HomeMy WebLinkAbout140 - 11/05/2013 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF DOWNTOWN DEVELOPMENT AUTHORITY SUBORDINATE TAX INCREMENT ORDINANCE NO. 140, 2013
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF
CITY OF FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY
SUBORDINATE TAX INCREMENT REVENUE BOND, SERIES 2013A FOR
THE PURPOSE OF MAKING CERTAIN CAPITAL IMPROVEMENTS WITHIN
THE DOWNTOWN AREA OF FORT COLLINS
WHEREAS, on April 21, 1981, the City of Fort Collins, Colorado, adopted Ordinance
No. 46, 1981, establishing the Fort Collins, Colorado, Downtown Development Authority; and
WHEREAS, the Downtown Development Authority's Plan of Development was
approved by the City on September 8, 1981, and established the purpose of the Authority and the
types of projects in which the Authority would participate; and
WHEREAS, on June 1, 1982, a special election was held pursuant to Section 31-25-
807(b) of the Colorado Revised Statutes approving the issuance by the City of up to $25,000,000
in tax increment obligations to finance certain projects of the Downtown Development
Authority; and
WHEREAS, on November 7, 2006, another election was held and electors approved the
issuance by the City of up to $150,000,000 in tax increment obligations to finance the costs of
various development projects of the Downtown Development Authority; and
WHEREAS, the City has heretofore issued and sold bonds or other indebtedness in the
aggregate principal amount of $24,697,980, pursuant to the authority conferred at the 2006
election; and
WHEREAS, there is sufficient remaining bonding authorization available to fund
additional projects in the downtown area; and
WHEREAS, through the adoption of Ordinance No. 055, 2013, of the Council of the City
of Fort Collins, the Council authorized the issuance of the City of-Fort Collins Downtown '
Development Authority Subordinate Tax Increment Revenue Bond, Series 2013A (the "Bond"),
in the principal amount $6,050,000; and
WHEREAS, the issuance of the Bond and the appropriation of the proceeds thereof are
necessary to complete the construction of certain capital improvements in the downtown area of
the City; and
WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins permits the
City Council to make supplemental appropriations, in conjunction with all previous
appropriations for that fiscal year, provided that the total amount of such supplemental
appropriations, in combination with all previous appropriations for that fiscal year, does not
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exceed the current estimate of actual and anticipated revenues to be received during the fiscal
year; and
WHEREAS, City staff has determined that the appropriation of Bond proceeds as
described herein will not result in total appropriations in excess of the current estimate of actual
and anticipated revenues for fiscal year 2013.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that, contingent upon the final sale and issuance of the Bond, there is hereby
appropriated for expenditure from Bond proceeds in the Downtown Development Authority
Operating Fund the amount of SIX MILLION FIFTY THOUSAND DOLLARS ($6,050,000), to
be used to complete the construction of certain capital improvements in the downtown area of
the City, as described more specifically in the attached Exhibit A.
Introduced, considered favorably on first reading, and ordered published this 15th day of
October, A.D. 2013, and to be presented for final passage on the 5th day of November, A.D.
2013.
of SORT c0` oY
A. Ma or
ATTEST: v• SEA.L
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City Clerk
Passed and adopted on final reading on the 5th day of November, A.D. 2013.
�ITy OF,.' Mayor ro Tern
ATTEST: r)�^,
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City Clerk
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Exhibit A
Bond Proceed Expenditure:
Transmission Line Relocation 1,300,000
Right of Way Improvements 1,750,000
Open Space Improvements 3,000,000
6,050,000