HomeMy WebLinkAbout017 - 02/06/2007 - APPROPRIATING PROCEEDS FROM THE ISSUANCE OF CITY OF FORT COLLINS, COLORADO, DOWNTOWN DEVELOPMENT AUT ORDINANCE NO. 017, 2007
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 2007A,
FOR THE PURPOSE OF MAKING CERTAIN CAPITAL IMPROVEMENTS,
li CAPITAL PROJECTS AND DEVELOPMENT PROJECTS WITHIN
THE DOWNTOWN AREA OF FORT COLLINS, AUTHORIZING THE TRANSFER OF
APPROPRIATIONS BETWEEN FUNDS AND APPROPRIATING EXPENDITURES
FROM THE DDA DEBT SERVICE FUND TO
MAKE THE 2007 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; and
WHEREAS,the Downtown Development Authority's Plan of Development was approved
by the City on September 8, 1981, and established the purpose of the Authority and the types of
projects in which the Authority 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 Downtown Development Authority; and
WHEREAS,on November 7,2006,an election was held and electors approved the issuance
by the City of up to$150,000,000 in tax increment obligations to finance the costs of development
projects of the Downtown Development Authority; and
WHEREAS,there is sufficient remaining bonding authorization available to fund additional
projects in the downtown area, pursuant to Ordinance No. 016, 2007, as approved by the City
Council this same date, and there is sufficient revenue in the Operations and Maintenance Fund
available to pay the annual debt service payments on the bonds issued by said Ordinance; and
WHEREAS, through the adoption of Ordinance No. 016, 2007, of the Council of the City
of Fort Collins,the Council authorized the issuance of the City of Fort Collins,Colorado,Downtown
Development Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 2007A (the
"Bonds"), in the maximum aggregate principal amount $5,700,000; and
WHEREAS, the issuance of the Bonds, and the appropriation of the proceeds thereof, are
necessary to complete the construction of certain capital improvements, capital projects and
development projects 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 FIVE MILLION SEVEN HUNDRED THOUSAND DOLLARS
($5,700,000) to be used for the following:
Projects
1. Bas Bleu Performing Arts Theater $ 250,000
2. Sears Trostel Building Renovation(CTL/Thompson) 175,000
3. 252 East Mountain Avenue (Otter Industries) 290,000
4. Penny Flats Phase 1 Downtown Housing 547,085
5. Community Amphitheater 1,300,000
6. Downtown Hotel 500,000
Other Projects already approved by the DDA Board
(Tailgate Tommy's, Downtown Ice Rink, etc.) 356,096
Miscellaneous Projects pending DDA Board Approval 800,000
Total Projects $4 218 181
Programs
Fagade Grant Program $ 500,000
Beet Street Cultural Program 737,753
Total Programs $1,237753
Administrative Expenses $ 244,066
Total Project, Program and Administrative Costs $5,700,000
Section 2. That, there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the amount of ONE MILLION THREE HUNDRED
SEVENTEEN THOUSAND SIX HUNDRED DOLLARS($1,317,600)to be used for the payment
of debt service on the bonds.
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Introduced and considered favorably on first reading and'grAered published this 16th day of
January, A.D. 2007, and to be presented for final passage on a 6th da f Fe ary, A 007.
May
ATTEST: 1
T' '
City Clerk
Passed and adopted on final reading this 6th day of Feb ru A . 2007.
Mayor
ATTEST:
City Clerk
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