HomeMy WebLinkAbout1983-111-06/21/1983-APPROVING THE OLD TOWN PLAZA PROJECT OF THE DOWNTOWN DEVELOPMENT AUTHORITY OF THE CITY OF FORT COLLI RESOLUTION 83-111
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE OLD TOWN PLAZA PROJECT
OF THE DOWNTOWN DEVELOPMENT AUTHORITY OF THE
CITY OF FORT COLLINS
WHEREAS, heretofore, the Council of the City of Fort
Collins established the Fort Collins Downtown Development
Authority pursuant to and in accordance with State law, and
WHEREAS, heretofore, the Council of the City of Fort
Collins has approved the Plan of Development of the Downtown
Development Authority in accordance with State law, and
WHEREAS, the Downtown Development Authority has approved
of and presented to the Council of the City of Fort Collins the
Old Town Plaza Project ( "Project" ) , which Project consists of the
construction of a public plaza in the Old Town area of the City of
Fort Collins which shall be available for access by the members of
the general public, and
WHEREAS, the Downtown Development Authority seeks the
approval of the Council of the City of Fort Collins of said
Project, and
WHEREAS, said Project has been submitted to the Planning
and Zoning Board of the City of Fort Collins for its review and
recommendations, which Board has recommended approval of the
Project, and
WHEREAS, it is understood by the Council of the City of
Fort Collins that in order for the Downtown Development Authority
to meet its obligations under the Implementation Agreement between
the Downtown Development Authority and Old Town Associates, Ltd ,
which Agreement governs the construction of the Project, it will be
necessary for the Downtown Development Authority to obtain funds
subsequent to the execution of the Implementation Agreement to —
finance the construction of a parking facility suitable to accom-
modate 300 automobiles
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE
CITY OF FORT COLLINS that
Section 1 That the City Council finds that the Project
will promote the health, safety, prosperity, security and general
welfare of the inhabitants of the Downtown Development Authority
District and the City of Fort Collins and that the Project will
halt or prevent the deterioration of property values or structures
I 1
within the Central Business District of the City of Fort Collins,
and that the Project will be of especial benefit to the property
within the boundaries of the Downtown Development Authority
District
Section 2 That the City Council finds that the Project
will afford maximum opportunity, consistent with the sound needs
and plans of the City for the development or redevelopment of the
District by the Downtown Development Authority and private
enterprise
Section 3 That the City Council finds that a public hearing
that was part of this proceeding was held on said Project in accordance
with State statute
Section 4. The City Council hereby approves the Project
calling for the construction of the Old Town Plaza as set forth in
the Implementation Agreement heretofore executed between the Fort
Collins Downtown Development Authority and Old Town Associates,
Limited
NOW, THEREFORE, BE IT FURTHER RESOLVED
That the City shall in good faith make every reasonable
effort to sell a sufficient amount of bonds or notes (other than
bonds payable as to principal and interest in whole or in part
from the proceeds of ad valoren taxes, unless such bonds are
issued in conformity with Section 20 2 of the Charter of the City,
or any similar provisions in effect at the time of issuance
thereof) , at one time or from time to time, so that on or before
April 1, 1984 , there will be or have been sufficient net proceeds
from such bond or note sales, to fund in full the Downtown
Development Authority's obligations under the Implementation
Agreement for the Old Town Plaza
Passed and adopted at a regular meeting of the Council
of the City of Fort Collins on this 21st day of June, 1983
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