HomeMy WebLinkAbout047 - 05/07/1996 - APPROPRIATING UNANTICIPATED REVENUE IN THE HOME PROGRAM FUND ORDINANCE NO. 47, 1996
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE
HOME PROGRAM FUND
WHEREAS,Article V,Section 14,of the Charter of the City of Fort Collins permits the City
Council to appropriate by ordinance unanticipated revenue which is the result of rate or fee increases
or new revenue sources at any time during the year in which such revenue is received; and
WHEREAS,the City of Fort Collins has been awarded a grant of State HOME funds from
the Colorado Department of Local Affairs in the amount of $613,000 for construction of The
Woodlands, an affordable rental housing project at the northeast corner of Shields Street and
Harmony Road; and
WHEREAS,pursuant to the contract with the Colorado Department of Local Affairs the City
will loan the State HOME funds to Affordable Housing Partners of Fort Collins, a Limited
Partnership, and owner/developer of The Woodlands; and
WHEREAS,the loan will be paid back to the City of Fort Collins at 9%interest over a period
of 18 years; and
WHEREAS, all principal and interest payments on the loan will be used by the City of Fort
Collins to fund HOME-eligible activities.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from unanticipated grant revenue in the
HOME Program Fund the sum of SIX HUNDRED THIRTEEN THOUSAND DOLLARS
($613,000) for expenditure in the HOME Program Fund for construction of The Woodlands, an
affordable rental housing project at the northeast corner of Shields Street and Harmony Road.
Introduced, considered favorably on first reading, and ordered published this 16th day of
April, A.D. 1996, and to be presented for final passage th day o May, A.D. 19
Mayor
ATTEST:
IOU
City Clerk
Passed and adopted on final reading on this 7th day off
f May; A.D. 1996.
ATTEST:
City Clerk