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HomeMy WebLinkAbout10972RESOLUTION NO. 10972 A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE UNITED STATES OF AMERICA AND THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, FOR THE RELEASE OF LOT 8 OF THE PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK SUBDIVISION TO BE CONVEYED FOR A JOB CREATING CAPITAL IMPROVEMENT PROJECT, AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME, AND AUTHORIZING THE TRANSFER OF $273,000 FROM THE 1992 TO 2011 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND THEREFOR BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO. that: SECTION 1. An Agreement, a copy of which is attached hereto and made a part hereof by reference after having been approved as to form by the City Attorney, by and between the United States of America and the City of Pueblo, a Municipal Corporation, to deposit in the Special Airport Improvement Trust Fund the amount of $273,000, being the appraised value of Lot 8 (18.69 acres of land) located at Pueblo Memorial Airport Industrial Park to be conveyed for a job creating capital improvement project. SECTION 2. $273,000 is hereby authorized to be transferred from the 1992 -2011 Sales and Use Tax Capital Improvement Projects Fund to the Special Airport Improvement Trust fund. SECTION 3. Within five years of the date of this Agreement, the funds received from this sale of land will be expended for FAA approved Airport development. It is understood and agreed that this amount will not be eligible as owner matching funds for development under the Airport Improvement Program (AIP). SECTION 4. The President of the City Council is hereby authorized to execute said Agreement on behalf of the City of Pueblo, a Municipal Corporation, and the City Clerk shall affix the Seal of the City thereto and attest the same. INTRODUCED April 9, 2007 APPROVED: ESID NTof City Council ATTESTED BY: CITY CLERK BY Randy Thurston Councilperson ads �oq'7z M GVEREL, Background Paper for Proposed RESOLUTION AGENDA ITEM # DATE: April 9, 2007 DEPARTMENT: AVIATION - JERRY BRIENZA TITLE A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE UNITED STATES OF AMERICA AND THE CITY OF PUEBLO, A MUNICIPAL CORPORATION, FOR THE RELEASE OF LOT 8 OF THE PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK SUBDIVISION TO BE CONVEYED FOR A JOB CREATING CAPITAL IMPROVEMENT PROJECT, AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME, AND AUTHORIZING THE TRANSFER OF $273,000 FROM THE 1992 TO 2011 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND THEREFOR ISSUE Should City Council approve an agreement with the United States of America for release of land at the Airport Industrial Park to be conveyed for a job creating capital improvement project. Approval of this Resolution. This agreement with the United States of America is for the release of the land in the Airport Industrial Park that is to be conveyed for a job creating capital improvement project. The FAA requires the City to enter into an agreement with them prior to sending the Deed of Release for the property. FINANCIAL IMPACT The amount of $273,000, which is the appraised value of Lot 8 (18.69 acres of land), is to be transferred from the half cent sales tax fund to the Special Airport Improvement Trust Fund upon acceptance of the Deed of Release from the FAA.