HomeMy WebLinkAbout094 - 09/02/2008 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND FOR REPAYMENT TO LARIMER COUNTY FOR THE COUNTY - r__
ORDINANCE NO. 094, 2008
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND
FOR REPAYMENT TO LARIMER COUNTY FOR THE COUNTY'S CONTRIBUTION
TOWARD THE FORT COLLINS, COLORADO DOWNTOWN DEVELOPMENT
AUTHORITY'S SHARE OF FINANCING THE CIVIC CENTER PARKING STRUCTURE
WHEREAS, on June 17, 1997, the Council adopted Resolution 1997-091, authorizing an
Intergovernmental Agreement by and among the City of Fort Collins, Colorado, the County of
Larimer,Colorado(the"County")and the Fort Collins,Colorado Downtown Development Authority
(the "DDA"), which was signed and became effective on July 3, 1997 (the "IGA"); and
WHEREAS, the City Council has, by adopting Ordinance No. 128, 1998, authorized the
issuance of Lease Certificates of Participation Series 1998 in the amount of$17,210,000, of which
$6,920,000 is attributable to the Civic Center Parking Structure (the "Parking Structure"); and
WHEREAS,on August 18, 1998,the Council adopted Resolution 1998-119 terminating the
IGA and authorizing a new one for the same purpose (the "Updated IGA"); and
WHEREAS,pursuant to the Updated IGA,the County paid the City$4,344,000 for its share
of the development and construction of the Civic Center Parking Structure($3,070,000), as well as
half of the annual debt service assigned to the DDA from 2007 until the related financing would be
completely paid off in 2018 ($1,274,000); and
WHEREAS,in 1998 when the Updated IGA was approved,the DDA was expected to sunset
prior to the full payment of the Civic Center Parking Structure debt service; and
WHEREAS, on May 14, 2008, the Colorado legislature passed Senate Bill 170, amending
Title 31,Article 25, Section 807 of the Colorado statutes by extending the period of time downtown
development authorities may utilize tax increment financing("TIF"); and
WHEREAS,on August 19, 2008 City Council adopted such an ordinance on First Reading
(Ordinance No. 101, 2008); and
WHEREAS, with the extension of the TIF, the DDA will continue to pay its share of the
Parking Structure debt service and the County should be repaid for its initial contribution in 1998;
and
WHEREAS, the City will need to repay the County approximately $186,100 per year
contribution and the combined payment for 2007 and 2008 will be $372,200; and
WHEREAS, these funds are available from the General Fund prior year reserves; and
WHEREAS, Article V, Section 9,of the Charter of the City of Fort Collins permits the City
Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as
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may be available from reserves accumulated in prior years,notwithstanding that such reserves were
not previously appropriated.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from General Fund prior year reserves
the sum of THREE HUNDRED SEVENTY-TWO THOUSAND TWO HUNDRED DOLLARS
($372,200),for repayment to the County for the County's contribution to financing the Civic Center
Parking Structure.
Introduced, considered favorably on first reading, and ordered published this 19th day of
August, A.D. 2008, and to be presented for final passage on the day of September, A.D. 2008.
May
ATTEST:
City Clerk
Passed and adopted on final reading on the 2nd day of Se ber, A.D. 2008.
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Mayor
ATTEST:
City Clerk