HomeMy WebLinkAbout09778ORDINANCE NO. 9778
AN ORDINANCE APPROVING A PROPERTY TAX INCREMENT
REVENUE AGREEMENT BETWEEN THE CITY OF PUEBLO AND
THE PUEBLO URBAN RENEWAL AUTHORITY AND PUEBLO
COUNTY, COLORADO AND PUEBLO SCHOOL DISTRICT NO.
60 AND PUEBLO SCHOOL DISTRICT NO. 70 AND THE PUEBLO
CITY-COUNTY LIBRARY DISTRICT AND THE SOUTHEASTERN
COLORADO WATER CONSERVANCY DISTRICT AND THE
LOWER ARKANSAS VALLEY WATER CONSERVANCY
DISTRICT AND THE THUNDER VILLAGE METROPOLITAN
DISTRICT RELATING TO THE THUNDER VILLAGE URBAN
RENEWAL AREA AND AUTHORIZING THE MAYOR TO
EXECUTE SAID AGREEMENT
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The Property Tax Increment Revenue Agreement (“Agreement”) between the City of
Pueblo and the Pueblo Urban Renewal Authority and Pueblo County, Colorado and Pueblo
School District No. 60 and Pueblo School District No. 70 and the Pueblo City-County Library
District and the Southeastern Colorado Water Conservancy District and the Lower Arkansas
Valley Water Conservancy District and the Thunder Village Metropolitan District relating to the
Thunder Village Urban Renewal Project, a copy of which is attached hereto, having been
approved as to form by the City Attorney, is hereby approved. The Mayor is authorized to execute
and deliver said Agreement in the name of the City and the City Clerk is directed to affix the seal
of the City thereto and attest same.
SECTION 2.
The officers and staff of the City are authorized and directed to perform any and all acts
consistent with this Ordinance and the attached Agreement, which are necessary or appropriate
to implement the transactions described therein.
SECTION 3.
This Ordinance shall become effective on the date of final action by the Mayor and City
Council.
Action by City Council:
Introduced and initial adoption of Ordinance by City Council on August 24, 2020 .
Final adoption of Ordinance by City Council on September 14, 2020.
President of City Council
Action by the Mayor:
☒ Approved on September 17, 2020 .
□ Disapproved on based on the following objections:
_
Mayor
Action by City Council After Disapproval by the Mayor:
□ Council did not act to override the Mayor's veto.
□ Ordinance re-adopted on a vote of , on
□ Council action on _______ failed to override the Mayor’s veto.
President of City Council
ATTEST
City Clerk
City Clerk’s Office Item # R-3
Background Paper for Proposed
Ordinance
COUNCIL MEETING DATE: August 24, 2020
TO: President Dennis E. Flores and Members of City Council
CC: Mayor Nicholas A. Gradisar
VIA: Brenda Armijo, City Clerk
FROM: Daniel C. Kogovsek, City Attorney
SUBJECT: AN ORDINANCE APPROVING A PROPERTY TAX INCREMENT REVENUE
AGREEMENT BETWEEN THE CITY OF PUEBLO AND THE PUEBLO URBAN
RENEWAL AUTHORITY AND PUEBLO COUNTY, COLORADO AND PUEBLO
SCHOOL DISTRICT NO. 60 AND PUEBLO SCHOOL DISTRICT NO. 70 AND
THE PUEBLO CITY-COUNTY LIBRARY DISTRICT AND THE SOUTHEASTERN
COLORADO WATER CONSERVANCY DISTRICT AND THE LOWER
ARKANSAS VALLEY WATER CONSERVANCY DISTRICT AND THE THUNDER
VILLAGE METROPOLITAN DISTRICT RELATING TO THE THUNDER VILLAGE
URBAN RENEWAL AREA AND AUTHORIZING THE MAYOR TO EXECUTE
SAID AGREEMENT
SUMMARY:
Attached is a proposed Ordinance approving a Property Tax Increment Revenue Agreement
between the Pueblo Urban Renewal Authority (“PURA”) and the eight governmental entities
(including the City) which have taxing authority over the Thunder Village Urban Renewal area.
PREVIOUS COUNCIL ACTION:
On February 25, 2008, by Ordinance No. 7763, City Council approved the Thunder Village Urban
Renewal Plan. On July 27, 2020, by Ordinance No, 9743, City Council approved the Thunder
Village II Urban Renewal Plan.
BACKGROUND:
PURA and the Thunder Village Metropolitan District (“Metro District”) entered into an agreement
with an effective date of April 14, 2009, in which PURA pledged tax increment revenues to
reimburse the Metro District for payments of debt service associated with the Metro District’s $6.5
million General Obligation Bonds issued to pay for certain public improvements.
This Ordinance approves a Property Tax Increment Revenue Agreement in which the eight taxing
governmental bodies of the Thunder Village project area agree that 100% of the property tax
increment revenues will be used to reimburse the Metro District for debt service until the $6.5
million General Obligation Bonds are paid in full.
Residential properties are not included in the calculation of tax increment revenue.
FINANCIAL IMPLICATIONS:
The City of Pueblo, along with the other seven taxing governmental bodies, waive their right to
receive any property tax increment revenues until the bonds issued by the Metro District are paid
off. After the Metro District’s bonds have been paid in full and all related administrative expenses
have been paid to PURA, the City, along with the other seven taxing governmental entities will
begin receiving the tax increment revenues from the Thunder Village Project.
BOARD/COMMISSION RECOMMENDATION:
Not applicable to this Ordinance.
STAKEHOLDER PROCESS:
Not applicable to this Ordinance.
ALTERNATIVES:
If this Ordinance is not approved, the repayment of the Metro District’s bonds associated with the
Thunder Village Urban Renewal Project will be jeopardized.
RECOMMENDATION:
Approve the Ordinance.
Attachments: Proposed Ordinance
Proposed Property Tax Increment Revenue Agreement