HomeMy WebLinkAbout1992-037-07/21/1992-GENERAL IMPROVEMENT DISTRICT 1 GID #1 RESOLUTION 76-70 TAX LEVY RESOLUTION 92-37
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING RESOLUTION 76-70 AND SETTING FORTH THE
INTENT OF THE CITY COUNCIL TO CONTINUE TAX
LEVIES WITHIN GENERAL IMPROVEMENT DISTRICT
NO. 1 FOR THE PURPOSE OF
CONSTRUCTING NEW IMPROVEMENTS
WHEREAS, by Ordinance No. 77, 1976, the City Council created and organized
a general improvement district pursuant to the provisions of state and local law,
which district is known as the City of Fort Collins General Improvement District
No. 1 ("the GID") ; and
WHEREAS, the GID was formed for the purpose of acquiring property and
constructing parking facilities and certain other specified improvements to serve
the area encompassed within the GID boundaries; and
WHEREAS, the estimated cost of the initial improvements to be constructed
in the GID was One Million One Hundred Thousand Dollars ($1 , 100,000.00) ; and
WHEREAS, on October 26, 1976, the Council passed Resolution 76-70
acknowledging, in Section 4 thereof, that although the proceedings creating the
GID did not establish a maximum amount to be expended for improvements to be
installed in the GID, the Council intended that the improvements should not
exceed a cost of One Million, One Hundred Thousand Dollars ($1 , 100,000.00) , to
the extent that such improvements were to be paid for with funds generated by the
GID through taxes levied; and
WHEREAS, at a special election on November 23, 1976, the electors in the GID
approved the issuance of bonds ("the District Bonds") in the amount of One
Million One Hundred Thousand Dollars ($1, 100,000.00) for the purpose of
constructing and installing off-street parking, as well as certain street and
mall improvements ("the Existing Improvements") ; and
WHEREAS, by Ordinance No. 3, 1977, the Council of the City of Fort Collins,
sitting ex officio as the Board of Directors of the GID ("the Board") , issued the
District Bonds; and
WHEREAS, it is anticipated that final payment on the District Bonds will be
made by July of 1992; and
WHEREAS, the Council has determined that, upon final payment of the District
Bonds, it would be in the best interests of the City and the GID to continue to
levy and collect ad valorem taxes on and against all taxable property within the
GID as permitted under Section 31-25-612, C.R.S. ; that such additional tax levies
should not be limited to the amounts necessary to retire the District Bonds; and
that such additional tax revenues should be used to pay the costs of operating
and maintaining the Existing Improvements and the costs of constructing,
installing and operating other improvements and works of the GID as permitted
under Section 31-25-613, C.R.S. , so long as such improvements are within the
purposes for which the GID was created and organized as described in Ordinance
No. 77, 1976; and
WHEREAS, the City Council believes that any additional improvements to be
funded by the ongoing GID tax levy should be determined in accordance with an
overall capital improvement plan for the entire downtown area of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1. That, pursuant to the provisions of Part 6, Article 25, Title
31 , C.R.S. , ad valorem taxes should continue to be levied within the GID,
subsequent to the retirement of the District Bonds, at such rate as the Board may
determine to be necessary and appropriate to fund the cost of operating and
maintaining the Existing Improvements, constructing extensions and betterments
thereto, and constructing, installing and operating such additional improvements
as may be subsequently approved by the Board of Directors of the GID.
Section 2. That the City Manager is hereby directed to prepare, after
consultation with affected property owners, a comprehensive, five-year downtown
capital improvements plan which shall include recommended projects to be funded
from future GID tax revenues, which plan shall be submitted annually to the City
Council , sitting ex officio as the GID Board of Directors, to be considered in
conjunction with the GID budget and the GID tax levy.
Section 3. All resolutions and regulations of the City in conflict with
this Resolution, including, without limitation, Resolution No. 76-70, are hereby
repealed to the extent only of such inconsistency. This repealer shall not be
construed to revive any ordinance, resolution or regulation, or part thereof,
heretofore repealed.
Passed and adopted at a regular meeting of the Council of the City of Fort
Collins held this 21st day of July, A.D. 1992.
LA"t, "zi-L,
Mayor
ATTEST:
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