HomeMy WebLinkAbout070 - 06/01/2021 - AUTHORIZING A FEE CREDIT AND APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND FOR THE HOUSING CORDINANCE NO.070,2021
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING A FEE CREDIT AND APPROPRIATING PRIOR YEAR RESERVES IN
THE GENERAL FUND FOR THE HOUSING CATALYST
OAK 140 AFFORDABLE HOUSING DEVELOPMENT
WHEREAS,the Fort Collins Housing Authority,doing business as Housing Catalyst
(“HC”),is currently developing Oak 140,a 79-unit affordable housing project at Oak and
Remington Streets in downtown Fort Collins (the “Project”);and
WHEREAS,on November 17,2020,the City Council passed Ordinance No.137,2020,
establishing a flat,per-unit fee credit for the construction of qualifying affordable housing units,
now codified in Chapter 7.5,Article VIII of the City Code (the “Fee Credit Ordinance”);and
WHEREAS,pursuant to the Fee Credit Ordinance,a developer of affordable housing units,
prior to the issuance of certificates of occupancy,may apply to the City for funding that the City
will use,at the direction of the developer,to pay all or a portion of City development and capital
expansion fees on behalf of the developer;and
WHEREAS,the City Council may,by ordinance,approve a credit if the City Council
determines that:
(1)the affordable housing units are intended to house homeless or disabled persons,as
such terms are defined by the United States Department of Housing and Urban
Development,or households with an annual income that does not exceed 30°o of the
area median income (AMI)for the applicable household size in the Fort Collins-
Loveland metropolitan statistical area;and
(2)the proposed credit will not jeopardize the financial interests of the City.
WHEREAS,the maximum amount of the credit is $14,000 per affordable unit for new
construction projects and $5,500 per affordable unit for adaptive reuse projects;and
WHEREAS,seven of the units in the Project qualify for fee credits because they will target
households at or below 30%AMI,so HC has requested a fee credit of $98,000,which amount is
proposed to be appropriated from reserves in the General Fund;and
WHEREAS,this appropriation benefits public health,safety and welfare of the residents
of Fort Collins and serves the public purpose of supporting the development of affordable housing
for low-income residents in the downtown area;and
WHEREAS,the Affordable Housing Board and the Council Finance Committee have both
recommended providing the fee credit described herein;and
WHEREAS,Article V,Section 9 of the City Charter permits the City Council,upon the
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;and
WHEREAS,the City Manager has recommended the appropriation described herein and
determined that this appropriation is available and previously unappropriated from 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 this fiscal year,and
will not jeopardize the financial interests of the City.
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 the City Council hereby finds that the fee credit of NINETY-EIGHT
THOUSAND DOLLARS ($98,000)requested by HC is for affordable housing units that are
intended to house households with an annual income that does not exceed 30%of the area median
income for the applicable household size in the Fort Collins-Loveland metropolitan statistical area
and will not jeopardize the financial interests of the City.
Section 3.That there is hereby appropriated for expenditure from reserves in the
General Fund the sum of NINETY-EIGHT THOUSAND DOLLARS ($98,000)for a fee credit
for the Project.
Section 4.That pursuant to Section 7.5-102 of the City Code,the funds appropriated
herein are to be deposited into a trust account held by the City for the benefit of HC,from which
HC may direct the City to pay balances due to the City for development review fees and capital
expansion fees for the Project.
Introduced,considered favorably on first reading,and ordered published this 18th day of
May,A.D.2021,and to be presented for final passage on the 1st day of June,A.D.2021.I
ATTEST:
I ‘7 —
Passed and adopted on final reading on the 1st
AnEST:
ity Cle
ay of June,A.D.2021.
4
ayor