HomeMy WebLinkAbout09735RESOLUTION NO. 9735
A RESOLUTION TRANSFERRING $500,000 FROM THE 1992 -2006 SALES AND USE TAX
CAPITAL IMPROVEMENT PROJECTS FUND TO BE COMMITTED AS A REFUNDABLE
DEPOSIT FOR THE PURCHASE OF PROPERTY AT THE PUEBLO MEMORIAL AIRPORT
INDUSTRIAL PARK RELATING TO A JOB CREATING CAPITAL IMPROVEMENT PROJECT
WHEREAS, Pueblo Economic Development Corporation Foundation is negotiating for the
purchase of Lots 23 and 24, Pueblo Memorial Airport Industrial Park Subdivision (the "Property ")
for a capital improvement project creating jobs for approximately 300 new full -time employees, and
WHEREAS, the owner of the Property is requiring a $500.000 refundable earnest money
deposit as a condition of entering into a contract for the sale and purchase of the Property. NOW,
THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The City Council finds and determines that the commitment of $500,000 out of the 1992-
2006 Sales and Use Tax Capital Improvement Projects Fund as a refundable earnest money
deposit for the purchase of the Property at the Pueblo Memorial Airport Industrial Park relating to a
job creating capital improvement project meets and complies with the criteria and standards
established by Ordinance No. 6381 and will create employment opportunities justifying the
expenditure of public funds.
SECTION 2
Funds in the amount of $500,000 are hereby authorized to be transferred, expended and
made available to Pueblo Economic Development Corporation Foundation out of the 1992 -2006
Sales and Use Tax Capital Improvement Projects Fund for the sole purpose of a refundable
earnest money deposit with respect to a contract for the sale and purchase of the Property. The
Funds hereby authorized to be transferred and expended shall be released and paid by the
Director of Finance to or for the benefit of Pueblo Economic Development Corporation Foundation
upon receipt by the City Clerk of a contract for the sale and purchase of the Property approved
as to form by the City Attorney.
SECTION 3
This Resolution shall become effective upon final approval and passage.
INTRODUCED December 9, 2002
BY
Councilperson
APPROVED:
resident of City Council
ATTEST:
City C ____