HomeMy WebLinkAbout12275RESOLUTION NO. 12275
A RESOLUTION APPROVING THE PUEBLO URBAN
RENEWAL AUTHORITY FISCAL YEAR 2012 ANNUAL
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 Pueblo Urban Renewal Authority (“Authority”) Fiscal Year 2012 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 12, 2011
BY: Leroy Garcia
COUNCILPERSON
Background Paper for Proposed
RESOLUTION
DATE: AGENDA ITEM M-4
December 12, 2011#
DEPARTMENT:
OFFICE OF THE CITY MANAGER
JERRY M. PACHECO, CITY MANAGER
JENNY M. EICKELMAN, INTERIM DEPUTY CITY MANAGER
TITLE
A RESOLUTION APPROVING THE PUEBLO URBAN RENEWAL AUTHORITY
FISCAL YEAR 2012 ANNUAL OPERATING AND CAPITAL BUDGET FOR THE
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 Pueblo Urban Renewal Authority Phase One Project
Area, Expanded Phase One Project Area, and Pueblo Convention Center 2012 Annual
Operating and Capital Budget?
RECOMMENDATION
Approval of the Resolution.
BACKGROUND
The Pueblo Urban Renewal Authority (“Authority”) annual budget contains 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. In November 2010, the voters of Pueblo also authorized the Authority to use
the Vendors’ Fee for payment of principal and interest on bonds for the renovation of
the Memorial Hall Performing Arts Theater.
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, the Vectra Bank Building 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 the
Convention Center) annually or as amended by the Authority, before they become
effective.
The 2012 Authority Budget reflects operating and capital expense relating to the Phase
One and Expanded Phase One Area Property Tax Increments. The Authority Budget
contains two capital projects within the Expanded Phase One Area.
FINANCIAL IMPACT
The 2012 Pueblo Urban Renewal Authority Annual Budget is attached.
PUEBLO CONVENTION CENTER
GLOBAL SPECTRUM
FISCAL YEAR 2012 (January 1- December 31)
INCOME STATEMENT
BUDGET PROPOSAL
BUDGET BUDGET ACTUAL
2012 2011 2010
I # OF EVENTS 444 420 440
ATTENDANCE 55,715 61,740 47,511
(DIRECT EVENT REVENUE
RENTAL REVENUE 258,297 249,688 241 427
SERVICE REVENUE 138,736 159,410 121,349
TOTAL DIRECT EVENT REVENUE 397,033 409,098 362,776
ANCILLARY REVENUE 1
FOOD AND BEVERAGE REVENUE 1 111 893 1 184,213 1 169,303
AUDIO - VISUAL REVENUE 43 964 42,170 55,287
PARKING REVENUE 0 0 0
DECORATOR SERVICES REVENUE 12,160 13 365 30,613
NOVELTY 0 0 104
TOTAL ANCILLARY REVENUE 1,168,017 1,239,748 1,255,307
TOTAL EVENT REVENUE 1,565,050 1,648,846 1,618,083
OTHER REVENUE 31,000 18,000 16,838
TOTAL GROSS REVENUE 1,596,050 1,666,846 1,634,921
EVENT EXPENSE
SERVICE EXPENSE (95,606) (96,916) (114 596)
FOOD & BEVERAGE EXPENSE (449,046) (473,371) (467,868)
AUDIO - VISUAL EXPENSE (1 938) (1 856) (1,539)
PARKING EXPENSE 0 0
DECORATOR SERVICES EXPENSE (608) (668) (594)
BUSINESS CENTER EXPENSE 0 0 0
TOTAL EVENT EXPENSE (547,198) (572,811) (584,597)
TOTAL EVENT INCOME 1,017,852 1,076,035 1,033,486
TOTAL INCOME WITH OTHER REVENUE 1,048,852 1,094,035 1,050,324
INDIRECT EXPENSES
EXECUTIVE 173,085 172,236 156,465
FINANCE 147 789 148,780 126,756
MARKETING & SALES 259,651 266,925 222,644
EVENTS 83,592 137,872 101,394
OPERATIONS 156,288 153,908 182,701
OVERHEAD*** 433,232 435,629 409 318
FOOD & BEVERAGE OVERHEAD 275,386 284,009 278,158
TOTAL INDIRECT EXPENSES 1,529,022 1,599,359 1,477,436
NET INCOME (480,170) (505,324) (427,112)
SURPLUS /(SUBSIDY) FOR CONVENTION CENTER (480,170) (505,324) (427 112)
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