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HomeMy WebLinkAbout14394 RESOLUTION NO. 14394 A RESOLUTION TRANSFERRING FIVE MILLION DOLLARS ($5,000,000) FROM THE 1992-2021 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND TO THE COVID-19 EMERGENCY PROJECT BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The City Council finds and determines that the expenditure of $5,000,000 to financially support local businesses which have been adversely affected by the COVID-19 pandemic is for a public purpose and in furtherance of a municipal function and will maintain employment opportunities justifying the expenditure of public funds. The City Council further finds the incentives granted to the Company hereby meet the standards established by Section 14-4-85 of the Pueblo Municipal Code, as amended. SECTION 2. Funds in the aggregate amount of $5,000,000 are hereby authorized to be transferred, expended and made available out of the 1992-2021 Sales and Use Tax Capital Improvement Projects Fund and into the COVID-19 Emergency Project for the sole purpose of supporting local businesses which have been adversely affected by the COVID-19 pandemic. The funds hereby authorized to be transferred and expended, shall be released, disbursed and paid by the City’s Director of Finance. SECTION 3. The officers and staff of the City are authorized and directed to perform any and all acts consistent with this Resolution which are necessary or appropriate to implement the transactions described therein. SECTION 4. This Resolution shall become effective immediately upon final passage. INTRODUCED: April 13, 2020 BY: Robert Schilling MEMBER OF CITY COUNCIL APPROVED: PRESIDENT OF CITY COUNCIL ATTESTED BY: CITY CLERK City Clerk’s Office Item # T-1 Background Paper for Proposed Resolution COUNCIL MEETING DATE: April 13, 2020 TO: President Dennis E. Flores and Members of City Council VIA: Brenda Armijo, City Clerk FROM: Mayor Nicholas A. Gradisar SUBJECT: A RESOLUTION TRANSFERRING FIVE MILLION DOLLARS ($5,000,000) FROM THE 1992-2021 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND TO THE COVID-19 EMERGENCY PROJECT SUMMARY: Attached is a Resolution transferring $5,000,000 from the 1992-2021 Sales and Use Tax Capital Improvement Projects Fund to the COVID-19 Emergency Project. PREVIOUS COUNCIL ACTION: Not applicable to this Resolution. BACKGROUND: The COVID-19 pandemic and the State of Colorado’s subsequent stay-at-home public health orders have been catastrophic for many local businesses, particularly those deemed by the State of Colorado to be non-critical or non-essential. The failure of those at-risk local business and the resulting loss of jobs would cause the City and its residents irreparable harm. FINANCIAL IMPLICATIONS: The Half Cent Sales Tax Fund currently contains sufficient unobligated monies to allow the funding of the COVID-19 Emergency Project. BOARD/COMMISSION RECOMMENDATION: Not applicable to this Resolution. STAKEHOLDER PROCESS: Not applicable to this Resolution. ALTERNATIVES: Without this Resolution, the loan or expenditure of half-cent sales tax funds in support of local businesses which have been negatively impacted by the COVID-19 pandemic would not be possible. RECOMMENDATION: The Pueblo Economic Development Corporation supports this proposed Resolution. Attachments: Proposed Resolution.