HomeMy WebLinkAbout166 - - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO REIMBURSE WOODWARD, INC. FOR DEVELOPMENT FEORDINANCE NO. 166, 2017
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO
REIMBURSE WOODWARD, INC. FOR,DEVELOPMENT FEES AND USE TAX
WHEREAS, the City, the Fort Collins Downtown Development Authority, and
Woodward, Inc. ("Woodward") entered into that certain "Agreement with Woodward,Inc." dated
April 16, 2013, (ihe "Agreement"), which Agreement provides business investment assistance for
the relocation of Woodward's headquarters and the expansion of its manufacturing and office
facilities in Fort Collins; and
WHEREAS, the Agreement specifies that Woodward is eligible for reimbursement from
the City for the following paid by it to the City: (1) "Use Taxes" on "Construction Materials" and
Eligible Equipment", (2) "Development Fees", and (3) "Capital Improvement Fees," as these
terms are defined in the Agreement; and
WHEREAS, under the Agreement,Woodward can apply for reimbursement biannually for
Development Review and Capital Improvement Fees and once a year for the Use Tax rebate; and
WHEREAS, all funds reimbursed must be appropriated by Council as part of the rebate
process; and
WHEREAS,the Agreement was approved by City Council pursuant to Ordinance No. 055,
2013, on April 2, 2013; and
WHEREAS, the current total amount due to Woodward for the-period of January 1, 2016,
through December 31, 2016, for Development Fee and Use Tax eligible reimbursements is
42,614; and
WHEREAS, in accordance with the terms of the Agreement, staff is requesting
appropriation of $42,614 from General Fund prior year reserves for these reimbursements to
Woodward; and
WHEREAS, Article V, Section 9, of the City Charter permits the City Council 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, City staff have determined that the appropriations as described herein are
available and previously unappropriated in the General Fund; and
WHEREAS, as the Council found in Ordinance No. 055, 2013, approving the Agreement,
and hereby reaffirms, the Agreement was and is necessary, convenient, and in furtherance of the
City's purposes and in the best interests of the inhabitants of the City, and will serve the important
public purposes of maintaining and increasing employment in the City, stabilizing and improving
the long term tax base of the City, and providing additional economic health benefits to the City;
and
WHEREAS, the Agreement has also resulted in the construction of significant public
improvements related to the Woodward project.
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 for expenditure from prior year reserves
in the General Fund the sum of FORTY-TWO THOUSAND SIX HUNDRED FOURTEEN
DOLLARS ($42,614) to reimburse Woodward for Development Fees and Use Tax as required by
the Agreement.
Introduced, considered favorably on first reading, and ordered published this 5th day of
December, A.D. 2017, and to be presented for final passage on the 19th day of December, A.D.
2017.
Mayor P Tem
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Passed and adopted on final reading on the 19th day of December, A.D. 2017.
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