HomeMy WebLinkAbout1988-083-05/17/1988-AMEND AGREEMENT BLOCK PROJECT DOWNTOWN DEVELOPMENT AUTHORITY OPERA HOUSE PROPERTIES INC RESOLUTION 88-83
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO AMEND THE AGREEMENT
BETWEEN THE CITY, THE DOWNTOWN DEVELOPMENT AUTHORITY, AND
HISTORICAL OPERA HOUSE PROPERTIES, LTD. FOR
REIMBURSEMENT OF CERTAIN FUNDS EXPENDED FOR PUBLIC IMPROVEMENTS
ASSOCIATED WITH THE OPERA HOUSE BLOCK PROJECT
WHEREAS, Historic Opera House Properties, Ltd. , a Development
Corporation has proposed renovation and rehabilitation of the properties
located at 117-149 112 North College Avenue, Fort Collins, Colorado; and
WHEREAS, said properties lie within the Downtown Development Authority
District; and,
WHEREAS, an agreement between the City, the Downtown Development
Authority, and Historical Opera House Properties, Ltd. was signed on April
21, 1987 for reimbursement of certain funds expended for public
improvements associated with the Opera House Block Project; and
WHEREAS, on December 14, 1987, City Council approved the extension of
construction commencement; and
WHEREAS, the developer had requested that the DDA approve a revised
proposal increasing the amount of public participation in the project; and
WHEREAS, the Board of Directors of the Downtown Development Authority
approved by a 6-0 vote a revised motion to spend no more than 75 percent of
the tax generated by the project for alley and sidewalk improvements, and
acquisition and improvement of an atrium passing through the project
connecting College Avenue to a public parking lot directly west of the
project. Developer further agreed to deed a 5,000 square foot parcel at
the rear of the site to the Downtown Development Authority.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Council authorize the City Manager to amend the
agreement between the City, Downtown Development Authority, and Historical
Opera House Properties, Ltd. to include approval of expenditure of no more
than 75 percent of the property tax increment for alley and sidewalk
improvements not to exceed $750.,000 of supportable debt over the life of
the bonds, for acquisition and improvement of the atrium, and the deeding
of the 5,000 square foot parcel at the rear of the site to the DDA.
Passed and adopted at a regular meeting of the City Council held this
17th day of May, A.D. 1988.
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May�`
ATTEST:
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City Clerk