HomeMy WebLinkAbout1982-009-01/05/1982-ADOPTING A POLICY STATEMENT ON LEASE/PURCHASE USE BY THE PARKING COMMISSION r
RESOLUTION 82-9
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ADOPTING A POLICY STATEMENT ON
LEASE/PURCHASE USE BY THE PARKING COMMISSION
WHEREAS, the Council recognizes that the proper operation of municipal
government requires the establishment of alternate methods of financing,
without creating new taxing devices, and
WHEREAS, the use of lease/purchase financing is a legal method for the
use and acquisition of real property, and
WHEREAS, Council has created a Parking Commission, which has thor-
oughly analyzed the parking problems of the City and is taking steps to
solve the parking problems and improve the availability and use of parking
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the following be, and hereby is, adopted as a "Policy State-
ment on the Use of Lease/Purchase Finance for Acquisition of Real Pro-
perty" by the Parking Commission
POLICY STATEMENT ON LEASE/PURCHASE
1 It shall henceforth be the policy of the Council to authorize the
Parking Commission to recommend the use of lease/purchase for financing
the acquistion of fee lots as its major financing mechanism
2 The Parking Commission shall work in conjuction with staff to seek out
and assist willing sellers, and encourage joint public and private
projects
3 On each prc,ject, the Parking Commission will confer with the Finance
Department to insure that the long term debt of the City, including any
lease/purchase financing, does not exceed the level set by Council
4 The Parking Commission, in conjunction with the Finance Department,
will assure that sufficient revenues are generated to cover the
lease payments of any project
5 The Parking Commission shall cooperate and coordinate all projects with
the Downtown Development Authority, the Planning and Zoning Board,
and shall comply with the Code for all requirements of the development
of fee lots
6 The Parking Commission shall immediately report to the Council on
any project on which termination of the lease/purchase financing is
desirable and which continuation of said lease/purchase financing is
considered to impair other projects
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Passed and adopted at a regular meeting of the City Council held this
5th day of January, 1982
Mayo r-— ----------------------
ATTEST
C i ty C1 e rk
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