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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 Clerkâs 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.