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HomeMy WebLinkAbout2001-041-03/20/2001-EXPRESSING THE COUNCILS INTENT WITH REGARD TO CERTAIN FUTURE EXPENDITURES FOR THE BENEFIT OF THE DOW RESOLUTION 2001-41 OF THE COUNCIL OF THE CITY OF FORT COLLINS EXPRESSING THE COUNCIL'S INTENT WITH REGARD TO CERTAIN FUTURE EXPENDITURES FOR THE BENEFIT OF THE DOWNTOWN DEVELOPMENT AUTHORITY DISTRICT WHEREAS,the City Council on December 19,2000,approved on second reading Ordinance No. 148,2000,which extended the boundaries of the Downtown Development Authority("DDA") District through the inclusion of the Mulberry-Lemay Crossings property (the 'Property"); and WHEREAS, the inclusion of this additional property in the DDA District will increase the tax increment revenues available to the DDA Board of Directors and the City Council for expenditure for DDA purposes until the present division of taxes from properties within the DDA boundaries ends in the year 2006; and WHEREAS, all proposed expenditures of such tax increment revenues are governed by the provisions of Section 31-25-801 et seq. of the Colorado Revised Statutes, which provisions state, in relevant part, that tax increment revenues are to be used for the payment of the principal of, the interest on, and any premiums due in connection with any indebtedness incurred by the City for financing or refinancing,in whole or in part,development projects within the boundaries of the Plan of Development for the District; and WHEREAS, any such proposed expenditures must be included in the annual budget for the District and approved by the City Council, pursuant to the recommendation of the DDA Board of Directors; and WHEREAS,the City Council wishes to express its intention with regard to the expenditure of the additional tax increment revenues to be generated by the inclusion of the Property in the District; and WHEREAS,on February 8,2001,the DDA Board of Directors adopted Resolution 2001-02 of the Board of Directors of the Fort Collins DDA,Setting its Priorities for Expenditures Related to the Estimated Revenue Generated From the Annexation of the Mulberry/Lemay Crossings Property into the Boundaries of the Fort Collins DDA; and WHEREAS, at its Study Session on February 27, 2001, the City Council considered Resolution 2001-02 of the DDA Board, together with additional information provided by the City Manager and the Executive Director of the DDA, and has, based upon those recommendations and information, identified certain projects that it believes would substantially benefit the DDA District and would be appropriate for the expenditure of the tax increment revenues generated by the Property. NOW,THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That,subject to the appropriation of the necessary funds,the Council believes that anticipated tax increment revenues from the Property should be used in support of the following priority projects: • Linden/Riverside Intersection improvements of up to$1,500,000,to include design, administration and construction. • Improvements to those portions of the Mulberry/Lemay intersection project which fall within the boundaries of the Downtown Development Authority in an amount of up to $376,000. • Various improvements to the Poudre River, as identified in the Downtown River Corridor Implementation Program adopted on July 18,2000 by the City Council and in the Plan of Development. Funding may be up to $400,000, with each request to be matched by a corresponding amount of funding from other sources. • Update of the Downtown Plan in conjunction with the City of Fort Collins and other interested parties in an amount of up to$275,000, which could include plans for the following, among other components: a. Downtown parking study update b. Market analysis and recommendation C. Planning and Urban Design d. Infrastructure analysis e. Facilitation/Citizen participation Section 2. That, subject to the appropriation of the necessary funds, the balance of the tax increment revenues generated by the Property should be used for additional projects that are consistent with the mission of the DDA and the Plan of Development for the District. Passed and adopted at a regular meeting of the City Council held this 20th day of March, A.D. 2001. Mayor ATTEST: -))�"�". .I City Clerk