HomeMy WebLinkAbout039 - 04/05/2016 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND AND UNANTICIPATED REVENUE IN THE GENERAL FUNDORDINANCE NO. 039,2016
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND
AND UNANTICIPATED REVENUE IN THE GENERAL FUND FOR
CONSTRUCTION OF A PEDESTRIAN UNDERPASS AT FOOTHILLS PARKWAY
AND COLLEGE AVENUE AS PART OF THE FOOTHILLS MALL
REDEVELOPMENT PROJECT AND AUTHORIZING THE CITY MANAGER
TO ENTER INTO RELATED AGREEMENTS
WHEREAS, the City of Fort Collins.(the "City") and Walton Foothills Holdings VI,
L.L.C. (the "Developer") entered into a Redevelopment and Reimbursement Agreement (the
Agreement") for the Foothills Mall Redevelopment; and
WHEREAS, the Developer is obligated under the Agreement to construct a'pedestrian
underpass at Foothills Parkway and College Avenue (the "Underpass"); and
WHEREAS, the cost to construct the Underpass has exceeded the original cost
estimated by $600,000; and
WHEREAS, the Colorado Department of Transportation ("CDO") has agreed to fund
300,000 of this cost overrun through an intergovernmental agreement with the City (the
CDOT IGA") and the Developer and the City will each pay $150,000 of the cost overruns
under an amendment to the Agreement; and
WHEREAS, Article V, Section 9, of the City Charter permits the City Council to
make 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, does not exceed the current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS, Article V, Section 9 of the City Charter further authorizes 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
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 prior year reserves in the General
Fund the sum of ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000) for expenditure
from the General Fund for the City's contribution to the construction of the Underpass.
I_
Section 3. That there is hereby appropriated from unanticipated revenue in the
General Fund the sum of THREE HUNDRED THOUSAND DOLLARS ($300,000) the City
will receive from CDOT under the CDOT IGA, representing CDOT's contribution for the
construction of the Underpass.
Section 4. Notwithstanding the foregoing, this total $450,000 appropriated amount
shall only be expended by the City in accordance with a written amendment to the Agreement
and the CDOT IGA.
Section 5. That the City Manager is hereby authorized to enter into a written.
amendment to the Agreement and the CDOT IGA on the City's behalf, after consultation with
the City Attorney, provided that the same shall be consistent with the terms of this Ordinance.
Introduced, considered favorably on first reading, and ordered published this 15th.day of
March, A.D. 2016, and to be presented for final passage on the 5th day of April, A.D. 2016.
OF gORT CO Mayor
ATTEST:
SEAL
vv
LORA•
City Clerk
Passed and adopted on final reading on the 5th day of April, A.D. 2016.
Fp 4 CO<
Mayor
ATTEST:
A
COLO-
City Clerk
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