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HomeMy WebLinkAbout126 - 12/21/2010 - AMENDING SECTION 25-75(A), OF THE CITY CODE TO INCREASE THE RATE OF TAX BY EIGHTY-FIVE HUNDREDTHS PE ORDINANCE NO. 126, 2010 OF THE COUNCIL OF THE CITY OF FORT COLLINS AMENDING SECTION 25-75(a), OF THE CODE OF THE CITY OF FORT COLLINS TO INCREASE THE RATE OF TAX BY EIGHTY-FIVE HUNDREDTHS PERCENT (0.85%) EFFECTIVE JANUARY 11 2011, IN ACCORDANCE WITH THE BALLOT MEASURE APPROVED BY THE REGISTERED ELECTORS ON NOVEMBER 2, 2010 WHEREAS,the City has heretofore enacted a comprehensive retail sales and use tax,which enactment is codified in Chapter 25, Article III, of the City Code; and WHEREAS, the amount of such tax imposed by the City Code is contained in Section 25- 75(a) thereof, and WHEREAS, on July 27, 2010, by Resolution 2010-047, the City Council referred to the registered electors of the City a proposed 0.85% increase in the City's sales and use tax rate on all non-exempt taxable items to be levied for a ten year period,beginning January 1, 2011, and ending December 31, 2021, with the revenues from the additional tax to be used as provided in the ballot measure; and WHEREAS,the ballot measure provides that the 0.85%tax increase will not apply to the use tax on manufacturing equipment; and WHEREAS, on November 2, 2010, the registered electors of the City approved the ballot measure imposing the additional tax. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That Section 25-75(a) of the Code of the City of Fort Collins is hereby amended to read as follows: Sec. 25-75. Rate of tax. (a)The amount of tax hereby levied is three and eighty-five hundredths(3.85) percent of the purchase price of tangible personal property or taxable services except that the amount of use tax levied on Manufacturing Equipment is three (3) percent of the purchase price. Twenty-five one-hundredths(0.25)percent of such amount is a tax which shall expire at midnight on December 31, 2030, the proceeds of which shall be used for the purposes of acquiring, operating and maintaining open spaces, community separators, natural areas, wildlife habitat, riparian areas, wetlands and valued agricultural lands, and to provide for the appropriate use and enjoyment of these areas by the citizenry, pursuant to the provisions of the Citizen-Initiated Ordinance No. 1, 2002. Another twenty-five one-hundredths (0.25) percent is a tax which shall expire at midnight on December 31, 2015, the proceeds of which shall be used for the purpose of paying the costs of planning, design, right-of-way acquisition, incidental upgrades and other costs associated with the repair and renovation of City streets, including but not limited to curbs, gutters, bridges, sidewalks, parkway shoulders and medians. Another twenty-five one-hundredths (0.25) percent is a tax which shall expire at midnight on December 31, 2015, the proceeds of which shall be used for the purpose of paying the costs of planning, design,right-of-way acquisition,construction and at least seven(7)years of operation and maintenance of certain capital projects specified in the 'Building on Basics" capital project program, subject to the terms and conditions of Ordinance No. 92, 2005. Another eighty-five one-hundredths (0.85)percent is a tax which shall expire at midnight on December 31, 2021, the proceeds of which shall be used in accordance with the terms and conditions of Ordinance No. 126, 2010. Section 2. That the revenue generated by the eighty-five one-hundredths (0.85) percent sales and use tax imposed pursuant to this Ordinance (the "Resourcing Our Future Tax") shall be used as follows: • 33% for street maintenance and repair; • 17% for other street and transportation needs; • 17% for police services; • 11% for fire protection and other emergency services; • 11% for parks maintenance and recreation services; and • 11%for community priorities other than those listed above,as determined by the City Council. Section 3. That the City Manager shall annually report to the City Council on the purposes for which the revenues from the Resourcing Our Future Tax have been designated or used in the preceding calendar year and the cost saving measures that were undertaken by the City in such year. Introduced, considered favorably on first reading, and ordered published this 7th day of December,A.D.2010,and to be presented for final passage on the ay of December,A.D.2010. Mayor ATTEST: =- City Clerk -2- Passed and adopted on final reading on the 21 st day of De be , A.D. 2010. i May ATTFST:_ _ City Clerk -3-