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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 rn O T D1 C p d a O O L Q 3 m c a) C t0 Y C cc m ht d L U L .0 U r U. Q � N w c w, W ot cc O L � � d LL L O a E N W O m a) O O O cn 00 _ coo (h _ N r 0 N O *,,t N � � to to 'It N O O co co <t V w .� > G1 O V F- C ca C • C � >. O L F- O O O M O 00 Efl CL 0.. G C O o O ► O t to r O n r co o M O n M N ti M r- co o d 'O O U L C � Q U O °� Q1 w °� a`-0 co V N Lt O ( ooC N co O V- _ _' 0 M N M (�� N cN C od O :3 LL C LO C G Q o (p M n � N N Efl Cc O r N O O p� m M v r N Cn ((D N (O (O (D tc t N (O N �n N Cfl d rn r O 9 5 rn co IT v N L a U� (o Cl a N Q) V♦ � W L 40 O N w M (D � fit' 'q ' t �' w It 'a' LO O Q O < .Q ii Q O p 4 r� O F-- to t- N M r N O O r r w ti r O W t— N r Lr t- O N r O M O O O t0 O O W O N O CD M "IL Lo O (D M r O O) N M O oo r r et W co O co N O c o d L O C a) > W v °; o O LL rr Ca 3 Q > Q > Q Q C R E N E N E N E in E y E Vl E N W W W W W W W 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