HomeMy WebLinkAbout076 - 08/19/2008 - APPROPRIATING FUNDS IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR EXPENDITURE IN ACCORDANCE WITH TH ORDINANCE NO. 076, 2008
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING FUNDS IN THE
DOWNTOWN DEVELOPMENT AUTHORITY FUND
FOR EXPENDITURE IN ACCORDANCE WITH THE
DOWNTOWN PLAN OF DEVELOPMENT
WHEREAS,on April 21, 1981,the City of Fort Collins, Colorado, adopted Ordinance No.
046, 1981,establishing the Fort Collins,Colorado,Downtown Development Authority(the"DDA");
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 DDA and the types of projects
in which the DDA would participate; and
WHEREAS, through the adoption of Ordinance No. 088, 2004, the Council appropriated
proceeds from the issuance of the City of Fort Collins,Colorado Downtown Development Authority
Taxable Subordinate Tax Increment Revenue Bonds, Series 2004A, for expenditure on certain
capital improvements in the amount of$6,235,000; and
WHEREAS, through the adoption of Ordinance No. 016, 2007, the Council appropriated
proceeds from the issuance of the City of Fort Collins,Colorado Downtown Development Authority
Taxable Subordinate Tax Increment Revenue Bonds, Series 2007A, for expenditure on certain
capital improvements in the amount of$5,700,000; and
WHEREAS,the DDA requested and City Council appropriated funds in Ordinance No.089,
2004, of which$255,000 remains unexpended and appropriated funds in Ordinance No. 017,2007,
of which $2,545,000 remains expended for a combined total of$2,800,000; and
WHEREAS,the DDA wishes to purchase the Elks Building,located within DDA boundaries
at 140 East Oak Street, with$2,800,000 of unexpended funds, knowing that the DDA will request
the issuance of City of Fort Collins Colorado taxable subordinate tax increment revenue bonds in
2008 to fund project commitments; 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 the purpose for which the transferred funds are
to be expended remains unchanged; and
WHEREAS, the Board of Directors of the Fort Collins Downtown Development Authority
passed and adopted at the regular meeting of the Board of Directors of the Fort Collins Downtown
Development Authority on the loth day of April, 2008, the desire and intent to purchase the Elks
Building; and
WHEREAS,the Board anticipates considering and passing a resolution at its July 10,2008
regular meeting asking that City Council appropriate funds for the purpose of buying the Elks
Building.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated and reallocated for expenditure from reserves in the
Downtown Development Authority Fund the sum of TWO MILLION EIGHT HUNDRED
THOUSAND DOLLARS ($2,800,000) to be used for the purchase of the Elks Building.
Introduced,considered favorably on first reading,and ordered published this 1 st day of July,
A.D. 2008, and to be presented for final passage on the 19th da August, A.D. 2008.
Mayo
ATTEST:
City Clerk
Passed and adopted on final reading on the 19th day of st, A.D. 2008.
Mayo
ATTEST:
4u.
City Clerk