HomeMy WebLinkAbout087 - 09/15/2009 - APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR EXPENDITURE ON PROJ ORDINANCE NO. 087, 2009
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
DOWNTOWN DEVELOPMENT AUTHORITY FUND
FOR EXPENDITURE ON PROJECTS IN ACCORDANCE WITH THE
DOWNTOWN PLAN OF DEVELOPMENT
WHEREAS, on April 21, 1981, the City Council adopted Ordinance No. 046, 1981,
establishing the Fort Collins, Colorado, Downtown Development Authority (the "Authority");
and
WHEREAS, the Authority's Plan of Development was approved by the City Council on
September 8, 1981, and established the purpose of the Authority and the types of projects in
which the Authority would participate; and
WHEREAS, bond proceeds from 2008 through August 2009 have accrued interest
earnings in the amount of$332,044; and -
WHEREAS, staff has identified project savings of $1,555,249 from bond proceeds
currently in reserves; and
WHEREAS, staff has also identified bond proceeds, from projects not currently ready for
reimbursement in the amount of$1,614,085; and
WHEREAS, Article V, Section 10, of the City Charter 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 the purpose for which the
transferred funds are to be expended remains unchanged; and
WHEREAS, on August 13, 2009, the Board of Directors of the Authority (the "Board")
passed and adopted a resolution approving and recommending the funding of the projects and
programs identified below; and
WHEREAS, it is City Council's understanding that the Board intends to purchase a
warehouse located at 725 East Vine Drive, and use the warehouse for up to five years in support
of an arts and education program that involves clustering user groups such as the current
occupant, the Rocky Mountain Raptor Program, and non-profit performance and theatrical arts
organizations; and
WHEREAS, for up to five years the Board will provide the warehouse to these user
groups rent free and the utilities will be paid by the DDA from miscellaneous bond proceeds;
and
WHEREAS, the Board recommends to the City Council these expenditures for the
projects and programs identified below.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that there is hereby appropriated for expenditure from reserves in the
Downtown Development Authority Fund the sum of THREE MILLION FIVE HUNDRED ONE
THOUSAND THREE HUNDRED SEVENTY EIGHT DOLLARS ($3,501,378) to be used for
the projects stated below:
Purchase of Warehouse $1,800,000
Mitchell Block Public Improvements 427,502
Elks Building Environmental Abatement and Deconstruction 421,000
Facade Grant Program—Funding 350,000
Bas Bleu Theater Lease 220,000
Lincoln Center Rental and Tech Fees Underwriting 144,063
Fort Collins Housing Authority Project 53,813
Relocation of Transcend Sculpture 50,000
Holiday Lights Display Contribution for 2009 35,000
Total Projects $3,501,378
1
Introduced, considered favorably on first reading, and ordered published this 1st day of
September, A.D. 2009, and to be presented for final passage on 5th day of September, A.D.
2009.
Mayo
ATTEST:
J
City.Clerk'
Passed and adopted on final reading on the 15th day of ptem er, A.D. 2009.
Mayo
1
;ATTEST:
`City Clerk