HomeMy WebLinkAbout112 - 09/03/1996 - AUTHORIZING A REBATE OF FEES ASSOCIATED WITH THE CONSTRUCTION AND DEVELOPMENT OF A NEW BUILDING FOR ORDINANCE NO. 112, 1996
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 SYMBIOS LOGIC, INC.
WHEREAS, Symbios Logic ("the Company") is planning to consolidate its administrative
functions within the municipal boundaries of the City of Fort Collins; and
WHEREAS,the Company plans to construct a new 100,000 square foot office facility at the
northwest corner of Harmony Road and County Road 9; and
WHEREAS,the Council has determined that, if the Company consolidates its administrative
functions as anticipated, the City will realize an immediate return of approximately $211,800 in
sales, use and property tax revenue, and henceforth approximately $34,000 per year from such
revenue, of which nearly all is new revenue; and
WHEREAS, the consolidation of the Company's facilities in the City will benefit the City
by stabilizing the company's employment base and by providing a corresponding stimulation of the
City's economy; and
WHEREAS, for the foregoing reasons, the Council of the City of Fort Collins believes that
it would be in the best interests of the City that the Company be encouraged to expand its
manufacturing facility in the City; 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 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 promoting economic development; and
WHEREAS, in consideration of the aforesaid benefits to the City which would result from
the consolidation of the Company's administrative facilities within the municipal boundaries of the
City, the Council has determined that the Company should receive a rebate of certain development
fees associated with the construction of its new building, pursuant to the aforementioned program;
and
WHEREAS, Council has further determined that the funds of the City to be used to rebate
the development fees should derive from the sales,use and property taxes paid by the Company, and,
that in no event should the rebate exceed the development fees actually paid, nor should the rebate
be made until such time that the City has received twice the estimated costs for infrastructure
maintenance ($40,000).
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That Symbios Logic,Inc.shall receive a rebate of development fees associated
with the construction of office facility within the City of Fort Collins, which fees are estimated to
be in the following amounts:
FEE Estimated Amount
Street Oversizing $ 156,510
Building Permit $ 29,453
Plan Review $ 19,144
Water Plant Investment $ 20,300
Sewer Plant Investment $ 15,100
Water Rights Requirement $ 14,400
Storm Drainage Basin $ 77,099
Electrical Development $ 57,871
Police Capital Expansion Fee $ 11,910
Fire Capital Expansion Fee $ 17,865
General Gov't Capital Expansion Fee $ 20,247
TOTAL $439,899
Section 2. That the rebate payment shall derive from sales, use and property tax
payments received from the Company following the construction, equipping and furnishing of the
new facility, and that such payment shall, in no event, exceed the amount of development fees
actually paid by the Company, nor be made prior to the City receiving in tax revenue, twice the
estimated amount to maintain the public infrastructure in the vicinity of the site over a twenty-year
period.
Introduced, considered favorably on first reading, and ordered ishe this 20t ay of
August, A.D. 1996, and to be presented for final passage on the 3r"ay of S�emb , .D. 1996.
—"Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 3rd day of September, AD
/l
Mayor
ATTEST:
,)/A
City Clerk`s