HomeMy WebLinkAbout12035RESOLUTION NO. 12035
A RESOLUTION APPROVING THE URBAN RENEWAL
AUTHORITY OF PUEBLO FISCAL YEAR 2011 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 2011 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: December 13, 2010
BY: Steve Nawrocki
COUNCILPERSON
Background Paper for Proposed
RESOLUTION
DATE:
December 13, 2010 AGENDA ITEM # Q-3
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 2011
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 2011 Amended Budget?
RECOMMENDATION
Approval of the Resolution.
BACKGROUND
The Urban Renewal Authority of Pueblo (“Authority”) annual budget contain two sources of funding which involve
the City – 3.3% of City of Pueblo sales tax (Vendors Fee) and tax increment financing revenue (TIF) derived from
within certain Urban Renewal Project Areas.
The Vendors Fee had been authorized by City ordinance to be used for payment of principal and interest on bonds
for the Pueblo Convention Center, which the Authority owns and operates. It is also used, in accordance with the
ordinance, to cover any net operating loss of the Convention Center after application of Convention Center
revenues.
TIF is generated from City Council designated Urban Renewal 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 control of the Authority
for use in accordance with City Council approved urban renewal plans and subject to the terms of cooperation
agreements between the City and Authority and other contractual commitments as may be executed by the
Authority.
The City of Pueblo and the Authority have entered into an Amended and Restated Phase One Project 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, and specifically for the purpose of
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 then
convention center) annually or as amended by the Authority, before they become effective.
FINANCIAL IMPACT
The Urban Renewal Authority of Pueblo 2011 Operating Budget is attached.
t , 3 Urban Renewal Authority of Pueblo 2011 Project Area Budget All Project Areas
110
I $a s r ' ,, ef.i ! �' - vsl' fu, F und f�[COL11lt ; +s )
'7!4 t I ,7 i kn
• ' S (Itf' 701 I Fib , 1j t 46 201 10u Igctr , 1011 0 J Ju k { 7q I I 1 3 R [ :201 I B lr 201111 lj t ; l 201 1 11 igrt 3 201 t , (iu 13 t 2(111 R I I t Sum 2011 Sum 2010
URAP REVENUE tl 1(21)3'13 5 II,,.I1sl Dish , 2. ! I l r , x 1 ll) tl� .., lllt13 ,
n, ,,. ,11 / M1 ,t
Sa, Ir.'11 ) I I n re tin 11 lol r
m 2 ■ ■ v , l � !, , n u l i � � All Budgets All Budgets
Administrative 559,855 559,855 385.081
Earnest Money
Facade Improvement Revenue 9,600 9,600 9,600
Inter - Project Area Relmbursements
Investment Income -TIE 800 800 500
Inter-Project Area Loans 47,150 88,107 22,300 157.557 100,000
Main Street Garage Pueblo Debt Payment '
301.846 301,846 301,410
Main Street Garage Interest Payment 68.620 68,620 68,620
Main Street Garage Rents 37.000
Parking Lot Rental - Marton
7.564 7,564 7.200
Prior Year TIP Carryover 618 2,850 21,893 369,720 13.792 57,621 120.752 481 587,727 488,630
Property Tax Increment 68,924 2,800,749 3,228 437,029 1,973 571,644 206,961 4,090,508 1.433,756
Sala Tax increment 140,000 140,000 130,000
Vendors' Fee 122.884 122,884 98,482
TOTAL REVENUE $ 69,542 $ 2,800,749 $ 3,228 5 50,000 5 110,000 S 806,750 5 15,765 $ 1,031,630 $ 476,076 $ 683,220 $ 6,046,961 $ 3,060,279
URAP EXPENSES
A000nln(stratWn 96,000 204,373 15,736 243,746 559,855 385,081
Advertising/Marketing 20,000 20.000
Annual Report 4.000 4,000 19,000
Attorney Costs _ 57,600 57,600 60,000
Audit Fees
10,000 10,000 9,000
Board Expenses 18,000 18,000 17,000
City RNmbursement- 1601 Study 6 Lot 21,120 21,120 170,000
ConsuOtg- Conditions Surveys 26,000 26,000
•
Can048n9• Regional ToutsmAppl(00000
45,000 45,000 59,000
Consulting and Design Development 72,000 30,000 102,000 115.000
Debt 5ervke on Loan -126 N. Meow* - 39,902 39,902 40,512
Debt Service on HARP Lot 4 Condo 26,000 26,000
Debt Service on Parking Garage 754,614 754.614 753,525
Deposit to Lot 4 Develops 5,000 5,000
Downtown Implementation Strategy 45,000 45,000 30,000
Easnlde Coordinator Salary 30,000 30,000 30,000
HARP Special Protects 15,000 15,000
HARP IGA 35,000 35,000 35.000
InterahojectArea Loans 48,400 109,157 157,557 100,000
Once Expenses and Supplies 49.080 49,080 70,000
Operating Res,." 33.600 33,600 35,000
Parking Garage Expenses 100,000 100,000 130,000
Salaries and Benefits 219,911 219,911 205,000
Travel 0 Conferences 9,000 9,000 7,000
URA Community Involvement 5,000 5,000 10,000
uRA Dues and Subscriptions 3,918 3.918 3.400
URA Retreat 0,160 8,160 7,500
URA Speck PIoJecb 18.000 18,000
Veies -Cl y Tax I,,,a,m rt Reimbursement 469,727' 469,727
V0000-Pledged Revenue Principal Reimb 2,070,424 2,070,424
VestaoPledged Revenue Interest Relents 164,598 164,598
Thunder Village Reimbursement 3,228 3,228
Web Site 61.T. Expenses _ 1.152 1.152 9,000
TOTAL EXPENSES $ 69,520 S 2,800,749 $ 3.228 $ 5 5 385,530 $ 15,736 $ 774,614 $ 463,648 $ 614.421 5 5,127446 $ 2,300,018
CAPITAL EXPENSES
Ar'Perfonnance In Public Places 10,000 25,000 10,000 45,000
HARP Lot 4 Condo Improvements 67,200 67,200
HARP Lot 4 Sprinkler/Elevator 90,000 90.000
Ice House Fund
1,968
lake AvenueImproveerentt ... - ' - 244,523 - 244.523 225,000
fandscapmg/Xemcaping 35,000 50,000 85,000
'Project Area Fe�ade lmprovenerlt Fiords ',,,..,. ,. .. "•'... .' 50.000 50,000 ..
200.000 82,000
Project Area Streetscape Improvements 50,000 50,000 50,000 150,000
URAP /ComvmOOn Center Server . - _
TOTAL CAPITAL PROJECTS $ $ $ $ 50,000 $ 110,000 5 404,523 5 S 250,000 S 5 67,200 $ 881,723 $ 308,968
EXCESS /LOSS/ URAP OPERATIONS
$ 22 5 0 $ $ 5 101 $ 16,697 $ 29 S 7,016 $ 12,429 $ 1,600 $ 37,793 $ 760,261
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PUEBLO CONVENTION CENTER
GLOBAL SPECTRUM
FISCAL YEAR 2011 (January 1 December 31)
INCOME STATEMENT
BUDGET PROPOSAL
BUDGET BUDGET ACTUAL
2011 2010 2009
I # OF EVENTS 420 412 448
ATTENDANCE 61,740 60,495 52,197
(DIRECT EVENT REVENUE (
RENTAL REVENUE 249 688 232,068 209 793
SERVICE REVENUE 159,410 166,384 124,284
TOTAL DIRECT EVENT REVENUE 409,098 398,452 334,077
(ANCILLARY REVENUE
FOOD AND BEVERAGE REVENUE 1 184,213 1,259 022 1 195 356
AUDIO - VISUAL REVENUE 42,170 40,373 42,680
PARKING REVENUE 0 0 0
DECORATOR SERVICES REVENUE 13,365 13,365 22,543
NOVELTY 0 0 749
TOTAL ANCILLARY REVENUE 1,239,748 1,312,760 1,261,328
TOTAL EVENT REVENUE 1,648,846 1,711,212 1,595,405
OTHER REVENUE 18,000 15,400 29,578
TOTAL GROSS REVENUE 1,666,846 1,726,612 1,624,983
(EVENT EXPENSE
SERVICE EXPENSE (96 916) (107 746) (87 694)
FOOD & BEVERAGE EXPENSE (473 371) (505,993) (489 775)
AUDIO- VISUAL EXPENSE (1 856) (1 836) (1,512)
PARKING EXPENSE 0 0 0
DECORATOR SERVICES EXPENSE (668) (668) 0
BUSINESS CENTER EXPENSE 0 0 0
TOTAL EVENT EXPENSE (572,811) (616,243) (578,981)
TOTAL EVENT INCOME 1,076,035 1,094,969 1,016,424
TOTAL INCOME WITH OTHER REVENUE 1,094,035 1,110,369 1,046,002
INDIRECT EXPENSES
EXECUTIVE 172,236 154 035 152,880
FINANCE 148 780 134 916 141 478
MARKETING & SALES 266 925 260 015 172,328
EVENTS 137 871 131,933 116,503
OPERATIONS 153,909 214 736 228 749
OVERHEAD* ** 435,629 425,233 394,607
FOOD & BEVERAGE OVERHEAD 284,009 315,227 312,219
TOTAL INDIRECT EXPENSES 1,599,359 1,636,095 1,518,764
NET INCOME (505,324) (525,726) (472,762)
SURPLUS /(SUBSIDY) FOR CONVENTION CENTER (505,324) (525,726) (472,762)
VENDOR FEE INCOME
Vendor Fee Revenue from City of Pueblo ( #9030 - 000 -00) 1 655 895 1 588 991 910 746
Investment Income from Reserve Acct and ANB ( #9010 - 000 -00) 30,000 60,000 109
TOTAL VENDOR FEE INCOME 1,685,895 1,648,991 910,855
OTHER VENDOR FEE EXPENSES
CAPITAL EXPENSE (Using $250 000 Reserve) 413,000 16 633
Debt Service on Convention Center Bond ( #9616- 000 -00) 702 750 699,550 0
Depreciation Expenses 0
Marketing for Convention Center ( #9611 - 009 -00) 2,145 2,145 1,245
Pro -rated URA Personnel Exp, Office Exp & Board Exp ( #9500 - 001 -00) 124 000 98 056 106 768
Misc Expenses/Trustee Fees 1 000 1 000 2,000
Maintenance Reserve 50 000 50 000 50 000
Promotions Expense 40,000 40,000 44,000
TOTAL OTHER VENDOR FEE EXPENSES 1,332,895 890,751 220,646
SUPLUS /SHORT FOR VENDOR FEE (152,324) 232,514 217,447
** *Overhead includes management fee and incentive fee
Expenditures
Item No. Unit Cost Total Cost Balance Remaining
Management Improvements
Computer Work Station Replacement 2 $ 1 000.00 $ 2,000.00 $ 2,000.00
Tent Replacement and Plaza Drainage 1 $300,000 00 $ 300,000.00 $ 300,000.00
Sound and AN Equipment 1 $ 5,000.00 $ 5,000 00 $ 5,000.00
Sub Total: $ 307,000.00 $ $ 307,000.00
Building Maintenance Equipment
Parking Lot Sweeper 1 $ 8,500 00 $ 8,500 00
Sub Total: $ 8,500.00 $ $ 8,500.00
Kitchen Replacement/Maintenance Equipment
Speed Racks 6 $ 400 00 $ 2,400.00 $ 2,400.00
Carving Stations 2 $ 1 000.00 $ 2,000.00 $ 2,000.00
Wireless Credit Card Terminals 2 $ 800.00 $ 1,600.00 $ 1,600.00
Sub Total: $ 6,000.00 $ $ 6,000.00
Interior Replacement/Maintenance
Artwork 1 $ 5,000.00 $ 5,000.00
Security Upgrades /Replacement 1 $ 20,000.00 $ 20,000.00
Airwalls Part Replacement 1 $ 10,000 00 $ 10,000.00
Table for South Entry 1 $ 2,000 00 $ 2,000.00
Sub Total: $ 37,000.00 $ $ 37,000.00
Exterior Maintenance
Convention Center Overflow Parking Lot Seal 1 $ 25,000.00 $ 25,000.00
Masonry Salt Cleaning and Seal 1 $ 10,000.00 $ 10,000.00
Holiday Lighting 1 $ 10,000.00 $ 10,000.00
Parking Lot Lights Replace 1 $ 5,000.00 $ 5,000.00
Exterior Caulking 1 $ 4 500.00 $ 4,500.00
Sub Total: $ 54,500.00 $ $ 54,500.00
Total All Categories $ 413,000.00 $ $ 413,000.00
Total $ 413,000.00
Use of $250,000 in Capital Reserve $ (250 000 00)
Total Capital Request 2011 $ 163,000.00