Fort Collins council backs urban renewal refinance plan
“A proposal to refinance $11 million in debt to repay the city of Fort Collins for loans it has made to the Urban Renewal Authority easily cleared the City Council on Tuesday.
The bonds would be backed by property tax revenue from the North College Urban Renewal Area, which was established in 2004.
Annual tax revenue from the area has been steadily growing with redevelopment and higher property values in the North College area. The revenue is expected to reach $1.3 million this year, according to city records.
“Investors are a lot more comfortable making investments when there is an established revenue stream,” said John Voss, the city’s assistant finance director.
The council voted 5-0 in favor of making a “moral obligation” pledge to replenish the URA’s reserve fund if necessary to make bond payments. Mayor Karen Weitkunat and Councilmember Gino Campana were absent.”
Duggan, Kevin. coloradoan.com 18 June 2013.