HomeMy WebLinkAbout015 - 02/15/1983 - CREATING A DOWNTOWN DEVELOPMENT AUTHORITY FUND ORDINANCE NO. 15 1983
OF THE COUNCIL OF THE CITY OF FORT COLLINS
CREATING A DOWNTOWN DEVELOPMENT AUTHORITY FUND
WHEREAS, in the past, the Downtown Development Authority and the City
Council approved the Fort Collins Downtown Development Authority plan of
development; and
WHEREAS, said plan of development provides for a property tax incre-
ment to be pledged for use by the Fort Collins Downtown Development Author-
ity; and
WHEREAS, §31-25-807(3) ( II) , C.R.S. 1973, as amended, provides that
such property taxes increment shall be paid into a special fund of the
municipality for payment of development projects within the boundaries of
the plan of development area; and
WHEREAS, it is the desire of the City Council to establish a special
fund in accordance with the aforementioned State statute with said fund to
be comprised of three separate accounts for: 1) operations and mainte-
nance; 2) Tax Increment Funds; and, 3) proceeds of bonds, loans and other
forms of indebtedness.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the Director of Finance of the City of Fort Collins be, and he
hereby is, authorized to take the necessary steps to establish a special
fund of the City of Fort Collins which fund shall consist of three accounts
entitled and funded as follows:
1. Operation and Maintenance Account into which property taxes
generated by the 5 mill tax levy and other miscellaneous
revenue authorized by state law for the operation and mainte-
nance of the DDA shall be deposited;
2. Tax Increment Fund Account into which the revenue from the
property tax increment as established by the Plan of Develop-
ment of the FCDDA shall be deposited for the purpose of
retiring and paying any outstanding bonds, loans or other
forms of indebtedness, as authorized by state law; and
3. Project Account into which proceeds of bonds, short term
notes , advances or any other forms of indebtedness, as
authorized by state law shall be deposited.
Introduced, considered favorably on first reading, and ordered pub-
lished this 1st day of February, A.D. , 1983, and to be presented for final
passage on the 15th day of February, A.D. 1983.
May or
ATTEST:
City Clerk
Passed and adopted on final reading this 15th day of February, A.D.
1983.
Assistant Ma o
ATTEST:
City Clerk
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