HomeMy WebLinkAbout1992-061-04/07/1992-BONDS DEVELOPMENT PROJECTS DOWNTOWN DEVELOPMENT AUTH IGA RESOLUTION 92-61
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE MAYOR TO ENTER INTO
AN INTERGOVERNMENTAL AGREEMENT WITH
THE DOWNTOWN DEVELOPMENT AUTHORITY
REGARDING THE APPROVAL PROCESS FOR
THE DEVELOPMENT OF PROJECTS, THE ISSUANCE
OF BONDS AND OTHER OBLIGATIONS AND
THE APPROPRIATION AND EXPENDITURE OF FUNDS
WHEREAS, pursuant to Ordinance No. 46, 1981, the City of Fort Collins
established the Downtown Development Authority (the "DDA") and approved a plan
for development within its boundaries; and
WHEREAS, on June 1, 1982, a majority of the qualified electors within the
boundaries of the DDA approved the issuance of bonds, loans, advances or
indebtedness for the purpose of financing capital improvements and capital
projects with the boundaries of the DDA plan of development and the pledge of a
special tax increment fund for the payment of such financing; and
WHEREAS, the City has heretofore issued DDA tax increment and tax increment
refunding bonds; and
WHEREAS, the City Council intends to again refund the DDA tax increment
bonds through the passage of Ordinance No. 36, 1992; and
WHEREAS, said refunding will result in the use of monies held in the
Development and Expense account (the Capital Projects Construction account) to
pay off existing bonds; and
WHEREAS, said refunding will reduce the total debt service paid on such
bonds, thereby allowing the accumulation of tax increment monies in excess of
those needed to pay debt service on the bonds, which excess monies may be used
to secure subordinate bonds or obligations; and
WHEREAS, in accordance with Resolution 90-178 the City wishes to continue
working with the DDA to pursue the development of projects and to consider
utilizing all necessary resources to do so including tax increment financing; and
WHEREAS, the City and DDA desire to provide for the responsibilities of each
in connection with the approval process for such development projects, the
issuance of subordinate bonds or other obligations, the appropriation of funds
and the expenditure of appropriated funds; and
WHEREAS, Article II, Section 16 of the Charter of the City authorizes the
Council to enter into contracts with other governmental bodies to furnish
governmental services.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
that the Mayor be, and she hereby is, authorized to enter into the attached
intergovernmental agreement with the Downtown Development Authority for the
purpose of setting forth the responsibilities of the City and the DDA in
connection with the approval process for development projects within the DDA
boundaries, the issuance of subordinate bonds or other obligations, and the
appropriation and expenditure of funds.
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held this 7th day of April , A.D. 1992.
Major
ATTEST:
City Clerk