HomeMy WebLinkAbout099 - 09/06/2016 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO REIMBURSE WOODWARD, INC. FOR DEVELOPMENT FEORDINANCE NO.099, 2016
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, (the "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, 2015,
through December, 31, 2015, for eligible reimbursements is $151,316; and
WHEREAS, in accordance with the terms of the Agreement, staff is requesting
appropriation of $151,316 from prior year reserves from the General Fund to so reimburse
Woodward; and
WHEREAS, Article V, Section 9, of the City Charter also 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.
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.
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Section 2. That there is hereby appropriated for expenditure from prior year reserves
in the General Fund the sum of ONE HUNDRED FIFTY ONE THOUSAND THREE
HUNDRED SIXTEEN DOLLARS ($151,316) to reimburse Woodward for Use Tax as required
by the Agreement.
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.
FOR?coy Mayor
ATTEST: yN
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City Clerk
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Passed and adopted on final reading on the 6th day of September, A.D. 2016.
E,dRY Co,,
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Mayor
ATTEST: o
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City Clerk
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