HomeMy WebLinkAbout1983-051-03/15/1983-AUTHORIZING A LOAN FO FUNDS BY THE CITY OF FORT COLLINS TO THE DOWNTOWN DEVELOPMENT AUTHORITY B
RESOLUTION 83-51
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING A LOAN OF FUNDS BY THE CITY OF FORT
COLLINS TO THE DOWNTOWN DEVELOPMENT AUTHORITY
WHEREAS, the Fort Collins Downtown Development Authority has entered
into a contract with Lan mer County to purchase real property for use as a
parking lot, and
WHEREAS, the Fort Collins Downtown Development Authority is required
to complete the purchase of the real property on or before March 31 , 1983,
and
WHEREAS, it is necessary for the Fort Collins Downtown Development
Authority to obtain funds for interim financing in the amount of One
Hundred Eighty-Three Thousand Dollars ($183,000 00) to be used for the
purchase of said property and $15,000 to be used for the Fort Collins
Downtown Development Authority' s participation in a traffic study in the
District until the City of Fort Collins authorizes bond anticipation notes
for such use by the Fort Collins Downtown Development Authority, and
WHEREAS, the City desires to provide the Fort Collins Downtown Devel-
opment Authority with interim financing for the purchase of said property
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS
Section 1 The City of Fort Collins will loan the Fort Collins
Downtown Development Authority the sum of One Hundred Ninety-Eight Thousand
Dollars ($198,000 00) on an interim basis
Section 2 The City Manager is authorized to enter into an agreement
with the Fort Collins Downtown Development Authority whereby the funds
loaned by the City for the purposes of purchasing the parking lot located
in the 100 block of South Mason and participating in the traffic study in
the District shall be used as interim financing and shall be repaid to the
City of Fort Collins by the Downtown Development Authority upon the Down-
town Development Authority obtaining funds in such amount from bond an-
ticipation notes comtemplated to be issued by the City for use of the
Fort Collins Downtown Development Authority
Passed and adopted at a regular meeting of the City Council held this
15th day of March, A D 1983
Mayor o
ATTEST
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City Clerk