HomeMy WebLinkAbout135 - 12/15/2009 - APPROPRIATING PRIOR YEAR RESERVES IN THE CAPITAL PROJECTS FUND AND AUTHORIZING THE TRANSFER OF APPRO ORDINANCE NO. 135, 2009
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE CAPITAL PROJECTS
FUND AND AUTHORIZING THE TRANSFER OF APPROPRIATED
AMOUNTS BETWEEN FUNDS FOR A COMMERCIAL REDEVELOPMENT
STUDY FOR THE MIDTOWN COMMERCIAL CORRIDOR AREA
WHEREAS, approximately 700,000 square feet of vacant retail space, including vacancies
at the Foothills Mall, exist along the southern portion of the College Avenue corridor, also known
as the Midtown Commercial Corridor; and
WHEREAS, several successful retail properties are located in the Midtown Commercial
Corridor but continued decline in the area could jeopardize these retail properties; and
WHEREAS, at its June 9, 2009, work session, City Council directed City staff to prepare a
redevelopment study for the Midtown Commercial Corridor; and
WHEREAS,the City issued a Request for Proposal for consultants to assist City staff in the
redevelopment study and ultimately selected a team led by ELS Architecture and Urban Design,
supported by Economic and Planning Systems and Warren Wilson, as consultants; and
WHEREAS, this ordinance appropriates $215,000 for the completion of the Midtown
Commercial Corridor Redevelopment Study and$71,090 to be used for implementation activities;
and
WHEREAS, funds are available from the Capital Projects Fund prior year reserves
accumulated from unappropriated earnings on investments; and
WHEREAS,Article V, Section 9 of the City Charter permits the City Council to appropriate
by ordinance at any time during the fiscal year such funds for expenditure as may be available from
reserves accumulated in prior years, notwithstanding that such reserves were not previously
appropriated; and
WHEREAS,Article V,Section 10,of the City Charter authorizes the City Council to transfer
by ordinance any unexpended 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.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from prior year reserves in the Capital
Projects Fund the sum of TWO HUNDRED EIGHTY-SIX THOUSAND AND NINETY
DOLLARS ($286,090) to be transferred to the General Fund and appropriated therein for a
Commercial Redevelopment Study for the Midtown Commercial Corridor and implementation
activities upon completion of that study.
Introduced, considered favorably on first reading, and ordered published this 1 st day of
December, A.D. 2009, and to be'presented for final passage on the 15th day of December, A.D.
2009.
` Mayor
ATTEST:
r
_City Clerk
Passed and adopted on final reading on the 15th day of cc ber, A.D. 2009. 411
Mayor
-ATTEST: -
A
CityClerk '