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HomeMy WebLinkAbout015 - 02/20/2001 - APPROPRIATING PRIOR YEAR RESERVES IN THE AFFORDABLE HOUSING RESERVE IN THE GENERAL FUND FOR IMPACT F ORDINANCE NO. 15, 2001 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR RESERVES IN THE AFFORDABLE HOUSING RESERVE IN THE GENERAL FUND FOR IMPACT FEE REBATE PAYMENTS FOR AFFORDABLE HOUSING PROJECTS WHEREAS,pursuant to Ordinance No. 145, 1994,the City may rebate development impact fees for the purpose of promoting affordable housing; and WHEREAS, by its adoption of Ordinance No. 20, 1999,the Council eliminated the Rebate Program except for eleven projects that had received preliminary planning approval from the City and had financially anticipated rebates; and WHEREAS, the Bull Run Apartments, Country Ranch Apartments,Windtrail Apartments, and Albion Way single family affordable housing projects are four of the eleven projects still eligible for impact fee rebates; and WHEREAS,the City has received requests from Brisben Companies for development impact fee rebates for $179,580 for the Bull Run Apartments and for $86,140 for the Country Ranch Apartments affordable housing projects; and WHEREAS, applications for development impact fee rebates are also anticipated from the Habitat for Humanity's Albion Way homes for $6,284, and from CARE Housing's Windtrail Apartments affordable housing project for $73,000; and WHEREAS,the total amount of$345,004 needed to provide the eligible rebates is available in the General Fund Affordable Housing prior year reserve; and WHEREAS, Article V,Section 9,of the Charter of the City of Fort Collins permits the City Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as may be available from reserves accumulated in prior years, notwithstanding that such reserves were not previously appropriated. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby appropriated for expenditure from the General Fund Affordable Housing prior year reserves the sum of THREE HUNDRED FORTY FIVE THOUSAND FOUR DOLLARS ($345,004) for development impact fee rebates for the Bull Run Apartments, Country Ranch Apartments, Windtrail Apartments, and Albion Way single family affordable housing projects. Introduced, considered favorably on first reading, and ordered published this 6th day of February, A.D. 2001, and to be presented for final passage on the 20th day of February, A.D. 2001. �m YL Mayor _... ATTEST: WkL16 City Clerk Passed and adopted on final reading this 20th day of February, A.D. 2001. Mayor ATTEST: City Clerk