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HomeMy WebLinkAbout2002-085-09/03/2002-SUBMITTING TO THE REGISTERED ELECTORS A PROPOSED TWENTY-FIVE ONE HUNDREDTHS PERCENT SALES AND USE TA RESOLUTION 2002-085 OF THE COUNCIL OF THE CITY OF FORT COLLINS SUBMITTING TO THE REGISTERED ELECTORS OF THE CITY A PROPOSED TWENTY-FIVE ONE HUNDREDTHS PERCENT (0.25%) SALES AND USE TAX ON ALL TAXABLE SERVICES AND TANGIBLE PERSONAL PROPERTY EXCEPT FOOD AND A PROPOSED ONE PERCENT (1%) CONSTRUCTION EXCISE TAX, FOR THE PURPOSE OF OBTAINING ADDITIONAL REVENUES TO FUND CERTAIN TRANSPORTATION CAPITAL PROJECTS WHEREAS, on August 20, 2002,the City Council adopted Resolution 2002-081, adopting a strategy for long term transportation capital funding for the City; and WHEREAS, such strategy includes the imposition of a new twenty-year.025 cent sales and use tax dedicated to transportation capital, exempting groceries and prescription drugs, as well as a new twenty year 1% construction excise tax for the same purpose; and WHEREAS,in view of the City's pressing transportation capital improvement needs and the lack of sufficient revenues to fund those needs,the City Council believes it to be in the best interest of the City to submit to the registered electors of the City the question of whether the foregoing taxes should be imposed by the Council; and WHEREAS, the imposition of a new tax requires voter approval under Article X, Section 20 of the Colorado Constitution; and WHEREAS, by Ordinance No. 100, 2002, the City Council has called a special election to be held in conjunction with the November general election on November 5, 2002. NOW,THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the following question shall be submitted to the registered electors of the City of Fort Collins at the special municipal election to be held on November 5, 2002: CITY OF FORT COLLINS BALLOT ISSUE A CITY-INITIATED MEASURE PROPOSING A 0.25 PERCENT INCREASE IN CITY SALES AND USE TAXES AND A PROPOSED 1% CONSTRUCTION EXCISE TAX TO FUND CERTAIN TRANSPORTATION CAPITAL IMPROVEMENT PROJECTS SHALL CITY OF FORT COLLINS TAXES BE INCREASED BY AN ESTIMATED$9.1 MILLION FOR THE FIRST FULL FISCAL YEAR AND BY SUCH AMOUNTS AS MAY BE GENERATED ANNUALLY THEREAFTER BY: • AN INCREASE IN THE RATE OF SALES AND USE TAXES OF 0.25 PERCENT (25t ON A $100 PURCHASE), TO BE IMPOSED ON ALL TAXABLE ITEMS EXCEPT FOOD, TO COMMENCE JANUARY 1, 2003, AND TO EXPIRE DECEMBER 31,2022;AND • THE IMPOSITION OF AN EXCISE TAX UPON THE ISSUANCE OF BUILDING PERMITS FOR ALL NEW CONSTRUCTION AND RECONSTRUCTION IN THE CITY EXCEPT FOR RESIDENTIAL REMODELING PROJECTS THAT DO NOT CREATE ADDITIONAL DWELLING UNITS AND COMMERCIAL AND INDUSTRIAL REMODELING PROJECTS THAT DO NOT ADD SQUARE FOOTAGE, AND EXCEPT FOR QUALIFIED AFFORDABLE HOUSING PROJECTS,AT THE RATE OF ONE PERCENT(1.00%)OF THE COST OF SUCH CONSTRUCTION OR RECONSTRUCTION,TO COMMENCE APRIL 1,2003,AND TO EXPIRE MARCH 31,2023 WITH THE PROCEEDS OF SUCH NEW TAXES,TOGETHER WITH INVESTMENT EARNINGS THEREON, TO BE USED TO PAY FOR THE PLANNING, DESIGN, ACQUISITION AND CONSTRUCTION OF CERTAIN TRANSPORTATION CAPITAL IMPROVEMENT PROJECTS, TO BE DESIGNATED BY THE CITY COUNCIL NO LESS THAN ONCE EVERY FOUR (4) YEARS AS THE HIGHEST PRIORITY TRANSPORTATION PROJECTS SHOWN ON A TWENTY(20)YEAR TRANSPORTATION MASTER PLAN, WITH THE FIRST PROJECTS SO DESIGNATED TO INCLUDE, BUT NOT BE LIMITED TO, THE FOLLOWING: • THE WIDENING AND IMPROVEMENT OF TIMBERLINE ROAD FROM DRAKE ROAD TO PROSPECT ROAD; • THE IMPROVEMENT AND EXTENSION OF THE MASON STREET TRANSPORTATION CORRIDOR; • AN OVERPASS OR UNDERPASS AND OTHER IMPROVEMENTS TO LEMAY AVENUE NEAR THE INTERSECTION OF VINE DRIVE; • OTHER INTERSECTION IMPROVEMENTS THROUGHOUT THE CITY; WITH EACH SUCH PROJECT TO BE CONTINGENT UPON THE AVAILABILITY OF SUFFICIENT LOCAL, STATE AND/OR FEDERAL FUNDS TO COMPLETE THE PROJECT AND WITH THE SCOPE,COST AND SCHEDULING OF EACH PROJECT TO BE DETERMINED BY THE CITY COUNCIL; AND SHALL THE CITY OF FORT COLLINS BE AUTHORIZED TO COLLECT AND EXPEND ALL OF THE PROCEEDS OF SUCH TAX INCREASES AND INVESTMENT EARNINGS THEREON, NOTWITHSTANDING ANY APPLICABLE LIMITATION ON REVENUES AND EXPENDITURES,INCLUDING THE LIMITATIONS SET FORTH IN ARTICLE X,SECTION 20 OF THE COLORADO CONSTITUTION? YES NO Passed and adopted at a regular meeting of the City Council held this 3rd day of September, A.D. 2002. -I V4�4 Mayor ATTEST: City Clerk