HomeMy WebLinkAbout018 - 03/03/2015 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND FOR THE PURPOSE OF SUPPLEMENTING CONSTRUCTION ORDINANCE NO. 018, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND FOR
THE PURPOSE OF SUPPLEMENTING CONSTRUCTION COSTS ASSOCIATED
WITH THE FOOTHILLS ACTIVITY CENTER AND TO TRANSFER APPROPRIATIONS
TO THE CULTURAL SERVICES AND FACILITIES FUND FOR THE
ART IN PUBLIC PLACES PROGRAM
WHEREAS, the original Redevelopment and Reimbursement Agreement dated January
17, 2014 (the "Agreement") for the redevelopment of the Foothills Mall (the "Mall") included a
requirement for the construction of a new Foothills Activity Center (the "FAC"); and
WHEREAS, the original construction cost for the FAC was to not exceed $5.1 million
dollars; and
WHEREAS, the final construction plans and specifications for the FAC increased the
final construction cost to $5.8 million, an increase of$700,000; and
WHEREAS, in the Second Amendment to the Redevelopment and Reimbursement
Agreement dated August 18, 2014 (the "Second Amendment"), the City and Walton Foothills
Holdings VI, LLC, (the "Developer") agreed to split this additional cost with the City to pay,
subject to Council's annual appropriation, up to $400,000 of the $700,000 additional cost and the
Developer to pay the remaining amount; and
WHEREAS, staff requests a total appropriation of$404,000, $400,000 of which is to be
from prior years General Fund Reserves to be used to reimburse the Developer for the additional
constructions costs for the FAC as provided in the Second Amendment; and
WHEREAS, $4,000 of the remaining requested amount represents one percent (1%) of
the appropriation for the FAC to be transferred to the Cultural Services and Facilities fund for a
contribution to the Art in Public Places (APP) program under City Code Chapter 23, Article XII,
with $3,120 reserved for the APP artwork acquisition and $880 reserved for the maintenance of
the artwork and operations of the APP program; and
WHEREAS, funding for this appropriation is supported by year to date revenue received
from the Mall project of$1.4 million from use tax and fees; 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; and
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.
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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 prior year reserves
in the General Fund the total sum of FOUR HUNDRED THOUSAND DOLLARS ($400,000) to
fund additional construction costs for the Foothills Activity Center.
Section 2. That the unexpended and unencumbered appropriated amount of THREE
THOUSAND ONE HUNDRED TWENTY DOLLARS ($3,120) in the General Fund is
authorized for transfer to the Cultural Services and Facilities Fund and appropriated therein for
the APP program.
Section 3. That the unexpended and unencumbered appropriated amount of EIGHT
HUNDRED EIGHTY DOLLARS ($880) in the General Fund is authorized for transfer to the
Cultural Services and Facilities Fund and appropriated therein for-the APP program maintenance
and operations.
Introduced, considered favorably on first reading, and ordered published this 17th day of
February, A.D. 2015, and to be presented for final passage on the 3rd day of March, A.D. 2015.
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City Clerk
Passed and adopted on final reading on the 3rd day of March, A.D. 2015.
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