HomeMy WebLinkAbout2005-091-08/16/2005-SUBMITTING A BALLOT ISSUE TO THE REGISTERED ELECTORS OF THE TIMBERLINE AND PROSPECT SPECIAL IMPROVEM RESOLUTION 2005-091
OF THE COUNCIL OF THE CITY OF FORT COLLINS
SUBMITTING A BALLOT ISSUE TO THE REGISTERED ELECTORS OF
THE TIMBERLINE AND PROSPECT
SPECIAL IMPROVEMENT DISTRICT NO. 94
AS PART OF THE SPECIAL CITY ELECTION ON
NOVEMBER 1, 2005
WHEREAS,Chapter 22,Article III of the City Code empowers the City to establish special
improvement districts, and sets forth procedures and requirements for forming and organizing
special improvement districts and providing for the improvements to be constructed thereby, and
for the assessment of costs associated with those improvements; and
Whereas, on November 4, 2003 and July 19, 2005, the City Council approved two
resolutions pertaining to the proposed Timberline and Prospect Special Improvement District No.
94 ("the District'); and
WHEREAS,on August 16,2005,the City Council also approved on first reading Ordinance
No. 090, 2005, authorizing the creation of the District; and
WHEREAS, the owners of two parcels of property in the District (the "Developers") have
advanced $2.5 million of the cost of the improvements to be constructed in the District ; and
WHEREAS,if the District is approved by the Council,the City intends to repay that amount
to the Developers, with interest, from assessments levied upon the benefitted properties in the
District; and
WHEREAS,Article X, Section 20 of the Colorado Constitution("TABOR"),requires voter
approval in advance for the creation of any multiple-fiscal year direct debt, subject to certain
judicially established exceptions; and
WHEREAS, the City Council has approved on first reading Ordinance No. 095, 2005,
amending Section 22-111 of the City Code, which amendment would authorize the Council to
submit the aforementioned multi-year financial agreement to the registered electors in the District,
that is, those persons registered to vote in the general elections in the State of Colorado and either
residing in the proposed District or owning(or married to a person owning)taxable real or personal
property within the proposed District; and
WHEREAS,Article X, Section 3 of the Charter of the City of Fort Collins provides that the
Council may,without petition therefor, submit any question to the vote of the people at a regular or
special election; and
WHEREAS, a special municipal election is scheduled to be held on Tuesday,November 1,
2005 in conjunction with the Larimer County coordinated election,and a local ballot issue pursuant
to TABOR may properly be placed on the ballot as part of that special municipal election; and
WHEREAS, the purpose of this Resolution is to exercise the Council's authority to submit
to a vote of the electors of the proposed District, a ballot issue regarding the proposed agreement to
repay the Developers$2.5 million with interest,over a period of ten(10)years,payable solely from
special assessments levied against properties located within the proposed District.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That there is hereby submitted to the electors of the proposed District, at the
next special City election to be held on November 1, 2005, the following ballot issue:
CITY OF FORT COLLINS 2
CITY-INITIATED BALLOT ISSUE
PERTAINING TO A MULTIPLE FISCAL YEAR FINANCIAL
OBLIGATION IN CONNECTION WITH THE
TIMBERLINE AND PROSPECT SPECIAL IMPROVEMENT DISTRICT NO. 94
SHALL CITY OF FORT COLLINS DEBT BE INCREASED BY UP TO $2.5 MILLION IN
PRINCIPAL AMOUNT, WITH A REPAYMENT COST OF UP TO $3,325,000 TOTAL
PRINCIPAL AND INTEREST, BY THE EXECUTION OF A MULTIPLE YEAR
FINANCIAL AGREEMENT UNDER WHICH THE CITY WOULD REPAY CERTAIN
PROPERTY OWNERS WITHIN THE TIMBERLINE AND PROSPECT SPECIAL
IMPROVEMENT DISTRICT NO. 94 WHO HAVE ADVANCED THE COST OF THE
IMPROVEMENTS TO BE CONSTRUCTED WITHIN SUCH SPECIAL IMPROVEMENT
DISTRICT,WITH THE CITY'S FINANCIAL OBLIGATIONS UNDER THE AGREEMENT
TO BE PAYABLE SOLELY FROM SPECIAL ASSESSMENTS LEVIED AGAINST
PROPERTIES LOCATED WITHIN THE SPECIAL IMPROVEMENT DISTRICT?
YES
NO
Section 2. That the City Clerk is hereby directed to accept comments submitted in favor of
and in opposition to the foregoing ballot measure from those persons eligible to vote thereupon
through the end of the business day on September 16, 2005, in accordance with Section 1-7-901,
C.R.S., and to summarize any such comments received in accordance with Section 1-7-903,C.R.S.
Passed and adopted at a regular meeting of4eof the City of Fort llins held this
16th day of August, 2005.
A TEST:
\4,.L W_ ��,s
City Clerk