HomeMy WebLinkAbout121 - 11/15/2005 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS, DDA SUBORDINATE TAX INCREMENT REVE ORDINANCE NO. 121, 2005
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 2005A, 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 DOWNTOWN DEVELOPMENT
AUTHORITY DEBT SERVICE FUND TO
MAKE THE 2005 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(the"DDA");
and
WHEREAS, the DDA's Plan of Development was approved by the City on September 8,
1981, and established the purpose of the DDA and the types of projects in which the DDA 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 DDA; and
WHEREAS,there is sufficient remaining bonding authorization available to fund additional
projects in the downtown area, pursuant to Ordinance No. 120, 2005, as approved by the City
Council this same date, and there is sufficient revenue in the Debt Service Fund available to pay the
annual debt service payments on the bonds issued by said Ordinance; and
WHEREAS,by the adoption of Ordinance No. 175,2004,the City Council has appropriated
$1,000,000 to pay for bonds anticipated to be issued in 2005, leaving a difference of$890,000 to be
appropriated to pay for bonds issued pursuant to Ordinance No. 120,2005,approved by City Council
this same date; and
WHEREAS,by the adoption of Ordinance No. 120, 2005,of the Council of the City of Fort
Collins, the City Council has authorized the issuance of the City of Fort Collins, Colorado,
Downtown Development Authority Taxable Subordinate Tax Increment Revenue Bonds, Series
2005A(the "Bonds"), in the aggregate principal amount $1,890,000; 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 ONE MILLION EIGHT HUNDRED NINETY THOUSAND
DOLLARS ($1,890,000) to be used for the following:
a. Old Town Lofts $ 450,000
b. Cherry Street Lofts 300,000
C. River Study 200,000
d. Aggie Theater 25,000
e. Cherry Street Station 184,720
f. Oak Street Plaza 350,000
g. Holiday Decorations and Ice Rink 284,000
h. Miscellaneous Other Projects and Cost of Issuance 96,280
$1,890,000
Section 2. That, there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the amount of EIGHT HUNDRED NINETY
THOUSAND DOLLARS ($890,000) to be used for the payment of debt service on the bonds.
Introduced and considered favorably on first reading and ordered published this 18th day of
October,A.D. 2005, and to be presented for final passage on e th day of Novemb 2005.
Mayor
ATTEST:
)k" -
City Clerk
2
Passed and adopted on final reading this 15th day of Nov er, A.D. 2005.
Mayo
ATTEST:
City Clerk
3