HomeMy WebLinkAbout058 - 05/19/2015 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL, CAPITAL EXPANSION AND STREET OVERSIZING FUNDS TO R ORDINANCE NO. 058, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL,
CAPITAL EXPANSION AND STREET OVERSIZING FUNDS TO REIMBURSE
WOODWARD, INC. FOR DEVELOPMENT FEES, CAPITAL EXPANSION
IMPROVEMENT FEES, AND USE TAX
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 Tax on Construction Materials and
Eligible Equipment, (2) Development Fees, and (3) Capital Improvement Expansion Fees; and
WHEREAS, under the Agreement, Woodward can apply for reimbursement biannually
for Development Review and Capital Improvement Expansion Fees and once a year for the Use
Tax rebate; and
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 reimbursement due to Woodward for the period of July 1, 2014,
through December, 31, 2014, is $2,107,261 for eligible fees and Use Tax; and
WHEREAS, in accordance with the terms of the Agreement, staff is requesting
appropriation of the full amount to reimburse Woodward from prior year reserves from the
following funds:
General Fund: $1,888,079
Capital Expansion Fund
General Govt. $ 24,879
Police $ 7,313
Fire $ 12,854
Capital Expansion Fund: $ 45,046
Street Oversizing Fund: 174,136
Total Reimbursement Request: $2,107,261
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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.
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 MILLION EIGHT HUNDRED EIGHTY EIGHT
THOUSAND SEVENTY NINE DOLLARS ($1,888,079) to reimburse Woodward for
Development Fees and Use Tax as required by the Agreement.
Section 2. That there is hereby appropriated for expenditure from prior year reserves
in the Capital Expansion Fund the sum of FORTY FIVE THOUSAND FORTY SIX DOLLARS
($45,046) to reimburse Woodward for General Government, Police and Fire Capital Expansion
Improvement Fees as required by the Agreement, with the intent of this appropriation being to
supersede any provision to the contrary in City Code Chapter 7.5.
Section 3. That there is hereby appropriated for expenditure from prior year reserves
in the Street Oversizing Fund the sum of ONE HUNDRED SEVENTY FOUR THOUSAND
ONE HUNDRED THIRTY SIX DOLLARS ($174,136) to reimburse Woodward for Street
Oversizing Capital Expansion Improvement Fees as required by the Agreement, with the intent
of this appropriation being to supersede any provision to the contrary in City Code Chapter 7.5.
Introduced, considered favorably on first reading, and ordered published this 5th day of
May, A.D. 2015, and to be presented for final passage on the 19th day of May, A.D. 2015.
Mayor
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City Clerk OIORPp�
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Passed and adopted on final reading on the 19th day of May, A.D. 2015.
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City Clerk
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