Loading...
HomeMy WebLinkAbout141 - 09/01/1998 - APPROPRIATING UNANTICIPATED REVENUE IN THE CAPITAL PROJECTS FUND AND AUTHORIZING TRANSFER OF EXISTIN ORDINANCE NO. 141, 1998 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE IN THE CAPITAL PROJECTS FUND AND AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN CAPITAL PROJECTS FOR THE DESIGN AND CONSTRUCTION OF THE CIVIC CENTER PARKING STRUCTURE IN DOWNTOWN FORT COLLINS WHEREAS, on April 7, 1998, City Council adopted Resolution 98-63, authorizing the City to enter into an intergovernmental agreement with Larimer County relating to the ownership, development, maintenance, operation and use of Block 31, including provisions for the County to pay to the City $4,344,000 toward the development and construction of the Civic Center Parking Structure (the "Parking Structure") to be located on the west side of Block 31 in downtown Fort Collins; and WHEREAS, on June 16, 1998, City Council adopted Ordinance No. 100, 1998, appropriating $4,344,000 in the Capital Projects Fund Facilities Master Plan capital project, representing the County's share of costs associated with the development and construction of the Parking Structure; and WHEREAS, the Parking Structure will be a four-and-a-half level, 285,000 square foot facility, with 905 parking spaces; and WHEREAS, the final cost estimate for design and construction of the Parking Structure is $9,887,047, together with a project contingency, a reserve for Art in Public Places, estimated financing costs, and the value of the real property used for the Parking Structure, results in a total estimated project cost of$11,287,060; and WHEREAS,on August 4, 1998,City Council adopted Ordinance No. 128, 1998,approving and authorizing the City to enter into agreements in connection with the execution and delivery of lease certificates of participation,thereby providing a mechanism to secure the City's share of costs associated with Civic Center Facilities Projects,including$6,943,060 forthe Parking Structure;and WHEREAS,the value of the real property used for the Parking Structure,as part of the total project cost, will be paid to the City as part of the Civic Center Facilities Projects financing, to be used by the City for an appropriate public project; and WHEREAS, staff recommends transferring $600,000, representing a portion of the City's equity in the land for the Parking Structure,to the proposed Transit Center project to provide funds for preliminary design and construction of that facility, also a part of the Civic Center Master Plan; and WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins(the "Charter") permits the City Council to make supplemental appropriations by ordinance at any time during the fiscal year,provided that the total amount of such supplemental appropriations,in conjunction with all previous appropriations for that fiscal year,do not exceed the then current estimate of actual and anticipated revenues to be received during the fiscal year; and WHEREAS,Article V, Section 10,of the Charter authorizes the City Council to transfer by ordinance any unexpended appropriated amount or portion thereof from one fund or capital project to another fund or capital project, provided that the purpose for which the transferred funds are to be expended remains unchanged or the purpose for which the funds were initially appropriated no longer exists; and WHEREAS, pursuant to Section 23-304 of the City Code, one percent (1%) of the funds appropriated for the construction of capital projects should be set aside in the Art in Public Places reserve account in the Cultural Services and Facilities Fund,for use in the acquisition or leasing of works of art,maintenance,repair or display of works of art, and administrative expenses related to the Art in Public Places Guidelines adopted by Council in Ordinance No. 47, 1998; and WHEREAS,staff recommends that anew capital project be setup within the Capital Projects Fund, entitled Civic Center Parking Structure, to be used to account for the revenues and expenditures associated with the design and construction of the Parking Structure; and WHEREAS, it is the desire of the Council to authorize the transfer of $4,344,000 from Facilities Master Plan capital project to the Civic Center Parking Structure capital project, appropriate the sum$6,943,060 in unanticipated revenue in the Capital Projects Fund,representing the proceeds from the issuance of tax-exempt lease certificates of participation and the accrued interest anticipated to be earned thereon, to be used for the design and construction of the Civic Center Parking Structure, consistent with the Civic Center Master Plan, and authorize the transfer of $600,000 from the Parking Structure capital project to the Transit Center capital project, and provide funding for the City's Art in Public Places Program by authorizing the transfer of$105,753 from the Parking Structure capital project to the Art in Public Places Reserve Account in the Cultural Services and Facilities Fund. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the unexpended appropriated amount of FOUR MILLION THREE HUNDRED FORTY-FOUR THOUSAND DOLLARS($4,344,000)is hereby authorized for transfer from the Facilities Master Plan capital project to the Civic Center Parking Structure capital project within the Capital Projects Fund to be used for the design and construction of the Civic Center Parking Structure. Section 2. That there is hereby appropriated for expenditure from unanticipated revenue in the Capital Projects Fund Civic Center Parking Structure capital project,the sum of SIX MILLION NINE HUNDRED FORTY-THREE THOUSAND SIXTY DOLLARS ($6,943,060) upon the receipt of proceeds from the issuance of tax-exempt lease certificates of participation and the interest anticipated to be earned thereon to be used for the design and construction of the Civic Center Parking Structure. Section 3. That the unexpended appropriated amount of ONE HUNDRED FIVE THOUSAND SEVEN HUNDRED FIFTY THREE DOLLARS($105,753)is hereby authorized for transfer from the Civic Center Parking Structure capital project in the Capital Projects Fund to the Art in Public Places Reserve Account in the Cultural Services and Facilities Fund,and appropriated therein to be used for art associated with the design and construction of the Civic Center Parking Structure. Section 4. That the unexpended appropriated amount of SIX HUNDRED THOUSAND DOLLARS ($600,000) is hereby authorized for transfer from the Civic Center Parking Structure capital project in the Capital Projects Fund to the Transit Center capital project in the Capital Projects Fund. Introduced and considered favorably on first reading and ordered published this 18th day of August,A.D. 1998, and to be presented for final passage on the J��of Septembe 1998. c Mayor ATTEST: City Clerk Passed and adopted on final reading this 1st day of September, A.D. 1998. Mayor ATTEST: City Clerk