HomeMy WebLinkAbout10577RESOLUTION NO. 10577
A RESOLUTION AUTHORIZING THE EXPENDITURE OF $42,300 OF LEASE PROCEEDS HELD
UNDER ESCROW AGREEMENT DATED JULY 30, 1999 FOR COSTS INCURRED TO READY
THE BENESIGHT BUILDING FOR SUBLEASE TO RECEIVABLE MANAGEMENT SERVICES,
AND INCREASING PROJECT ED0502 THEREFORE
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The City Council hereby authorizes additional funds in the amount of $42,300 to be
expended from the lease proceeds fund held in escrow. Such funds are accounted for in City
Project # ED0502.
SECTION 2.
Said funds shall be used to pay The PEDCO Foundation, Inc. for attorney fees relating to
the sublease between Benesight, Inc. and Receivable Management Services and for additional
building preparation expenditures incurred.
INTRODUCED December 12, 2005
PRES1 9 F CITY frP
s
BY Michael Occhiato
Councilperson
/&v. #/0,577
Background Paper for Proposed
RESOLUTION
AGENDA ITEM # J
DATE: DECEMBER 12, 2005
DEPARTMENT: FINANCE DEPARTMENT
ROBERT HAIN, FINANCE DIRECTOR
TITLE
A RESOLUTION AUTHORIZING THE EXPENDITURE OF $42,300 OF LEASE
PROCEEDS HELD UNDER ESCROW AGREEMENT DATED JULY 30, 1999 FOR
COSTS INCURRED TO READY THE BENESIGHT BUILDING FOR SUBLEASE TO
RECEIVABLE MANAGEMENT SERVICES, AND INCREASING PROJECT ED0502
THEREFORE
ISSUE
Should City Council authorize increased funding from the lease proceeds fund for the
purpose of paying additional costs associated with the Benesight Building sublease to
Receivable Management Services.
RECOMMENDATION
The Staff recommendation is, Approval of Resolution.
BACKGROUND
The PEDCO Foundation, Inc. incurred legal fees and additional building preparation
expenses, which were not included in the initial allocation for this project.
FINANCIAL IMPACT
This action increases by $42,300, the amount of funds authorized to be paid to PEDCO
Foundation Inc. from the lease proceeds fund held under escrow. This increases the
authorized amount in Project # ED0502 from $192,025 to $234,325.