HomeMy WebLinkAbout156 - 12/06/1983 - APPROPRIATING UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR THE PURCHASE OF P ' I �
ORDINANCE NO. 156, 1983
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING AN ORDINANCE APPROPRIATING UNANTICIPATED
REVENUE IN THE FORT COLLINS DOWNTOWN DEVELOPMENT
AUTHORITY FUND FOR THE PURCHASE OF PROPERTY FOR
THE DEVELOPMENT OF A PUBLIC PARKING FACILITY, AND
FOR ADMINISTRATIVE, LEGAL, AND OTHER COSTS
ASSOCIATED WITH THIS PHASE OF THE PROJECT
WHEREAS, the Council of the City of Fort Collins, in. Ordinance 53,
1983, authorized the issuance of Tax Increment Bond Anticipation Notes
series April 1 , 1983, dated April 1 , 1983, in the aggregate principal
amount of $3,100,000; and
WHEREAS, in Section 1(q) of Ordinance 53, 1983, "project" is defined
to include the acquisition of real property and land assembly; and
WHEREAS, in Section 2 of Ordinance No. 53, 1983, the City shall use
these funds to pay for the costs of such projects as listed in exhibit A,
and the costs associated with such projects incurred by the Downtown
Development Authority and the City; and
WHEREAS, Exhibit A of Ordinance 53, 1983 lists purchase of land for
parking and legal services as legitimate projects for which proceeds from
the $3,100,000 Bond Anticipation Notes may be spent; and
WHEREAS, the Council of the City of Fort Collins has approved the Fort
Collins Downtown Development Authority Plan of Development in Resolution
81-129.
WHEREAS, City Council in Resolution 83-100 approved the location of a
parking structure and in Resolution 83-120 approved the parking structure
project; and
WHEREAS, the Downtown Development Authority has approved a budget for
Phase II of the Parking Facility, namely the purchase of the property and
related costs.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, that there is hereby appropriated for expenditure in the Fort
Collins Downtown Development Authority Fund from the proceeds of the
$3 ,100 ,000 Bond Anticipation Notes the sum of EIGHT HUNDRED THOUSAND
DOLLARS ($800 ,000) for the purchase of property for development of a
downtown public parking facility and related administrative and legal
costs.
Introduced, considered favorably on first reading, and ordered pub-
lished this 15th day of November, A.D. 1983, and to be presented for final
passage on the 6th day of December, Mayo 1983.
ATTEST:
1983.Passed and adopted on final reading this 6th day of December, A.D.
ATTEST: May
City Clerk
-2-