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HomeMy WebLinkAbout13331RESOLUTION NO. 13331 A RESOLUTION AUTHORIZING THE TRANSFER OF $200,000 FROM THE 1992 - 2016 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND FOR ROOF REPAIRS AT THE BUSINESS AND TECHNOLOGY CENTER WHEREAS, the Business and Technology Center is a building maintained for the purpose of job creating capital improvement projects; and WHEREAS, a replacement of the roof is needed to maintain the appearance and integrity of the building; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1: Project ED1507, BTC Roof Replacement, is hereby established in the 1992-2016 Sales and Use Tax Capital Improvement Projects Fund SECTION 2: The amount of $200,000 shall be transferred to Project ED1507 for expenses related to roof repairs at the Business and Technology Center. SECTION 3. The officers and staff of the City are directed and authorized to perform any and all acts consistent with the intent of this Resolution which are necessary or desirable to effectuate the transactions described therein. SECTION 4. This Resolution shall become effective immediately upon final passage. INTRODUCED: November 9, 2015 BY: John Cordova City Clerk’s Office Item # Q-2 Background Paper for Proposed Resolution COUNCIL MEETING DATE: November 9, 2015 TO: President Stephen G. Nawrocki and Members of City Council CC: Sam Azad, City Manager VIA: Gina Dutcher, City Clerk FROM: Roni Kimbrel, Finance Director SUBJECT: A RESOLUTION AUTHORIZING THE TRANSFER OF $200,000 FROM THE 1992 - 2016 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND FOR ROOF REPAIRS AT THE BUSINESS AND TECHNOLOGY CENTER SUMMARY: This Resolution provides funding for roof repairs at the Business and Technology Center located at Third and Main Streets FROM THE 1992-2016 Sales and Use Tax Capital Improvement Projects Fund (Half-Cent Fund”). PREVIOUS COUNCIL ACTION: None. BACKGROUND The Business and Technology Center (BTC) is a building owned and operated by PEDCO and used as a small business incubator. It helps new and growing companies to be successful by providing valuable support services in a professional office environment. Business incubation is a business support process that accelerates the successful development of start-up and fledgling companies by providing an array of targeted resources and services. Currently, there is a vital need for a roof replacement to maintain the integrity of the building. This expenditure qualifies under the Criterion Ordinance (P.M.C. 14-4-85.5) as a maintenance expense for a business incubator building. FINANCIAL IMPLICATIONS The amount of $200,000 shall be transferred from the Half Cent fund for the replacement of the roof. BOARD/COMMISSION RECOMMENDATION: Not applicable. STAKEHOLDER PROCESS: Not applicable. ALTERNATIVES: If this Resolution is not approved, the appearance and integrity of the BTC building could be jeopardized. RECOMMENDATION: Approval.