HomeMy WebLinkAbout2000 Resolution No. 038RESOLUTION NO . ~
SERIES OF 2000
A RESOLUTION AUTHORIZING THE RESERVATION OF FUNDS AS REQUIRED BY
THE AGREEMENT BETWEEN THE MUSEUM OF OUTDOOR ARTS (MOA) AND THE
CITY OF ENGLEWOOD , COLORADG .
WHEREAS, the Englewood City Council , uthorized an Agreement and Subleue between
MO,\. F.u11lewood Environmental Foundatio,, (EEF) and the City by the paeaap of Ordinance
No . 68, Seriea of 19!!9; and
WHEREAS , the En11lewood City Council authorized an Amendment to the Agreement and
Subleaee between MOA , EEF and tl.e City by the paaaage of Council Bill No. 15, Seriea of
2000; and
WHEREAS , the Taxpayers Bill of Rights rrABOR) requiree the Gity to obtain a vote of
the people or reeerve funds before entering into a multi-year fiacal obligation; and
WHEREAS , by the paaeap of this Reeolution the reeervation of funda eatiafiea the
requirements of TABOR; and 1
WHEREAS, the initial n,aervation of funda is $500 ,000 which will be reduced over a ten
year period to zero and will continue to earn inten,at on the reeerved funda, but theae funda
will not be available for appropriation;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD , COLORAnO , THAT :
~-The City Council of the City of Englewood , Colorado hereby authorizes the
initial reservation of funds in the amount of $500,000 in the year 2000, as required by the
City of Englewood , Colorado Agreement with the Muaeum of Outdoor Arla (MOA) such
reeerve eha:J be reduced each ye ar for ten years until the reserve is zero in the year 2010 .
ADOPTED AND APPROVED this 3rd of Apnl, 2000.
l. Loucrishia A. Ellis , Ci ty Clerk foc.,\lJ e City ofEnglewood,
abov e is a !~·ue cop y of Resoluuon No..JK, Seri es of 2 .
...
• COUNCIL COMMUNICATION
Date Agenda l ... ,n Subject
April 3, 2000 A resolution reserving funds as
required by the City's agreement
10cl with the Museum of Outdoor
Arts (MOA)
Initiated By Staff Source
Administrr,tlve Services Deoartment I Frark Grvalewlcz, Director
COUNCIL GOAL AND PREVIOUS CO1JNCIL ACTION
City Council has discussed enhancing the cultural climate In the City on numerous occasions . The
Council has met with representatives of the Museum at past study sessions , and approved an
agreement and sublease with ttie MOA on second reading November 22 , 1999. The Council
approved an amendment to the agreement on March 13, 2000 .
RECOMMENDED ACTION
Staff recommends lhe City Council approve the attached resolution.
BACKGROUND , ANALYSIS, AND ALTERNATIVES IDENTIFIED
The Taxpayers Bill of Rights (TABOR) requires the City to obtain a vote of the people or reserve funds
before entering into a multi-year fiscal obligation . This reservation of funds satisfies the requirements
of TABOR . A vote ol the people was not practical because of time constraints and the relat ively small
dollar amoun t of the reserve . The City of Englewood will continue to earn interest on the reserved
funds , but the funds will not be available for appropriation .
FINANCIAL IMPACT
The initial reservation ol funds is $500,000 . The reservation will be re ,ced over ten years to zero per
the attached schedule.
LIST OF ATTACHMENTS
Proposed resolution
r7 0 0: '\) ., '" <I
J
I S,:hethlle or City lteserve ror MOA c1111fr.ct
Yiu Lai ~-~nlenl De&ull Paymen;• % Not Ambrtiml Rmava B.mnlitement
2000 $96,000 NIA 100% S 500,000
20()1 S 96,000 S 500,000 -S 12,000 X 90% $439,200
2002 $96,000 $ 500,000 -S 24,000 X 80 "· $380,800
200j $96,000 S 500,000 -S 36,000 X 70% S324,800
2004 S 96,000 $ 500,000 -$ 48,000 X 60¾ S 271,200
2005 S96,000 S 500,000 -$ 60,000 X 50% S 220,000
2006 S 96,000 S 500,000 -S 72,000 X 40% S 171 ,200
2007 $96,000 S 500,000 · S 84,000 X JU¾ $124,800
2008 $96,000 S 500,()('iJ -$ 96,000 X 20¼ $ 80,800
2009 $96,000 s sro.rJVJ sto8,000 X 10¾ S 39,200
2010 $96,000 1 ,w,ooo -s120,ooo X 0"/4 s 0
• Allumes IIClual capital expenditures by MOA ue the maximum $500,000.