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HomeMy WebLinkAbout09534RESOLUTION NO. 9534 A RESOLUTION ESTABLISHING THE REPAYMENT PERIOD FOR FUNDS PROVIDED BY THE CITY OF PUEBLO TO THE PUEBLO HOUSING AUTHORITY FOR COSTS ASSOCIATED WITH THE RENOVATION OF BUILDINGS LOCATED ON THE 200 BLOCK OF NORTH SANTA FE AVENUE BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. Funds in the amount of $100,000 that have been previously disbursed to the Pueblo Housing Authority for costs associated with the renovation of the buildings located on the 200 block of North Santa Fe Avenue shall be reimbursed to the City of Pueblo by the Pueblo Housing Authority no later than April 30, 2002. INTRODUCED: February 25, 2002 BY: Al 6u n i 1 a COUNCIL PERSON APPROVED: PRESIDENT OF CITY COUNCIL ATTESTED BY: Y CLERK LD � 0 Background Paper for Proposed RESOLUTION AGENDA ITEM # DATE: FEBRUARY 25, 2002 DEPARTMENT: CITY MANAGER'S OFFICE LEE R. EVETT, CITY MANAGER DAVID J. GALLI, DEPUTY CITY MANAGER TITLE A RESOLUTION ESTABLISHING THE REPAYMENT PERIOD FOR FUNDS PROVIDED BY THE CITY OF PUEBLO TO THE PUEBLO HOUSING AUTHORITY FOR COSTS ASSOCIATED WITH THE RENOVATION OF BUILDINGS LOCATED ON THE 200 BLOCK OF NORTH SANTA FE AVENUE ISSUE The City of Pueblo appropriated $100,000 to the Pueblo Housing Authority for costs associated with the renovation of the buildings on the 200 block of North Santa Fe Avenue. These costs included such items as the tax credit application, pest control and clean up, appraisal fee, consultants fee, title insurance, and phase one environmental study. The Housing Authority's commitment to the City was that the funds would be repaid by the end of the first quarter of 2002. The Housing Authority has asked for some additional time in which to reimburse the City the $100,000. This resolution will extend that time by 30 days to April 30, 2002. RECOMMENDATION Approval FINANCIAL IMPACT Financial impact is minimal, limited to the loss of investment income of the $100,000 for the additional 30 -day period.