HomeMy WebLinkAbout107 - 11/06/2012 - BEING THE ANNUAL APPROPRIATION ORDINANCE OF THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RELATING ORDINANCE NO. 107, 2012
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING THE ANNUAL APPROPRIATION ORDINANCE OF THE FORT COLLINS
DOWNTOWN DEVELOPMENT AUTHORITY RELATING TO THE ANNUAL
APPROPRIATIONS FOR THE FISCAL YEAR 2013 AND FIXING THE MILL LEVY FOR
THE DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2013
WHEREAS,the Fort Collins Downtown Development Authority(the"DDA")has been duly
organized in accordance with the Colorado Revised Statutes (C.R.S)31-25-804, 1973 as amended;
and
WHEREAS,on October 11, 2012, the DDA Board of Directors (the "DDA Board"), acting
under the provisions of C.R.S. 31-25-816, 1973, as amended, adopted a budget for the fiscal year
beginning January 1,2013 which included appropriation of funding for the 2013 Line of Credit,and
determined the mill levy necessary to provide for payment during' fiscal year 2013 of properly
authorized operational and maintenance expenditures to be incurred by the DDA; and
WHEREAS, it is the desire of the City Council to appropriate the sum of FOUR MILLION,
NINE HUNDRED SIXTY SIX THOUSAND, NINE HUNDRED SEVENTY FIVE DOLLARS
($4,966,975)in the DDA Operation and Maintenance Fund and the Debt Service Fund for the fiscal
year beginning January 1, 20L3 and ending December 31, 2013, to be used as follows:
DDA Operations & Maintenance $ 769,440
2013 Revolving Line of Credit 1,000,000
DDA Debt Service Fund 3,197,535
$4,966,975
WHEREAS,the DDA Board has recommended to the City Council a mill levy of five mills
upon each dollar of assessed valuation on 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 properly authorized operational and maintenance 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, 2012.
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 SEVEN HUNDRED SIXTY
NINE THOUSAND,FOUR HUNDRED AND FORTY DOLLARS($769,440),to be expended for
the authorized purposes of the DDA.
Section 2. That there is hereby appropriated for expenditure from draws upon the
Downtown Development Authority 2013 Line of Credit the sum of up to ONE MILLION
DOLLARS ($1,000,000), to be used as specified in the attached Exhibit A.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of THREE MILLION, ONE HUNDRED
NINTY SEVEN THOUSAND, FIVE HUNDRED AND THIRTY FIVE DOLLARS ($3,197,535),
for payment of debt service on previously issued and outstanding bonds, to pay the City's
investment service charge, for payment on the 2013 Line of Credit draw, and to be used to cover the
DDA's one-third share of payment on the Civic Center Parking Structure.
Section 4. That the 2013 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, 2012 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 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 16th day of
October, A.D. 2012, and to be presented for final passage on the 6th day of November, A.D. 2012.
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Passed and adopted on final reading on the 6th day of November, A.D. 2012.
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EXHIBIT A
2013 Line of Credit Draw
Project/Program to be Funded
Museum of Discovery- 2013 Payment $500,000.00
Future Facade Public/Private Investments ** $450,000.00
Project Management Fee $49,250.00
Annual Fee $500.00
Cost of Financing $250.00
$1,000,000.00
**Release of funds in 2013 is contingent upon owner submission of all DDA requirements for project reimbursement