HomeMy WebLinkAbout10669RESOLUTION NO. 10669
A RESOLUTION APPROVING AND AUTHORIZING THE TRANSFER OF $240,000 FROM THE
SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND FOR ADDITIONAL COSTS
ASSOCIATED WITH THE PROFESSIONAL BULL RIDERS, INC. PROJECT
WHEREAS, the City Council by Resolution No. 10487 determined that the Professional Bull
Riders, Inc. job creating capital improvement project ( "PBR Project") meets and complies with the
criteria and standards established by Ordinance No. 6381 and will create employment
opportunities justifying the expenditure of funds from the 1992 -2006 Sales and Use Tax Capital
Improvement Projects Fund and
WHEREAS, the cost and expenses (a) for removal and relocation of encroachments from
Lot 2, Block 1, Historic Arkansas Riverwalk Project ( "Lot 2 ") placed on Lot 2 by HARP Authority in
conjunction with the construction of its Riverwalk Cafe, (b) for terminating the vendor contract
between the HARP Authority and operator, and (c) associated with a portion of the reconfiguration
and redevelopment of the HARP area adjacent to Lot 2 (collectively the "Additional Costs ") are not
included in the $5 million made available by Resolution No. 10487 for the construction of the
approximately 44,000 square foot building on Lot 2, and
WHEREAS, the Additional Costs are estimated to be $240,000, and
WHEREAS, the City Council finds and determines that the Additional Costs are so
interrelated with the PBR Project as to constitute a part of the PBR Project for which funds from the
1992 -2006 Sales and Use Tax Capital Improvement Projects Fund may be made available. NOW,
THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO. that:
SECTION 1
Funds in an amount not to exceed $240,000 are hereby authorized to be transferred and
made available out of the 1992 -2006 Sales and Use Tax Capital Improvement Projects Fund for
the payment of the Additional Costs in such amounts and for such purposes as the City Manager
shall determine.
SECTION 2
This Resolution shall become effective upon final passage and approval.
BY Randy Thurston
Councilperson
APPROVED: — ,
President of Cit Council
ATTESTED BY:
CITY CLERK
INTRODUCED March 27, 2006
Background Paper for Proposed
RESOLUTION
AGENDA ITEM # 5
DATE: March 27, 2006
DEPARTMENT: Law Department
TITLE
A RESOLUTION APPROVING AND AUTHORIZING THETRANSFEROF $240,000
FROM THE SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND
FOR ADDITIONAL COSTS ASSOCIATED WITH THE PROFESSIONAL BULL
RIDERS, INC. PROJECT
ISSUE
Should City Council make available $240,000 from the one -half cent sales use tax
revenue fund for additional costs associated with the Professional Bull Riders, Inc.
Project?
City staff recommends that such additional funds be made available.
BACKGROUND
The Professional Bull Riders ( "PBR ") project requires a 44,000 square foot building
to be constructed on Lot 2, Block 1, Historic Arkansas Riverwalk Project (Lot 2).
The HARP Authority caused encroachments to be constructed on Lot 2 as part of
its Riverwalk Cafe. These encroachments must be removed and replaced. As part
of its vendor contract for the operation of the Riverwalk Cafe, upon sale of Lot 2, the
HARP Authority is required to purchase the operator's building. A portion of the
HARP area previously improved by the HARP Authority will need to be reconfigured
and redeveloped as a result of the PBR project. The cost of the foregoing matters
is estimated to be $240,000 and were not included in the $5 million made available
for construction of the 44,000 square foot building.
FINANCIAL IMPACT
See Background.