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HomeMy WebLinkAbout12109RESOLUTION NO. 12109 A RESOLUTION AUTHORIZING THE CLOSURE OF VARIOUS COMPLETED OR ABANDONED PROJECTS WITHIN THE 1992 TO 2016 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND AND AUTHORIZING THE REMAINING FUNDS FROM THOSE PROJECTS TO BE USED FOR THE MAINTENANCE OF VACANT BUILDINGS AT THE PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK WHEREAS, certain projects established within the 1992 to 2016 Sales and Use Tax Capital Improvement Project Fund have been completed or abandoned, and WHEREAS, said projects have unspent funds which remain reserved for said projects, and WHEREAS, these projects should be closed and the remaining funds transferred to previously established projects for the maintenance of vacant buildings at the Pueblo Memorial Airport Industrial Park. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1: The following projects shall be closed and the remaining funds totaling $181,729 shall be transferred into the projects to be determined account within the 1992 to 2016 Sales and Use Tax Capital Improvement Projects Fund. Project No. Description Amount ED0302 Adam Aircraft Industries 22,288 ED0401 Lot 67 Purchase 6,250 ED0402 Airport/Aeronautical Renovation 4,463 ED0403 Deneen and Company 48,448 ED0502 Receivable Management Services 26,562 ED0607 Rail Spur Emergency Repairs 27,825 ED0806 Lot 67 Renovation 45,893 TOTAL: 181,729 SECTION 2: The amount of $181,729 shall be transferred from said closed or abandoned projects into projects ED0802, ED0803, ED0804, ED0805 and ED0809 previously established within the 1992 to 2016 Sales and Use Tax Capital Improvement Projects Fund for the maintenance of vacant buildings located at the Pueblo Memorial Airport Industrial Park. INTRODUCED: March 28, 2011 BY: Leroy Garcia COUNCILPERSON Background Paper for Proposed RESOLUTION DATE AGENDA ITEM # M-6 : MARCH 28, 2011 DEPARTMENT: FINANCE SAM AZAD, DIRECTOR TITLE A RESOLUTION AUTHORIZING THE CLOSURE OF VARIOUS COMPLETED OR ABANDONED PROJECTS WITHIN THE 1992 TO 2016 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND AND AUTHORIZING THE REMAINING FUNDS FROM THOSE PROJECTS TO BE USED FOR THE MAINTENANCE OF VACANT BUILDINGS AT THE PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK ISSUE Should the City Council approve the closure of various completed or abandoned job creating capital improvement projects and use the funds remaining from those projects for the maintenance of vacant buildings at the Airport Industrial Park? RECOMMENDATION Approval of the Resolution. BACKGROUND Certain buildings at the Pueblo Memorial Airport Industrial Park have been constructed for use by future industrial prospects (shell buildings) or have been vacated by former tenants. The appearance and upkeep of these buildings is of vital importance when presenting them to prospective tenants. In order to maintain the appearance and integrity of the buildings, they require that insurance be carried, utilities remain connected and that general maintenance be done. City Council has previously appropriated funds for this purpose on November 24, 2008 by Resolution 11462. However, those funds have been depleted and additional funding is now necessary. Over the years, funding for various economic development projects has been approved by the City Council. For each project, funds are transferred and made available from the 1992 – 2016 Sales and Use Tax Capital Improvement Projects Fund by Resolution of the City Council. When a project is completed, there may be funds that were not spent on the project that became available for use on other projects. Each of these projects is either completed or has had no activity for several years. The remaining funds available from these completed projects shall be used to pay for expenses incurred in maintaining vacant or unused buildings in the Airport Industrial Park. The vacant buildings include: former Universal Boiler building, former Eupec building, former Deneen building, former Adam Aircraft building, and a shell hanger. FINANCIAL IMPACT The amount of $181,729 will be swept from completed projects and transferred to projects previously established for the maintenance of vacant buildings within the 1992-2016 Sales and Use Tax Capital Improvement Project Fund.