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HomeMy WebLinkAbout024 - 02/17/2004 - APPROPRIATING PRIOR YEAR RESERVES IN THE EQUIPMENT FUND TO BE USED TO PURCHASE PROPERTY LOCATED AT 5 ORDINANCE NO. 024, 2004 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR RESERVES IN THE EQUIPMENT FUND TO BE USED TO PURCHASE PROPERTY LOCATED AT 518 NORTH LOOMIS AVENUE AND TO MAKE CERTAIN SITE IMPROVEMENTS TO THE PROPERTY THEREON WHEREAS, the City currently owns and uses four facilities located in the Downtown Civic Center Complex and one location at the Fleet Services site on Wood Street, totaling approximately 21,500 square feet, to store new and unused furniture, as well as Fleet and Facility Services' maintenance and repair materials; and WHEREAS, City staff has been considering a 1.01 acre site located at 518 North Loomis Avenue that includes three connected warehouse buildings, totaling 20,040 square feet, to be used to consolidate the aforementioned furniture and maintenance and repair materials, currently stored in five locations; and WHEREAS, purchasing additional warehouse space would preclude the need to include storage space in a future Operations Services Building, resulting in a savings, in excess of $1M, for that future facility; and WHEREAS, staff has discussed the possibility of the City acquiring the property at 518 North Loomis Avenue with the Martinez Farm neighborhood group, and has received positive feedback from that group in support of the City's purchase of the property; and WHEREAS, the cost of the property located at 518 North Loomis Avenue is $597,000; and WHEREAS, staff recommends purchasing the aforementioned property at the cost of $597,000 to be used as a storage location for consolidating City owned furniture and Fleet and Facility Services' maintenance and repair materials, and spending an additional $85,000 to make certain site improvements to the property, including site cleanup, landscaping, and fence removal; and WHEREAS, staff has identified prior year reserves in the Equipment Fund, totaling $682,000, to be used to purchase the property located at 518 North Loomis Avenue and to make certain site improvements thereon; 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; and WHEREAS, it is the desire of the Council to appropriate $682,000 from prior year reserves in the Equipment to be used to purchase the property located at 518 North Loomis Avenue and to make certain site improvements thereon. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby appropriated for expenditure from prior year reserves in the Equipment Fund the sum of SIX HUNDRED EIGHTY-TWO THOUSAND DOLLARS ($682,000) to be used to purchase the property located at 518 North Loomis Avenue and to make certain site improvements thereon. Introduced and considered favorably on first reading and ordered published this 3rd day of February, A.D. 2004, and to be presented for final passage on the h day of February, A.D. 2004. Ma or ATTEST: UL�k City Clerk Passed and adopted on final reading this 17th day of February, 2004. Mayor ATTEST: City Clerk