Loading...
HomeMy WebLinkAbout196 - 11/20/2001 - APPROPRIATING REVENUE IN THE DDA DEBT SERVICE FUND FOR PAYMENT OF 2002 DEBT SERVICE. ORDINANCE NO. 196, 2001 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY DEBT SERVICE FUND FOR PAYMENT OF DEBT SERVICE FOR THE YEAR 2002 WHEREAS, the Council of the City of Fort Collins, in Ordinance No. 149, 1984, authorized the issuance of Tax Increment Refunded Bonds, Series 1984, dated October 1, 1984, in the aggregate principal amount of EIGHT MILLION TWO HUNDRED THOUSAND DOLLARS ($8,200,000); which bonds were subsequently refunded in 1985, 1988, 1992, and 2001; and WHEREAS, through the adoption of Ordinance No. 50, 2001, the City Council authorized the issuance of new Tax Increment Revenue and Refunding Bonds (the "2001 Bonds"), in order to invoke an early call provision on the City's 1992 Downtown Development Authority Tax Increment Revenue Refunding and Improvement Bonds, in the aggregate principal amount of THREE MILLION SIX HUNDRED FORTY THOUSAND DOLLARS ($3,640,000); and WHEREAS, interest on the 2001 Bonds is due and payable annually; and WHEREAS, the Downtown Development Authority (the "DDA") is a body corporate duly created, established and authorized to transact business and exercise its powers, all under and pursuant to the Downtown Development Authorities Act of the State of Colorado, Section 31-25-801, C.R.S. et seq. (the "Act"), and the powers of the authority include the power to borrow money and to finance public improvements within the boundaries of the DDA; and WHEREAS, Ordinance No. 50, 2001, also allows Council to appropriate tax increment funds for purposes of debt service payments for obligations other than those of the 2001 Bonds; and WHEREAS, on November 1, 2001, the Board of the DDA adopted a 2002 Budget that provided for the payment of debt service on the 2001 Bonds; and WHEREAS, in addition, the Board of the DDA is continuing its program to assist and encourage downtown renovation and revitalization, and in furtherance thereof, to provide funding for the acquisition and renovation of facades, construction and installation of public improvement, acquisition of property interests and any other purpose authorized under Section 31-25-801, C.R.S., et seq., through the appropriation of $100,000 in the Downtown Development Authority Debt Service Fund for various projects; and WHEREAS, the Council of the City of Fort Collins, in Ordinance No. 128, 1998, authorized the issuance by the City of Lease Certificates of Participation Series 1998, dated August 1, 1998, in the aggregate amount of SEVENTEEN MILLION TWO HUNDRED TEN THOUSAND DOLLARS ($17,210,000) of which SIX MILLION NINE HUNDRED TWENTY THOUSAND DOLLARS ($6,920,000) is attributable to the Parking Structure; and, WHEREAS, pursuant to its intergovernmental agreement with the City and the County, the DDA has agreed to pay one-third of the lease payments attributable to the Parking Structure each year through 2006 for the financing of the Civic Center Parking Structure; and, WHEREAS, the DDA's share of the 2002 lease payments for the Parking Structure is $282,406; and WHEREAS, the Council of the City of Fort Collins, in Ordinance No. 10, 2000, authorized the issuance of Subordinate Tax Increment Revenue Bonds, Series 2000A dated March 1, 2000, in the aggregate amount of SIX HUNDRED EIGHT THOUSAND DOLLARS ($608,000) for financing several capital improvements in the downtown area(the "2000 Bonds"); and WHEREAS, the DDA's 2002 interest payment for the 2000 Bonds is $35,112; and WHEREAS, pursuant to Section 31-25-816, C.R.S., the DDA budget is subject to approval by the City Council. 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 Debt Service Fund the sum of ONE MILLION THREE HUNDRED TWENTY-ONE THOUSAND NINE HUNDRED THIRTY-EIGHT DOLLARS ($1,321,938) for payment of debt service in 2002 on the 2001 Bonds authorized by Council in Ordinance No. 50, 2001. Section 2. That there is hereby appropriated for expenditure from the Downtown Development Authority Debt Service Fund the sum of TWO HUNDRED EIGHTY-TWO THOUSAND FOUR HUNDRED SIX DOLLARS ($282,406), which amount is hereby authorized for transfer to the City of Fort Collins General Fund to be used to cover the Downtown Development Authority's one-third share of the debt service payment on the Civic Center Parking Structure. Section 3. That there is hereby appropriated for expenditure from the Downtown Development Authority Debt Service Fund the sum of THIRTY-FIVE THOUSAND ONE HUNDRED TWELVE DOLLARS ($35,112) for interest payment in 2002 on the 2000 Bonds. Section 4. That there is hereby appropriated for expenditure from the Downtown Development Authority Debt Service Fund the sum of ONE HUNDRED THOUSAND DOLLARS ($100,000) to be used for the payment of debt to be created by future action of the City Council, in its discretion, for the following projects: • Mulberry/Lemay Intersection $35 000 • Poudre River Design Payments $15 000 • Downtown Strategic Plan $50 000 Introduced and considered favorably on first reading and ordered published this 6th day of November, A.D. 2001, and to be presented for final passage on the 20th day of November, A.D. 2001. s Mayor ATTEST: TTy WL City Clerk Passed and adopted on final reading this 20th day of Novembe ,A.D. 2001. Mayor ATTEST: City Clerk