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HomeMy WebLinkAbout09830ORDINANCE NO. 9830 AN EMERGENCY ORDINANCE ESTABLISHING PROJECT CI2018 PUEBLO CITY-COUNTY BUILDING PROJECT AND BUDGETING AND APPROPRIATING FOUR MILLION DOLLARS ($4,000,000) FROM THE FUND BALANCE OF THE GENERAL FUND TO SAID PROJECT FOR THE PURPOSE OF PURCHASING AND REMODELING THE REAL PROPERTY AND IMPROVEMENTS LOCATED AT TH 201 W. 8 ST., PUEBLO, COLORADO, IN COLLABORATION WITH PUEBLO COUNTY, COLORADO, A POLITICAL SUBDIVISION OF THE STATE OF COLORADO BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO that: SECTION 1. Project No. CI2018, the Pueblo City-County Building Project, is hereby established. SECTION 2. Funds in the amount of Four Million Dollars $4,000,000.00) are budgeted and appropriated from the Fund Balance of the General Fund to Project CI2018 for the purpose th of purchasing and remodeling the Wells Fargo Bank Building located at 201 W. 8 Street, Pueblo, CO 81003, which is being acquired in collaboration with Pueblo County, Colorado; for paying the relocation expenses of City Departments and staff and for paying the costs of the issuance of the anticipated Certificate of Participation. SECTION 3. The officers and staff of the City are authorized and directed to perform any and all acts consistent with this Ordinance to implement the policies and procedures described SECTION 4. Savings Clause: The Closing of the purchase of the Wells Fargo Building is scheduled for December 10, 2020, requiring City Council’s immediate consideration of this Ordinance. The immediate enactment of this Ordinance is necessary in order to preserve and protect the health, safety and welfare of the residents of the City. Pursuant to Sec. 3-20 of the City Charter, 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 December 7, 2020. Final adoption of Ordinance by City Council on December 7, 2020 . President of City Council Action by the Mayor: ☒ Approved on December 10, 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 # C-2 Background Paper for Proposed Ordinance COUNCIL MEETING DATE: December 7, 2020 TO: Dennis E. Flores and Members of City Council FROM: Mayor Nicholas A. Gradisar VIA: Brenda Armijo, City Clerk SUBJECT: AN EMERGENCY ORDINANCE ESTABLISHING PROJECT CI2018 PUEBLO CITY-COUNTY BUILDING PROJECT AND BUDGETING AND APPROPRIATING FOUR MILLION DOLLARS ($4,000,000) FROM THE FUND BALANCE OF THE GENERAL FUND TO SAID PROJECT FOR THE PURPOSE OF PURCHASING AND REMODELING THE REAL PROPERTY AND IMPROVEMENTS LOCATED TH AT 201 W. 8 ST., PUEBLO, COLORADO, IN COLLABORATION WITH PUEBLO COUNTY, COLORADO, A POLITICAL SUBDIVISION OF THE STATE OF COLORADO SUMMARY: Attached is an Ordinance establishing a project to be known as the Pueblo City-County Building Project and budgeting and appropriating Four Million Dollars ($4,000,000.00) from the Fund Balance of the General Fund to said Project. PREVIOUS COUNCIL ACTION: On October 26, 2020, the City Council, by Resolution, accepted and approved the Assignment of a Contract to Buy and Sell Real Estate (Commercial) from Pueblo County to itself and the City of th Pueblo concerning the real property and improvements located at 201 W. 8 Street (“Wells Fargo Bank Building”) in downtown Pueblo. BACKGROUND: The purpose of the attached Ordinance is to provide the financing necessary for the purchase and remodeling of the Wells Fargo Bank Building which the City is purchasing in collaboration with Pueblo County. FINANCIAL IMPLICATIONS: Four Million Dollars ($4,000,000.00) will be withdrawn from the Fund Balance of the General Fund (“reserves”) for this Project. Said funds shall be spent as follows: Half of purchase price $2,750,000.00 Remodeling and relocation expenses 1,190.000.00 Costs of COP issuance 60,000.00 Total $4,000,000.00 City staff recommends that the Fund Balance of the General Fund be reimbursed by the proceeds of a $4,000,000.00 Certificate of Participation (“COP”) to be issued by the City in January 2021. An RFP for the COP has been issued by the City’s Purchasing Department (RFP No. 20-069). BOARD/COMMISSION RECOMMENDATION: Not applicable to this Ordinance. STAKEHOLDER PROCESS: Not applicable to this Ordinance. ALTERNATIVES: City Council has the option of not establishing this Project and not purchasing the Wells Fargo Bank Building. RECOMMENDATION: The Mayor recommends approval the attached Ordinance. Attachments: Proposed Ordinance