HomeMy WebLinkAbout057 - 05/05/2015 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO REIMBURSE WOODWARD, INC. FOR DEVELOPMENT FEOrdinance not considered on First Reading
May 5, 2015
OPTION 1
ORDINANCE NO. 057, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO REIMBURSE
WOODWARD, INC. FOR DEVELOPMENT FEES, CAPITAL EXPANSION
IMPROVEMENT FEES, AND USE TAX
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 Agreement 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 Tax on Construction Materials and
Eligible Equipment, (2) Development Fees, and (3) Capital Improvement Expansion Fees; and
WHEREAS, under the Agreement, Woodward can apply for reimbursement biannually
for Development Review and Capital Improvement Expansion 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 July 1, 2014,
through December, 31, 2014, is $2,107,261 for eligible fees and Use Tax; and
WHEREAS, staff is requesting appropriation of the full amount, $2,107,261 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 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 TWO MILLION ONE HUNDRED SEVEN THOUSAND TWO
HUNDRED SIXTY-ONE DOLLARS ($2,107,261) to reimburse Woodward for Development
Fees, Capital Expansion Improvement Fees, and Use Tax as required by the Agreement.
Ordinance not considered on First Reading
May 5, 2015
Introduced, considered favorably on first reading, and ordered published this 5th day of
May, A.D. 2015, and to be presented for final passage on the 19th day of May, A.D. 2015.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk
Passed and adopted on final reading on the 19th day of May, A.D. 2015.
__________________________________
Mayor
ATTEST:
_______________________________
City Clerk