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HomeMy WebLinkAbout019 - 02/20/2001 - APPROPRIATING PRIOR YEAR RESERVES AND UNANTICIPATED REVENUE IN THE DDA OPERATION AND MAINTENANCE FUN ORDINANCE NO. 19, 2001 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR RESERVES AND UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY OPERATION AND MAINTENANCE FUND FOR MAINTENANCE AND REPAIR OF THE OLD TOWN SQUARE WHEREAS, in 1993, representatives of Progressive Old Town Square Limited Liability Company(the "Company"), owner of several parcels of land in the downtown area of Fort Collins, entered into an agreement to maintain, repair and replace certain improvements in the downtown area owned by the Downtown Development Authority ("DDA"); and WHEREAS, due to the increased annual cost of the maintenance and repair, the Company, the DDA, and the City reached a cost sharing agreement; and WHEREAS,under this agreement,the DDA agreed to match (50% Owner- 50%DDA)up to$12,500 of enhanced capital improvements and$12,500 of enhanced maintenance each year; and WHEREAS, the City agreed to designate up to $12,500 per year to reimburse funds spent by the Company; and WHEREAS, in 2000, the Company spent $13,100 on enhanced maintenance for the DDA improvements under the agreement with the DDA and the City; and WHEREAS, in 2000, the City transferred$6,551 to the DDA Operations and Maintenance Fund to reimburse funds spent by the Company; and WHEREAS, the DDA Operations and Maintenance Fund did not have sufficient appropriations to be used in 2000 and the revenue lapsed into the fund reserves at the end of 2000; and WHEREAS, in 2001, the City and the DDA expect more maintenance and improvements will be completed by the owner and will be eligible for reimbursement; and WHEREAS, Article V, Section 9, of the City Charter permits the City Council to make supplemental appropriations by ordinance at any time during the fiscal year, provided that the total of such supplemental appropriations, in combination with all previous appropriations for that fiscal year,do not exceed the then current estimate of actual and anticipated revenues to be received during the fiscal year; and WHEREAS, Article V, Section 9, of the City Charter also permits the City Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as may be available from reserves accumulated in prior years, notwithstanding that such reserves were not previously appropriated; and WHEREAS, it is the desire of the Council to appropriate the sum of$6,551 from prior year reserves in the Downtown Development Authority Operations and Maintenance Fund and$12,500 to be received as a transfer from the General Fund in that Fund,be used for maintenance and repair of the Old Town Square. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That there is hereby appropriated for expenditure from prior year reserves in the Downtown Development Authority Operation and Maintenance Fund the sum of SIX THOUSAND FIVE HUNDRED FIFTY-ONE DOLLARS ($6,551) representing a prior year transfer from the General Fund to be used for maintenance and repair of the Old Town Square. Section 2. That there is hereby appropriated for expenditure from unanticipated revenue in the Downtown Development Authority Operation and Maintenance Fund the sum of TWELVE THOUSAND FIVE HUNDRED DOLLARS($l 2,500)representing a 2001 transfer from the General Fund to be used for maintenance and repair of the Old Town Square. Introduced and considered favorable on first reading and ordered published this 6th day of February, A.D. 2001, and to be presented for final passage on the 0th day of February, A.D. 2001. .✓ L � Y3"�'ky 4 Mayor ATTEST: 4�Lu YJ4 1L.,11A City Clerk Passed and adopted on final reading this 20th day of February, A.D. 2001. Mayor ATTEST: City Clerk