HomeMy WebLinkAbout10599RESOLUTION NO. 10599
A RESOLUTION APPROVING AMENDMENT NO. 3 TO THE COOPERATION AGREEMENT
DATED AUGUST 25, 1986, BY AND BETWEEN THE CITY OF PUEBLO, AND THE URBAN
RENEWAL AUTHORITY OF PUEBLO, COLORADO, RELATING TO THE DATE CITY COUNCIL
SHALL DETERMINE THAT CERTAIN FUNDS BE RETAINED FOR EXTRAORDINARY
MAINTENANCE AND REPLACEMENT EXPENSES FOR THE CONVENTION CENTER AND
AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
Amendment No. 3 to the Cooperation Agreement dated December 27, 2005 changing the
date of "December 31, 2005" therein to December 31, 2006" is hereby approved and the President
of the City Council is authorized to execute Amendment No. 3 in the name of the City.
SECTION 2.
This Resolution shall become effective upon final passage as approved.
APP
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INTRODUCED December 27, 2005
BY Michael Occhiato
Councilperson
Background Paper for Proposed
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RESOLUTION n /
AGENDA ITEM # (
DATE:
27, 2005
DEPARTMENT: COMMUNITY DEVELOPMENTIJIM MUNCH
PLANNING DEPARTMENT /JIM MUNCH
TITLE
A RESOLUTION APPROVING AMENDMENT NO. 3 TO THE COOPERATION
AGREEMENT DATED AUGUST 25, 1986, BY AND BETWEEN THE CITY OF
PUEBLO, AND THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO,
RELATING TO THE DATE CITY COUNCIL SHALL DETERMINE THAT CERTAIN
FUNDS BE RETAINED FOR EXTRAORDINARY MAINTENANCE AND
REPLACEMENT EXPENSES FOR THE CONVENTION CENTER AND AUTHORIZING
THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME
ISSUE
Shall the Pueblo City Council approve Amendment No. 3 to the Cooperation
Agreement?
RECOMMENDATION
Approve the Resolution. The Urban Renewal Authority of Pueblo approved the
amendment by a unanimous vote at its December 13, 2005 meeting.
Proposed Amendment No. 3 to the Cooperation Agreement changes the date in
Section 5 of the Agreement from December 31, 2005 to December 31, 2006. This is
the date after which the City Council, after consultation with the Authority, shall by
Resolution determine the amount of vendor fee funds on deposit with the Authority that
shall be reasonable and prudent to retain in the account for extraordinary maintenance
and replacement expenses of the Convention Center.
The changing of this date allows the Urban Renewal Authority to continue to hold the
vendor fee, which has previously been collected, in an interest bearing account for
another year in anticipation of asking the voters to use the vendor fee for the expansion
of the Convention Center or any other lawful purpose in November of 2006.
FINANCIAL IMPACT
None. The vendor fee funds will remain in an interest bearing account.
AMENDMENT NO.3
THIS AMENDMENT NO. 3, is made and entered into as of December 27, 2005, by and
between the CITY OF PUEBLO, a Colorado Municipal Corporation (City) and the URBAN
RENEWAL AUTHORITY OF PUEBLO, COLORADO, a body corporate and politic of the
State of Colorado (Authority).
RECITALS
A. The City and the Authority entered into a Cooperation Agreement dated August
25, 1986, as amended by Amendment No. 1 dated October 15, 1996, and Amendment No. 2
dated January 24, 2005 (collectively, the Cooperation Agreement) for the purpose of financing
and providing certain public improvements for the Amended Phase One Urban Renewal Project
for Downtown Pueblo as amended by the Pueblo Expanded Urban Renewal Project (the Urban
Renewal Project).
B. To carry out the Urban Renewal Project, it is necessary and in the public interest
to further amend the Cooperation Agreement in accordance with this Amendment No. 3.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
contained herein, the City and the Authority agree as follows:
1. Paragraph 5 of Amendment No. 2 of the Cooperation Agreement is amended by
changing the date of "December 31, 2005" therein to "December 31, 2006 ".
2. Except as modified by this Amendment No. 3, the Cooperation Agreement will
remain in full force and effect inuring to the benefit of and binding upon the City and the
Authority.
IN WITNESS WHEREOF, the City and Authority have caused this Amendment No. 3 to
be executed as of the date first above written.
THE URBAN RENEWAL AUTHORITY OF
PUEBLO, COLORADO
ATTEST: --
Secretary
ATTEST:
y Clerk
PUEBLO, A MUNICIPAL CORPORATION