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Home My WebLink About10884RESOLUTION NO. 10884 A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO'S FISCAL YEAR 2007 CONVENTION CENTER AND URBAN RENEWAL AUTHORITY'S OPERATING BUDGET BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: The Urban Renewal Authority of Pueblo, Colorado's ( "Authority ") fiscal year 2007 Convention Center and Urban Renewal Authority Operating Budget ( "Budget "), a copy of which is attached hereto, is hereby approved; provided, however, that Excess (Loss) for Vendor Fee Fund shown on the Budget shall not be committed, encumbered, or expended by the Authority other than to invest or reinvest same without prior approval of the City Council by Resolution. INTRODUCED December 11, 2006 BY Randy Thurston Councilperson APPROVED: President of City Council ATTESTED BY: CITY CLERK y�rSO # /oS�4 [RE) E z 2-� E EDL4 Background Paper for Proposed RESOLUTION AGENDA ITEM # /,�)- DATE: DECEMBER 11, 2006 DEPARTMENT: COMMUNITY DEVELOPMENT /JIM MUNCH URBAN RENEWAL AUTHORITY OF PUEBLO /MIKE TEDESCO TITLE A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO'S FISCAL YEAR 2007 CONVENTION CENTER AND URBAN RENEWAL AUTHORITY'S OPERATING BUDGET ISSUE Should the Pueblo City Council approve the Urban Renewal Authority Budget for 2007? Approve the URA Budget that was adopted as amended by the Urban Renewal Authority on November 14, 2006. BACKGROUND The Authority is implementing the Pueblo Expanded Urban Renewal Plan for Downtown Pueblo. Pursuant to the Cooperation Agreement between the City of Pueblo and the Authority, the City Council must approve the Authority's Budget. The Urban Renewal Authority operating budget includes the operating budget for the Convention Center. The budget operating loss for the Convention Center is funded through the vendor fee. The Urban Renewal Authority operating budget is primarily funded through the tax increment generated within the plan area. FINANCIAL IMPACT I The Authority's Fiscal Year 2007 Budget is attached. URBAN RENEWAL AUTHORITY PUEBLO COLORADO PROPOSED CONVENTION CENTER AND URA OPERATING BUDGET CONVENTION CENTER OPERATION REVENUE SALES AND OPERATIONS REVENUE Room Rental OMgr as we,l.w,uw.,n.�m ca..ea. wd..,o. s :w xl F R RE VENUE Rental B.., B.., OTHE Spn e o nng Spo PERAT I NG e, R NU TOTA E TOTAL OPERATING REVENUE OPE RATING VENTE EXPENSES EVENT EXPENSES &B F Caaof GeaW, Ex Ope p la Lions PS bor E E, Operations P - EVENT EXPENSE- T Labor Expenu EVENT EXPENSE - A mu ngP on elepomnketi EVENT EXPENSE - Equipmenl2inen Rental EVENT EXPENSE -Met TOTAL EVENT EXPENSES INDIRECT EXPENSES "artieing Ammretl Car Service Bank & CreCil Cab I. CMlactionsiBeE DeM Expense Computer Expense Ukect Selee D'Rpueebles DuetdSubeaiptinns Enpbyu Beufib Emplaps Hid4flecognition Costs Employee Incentives EqulpmeM- New& S.11 Wares Equipment Lease Agreements EquipfBIdg Maintenance Agreements Equipment Rental Incumnce - WUBMgrPrapery UceastmVPelmXs UnenalauMy Linens LauMy Allen To Event Emenses MainlenancaUleanmg Supplies Meetings'Cenventionsrtminings Oft. Suppliu Payroll Taxes Panting Printing R pmfeas onal Feas(ACCOUngnytegep mm - w walt e Equip ment Selene. sIe. - Aamini.betive Teloplwne Travel Undolme UElitias Utilltlu Alloc To Event Egmnses TOTAL INDIRECT EXPENSES TOTAL EVENT AND (OVERHEAD) INDIRECT EXPENSES PROJECTED OPERATING DEFICIT CONY. CENTER BEFORE INCENTIVE FEE CALCULATION Debt Servke of Bontle ManagemeM Fee Maugement Incentive Fu (1) PnxaW for UNen Renewal Exen DirutW2) Capital Outlay and Replacement Replacement Reserve Marketing for Enable Convention Center TOTAL OPERATING EXPENSES OPERATING INCOME (Lees) OTHERINCOME Invasbnent lnwme -Valor Fee Venter Fees EXCESS (LOSS) FOR VENDOR FEE FUND Pte' '/&U*tt`C URN1i 11 .13W 1 1]/U2a]e URBAN RENEWAL AUTHORITY OPERATIONS -TIF REVENUE Properly and Sales Tu Increment InvuVnentheremaTIF Perking Lot RentilWadoS Temporary Rental- SMueter's Building Reimbursements (Lake Minnegua Survey) Earnest Abney Prior Year TIF Cnnyover(2005) Prior Year TIF Canyover(2006) Bond Proceeds Carryover TOTAL OTHER INCOME URA USE OF FUNDS Bad Payment Series B (TIF Fee) AXUrney Costs Ault Fees Bwd Member Expenses City Plwn, Fund umemind Consudng Seminal (Not NDC) Debt Service On LwnSchuster's Depreciation Expense DeeigNDwelopment Expenses Development Caneunction Executive Director Salary and CoeN (2) Lend Acquisition' Mmwllaneoue Expenses NM Condom Few Paddng Chad, Expenses Parddlg Structure Reserve Fund Faster, Structure Schenwtic Design PDF Payment professional Fees Property AcqubiWd (Lod 3 & a, Ferg) Schlmeels Property Exdeww Sullen» Parking Lot Expense Tem, Parking Lot Improvements URA Marketing URA Acceptlow URA Special Event Spaneonahip TOTAL USE OF FUNDS EXCESS (LOSS) FOR TIF BEFORE CAPITAL EXP. Band Proceeds, Sood Proceeds Carryover TIF Reserve Food Olfeet for Fred, Structure Total Revenue CAPITAL PROJECTS Construction Costs of Parking Structure (3) Coefe of Hoped (4) Total Egleoditunw Excew (low) Total Rwenw TIF FUND BALANCE CARRYOVER (1) The Management ladereve Fee is beeetl an the mmmodual agreement behreen the Mannesmann Company and the Drben Mnewal AuMOrit, This can tie found in the contract under Anions 10 QPey Inwntiw Fw). (2) The tort Eaecutive Director Eigm a Is $125.000 par agmemenl wllll the cut $100,000 is coming out of TIF funds end $25.000 MII come from the Vendors Fes (Pu bdo Comeman Center housing funds) iPY . (3) Th. Isd lm pope am on official tabulation of Padding Dare aEstuaries to date. fro., this numeer does nod aaoum for moment NCC egronent mutt roPeneee, and financial consultant expenses, all paid to dde. (i) The 5W rot 2006 cow paid to l3NSF lot relvwd land punuem to conservation of the hotel arrangement . (5) The wndor fee hansm fund belanim at lL31 /Cs, is $50.00D end at lL31N7 will the $1W,000(replacement reserve for etlnadlnery exper an Grtpwd2GOTeu'geNCCStl11Pa(1111 Ism p lY/ . ...i`/ j1I_.M aevMea xn,.ea.a orlgN l 2005 3005 Buawt 2005B~ 2000 t •eruel Pueblo Urban Renewal Authority Schedule of TIF Revenues and Expenses Year Ended December 31, 2005 2005 salestproperty tax revenues $ 322,472 2005 expenses/expenditures $ 700,589 $ (249,910) $ (233,053) $ (106,029) $ 6,259 $ 26,710 $ 144,566 Exceee(tleficierry) of revenues over exp Wexpen00ures $ 177,06 Vendor Fee TIF Reserve Fund Balance Fund Balance Balance ®12/31 /05 per Audit $1,241,890 $ 992,566 Estimated Excess for FYE 12/31/06 $ 636,017 $ 116,106 Estimated Fund Balance at 12/31/06 $1,877,907 $1,108,672 Estimated Excess for FYE 12/31/07 $ 528,290 $ 140,105 2 406 19 Outlay for Hotel $ $(1,100,000) 2 Estimated Fund Balance @ 12/31/07 $2,406,197 $ 148,777 Ivarzom Pueblo Convention Center/Urban Renewal Authority Capital Repairs/Maintenance 2007 Budget Management Improvements $6,000.00 Computers, Electronics Building Maintenance Repairs/Replacement $51,500.00 Chillers, Water Heating System, Electrical Kitchen Maintenance Repairs/Replacement $28,400.00 Appliances & Implements Interior Repairs/Maintenance $205,800.00 Carpet, Airwalls, Accoustical Panels, Furniture Exterior Repairs/Maintenance $8,500.00 Roof, Heroes Plaza, Parkin Lot