HomeMy WebLinkAbout089 - 06/01/2004 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF DOWNTOWN DEVELOPMENT AUTHORITY TAXABLE SUBORDINATE TAX I ORDINANCE NO. 089, 2004
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 2004A, FOR THE PURPOSE OF MAKING
CERTAIN CAPITAL IMPROVEMENTS IN THE DOWNTOWN AREA OF FORT COLLINS,
AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN FUNDS
AND APPROPRIATING EXPENDITURES FROM THE DDA DEBT SERVICE FUND TO
MAKE THE 2004 PAYMENT ON THE BONDS
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, and 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. 088, 2004, as approved by the City
Council this same date, and there is sufficient revenue in the Operations and Maintenance Fund
available to pay the annual debt service payments on the bonds issued by said Ordinance; and
WHEREAS, through the adoption of Ordinance No. 088, 2004, of the Council of the City
of Fort Collins,the Council authorized the issuance of the City of Fort Collins,Colorado,Downtown
Development Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 2004A (the
"Bonds"), in the aggregate principal amount$6,235,000; 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 years,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 10,of the Charter authorizes the City Council to transfer by
ordinance any unexpended appropriated amount or portion thereof from one fund or capital project
to another fund or capital project, if the purpose for which the transferred funds are to be expended
remains unchanged.
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 SIX MILLION TWO HUNDRED THIRTY-FIVE THOUSAND
DOLLARS ($6,235,000) to be used for the following:
a. Cortina Mixed Use project $1,687,000
b. Pine Street Lofts 500,000
c. Mason Street North 280,000
d. Museum Expansion and Historic
Webster House 1,100,000
e. Information Center 70,000
f. Old Town Square Renovation 1,000,000
g. Mason Street Parking Ramp 800,000
h. Miscellaneous Other Projects 753,000
i. Cost of Issuance 45,000
$6,235,000
Section 2. That, there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the amount of ONE HUNDRED TWENTY FOUR
THOUSAND SEVEN HUNDRED DOLLARS ($124,700) to be used for the payment of debt
service on the bonds.
Introduced and considered favorably on first read5ayor
ordered published this 18th day of
May, A.D. 2004, and to be presented for final passage ot da o e, A.D. 2004.
ATTEST:
It
City Clerk
Passed and adopted on final reading this 1st day of June, A.D. 200
i
Mayor
ATrEST::
City Clerk