HomeMy WebLinkAbout092 - 07/15/2014 - APPROPRIATING PRIOR YEAR RESERVES IN THE DOWNTOWN DEVELOPMENT AUTHORITY FUND FOR EXPENDITURE ON PROJ ORDINANCE NO. 092, 2014
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
DOWNTOWN DEVELOPMENT AUTHORITY FUND
FOR EXPENDITURE ON PROJECTS AND PROGRAMS IN ACCORDANCE
WITH THE DOWNTOWN PLAN OF DEVELOPMENT
WHEREAS, on April 21, 1981, the City Council adopted Ordinance No. 046, 1981,
establishing the Fort Collins, Colorado Downtown Development Authority (the "DDA"); and
WHEREAS, the DDA's 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 and
programs in which the DDA would participate; and
WHEREAS, bond proceeds from 2008 through 2012 have accrued interest earnings in
the amount of$95,209; and
WHEREAS, DDA and City staff have identified project savings of$795,732 from bond
proceeds currently in reserves; and
WHEREAS, DDA and City staff have also identified the following bond proceeds that
have not yet been appropriated: 2010 Bond Series - $379,639; 2011 Bond Series - $299,605; and
2012 Bond Series - $252,088; and
WHEREAS, on November 14, 2013, the Board of Directors of the DDA voted to
recommend to the City Council the appropriation of the above-referenced funds for expenditure
on DDA projects and programs in accordance with the Downtown Plan of Development; 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 EIGHT HUNDRED SEVEN THOUSAND TWO HUNDRED
SEVENTY-THREE DOLLARS ($1,807,273) to be used for the DDA projects and programs
stated below:
_ 1 _
Old Town Square Renovation $1,519,708
Fagade Grant Program 100,000
River District Improvements - Willow Street 187,565
Storm Water/Utility Matching Grant - Willow Street 15,000
Total Projects/Programs $1,822,273
Introduced, considered favorably on first reading, and ordered.published this 1st day of
July, A.D. 2614, and to be presented for final passage on the 15th day of July, A.D. 2014.
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Passed and adopted on final reading on the 15th day of July, A.D. 2014.
Mayor AraTem
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