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HomeMy WebLinkAbout11681RESOLUTION NO. 11681 A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS IN THE 1992 -2011 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND TO MATCH GRANT FUNDS REQUESTED FROM THE U.S. DEPARTMENT OF COMMERCE, ECONOMIC DEVELOPMENT ADMINISTRATION (EDA), TO FUND THE CONSTRUCTION OF THE ST. CHARLES INDUSTRIAL PARK GREENHORN DRIVE EXTENSION BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SFrTinN 1 Funds in the amount of $2,500,000 are hereby transferred from the Projects to be Determined account in the 1992 -2011 Sales and Use Tax Capital Improvement Projects Fund to be used as matching funds for a grant request to the U.S. Department of Commerce, Economic Development Administration to fund the construction of the St. Charles Industrial Park Greenhorn Drive Extension Project. SECTION 2. City Council finds and determines the use of the Fund for construction of the Greenhorn Drive Extension Project conforms with the intent and purpose of Ordinance No. 6381 as amended. SECTION 3. If the City does not receive the grant funding from EDA for the Greenhorn Drive Extension Project, the funds shall be transferred back into the Projects to be Determined account of the 1992 -2011 Sales and Use Tax Capital Improvement Projects Fund. SECTION 4. This Resolution shall become effective upon final approval and adoption. A77TSTFD SY: CITY CLERK INTRODUCED: August 24, 2009 BY: Judy Weaver } C � OUNCILPERSON APPR D' } �- PRESIDENTaf Cfty Council Background Paper for Proposed Resolution AGENDA ITEM # M -9 DATE: AUGUST 24, 2009 DEPARTMENT: PLANNING AND COMMUNITY DEVELOPMENT JERRY M. PACHECO, DIRECTOR TITLE A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS IN THE 1992 -2011 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND TO MATCH GRANT FUNDS REQUESTED FROM THE U.S. DEPARTMENT OF COMMERCE, ECONOMIC DEVELOPMENT ADMINISTRATION (EDA), TO FUND THE CONSTRUCTION OF THE ST. CHARLES INDUSTRIAL PARK GREENHORN DRIVE EXTENSION ISSUE Should the City Council pledge funds in the 1992 -2011 Sales and Use Tax Capital Improvement Projects Fund to match grant funds requested from EDA to fund the construction of the St. Charles Industrial Park Greenhorn Drive Extension? RECOMMENDATION Approve the Resolution. BACKGROUND The Resolution will authorize the transfer of funds in the amount of $2,500,000 to be used as matching funds for an EDA grant application requesting $2,500,000 to assist in paying for the construction of Greenhorn Drive within the St. Charles Industrial Park parallel with Interstate 25 to Lime Road. The successful award of this grant will allow the City to begin the construction in the fall of 2010. FINANCIAL IMPACT The budget for the Greenhorn Drive Extension includes $2,500,000 requested from the EDA, $2,500,000 from the 1992 -2011 Sales and Use Tax Capital Improvement Projects Fund for a total project cost of $5,000,000. If the grant funds are not awarded to the City, the 1992 -2011 Sales and Use Tax Capital Improvement Projects Funds could be unencumbered through a Resolution approved by City Council which would allow the funds to be designated to be used for another eligible activity.