HomeMy WebLinkAbout029 - 03/04/1986 - APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR THE PURCHASE OF THE 6 i
ORDINANCE NO. 29 , 1986
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR
THE PURCHASE OF THE SMALL WONDER PROPERTY
LOCATED AT 185 NORTH COLLEGE AVENUE
WHEREAS, Article V, Section 8, of the Charter of the City of Fort
Collins permits the Council to appropriate prior year reserves; and
WHEREAS, the Downtown Development Authority has issued bonds in the
approximate amount of $8.2 million; and
WHEREAS, the Downtown Development Authority has available $195,427
from prior year reserves resulting from investment earnings; and
WHEREAS, the Downtown Development Authority in its approved Plan of
Development has as one of its prime objectives the removal of blight and
the improvement of the downtown; and
WHEREAS, the Downtown Development Authority has entered into a
contract with James and Judith Hawley to purchase the property at 185 North
College for ONE HUNDRED THIRTY TWO THOUSAND, EIGHT HUNDRED DOLLARS
($132,800) .
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 Downtown Development Authority fund the sum of ONE HUNDRED
THIRTY-TWO THOUSAND, EIGHT HUNDRED DOLLARS ($132,800) for the purchase of
the property located at 185 North College.
Introduced, considered favorably on first reading, and ordered
published this 18th day of February, A.D. 1986 and to be presented for
final passage on the 4th day of March, A.D. 19//86. /
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Mayor
ATTEST:
City C erc
Passed and adopted on final reading this 4th day of March, A. D. 1986.
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Mayor —
ATTEST:
City Clerk