HomeMy WebLinkAbout1992-127-08/04/1992-725 EAST VINE DRIVE DEBT FINANCING STREETS FACILITY RESOLUTION 92-127
OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING
DEBT FINANCING FOR THE DEVELOPMENT OF THE 725 EAST VINE DRIVE
STREETS DEPARTMENT FACILITY
WHEREAS, the City Council has approved Resolution 92-126, authorizing the
purchase of land located at 725 East Vine Drive for a Streets Department facility
project; and
WHEREAS, the cost of Phase I project developments is $5.6 million, of which
$3.6 million will be debt financed; and
WHEREAS, conservative revenue and expenditure projections indicate that the
project can be financed by the Streets Department portion of the Transportation
Special Revenue Fund without impacting the General Fund; and
WHEREAS, the Streets Department's projected percentage of direct debt
service to operating expenditures for $4.0 million of debt is less than the City
target of 10-12% throughout the payment period; and
WHEREAS, the City's overall financial situation is not adversely affected
by the proposed debt financing for this project; and
WHEREAS, final debt issuance must be approved by a future City ordinance.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1 . That the City Manager be, and hereby is, authorized to proceed
with creating a completed debt financing package not to exceed $4.0 million for
Phase I of the 725 East Vine Drive Streets Department facility project.
Section 2. That the City Manager is further directed to bring the
completed debt financing package back to City Council in the form of an
ordinance for Council 's review and consideration and possible approval .
Passed and adopted at a regular meeting of the ouncil of the City of Fort
Collins held the 4th day of August, A.D. 1992.
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ATTEST:
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City Clerk