HomeMy WebLinkAbout10678RESOLUTION NO. 10678
A RESOLUTION AUTHORIZING THE CLOSURE OF VARIOUS COMPLETED OR ABANDONED
PROJECTS WITHIN THE 1992 TO 2006 SALES AND USE TAX CAPITAL IMPROVEMENT
PROJECTS FUND AND AUTHORIZING THE TRANSFER OF THE REMAINING FUNDS FROM
THOSE PROJECTS INTO THE PROJECTS TO BE DETERMINED ACCOUNT WITHIN THE 1992
TO 2006 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND
WHEREAS, certain projects established within the 1992 to 2006 Sales and Use Tax Capital
Improvement Project Fund have been completed or abandoned, and
WHEREAS, said projects have unspent funds which remain reserved for said projects, and
WHEREAS, these projects should be closed and the remaining funds transferred to the
projects to be determined account to be made available for future projects. NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The following projects shall be closed and the remaining funds totaling $1,726,903 shall be
transferred into the projects to be determined account within the 1992 to 2006 Sales and Use Tax
Capital Improvement Projects Fund.
Project No. Description Amount
ED0102
Landscape Orman Avenue
500
ED0201
Taxilane to Blitz Hangar
47,975
ED0202
Hospital Cooperative Laundry
8,689
ED0203
Eupec -Land Purchase
16,241
ED0301
PDF Land Purchase (Hyde -Mech)
56,155
ED2003
McCallin Diversified Industries
5,000
ED9901
McDonnell Douglas
1,500,000
ED9902
PEDCo
2,991
ED9903
ALM Aviation
1,045
ED9906
Purchase 1225 E Orman
439
ED9907
Countrywide Telecom
50,290
ED9909
Qual Med /FHS
33,320
ED9910
Shell Bldgs 9 & 10
4,258
TOTAL:
1,726,903
SECTION 2
The amount of $1,726,903 shall be transferred from the closed or abandoned projects into
the projects to be determined account within the 1992 to 2006 Sales and Use Tax Capital
Improvement Projects Fund.
INTRODUCED March 27, 2006
BY Barbara Vidmar
Coun
APPROVED: ,
President of City Council
ATTESTED BY:
CITY CLERK
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Background Paper for Proposed
RESOLUTION
&60. 0106a78
AGENDA ITEM # 2 Z
DATE: March 27, 2006
DEPARTMENT: CITY MANAGER
DAVID J. GALLI, CITY MANAGER
DOUGLAS M. FITZGERALD, ASSISTANT CITY MANAGER
TITLE
A RESOLUTION AUTHORIZING THE CLOSURE OF VARIOUS COMPLETED OR
ABANDONED PROJECTS WITHIN THE 1992 TO 2006 SALES AND USE TAX CAPITAL
IMPROVEMENT PROJECTS FUND AND AUTHORIZING THE TRANSFER OF THE
REMAINING FUNDS FROM THOSE PROJECTS INTO THE PROJECTS TO BE
DETERMINED ACCOUNT WITHIN THE 1992 TO 2006 SALES AND USE TAX CAPITAL
IMPROVEMENT PROJECTS FUND
ISSUE
Should the City Council approve the closure of various completed or abandoned job creating
capital improvement projects and transfer the funds remaining from those projects to the
"Projects to be Determined" account?
RECOMMENDATION
Approval of the Resolution
BACKGROUND
Over the years, funding for various economic development projects has been approved by the
City Council. For each project, funds are transferred and made available from the 1992 to 2006
Sales and Use Tax Capital Improvement Projects Fund by Resolution of the City Council. Any
funds remaining at the completion of the project may not be spent for any other purpose until the
Council authorizes the project be closed and the remaining funds put back into the "projects to be
determined" account.
A detailed list of the projects is included in the body of the resolution. Each of these projects is
either completed or has had no activity for several years.
FINANCIAL IMPACT
The amount of $1,726,903 will be transferred to the Projects to be Determined account within
the 1992 to 2006 Sales and Use Tax Capital Improvement Project Fund.