HomeMy WebLinkAbout106 - 11/16/2010 - RELATING TO THE DOWNTOWN DEVELOPMENT AUTHORITY ANNUAL APPROPRIATIONS FOR THE FISCAL YEAR 2011 AND FI ORDINANCE NO. 106, 2010
OF THE COUNCIL OF THE CITY OF FORT COLLINS
RELATING TO THE DOWNTOWN DEVELOPMENT AUTHORITY
ANNUAL APPROPRIATIONS FOR THE FISCAL YEAR 2011 AND
FIXING THE MILL LEVY FOR FISCAL YEAR 2011
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 September 9, 2010, 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, 2011 and determined the mill levy necessary to provide for payment during fiscal year
2011 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 SIX MLLION,
SEVEN HUNDRED SEVENTY SIX THOUSAND, NINE HUNDRED SEVENTY TWO
DOLLARS ($6,776,972) in the DDA Operation and Maintenance Fund and the Debt Service Fund
for the fiscal year beginning January 1, 2011 and ending December 31, 2011, to be used as follows:
DDA Operations & Maintenance $ 826,758
DDA Debt Service Fund 5,950,214
$6,776,972
and
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, 2010. .
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 EIGHT HUNDRED
TWENTY SIX THOUSAND, SEVEN HUNDRED AND FIFTY EIGHT DOLLARS ($826,758),
to be expended for the authorized purposes of the DDA.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of FIVE MILLION,NINE HUNDRED FIFTY
THOUSAND,TWO HUNDRED AND FOURTEEN DOLLARS($5,950,214),for payment of debt
service on previously issued and outstanding bonds and to be used to cover the DDA's one-third
share of payment on the Civic Center Parking Structure.
Section 3. That the 2011 mill levy rate for the taxation upon each dollar of the assessed
valuation of all taxable property within the DDA District as of December 31, 2010 shall be five(5)
mills, which levy represents the amount of taxes for the District purposes to provide for payment
during the aforementioned fiscal year of all properly authorized expenditures to be incurred by the
DDA. 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 2nd day of
November, A.D. 2010, and to be presented for final passage on the 16th day of November, A.D.
2010.
1
_ Mayor
ATTEST:
Qua r I
City Clerk
Passed and adopted on final reading on thel6th day of ber, A.D. 2010.
ay r
ATTEST: -
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,Chief Deputy City Clerk