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HomeMy WebLinkAbout152 - 12/15/2015 - APPROPRIATING PRIOR YEAR RESERVES IN THE STREET OVERSIZING FUND FOR THE REIMBURSEMENT OF THE CONSTRU ORDINANCE NO. 152, 2015 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR RESERVES IN THE STREET OVERSIZING FUND FOR THE REIMBURSEMENT OF THE CONSTRUCTION OF ROADWAY IMPROVEMENTS WHEREAS, new developments are required to pay their share of the street network needed to handle the added traffic created by the development; and WHEREAS, the Street Oversizing Program collects fees from new developments and allocates these amounts for construction of the oversized portion of collector and arterial streets in newly developing areas; and WHEREAS, all projects impacting traffic pay a Transportation Impact Fee called the Street Oversizing Fee when they receive a City of Fort Collins building permit; and WHEREAS, Street Oversizing Fees are one-time impact fees used for capital expansion of the transportation network; and WHEREAS, depending upon the circumstances, the City may choose to build the required oversized collector and arterial streets or choose to have developers build such streets with the City reimbursement for certain construction costs; and WHEREAS, this appropriation is needed to reimburse developers for construction costs incurred for oversized arterial and collector roadway segments for 2015; and WHEREAS, Article V, Section 9 of the City Charter permits the City Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as may be available from reserves accumulated in prior years, notwithstanding that such reserves were not previously appropriated. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the City Council hereby makes and adopts the determinations and findings contained in the recitals set forth above. Section 2. That there is hereby appropriated for expenditure from prior year reserves in the Street Oversizing Fund the total sum of ONE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($1,250,000) for the reimbursement of street oversizing fees for 2015 to developers who have constructed qualifying oversized portions of collector and arterial streets. i Introduced, considered favorably on first reading, and ordered published this 1st day of December, A.D. 2015, and to be presented for final passage on the 15th day of December, A.D. 2015. nSEAL : Mayor ATTEST: City Clerk Passed and adopted on final reading on this 15th day of December, A.D. 2015. QOVJ C044�y I i Off; ••s Mayor ATTEST: "1 51 q COLOR City Clerk