HomeMy WebLinkAbout151 - 12/05/1995 - APPROPRIATING PRIOR YEAR RESERVES IN THE CONSERVATION TRUST FUND AND THE WASTEWATER UTILITY CAPITAL ORDINANCE NO. 151, 1995
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
CONSERVATION TRUST FUND AND THE WASTEWATER
UTILITY CAPITAL FUND FOR THE PURCHASE OF 500 RIVERSIDE AVENUE
WHEREAS,the Council has approved on first reading Ordinance No. 150, 1995,authorizing
the City Manager to enter into agreements purchasing and conveying a leasehold interest in that
certain real property located at 500 Riverside Avenue and known as the Pickle Plant site (the
"Property"),having determined that such purchase and lease meet the objectives of the City's Poudre
River Land Use Framework,provide a buffer around the existing Mulberry Water Reclamation Plant
(Wastewater Treatment Plant#1) and serve the best interests of the City; and
WHEREAS, the cost of purchasing the Property is Two Hundred Ninety Thousand Four
Hundred Twenty-four Dollars ($290,424); and
WHEREAS, pursuant to the lease of the Property authorized in Ordinance No. 150, 1995,
Larrabee's Home Furnishing Center("Larrabee's") will continue to use the warehouse building on
the Property for furniture storage for a period of five (5) years, and will in exchange pay to the seller
of the Property on behalf of the City Seventy Thousand Dollars ($70,000) at the time the City
purchases the Property, leaving a remaining balance of Two Hundred Twenty Thousand Four
Hundred Twenty-four Dollars ($220,424) to be funded from other sources; and
WHEREAS, staff is recommending that funds in the amount of One Hundred Ten Thousand
Two Hundred Twelve Dollars ($110,212) available in the Conservation Trust Fund Reserves should
be used to partially fund the purchase of the Property; and
WHEREAS, staff is recommending that funds in the amount of One Hundred Ten Thousand
Two Hundred Twelve Dollars ($110,212)available in the Wastewater Utility Capital Fund Reserves
should be used to partially fund the purchase of the Property; and
WHEREAS, Article V, Section 7 of the Charter provides that the City Council may provide
by ordinance for payment of any expense from prior year reserves, notwithstanding that such
reserves were not appropriated for expenditure in the annual appropriation ordinance; and
WHEREAS, it is the desire of the Council to appropriate the sum of One Hundred Ten
Thousand Two Hundred Twelve Dollars ($110,212) from the Conservation Trust Fund Reserves
and a like amount from the Wastewater Utility Capital Fund Reserves,totaling Two Hundred Twenty
Thousand Four Hundred Twenty-four Dollars ($220,424), for the purpose of funding the purchase
of the Property, to be supplemented by the proceeds of the lease of the Property to Larrabee's.
NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That there is hereby appropriated for expenditure from prior year reserves in
the Conservation Trust Fund ONE HUNDRED TEN THOUSAND TWO HUNDRED TWELVE
DOLLARS ($110,212) to be used for the purchase of the Property.
Section 2. That there is hereby appropriated for expenditure from prior year reserves in
the Wastewater Utility Capital Reserve Fund ONE HUNDRED TEN THOUSAND TWO
HUNDRED TWELVE DOLLARS ($110,212) to be used for the purchase of the Property.
Introduced, considered favorably on first reading, ordered published t ' t day of
November,A.D. 1995,and to be presented for final pas e the 5th day of D tuber D. 1995.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 5th day of cc er, A.D. 1
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City Clerk::
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