HomeMy WebLinkAbout039 - 05/21/1985 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND FOR THE PURPOSE OF ECONOMIC DEVELOPMENT (DEFEA ORDINANCE NO. 39, 1985
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
GENERAL FUND FOR THE PURPOSE OF ECONOMIC DEVELOPMENT
WHEREAS, Article V, Section 8 of the Charter of t City of Fort
Collins permits the Council to appropriate monies from re rves accumulated
in prior years at any time during the year; and
WHEREAS, the City has available $254,935.40 in dustrial Development
Revenue Bond fees; and r
f
WHEREAS, such revenue has been designated fm`r the purpose of economic
development.
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WHEREAS, the Sunstrand Corporation has r6quested that certain develop=
ment fees be waived or public improvemenlf constructed to benefit that
corporation in the event of its location of a facility in the City of Fort
Collins; and
WHEREAS, the City has determined,"that the public will benefit by the
waiver of such fees for the constru91 on of capital improvements.
NOW, THEREFORE, BE IT ORDAIED BY THE COUNCIL OF THE CITY OF FORT
COLLINS:
1. There is hereby a ropriated for expenditure from prior year
reserves in the General Fun the sum of Sixty Thousand Dollars ($60,000)
for the purpose of providi g economic development incentives to targeted
industries located in the ity of Fort Collins.
2. Because of t e public benefits to be obtained therefrom, the
City authorizes the w iver of capital development fees or the construc-
tion of public improv ments to property owned by the Sunstrand Corporation,
for the purpose of roviding to that corporation incentives to locate in
the City of Fort C lins. Upon the construction of any such public improve-
ments or waiver o capital development fees, the City Manager is authorized
to transfer fro monies appropriated by this ordinance a sum of up to Sixty
Thousand Dolla s ($60,000) , equal to the value of the public improvements
or capital d elopment fees waived. Such monies shall be transferred to
the utiliti s providing the public improvements or waiver of capital
developmen fees.
lDereak-ed on
Second Readiri9
s/al165
Introduced, considered favorably on first reading, and ordered pub-
lished this 19thday of March A.D. 1985, and to be presented for final
passage on the 2nd day of April , A.D. 1985.
M yor ,t1�7�r,QI�,%/�i//.�A/.
ATTEST:
City Clerk
1985.Passed and adopted on final reading this 2nd day of April A.D.
ATTEST: Mayor
City Clerk
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