HomeMy WebLinkAbout2019-075-07/02/2019-APPROVING THE 2019 CERTIFICATION TO THE LARIMER COUNTY ASSESSOR PURSUANT TO COLORADO REVISED STATUTE RESOLUTION 2019=075
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROVING THE 2019 CERTIFICATION TO THE LARIMER COUNTY
ASSESSOR PURSUANT TO COLORADO REVISED STATUTES
SECTION 31-25407(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 property tax increment funds ("TIF")could be allocated to and, when collected, paid to the
City of Fort Collins ("City") for deposit into a special fund to be used for DDA projects, as
provided in Colorado Revised Statutes("C.R.S.") Section 31-25-807(3)(a)(II)'("TIF Fund"); and
WHEREAS, pursuant to C.R.S. Section 31-25-807(3)(a)(IV), in the final ten years of the
Original TIF Term, the Fort Collins City Council had the authority to extend by ordinance 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
and has the authority to commit more than 50% of the 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 2011 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)(4)(IV)(13), an annual certification to
the Larimer County Assessor("Assessor") is required by August 1 of each calendar year, which
certification needs to include the allocations of tax increment for that year of all affected taxing
entities, including the City; and
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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 GID
Ordinance, and to provide the Assessor with the City Council's 2019 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 as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. 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 2019 property
taxes payable in 2020, the City and the Fort Collins General Improvement District No:. l 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 allocating only 50%of their property
tax increment, and directs the City's Financial Officer to provide this certification to the Assessor
by August 1,.2019. ,
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 2nd
day of July, A.D. 2019.
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