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Home My WebLink About11784RESOLUTION NO. 11784 A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO FISCAL YEAR 2009 AMENDED OPERATING BUDGET FOR PHASE ONE URBAN RENEWAL PROJECT AREA, THE EXPANDED PHASE ONE 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 2009 Amended Phase One Urban Renewal Project Area budget, Expanded Phase One Project Area budget, and Pueblo Convention Center budget (collectively, the "Budget "), a copy of which is attached hereto, is hereby approved; provided, however, that the Surplus for Vendor Fee shown on the Budget and on deposit in the Authority's Excess Vendor Fee Account 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: January 11, 2010 BY: Vera Ortegon ouncilperson APPROVED , ,t President of City Council ATTESTED BY: = City Clerk Reso. Il�B`f PU L Background Paper for Proposed RESOLUTION AGENDA ITEM # DATE: January 11, 2010 DEPARTMENT: OFFICE OF THE CITY MANAGER JERRY M. PACHECO, CITY MANAGER JENNY M. EICKELMAN, ASSISTANT CITY MANAGER TITLE A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO FISCAL YEAR 2009 AMENDED OPERATING BUDGET FOR PHASE ONE URBAN RENEWAL PROJECT AREA, THE EXPANDED PHASE ONE URBAN RENEWAL PROJECT AREA, AND THE PUEBLO CONVENTION CENTER ISSUE Should City Council approve the Urban Renewal authority Phase One Project Area, Expanded Phase One Project Area, and Pueblo Convention Center 2009 Amended Budget? Approval of the Resolution. BACKGROUND The Urban Renewal Authority of Pueblo ( "Authority ") annual budgets contain two primary streams of funding — 3.3% of City of Pueblo sales tax (Vendors Fee) and tax increment financing (TIF). The Vendors Fee funds the maintenance, operations, and debt service for the Pueblo Convention Center, which the Authority owns and operates. TIF is generated from City Council designated Authority project areas and is then reinvested into said project areas. The use of TIF is authorized by Colorado State Statute and said funds are under the sole control of the Authority subject to cooperation agreements between the City and Authority and other contractual commitments as may be executed by the Authority. The Authority's annual budgets consist of the Pueblo Convention Center and all revenue and expenses associated with Authority project areas (TIF). The revised budget reflects operating changes to the Expanded Phase One Area Property Tax Increment, as well as the Lake Minnequa Administration and Reimbursement categories and Phase One Area Administration. The revised budget also makes changes to the Expanded Phase One Area and Lake Minnequa Catholic Pastoral Center and Health Department Fund Capital Projects. The notable revisions to the Phase One and Expanded Phase One TIF budgets include accounting for increased TIF revenue, additional expenses pursuant public improvements for the old City /County Health Department site, and public improvements associated with the new Catholic Pastoral Center. In accordance with the Amended and Restated Phase One Project Cooperation Agreement between the City of Pueblo and the Urban Renewal Authority (Authority) dated March 26, 2007, City Council must approve the budget annually and as amended by the Authority, before they become effective. FINANCIAL IMPACT The Urban Renewal Authority of Pueblo 2009 Amended Budget is attached. !§ |){ � ® k /j) ; _§.. 2 �$ / £ .... kk ` $ !� E E / #A# CD z 3 « C) §C � s ± � ■J KKk\ \ k� k f %7k }} 3k } E 5 CL c !§ |){ � ® k /j) Urban Renewal Authority of Pueblo REVISED 11 2009 Project Area Budget -- All Project Areas URAP REVENUE .iXX'� }"` •�.�^'.�.. ��"- `s'"�W_ • • \ `�ed_a- iWt. " YJ- :.'�$.•w"TiY` -Ctrs �`.°..v.i «M Sum 2009 SumZWB All Sugem All BWgets .. .. ! kV.: s ue., .`-: .. "} } ..-: •' .. '.`! '•- ., .; 'jAY'P/�91 .: ,4 AmnlMZVarlve EarrmMwey Fa{a0e hnpmvnrrcM Reremrc 1nkrYroJe[tAreaRelmbursemenis Imxstrrkrtt lrcome -TW" Main Street Garage PUNxb D rPyyment Maln Sven Garage lmerntPayment Main SVen Garage Rmt PrkwJtnt RentaPManbtt Piror Year TlF Carryover Property Tax lmrement Saks Tan lrrtremem Ven ' Fee TOTAL REVENUE - _ 400,082 400.082 - - - - IQM) - - - 10,000 10,000 _ _ 12,000 - - - - - 150,334 10,000 - 10,334 15 _ _ 500.000 - - - 184000 - - 188.000 33,000 - _ 60,000 _ 60,000 6,000 _ _ 36,000 - - M..000 12000 - - - - 7.200 - ).200 7,200 6,017 - - - 65 25,329 102538 - 133,949 248,000 14,524 1 464,295 2,050 '"+ - 3Z3,000 �', 216,627 - 1,020.4% 49,418 - - - - 125.000 - 125.000 120,000 - - - _ - - 99937 99937 - S 2,541 S - S - S 464,2% $ 12,115 $ 794,663 $ 527,365 $ SOQ019 $ 2314998 S 1,80,618 URAP EXPENSES n®nlnlyra4di Annrrey C. AtMI, s BaareEapenzes CRY Rebo6meemeM -1601 Stun City RebMUrumeM -LOU 364•^ City Relmdr¢ nt- Maa106Mgatlon CrnvRWgarrnDeYgnDeveropmem Cwrvmmw Ci t"Balbt OUestlon Debt 5ervke on LoanX6us¢ri Dent Servicem Png Garage ark Ilwvrgo-vn lmpkrrK tm SV i W HARPIGA pr RelrrlotvserrleiH Natlnial Development CWMl orece Expenses arMSUpplks Operausg Remy Parkug Garage Expenzez Reap Deveapment CanziAtirg W.lek ann lkr m' TravNSCOnkremes URnReveat URASpecialPmTectz UM Spmwrstvps deb Slte 6 l T Expenses Wt Reimvurzemenz TOTAL EXPENSES 15,000 - - `- 7�,bOp; 82 41,000 .''272.000;. - 400.082 - 5.000 5 3,2W - - - - 55,000 55= 53,000 _ _ _ 10,000 10,000 8,000 - - - - 10,000 10,000 25," - - _ _ - - - - IB4O00 - 18.000 40,000 - 70,862 - - 70,862 - 5,000 116.000 82000 - - _ - - - 30.000 _ _ _ 40,000 - 90.000 40.000 4]0,000 - - 470.000 635,000 - - - - 10,1X10 - 10.000 - _ _ _ - _ - •, 43.000j _ - _ _ _ 25,000 ,.� - - 34000 25.000 43.000 38.000 20,000 3,000 _ _ - - - ]0,000 ]0,000 55,000 _ - 12500 - - 12500 25.000 - _ - - 130,000 - 130.000 120,000 _ _ _ _ 3,000 - - _ - - IBQ 186 186,106 103,000 _ _ _ _ 211000 2,000 - - - - - - - - 12500 12.500 - _ _ _ 30,000 30.000 25.000 - _ - - - 111000 10,000 5,500 - - - 3,000 3,000 4,000 _ _ - _ 27,000 S 15.000 $ - S - 5 193,500 S 82 S 581,862 5 507,500 $ 499.686 S 1797,630 S 1,335,700 CAPITAL PROJECTS k P9uail Conk HARP Ld 4lmprg "nts Ha FUrM be Hauze Furin lak<mrerxx Imp onemenn OW, CZpiwl &penes Parking Garage Prryen N. Fauna Improvement Funns TOTAL UPITAL PROTECTS a ' _ _ mmm - - MORN ^.,. - - • <: x; ^. - ....'.. - .�_ t. 33$00` _ I6Q000' ;, - - - - 33,7004 - 166;000 - 40.000 600.000 _ _ - i, %8 - - - 1,968 _ _ _ T,, ,'Kp pppy - _ 2W," 440,000 _ _ _ ,000,000 - - - 70,000 - 12,000 - 82.000 100000 S - $ - $ - S 270,000 $ 1,96(I S 211,700 $ 483,668 5 ],180,000 EXCESS JLOSS) LIMP OPERATIONS $ 5.541 S - $ - $ 795 S 10,065 $ 1,101 S 19,065 $ 333 $ 37,700 5 470,910 w.a.me..w+.... ®wsr, swv.rmerw •xw. wx4 a.� mm� .n sm.n ew,. 2009 GLOBAL SPECTRUM FISCAL YEAR 2009 (January 1- December 31) INCOME STATEMENT BUDGET BUDGET ACTUAL ACTUAL DIRECT EVENT REVENUE RENTAL REVENUE 187,052 167,042 207,098 SERVICE REVENUE 181,625 177,538 184,358 TOTAL DIRECT EVENT REVENUE 368,677 314,680 391,466 ANCILLARY REVENUE FOOD AND BEVERAGE REVENUE AUDIO- VISUAL REVENUE PARKING REVENUE DECORATOR SERVICES REVENUE BUSINESS CENTER REVENUE TOTAL ANCILLARY REVENUE TOTAL EVENT REVENUE OTHER REVENUE TOTAL GROSS REVENUE 1,149,920 1,070,410 1,052,709 54,252 41,034 0 0 0 0 40,205 24,194 0 0 0 0 1,244,378 1,135,638 1,062,709 EVENT EXPENSE SERVICE EXPENSE FOOD & BEVERAGE EXPENSE AUDIO - VISUAL EXPENSE PARKING EXPENSE DECORATOR SERVICES EXPENSE BUSINESS CENTER EXPENSE TOTAL EVENT EXPENSE 1,613,066 1,480,218 1,444,166 10,400 10,725 10,143 1,623,466 1,490,943 1,454,308 (73,547) (114,988) (89,386) (478,106) (434,786) (479,238) (3,166) (1,949) 0 0 0 0 (3,509) (1,372) 0 0 0 0 (688,328) (653,075) (688,624) TOTAL EVENT INCOME TOTAL INCOME WITH OTHER REVENUE INDIRECT EXPENSES EXECUTIVE FINANCE MARKETING & SALES EVENTS OPERATIONS OVERHEAD' FOOD & BEVERAGE OVERHEAD TOTAL INDIRECT EXPENSES NET INCOME CAPITAL EXPENSE SURPLU &(SUBSIDY) FOR CONVENTION CENTER VENDOR FEE INCOME 1,064,727 927,143 675,641 1,066,127 937,888 885,684 151,704 153,361 151,082 193,983 165,264 139,689 194,812 175,366 188,149 136,277 118,054 53,388 239,317 205,413 309,076 391,550 358,411 219,040 304,346 297,277 297,441 1,611,968 1,478,166 1,367,896 (848,861) (886,298) (472,1811 (26,000) (261,210) (571,861) (535,298) (213,951) (686,132) Vendor Fee Revenue from City of Pueblo 1,777,508 1,665,875 1,676,549 Investment Income from Reserve Acct and ANB 85,476 97,035 166,096 TOTAL VENDOR FEE INCOME 1,862,984 1,762,910 1,842,746 INDIRECT VENDOR FEE EXPENSES Debt Service on Convention Center Bond 700,825 298,380 703,650 Marketing for Convention Center 2,145 2,145 18,084 Pro -rated URA Personnel Exp, Office Exp & Board Exp. 81,500 37,446 22,972 Depreciation Expenses 0 318,673 0 Trustee FeewMisc Expenses 0 4,648 0 TOTAL OTHER VENDOR FEE EXPENSES 784,470 661,292 744,706 SUPLUS/SHORT. FOR VENDOR FEE 606,605 306,110 411,901 'Wetmed irxides mmneaenea fee and lncarNVe fee.