HomeMy WebLinkAbout010 - 02/15/2011 - APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR EXPENDITURE ON PROJ ORDINANCE NO. 010, 2011
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
DOWNTOWN DEVELOPMENT AUTHORITY FUND
FOR EXPENDITURE ON PROJECTS IN ACCORDANCE WITH THE
DOWNTOWN PLAN OF DEVELOPMENT
WHEREAS,on April 21, 1981, City Council adopted Ordinance No.46, 1981,establishing
the Fort Collins, Colorado, Downtown Development Authority(the "DDA"); and
WHEREAS,the DDA's Plan of Development,approved by the City Council on September
8, 1981, established the purpose of the DDA and the types of projects in which the DDA would
participate; and
WHEREAS,bond proceeds have accrued interest earnings in the amount of$242,561; and
WHEREAS, City staff has identified.project savings of$289,294 currently in reserves; and
WHEREAS,staff has also identified bond proceeds from the 2010 Bond Series that were not
appropriated in the amount of$809,145; and
WHEREAS, on January 13, 2011, the Board of Directors of the DDA adopted Resolution
2011-01 recommending to the City Council the appropriation of these funds for the expenditure on
projects and programs; 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
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 anticipated revenue as
described herein will not cause the total amount appropriated in the DDA Fund to exceed the current
estimate of actual and anticipated revenues to be received in that fund during any fiscal year.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from reserves in the DDA Fund the sum
of ONE MILLION THREE HUNDRED FORTY ONE THOUSAND DOLLARS ($1,341,000) to
be used for the projects stated below:
Fifth Year Funding of Beet Street $ 500,000
401 South Mason Fagade Improvements 192,000
2010 Alley Enhancement Project—Maintenance (Three Years) 154,145
DDA Warehouse Operations and Maintenance (Three Years) 120,000
Downtown Holiday Lights—2011/2012 Season 35,000
Hotel Consultant Team Additional Scope of Work 25,000
Miscellaneous (Reserved for Projects Committed to by the
DDA Board before the next Bond Issuance 314,855
Total Projects/Programs $1,341,000
Introduced, considered favorably on first reading, and ordered published this 1st day of
February,A.D. 2011, and to be presented for final passage on the h day of February,A.D 2011.
May
AT--TEST:
City Clerk
Passed and adopted on final reading on the 15th day o eb ary,. A.D. 2011.
May r
__ATTEST:
AlllaaA
.City Clerk