HomeMy WebLinkAbout091 - 07/19/1983 - APPROPRIATING UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR A HOTEL/CONVENTIO ORDINANCE NO. 91 , 1983
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING AN ORDINANCE APPROPRIATING UNANTICIPATED
REVENUE IN THE FORT COLLINS DOWNTOWN DEVELOPMENT
AUTHORITY FUND FOR A HOTEL/CONVENTION CENTER
FEASIBILITY STUDY
WHEREAS, the Council of the City of Fort Collins, in Ordinance 53,
1983, authorized the issuance of Tax Increment Bond Anticipation Notes
series April 1, 1983, dated April 1, 1983, in the aggregate principal
amount of $3,100,000; and
WHEREAS, in Section 1 of Ordinance No. 53, 1983, "project" is defined
to include the conducting of investigations and studies; and
WHEREAS,- in Section 2 of Ordinance No. 53-1983, the City shall use
these funds to pay for the costs of such projects as listed in exhibit A,
and the costs associated with such projects incurred by the Downtown,
Development Authority and the City; and
WHEREAS, Exhibit A of Ordinance No. 53-1983 lists development studies
as a legitimate project for which proceeds from the $3,100,000 Bond Anti-
cipation Notes may be spent; and
WHEREAS, the Fort Collins Downtown Development Authority has reviewed
a contract with Landmark/Mitchell to develop a hotel/convention center;
and
WHEREAS, this contract requires that the Fort Collins Downtown De-
velopment Authority pay for a feasibility study and engineering services
associated with determining site feasibility.
NOW, THEREFORE BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, that there is hereby appropriated for expenditure in 1983 from the
$3,100,000 in Bond Anticipation Notes the sum of TWENTY-FIVE THOUSAND
DOLLARS ($25,000) for conducting a feasibility study and providing engi-
neering services for the development of a hotel/convention center.
Introduced, considered favorably on first reading, and ordered pub-
lished this 5th day of July, A. D. 1983, and to be presented for final
passage on the 19th day of July, A. D. 1983.
- M o
ATTEST:
City Clem
Passed and adopted on final reading this 19thday of July A.D.
1983.
;�SSISTA�Si Mayor
ATTEST:
City Clerk
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