HomeMy WebLinkAbout1991-105-07/16/1991-CBD CENTRAL BUSINESS DISTRICT DOWNTOWN PLAN FAIR FINANCIAL ASSISTANCE IMPACT REPORT RESOLUTION 91-105
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ESTABLISHING CITY POLICY REQUIRING THE SUBMISSION TO
THE CITY OF A FINANCIAL ASSISTANCE IMPACT
REPORT FROM ANY DEVELOPMENT OR REDEVELOPMENT PROJECT
WHICH RECEIVES FINANCIAL ASSISTANCE FROM THE CITY
WHEREAS, it is anticipated that the City will continue to experience
development and redevelopment activities in the future, especially in the
downtown central business district (CBD) as implementation of the policies
contained in the DOWNTOWN PLAN proceed; and
WHEREAS, in some cases, persons proposing development and redevelopment
projects may seek some type of financial assistance from the City; and
WHEREAS, development and redevelopment projects will also sometimes be
proposed for properties which will raise public concerns related to environmental
protection, neighborhood compatibility and the loss of lower-income housing
and/or lower rent commercial space; and
WHEREAS, the loss of lower-income housing and lower rent commercial space
is a matter of public concern because of the potential displacement of low-
income persons and the difficulty in replacing such housing or commercial space;
and
WHEREAS, the orderly development of the community, the expansion of
economic opportunities and the rejuvenation of the CBD is also a public concern
because the downtown area is a primary focal point for the community and an
economically viable CBD is a goal of the City's Comprehensive Plan; and
WHEREAS, the Council has determined that a policy requiring information
to be presented in a consistent and organized manner be established to help
identify the public benefits and trade-offs of development and redevelopment
activities.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS:
Section 1 . That it shall be the policy of the City of Fort Collins to
require the submission to the City of a Financial Assistance Impact Report (FAIR)
for any development and redevelopment project which receives City financial
assistance in any part of the project's cost. The requirement to submit a FAIR
shall be in addition to any other application and/or reporting requirements for
specific types of City financial assistance.
Section 2. That "City financial assistance" shall include, but not be
limited to: grants (e.g. , Community Development Block Grants) ; loans (e.g. ,
Section 17 Rental Rehabilitation loans) ; Capital Improvement Program projects;
bond financing (e.g. , Industrial Development Revenue Bonds, General Obligation
Bonds, Tax Increment Financed projects, Special Improvement Districts, etc. ) ;
and the waiver or city payment of any taxes or fees otherwise payable by the
development project.
Section 3. That the FAIR shall contain detailed information about the
current use of the property (e.g. , the number of existing residential units and
rental rates, commercial square footage and lease rates, etc. ) , the proposed use
of the property, the proposed use of City financial assistance and any plans
for relocation of existing residents or commercial tenants. The FAIR shall also
discuss the public benefits of the project, with special emphasis on how the
project's public value outweighs any public concerns associated with the project
(such as the loss of low-income housing and lower rent commercial space, if
applicable) .
Section 4. That any previously developed property which remains vacant,
or any area approved for development which remains undeveloped, for three (3)
or more years prior to a request for City financial assistance shall be exempt
from the application of this policy. Vacancy or undeveloped status shall be
determined by utility records, sales tax receipts, building permits or other such
time-dated mechanisms.
Section 5. That the Council shall determine, on a case-by-case basis,
whether the anticipated ,blic benefits of the proposed project, as described
in the FAIR, are sufficient to warrant financial assistance from the City.
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held this 16th day of July, A.D. 1991 .
Mayor
ATTEST:
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City Clerk