HomeMy WebLinkAbout8121RESOLUTION NO. 8121
A RESOLUTION APPROVING THE DISBURSEMENT OF
FUNDS TO THE URBAN RENEWAL AUTHORITY OF
PUEBLO, COLORADO TO ASSIST THE INITIAL OPERATION
OF THE PUEBLO CONVENTION CENTER
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The disbursement of funds in an amount not to exceed $150,000 as needed to the Urban
Renewal Authority of Pueblo, Colorado to assist in the initial operation and start -up expenses of the
Pueblo Convention Center is hereby approved.
SECTION 2
Said funds shall be transferred from Fund Balance to Contingencies Account 001- 195 -501
and shall be available no earlier than June 1, 1997.
SECTION 3
The Memorandum of Understanding between the City and Authority dated as of May 12,
1997, a copy of which is attached hereto, is hereby approved and the President of the City Council
is authorized to execute same in the name of the City.
ATTEST:
City Clerk
INTRODUCED: May 12, 1997
By Fay B. Kastelic
Councilperson
APPROVED:
�l•
President o the Cit Council
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding entered into as of May 12, 1997 between Pueblo, a
municipal corporation (the "City ") and The Urban Renewal Authority of Pueblo, Colorado, an urban
renewal authority organized and existing under the laws of the State of Colorado (the "Authority ").
Whereas, the Authority is in need of funds to defray the initial operation and start-up
expenses of the Pueblo Convention Center, and
Whereas, the City is willing to advance such funds as needed up to a maximum amount of
$150,000.
NOW, THEREFORE, in consideration of the foregoing and mutual covenants contained
herein, Authority and City agree as follows:
1. City will advance funds up to a maximum of $150,000 as needed by Authority for
the initial operation and start-up expenses of the Pueblo Convention Center subject to Authority
filing with the City's Director of Finance satisfactory documentation of such need and identifying
the purpose or purposes for which such funds are needed by the Authority.
2. All funds advanced by City to Authority shall be returned to City no later than
December 31, 1998 and Authority and its appropriate officers shall include in the Authority's
original and amended annual operating and maintenance budgets for fiscal years 1997 and 1998 a
line item showing the amount of funds advanced by City and the amount of funds to be returned by
authority to City.
Executed at Pueblo, Colorado.
THE URBAN RENEWAL AUTHORITY PUEBLO, A MUNICIPAL CORPORATION
OF PUEBLO, COLORADO
By By
Chairman President o01he Cit Council
D D O
D °
OFFICE OF THE CITY ATTORNEY
127 Thatcher Building
PUEBLO, COLORADO 81003
MEMORANDUM
TO: Tony Berumen, Secretary of the Urban Renewal Authority of Pueblo, Colorado
FROM: City Attorney
RE: Funds To Be Advance By The City
DATE: May 7, 1997
We enclose Resolution and Memorandum of Understanding between the City and the Urban
Renewal Authority of Pueblo (the "Authority "). As we previously discussed, if the transaction is
determined to be the creation of a multiple - fiscal year debt or other financial obligation of the
Authority or an indebtedness of the Authority, the transaction may conflict with the provisions of
both Amendment No. 1 and the Authority's bond covenants. In such event, the transaction may be
legally voidable or unenforceable.
If you have any questions, please call me.
Thomas E. Joeger
/iP
Enclosures
xc: Billy Martin, Director of Finance
Joseph A. Fortino, Chairman
of the Board of Commissioners
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Pueblo Urban Renewal Authority Budget Including The
Operations and Maintenance Budget
For the Fiscal Year Ending 12/31/97
Revenue
Carryover of Bond Funds Project Acct (See Schedule A)
Tax Increment Fund Taxes
Sales Tax Vendor Fee
Interest Earnings
Conventional Center Income
Total Revenue
Expenditures
Globe Facility Services Operations and Maintenance Budget
Operating Lease Pueblo Development Foundation
Capital Projects
Bond Interest and Principal
Transfer to Fund Balance
Total Expenditures
UWA
$4,845,854
35,000
1,102,000
60,000
192,575
$6,235,,429
$451,085
$132,865
4,845,854
760,000
45,625
$6,235429
Pueblo Urban Renewal Authority
Hotel Convention Center Capital Construction Expenditures
Amount Carried Forward
For the Fiscal Year Ending 12/31/96
Schedule A
Revenue
Bond Proceeds from Series 1994A
6,702,626
Bond Proceeds from Series 1994B
1,906,188
Transfer Excess Escrow Funds 1994 B
142,542
Transfer of Bond Reserve
569,416
Interest Earned from Investments
432,317
Interest Earned from investments
236,742
Fed Money Mrk
59,701
Fees
960
Total Revenue $10.050,,492
Expenditures
Construction Costs Schauer Constr.
4,261,352
Other Construction Costs
10,288
Testing (Kumar & Abel)
79,678
Site clean -up Costs YTD
269,996
Legal Fees
130,318
Architectural Fees Project Oversight
101,451
Architectural fees
402,112
Printing Fees
4,516
Misc
19,931
Non Project Fund Costs
(103,518)
Site Preparation
30,472
Trustee fee
1( , 958)
Total Expenditures $5,204,638
Series 1994 Project Fund Account balance, End of Year $4.845,854
TO:
FROM:
Subject:
Date:
Tony Fortino, Chairman Urban Renewal Authority
Bill Martin, Director of Finance
Tony Berumen, Secretary Urban Renewal Authority
Hotel Convention Costs Summary
April 9, 1997
This memo will update the project fund balance with Cherry Creek at 3/31/97, please note that the
balance is $3,051,839. Revenue and costs are summarized and only reflect actual revenue and cost
that have been paid through the Cherry Creek project account. It does not reflect costs for the April
URA bills nor remaining contract obligations, nor the pay out of the Hotel Developer grant of $1.6
million. I attempted to estimate a final balance after ALL costs and revenue have been received and
come up with $155,253 assuming costs and revenue do not change.
Pueblo Urban Renewal Authority
Statement of Revenue and Cost and Reconcilation with Bank of Cherry Creek
March 31, 1997
Source of Funds:
Bond Proceeds
$5,702,636
Bond Proceeds 12/31/96
$1,906,185
Transfer Excess Escrow Funds 94B
$142,542
Portion of Bond Reserve Transferred at 3/31/97
$569,416
Interest Earned from lave.tm •nts
$458,689
Societe Generale as of Sept 1, 1996
$238,742
Fed M oasy M rk
$66,248
Sale, Tax Increment -
$3,791
Fees
_L955
Total Avallable
$10.964.494
Uaa afFunda
Construction Cost$ Schauer Constr.
$6,024,764
$0
O ther Construction Costs
$ 10,288
Testing (Kumar & Abel)
$83,170
Engineering
$0
Site clean•ap Costs YTD
$269,996
Legal Fees
$143,668
Architectural Foes Project 0verelght
$101,451
Architectural fees
$441,510
Printing Feet
$7,439
M isc
$21,085
G lobe Facility
$2,311
N on Project Fund Costs
(5103,518)
S lie Preparation
$30,472
Trustee fee
IL
Total Expenditures : through Cherry Creek as of 03131/97
SZ ,032.656
Beleace is Project Food Access 3/31197
$3,051,639
s Im ate d H a anco er
evenuo an
E xpanditurea
Checks in process to Cherry Creek from last URA m sell ng April 97
($11,150)
E•llm sled Costs rem aiming for Contractor
($1,497,981)
Other Coat
($100,000)
Grant to Hotel Devieoper
($1,600,000)
Pueblo County Grant 6 Interest Earnings
$312.545
Estimated Balance after remaining revenue and expenditures $155,253