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 / U) E E / I \ (D § \ ! (( ! L . #/ .... 7{ IL !ƒ .... m co IL 22 c (7 w@ !CL EL 4 . z z » §% � a 0 \ (D § \ ! (( ! L . #/ .... 7{ IL !ƒ .... m co IL 22 c (7 w@ !CL } §JQ7 !� |k( ! # !!) EL 44 \ k\ ]IL } §JQ7 !� |k( ! # !!) EL w£ �i Li ±/ §% � } §JQ7 !� |k( ! # !!) 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