Commerce City - File #: Ord 1940

• File #: Ord 1940
• Version: 1
• Name: Buffalo Highands Loan
• Type: Ordinance
• Status: Passed
• File created: 10/23/2012
• In control: City Council
• On agenda: 11/19/2012
• Final action: 11/19/2012
• Title: AN ORDINANCE AMENDING THE 2012 BUDGET OF THE CITY OF COMMERCE CITY, COLORADO BY APPROPRIATING A PORTION OF THE UNENCUMBERED FUND BALANCE IN THE CIPP FUND TO THE 96TH AVENUE ACCOUNT IN THE AMOUNT OF $274,615, TRANSFERRING PRIOR APPROPRIATIONS IN THE CIPP FUND IN THE AMOUNT OF $4,218,883 TO THE 96TH AVENUE ACCOUNT IN THE CIPP FUND, AND TRANSFERRING A PORTION OF THE UNENCUMBERED FUND BALANCE IN THE SOLID WASTE FUND TO THE 96TH AVENUE ACCOUNT IN THE CIPP FUND IN THE AMOUNT OF $500,000, TOTALING $4,993,498 FOR A LOAN TO THE BUFFALO HIGHLANDS METROPOLITAN DISTRICT, AND AUTHORIZING THE EXPENDITURE THEREOF.

Date	Ver.	Action By	Action	Result
11/19/2012	1	City Council	approved on second & final reading	Pass
11/5/2012	1	City Council	introduced by council as seated and approved on first reading	Pass

Title

AN ORDINANCE AMENDING THE 2012 BUDGET OF THE CITY OF COMMERCE CITY, COLORADO BY APPROPRIATING A PORTION OF THE UNENCUMBERED FUND BALANCE IN THE CIPP FUND TO THE 96^TH AVENUE ACCOUNT IN THE AMOUNT OF $274,615, TRANSFERRING PRIOR APPROPRIATIONS IN THE CIPP FUND IN THE AMOUNT OF $4,218,883 TO THE 96^TH AVENUE ACCOUNT IN THE CIPP FUND, AND TRANSFERRING A PORTION OF THE UNENCUMBERED FUND BALANCE IN THE SOLID WASTE FUND TO THE 96^TH AVENUE ACCOUNT IN THE CIPP FUND IN THE AMOUNT OF $500,000, TOTALING $4,993,498 FOR A LOAN TO THE BUFFALO HIGHLANDS METROPOLITAN DISTRICT, AND AUTHORIZING THE EXPENDITURE THEREOF.

Body

Summary and Background Information:  

•The City has a tentative agreement with Bill Klaess to loan CIPP funds to Buffalo Highlands Metro District for the construction of 96^th Avenue between Nucla Street and Tower Road

•The construction cost is estimated to be $4,993,498

•The City tentatively agreed to contribute $500,000 from the Solid Waste Fund to the project

•The loan amount will be approximately $4,493,498 and the source of those funds will be:

•      Prior appropriations totaling $4,218,883 in the CIPP Fund

•      $274,615 from the fund balance in the CIPP Fund

•The loan will be structured as a 25-year loan bearing 6% interest

•The loan will be secured by the construction impact fees generated within and the property tax revenues from the Buffalo Highlands Metro District.

Staff Responsible (Department Head):  Roger Tinklenberg      

Staff Member Presenting:  Roger Tinklenberg

Financial Impact:       $4,993,498

Funding Source:        $500,000 from the Solid Wast Fund

                                $4,493,498 from the CIPP Fund

Suggested Motion:  Approve the first reading of the ordinance.