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HomeMy WebLinkAbout041 - 05/03/2005 - APPROPRIATING UNANTICIPATED REVENUE IN THE STREET OVERSIZING FUND FOR TRANSFER TO THE CAPITAL PROJEC ORDINANCE NO. 041, 2005 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE IN THE STREET OVERSIZING FUND FOR TRANSFER TO THE CAPITAL PROJECT FUND - DRAKE AND ZIEGLER ROAD IMPROVEMENTS PROJECT, PHASE I WHEREAS, City Council adopted Ordinance No. 131, 2004, on September 7, 2004, appropriating developer contributions ($443,752) and authorizing the transfer of existing appropriations($900,000)in the City's Street Oversizing Fund to be used to construct improvements on Drake Road from Timberline Road, east to Environmental Drive (the"Project"); and WHEREAS, the aforementioned improvements were constructed in order to address increased traffic volumes resulting from the Sidehill Development and anticipated improvements associated with a future Lifestyle Center and at Harmony Road and Ziegler Road; and WHEREAS,the developer ofthe new King Soopers store located at the intersection of Drake and Timberline Roads needs to construct additional improvements to Drake Road beyond those included in the Project to support truck access and delivery to the new store (the "Additional Improvements"),and said improvements are adjacent to and overlap the Project improvements;and WHEREAS, City staff believes that it would be in the best interest of the community to coordinate the construction of all of the aforementioned improvements; and WHEREAS, the developer of the King Soopers store has contributed to the City a total of $135,000 to cover the cost of the Additional Improvements; and WHEREAS, Article V, Section 9,of the Charter of the City of Fort Collins(the"Charter") permits the City Council to make supplemental appropriations by ordinance at any time during the 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,City staff has determined that the appropriation of the developer contributions referenced above will not cause the total amount appropriated in the Street Oversizing Fund budget to exceed the current estimate of actual and anticipated revenues to be received during any fiscal year; and WHEREAS, it is the desire of the City Council to appropriate the sum of$135,000 from developer contributions within the Street Oversizing Fund,for transfer to the Capital Projects Fund- Drake and Ziegler Road Improvements Project Phase I, to be used to construct the Additional Improvements. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby appropriated from unanticipated revenue in the Street Oversizing Fund, the sum of ONE HUNDRED THIRTY-FIVE THOUSAND DOLLARS ($135,000) for transfer to the Capital Projects Fund - Drake and Ziegler Road Improvements Project Phase I, and appropriated therein, to be used to construct the Additional Improvements. Introduced, considered favorably on first reading, and ered published this 19th day of April, A.D. 2005, and to be presented for final passage on t 3r day of May, A.D 00 . i Mayor ATTEST: AL14�� City Clerk Passed and adopted on final reading this 3rd day of May, A.D. 2005. i 4May ATTEST: a".1'an 0 City Clerk