HomeMy WebLinkAbout105 - 08/15/2006 - APPROPRIATING UNANTICIPATED DEVELOPER CONTRIBUTIONS IN THE GENERAL FUND FOR AFFORDABLE HOUSING ORDINANCE NO. 105, 2006
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED DEVELOPER CONTRIBUTIONS
IN THE GENERAL FUND FOR AFFORDABLE HOUSING
WHEREAS,the City of Fort Collins and APACO Industries and Importers,Inc.and Jensen
Investment Group, LLC, entered into an Agreement of Restrictive Covenants Affecting Real
Property pertaining to a 19-unit development project known as Cherokee Flying Heights PDP
("Cherokee PDP"); and
WHEREAS, APACO Industries and Importers, Inc. and Jensen Investment Group, LLC,
subsequently decided not to pursue the project; and
WHEREAS,in the fall of 2005,Flying Heights,LLC,the new developer of Cherokee PDP,
approached the City and explained that the debt structure on the project made the feasibility of
developing Cherokee PDP as affordable housing impracticable; and
WHEREAS,the developer proposed that in exchange for the City waiving the requirement
for affordable housing under the Agreement of Restrictive Covenants, they would pay the City
engineering and permit fees that were waived or delayed and compensate the City for the density
bonus of four additional units which was granted to the development because of its status as an
affordable housing project; and
WHEREAS,the City and Flying Heights,LLC,ultimately agreed to a binding,written and
recordable relinquishment of the City's rights under the Agreement of Restrictive Covenants
Affecting Real Property in exchange for a certified check in the amount of$45,853; and
WHEREAS, in January, 2006, Flying Heights, LLC, paid the City previously waived
engineering fees-$6,178; previously waived building and zoning permit fees-$25,433;and paid
a premium of$14,242 for the affordable housing density bonus for a total of$45,853; and
WHEREAS, Council wishes to appropriate the funds received for affordable housing
($14,242) to be used in the Competitive Process to award these funds for other affordable housing
projects; and
WHEREAS,Article V,Section 9,of the Charter of the City of Fort Collins 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 the developer contribution,
as described herein, will not cause the total amount appropriated in the General Fund to exceed
the current estimate of actual and anticipated revenues to be received in that fund during the fiscal
year.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated from unanticipated revenue in the General Fund the
sum of FOURTEEN THOUSAND TWO HUNDRED FORTY-TWO DOLLARS ($14,242) for
expenditure in the General Fund for the affordable housing competitive process.
Introduced and considered favorably on first reading,and ordered published this 18th day of
July, A.D. 2006, and to be presented for final passage on the day of August, A.D. 2006.
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Mayor
ATTEST:
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City Clerk
Passed and adopted on final reading this 15th day of ust, A.D. 2006.
Ma or
ATTEST:
City Clerk