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HomeMy WebLinkAbout117 - 11/20/2007 - AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN CAPITAL IMPROVEMENTS WITHIN THE DOWNTOWN DEVELOPM ORDINANCE NO. 117, 2007 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN CAPITAL IMPROVEMENTS WITHIN THE DOWNTOWN DEVELOPMENT AUTHORITY OPERATIONS AND MAINTENANCE FUND RELATED TO THE CITY OF FORT COLLINS, COLORADO, DOWNTOWN DEVELOPMENT AUTHORITY TAXABLE SUBORDINATE TAX INCREMENT REVENUE BONDS, SERIES 2004A WHEREAS, on April 21, 1981, the City of Fort Collins, Colorado, adopted Ordinance 46, 1981, establishing the Fort Collins 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,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 DDA; and WHEREAS, through the adoption of Ordinance No. 088, 2004, the Council appropriated proceeds from the issuance of the City ofFort Collins,Colorado,Downtown Development Authority Taxable Subordinate Tax Increment Revenue Bonds, Series 2004A (the"Bonds"), for expenditure on certain capital improvements in the amount of$6,235,000; and WHEREAS,the DDA requested,and Council appropriated,$1,100,000 for the Fort Collins Museum in Ordinance No. 089, 2004; and WHEREAS, the DDA wishes to fund the Beet Street Cultural Program with$1,000,000 of the Fort Collins Museum funds pending an IGA for the Museum; and WHEREAS, Article V, Section 10,of the Charter of the City of Fort Collins authorizes the City Council to transfer by ordinance any unexpended and unencumbered amount or portion thereof from one fund or capital project to another fund or capital project provided that the purpose for which the funds no longer exist; and WHEREAS, the Board of Directors of the DDA have voted its approval of the aforementioned transfer. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the unexpended appropriated amount of ONE MILLION DOLLARS ($1,000,000) is hereby authorized for transfer from the Downtown Development Authority Operations and Maintenance 2004A DDA Bond Project(Fort Collins Museum)for the operation of Beet Street for fiscal year ending December 31, 2008, knowing that the Fort Collins Museum transfer will be funded in the 2008 bond issuance. Introduced, considered favorably on first reading, and ordered published this 16th day of October,A.D. 2007, and to be presented for final passage on the 2 day of November,A.D.2007. Mayor ATTEST: City Clerk Passed and adopted on final reading on the 20th day of ember, A.D. 2007. r May ATTEST: City Clerk