HomeMy WebLinkAbout2017-060-07/05/2017-APPROVING THE 2017 CERTIFICATION TO THE LARIMER COUNTY ASSESSOR PURSUANT TO C.R.S. SECTION 31-25-807 RESOLUTION 2017-060
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE 2017 CERTIFICATION TO THE LARIMER COUNTY
ASSESSOR PURSUANT TO C.R.S. SECTION 31-25-807(3)(a)(IV)(B) FOR THE
DOWNTOWN DEVELOPMENT AUTHORITY PROPERTY TAX INCREMENT
WHEREAS, in 2008 the Fort Collins, Colorado Downtown Development Authority
("DDA") was in the final ten years of its original 30-year period ("Original TIF Term") during
which a portion of property taxes could be allocated to and, when collected, paid into the DDA's
Tax Increment Fund ("TIF Fund"); and
WHEREAS, pursuant to Colorado Revised Statutes ("C.R.S.") Section 31-25-807(3)(a),
in the final ten years of the Original TIF Term, the City Council of the City of Fort Collins,
Colorado ("City") by ordinance had the authority to extend such term by one additional 20-year
period (the "TIF Extension Period"), provided that (i) on the first day of the TIF Extension
Period the established base year for the allocation of property taxes is advanced by ten years, and
(ii) upon the completion of the first ten years of the TIF Extension period, the base is advanced
by one year for every additional year through the final ten years; and
WHEREAS, pursuant to C.R.S. Section 31-25-807(3)(a)(IV(B), the City Council also
had the authority to allocate more than 50% of property taxes levied by the City to be allocated
and paid into the TIF Fund; and
WHEREAS, on July 10, 2008, the DDA approved its Resolution 2008-06 (the "DDA
Resolution") recommending to the City Council (i) approval of the TIF Extension Period, and
(ii) the allocation of 100% of the City's property tax increment into the TIF Fund (the "100%
City TIF Allocation"); and
WHEREAS, on September 2, 2008, the City Council adopted Ordinance No. 101, 2008
(the "2008 Ordinance") approving the TIF Extension Period and, consistent with the August 19,
2008 Agenda Item Summary accompanying such ordinance and the DDA Resolution, approved
the 100% City TIF Allocation; and
WHEREAS, on February 15, 2011, the City Council, as the ex-officio Board of Directors
of General Improvement District No. 1 ("GID Board"), adopted Ordinance No. 060 ("2011 GID
Ordinance") allocating 100% of the tax increment revenue from the Fort Collins General
Improvement District No. 1 to the DDA Tax Increment Fund for the TIF Extension Period, with
the seventh recital of the 2010 GID Ordinance confirming that the 2008 Ordinance had approved
the 100% City TIF Allocation; and
WHEREAS, pursuant to C.R.S. Section 31-25-807(3)(a)(IV)(B), an annual certification
to the Larimer County Assessor ("Assessor") is required, which certification needs to include the
allocations of tax increment for that year of all affected taxing entities, including the City; and
WHEREAS, the purposes of this Resolution are to reaffirm the Council's previous
actions in the 2008 Ordinance to acknowledge the actions it took as the GID Board in the 2011
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GID Ordinance, and to provide the Assessor with the City Council's 2017 certification pursuant
to C.R.S. Section 31-25-807(3)(a)(IV)(B).
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that the City Council hereby reaffirms its previous actions in the 2008
Ordinance, acknowledges the actions it took as the GID Board in the 2011 GID Ordinance, and
certifies to the Assessor, pursuant to C.R.S. Section 31-25-807(3)(a)(IV)(B), that for 2017
property taxes payable in 2018, the City and the Fort Collins General Improvement District No.
1 continue to allocate 100% of their available property tax increment from their mill levies to the
DDA tax increment fund, but that all other affected taxing entities are only allocating 50% of
their property tax increment.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 5th
day of July, A.D. 2017.
iiT Co
U SE k
Mayor
ATTEST: ••CoioRPo°
City Clerk
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