HomeMy WebLinkAbout136 - 11/17/2015 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO REIMBURSE CUSTOM BLENDING, INC. FOR USE TAX ORDINANCE NO. 136, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO REIMBURSE
CUSTOM BLENDING, INC. FOR USE TAXES AND BUSINESS PERSONAL PROPERTY
TAXES AS PROVIDED IN THE BUSINESS INVESTMENT AGREEMENT
WHEREAS, the City and Custom Blending, Inc. ("Custom Blending") entered into that
certain "Agreement with Custom Blending, Inc." dated August 20, 2013 (the "Agreement"),
which Agreement provides business investment assistance for the expansion of Custom
Blending's headquarters in Fort Collins; and
WHEREAS, the Agreement specifies that Custom Blending is eligible for reimbursement
from the City for the following paid by it to the City: (1) Use Tax on new Eligible Equipment,
(2) Business Personal Property Tax on Eligible Manufacturing Equipment; and
WHEREAS, under the Agreement, Custom Blending can apply for reimbursement
biannually for both; and
WHEREAS, all funds reimbursed must be appropriated by Council as part of the rebate
process; and
WHEREAS, the Agreement was approved by City Council pursuant to Resolution No.
2013-073, on August20, 2013; and
WHEREAS, the current reimbursement due to Custom Blending for the period of August
20, 2013, through December 31, 2014, is $13,130 for eligible Use Tax and Business Personal
Property Tax; and
WHEREAS, staff has determined that the requested amount of$13,130 is available from
prior year reserves.in the General Fund to reimburse Custom Blending in accordance with the
Agreement; and
WHEREAS, Article V, Section 9, of the City Charter also 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.
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
General Fund the sum of THIRTEEN THOUSAND ONE HUNDRED THIRTY DOLLARS
($13,130) to reimburse Custom Blending for Use Tax and Business Personal Property Tax as
required by the Agreement.
Introduced, considered favorably on first reading, and ordered published this 3rd day of
November, A.D. 2015, and to be presented for final passage on the 17th day of November, A.D.
2015.
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Passed and adopted on final reading on the 17th day of November, A.D. 2015.
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