HomeMy WebLinkAbout090 - 09/18/2012 - APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND, FUNDS DRAWN FROM THE 2 ORDINANCE NO. 090, 2012
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT
AUTHORITY FUND, FUNDS DRAWN FROM THE 2012 CITY OF FORT COLLINS
REVOLVING LINE OF CREDIT ESTABLISHED TO FINANCE DOWNTOWN
DEVELOPMENT AUTHORITY PROJECTS AND PROGRAMS AND FUNDS
FOR DEBT SERVICE ON THE REVOLVING LINE OF CREDIT
WHEREAS, on April 21, 1981, the City Council adopted Ordinance No. 046, 1981,
establishing The Fort Collins, Colorado, Downtown Development Authority("DDA"); and
WHEREAS,the DDA Plan of Development was approved by the City Council on September
8, 1981, and established the purpose of the DDA and the types of projects in which the DDA would
participate; and
WHEREAS, bond proceeds from 2011 through April 2012 have accrued interest earnings
in the amount of S191,032; and
WHEREAS, DDA staff has identified project savings of$331,113 from bond proceeds
currently in reserves,as well as$940,430 in funds from the 2007,2008 and 2010 Bond Series which
were appropriated but not spent, and bond proceeds from the 2010 Bond Series currently in reserves
that were not appropriated in the amount of$500,000; and
WHEREAS, on this date the Council has also approved Ordinance No. 089, 2012,
authorizing the establishment of a line of credit to finance DDA projects and programs in
accordance with the DDA Plan of Development and approving the line of credit documents; and
WHEREAS, the establishment of said line of credit and the appropriation of the funds from
the line of credit draws and the appropriation of prior year reserves are necessary to complete the
construction and implementation of certain capital DDA projects; and
WHEREAS, Article V, Section 9, of the City Charter permits the City Council of the City
to make supplemental appropriation, in conjunction with all previous appropriations for that 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, the Board of Directors of the DDA has recommended to the City Council of
the City such appropriation by Resolution 2012-03,passed and adopted at the regular meeting of the
Board of Directors of the DDA on the June 19, 2012.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
Section 1. That there is hereby appropriated for expenditure from the 2012 Line of
Credit draws and reserves in the Downtown Development Authority Fund the sum of TWO
MILLION, NINE HUNDRED SIXTY TWO THOUSAND, FIVE HUNDRED SEVENTY FIVE
DOLLARS ($2,962,575) to be used, as defined in the attached Exhibit A.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of up to ONE MILLION DOLLARS
($1,000,000) for payment of debt service on the line of credit draws in 2012.
Introduced, considered favorably on first reading, and ordered published this 4th day of
September, A.D. 2012, and to be presented for final passage on the I Sth day of September, A.D.
2012.
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Passed and adopted on final reading on the 18th day of September, A.D. 2012.
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EXHIBIT A
MAINTENANCE OBLIGATIONS OF $654,000
Old Town Square Second Interim Agreement(2012-2014)--$192,000
Old Town Square-Safety and Operational Function(2012-2014)—$30,000
DDA Warehouse-Utilities and Maintenance(2012-2014)--$60,000
DDA Warehouse-Capital Reserve Fund(e.g. new roof)--$25,000
MFA, OFA, WMA Alley Enhancement Project(2012-2014)--$347,000
Subtotal $654,000
EXISTING COMMITMENTS OF $1,843,627
2012 payment-Museum of Discovery(Proposed payments scheduled over 6 years)—$750,000
137 Mathews Street-Tax Increment Facade Project—up to$13,500
415 S Mason Street-Tax Increment Facade Project—up to$65,000
Downtown River District Improvements-Jefferson Street Improvements--$500,000
Lincoln Center Rent and Tech Grant for the 2012-2013 Season—up to$165,827
River Corridor Improvements-Engines and Energy Conversion Lab—Grant—up to$77,000
Penny Flats Building#3-Tax Increment Facade Project—up to$112,300
Penny Flats Building#4-Tax Increment Facade Project—up to$160,000 ,
Subtotal $1,843,627
OTHER OF $464,948
Closing Costs—estimated at$15,000
Holiday Lights Partnership(2012 Season)--up to$35,000
Facade Grant Program--up to$75,000
Project Management Fee--estimated at$339,948
Subtotal $464,948
TOTAL USES $2,962,575
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