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Home My WebLink About101 - 09/02/2008 - EXTENDING THE PERIOD DURING WHICH THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY MAY ALLOCATE AND C ORDINANCE NO. 101, 2008 OF THE COUNCIL OF THE CITY OF FORT COLLINS, COLORADO EXTENDING THE PERIOD DURING WHICH THE FORT COLLINS, COLORADO DOWNTOWN DEVELOPMENT AUTHORITY MAY ALLOCATE AND COLLECT IN THE DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT FUND A PORTION OF PROPERTY TAXES WHEREAS,on April 21, 1981,the City Council adopted Ordinance No.046, 1981,creating pursuant to C.R.S. Sections 31-25-801 et seq. (the "DDA Statute") a Downtown Development Authority(the"Authority")and establishing the boundaries of the Downtown Development District (the "District'); and WHEREAS,on September 8, 1981,by Resolution 1981-129,the City Council approved the Fort Collins Downtown Development Authority Plan of Development, which also describes the boundaries of the District; and WHEREAS,on May 14,2008,the Colorado Legislature passed Senate Bill 08-170 amending the DDA Statute by extending the period of time that a downtown development authority may utilize tax increment financing; and WHEREAS,under amended Section 31-25-807,C.R.S.,in the final ten years of the original thirty years that a downtown development authority may allocate and collect property taxes, the downtown development authority may,through the passage of an ordinance by the governing body, extend the period by one additional twenty year period (the "Property Tax Extension"); and WHEREAS,on the first day of the Property Tax Extension the established base year for the allocation of property taxes (the "Base") must be advanced by ten years, and upon the completion of the first ten years of Property Tax Extension, the Base must be advanced by one year for every additional year through the final ten years; and WHEREAS,the Board of Directors of the Authority believes that the Property Tax Extension would further the objectives and purposes of the District as contained in the Plan of Development and has,by adopting Resolution 2008-006,attached as Exhibit"A"and incorporated herein by this reference, recommended approval of the Property Tax Extension by the City Council; and NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the City Council hereby approves a twenty-year extension of the period during which the Downtown Development Authority may allocate and collect property taxes. I Section 2. That on the first day of the extension of property taxes the established base year for the allocation of property taxes is advanced by ten years. Section 3. That upon the completion of the first ten years of extension of property taxes, the base year for the allocation of property taxes be advanced by one year for every additional year through the final ten years. 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 thq2jd day of September, A.D. 2008. Mayor ATTEST: City Clerk 114 Passed and adopted on final reading on the 2nd day of S ber, A.D. 2008. Mayor ATTEST: City Clerk EXHIBIT "A" RESOLUTION 2008-06 OF THE BOARD OF DIRECTORS OF THE FORT COLLINS, COLORADO DOWNTOWN DEVELOPMENT AUTHORITY RECOMMENDING TO THE FORT COLLINS, COLORADO CITY COUNCIL THE EXTENSION FOR TWENTY YEARS OF THE PERIOD DURING WHICH A PORTION OF PROPERTY TAXES MAY BE ALLOCATED AND, WHEN COLLECTED, PAID INTO THE DOWNTOWN DEVELOPMENT AUTHORITY TAX INCREMENT FUND WHEREAS, the Fort Collins, Colorado Downtown Development Authority ("DDA") has been duly organized in accordance with C.R.S. §31-25-801 et seq. (the "DDA Statute"); and WHEREAS, the DDA Statute has declared that the organization of downtown development authorities,will serve a public use; promote the health, safety, prosperity, security, and general welfare of the inhabitants thereof and of the people of this state; will halt or prevent deterioration of property values or structures within central business districts; halt or prevent the growth of blighted areas within such districts, and assist municipalities in the development and redevelopment of downtowns and in the overall planning to restore or provide for the continuance of the health thereof, and WHEREAS, the DDA Statute provides for the use of tax increment financing by downtown development authorities for financing or refinancing, in whole or in part, a development project within the boundaries of the plan of development area; and WHEREAS, City Council of the City of Fort Collins, Colorado (the "City Council") approved the DDA Plan of Development by Resolution 81-129, September 8, 1981 (the "DDA Plan"), which plan approved the use of tax increment financing in accordance with the DDA Statute; and WHEREAS, the DDA is in the final ten years of its original thirty-year period during which a portion of property taxes may be allocated to and, when collected, paid into the DDA's Tax Increment Fund ("Original TIF Term"); and WHEREAS, pursuant to C.R.S. §31-25-807(3)(a), in the final ten years of the Original TIF Term, the City Council by ordinance may extend the Original TIP Tenn by one additional twenty-year period (the "TIF Extension Period"), provided that (i) on the first day of the TIF Extension Period the established base year for the allocation of property taxes is advanced by ten years and (ii) upon the completion of the first ten years of the TIP Extension Period, the base is advanced by one year for every additional year through the final ten years; and WHEREAS, pursuant to C.R.S. §31-25-807(3)(a), the City Council may authorize more than fifty percent (50%) of property taxes levied by the City of Fort Collins, Colorado, to be allocated in accordance with the DDA Statute and to be paid into the DDA Tax Increment Fund; and WHEREAS, the DDA finds that great strides have been made in public infrastructure improvements and redevelopment within the DDA Plan area (the "District") but that certain objectives and purposes of the DDA Plan have not been completed and require further work including the following: 1. To maintain the District as a regional center for commercial, financial, governmental, social, recreational and cultural activities; 2. Making adequate utilities and facilities available for private development; 3. Integrating a mass transit system with pedestrian traffic patterns so as to prevent hazardous conditions; 4. Increasing, equal to the need, the net supply of off-street parking spaces within the District; 5. To encourage private restoration, rehabilitation and development within the District through public improvements and assistance so as to prevent deterioration of existing structures and property values; 6. To encourage the preservation or reuse of historically or architecturally significant buildings in the District; 7. To work toward adjustments in zoning, building codes, fire regulations and administrative policies, consistent with public safety, to encourage rehabilitation and reuse of existing buildings; 8. To encourage the development of new and rehabilitated buildings for uses as needed to achieve a balanced mix of products and services within the District; 9. To improve the visual attractiveness of the District including, but not limited to, improving public streets and alleys; 10. To promote a diversity of activities in the District; and WHEREAS, the DDA finds that many projects and programs in the DDA Plan have been achieved and have had positive effect on the downtown economy, but that additional effort is necessary in the following areas: 1. Signage; 2. Landscaping; 3. Lighting; 4. Bikeways; 2 S. Office development; 6. Shuttle system; 7. Park and ride lots; 8. Convention/exhibition facility; 9. Hotels; 10. hrformation and directory centers; 11. Housing; 12. Relief from railroad conflicts; 13. Entry beautification; 14. Planning and developing public facilities that will enbance and encourage the development of privately sponsored projects; and WHEREAS, the DDA finds that in order to more fully achieve the objectives, purposes, projects and programs of the DDA Plan, it is necessary to continue the use of tax increment financirig beyond the Original TIF Term as provided by the DDA Statute. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE DDA that it recommends to the City Council approval of an ordinance authorizing the extension of the Original TIF Term for an additional 20-year period in accordance with the provisions of C.R.S. §31-25-807(3)(a) and the approval of the allocation of one hundred percent (100%) of the City's property tax increment to be paid into the DDA's Tax Increment Fund during the TIF Extension Period. Passed and adopted at a regular meeting of the Board of Directors of the Fort Collins DDA this '.Oj",day of ,.9. 2008. W � ck olfe, Chairpers ATTEST: Georg Brelig, Secretary 3