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HomeMy WebLinkAbout140 - 11/15/2005 - APPROPRIATING OPERATING FUNDS OF THE DOWNTOWN DEVELOPMENT AUTHORITY FOR THE FISCAL YEAR BEGINNING JA i ORDINANCE NO. 140, 2005 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING OPERATING FUNDS OF THE DOWNTOWN DEVELOPMENT AUTHORITY FOR THE FISCAL YEAR BEGINNING JANUARY 1, 2006, AND FIXING THE MILL LEVY FOR THE DOWNTOWN DEVELOPMENT AUTHORITY FOR FISCAL YEAR 2006 WHEREAS,the Fort Collins Downtown Development Authority(the"DDA")has been duly organized in accordance with Section 31-25-804, C.R.S.; and WHEREAS,on October 6,2005,the Board of Directors of the DDA("DDA Board"),acting under the provisions of Section 31-25-816, C.R.S., adopted a budget for the fiscal year beginning January 1, 2006, and determined the mill levy necessary to provide for payment during fiscal year 2006 of all properly authorized expenditures to be incurred by the DDA; and WHEREAS, it is the desire of the Council to appropriate the sum of TWO MILLION THREE HUNDRED SEVENTY-FIVE THOUSAND FIVE HUNDRED FIFTY TWO DOLLARS ($2,377,757) in the DDA Operation and Maintenance Fund for the fiscal year beginning January 1, 2006 and ending December 31, 2006, to be used as follows: • DDA Operations &Maintenance from taxation and otherwise $ 817,757 • DDA Projects from anticipated bond proceeds 1,000,000 • Cultural Program from anticipated bond proceeds and donations 560,000 WHEREAS,the DDA Board has recommended to the Council a mill levy of 5.0 mills upon each dollar of assessed valuation of all taxable property within the DDA District, such levy representing the amount of taxes for DDA purposes necessary to provide for payment during the ensuing fiscal year for all properly authorized expenditures to be incurred by the DDA; and WHEREAS,Section 39-5-128(1),C.R.S.,requires certification of any tax levy to the Board of County Commissioners no later than December 15, 2005 NOW, THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS, as follows: Section 1. That there is hereby appropriated for expenditure from the Downtown Development Authority Operations and Maintenance Fund the sum of EIGHT HUNDRED SEVENTEEN THOUSAND SEVEN HUNDRED AND FIFTY-SEVEN DOLLARS ($817,757), to be raised by taxation and otherwise, to be expended for the authorized purposes of the DDA. Section 2. That there is hereby appropriated for expenditure from the Downtown Development Authority Operations and Maintenance Fund the sum of ONE MILLION FIVE HUNDRED FIFTY THOUSAND DOLLARS ($1,550,000), to be raised by bond proceeds anticipated to be issued in 2006. Section 3. That the 2006 mill levy rate for the taxation upon each dollar of the assessed valuation of all taxable property within the DDA District as of December 31,2005 shall be 5.0 mills, which levy represents the amount of taxes for the District purposes to provide for payment during the aforementioned fiscal year of all properly authorized expenditures to be incurred by the District. Said mill levy shall be certified to the County Assessor and the Board of County Commissioners of Larimer County, Colorado,by the City Clerk as provided by law. Introduced, considered favorably on first reading, and ordered published this 2nd day of November, A.D. 2005, and to be presented for final passage on the 15th day of November, A.D. 2005. Mayor ATTEST: //- x4 A6'' �7�5 City Clerk f ieG N.j Passed and adopted on final reading this 15th day ovember, A.D. 2005. Mayor TT1�EST: �p f C City Clerk