HomeMy WebLinkAbout11785RESOLUTION NO. 11785
A RESOLUTION APPROVING THE URBAN RENEWAL
AUTHORITY OF PUEBLO FISCAL YEAR 2010
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 2010 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
APPROVEDi f act
President of City Council
ATTESTED BY:
City Clerk
peso. I► �8S
Background Paper for Proposed
RESOLUTION
AGENDA ITEM # M 4
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 2010 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 2010 budget?
RECOMMENDATION
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 cooperating 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 City of Pueblo and the Authority have entered into an Amended and Restated Phase One
Cooperation Agreement dated March 26, 2007, to facilitate redevelopment within the
Authority's Phase One Project Area, which includes the Pueblo Convention Center, Vectra
Bank, and the Marriott Hotel to facilitate the redevelopment of the Expanded Phase One Project
Area, specifically in relation to financing the Pueblo Main Street Parking Garage. Pursuant to
the Cooperation Agreement, City Council must approve the Expanded Phase One Project Area
budget and the Phase One Project Area budget (including the Pueblo Convention Center)
annually or as amended by the Authority, before they become effective..
The Phase One and Expanded Phase One TIF budgets reflect increased revenue to both project
areas as a result of numerous new developments that have occurred within the Expanded Phase
One project area. The Vendor's Fee revenue is anticipated to be less than expected. The Pueblo
Convention Center's 2010 annual budget, therefore, is similar to its 2009 budget except
operating revenue less operating expenses will decrease surplus vendor fee.
FINANCIAL IMPACT
The Urban Renewal Authority of Pueblo 2010 budget is attached
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Pueblo Urban Renewal Authority 2010 Protect Area Budget - All Project Areas
PURA REVENUE
rz'�s r,sw..., � ^"
• aria r`� ..,x_., - a-,:. 4' >'x
"4 n ,
SUm2010 S.2005?
All Budgets All SWgeu
..
,34050
`°' ..., ,S
..,
39,
,,.. !000
;�r,
I s
_ -
IMnnl oanve p; }° a 2 =
-, _
' °. .- �,
-� ^„`
`.'''
'':...:.
°> - ,
•. `
38Q0B2.
_ n38B.092 -'
'`399,900.'
C-
]
'•x'
_
2.50
-
.250
I1ea11h Dep ., knpr..nts
10.000
F Reverue
-
-
-
250,00
,.e _
4,9.600
-j�,
>
r P 9.600�r`��u
12000'
NterPr rat Nea RevnWrsemews
-
-
-
-
-
-
-
-
-
66,000
MxxsmeiitliKOrre -8F �... y.71,!
;• •r r
-+ ` : 3
N t y�
v, C °'
_ •, -" =
.� 500;
3,972
1,966
500
"• ?160.334
Main sneer Garage PUedo Debt Payrnem
_
-
-
301,410
-
-
301,410
180000
68,620
: •
„
.r
'68,620
- 3 .60.000,
Mah Strxt Garage Renn
_
,
_ . ,
37,000
-
_••:
37,000
36.000
PaMbg LDIRMIaI :Matbtl - �C
.... -�.. .. _. .. ...,
C ° -.
-.
-
- -•.
' --
,ku �.'.-
$ 9,50
, "
,. .'
72W
''7.200,
Priw Yea TIF Ca er
5.541
-
-
234,075
2000
100,000
95,000
10,333
396,949
133.949
ProPeM lndemen[ s,: "!sic
tv'= 1
r
A. � `�
, �-' F
.. 470,007
: ', 2.054;
N . 655,653
sales T. lnve.
_
_
-
-
-
130,000
-
130,00
125.000
tV mrs Fn ::. '-'� �'^
y
^>p `• '
-
_ •� t ;
.' _
_
99.556.
- =" 99,556
' , 99.93V
TOTAL REVENUE
S 8&306
S -
$ -
$ 70(075
S 4,054
$ 1,172,783
$ 407,484
S 497,971
S 2872,673
$ 2118.B16
PURA EXPENSES
nemmnvaRm
16.00
-
-
220,000
82
-
152,000
-
3811082
399900
NenlM Report«,.. [ G,,,
_
R
`
_:5,000
« - 5.000'
r
Atta ,COCAS
_
-
-
_
_
_
-
60,00
0.000
55,000
'�h ees :- a - s ���'q�' -.
•
1
-
-
<`-
R•s hn
_
-9.00
a '9.00'
- .10.00 1
-t.
Bwrdfxpmxs
_
-
_
_
_
20,10
20,10
I'D0
-
- _
'
Cny RUmpwsemem -L014
_
-
-
-
-
96,00
-
-
96,00
I$00
CIM2MaalONlgaOOn'-
3 i (^'•_
. +- `; .;
,. y .. _
2 e r - -.; -.
` . o -
� ,:
`•'"
a -
.]0.862:
Cwwltirgmd 0esgn Daveropnrern
-
-
110,00
-
-
-
60,00
170,00
116,00
-Oe6e 5erN<e ih LOm SM1Ut s".p
'« '.
;.
•'..
- '4
`b0,SI2
:;
... ..9 0.511
0.511
t.. 40,000,
.40.0,
Gene Servkew Par"CU. age
-
-
_
_
_
753,525
-
-
753,525
470,000
jDnvntovin tiopknienppOn SVa[e9y''
..
,
." _
,• " 30,00
a
30,000
InWPIG1
_
35.00
-
35.00
25.00
1Ndtlmal Oevelopnient '�tq
' "`.38000'
CRRCe Expenses ane wppms
-
-
_
_
_
-
-
63,000
63,00
70.00
;QpK+flngReserve
,.,25,000
'.10,000;
".35000'
°
Par" Gaaga E.penses
-
-
_
_
-
-
130,00
-
130,000
13'00
_
a ,,,J «
.., .
. -�
.' _
_
.. . ;,.;
.223,]]9
, g223 .7n
T.16 COnM,n e,
-
-
-
-
-
-
-
17,50
77,500
20,00
LIRA DUes ane wnttep4ans
10.00
:, .t 70.00.:'
^a. '10,00
-
-
_
_
_
_
-
3,40
3,40
-
I
13.000
;_ = -^ -1300
- 12,500'
UM SpeWPrj,.
-
-
-
-
-
-
-
1Q00
10.00
30,000
Web Lte 6i.T. Capnlx .n3±M^'
»� .
•'
,._
`' - °'
- - ^e.
3,00
TOTAL EXPENSES
S 86,0
$ -
$ -
$ 355,00
$ 82
$ &19,525
S 397,512
$ 497,779
$ 2,185,898
$ 1354,548
CAPITAL EXPENSES
ptnaIiu P.
..
...
..»
..
,34050
.
- -•,
39,
,,.. !000
{
IW4v LOt 4 lrnannn, e.,
-
-
-
-
-
33,00
7,00
-
40,00
-
IwwpSiglage -. 'L- �.p+"".^�E""-
..i<
C-
]
'•x'
_
2.50
-
.250
I1ea11h Dep ., knpr..nts
-
-
-
-
-
250,00
250.00
-
Fblel
3,972
-
-
-
3,972
1,966
t
225.00'.
PadnnS,C ege
-
mem Fun
._AOJa[NeaF� a{atle lmproJe�� �
cn , a -
°•
_
,
_ . ,
_
TOTAL CAPITAL PROTECTS
$ -
$ -
$ -
$ 250,00
$ 3,9]2
$ 317,00
$ 9,50
URAP OPERATIONS
306 S - 5 - 5 99075 5 )0) 5 6,250 $ 472 $ 192 $ 106,303 S 764,268
PUEBLO CONVENTION CENTER
OLOBALSPECTRUM
FISCAL YEAR 2010 (January 1- December 31)
INCOME STATEMENT
BUDGET
BUDGET BUDGET ACTUAL
DIRECT EVENT REVENUE
RENTAL REVENUE
SERVICE REVENUE
TOTAL DIRECT EVENT REVENUE
232,068 187,052 167,042
166,384 181,625 177,538
398,452 368.877 344,580
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
1,259,022
1,149,920
1,070, 410
40,373
54,252
41,034
0
0
0
13,365
40,206
24,194
0
0
0
1,312,760
1,244,378
1,135,638
EVENT EXPENSE
SERVICE EXPENSE
FOOD & BEVERAGE EXPENSE
AUDIO-VISUAL EXPENSE
PARKING EXPENSE
DECORATOR SERVICES EXPENSE
BUSINESS CENTER EXPENSE
TOTAL EVENT EXPENSE
1,711,212
1,613,055
1,480,218
15,400
10.400
10,725
1,726,612
1,623.455
1,490,943
(107,746)
(73,547)
(114,988)
(505,993)
(478,106)
(434,766)
(1,836)
(3,166)
(1,949)
0
0
0
(668)
(3,509)
(1,372)
0
0
0
(616,243)
(558,328)
(553,075)
TOTAL EVENT INCOME
TOTAL INCOME VGTH OTHER REVENUE
INDIRECT EXPENSES
EXECUTIVE
FINANCE
MARKETING & SALES
EVENTS
OPERATIONS
OVERHEAD'
FOOD & BEVERAGE OVERHEAD
TOTAL INDIRECT EXPENSES
NET INCOME
CAPITAL EXPENSE
SURPLUSASUBSIDY) FOR CONVENTION CENTER
VENDOR FEE INCOME
1,110,369 1,065,127 937,868
154,035
151,704
153,361
134,916
193,983
165,284
260, 015
194, 812
175, 366
131,933
136,277
118,054
214,736
239,317
205,413
425,233
391,550
358,411
315,227
304,346
297,277
1,336,095
1,611,989
1,473,166
(25,000) (261,210)
(525,726) (546,862) (535,298)
Vendor Fee Revenue from City of Pueblo (#9030-000-00)
1,588,991
1,777,508
1,665,875
Investment Income from Reserve Acct and ANB (89010-000 -00)
60,000
85,476
97,035
TOTAL VENDOR FEE INCOME
1,648,991
1,962,984
1,762,910
VDIRECT VENDORS FEE EXPENSES
Debt Service on Convention Center Bond (#9616-000[70)
699,550
700,825
298,380
Depreciation Expenses
318,673
Marketing for Convention Center (#96114)09-W)
2,145
2,145
2,145
Pro-rated URA Personnel Ev, Oft. Exp & Board ap. (#8500001 -00)
98,056
81,500
37,446
Mbo aWn9e&7rustee Fees
1,000
4,648
Maintenance Reserve
50,000
0
Capital Expense"
134,300
25,000
Promobons Expense
40,000
0
TOTAL OTHER VENDOR FEE EXPENSES
1,025,051
809.470
661,292
1,094,969 1,054,727 927,143
SURPLUSISHORT. FOR VENDOR FEE
-oen,eae izuaes menps,.rt tee ena inmaw ree
° 010 CaplXel Efpenees fi artoud,a VenEVe Fw yawns. 23B Ca WEgensaM Ihwpl,s ,p Vn Fee Hth V,e excepYm 0$25,0