HomeMy WebLinkAbout2001-093-08/21/2001-APPROVING A STORMWATER FINANCING PLAN RESOLUTION 2001-93
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING A STORMWATER FINANCING PLAN
WHEREAS,on October 6, 1998,the City Council adopted on second reading Ordinance No.
168, 1998, amending Chapter 26 of the Code of the City of Fort Collins relating to the fees of the
Stormwater Utility, such that the monthly stormwater fee established in Section 26-513 of the City
Code would be imposed on a uniform and city-wide basis for the purposes of operating,maintaining,
and improving existing stormwater facilities and for the purposes of designing, acquiring right-of-
way for, and constructing future stormwater facilities; and
WHEREAS,on March 16, 1999,the City Council adopted on second reading Ordinance No.
42, 1999, amending the"Storm Drainage Design Criteria and Construction Standards"by revising
the rainfall intensity duration curve graph; and
WHEREAS,the modification of the rainfall intensity curve graph, together with improved
mapping and other planning techniques used to develop updates to the master drainage plans for
various stormwater basins in the city, are expected to result in additions and modifications to
previously recommended and planned stormwater capital improvements; and
WHEREAS, the additional or modified stormwater capital improvements expected to be
implemented throughout the city as a result of these developments will cost substantially more than
the improvements anticipated in 1998 at the time of adoption of a 15-year plan for financing those
improvements; and
WHEREAS, City staff has recommended a proposed financing plan to reflect the current
recommendations for expected stormwater capital improvements,which plan would finance those
improvements, at a total estimated cost of $120 million, over a 25-year period (the "Financing
Plan"); and
WHEREAS, City staff presented its Financing Plan recommendation, together with other
possible alternative financing approaches,to the City Council at the Council's May 22,2001, study
session; and
WHEREAS,the Financing Plan contemplates the borrowing of$15 million to"jump-start"
the capital improvement program,and then proceeding with a pay-as-you-go approach to finish those
improvements over the course of the 25-year period; and
WHEREAS,the Financing Plan would require a 45%increase in the stormwater utility fee
base rate set forth in Section 26-514 of the City Code effective in 2002, and an additional 10%
increase in that fee effective in 2003, with future increases to be dictated by the final costs of the
planned capital improvements, growth in the number of system customers, and the future costs of
operating and maintaining the stormwater system; and
WHEREAS,the Council has determined that it supports the Financing Plan,as recommended
by City staff,and intends to proceed with the necessary budget,appropriation, fee rate change,debt
issuance, and other steps necessary to carry out the Financing Plan.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the Council hereby declares its policy and intent that the capital improvements
necessary to carry out approved master plans for the city stormwater system shall be financed and
proceed in a manner consistent with a financing plan that will finance those improvements at a total
estimated cost of$120 million, over a 25-year period,with an initial borrowing of$15 million and
subsequent Stormwater Utility fee increases as necessary to fully fund the design, construction,
operation and maintenance of stormwater system facilities consistent with the adopted storm
drainage master plans for the city,and otherwise consistent with the terms of this Resolution,subject
to the adoption by the Council of such ordinances as may be required to carry out said financing
plan.
Passed and adopted at a regular meeting of the City Council held this 21 st day of August,
A.D. 2001.
Mayor
ATTEST:
14 h t
City Clerk