HomeMy WebLinkAbout1988-017-01/19/1988-INDEPENDENT REVIEW POLICIES AND PROCEDURES SID RESOLUTION 88-17
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE PURCHASING AGENT TO ISSUE A
REQUEST FOR PROPOSALS FOR AN INDEPENDENT
REVIEW OF THE CITY'S SPECIAL
IMPROVEMENT DISTRICT POLICIES & PROCEDURES
WHEREAS, the Council of the City of Fort Collins has determined it to
be in the best interests of the citizens of Fort Collins that an
independent review and analysis be conducted of the City's special
improvement district ("SID") policies and procedures; and
WHEREAS, the Council Finance Committee has defined the scope of work
to be provided by the professional (s) conducting the review, which scope is
attached hereto as Exhibit "A" and incorporated herein by this reference;
and
WHEREAS, the Council Finance Committee recommends that a Request for
Proposals for the Scope of Work be prepared by the Purchasing Agent and
distributed to a list of professionals that includes accountants, financial
advisors, management consultants, bond counsel and underwriters; and
WHEREAS, the Council of the City of Fort Collins wishes to implement
the recommendations of the Council Finance Committee.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the Purchasing Agent be, and he hereby is, authorized to
prepare and issue a Request for Proposals for the independent review of the
City's special improvement district policies and procedures. Said Request
for Proposals will be based on the Scope of Work which is attached hereto
as Exhibit "A" and incorporated herein by this reference.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 19th day of January, A.D. 1988.
May
ATTEST:
City Clerk
EXHIBIT "A"
INDEPENDENT REVIEW OF STAFF REPORT ON SPECIAL IMPROVEMENT DISTRICTS
AND
CURRENT SPECIAL IMPROVEMENT DISTRICT POLICIES AND PROCEDURES
SCOPE OF INDEPENDENT REVIEW
1 . Review current SID policies and procedures to determine compliance with
these policies and procedures as they currently exist. The review
should include an in-depth evaluation of a sampling of existing SIDs
along with an appraisal of significant findings.
2. Review the Staff report to determine if the changes to current policies
and procedures recommended in the report have a sound basis.
3. Provide alternatives to those recommended in the Staff report.
4. Develop a sound means of structuring a Special Improvement District
financing including:
- Recommendations on appropriate reserve requirements.
- Recommendations as to appropriate fee arrangements for recovery of
City administrative costs.
- Recommendations as to appropriate fee arrangements for developer's
counsel , disclosure counsel , bond counsel , underwriter's fees and
other necessary costs of creating, financing and maintaining a
Special Improvement District.
5. Interview key City Staff and other interested parties, such as bond
counsel , underwriters and developers.
6. Attend Council meetings and meetings with the development community to
provide expert input (three meetings are currently planned) .
7. Produce a written document summarizing the above work.