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HomeMy WebLinkAbout1984-099-07/03/1984-AUTHORIZING AN INCREASE IN THE LINE OF CREDIT EXTENDED TO THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTH • • RESOLUTION 84-99 OF THE COUNCIL OF THE CITY OF FORT COLLINS AUTHORIZING AN INCREASE IN THE LINE OF CREDIT EXTENDED TO THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY BY THE CITY OF FORT COLLINS WHEREAS , the City of Fort Collins and the Fort Collins Downtown Development Authority have heretofore entered into an agreement whereby the City of Fort Collins would lend the Fort Collins Downtown Development Authority a sum not to exceed 3.2 million dollars to finance the Burling- ton-Northern Railroad relocation project and the parking facility project located in the vicinity of Mountain Avenue and Remington Street until such time as the City of Fort Collins issued long term bonds for the use and benefit of the DDA to finance said projects; and WHEREAS, the Fort Collins Downtown Development Authority is commencing the process of appraising property which may be acquired for the Downtown Hotel Project; and WHEREAS, it is necessary for the Fort Collins Downtown Development Authority to borrow a sum not to exceed Thirty-five Thousand Three Hundred Dollars to commence the appraisal process for the Downtown Hotel Project; and WHEREAS, CRS Section 31-25-808 (1 ) (g) authorizes the Fort Collins Downtown Development Authority to receive loans from the City of Fort Collins; and WHEREAS, upon the issuance of long term bonds for the use and benefit of the DDA by the City of Fort Collins, the Fort Collins Downtown Develop- ment Authority will repay the City of Fort Collins those funds borrowed from the City for the Downtown Hotel Project. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS: Section 1. That the Mayor of the City of Fort Collins is hereby authorized to enter into an Addendum to the agreement between the City of Fort Collins and The Fort Collins Downtown Development Authority dated the 3rd day of April , 1984 which Addendum shall authorize the increase in the line of credit extended by the City of Fort Collins to the Fort Collins Downtown Development Authority so as to allow the Fort Collins Downtown Development Authority to borrow a sum not to exceed Thirty-Five Thousand Three Hundred Dollars from the City of Fort Collins for payment of ap- praisal services associated with the Downtown Hotel Project. Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this 3rd day of July,p�A.D. 1984. /�L Zc v/ Mayor i ATTEST: City Clerk