to be expended
remains unchanged.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That, contingent upon the final sale and issuance of the Bonds, there is hereby
appropriated for expenditure from Bond proceeds in the Downtown Development Authority
Operating Fund the amount of TEN MILLION FOUR HUNDRED EIGHTY EIGHT THOUSAND
AND FORTY THREE DOLLARS ($10,488,043)to be used for the following:
Projects
1. Community Market $ 700,000
2. Alleys 4,000,000
3. Elks Purchase 2,800,000
4. River District Street Scape Improvements 500,000
5. Fort Zed 250,000
6. Rail Road Quiet Zone Study 100,000
Miscellaneous Projects pending DDA Board Approval 309,588
Total Projects $8,659,588
Programs
Green Building Program $ 500,000
Beet Street Program 962,247
Total Programs $1,462,247
Administrative Expenses $ 366,208
Total Project, Program and Administrative Costs $10,488,043
Introduced, considered favorably on first reading, and ordered published this 2nd day of
December, A.D. 2008, and to be presented for final passage on the 16th day of December, A.D.
2008.
;,.), % 4L
Mayor
ATTEST:
`City Clerk
Passed and adopted on final reading on the 16th day o6ec7etuber, A . 2008.
Mayo
ATTEST:
U e
City Clerk