HomeMy WebLinkAbout139 - 11/04/2014 - BEING THE ANNUAL APPROPRIATION ORDINANCE FOR THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RELATIN ORDINANCE NO. 139, 2014
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 FISCAL YEAR 2015 AND FIXING THE MILL LEVY FOR THE
DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2015
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 9, 2014 DDA Board of Directors (the "DDA Board"), acting
under the provisions of Colorado Revised_ Statutes Section 31-25-816. 1973, as amended,
adopted a budget for the fiscal year beginning January 1, 2015 which included appropriation of
the 2015 Line of Credit draw, and determined the mill levy necessary to provide for payment
during fiscal year 2015 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 FOUR MILLION
NINE HUNDRED THIRTY FIVE THOUSAND FOUR HUNDRED EIGHTY DOLLARS
($4,935,480) in the DDA Operation and Maintenance Fund and the Debt Service Fund for the
fiscal year beginning January 1, 2015 and ending December 31, 2015, to be used as 'follows:
DDA Operations & Maintenance $ 744,084
2015 Revolving Line of Credit Draw 1,000,000
DDA Debt Service Fund 3.191,396
$ 4,935.480
WHEREAS, the DDA Board has recommended to the Council 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 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, 2014.
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
FORTY FOUR THOUSAND, EIGHTY FOUR DOLLARS ($744,084), to be expended for the
authorized purposes of the DDA.
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Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority 2015 Line of Credit draw the sum of up to ONE MILLION DOLLARS
($1.000,000), to be used to finance DDA projects or programs in accordance with the DDA Plan
of Development including the 2015 Museum of Discovery payment and multi-year
reimbursement payments.
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 ONE THOUSAND, THREE HUNDRED AND NINETY SIX DOLLARS ($3,191,396),
for payment of debt service do previously issued and outstanding bonds, to pay the City's
investment service charge, for payment on the 2015 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 2015 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, 2014 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 Latimer County, Colorado, by the City Clerk as provided by law.
Introduced, considered favorably on first reading; and ordered published this 21 st day of
October, A.D. 2014, and to be presented for final passage on the 4th day of November, A.D.
2014.
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ATTEST: ~'
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City Clerk
Passed and adopted on final reading on the 4th day of November, A.D. 2014.
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ATTEST: FORT CO
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City Clerk
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