HomeMy WebLinkAbout098 - 08/20/2013 - APPROPRIATING UNANTICIPATED REVENUE IN THE CAPITAL PROJECTS FUND AND AUTHORIZING THE TRANSFER OF EXI ORDINANCE NO. 098, 2013
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE CAPITAL PROJECTS FUND
AND AUTHORIZING THE TRANSFER OF EXISTING APPROPRIATIONS FROM THE
NATURAL AREAS FUND TO THE CAPITAL PROJECTS FUND FOR WOODWARD
RELATED PUBLIC IMPROVEMENTS
WHEREAS, pursuant to Ordinance No. 055, 2013, the City, the Downtown Development
Authority ("DDA"), and Woodward Inc("Woodward") entered into an agreement which provides
that Woodward will advance up to $6.05 million to the DDA to fund certain public improvements,
to be made on or near the former Link-N-Greens Golf Course in connection with the
redevelopment of that property (the "Woodward Site") and the City will act as either the project
manager or construct the public improvements; and
WHEREAS, the improvements include right-of-way improvements ($1,750,000), open
space restoration ($3,500,000), and the relocation and installation of a power transmission line
($1,297,080) that currently crosses the Woodward Site for a total cost of$6,547,080; and
WHEREAS, Woodward has agreed to advance funds to the City through the DDA in
amount of $6,047,080 for these public improvements, and the Natural Areas Fund is providing
$500,000 for the open space restoration; and
WHEREAS,on June 4, 2013, Ordinance No. 076, 2013,the City appropriated unanticipated
DDA revenue in the amount of$1,297,080 in the General Fund for the relocation and installation of
the transmission line on the Woodward Site; and .
WHEREAS, City staff recommends keeping all of the public improvement funds related to
the Woodward Site in the Capital Projects Fund; and
WHEREAS, the DDA revenue will now be recorded in the Capital Projects Fund and not
the General Fund, so the General Fund appropriations in the amount of$1,297,080 will be treated
as unavailable for expenditure after this ordinance is approved; 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 revenue as described
herein will not cause the total amount appropriated in the Capital Projects Fund to exceed the
current estimate of actual and anticipated revenues to be received in that fund during any fiscal
year.
WHEREAS, Article V, Section 10, of the City Charter authorizes the City Council to
transfer by ordinance any unexpended and unencumbered appropriated amount or portion thereof
from one fund (project) to another fund (project), provided that the purpose for which the
transferred funds are to be expended remains unchanged.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the unexpended appropriated amount of FIVE HUNDRED THOUSAND
DOLLARS ($500,000) in the Natural Areas Fund is hereby authorized for transfer to the Capital
Projects Fund - Woodward Public Improvements Project and appropriated therein.
Section 2. That there is hereby appropriated from unanticipated revenue in the Capital
Projects Fund the sum of SIX MILLION FORTY-SEVEN THOUSAND. EIGHTY DOLLARS
($6,047,080) for the Woodward Public Improvements Project.
Introduced, considered favorably on first reading, and ordered published this 16th day of
July, A.D. 2013, and to be presented for final passage on the 20th day of August, A.D. 2013.
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Passed and adopted on final reading on the 20th day of August, A.D. 2013.
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