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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.