HomeMy WebLinkAbout1983-116-06/21/1983-DIRECTING THE CITY STAFF TO PROCEED WITH FINANCING FOR THE LEMAY/HARMONY SPECIAL IMPROVEMENT DISTRIC RESOLUTION 83- 116
OF THE COUNCIL OF THE CITY OF FORT COLLINS
DIRECTING THE CITY STAFF TO PROCEED
WITH FINANCING FOR THE LEMAY/HARMONY SPECIAL
IMPROVEMENT DISTRICT NO 78 AND FOR THE
ESTABLISHMENT OF A FINANCING INSTRUMENT FOR
REIMBURSEMENT OF HARMONY ROAD OVFRSIZING COSTS
OVER A TEN YEAR PERIOD AND THE PLEDGING
THEREOF AS PAPTIAL SECURITY FOR THE LEMAY/HARMONY
SPECIAL IMPROVEMENT DISTRICT NO 78
WHEREAS, heretofore, the Council has approved by ordinance on
first reading the creation and establishment of the Lemay/Harmony
Special Improvement District No 78 , and
WHEREAS, it is in the best interests of the City and the
property owners in the Lemay/Harmony Special Improvement District
that financing of such district through the sale of special
improvement district bonds be obtaired as soon as possible for the
purposes of timely bidding, contracting and construction of such
district improvements, and
WHEREAS, improvement of a portion of Harmony Road is included
in the improvements to be completed through the Lemay/Harmony
Special Improvement District and there is a substantial City
oversizing cost included in such Harmony Road improvement, and
WHEREAS, the property owner responsible for construction of
such Harmony Road improvement has agreed to accept reimbursement
from the City for oversizing costs on Harmony Road over a ten year
period and it is in the best interests of the City to so reimburse
the property owner, and
WHEREAS, it would be beneficial to the property owners in the
Lemay/Harmony Special Improvement District and the City to
establish a financing mechanism which would provide for the City's
Harmony Road oversizing obligation to be pledged as security for
the Lemay/Harmony Special Improvement District,
NOW, THEREFORE, BE IT RESOLVFD BY THE COUNCIL OF THE CITY OF
FORT COLLINS
Section 1 That the City staff be authorized and directed ,
and they hereby aLe , to proceed with all necessary action ,
including the retention of bond and disclosure counsel , for the
issuance of Special Improvement District bonds for the
Lemay/Harmony Special Improvement District No. 78 at the earliest
possible time
Section 2 That the staff be authorized and directed, and
they hereby are, to proceed with all necessary action , including
the retention of bond counsel , for the study and development of a
financing instrument for reimbursement of Harmony Road oversizing
costs over a ten year period and the pledging of such instrument
as partial security for the Lemay/Harmony Special Improvement
District No ].$_
Passed and adopted at a regular meeting of the Council of the
City of Fort Collins this 1s dQa.� n
y of June, 1983
May
ATTEST �j
City Clerk