HomeMy WebLinkAbout137 - 11/20/2018 - BEING THE ANNUAL APPROPRIATION ORDINANCE FOR THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RELATIN ORDINANCE NO. 137, 2018
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 THE FISCAL YEAR 2019 AND FIXING THE
MILL LEVY FOR THE DOWNTOWN DEVELOPMENT AUTHORITY
FOR FISCAL YEAR 2019.
WHEREAS, the Fort Collins Downtown Development Authority (the "DDA") has been
duly organized in accordance with the C.R.S. Section 31-25-804; and
WHEREAS, on September 13, 2018, DDA Board of Directors (the "DDA Board"), acting
under the.provisions of Colorado Revised Statutes ("C.R.S.") Section 31-25-816, adopted a
proposed and recommended DDA budget for the fiscal year beginning January 1, 2019, as
reflected in DDA Board Resolutions 2018-04, 2018-05, 2018-06 and 2018-07, (the "Budget") and
determined the mill levy necessary to provide for payment during fiscal year 2019 of properly
authorized operational and maintenance expenditures to be incurred by the DDA; and
WHEREAS, it is.the desire of the Council of the City of Fort Collins (the `-`City Council")
to appropriate the sum of FOURTEEN MILLION, FIVE HUNDRED SIX THOUSAND, ONE
HUNDRED FIFTY-EIGHT DOLLARS ($14,506,158)from the DDA Operation and Maintenance
Fund and the DDA Debt Service Fund for the fiscal year beginning January 1, 2019 and ending
December 31, 2019, to be used as follows;
DDA Public/Private Investments & Programs (O&M Fund) $3,470,849
DDA Operations &Maintenance (O&M Fund) 809,787
2019 Revolving Line of Credit Draws 4,000,000
DDA Debt Service Fund 6,225;522
Total $14,506,158
WHEREAS, the DDA Board, as reflected in DDA Board Resolution 2018-03, has
recommended to the City Council that pursuant,to C.R.S. Section 31-25-817 the City Council set
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 necessary to provide for payment
during the 2019 fiscal year for all properly authorized operational and maintenance expenditures
to be incurred by the DDA; and
WHEREAS, C.R.S. Section 39-5-12.8(1) requires certification of this mill levy to the
Larimer County Board of County Commissioners no later than December 15, 2018; and
WHEREAS, a scrivener's error in the numbering of this Ordinance has been corrected
since this Ordinance was adopted on First Reading, and this Ordinance has now been published by
correct number and title prior to adoption on Second Reading.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
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Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That the City Council hereby approves the Budget as provided in C.R.S.
Section 31-25-816(1).
Section 3. That there is hereby appropriated for fiscal year 2019 for expenditure from
the DDA Operation and Maintenance Fund for the Downtown Development Authority
Public/Private Investments and Programs the sum of THREE MILLION, FOUR HUNDRED
SEVENTY THOUSAND, EIGHT HUNDRED FORTY-NINE DOLLARS ($3,470,849), to be
expended to fund the payment of the DDA-related obligations that have been entered into or will
be entered into in furtherance of the DDA's approved plan of development.
Section 4. That there is also hereby appropriated for fiscal year 2019 for expenditure
from the DDA Operation and Maintenance Fund for the Downtown Development Authority
Operation and Maintenance the sum of EIGHT HUNDRED NINE THOUSAND, SEVEN
HUNDRED EIGHTY-SEVEN DOLLARS ($809,787), to be expended for the authorized
purposes of the DDA.
Section 5. That there is hereby appropriated for fiscal year 2019 for expenditure from
the Downtown Development Authority 2019 Line of Credit draws the sum of up to FOUR
MILLION DOLLARS ($4,000,000), to be used to finance DDA projects or programs in
accordance with the DDA approved plan of development including the multi-year reimbursement
payments, and capital asset maintenance obligations.
Section 6. That there is hereby appropriated for the fiscal year 2019 for expenditure
from the Downtown Development Authority Debt Service Fund the sum of SIX MILLION,TWO
HUNDRED TWENTY-FIVE THOUSAND, FIVE HUNDRED TWENTY-TWO DOLLARS
($6,225,522),for payment of debt service on previously issued and outstanding bonds, to pay the
City's investment service charge, and for payment on the 2019 Line of Credit draws.
Section 7. That the DDA's mill levy rate for the taxation upon each dollar of the
assessed.valuation of all taxable property within the DDA District shall be five (5) mills to be
imposed on the assessed value of such property as set by state law for property taxes payable in
2019, which levy represents the amount of taxes necessary to provide for payment during fiscal
year 2019 of all properly authorized operational and maintenance expenditures to be incurred by
the DDA,as appropriated herein. The City Clerk shall certify said mill levy to the County Assessor
and the Board of County Commissioners of Larimer County, Colorado, no later than December
15, 2018.
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Introduced, considered favorably on first reading, and ordered published this 6th day of
November, A.D. 2018, and to be presented for final passage on the 20th day of November, A.D.
2018.
Mayor
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Passed and adopted on final reading on the 20th day of November, A.D. 2018.
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