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HomeMy WebLinkAbout12034RESOLUTION NO. 12034 A RESOLUTION APPROVING THE URBAN RENEWAL AUTHORITY OF PUEBLO FISCAL YEAR 2010 AMENDED OPERATING AND CAPITAL 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 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: December 13, 2010 BY: Ray Aguilera COUNCILPERSON Background Paper for Proposed RESOLUTION DATE: AGENDA ITEM #_Q-2_ December 13, 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 AMENDED OPERATING AND CAPITAL 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 Amended Operating and Capital 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. The 2010 Amended Budget reflects operating and capital expense changes to the Expanded Phase One Area Property Tax Increment. The Amended Budget adds four capital projects to the Expanded Phase One Area. FINANCIAL IMPACT The Urban Renewal Authority of Pueblo 2010 Amended Budget is attached. O -I IIIf I- 1 ii H t A n )c n A 6 d p, n a ,1 rip ; � ,'/141 p , 01 r d N N 0 g , E m P. c = 3 z o n o ,1 c fi t, rD # 0 Q D 1 "'Cl N OkP 1 �' to,O A „, cr CO Co a5 to i 0 o O - t ' a r t l a �P °} wo ‘44 , ✓ M � 1 s tt o , - fY n1,O ',P, yTq l* W 1 tv!{' N V E ,f (D w l e I'r CD n N ei ^^'' 1 N O ^ 1 1 , W ¢off 4' O 4,.'', , tw 9 ki$ ti; $, 0 N o ,M r ” ` 0 0 a' C 0 0 0 0 i L '4 1 2 ., , i o'7 i N � 7 1 �i O �O: t ry: r y I a j :. w to %:',N., ` . n`; ' ,z4 0, . 0 Qr. J _ 4 —. �,,�+0'I CP 1n o t.n o 73 La' O w o w �t r ' 0 �� I ^ t -0 1 tal ot W M1 $ (D .4 N N r�'Y O O 0 t 'Yr1�� 0 0 U1 0 w { rDJ an 'Et t',,'. 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