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HomeMy WebLinkAbout029 - 03/06/2001 - APPROPRIATING PRIOR YEAR RESERVES IN THE DDA OPERATION AND MAINTENANCE FUND FOR THE REPLACEMENT OF T ORDINANCE NO. 29, 2001 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT AUTHORITY OPERATION AND MAINTENANCE FUND FOR THE REPLACEMENT OF THE SIDEWALK ON THE WEST SIDE OF THE 200 BLOCK OF SOUTH COLLEGE AVENUE WHEREAS,the Downtown Development Authority("DDA") has as part of its mission the ability to participate in street, sidewalk, and other improvements that renovate and otherwise improve the businesses and public improvements in the downtown area; and WHEREAS,during a presentation to the DDA Board of Directors,the new owner of the 227 South College Avenue property(the former Larrabee's Home Furnishings Store),outlined his plans to renovate this property and subsequently move from his current location (Ace Hardware) to the main level of the old Larrabee's building; and WHEREAS,following the move to the new property,the current Ace Hardware location will be home to a new tenant and will also be renovated; and WHEREAS, the renovation of the old Larrabee's site will be complete with a new facade comprising brick and stucco to better fit the ambiance of downtown; and WHEREAS, the total renovation cost is estimated to be $524,333; and WHEREAS,the DDA believes that the foregoing change in use of these buildings presents a unique opportunity to address the sidewalk renovation during the relatively short downtime which will be experienced by both the current and future Ace Hardware locations and would effectively reduce any additional inconvenience to retail shoppers; and WHEREAS, in February 2000, the City Council adopted Ordinance No. 9, 2000, which authorized the issuance of City of Fort Collins, Colorado, Downtown Development Authority Subordinate Tax Increment Revenue Bonds, Series 2000A, in the aggregate principal amount of $610,000,for the purpose of financing certain capital improvements and capital projects(the"2000A Bonds"); and WHEREAS, certain of the projects originally planned to take place and receive financial support from proceeds of the 2000A Bonds have been delayed, or may not go forward; and WHEREAS,because the proposed sidewalk improvements are within the range of projects for which the bond proceeds may be used, the DDA has recommended using $32,000 of the proceeds from the 2000A Bonds in the form of prior year reserves in the Operations and Maintenance Fund for the replacement of the sidewalk in front of 227 South College Avenue; and WHEREAS, on February 1, 2001, DDA committed $23,871 of appropriated funds toward facade improvements and in addition committed up to $32,000 for the replacement of the sidewalk on the west side of the 200 block of South College Avenue; and WHEREAS,Article V, Section 9, of the Charter of the City of Fort Collins also 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; and WHEREAS,it is the desire of the Council to appropriate the sum of$32,000 from prior year reserves in the Downtown Development Authority Operations and Maintenance Fund to be used for the replacement of the sidewalk on the west side of the 200 block of South College Avenue. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby appropriated for expenditure from 2000A Bond proceeds in the form of prior year reserves in the Downtown Development Authority Operation and Maintenance Fund the sum of THIRTY-TWO THOUSAND DOLLARS ($32,000) to be used for the replacement of the sidewalk on the west side of the 200 block of South College Avenue. Introduced and considered favorable on first reading and ordered published this 20th day of February, A.D. 2001, and to be presented for final passage on the 6th day of March, A.D. 2001. Mayor ATTEST: City Clerk Passed and adopted on final reading this 6th day of March, A.13,,2001. M yor ATTEST: - "IN* City Clerk