HomeMy WebLinkAbout1995-045-03/28/1995-BASIC INDUSTRIAL FIRMS DEVELOPMENT REVIEW PROCESSES ECONOMIC DEVELOPMENT ENTERPRISE ZONE LEGISLATION RESOLUTION 95-45
OF THE COUNCIL OF THE CITY OF FORT COLLINS
DIRECTING STAFF TO PREPARE INFORMATION AND ANALYSIS
CONCERNING CITY SUPPORT FOR ADDITIONAL FINANCIAL INCENTIVES
FOR LARGE BASIC INDUSTRIAL EMPLOYERS
WHEREAS, the City of Fort Collins has an adopted economic development policy that
indicates that the retention of basic industrial firms is critical to the overall prosperity of the
community; and
WHEREAS, City Council has determined that economic development serves an important
public purpose by promoting primary and secondary_jolicwithin_the City, and generally enhancing_
the local economy; and
WHEREAS, on August 16, 1994, City Council adopted Ordinance No. 123, 1994, which
amended Article VII of Chapter 5 of the Code of the City of Fort Collins so as to permit the rebate
of fees for qualifying basic industries in order to stimulate capital investment by the firms, and
encourage the creation of additional basic industrial jobs; and
WHEREAS, it is the policy of the Council of the City of Fort Collins to periodically review
amd evaluate the-City's financial and economic development policies in terms of their relevance to
current community values, and the location decisions of large manufacturing businesses; and
WHEREAS, during the course of this review, City Council believes it is important to
consider additional information and data relative to the sales, use and real and personal property tax
structures of the City as they apply to large basic industries; and
WHEREAS,Council also believes that it is important for the City to have a method by which
the economic and fiscal impacts of large basic industrial expansion projects and financial incentive
requests may be evaluated.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That staff is hereby directed to:
• Evaluate the pros, cons and appropriate alternative methodologies for deferring
collection of,placing a cap on, and/or otherwise modifying the manufacturing use tax
for plant and equipment purchases made by large basic industrial firms; and evaluate
all other pertinent policies related to the imposition and collection of such tax.
• Prepare a Pro Forma and methodology to assist the City in evaluating the economic
and fiscal impacts of large basic industrial expansion projects, and requests for
financial or tax incentives.
• Evaluate the pros and cons, and consider for recommendation, policies regarding
real and personal property tax rebates or credits available to large basic industrial
firms through Senate Bill 94-182, and the State's Enterprise Zone legislation.
• Evaluate methods for improving the development review processes of the City as
they relate to large basic industrial development projects.
Section 2. That the City Manager shall submit a report to City Council regarding the
foregoing issues and concerns, together with recommendations, no later than April 18, 1995.
Passed and adopted at an adjourned meeting of the Council of the City of Fort Collins held
this 28th day of March, A. D. 1995.
ayor
i
ATTEST:
City Clerk