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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.