HomeMy WebLinkAbout102 - 08/01/1995 - AUTHORIZING A REBATE OF FEES ASSOCIATED WITH THE CONSTRUCTION AND DEVELOPMENT OF A NEW BUILDING FOR ORDINANCE NO. 102, 1995
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING A REBATE OF FEES ASSOCIATED WITH THE CONSTRUCTION AND
DEVELOPMENT OF A NEW BUILDING FOR
ADVANCED ENERGY INDUSTRIES, INC.
WHEREAS, Advanced Energy Industries, Inc. ("the Company") is planning the expansion
of their existing research, development and manufacturing facility within the municipal boundaries
of the City of Fort Collins; and
WHEREAS,the Company plans to construct a new 55,000 square foot facility on 4.65 acres
of]and within the Prospect East Business Park located at Prospect Parkway and Sharp Point Drive,
just south of Prospect Road and east of Timberline Road in Fort Collins; and
WHEREAS, if the Company expands its manufacturing facility in the City, the City will
realize approximately $200,000 initially, and henceforth approximately $110,000 per year in sales,
use and property tax revenue, of which $20,000 per year will be new revenue attributable to the
proposed expansion; and
WHEREAS,the expansion of the Company's facilities in the City will also benefit the City
by providing additional employment opportunities and the corresponding stimulation of the City's
economy; and
WHEREAS, Council previously adopted Resolution 94-126, amending the City's Economic
Development Policy which provides for a case-by-case consideration of financial incentives for base
industry; and
WHEREAS, Council has also adopted Ordinance No. 123, 1994, amending Article VII
Chapter 5 of the Code of the City of Fort Collins so as to permit the consideration and rebate of fees
on a case-by-case basis for the purpose of economic development; and
WHEREAS,the Company has applied to the City,pursuant to the aforementioned program,
for the rebate of the following fees to be paid by the Company in connection with the proposed
expansion: Street Oversizing, Building Permit, Plan Review, Water Plant Investment, Sewer Plant
Investment, Water Rights Requirement, and Electrical Development fees; and
WHEREAS, for the reasons stated above, the Council has determined that the proposed
expansion of the Company would be of significant benefit to the City, and that a rebate of the
foregoing fees would be consistent with the City's economic development goals and objectives and
would, over time, have a positive impact on the financial welfare of the City and the provision of
City services because of the anticipated financial returns to the City from the proposed expansion;
and
WHEREAS,the Council has further determined that the source of funds used to rebate the
development fees shall be the sales, use and property taxes paid by the Company, and, that in no
event shall the rebate exceed the development fees actually paid by the Company, nor shall the
rebate be made until such time as the City has received, through the payment of sales use and
property taxes by the Company,twice the estimated costs for infrastructure maintenance,which costs
are estimated to be in the amount of$150,000.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That Advanced Energy Industries,Inc. shall receive a rebate of development
fees associated with the construction of its manufacturing facility within the City of Fort Collins,
which fees are estimated to be in the following amounts:
FEE Estimated Amount
Street Oversizing $24,443.
Building Permit $ 9,863.
Plan Review $ 5,059.
Water Plant Investment $20,300.
Sewer Plant Investment $15,100.
Water Rights Requirement $14,400.
Storm Drainage Basin NO BASIN FEE APPLICABLE
Electrical Development $41,893.
TOTAL $131,058.
Section 2. That the rebate payment authorized in Section 1 above shall be made from
sales, use and property tax payments received by the City from the Company following the
construction, equipping and furnishing of the new facility, and that such rebate payment shall not
exceed the amount of development fees actually paid by the Company or One Hundred Thirty-Five
Thousand Dollars($135,000), whichever is less, nor shall the rebate payment be made prior to the
City receiving, in taxes paid by the Company, the sum of One Hundred Fifty Thousand Dollars
($150,000.00),which sum represents twice the estimated amount needed by the City to maintain the
public infrastructure to be constructed in the vicinity of the site over a twenty (20)year period.
Introduced, considered favorably on first reading, and ordereAr6ER ed this 18t of
July, A.D. 1995, and to be presented for final passage on the I st of Au st, A. 95.
ayor
ATTEST:
City Clerk
Passed and adopted on final reading this 1st day 2ayor
g A.D. 5
i0
City Clerk
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