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HomeMy WebLinkAbout101 - 08/16/1988 - AMENDING ORDINANCE NO. 149, 1986 WHICH ASSESSED THE COST OF IMPROVEMENTS IN THE CUNNINGHAM CORNER SP ORDINANCE NO. 101 , 1988 AMENDING ORDINANCE N0. 149, 1986 WHICH ORDINANCE ASSESSED THE COST OF IMPROVEMENTS IN THE CUNNINGHAM CORNER SPECIAL IMPROVEMENT DISTRICT NO. 82 AND ACCEPTING THE REVISED ASSESSMENT ROLL AND REVISED STATEMENT OF COSTS OF THE DISTRICT PREPARED BY THE FINANCE DIRECTOR WHEREAS, on November 4, 1986, the City Council (the "Council ") passed and adopted Ordinance No. 149, 1986, assessing the cost improvements in Cunningham Corner Special Improvement District No. 82 (the "District") in the City of Fort Collins, Colorado and providing for the payment and collection thereof; and WHEREAS, during the period from December 1, 1984 to May 31, 1988, there accrued in investment earnings on bond proceeds for the District in the amount of $107,613. 15; and WHEREAS, said earnings were placed in the District Bond Fund and used to call District bonds on July 1, 1988; and WHEREAS, the aforementioned bond call reduces the amount of District costs assessable to the property owners in the District; and WHEREAS, in order to proportionately reduce the amount of assessment payable by each property owner in the District, it is necessary to amend the original assessing documents; and WHEREAS, notice of the revised assessments was published as provided in Chapter 22 of the City Code and the date of August 2, 1988, was set for the hearing of complaints or objections to the proposed Amended Assessment Roll for the District. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO as follows: Section 1. That Section 1 of Ordinance No. 149, 1986 be and is hereby amended to read as follows: Section 1. That the total cost of the Improvements, including the cost of construction, engineering, acquisition of existing improvements and rights-of-way, interest accruing on bonds issued to pay the cost of improvements up to the date when such costs will be assessed , legal fees , publication , administration, financing and other incidentals incurred in connection with the Improvements (but excluding the 2% cost of collection which will be added to each annual assessment by the County Treasurer at the time such assessment is due) is $1,494,371 . 15. The amount or proportion of the total cost of the Improvements to be paid by other than special assessments is $247,976.86. The amount of interest earnings for the period from December 1 , 1984 to May 31 , 1988, to be credited to the total cost of the district is $107,613. 15. The balance of the total cost in the District, $1,138,781 . 14, is hereby assessed upon the real property in the District in accordance with the resolutions and ordinances pertaining to the District adopted by the Council and the provisions of Chapter 22 of the Code of the City. The proportion of the total District cost to be assessed upon each lot or tract of land in the District shall be as set forth on Exhibit "A" attached hereto and incorporated herein by reference. Section 2. That the District Assessment Roll and the Revised Statement of District Costs heretofore ratified, approved and confirmed by the Council in Section 7 of Ordinance No. 149, 1986, are hereby amended as shown on Exhibits "A" and "B" respectively attached hereto and incorporated herein by this reference. Introduced, considered favorably on first reading, and ordered published this 2nd day of August, A.D. 1988, and to be presented for final passage on the 16th day of August, A.D. 1988. Mayo ATTEST: City Clerk 1988.Passed and adopted on final reading thi 16 d y of August, A.D. Mayor A�1;EST: City Clerk 1— I.f1 L!1 ISS ILl IC n IL. In LP LL"I l(. II. u'. tC. IP . lL'. u. . u'. . I!. 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The District was established to allow for the construction of certain street , water line, sanitary sewer line, and storm drainage improvements (the "Improvements" ) in the District. In accordance with Chapter 22-85 of the Code of the City of Fort Collins requiring the Director of Finance to prepare a statement of costs of the Improvements , the Director of Finance hereby certifies the whole cost of the Improvements to be assessed as follows: 1. Actual Construction Cost $ 859,865.78 a. District Costs 611,888.92 b. City Costs 247,976.86 2. Engineering and Construction 89,732.99 Management 3. Acquisition of Existing Improvements and Rights-of-Way 7,186.00 4. Interest accrusing on bonds issued to pay the cost of improvements up to the date when such costs will be assessed 417,450.00 5. Legal fees , publication, admini - stration, financing and other incidentals 120,136.38 TOTAL PROJECT COST $ 1,494,371.15 TOTAL DISTRICT COST $ 1,246,394.29 ** INTEREST EARNINGS 107,613.15 * TOTAL ASSESSABLE COSTS $ 1,138,781.14 *This total does not include interest and a 2% collection fee which will be added to each assessment if paid in installments . **Interest earnings have been calculated on all idle bond proceeds through May 31, 1988. Dated this 28th day of July, 1988. / Alan J.CXrcmarik, Finance