HomeMy WebLinkAbout12478RESOLUTION NO. 12478
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
CERTAIN BUILDINGS AT THE PUEBLO MEMORIAL
AIRPORT INDUSTRIAL PARK AND FOR FUTURE
PROJECTS TO BE DETERMINED
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 projects established for the maintenance of certain buildings at the Pueblo Memorial
Airport Industrial Park or remain available for future projects to be determined.
NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1:
Project ED0601, Cingular Wireless, shall be closed and the remaining funds
totaling $431,540 shall be transferred into the projects established for the maintenance
of certain City-owned buildings located at the Pueblo Memorial Industrial Park which
were constructed or held for economic development purposes as follows:
Project
No. Description Amount
ED0802 Building Exp-Universal Boiler 25,000
ED0804 Building Exp-Deneen 100,000
ED0805 Building Exp-Adam Aircraft 100,000
ED0810 Building Exp-Shells 11 and 12 6,540
ED1202 Building Exp-McDonnell Douglas 200,000
TOTAL: 431,540
SECTION 2
The Director of Finance is hereby authorized to transfer available budgeted
funds, at his sole discretion and with approval of the City Manager, between projects
established for the maintenance of City-owned buildings.
SECTION 3:
The Project No. ED0903, Industrial Park Land, shall be closed and the remaining
funds totaling $3,958,678 shall be transferred into the Projects To Be Determined
account within the 1992 to 2016 Sales and Use Tax Capital Improvements Projects
Fund.
INTRODUCED: August 27, 2012
BY: Sandy Daff
COUNCIL PERSON
Background Paper for Proposed
RESOLUTION
DATE: AUGUST 27, 2012 AGENDA ITEM # Q-4
DEPARTMENT: FINANCE DEPARTMENT
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
CERTAIN BUILDINGS AT THE PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK
AND FOR FUTURE PROJECTS TO BE DETERMINED
ISSUE
Should the City Council approve the closure and transfer of funds from various
completed or abandoned job creating capital improvement projects?
RECOMMENDATION
Approval of the Resolution.
BACKGROUND
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 become available for use on other projects. Project ED0601,
Cingular Wireless, and Project ED0903, Industrial Park Land, have been deemed
completed or abandoned. The remaining funds available from these two projects shall
be used to pay for expenses incurred in maintaining buildings at the Airport Industrial
Park, or be swept back into the Projects To Be Determined account for use on future
projects. 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 on, and that general maintenance be done.
FINANCIAL IMPACT
The amount of $431,540 shall be reprogrammed for use in maintaining buildings
constructed or held for economic purposes at the Pueblo Memorial Airport Industrial
Park, and the amount of $3,958,678 will be transferred to projects to be determined
account within the 1992-2016 Sales and Use Tax Capital Improvement Project Fund.