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HomeMy WebLinkAbout10696RESOLUTION NO. 10696 A RESOLUTION AUTHORIZING THE TRANSFER OF $200,000 FROM PROJECT CPO413, PARK LAND PURCHASE, TO PROJECT CP0504, EL CENTRO RENOVATION WHEREAS, the renovation of the El Centro Del Quinto Sol recreation center will require an additional $200,000, and WHEREAS, the funds accumulated in project CPO413 for the purchase of park land will not be needed until 2009, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The transfer of $200,000 from project CPO413, Park Land Purchase, to project CP0504, El Centro Renovation, is hereby approved. SECTION 2. Said funds shall be used for the purpose of completing the renovation of the El Centro Del Quinto Sol recreation center. INTRODUCED April 24, 2006 BY Gilbert Ortiz Councilperson APPROVED: �C atx v VICE FFRESIDLINTof City Council ATTESTED BY: CITY CLERK Background Paper for Proposed RESOLUTION AGENDA ITEM It I DATE: APRIL 24, 2006 DEPARTMENT: CITY MANAGER DAVID J. GALLI, CITY MANAGER DOUGLAS M. FITZGERALD, ASST. CITY MANAGER TITLE A RESOLUTION AUTHORIZING THE TRANSFER OF $200,000 FROM PROJECT CPO413, PARK LAND PURCHASE, TO PROJECT CP0504, EL CENTRO RENOVATION ISSUE Should funds be transferred to the El Centro Renovation project'? Approval of this Resolution. BACKGROUND Project CP0504 was established for the renovation of the El Centro recreation center. It is estimated at that the total cost of the renovations will be $800,000. Currently, the amount of $400,000 has been appropriated to the project, plus an additional $200,000 from the Department of Local Affairs, with the original intent of funding the remaining $200,000 in 2007. In addition, project CPO413 was established for the purchase of park land from the Diocese of Pueblo and currently has the amount of $810,000 available for that purchase. A lump sum amount of $1,077,000 will be due in 2009 to exercise the option to purchase. This project was established for the propose of accumulating the amount needed to purchase the park land over a period of five years. By transferring $200,000 from the park land purchase project, the El Centro Renovation project will be fully funded and may then be completed in 2006. In the 2007 budget, the funds intended for the El Centro project will simply be placed into the park land purchase project. The result will be both projects funded as originally intended and will allow the El Centro project to be completed sooner. FINANCIAL IMPACT None.