HomeMy WebLinkAbout1984-052-03/20/1984-AUTHORIZING THE MAYOR TO ENTER INTO AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY AND THE DOWNTOWN RESOLUTION 84-52
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE MAYOR TO ENTER INTO AN
INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY
AND THE DOWNTOWN DEVELOPMENT AUTHORITY ESTABLISHING
A LINE-OF-CREDIT IN THE AMOUNT OF $3,200,000 FOR
INTERIM FINANCING PRIOR TO THE ISSUANCE OF DEBT
WHEREAS, the Downtown Development Authority (DDA) has committed itself
to the revitalization of the Downtown/Old Town area of the city of Fort
Collins; and
WHEREAS, the Remington/Mountain Parking Structure and the Railroad
Track Relocation have been designated by the DDA as an integral part of
said revitalization; and
WHEREAS, City staff members and the DDA have recommended the issuance
of tax increment bonds for the financing of said projects; and
WHEREAS, the DDA could be significantly delayed in the issuance of
construction contracts for said projects, and in the making of appropri-
ations for the funding of said projects while awaiting the development and
marketing of said bond financing package; and
WHEREAS, the establishment of a line-of-credit by the City of Fort
Collins to the DDA will provide interim financing and will enable said
projects to proceed; and
WHEREAS, it is not anticipated that the City will be required to
advance any cash under the line-of-credit as the DDA has sufficient monies
unexpended, yet committed, from the $3.1 million BAN issue of 1983.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the Mayor be, and he hereby is, authorized to enter into an
Intergovernmental Agreement between the City of Fort Collins and the
Downtown Development Authority establishing a line-of-credit in the amount
of Three Million Two Hundred Thousand Dollars ($3,200,000) for interim
financing prior to the issuance of the said tax increment bonds.
Passed and adopted at a regular meeting of the Council of the City
of Fort Collins held this 20th day of h, A.D. 1984.
Ma or
ATTEST:
City Clerk