HomeMy WebLinkAbout1993 Resolution No. 036•
RESOLl.IT!ON NO . 3k.
SERIES OF I 993
A RESOLUTION APPROPRIATING FUNDS FROM THE cm OF ENGLEWOOD PUBLIC
IMPROVEMENT FUND, FOR PAYMENT OF THE JNSfALU\TION AND CONSTRUCTION
OF IMPROVEM ENTS WTrnJN SPECIAL IMPROVEMENT DISfRICT NO. 36.
WHEREAS. the City Council has by Ordinance eated a Spectal Improvement Dtslrtct
No . 36 and has ordered the constn,ctlon and Installation of certain bnprove ments
within that District , and:
WHEREAS , the total c-ost for said Improvements ts estJmated at $88,100. and
WHEREAS. $40,000.00 has been previously appropriated: and
WHEREAS . the property wtthln the Special Improvement District shall be assessed
for property owners costs of those Improvements: and
WHEREAS. It ls necessary to allocate funds to pay for said Improvements subject to
retmburscmt,11 by assessment of th e property within the District :
NOW . THEREFORE . BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO . AS FOLLOWS :
~-The total estJmated cost of the Improvements within Special Improvement
District No. 36, shall be placed Into a fund designated "Special Improvement Dlstrtct
No. 36 Construction Fund ."
Stl:J.llm..l, The property specially benefitted within the Special Improvem ent District
shall be assessed for the lmprovrmcnts according to an assessr:u:nt ordinance. up on
compl etion of pan or all of the Imp rovement s within the District , or whenever. th e
total cost can be reliably ascer .a lned.
~ The following changes ln appropriations arc hereby "llade to the 1993
Budget of t he City of Englewood :
£\/BLIC IMPROVEMEITT f\Ji\J)
SOURCE OF FUNDS ·
Unencumbered appropriations
Fund Balance
USE Or FUNDS :
$40,000
$48,100
Transfer to Spec ial lmpro,•ement District No . 36 $1:8,100
SPECIAL JMPROVEMEITT PISJEJCT NO 36
SOURCE OF FUNDS·
Transfer from P.l.f.
USE Of FUNDS ·
Special Improvement District No . 36
$88,100
$88,100
The City Manager and the Director of financial Services arc hereby authorized to
make the above changes to the 1993 Budget of the City of Englewood .
ADOPTED AND APPROVED this 5th day of April . 1993.
~EST:
~tut.Lc,:,v....x; ~
Patricia H. Crow. City Clerk
I. Patri cia H. Crow. Ci :Y Clerk for,t C•ty of Englewood , Colorado. hereby certify the
abo\-c ls a true copy tlResoluUon No. •. Scrtes of 1993~ . /)
~(I,..___, ..,;(I ' Vr.,u l)
Pal.r1daH .D17.v
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Ode
April 5, 1993
NTIATEDBY
STAFFSOC.R:E
CX><l'O.~TION
Agenda~
11 b
!M,ject Supplemental Budget
Appmprietion
Department of Financial Services
Lorraine Haye s, Director of Financial Services
~ACTION PROf'OSfD
Sta ff recommends that Ci ty Council approve the attached resolution amending the 1993 Annual
Budget to !inane~ Paving District 36.
PREVIOUS CXXNCI.. ACTION
Novembe r 16 . 1992 :
March 1, 1993 :
STAFF ANALYSIS
Council 11dopted 1993 Annual Budget and Appropriations ordinances
on final reading .
Council ~.dopted Resolution No. 32, Series of 1993, declaring the
intent to ~reate special improvement district No. 36.
When the 1993 p roposed budgtl was ci ,•veloped dur:r.,;i the summer of 1992 , the !lbility to
complete paving on South Platte River Dn,~ East ..-as unce,tain . lhis project had originally
been planned for Paving District No. 34 , but ~·•·• excluded due ,o the Resolution Trust
Corporation ·s ownership of the adjacent prop,n:,,. The property is now privately owned and
assessable for its share of the costs of improvements. It is now necessary to make budget
amendments t o proceed with the district.
All costs of the district will be financed by the Pu:O !•c Improvement Fund . The total estimated
costs are $88. 100. The City·~ portion ($52,000) will be funded throurh $40,000 from existing
unencumbe red appropriations and $12 ,000 in new appropriations. The property owner's portion
is $36,100 . It wi ll be financed through additior.al appropriation from the PIF and repa id through
assessments aga inst the property .
'These amendments will reduce the f\Jbli c Improvement Fund fund balance by $88, I 00 . Of this
amount, $36,100 will be assessed to the adjacent properties and repaid to the PIF. The
repayment may be ~--~~1 over the as sessment period , wh ich is ten years.
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