HomeMy WebLinkAbout1995-137-09/19/1995-AFFORDABLE HOUSING COMMUNITY DEVELOPMENT CORP PUBLIC PRIVATE PARTNERSHIP STEERING COMMITTEE TRUST FU RESOLUTION 95-117
OF THE COUNCIL OF THE CITY OF FORT COLLINS
EXPRESSING THE CITY'S SUPPORT FOR THE FORMATION
OF A COMMUNITY DEVELOPMENT CORPORATION
WHEREAS, the provision of affordable housing is a major policy theme of the City
Council's 1995-1997 Agenda and serves an important public purpose for the citizens of the City;
and
WHEREAS, by the adoption of Resolution 93-1 l 1 on July 20, 1993, the City Council has
approved a variety of strategies and possible implementation mechanisms to improve the supply of
affordable housing in the City; and
WHEREAS,such strategies include the establishment of a special account within the General
Fund (the "Affordable Housing Trust Fund"), the purpose of which is to provide funding for
affordable housing projects; and
WHEREAS, by the adoption of Resolution 94-134 on August 16, 1994, the City Council
directed City staff to develop a method of distribution of monies from the Affordable Housing Trust
Fund based upon an impact fee rebate/reimbursement program, which direction has been
implemented by City staff; and
WHEREAS, the City Council wishes to develop additional strategies for the provision of
affordable housing; and
WHEREAS, the City Council's policy agenda also supports the development of public and
private partnerships between the City and other local, public and private agencies; and
WHEREAS, a steering committee of local public and private agencies has been formed for
the purpose of examining the feasibility of establishing a community development corporation (the
"CDC") to promote additional affordable housing in the Fort Collins community; and
WHEREAS, the steering committee has been asked to make a recommendation to the City
Council regarding the establishment of the CDC and to demonstrate its willingness to support, both
financially and politically, the formation of the CDC; and
WHEREAS, the City Council also wishes to declare its own willingness to support the CDC
on behalf of the City; and
WHEREAS, the City Council has, over the last three years, appropriated Four Hundred
Thirty-eight Thousand Dollars ($438,000) for the support of affordable housing in the community,
a portion of which funds may be available to help provide financial support for the CDC.
NOW,THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
Section 1. That the City Council hereby expresses its support for the formation of the
CDC and its intention to help fashion an ongoing public private partnership to meet the long-term
affordable housing needs of the community.
Section 2. That, in the event that the steering committee of the CDC is able to obtain a
commitment from other public and private agencies in the Fort Collins area to fund approximately
one-half('/2) of the operating costs of the CDC for an initial two-year period, the City staff is hereby
directed to present to the City Council, for its consideration:
a. an appropriation ordinance authorizing the utilization of One
Hundred Twenty-Five Thousand Dollars ($125,000) of such funds to
be applied to said operating costs; and
b. a proposed program for the on-going provision of additional
affordable housing funds to be used, possibly through a revolving
loan program, for the continuing support of the CDC in future years.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this
19th day of September, A.D. 1995.
Mayor i
ATTEST:
"Yo��'City Clerk
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