HomeMy WebLinkAbout111 - 11/03/2009 - APPROPRIATING DOWNTOWN DEVELOPMENT AUTHORITY OPERATING FUNDS, DEBT SERVICE FUNDS, AND FIXING THE MIL ORDINANCE NO. 111, 2009
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING DOWNTOWN DEVELOPMENT AUTHORITY OPERATING
FUNDS, DEBT SERVICE FUNDS, AND FIXING THE MILL LEVY
FOR FISCAL YEAR 2010
WHEREAS,the Fort Collins Downtown Development Authority(the"DDA")has been duly
organized in accordance with Section 31-25-804, C.R.S.; and
WHEREAS, on August 13, 2009, the DDA Board of Directors (the "DDA Board"), acting
under the provisions of Section 31-25-816, C.R.S., adopted a budget for the fiscal year beginning
January 1, 2010, and determined the mill levy necessary to provide for payment during fiscal year
2010 of all properly authorized expenditures to be incurred by the DDA; and
WHEREAS,it is the desire of the City Council to appropriate the sum of SEVEN MILLION,
FIVE HUNDRED SEVENTY SEVEN THOUSAND FIFTY FOUR DOLLARS($7,577,054)in the
DDA Operation and Maintenance Fund and the Debt Service Fund for the fiscal year beginning
January 1, 2010 and ending December 31, 2010, to be used as follows:
DDA Operations and Maintenance $1,024,682
DDA Debt Service Fund 6,552,372
WHEREAS, the DDA Board has recommended to the City Council a mill levy of 5.0 mills
upon each dollar of assessed valuation of all taxable property within the DDA District, such levy
representing the amount of taxes for DDA purposes necessary to provide for payment during the
ensuing fiscal year for all property authorized expenditures to be incurred by the DDA; and
WHEREAS, Section 39-5-128(1),C.R.S.,requires certification of any tax levy to the Board
of County Commissioners no later than December 15, 2009.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
Section 1. That there is hereby appropriated for expenditure from the Downtown
Development Authority Operations and Maintenance Fund the sum of ONE MILLION TWENTY
FOUR THOUSAND, SIX HUNDRED AND EIGHTY TWO DOLLARS ($1,024,682), to be
expended for the authorized purposes of the Downtown Development Authority.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of SIX MILLION, FIVE HUNDRED FIFTY
TWO THOUSAND THREE HUNDRED AND SEVENTY TWO DOLLARS ($6,552,372), for
payment of debt service on previously issued and outstanding bonds and to be used to cover the
Downtown Development Authority's one-third share of payment on the Civic Center Parking
Structure.
Section 3. That the 2010 mill levy rate for the taxation upon each dollar of the assessed
valuation of all taxable property within the Downtown Development Authority District as of
December 31, 2009 shall be five mills, which levy represents the amount of taxes to provide for
payment during the aforementioned fiscal year of all properly authorized expenditures to be incurred
by the Downtown Development Authority. Said mill levy shall be certified to the County Assessor
and the Board of County Commissioners of Larimer County,Colorado,by the City Clerk as provided
by law.
Introduced, considered favorably on first reading, and ordered published this 20th day of
October, A.D. 2009, and to be presented for final passage on t rd ay of November, A.D. 2009.
i
Mayo
ATTEST:.
City Clerk
Passed and adopted on final reading on the 3rd day of Nov ber, A.D. 2009.
Mayou
A�TTESf:
City Clerk
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