HomeMy WebLinkAbout158 - 11/18/2014 - APPROPRIATING UNANTICIPATED REVENUE AND PRIOR YEAR RESERVES IN THE GENERAL FUND TO REIMBURSE WOODWAR ORDINANCE NO. 158, 2014
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE AND PRIOR YEAR
RESERVES IN THE GENERAL FUND TO REIMBURSE WOODWARD, INC.
FOR DEVELOPMENT FEES
WHEREAS, the City, the Fort Collins Downtown Development Authority, and
Woodward, Inc. ("Woodward") entered into that certain "Agreement with Woodward, Inc."
dated April 16, 2013 (the "Agreement"), which provides business investment assistance for the
relocation of Woodward's headquarters and the expansion of its manufacturing and office
facilities in Fort Collins: and
WHEREAS, the Agreement specifies that Woodward is eligible for reimbursement from
the City for the following paid by it to the City: (1) Use "fax on Construction Materials and
Eligible Equipment, (2) Development Fees, and (3) Capital Improvement Fees; and
WHEREAS, under the Agreement, Woodward can apply for reimbursement biannually
for Development Review and Capital Improvement Fees and once a year for the Use Tax rebate;
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 Ordinance No.
055, 2013, on April 2, 2013; and
WHEREAS, the current reimbursement due to Woodward for the period of January 1,
2013, through June, 30, 2014, is $88,344 for eligible Development Fees; and
WHEREAS, staff is requesting appropriation of $52,106 of unanticipated revenue and
$36,238 from prior year reserves in the General Fund to reimburse Woodward in accordance
with the Agreement; and
WHEREAS, Article V, Section 9, of the City Charter permits the City Council to make
supplemental appropriations by ordinance at any time during the fiscal year, provided that the
total amount of such supplemental appropriations, in combination with all previous
appropriations for that fiscal year, do not exceed the current estimate of actual and anticipated
revenues to be received during the fiscal year; 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 as follows:
- 1 -
Section 1. That there is hereby appropriated for expenditure from unanticipated
revenue in the General Fund the sum of FIFTY TWO THOUSAND ONE HUNDRED SIX
DOLLARS ($52,106) to reimburse Woodward for Development Fees as required by the
Agreement.
Section 2. That there is hereby appropriated for expenditure from prior year reserves
in the General Fund the sum of THIRTY SIX THOUSAND TWO HUNDRED THIRTY EIGHT
DOLLARS ($36,238) to reimburse Woodward for Development Fees as required by the
Agreement.
Introduced, considered favorably on first reading, and ordered published this 4th
day of November, A.D. 2014, and to be presented for final passage on the 18th day of
November, A.D. 2014.
OF Po
Mayo
ATTEST: -.o
;r
p'. h
City Clerk
Passed and adopted on final reading on the l8th day of November, A.D. 2014.
Ma or
ATTEST: CITY Op
�O
City Clerk ti1 ,; ••,••
- 2 -