HomeMy WebLinkAbout140 - 12/04/2018 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO REIMBURSE WOODWARD, INC. FOR DEVELOPMENT FE ORDINANCE NO. 140, 2018
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO
REIMBURSE WOODWARD, INC. FOR DEVELOPMENT 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 Cityt (1) "Use Taxes" on "Construction Materials"
and "Eligible Equipment", (2) "Development Fees", and (3) "Capital Improvement Fees," as
these terms are defined in the Agreement; 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 Apri1"2, 2013; and
WHEREAS, the current total amount due to Woodward for the period of January 1, 2017,
through December 31, 2017, for Development Fee and Use Tax eligible reimbursements is
$64,479; and
WHEREAS, in accordance with the terms of the Agreement, staff is requesting
appropriation of $64,479 from General Fund prior year reserves for these reimbursements to
Woodward; and
WHEREAS, as the Council found in Ordinance No. 055, 2013, approving the
Agreement, and hereby reaffirms, the Agreement was and is necessary, convenient, and in
furtherance of the City's purposes and in the best interests of the inhabitants of the City, and will
serve the important public purposes of maintaining and increasing employment in the City,
stabilizing and improving the long term tax base of the City, and providing additional economic
health benefits to the City; and
WHEREAS, the Agreement has also resulted in the construction of significant public
improvements related to the Woodward project; and
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WHEREAS, Article V, Section 9 of the City Charter permits the City Council, upon
recommendation of the City Manager, 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, provided that the total
amount of appropriations for fiscal year 2018 shall not exceed the current estimate of actual and
anticipated revenues to be received by the City during 2018; and
WHEREAS, the City Manager has recommended the appropriation described herein and
determined that this appropriation is available and previously unappropriated in the General
Fund and will not cause the total amount appropriated in the General Fund to exceed the current
estimate of actual and anticipated revenues to be received in that fund during the 2018 fiscal
year.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That there is hereby appropriated for expenditure from prior year reserves
in the General Fund the sum of SIXTY-FOUR THOUSAND FOUR HUNDRED SEVENTY-
NINE DOLLARS ($64,479) to reimburse Woodward for Development Fees and Use Tax as
required by the Agreement.
Introduced, considered favorably on first reading, and ordered published this 20th day of
November, A.D. 2018, and to be presented for final passage on the 4th day of December, A.D.
2018.
Mayor
ATTEST: 0!FORT coy`
;Z A.
SEAL.
•
City Cl CO......
Passed and adopted on final reading on the De ber, A.D. 2018.
Mayor
ATTEST: F FORi c
SEAL ,y
City Cle
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