WHEREAS, the City Council established by Ordinance 44, 1990 a program fro the rebate of impact fees for the rebate of impact fees for economic development, codified at Section 5-325 through 5-329 of the Code of the City of Fort Collins (the "Development Fee Rebate Program"); and

WHEREAS, the Development Fee Rebate Program, as modified by the adoption of Ordinance No. 123, 1994, continued in place to date; and

WHEREAS, in June, 1988, the City Council adopted Ordinance No. 111, 1998, suspending indefinitely the operation of the Development Fee Rebate Program, in order to allow for the review and evaluation of the City's incentive programs for economic development, including the Development Fee Rebate Program, along with other components of the City's Economic Policy, with a concern for tax and fee fairness and effectiveness of economic development incentive policies and programs; and

WHEREAS, staff has completed this evaluation, and has presented for City Council consideration a modified and comprehensive economic policy that refocuses the City's efforts away from the use of financial incentives as a tool to stimulate economic activity; and

WHEREAS, Council has determined that termination of the Development Impact Fee Rebate Program would be in the best interests of the Citizens of Fort Collins; and

WHEREAS, City council may reconsider the termination of the Development Fee Rebate Program if economic and community conditions decline, or circumstances otherwise change in a manner that results in significant growth in unemployment, reduction in sales and use tax collections, or negative changes in other economic, fiscal, and community indicators.

NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that Article VII of Chapter 5 of the City Code is hereby repealed, terminating the City's program for Rebate of Impact Fees for Economic Development, except as applicable to Development Fee Rebates currently in progress, and that no further applications for Development Fee rebates shall be accepted.

Introduced, considered favorably on first reading, and ordered published this 16th day of February, A.D. 1999, and to be presented for final passage on the 2nd day of March, A.D. 1999.

Passed and adopted on final reading this 2nd day of March, A.D. 1999.