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.