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HomeMy WebLinkAbout10626RESOLUTION NO. 10626 A RESOLUTION APPROVING AMENDMENT NO. 4 TO THE COOPERATION AGREEMENT DATED AUGUST 25, 1986, AS AMENDED BY AMENDMENT NO. 1 DATED OCTOBER 15, 1996, AMENDMENT NO. 2 DATED JANUARY 24, 2005 AND AMENDMENT NO. 3 DATED DECEMBER 27, 2005, BY AND BETWEEN THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION AND THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO, A BODY CORPORATE AND POLITIC OF THE STATE OF COLORADO AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME WHEREAS, on March 22, 2004, pursuant to Ordinance No. 7113, as modified on August 23, 2004, by Ordinance No. 7186, the Pueblo City Council approved the urban renewal plan for the Pueblo Expanded Urban Renewal Project (the Expanded Plan), which Expanded Plan is being carried out by the Authority in cooperation with the City and in furtherance of the objectives of the Colorado Urban Renewal Law. The Expanded Plan is an amendment to and an expansion of the Amended Phase One Urban Renewal Project for Downtown Pueblo (the Phase One Project). WHEREAS, the City and the Authority entered into a Cooperation Agreement dated August 25, 1986, as amended by Amendment No. 1 dated October 15, 1996, Amendment No. 2 dated January 24, 2005 and Amendment No. 3 dated December 27, 2005 (collectively, the Cooperation Agreement) for the purpose of financing and providing certain public improvements for the Phase One Project. WHEREAS, to carry out the Expanded Plan, the parties desire to further amend the Cooperation Agreement in accordance with this Amendment No. 4. THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: Amendment No. 4 to the Cooperation Agreement, a copy of which is attached and approved as to form by the City Attorney, is hereby approved and the President of City Council is authorized to execute same. INTRODUCED January 23, 2006 BY Jeff Chostner Councilperson APPROVED: — , President of City Council ATTESTED BY: CITY CLERK �m Background Paper for Proposed RESOLUTION / AGENDA ITEM # (o DATE: January 23, 2006 DEPARTMENT: COMMUNITY DEVELOPMENT /JIM MUNCH PLANNING DEPARTMENTMIM MUNCH TITLE A RESOLUTION APPROVING AMENDMENT NO. 4 TO THE COOPERATION AGREEMENT DATED AUGUST 25, 1986, AS AMENDED BY AMENDMENT NO. 1 DATED OCTOBER 15, 1996, AMENDMENT NO. 2 DATED JANUARY 24, 2005 AND AMENDMENT NO. 3 DATED DECEMBER 27, 2005, BY AND BETWEEN THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION AND THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO, A BODY CORPORATE AND POLITIC OF THE STATE OF COLORADO AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME ISSUE Should the City Council approve Amendment No. 4 to the Cooperation Agreement for the purpose of providing the Urban Renewal Authority more flexibility in the administration of the Convention Center and Urban Renewal Authority operating budgets? RECOMMENDATION The Urban Renewal Authority approved the Resolution on January 10, 2006. BACKGROUND Amendment No. 4 will provide the Urban Renewal Authority with more flexibility in the administration of both the Convention Center budget and the Urban Renewal Authority budget. The Cooperation Agreement, as presently written, requires the Authority to receive prior approval from the City Council before exceeding any budgeted line item in either operating budget by ten percent. The Amendment will allow the Authority to increase spending in any line item by ten percent or $5,000, whichever is greater, without prior approval by Resolution of the City Council. The Urban Renewal Authority still may not exceed their total budget without a budget amendment which will require prior approval by Resolution of the City Council. FINANCIAL IMPACT None. AMENDMENT NO. 4 This Amendment No. 4 is made and entered into as of January 23 2006 between Pueblo, a Municipal Corporation ( "City ") and Urban Renewal Authority of Pueblo, Colorado, a body corporation and politic of the State of Colorado ( "Authority "). Recitals A. City and Authority entered into a Cooperation Agreement dated August 25, 1986 as amended by Amendment No. 1 dated October 15, 1996, Amendment No. 2 dated January 24, 2005 and Amendment No. 3 dated December 27, 2005 (collectively the "Cooperation Agreement "). B. City and Authority desire to further amend the Cooperation Agreement. NOW, THEREFORE, in consideration of the foregoing recitals and mutual covenants contained herein, City and Authority agree as follows: 1. The last paragraph of Paragraph 7 of Amendment No. 2 to the Cooperation Agreement is amended and modified to read as follows: All TIF Revenues, notwithstanding the source, except as otherwise provided herein, shall be deposited by the Authority in a separate TIF Revenue Account to be used by the Authority for uses authorized by law and included in the annual budget of the Authority approved by the City Council by resolution each year (the Approved Budget). No further approval of the City will be required unless the Authority desires to amend the Approved Budget or expend such funds in excess of the line items in the Approved Budget or for items not included in the Approved Budget; provided, however, the Authority may increase spending by (i) 10% or $5,000.00, whichever is greater in any line item in that portion of its budget devoted to expenditure of TIF Revenues without finther approval of the City Council if there is no increase in the total expenditure of TIF Revenue in the Approved Budget and (ii) 10% or $5,000.00, whichever is greater, in any line item in that portion of its budget devoted to expenditure of Vendor Fees for the Convention Center without further approval of the City Council if there is no increase in the total expenditure of Vendor Fees in the Approved Budget. Except as provided herein, any expenditure in excess of the line items in the Approved Budget or for items not included in the Approved Budget shall be subject to the prior approval by resolution of the City Council 2. The Cooperation Agreement as modified by this Amendment No. 4 shall remain in full force and effect inuring to the benefit of and binding on the City and the Authority. Executed at Pueblo, Colorado as of the date first above written. Attest: Secretary CORPORATION THE URBAN RENEWAL AUTHORITY OF PUEB", COLORADO A MUNICIPAL Attest: o�\�` By � t-' 6 "� City C6rk President of the City Council