The URL can be used to link to this page

Home My WebLink About11179RESOLUTION NO. 11179 A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO FISCAL YEAR 2008 OPERATING BUDGETS FOR THE PHASE 1 URBAN RENEWAL PROJECT AREA, THE EXPANDED PHASE 1 URBAN RENEWAL PROJECT AREA, AND THE PUEBLO CONVENTION CENTER BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: The Urban Renewal Authority of Pueblo ( "Authority ") fiscal year 2008 Phase 1 Project Area budget, Expanded Phase 1 Project Area budget, and Pueblo Convention Center 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 31. 2007 BY Randy Thurston Councilperson APPROVED: a #?ESIDEINTof City Council ATTESTED BY: CITY CLERK Res (119 Background Paper for Proposed RESOLUTION AGENDA ITEM # �D DATE: DECEMBER 31, 2007 DEPARTMENT: MIKE TEDESCO, ASSISTANT CITY MANAGER FOR URBAN RENEWAL TITLE A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO FISCAL YEAR 2008 OPERATING BUDGETS FOR THE PHASE 1 URBAN RENEWAL PROJECT AREA, THE EXPANDED PHASE 1 URBAN RENEWAL PROJECT AREA, AND THE PUEBLO CONVENTION CENTER ISSUE Shall City Council approve the Urban Renewal Authority Phase 1 Project Area, Expanded Phase 1 Project Area, and Pueblo Convention Center 2008 budgets? RECOMMENDATION Approve the Resolution. BACKGROUND The City of Pueblo and the Urban Renewal Authority of Pueblo (Authority) have entered into a Cooperation Agreement dated August 25, 1986 as amended by four (4) subsequent amendments, to facilitate redevelopment within the Authority's Phase 1 Project Area, which includes the Pueblo Convention Center, Vectra Bank, and the Marriott Hotel. In addition to the above Cooperation Agreement and subsequent amendments, the City of Pueblo and the Authority have entered into a Cooperation Agreement to facilitate the redevelopment of the Expanded Phase 1 Project Area, specifically in relation to financing the Pueblo Main Street Parking Garage. Pursuant to both of the above Cooperation Agreements, City Council is responsible to approve the Expanded Phase 1 Project Area budget and the Phase 1 Project Area budget (including the Pueblo Convention Center), annually or as amended by the Authority. The entire 2008 budget for the Authority, including all project areas and the Pueblo Convention Center, was approved on December 11, 2007, by the Authority Board of Commissioners. A detailed description of numerous line item expenses is attached in a correspondence from the Authority's Executive Director to the City Manager, dated December 12, 2007. Likewise, highlights of the Pueblo Convention Center (Vendors' Fee) side of the URAP budget are as follows: • A $1,543,218 projection for total gross revenue produced by the Convention Center in 2008. Should such gross revenue come into fruition, it will represent the highest grossing year in Convention Center history; • A $526,030 operating subsidy, as financed through the Vendors' Fee, for the Convention Center; • The sum of Convention Center gross revenue and 2008 Vendors' Fees less debt service on Convention Center bonds, operating expenses, and operating subsidy, leaves $484,035 in surplus Vendors' Fee; and • Projections indicate approximately $3.2 million in total surplus Vendors' Fee by the end of fiscal year 2008. FINANCIAL IMPACT The Authority's fiscal year 2008 budget is attached. Urban Renewal Authority of Pueblo 2008 TIF Budget — All Project Areas UWA UW E 2W8 2008 2]OE 2008 2008 Sun]0.N tam PertWBe AU n 50.00D 50,000 50.ODD 0% m ll',ODD. tL�'kVWg 15.000 15,000 14 25% T,� �13WC�, 702 7 43% - .W Cly�-�394 lz000 40,000 40.000 40,000 40 0% ,% ,,¢ Ar%t�7,2DD. SW,7ZOWC ",NW W. 20%IF4 R Y.wcnSP.w 28,000 158 22 188,222 210," .11% 70*840000 VMT�lj am 10.000 -100% I W9wW.E;X "AMM95, RFIT�-4-960w, W= Tff ReVSMIS f 27,000 2 20,000 2DOOD owwol is% UW E vcm (L ) u WFA41 1.5001$ - Is 300 1 s (219058 )l S 722J..j f218.536118 I88,2221 -257% 1 a4F P9QI=7 4aagNfS 1NSP La 3 A 4 1.K Fn4 8,000.000 0,500,000 .37% - S 250,000 $12,000,O00 S 8.O00,000 29% AU n 50.00D 50,000 50.ODD 0% ll',ODD. tL�'kVWg 20,000 20,000 2 2 22,ODO 0 10 -9% T,� �13WC�, OAMM 03sm Cly�-�394 40,000 40.000 40,000 40 0% JZX%ffi;?ZOW SW,7ZOWC 06 ' :,MOOD I%M Celt SPYlumL�Fl�YUMM 40,0 40,000 40.WD 0% 70*840000 VMT�lj �fi=DDW' 10.000 -100% I W9wW.E;X "AMM95, RFIT�-4-960w, W= w pm 20,000 2DOOD - 20000% 50= P-ftV Gn B� 120,000 120,000 82,349 30% ZT TA , 3 100 0 k5w%u I -100% umFACeeoO lomo -Im% twm�a:e * MWWAMM Am� low"G000 Ww"IDOW! wi�loow' 18.000 -10D% Irpoki-WomoD0 . mwoswo. fvolzwo� 2A00 2.000 4,500 -66% �WZgIZOOO �,,120W%P 25'sm 849.000 485,700 1,160.200 041,778 81% vcm (L ) u WFA41 1.5001$ - Is 300 1 s (219058 )l S 722J..j f218.536118 I88,2221 -257% 1 a4F P9QI=7 4aagNfS 1NSP La 3 A 4 1.K Fn4 8,000.000 0,500,000 .37% - S 250,000 $12,000,O00 S 8.O00,000 29% PUEBLOCONVENTION CENTER GLOBAL SPECTRUM PffiGL YEAR 1043 6laelaY I. D4car0ar 31) INCOME STATEMENT SUOOET PROPOSAL ANCILLARY REVENUE FOODAND BEVERAGE REVENUE AUDJPWSUAL REVENUE DECORATOR SERVICES REVENUE TOTAL ANCLLLARY REVENUE TOTAL EVENT REVENUE OTHER REVENUE 1,007.415 BUDGET 2043 PROIECTED 2100 ACTUAL ;006 MOFEVEMT8 `+43 517 643 •TTENGIINCE 76228 43 35004 1,5]1,818 3.400,543 1,29677!21 6100 DIRECT EVENT REVENUE 14179 990.725 835,501 RENTAL REVENUE 296000 134227 16].612 SERVICE REVENUE 156116 1910]4 142808 TOTAL ERECT EVERT REVENUE 361A88 (;5.301 338302 ANCILLARY REVENUE FOODAND BEVERAGE REVENUE AUDJPWSUAL REVENUE DECORATOR SERVICES REVENUE TOTAL ANCLLLARY REVENUE TOTAL EVENT REVENUE OTHER REVENUE 1,007.415 I.Mr 3 985.420 43.007 0 0 ;880 0 0 1 376332, 103643] 435.430 1,5]1,818 3.400,543 1,29677!21 6100 BAN 14179 TOTAL GROSS REVENUE EVENTEXPENSE SERVICE EXPENSE FOOD 4 BEVERAGE EXPENSE AUDKTVISUAL EXPENSE PARXING EXPENSE OECORAToN SERVICES E3IPENSE TOTAL EVENT EXPENSE TOTAL EVENT INCOME TOTAL WOKE WITH OTHER REVENUE ININRECT EXPENSES FULL -TINE SALARIESISENEFITSNR TAXES XMUET OPE EXP INAtl( F EOPERATINGEXPENSES MARKETING OPERATINGEXPENSES MARKETING GALES OPERATING EXPENSES EVENTS OPERATING EXPENSES OPERATION60PERATING EXPENSES MANAGMANM EAOOPERATING FJUHjlSES EMENTFEE^' FOOD 80EVERAGE OPERATING EXPENSE8 TOTAL AL ( VISUAL OPERATING EXPENSES INWIECT EXPENSES NETRI O E CAPRAL EXPENSE 811RPLU658UBS" FOR CONVENTRNI CENTER VENDOR FEE INCOME 1,SI3,NB tA66N6 1.343.943 (65152) (119,294 (86789) (491.70) (505.750) (526.01) (4517) 0 0 0 0 D 11.59]1 0 0 15740041 19254321 1010.211) 990.725 835,501 MAW 098.123 430906 RESUME) 786,182 M.512 504,150 14,761 36098 16,038 29,853 29384 18,953 39,4E6 31,874 33.123 19,7)5 1D,112 13,0]] ]6166 143,000 0,245 246134 357,751 329,525 136044 3.185.775 7.)11.140 71,774 57254 81,490 0 0 0 1 .4161 1,Yt JJ187 1,140,382 1060011 4497.1811 100.&21 (M643D) 12864281 11768781 (516,631) (793.8431 (617,5181 Va Faa Raema Ctl2aR 1.595.516 1,576.41 1,53358) 0Ae6NM0 GanR.Aalu MB 119543 13.9.718 131.876 TOTAL VENDOR FEE INCOME 1,]]5,518 1,79;959 1,MR5Am 074380. VENDOR FEE EXPENSES Dehl SeMCe m BaC MarkNYD ro Cabarllmn Carla Ao.rae sNryn3eNlDS ro EaoYw 0vato. 700.150 701.850 350.487 0 28540 22,432 25 25500 15,435 TOTAL OTHER VENDOR FEE EXPENSES 715 ,450 755,15) 860)4 3UPLU8I8NORT. FOR VENDOR FEE 481.015 155,200 050.815 CASHIULLANCEBEGINNINGOFYEAR 2.711,710 2,556510 1.097,005 ENONO CASH BALANCE VENDOR FEE 3.185.775 7.)11.140 2.556510 CASHACCOUNTS CdNaNm Ceaa0paF9ro Aarou4 U8 BNN 250,009 N2,010 21.460 DanaiNm Cola Ew4Aaou4U8 BON[ 56043 505" 51,982 VanOa Fm MNrl Ra4a WMUSBu1M 158543 100300 WOD19 VattlorFr RmaaOAacu4 -US BNN 1,42]390 1,389.000 1343JM2 ' ewtl TU4eelmmableM ACCOaeEaxn Rew6M 1,316,075 859500 919.09] ^ TOTAL CASH ON HAND 3.185,775 2711.70 2558540 -re m wa I b a es y.y eMae.. mec br cw cba w.mRSee web�l ^� cm - 4�ebe mm m iwwl Mi Ce C% b w M b 4439 M1 Cawem [s Y. 'Sba Nbmwm�YMRnaM, futlae' MYS4eb wlM1aY�w6ba9eewM�eYabNYeMao enn.. TeY6 nrymuW V sNla,ee Pepm. Fifea.ntlb M �swewse rbCebfsenlm IMMatnfw. "' W sln�l f r vel6s twm v[wMs m Iii m 3 a� c N C N L O O O co 1 O Lo O o o o LOO i ' W Q a m m N N O 7 Q M N m � IL a N' Q r m to 0 L� IL N W ° o U- tL Q N S m N m C C N W > nJ �a O. (n J m Iii m 3 a� c N C N L N N O O O co 1 O Lo O W ma ' p W Q O O N M N m � .i f0 a N' Q o a to N N O DD co 1 O Lo O L �1 Of OOO aQ oi oioio � av� M N m � .i f0 a N' Q a n a L� �1 NON m d r.. f.- ' c I-- f0 O (L W co vv m N M N W t a o mGo W) m03 (1) c I-- f0 O > m sF sF N r aT U N M N 00 a m a N a c U- tL m N C C N W > nJ O. ALL'S NU W W V wW S H W