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HomeMy WebLinkAbout09854RESOLUTION NO. 9854 A RESOLUTION APPROVING A MODIFIED AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORATION AND MSS GROUP, INC. RELATING TO A JOB CREATING CAPITAL IMPROVEMENT PROJECT, AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME, TRANSFERRING $800,000 FROM THE 1992-2006 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND FOR SUCH PURPOSE, AND REPEALING RESOLUTION NO. 9700 BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The City Council finds and determines that the expenditure of $800,000 for the job creating capital improvement project with MSS Group, Inc. described in the attached Modified Agreement, 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. The Modified Agreement dated April 22, 2003 between Pueblo, a municipal corporation and MSS Group, Inc., a copy of which is attached hereto, having been approved as to form by the City Attorney, is hereby approved, and the President of the City Council is authorized to execute and deliver the Agreement in the name of the City. SECTION 3. Funds in an amount of $800,000 are hereby authorized to be transferred, expended and made available to MSS Group, Inc. out of the 1992-2006 Sales and Use Tax Capital Improvement Projects Fund for the sole purpose of the job creating capital improvement project and in the manner described in the attached Modified Agreement. 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 MSS Group, Inc. after receipt (i) by the City Clerk of the documents required to be filed pursuant to Paragraph 2(c) of the Modified Agreement and (ii) by the Director of Finance of written requests for payment required by Paragraph 2(d) of the Modified Agreement, provided, however, that $260,82,5.44 of funds shall be paid to MSS Group, Inc. upon compliance with Paragraph 2(e) of the Agreement. SECTION 4. The officers of the City are directed and authorized to per[orm any and all acts consistent with the intent of this Resolution and attached Modified Agreement to effectuate the transactions described therein. SECTION 5. Resolution No. 9700 is hereby repealed. SECTION 6. This Resolution shall become effective upon final approval and passage. INTRODUCED May 12, 2003 BY Al Gurule APPROVED: President of City Council ATTEST: City Clerk