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