HomeMy WebLinkAbout042 - 04/04/2023 - MAKING SUPPLEMENTAL APPROPRIATIONS FROM LEASE FINANCING PROCEEDS AND APPROPRIATING PRIOR YEAR RESERVORDNANCE NO.042,2023
OF THE COUNCIL OF THE CITY OF FORT COLLINS
MAKING SUPPLEMENTAL APPROPRIATIONS FROM LEASE FINANCING PROCEEDS
AND APPROPRIATING PRIOR YEAR RESERVES FOR THE PURCHASE OF
VACANT LAND AT THE FORMER HUGHES STADIUM SITE
WHEREAS,Colorado State University (“CSU”)is the owner of a parcel of land on the
west side of Fort Collins that is the site of the former Hughes Stadium (the “CSU Property”);and
WHEREAS,in April 2021 Fort Collins voters approved a citizen-initiated ballot measure
requiring the City to zone the CSU Property as open lands,and to make a good-faith effort to
purchase the land from CSU;and
WHEREAS,on March 2,2023,the City and the Board of Governors of the CSU system
executed a purchase and sale agreement by which the City agreed to buy the CSU Property from
CSU for $12.5 million,contingent on the City Council’s appropriation of funds sufficient and
intended for such purpose;and
WHEREAS,the City has sold its 2023 Lease Certificates of Participation (“2023
COPs”)_and will finalize completion of the 2023 COPs transaction prior to the effective date of
this Ordinance,and the COPs proceeds will be deposited in the General Fund;and
WHEREAS,the total cost of the purchase,including closing costs and the costs related to
the issuance of the 2023 COPs to finance the purchase,is $12.7 million;and
WHEREAS,this appropriation benefits public health,safety and welfare of the citizens of
Fort Collins and serves the public purpose of acquiring vacant land for public purposes as approved
by the voters;and
WHEREAS,Article V,Section 9 of the City Charter permits the City Council,upon
recommendation of the City Manager,to make a supplemental appropriation by ordinance at any
time during the fiscal year,provided that the total amount of such supplemental appropriation,in
combination with all previous appropriations for that fiscal year,do not exceed the current estimate
of actual and anticipated revenues and all other funds to be received during the fiscal year;and
WHEREAS,Article V,Section 9 of the City Charter permits the City Council,upon the
recommendation of the City Manager,to make supplemental appropriations by ordinance at any
time during the fiscal year of 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 appropriations described herein and
determined that these appropriations are available and previously unappropriated from the General
Fund and the Natural Areas Fund,as applicable,and will not cause the total amount appropriated
in the General Fund or the Natural Areas Fund,as applicable,to exceed the current estimate of
actual and anticipated revenues and all other funds to be received in these funds during this fiscal
year.
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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 from new revenue or other funds in the
General Fund the sum of EIGHT MILLION SIX HUNDRED NINETY THOUSAND EIGHT
HUNDRED NINETY-FOUR DOLLARS ($8,690,894)to be expended in the General Fund for
the purchase of the vacant land at the former Hughes Stadium Site.
Section 3.That there is hereby appropriated from prior year reserves in the General
Fund the sum of TWO MILLION DOLLARS ($2,000,000)to be expended in the General Fund
for the purchase of the vacant land at the former Hughes Stadium Site.
Section 4.That there is hereby appropriated from prior year reserves in the Natural
Areas Fund the sum of TWO MILLION DOLLARS ($2,000,000)to be expended in the Natural
Areas Fund for the purchase of the vacant land at the former Hughes Stadium Site.
Section 5.That the City Council hereby directs the City Manager to advise Council
regarding potential adjustments to the sources of funds used for the purchase of the former Hughes
Stadium Site based on the planned use of the property,promptly after completion of a plan for the
use of the property.
Introduced,considered favorably on first reading,and ordered published this 21st day of
March,2023,and to be presented for final passage on the 4t i day of April,21 3.
ATTEST:/1
City Clerk /CA ~‘A
Passed and adopted on final reading this 4th day of April,2023.diV
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ATtEST:40
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City Clerk /C4,ip 444
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