HomeMy WebLinkAbout121 - 10/19/1993 - ADVANCING FUNDS TO THE CAPITAL PROJECTS FUND FOR THE PURCHASE OF THE SOUTHWEST COMMUNITY PARK/YOUTH ORDINANCE NO. 121, 1993
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ADVANCING FUNDS IN THE STREET
OVERSIZING FUND TO THE CAPITAL PROJECTS FUND FOR
THE PURCHASE OF THE SOUTHWEST COMMUNITY
PARK/YOUTH SPORTS COMPLEX
WHEREAS, David and Mary Whitham own real property located in southwest Fort
Collins, which is identified on the attached Exhibit "A" ("the Property") ; and
WHEREAS, the Whithams have offered to sell the Property, which comprises
173 acres, to the City for the amount of $1,425,000; and
WHEREAS, 70 acres of the Property will be acquired for public natural areas
for the amount of $560,000 using funds appropriated in the Capital Projects Fund
from the proceeds of the 1/4 Cent Natural Areas Sales Tax; and
WHEREAS, the remaining 103 acres will be used for the Southwest Community
Park/Youth Sports Complex and will be acquired for the amount of $865,000; and
WHEREAS, the acquisition of a park site for the Southwest Community
Park/Youth Sports Complex is a Choices 95 project, and, while Choices 95 money
is not presently available for this purchase, such funds will be available in
1996; and
WHEREAS, by acquiring the park site in conjunction with the natural areas
acquisition, substantial savings over the anticipated cost of acquiring a site
for this Southwest Community Park/Youth Sports Complex will be realized; and
WHEREAS, there is $865,000 in Street Oversizing Fund Reserves that is not
presently needed for such projects; and
WHEREAS, the $865,000 in the Street Oversizing Fund represents General Fund
revenues that were contributed to the Street Oversizing Fund; and
WHEREAS, Article V, Section 7 of the City Charter provides that 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, the City Manager recommends that $865,000 of Street Oversizing
Fund Reserves be advanced to the Capital Projects Fund for the purchase of the
site for the Southwest Community Park/Youth Sports Complex; and
WHEREAS, Council believes that the acquisition of the Property 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 Eight Hundred Sixty-five Thousand Dollars ($865,000) be
advanced from reserves in the Street Oversizing Fund to the Capital Projects Fund
and appropriated therein to be used for the acquisition of the Property described
on attached Exhibit "A," which is incorporated herein by this reference.
Section 2. That Choices 95 proceeds to be used for the acquisition of a
Southwest Community Park/Youth Sports Complex shall be used to repay the advance
from the Street Oversizing Fund in 1996 in the amount of Eight Hundred Sixty-five
Thousand Dollars ($865,000), plus the amount of interest on said amount that
would have been earned had the amount remained in the Street Oversizing Fund from
the time of its transfer to the Capital Projects Fund until the time of repayment
to the Street Oversizing Fund.
Introduced, considered favorably on first reading, and ordered published
this 5th day of October, A.D. 1993, and to be presented for final passage on the
19th day of October, A.D. 1993.
ayor
ATTEST:
City Clerk
Passed and adopted on final reading this 19th day of October, A.D. 1993.
4afor
ATTEST:
City Clerk �—
EXHIBIT "A"
Legal Description
The SW4 and the Wh of the SW4 of the SE4 Section 28, Township
7 North, Range 69 West of the 6th PM, Larimer County, Colorado,
containing 173 acres, more or less.