HomeMy WebLinkAbout091 - 09/07/2010 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, DOWNTOWN DEVELOPMENT AUT ORDINANCE NO. 091, 2010
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY TAXABLE TAX
INCREMENT REVENUE BONDS, SERIES 2010A AND TAX-EXEMPT TAX INCREMENT
REVENUE BONDS, SERIES 2010B, FOR THE PURPOSE OF MAKING CERTAIN
CAPITAL IMPROVEMENTS, CAPITAL PROJECTS AND DEVELOPMENT PROJECTS
WITHIN THE DOWNTOWN AREA OF FORT COLLINS
WHEREAS, on April 21, 1981, the City Council 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. 090, 2010, as approved by the City
Council this same date; and
WHEREAS,through the adoption of Ordinance No. 090,2010,the City Council authorized
the issuance of the City of Fort Collins,Colorado,Downtown Development Authority Taxable Tax
Increment Revenue Bonds, Series 2010A and Tax-Exempt Tax Increment Revenue Bonds, Series
2010B (the"Bonds"), in the maximum aggregate principal amount $14,000,000; 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 City Charter 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.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS 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 in the maximum aggregate amount of FOURTEEN MILLION DOLLARS
($14,000,000) to be used, as defined in the attached Exhibit A.
Introduced, considered favorably on first reading, and ordered published this 17th day of
August, A.D. 2010, and to be presented for,
final passage on the ay of September, A.D. 2010.
Mayo '
ATTEST:
Vitt A .. A n
City-Clerk
Passed and adopted on final reading on the 7t4May
ber, A.D. 2010.
VV '
ATTEST:.
YLO A
` 711
City Clerk "
EXHIBIT A
EXISTING COMMITMENTS
Art in Action: Old Town Square-2010 $66,700
Beet Street-4th Year Funding 500,000
Brendle Group Up to 108,000
City Drug Building Up to 100,000
Downtown River District Improvements 500,000
Flats at the Oval Up to 1,148,781
Fort Collins Brewery Up to 539,918
Funding of Downtown Police Officer 226,545
Holiday Lights 2010-2011 35,000
Holiday Lights 2010-2012: City's Portion 60,000
Lincoln Center Acoustical Upgrades 621,855
Lincoln Center Intergovernmental Agreement Up to 165,827
Odell Brewery Expansion 378,142
Old Town Square Ice Rink 2009-2012 Up to 120,000
Old Town Square Video Camera Project Up to 10,000
OtterBox Up to 1,500,000
Snooze Up to 34,610
Miscellaneous Estimated at 1,248,237
Project Management Fees Estimated at 378,156
Maximum Aggregate of$7,741,770
RE-BONDING OF OPEN PROJECT COMMITTMENTS
Penny Flats $252,085
Kayak course 2,000
Mason Corridor 600,000
River District Improvements 500,000
Fort ZED 250,000
Coca-Cola Sign Restoration 10,000
Maximum Aggregate of$1,614,085
TOTAL OPEN PROJECT COMMITMENTS $9,355,855
UNAPPROPRIATED BOND PROJECT ACCOUNT
2010 Alley Enhancement Project-Maintenance Estimated at$154,145
Art in Action: Old Town Square-2011 Estimated at 50,000
DDA Parking Lot-Elks Facility Estimated at 65,000
DDA Warehouse Utilities and Maintenance Costs Estimated at 120,000
Future Funding: Beet Street-2011 and 2012 Up to 1,000,000
Holiday Lights 201 1-2012 Estimated at 35,000
Old Town Square Preconstruction Activities Estimated at 220,000
Maximum Aggregate of$1,644,145
OTHER
Debt Service Reserve Fund $1,400,000
Origination Fee 61,800
Cost of Issuance 60,000
Bond Counsel and Financial Advisor Estimated at 60,000
Contingency 1,418,200
Maximum Aggregate of$3,000,000
TOTAL USES Maximum Aggregate of$14,000,000