HomeMy WebLinkAbout175 - 12/17/2002 - APPROPRIATING PROCEEDES FROM THE ISSUANCE OF DDA TAXABLE SUBORDINATE TAX INCREMENT REVENUE BONDS, S ORDINANCE NO. 175, 2002
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS,
COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY TAXABLE SUBORDINATE
TAX INCREMENT REVENUE BONDS, SERIES 2002, FOR THE PURPOSE OF MAKING
CERTAIN CAPITAL IMPROVEMENTS IN THE DOWNTOWN AREA OF FORT COLLINS
AND APPROPRIATING REVENUES IN THE TAX INCREMENT FUND
WHEREAS, on April 21, 1981, the City of Fort Collins, Colorado, adopted Ordinance
No. 46, 1981, establishing the Fort Collins, Colorado, Downtown Development Authority; and
WHEREAS, the Downtown Development Authority's Plan of Development was
approved by the City on September 8, 1981 which established the purpose of the Authority and
the types of projects in which the Authority would participate; and
WHEREAS, on June 1, 1982, a special election was held pursuant to Section 31-25-
807(b) of the Colorado Revised Statutes approving the issuance by the City of up to $25,000,000
in tax increment obligations to finance certain projects of the Downtown Development
Authority; and
WHEREAS, there is sufficient remaining bonding authorization available to fund
additional projects in the downtown area, pursuant to Ordinance No. 174, 2002, as approved by
the City Council this same date, and there is sufficient tax increment revenue available in 2002
to pay the debt service on the bonds issued by such ordinance; and
WHEREAS, through the adoption of Ordinance No. 174, 2002, of the Council of the City
of Fort Collins, the Council has issued the City of Fort Collins, Colorado, Downtown
Development Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 2002 (the
"Bonds"), in the aggregate principal amount of$1,065,000; and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, are
necessary to complete the construction of certain improvements in the downtown area of the
City; and
WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins permits the
City Council to make supplemental appropriations, in conjunction with all previous
appropriations for that fiscal year, provided that the total amount of such supplemental
appropriations, in combination with all previous appropriations for that fiscal year, does not
exceed the current estimate of actual and anticipated revenues to be received during the fiscal
year; and
WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins (the
"Charter") permits the 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 as follows:
Section 1. That, contingent upon the final sale and issuance of the Bonds, there is
hereby appropriated for expenditure from bond proceeds in the Downtown Development
Authority Operating Fund the amount of ONE MILLION SIXTY-FIVE THOUSAND
DOLLARS ($1,065,000) to be used for the following capital improvements in the downtown
area:
231 North College $ 50,000
Chamber of Commerce 52,000
Mason Street North 251,000
Old Town Square Play Area 1200
Museum 25,000
Linden Street Plan 250,000
Mulberry-Lemay 85,250
River Design 15,000
Linden Loan 100,000
Downtown Strategic Plan 56,250
300 East Mountain 90,000
Baptist Church 64,000
$1,050,500
Section 2. That there is hereby appropriated from prior year reserves for expenditure
in the Downtown Development Authority Debt Service Fund a sum of ONE MILLION SIXTY-
FIVE THOUSAND DOLLARS ($1,065,000) to be used for the payment of the Bonds.
Introduced and considered favorably on first reading and ordered published this 19th day
of November, A.D. 2002, and to be presented for final passage on the 17th day of December,
A.D. 2002.
Ile
Mayor ; ..:..
ATTEST:
u� .1% .1, L
City Clerk
Passed and adopted on final reading this 17th day of December, A,D. 2002.
Mayor
ATTEST:
City Clerk