HomeMy WebLinkAbout091 - 07/17/1984 - APPROPRIATING UNANTICIPATED REVENUE IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR THE APPRAISAL OF ORDINANCE NO. 91 1984
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE
DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR THE
APPRAISAL OF PROPERTY FOR THE
DOWNTOWN HOTEL/CONVENTION CENTER
WHEREAS, Article V, Section 15, of the Charter of the City of Fort
Collins permits the Council to appropriate unanticipated revenue received
at any time during the year; and
WHEREAS, the Downtown Development Authority (DDA) will be issuing
Bonds in the approximate amount of $8 million; and
WHEREAS, until such time as the bond proceeds are received, the City
has by intergovernmental agreement issued a line of credit to the DDA to be
used to begin certain projects; and
WHEREAS, the intergovernmental agreement is to be amended to extend
the line of credit to the Downtown Hotel/Convention Center Project; and
WHEREAS, the City will be repaid for all funds advanced pursuant to
said intergovernmental agreement when the bond proceeds are received;
and
WHEREAS, the Council wishes the DDA to proceed with this project in a
timely manner.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is herebyappropriated f from unantici-
pated
or expenditure
pated revenue in the Downtown Development Authority Fund the sum of THIRTY-
FIVE THOUSAND THREE HUNDRED DOLLARS ($35,300) for the appraisal of property
for the Downtown Hotel/Convention Center, under the condition that any
expenditure for said appraisals shall be contingent upon receipt of posi-
tive market information from Radisson.
Introduced, considered favorably on first reading, and ordered pub-
lished this 3rd day of July, A.D. 1984, and to be presented for final
passage on the 17th day of July A.D. 1984.
-Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 17th day of July
A.D. 1984.
Mayor
ATTEST:
City Clerk
-2-