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HomeMy WebLinkAbout13837 RESOLUTION NO. 13837 A RESOLUTION AUTHORIZING THE CLOSURE OF VARIOUS COMPLETED OR ABANDONED PROJECTS WITHIN THE 1992 TO 2021 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 2021 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 $8,048,353.34 shall be transferred into Project ED9999, Projects to be Determined: Project No. Description Amount ED1302 Greenhorn Drive Extension $ 39.272.71 ED1507 BTC Roof 1,342.00 ED1508 CBD Biosciences 7,890,000.00 ED1502 TR Toppers ( 591.00) ED1560 Shell Hangar Floor 124 449.00 ED1608 Building Purchase 1 Mars Place ( 6,119.37) TOTAL: $ 8,048,353.34 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: December 11, 2017 BY: Ed Brown City Clerk’s Office Item # M-2 Background Paper for Proposed RESOLUTION COUNCIL MEETING DATE:December 11, 2017 TO: President Stephen G. Nawrocki and Members of City Council CC: Sam Azad, City Manager VIA: Brenda Armijo, Acting City Clerk FROM: Roni Kimbrel, Finance Director SUBJECT: A RESOLUTION AUTHORIZING THE CLOSURE OF VARIOUS COMPLETED OR ABANDONED PROJECTS WITHIN THE 1992 TO 2021 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 SUMMARY: Should the City Council approve the closure and transfer of funds from various completed or abandoned job creating capital improvement projects? PREVIOUS COUNCIL ACTION: None 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 1992-2021 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 $8,048,353.34 shall be swept back into project ED9999, Projects to be Determined, for use in future projects as shall be determined by the City Council. The projects to be closed are: ED1302 Greenhorn Drive Extension $ 39,272.71 ED1507 BTC Roof 1,342.00 ED1508 CBD Biosciences 7,890,000.00 ED1502 TR Toppers ( 591.00) ED1506 Shell Hangar Floor 124,449.00 ED1608 Building Purchase 1 Mars Place ( 6,119.37) Total $8,048,353.34 BOARD/COMMISSION RECOMMENDATION: Not applicable. STAKEHOLDER PROCESS: Not applicable. ALTERNATIVES: If this Resolution is not approved, funds will remain open for completed or abandoned projects. RECOMMENDATION: City staff recommends approval of this Resolution.