HomeMy WebLinkAbout098 - 09/06/2016 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO REIMBURSE AVAGO WIRELESS TECHNOLOGIES (U.S.ORDINANCE NO. 098, 2016
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND
TO REIMBURSE AVAGO WIRELESS TECHNOLOGIES (U.S.A.)
MANUFACTURING, INC. FOR USE TAX AND BUSINESS PERSONAL
PROPERTY TAXES AS PROVIDED IN BUSINESS INVESTMENT AGREEMENTS
WHEREAS, the City and Avago Wireless Technologies (U.S.A.) Manufacturing, Inc.
Avago") have previously entered into that certain "Business Investment Agreement For
Economic Development Related to Avago Technologies Building 4 Retrofit" dated July 25,
2012, (the "2012 Agreement") and that certain "Business Investment.Agreement for Economic
Development Related to Avago Technologies Building 4 Retrofit for New FBAR Clean Room
Facility" dated June 5, 2013, (the "2013 Agreement"); and
WHEREAS, the 2012 Agreement and 2013 Agreement shall hereinafter be referred to
jointly as the "Agreements"; and
WHEREAS, the 2012 Agreement was approved by City Council on July 19, 2011, in
Resolution 2011-066, and the 2013 Agreement was approved by City Council on October 16,
2012, in Resolution 2012-096; and
WHEREAS, the 2012 Agreement provides certain business investment assistance to
Avago for the retrofit of its Building 4 for a new wafer fabrication facility and the 2013
Agreement provides similar assistance to Avago for the retrofit of its Building 4 for a new FBAR
clean room facility; and
WHEREAS, the Agreements provide that Avago is eligible for reimbursement from the
City for the following paid by it to the City, subject to certain limitations: (1) Use Tax on new
Eligible Equipment, (2) Business Personal Property Tax on Eligible Manufacturing Equipment;
and
WHEREAS, under the Agreements, Avago can apply for reimbursement biannually for
both rebates; and
WHEREAS, all funds reimbursed must be appropriated by City Council as part of the
rebate process; and `
WHEREAS, staff is requesting an appropriation for the full amount of $413,781 from
prior year reserves in the General Fund to reimburse Avago in accordance with the Agreements;
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.
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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 for expenditure from prior year reserves
in the General Fund the sum of FOUR HUNDRED THIRTEEN THOUSAND SEVEN
HUNDRED EIGHTY ONE DOLLARS ($413,781) to reimburse Avago for Use Tax and
Business Personal Property Tax as required by the Agreements.
Introduced, considered favorably on first reading, and ordered published this 16th day of
August, A.D. 2016, and to be presented for final passage on the 6th day of September, A.D.
2016.
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Passed and adopted on final reading on the 6th day of September, A.D. 2016.
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