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HomeMy WebLinkAbout047 - 04/17/2007 - APPROPRIATING FUNDS FOR THE HARMONY AND ZIEGLER ROADS FRONT RANGE VILLAGE IMPROVEMENTS PROJECT ORDINANCE NO. 047, 2007 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING FUNDS FOR THE HARMONY AND ZIEGLER ROADS FRONT RANGE VILLAGE IMPROVEMENTS PROJECT WHEREAS, extensive roadway improvements to both Harmony Road and Ziegler Road are required to support the anticipated increase in traffic volumes to the City's roadway network surrounding the site of the Front Range Village Retail Center ("Front Range Village"), to be constructed beginning in March of this year; and WHEREAS,due to the level of improvements needed to the major City arterials and the impact to surrounding businesses and industries, the City's Street Oversizing Program will manage construction of the adjacent roadways,allowing Front Range Retail Company LLC(the"Developer") of Front Range Village to focus on site improvements to support opening of the retail center; and WHEREAS, the scope of the arterial street improvements include the widening of Harmony Road to a six-lane arterial from Timberline Road to Ziegler Road, including the construction of a new signalized intersection at Harmony and Corbett; improvements to the Ziegler and Harmony intersection;widening of Ziegler Road to a four-lane arterial between Harmonyand Horsetooth Roads; and, intersection improvements at Ziegler and Horsetooth Roads (the "Project"); and WHEREAS,the arterial roadway improvements include installation of curb-and-gutter,asphalt paving, bike lanes, landscaped medians, and storm and sanitary sewers; and WHEREAS, the Developer has requested and received financial assistance from the City as specified in the Financial Assistance Agreement Pertaining to the Development of the Front Range Village (the "Agreement"), approved by the City Council, on December 5, 2006, by the adoption of Resolution 2006-126; and WHEREAS, in accordance with Section 4.2 of the Agreement, the City has agreed to remit $2,000,000 to the Developer to offset a portion of the cost of the Developer's share of significant transportation improvements related to the Front Range Village project, upon approval of the work by the City Engineer; and WHEREAS, the Development Agreement between the City and the Developer for the Front Range Village states that the City will prepay, on the Developer's behalf, the City's Street Oversizing Capital Expansion Fees in the amount of$1,400,000 for Lots 11 and 15 of the Front Range Village prior to the issuance of building permits for the Lots, and that the Developer will then reimburse the City for such payment upon the issuance of certificates of occupancy for the Lots or by August 1,2008, whichever occurs first; and WHEREAS, staff has determined that the $1,400,000 needed for this repayment should be appropriated from Transportation Services Fund for prior year reserves for Harmony Road Maintenance and transferred to the Street Oversizing Fund for appropriation; and WHEREAS, in addition,the Developer agrees to pay to the City$700,000 in contributions- in-aid of construction for arterial roadway improvements and $172,500 for acquisition of right-of- way necessary for development of the Front Range Village; and WHEREAS, the estimated cost of the arterial roadway improvements surrounding the area of the Front Range Village project is $5,672,500; and WHEREAS, Staff has identified funding sources for the Project as follows: Transportation Services Fund— Prior Year Reserves for Harmony Road Maintenance $2,750,000 Street Oversizing Fund— Existing Appropriations $2,050,000 Developer Contributions—Front Range Village Retail Company LLC 872,500 Total $5,672,500 WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins(the"Charter") 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, City staff has determined that the appropriation of transferred funds ($2,750,000) from the Transportation Services Fund prior year reserves for Harmony Road Maintenance, and the Developer contributions ($872,500) from Front Range Village Retail Company LLC will not cause the total amount appropriated in the Capital Projects Fund—Harmony Road and Ziegler Road Improvements—Front Range Village Development capital project to 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 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 transferred funds are to be expended remains unchanged; and WHEREAS, it is the desire of the Council to appropriate the sum of $3,622,500 in transferred funds from the Transportation Services Fund($2,750,000)and Developer contributions ($872,500), in the Capital Projects Fund—Harmony Road and Ziegler Road Improvements—Front Range Village Development capital project, authorize the transfer of appropriations, totaling $2,050,000, from the Street Oversizing Fund to the Capital Projects Fund — Harmony Road and Ziegler Road Improvements — Front Range Village Development capital project to be used to construct arterial roadway improvements to Harmony and Ziegler Roads, and appropriate $1,400,000 from prior year reserves in the Transportation Services Fund for transfer to the Street Oversizing Fund to be used to further street oversizing purposes. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: -2- Section 1. That there is hereby appropriated for expenditure from prior year reserves in the Transportation Services Fund, the sum of TWO MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($2,750,000) for transfer to the Capital Projects Fund - Harmony Road and Ziegler Road Improvements — Front Range Village Development capital project, and appropriated therein,to be used to construct arterial roadway improvements to Harmony and Ziegler Roads. Section 2. That there is hereby appropriated for expenditure from unanticipated revenue in the Capital Projects Fund- Harmony Road and Ziegler Road Improvements—Front Range Village Development capital project,the sum of EIGHT HUNDRED SEVENTY-TWO THOUSAND FIVE HUNDRED DOLLARS($872,500),representing developer contributions from Front Range Village Retail Company LLC, to be used to construct arterial roadway improvements to Harmony and Ziegler Roads. Section 3. That the unexpended appropriated amount of TWO MILLION FIFTY THOUSAND DOLLARS ($2,050,000)is hereby authorized for transfer from the Street Oversizing Fund to the Capital Projects Fund- Harmony Road and Ziegler Road Improvements—Front Range Village Development capital project, to be used to construct arterial roadway improvements to Harmony and Ziegler Roads. Section 4. That there is hereby appropriated for expenditure from prior year reserves in the Transportation Services Fund, the sum of ONE MILLION FOUR HUNDRED THOUSAND DOLLARS ($1,400,000) for transfer to the Street Oversizing Fund and appropriated therein for street oversizing purposes. Introduced, considered favorably on first reading, and ordered published this 20th day of March, A.D. 2007, and to be presented for final passage on the I day of April, A.D. 2007. 44TEST: Mayo City Clerk Passed and adopted on final reading on the 17th day of 1, A.D. 2007. May ATTEST: �p 1 City Clerk -3-