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HomeMy WebLinkAbout12834RESOLUTION NO. 12834 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 BE RETURNED TO PROJECT ED9999, 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 to the projects to be determined account so as to become available for future projects as they may be determined by the City Council;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 $786,299 shall be transferred into Project ED9999, Projects to be Determined: Project No. Description Amount ED1101 FRE Composites 5,039 ED1103 McDonnell Douglas Building Purchase 36,294 ED0507 Professional Bull Riders 416,116 ED0902 St. Charles Industrial Park Railspur 319,117 ED1203 Industrial Park Land Purchase __9,733 TOTAL: 786,299 SECTION 2. The officers and staff of the City are directed and authorized to perform any and all accts consistent with the intent of this Resolution to effectuate the policies and procedures described herein. SECTION 3. This Resolution shall become effective immediately upon final passage. INTRODUCED: November 25, 2013 BY: Sandy Daff Background Paper for Proposed RESOLUTION DATE: AGENDA ITEM # Q-1 NOVEMBER 25, 2013 DEPARTMENT: FINANCE DEPARTMENT DEBORAH MORTON, 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 BE RETURNED TO PROJECT ED9999, 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 could become available for use on other projects. The projects listed below have been determined to be completed or abandoned. The remaining funds available from these projects shall be returned to the Projects To Be Determined account for use on future projects. FINANCIAL IMPACT The amount of $786,299 shall be swept back into project ED999, Projects to Be Determined, use in future projects as shall be determined by the City Council. The projects to be closed are: ED1101 FRE Composites $ 5,039 ED1103 McDonnel Douglas Building Purchase $ 36,294 ED0507 Professional Bull Riders $416,116 ED0902 St. Charles Industrial Park Railspur $319,117 ED1203 Industrial Park Land $ 9,733 TOTAL $786,299