HomeMy WebLinkAbout017 - 03/07/1995 - APPROPRIATING FUNDS IN THE CONSERVATION TRUST FUND FOR THE PURCHASE OF WATER SHARES IN DIXON RESERVO ORDINANCE NO. 17, 1995
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING FUNDS IN THE CONSERVATION TRUST FUND
FOR THE PURCHASE OF WATER SNARES IN DIXON RESERVOIR
WHEREAS,the City Council passed Resolution 93-147 on October 5, 1993, authorizing the
purchase of 173 acres of land, from David and Mary Whitham,for a site for a southwest community
park/youth sports complex, and for public natural areas; and
WHEREAS, the City Council passed Ordinance No. 121, 1993 on October 19, 1993,
advancing$865,000 in prior General Fund contributions to the Street Oversizing Fund reserves to
the Capital Projects Fund for the purchase of 103 acres of land, from the Whithams, to be used for
southwest community park/youth sports park; and
WHEREAS, the remaining 73 acres of land were purchased with funds from the 1/4 Cent
Necessary Capital Projects Fund and will be used for a public natural area; and
WHEREAS, the 103 acre parcel, prior to being purchased by the City, was irrigated farm
land, using the Dixon Reservoir water; and
WHEREAS, the previous owners of the land have offered to sell their water shares in Dixon
Reservoir, representing 83% of the water in Dixon Reservoir; and
WHEREAS,Staff is recommending purchasing the water shares to be used to irrigate the 103
acre park site; and
WHEREAS, in addition to its irrigation value, Dixon Reservoir serves as a water fowl and
wading bird habitat and provides recreational opportunities for local fisherman through a lease with
the Division of Wildlife; and
WHEREAS, Staff proposes that funds from the Conservation Trust Fund and the 1/4 Cent
Necessary Capital Projects Fund be used to buy the 830 shares of water in Dixon Reservoir for
$676,450, that are available for sale; and
WHEREAS, the cost per share is $815, which was determined to be the value of the water
by the Water Utility, based on data in the Water Intelligence monthly, and local evaporation data;
and
WHEREAS,Staff recommends the following sources of funds be used to purchase the shares
of water and to pay for the transaction costs incurred in purchasing the shares of water:
Conservation Trust Fund - Prior Year Reserves $254,000
Conservation Trust Fund - Funds for Open Space Acquisition 275,000
1/4 Cent Necessary Capital Projects Fund- Funds for Open
Space Acquisition 150,000
$679,000
WHEREAS, Article V, Section 7 of the Charter of the City of Fort Collins (the "Charter")
provides that 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, Article V, Section 14, of the Charter authorizes the City Council to transfer by
ordinance, any unexpended appropriated amounts or portion thereof from one fund to another upon
the recommendation of the City Manager, provided that the purpose for which the funds were
initially appropriated remain unchanged; and
WHEREAS,the City Manager recommends the transfer of the funds from the Conservation
Trust Fund for open space acquisition and from the 1/4 Cent Necessary Capital Projects Fund, as
shown above, to the Conservation Trust Fund Dixon Reservoir Water Shares Project; and
WHEREAS, the purpose for which the transferred funds are to be expended remains
unchanged; and
WHEREAS, City Council believes that the acquisition of the shares of water in Dixon
Reservoir is in the best interest of the City.
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 the sum of TWO HUNDRED FIFTY-FOUR THOUSAND DOLLARS
($254,000) to be used for the purchase of water shares in Dixon Reservoir.
Section 2: That the unexpended appropriated amount of ONE HUNDRED FIFTY
THOUSAND DOLLARS ($150,000)be authorized for transfer from the 1/4 Cent Necessary Capital
Projects Fund, Open Space Acquisition capital project to the Conservation Trust Fund Dixon
Reservoir Water Shares project and appropriated therein to be used for the purchase of water shares
in Dixon Reservoir.
Section 3: That the unexpended appropriated amount of TWO HUNDRED SEVENTY-FIVE
THOUSAND DOLLARS ($275,000) is authorized for transfer from the Conservation Trust Fund
Open Space Acquisition project to the Dixon Reservoir Water Share project to be used for the
purchase of water shares in Dixon Reservoir.
Introduced, considered favorably on first reading, and ordered ed this 21st day of
February, A.D. 1995, and to be presented for final passage=ayor ,�_
.
City Clerk
Passed and arloute tun fitral re-ading-this:7th clay of i larcfi,
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ATTEST:" t
City Clerk ��