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HomeMy WebLinkAbout141 - 09/18/2001 - APPROPRIATING PROCEEDS FROM THE LEASE FINANCING OF GOLF COURSE IMPROVEMENTS, INCLUDING THE REPLACEME ORDINANCE NO. 141, 2001 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PROCEEDS IN THE GOLF ENTERPRISE FUND FROM THE LEASE FINANCING OF GOLF COURSE IMPROVEMENTS INCLUDING THE REPLACEMENT OF THE COLLINDALE GOLF COURSE CLUBHOUSE WHEREAS,the Golf Board and the Golf Division have studied the condition of the current Collindale Golf Course clubhouse and recommend replacement of the existing 30-year old, 7,700 square foot clubhouse with a new 14,644 square foot, bi-level, modern clubhouse building on the same site; and WHEREAS, the existing Collindale Clubhouse building had an original life expectancy of no more than 35 years and construction of the building was done very inexpensively with many elements constructed minimally or substandard; and WHEREAS,the estimated cost of replacing the Collindale Golf Course Clubhouse and other golf course improvements is $2,830,000, with work on the clubhouse to be completed between December 2001 and the fall of 2002; and WHEREAS, by the adoption of Ordinance 130, 2001, the City Council has authorized the execution and delivery of various agreements in connection with the lease financing of the above- described improvements; and WHEREAS,the appropriation ofthe proceeds ofthe lease financing is necessary to complete the construction of the replacement of the Collindale Golf Course Clubhouse and other golf course improvements, and to pay costs associated with said financing; and WHEREAS,Article V, Section 9 of the Charter of the City of Fort Collins 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, it is the desire of the Council to appropriate the sum of $2,830,000 in unanticipated revenue in the Golf Fund, representing proceeds from the lease financing described herein,to be used for the replacement ofthe Collindale Golf Course Clubhouse and other golf course improvements, and the payment of costs associated with said lease financing. NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby appropriated for expenditure from unanticipated revenue in the Golf Fund the amount of TWO MILLION EIGHT HUNDRED THIRTY THOUSAND DOLLARS ($2,830,000)upon receipt of the proceeds from the lease financing described in Ordinance No. 130, 2001, for the purpose of replacing the Collindale Golf Course Clubhouse, and other golf course improvements, and for the costs associated with said lease financing. Introduced, considered favorably on first reading and ordered published this 4th day of September, A.D. 2001, and to be presented for final passage on the 18th day of September, A.D. 2001. Mayor ATTEST: -j'L f City Clerk Passed and adopted on final reading this 18th day of September, A.D. 2001. Mayor ATTEST: City Clerk