HomeMy WebLinkAbout167 - 12/06/1994 - AMENDING ORDINANCE NO. 120, 1993 AND APPROPRIATING UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT ORDINANCE NO. 167, 1994
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING ORDINANCE NO. 120, 1993 AND
APPROPRIATING UNANTICIPATED REVENUE
IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND AND
REVISING FUNDING SOURCES FOR AND THE TIMING OF REIMBURSEMENTS FOR
IMPROVEMENTS TO THE LINDEN HOTEL AND SALVATION ARMY BUILDING
WHEREAS, Council believes the City's participation in the renovation of the
Linden Block is in the best interests of the City and serves an important public
purpose; and
WHEREAS, Ordinance No. 120, 1993, approved an intergovernmental agreement
between the 0 ty and the Downtown Development Authority (DDA) and appropriated-
funds needed for improvements to the Linden Hotel and Salvation Army Building;
and
WHEREAS, Ordinance No. 120, 1993 appropriated for transfer to the DDA the
following funds: $100,000 from the Historic Preservation Project in the Capital
Projects Fund; $50,000 from the Use Tax Reserve in the Sales & Use Tax Fund; and
$300,000 as an advance from the Street Oversizing Fund Reserves; for a total of
$450,000; and
WHEREAS, according to the provisions of Ordinance No. 120, 1993, all funds
transferred to the DDA would be paid to the developers for improvements to the
Linden Hotel and Salvation Army Building by way of reimbursement; and
WHEREAS, Section 1.C(6) of Ordinance No. 120, 1993 states that
reimbursement payments shall be made only after a certificate of occupancy has
been issued for the Linden Hotel and the facade renovation of the Salvation Army
Building has been completed; and
WHEREAS, the parties intended to allow the DDA to reimburse the developer
for improvements to the Linden Hotel before the improvements to the Salvation
Army Building were completed; and
WHEREAS, any 1993 appropriations for this Project that lapsed at the end
of 1993 were reappropriated in the 1994 budget in accordance with Ordinance No.
120, 1993; and
WHEREAS, to date no transfers have been made to the DDA for the Linden
Block Renovation project; and
WHEREAS, the City has been awarded a grant from the State Historical Fund
of the Colorado Historical Society in the amount of $100,000 for the facade
rehabilitation of the Linden Hotel which can be used to reduce the City's and
DDA's financial contribution to the project; and
WHEREAS, staff recommends that the transfer from the City's Capital
Projects Fund for Historic Preservation to the DDA for the Linden Block
Renovation be reduced from $100,000 to $50,000; and
WHEREAS, staff recommends that the original advance from Street Oversizing
Fund Reserves to the DDA for the Linden Block Renovation be reduced from $300,000
to $250,000; and
WHEREAS, under the provisions of Section 31-25-801, et.seq. C.R.S. , the DDA
is authorized to receive grants, contributions and loans from the City and to
utilize the same for the acquisition of property and the repair and
reconstruction of such property.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1. That Section 1.C(6) or Ordinance No. 120, 1993 is hereby
amended to read as follows;
Such reimbursement payments shall be made only after:
(a) for the Linden Hotel improvements, at such time as a
certificate of occupancy has been issued for the Linden Hotel
and the owner(s) of the Hotel execute an agreement requiring
their annual certification to the Larimer County Assessor of
a value for the Hotel sufficient to generate a minimum of
$28,000 in annual property taxes and for a period necessary to
generate a total amount of property taxes for the Hotel equal
to $350,000.
(b) for the Salvation Army improvements, at such time as the
facade renovation of the Salvation Army Building has been
completed and the owner(s) of the Salvation Army Building
execute an agreement requesting their annual certification to
Larimer County Assessor of a value for the Salvation Army
Building sufficient to generate a minimum of $12,000 in annual
property taxes for a period necessary to generate a total
amount of property taxes for the building equal to $100,000.
Section 2. That upon receipt there is hereby appropriated from
unanticipated grant revenue in the Downtown Development Authority Fund the sum
of ONE HUNDRED THOUSAND DOLLARS ($100,000) for the facade rehabilitation of the
Linden Hotel grant project.
Section 3. That the amount of ONE HUNDRED THOUSAND DOLLARS ($100,000)
originally authorized for transfer from the Historic Preservation capital project
in the Capital Projects Fund to the Downtown Development Authority Fund for the
Linden Block renovation be reduced to FIFTY THOUSAND DOLLARS ($50,000) .
Section 4. That the THREE HUNDRED THOUSAND DOLLARS ($300,000) originally
to be advanced from the Street Oversizing Fund reserves to the Downtown
Development Authority Fund for the Linden Block renovation be reduced to TWO
HUNDRED FIFTY THOUSAND DOLLARS ($250,000) .
Section 5. That THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000) of
existing appropriations in the Downtown Development Authority Fund for the Linden
Block renovation is hereby transferred to the Linden Hotel grant project.
Section 6. That the City Manager is authorized to amend the agreement
between the City of Fort Collins and the Downtown Development Authority as
necessary so that said agreement is consistent with this ordinance.
Introduced, considered favorably on first reading, and ordered published
this 15th day of November, A.D. , 1994, and to be pres ed for final pas a on
the 6th day of December, A.D. 1994.
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ayor
ATTEST:
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Passed and adopted on final reading thisn
December, 94.
ayor
ATTEST;_
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City Clerk