HomeMy WebLinkAbout139 - 11/05/2013 - BEING THE ANNUAL APPROPRIATION ORDINANCE FOR THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RELATIN ORDINANCE NO. 139. 2013
OF THE COUNCIL OF THE CITY OF FORT COLLINS
BEING THE ANNUAL APPROPRIATION ORDINANCE FOR THE
FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RELATING
TO THE ANNUAL APPROPRIATIONS FOR THE FISCAL YEAR 2014 AND
FIXING THE MILL LEVY FOR THE DOWNTOWN DEVELOPMENT AUTHORITY
FOR FISCAL YEAR 2014
WHEREAS, the Fort Collins Downtown Development Authority (the "DDA") has been
duly organized in accordance with the Colorado Revised Statutes (C.R.S) 31-25-804, 1973 as
amended: and
WHEREAS, on September 12, 2013, the DDA Board of Directors (the "DDA Board"),
acting under the provisions of C.R.S. 31-25-816, 1973, as amended, adopted a budget for the
fiscal year beginning January 1, 2014 and ending December 31, 2014; and
WHEREAS, the DDA budget included appropriation of the 2014 annual draw on a
revolving line of credit (the " 2014 Line of Credit') established under Resolution 2012-02, to
finance DDA projects and programs in accordance with its approved Plan of Development, the
Downtown Plan, and the Downtown Strategic Plan; and
WHEREAS, the DDA budget also determined the mill levy necessary to provide for
payment during fiscal year 2014 of properly authorized operational and maintenance
expenditures to be incurred by the DDA; and
WHEREAS, it is the desire of the City Council to appropriate the sum of FOUR
MILLION, NINE HUNDRED SIXTY ONE THOUSAND, FIVE HUNDRED FIVE DOLLARS
($4,961,505) in the DDA Operation and Maintenance Fund and the Debt Service Fund for the
fiscal year beginning January 1, 2014 and ending December 31, 2014, to be used as follows:
DDA Operations & Maintenance $ 764,404
2013 Revolving Line of Credit Draw 1,000,000
DDA Debt Service Fund 3.197.101
$4,961,505
WHEREAS, the DDA Board has recommended to the Council a mill levy of five (5)
mills upon each dollar of assessed valuation on all taxable property within the DDA boundaries
(the "DDA District'), such levy representing the amount of taxes for DDA purposes necessary to
provide for payinent during the ensuing fiscal year for all properly authorized operational and
maintenance expenditures to be incurred by the DDA; and
WHEREAS, Section 39-5-128(1), C.R.S., requires certification of any tax levy to the
Board of County Commissioners of Latimer County no later than December 15, 2013.
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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 the Downtown
Development Authority Operations and Maintenance Fund the sum of SEVEN HUNDRED
SIXTY FOUR THOUSAND, FOUR HUNDRED AND FOUR DOLLARS ($764,404), to be
expended for the authorized purposes of the DDA.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority 2014 Line of Credit draw the sum of up to ONE MILLION DOLLARS
($1,000,000), to be used for the authorized purposes of the DDA.
Section 3. That there is hereby appropriated for expenditure from the Downtown
Development Authority Debt Service Fund the sum of T14REE MILLION, ONE HUNDRED
NINTY-SEVEN THOUSAND, ONE HUNDRED AND ONE DOLLARS ($3,197.101), for
payment of debt service on previously issued and outstanding bonds, to pay the City's
investment service charge, for payment on the 2014 Line of Credit draw, and to be used to cover
the DDA's one-third share of payment on the Civic Center Parking Structure.
Section 4. That the 2014 mill levy rate for the taxation upon each dollar of the
assessed valuation of all taxable property within the DDA District as of December 31, 2013 shall
be five (5) mills, which levy represents the amount of taxes for the District purposes to provide
for payment during the aforementioned fiscal year of properly authorized expenditures to be
incurred by the DDA. Said mill levy shall be certified to the County Assessor and the Board of
County Commissioners of Larimer County, Colorado, by the City Clerk as provided by law.
Introduced, considered favorably on first reading and ordered published this 15th day of
October, A.D. 2013, and to be presented for final passage on the 5th day of November, A.D.
2013.
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Passed and adopted on final reading this 5th day of November, A.D. 2013.
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