HomeMy WebLinkAbout113 - 10/20/2015 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO REIMBURSE WOODWARD, INC. FOR DEVELOPMENT FE ORDINANCE NO. 113, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL FUND TO REIMBURSE
WOODWARD, INC. FOR DEVELOPMENT FEES AND CAPITAL IMPROVEMENT
EXPANSION FEES
WHEREAS, the City, the Fort Collins Downtown Development Authority, and
Woodward, Inc. ("Woodward") entered into that certain "Agreement with Woodward, Inc."
dated April 16, 2013 (the "Agreement"), which Agreement provides business investment
assistance for the relocation of Woodward's headquarters and the expansion of its manufacturing
and office facilities in Fort Collins; and
WHEREAS, the Agreement specifies that Woodward is eligible for reimbursement from
the City for the following paid by it to the City: (1) "Use Taxes" on "Construction Materials"
and "Eligible Equipment", (2) "Development Fees", and (3) "Capital Improvement Fees", as '
these terms are defined in the Agreement; and
WHEREAS, under the Agreement, Woodward can apply for reimbursement biannually
for Development Fees and Capital Improvement Fees and once a year for the Use Tax rebate;
and v
WHEREAS, all funds reimbursed must be appropriated by Council as part of the rebate
process; and
WHEREAS, the Agreement was approved by City Council pursuant to Ordinance No.
055, 2013, on April 2, 2013; and
WHEREAS, the current total amount due to Woodward for the period of January 1; 2015,
through June 30, 2015, for eligible reimbursements is $180,994; and
WHEREAS, in accordance with the terms of the Agreement, staff is requesting
appropriation of $180,994 from prior year reserves from the General Fund to so reimburse
Woodward; and
WHEREAS, included in the $180,994 total amount to be reimbursed is $120,522 for
Development Fees, $9,741 for General Government Capital Improvement Fees, $2,803 for
Police Capital Improvement Fees, $4,976 for Fire Capital Improvement Fees, and $42,952 for
Street Oversizing Capital Improvement Fees; and
WHEREAS, Article V, Section 9, of the City Charter also 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.
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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 sum of ONE HUNDRED TWENTY THOUSAND FIVE HUNDRED
TWENTY-TWO DOLLARS ($120,522) to reimburse Woodward for Development Fees—as
required by the Agreement.
Section 2. That there is hereby appropriated for expenditure from prior year reserves
in the General Fund the sum of SEVENTEEN THOUSAND FIVE HUNDRED TWENTY
DOLLARS ($17,520) to reimburse Woodward for General Government, Police and Fire Capital
Improvement Fees as required by the Agreement.
Section 3. That there is hereby appropriated for expenditure from prior year reserves
in the General Fund the sum of FORTY TWO THOUSAND NINE HUNDRED FIFTY-TWO
DOLLARS ($42,952) to reimburse Woodward for Street Oversizing Capital Improvement Fees
as required by the Agreement.
Introduced, considered favorably on first reading, and ordered published this 6th day of
October, A.D. 2015, and to be presented for final passage on the 20th day of October, A.D. 2015.
OF pORTCO
Mayor
ATTEST: u SEAL iN
to�Aoo
City Clerk n
Passed and adopted on final reading on the 20th day of October, A.D. 2015.
FORT
C........ 00 W S
Mayor
ATTEST:
COCORADO
City Clerk
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