HomeMy WebLinkAbout128 - 11/03/2015 - BEING THE ANNUAL APPROPRIATION ORDINANCE FOR THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RELATIN ORDINANCE NO. 128, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING THE ANNUAL APPROPRIATION ORDINANCE FOR THE FORT COLLINS
DOWNTOWN DEVELOPMENT AUTHORITY RELATING TO THE ANNUAL
APPROPRIATIONS FOR THE FISCAL YEAR 2016 AND FIXING THE MILL LEVY FOR
THE DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2016
WHEREAS, the Fort Collins Downtown Development Authority (the "DDA") has been
duly organized in accordance with the C.R.S. Section 31-25-804; and
WHEREAS, on October 8, 2015, the DDA Board of Directors (the "DDA Board"),
acting under the provisions of C.R.S. Section 31-25-816, adopted a budget for the fiscal year
beginning January 1, 2016, and determined the mill levy necessary to provide for payment
during fiscal year 2016 of properly authorized operational and maintenance expenditures to be
incurred by the DDA; and
WHEREAS, it is the desire of the Council to appropriate the sum of EIGHT MILLION
ONE HUNDRED THIRTY-EIGHT THOUSAND ONE HUNDRED TWENTY-THREE
DOLLARS ($8,138,123) from the DDA Operation and Maintenance Fund and the DDA Debt
Service Fund for the fiscal year beginning January 1, 2016 and ending December 31, 2016, to be
used as follows:
DDA Public/Private Investments & Programs (O&M Fund) $ 725,394
DDA Operations & Maintenance (O&M Fund) 7911717
2016 Revolving Line of Credit Draws 2,100,000"
DDA Debt Service Fund 4,521,012
Total $8,138,123
WHEREAS, the DDA Board has recommended to the Council that pursuant to C.R.S.
Section 31-25-817 the Council set a mill levy of five (5) mills upon each dollar of assessed
valuation on all taxable property within the DDA District, such levy representing the amount of
taxes 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, C.R.S. Section 39-5-128(1) requires certification of any tax levy to the
Larimer County Board of County Commissioners no later than December 15, 2015.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS, as follows:
Section 1. That there is hereby appropriated for fiscal year 2016 for expenditure from
DDA Operation and Maintenance Fund for the Downtown Development Authority
Public/Private Investments and Programs the sum of SEVEN HUNDRED TWENTY-FIVE
THOUSAND THREE HUNDRED NINETY-FOUR DOLLARS ($725,394), to be expended for
the authorized purposes of the DDA. That there is also hereby appropriated for fiscal year 2016
for expenditure from the DDA Operation and Maintenance Fund for the Downtown
_ 1 _
Development Authority Operations and Maintenance the sum of SEVEN HUNDRED NINETY
ONE THOUSAND SEVEN HUNDRED SEVENTEEN DOLLARS ($791,717), to be expended
for the authorized purposes of the DDA.
Section 2. That there is hereby appropriated for fiscal year 2016 for expenditure from
the Downtown Development Authority 2016 Line of Credit draws the sum of up to TWO
MILLION ONE HUNDRED THOUSAND DOLLARS ($2,100,000), to be used to finance DDA
projects or programs in accordance with the DDA Plan of Development including the 2016
Museum of Discovery payment, multi-year reimbursement payments, Whitewater Park
commitment, and capital asset maintenance obligations.
Section 3. That there is hereby appropriated for fiscal year 2016 for expenditure from
the Downtown Development Authority Debt Service Fund the sum of FOUR MILLION FIVE
HUNDRED TWENTY ONE THOUSAND TWELVE DOLLARS ($4,521,012), for payment of
debt service on previously issued and outstanding bonds, to pay the City's investment service
charge, for payment on the 2016 Line of Credit draws, and to be used to cover the DDA's one-
third share of payment on the Civic Center Parking Structure.
Section 4. That the DDA's 2016 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, 2015 shall
be five (5) mills, which levy represents the amount of taxes necessary to provide for payment
during fiscal year 2016 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 20th day of
October, A.D. 2015, and to be presented for final passage on the 3rd day of November, A.D.
2015.
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N Mayor
ATTEST: : SEA c
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City Clerk
Passed and adopted on final reading on the 3rd day of November, A.D. 2015.
F°?"T SO4,�y Mayor
ATTEST:
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