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Home My WebLink About09876ORDINANCE NO. 9876 AN ORDINANCE APPROVING A MINOR MODIFICATION OF THE URBAN RENEWAL PLAN FOR THE UNION AVENUE PROJECT AREA WHEREAS, by Ordinance No. 8093 dated October 26, 2009, the Pueblo City Council approved the Urban Renewal Plan for the Union Avenue Project Area (the “Plan”), which Plan is being carried out by the Pueblo Urban Renewal Authority (the “Authority”); and WHEREAS, the Authority has prepared and presented for consideration by the City Council a minor modification of the Plan to permit municipal sales tax increment financing on a case by case basis subject to approval of the City Council; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that: SECTION 1. The minor modification of the Plan in Exhibit A, attached to and made a part of this Ordinance, has been duly reviewed and considered and is hereby approved. The Authority is hereby authorized to take any and all actions pursuant to the Act to carry out the Plan as modified. SECTION 2. The modification of the Plan only contains provisions allocating municipal sales taxes as specified in Section 31-25-107 (9.5) (a) of the Colorado Urban Renewal Law and is therefore found and declared to be a minor modification of the Plan. SECTION 3. The officers and staff of the City are authorized to perform any and all acts consistent with this Ordinance and the attached minor modification of the Plan, which are necessary or appropriate to implement the transactions described therein. SECTION 4. 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 January 25, 2021 . Final adoption of Ordinance by City Council on February 8, 2021. President of City Council Action by the Mayor: ☒ Approved on February 9, 2021 . □ 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-2 Background Paper for Proposed Ordinance COUNCIL MEETING DATE: January 25, 2021 TO: President Lawrence W. Atencio 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 MINOR MODIFICATION OF THE URBAN RENEWAL PLAN FOR THE UNION AVENUE PROJECT AREA SUMMARY: Attached is a proposed Ordinance approving a minor modification of the Urban Renewal Plan for the Union Avenue Project Area. PREVIOUS COUNCIL ACTION: On October 26, 2009 by Ordinance No. 8093, City Council approved the Urban Renewal Plan for the Union Avenue Project Area. (the “Plan”), which plan is being carried out by the Pueblo Urban Renewal Authority (the “Authority”). BACKGROUND: This Ordinance approves a minor modification to the Urban Renewal Plan to include the allocation of municipal sales taxes as specified in Section 31-25-107 (9.5) (a) of the Colorado Urban Renewal Law. FINANCIAL IMPLICATIONS: After the Project Area sunsets and all related administrative expenses have been paid to Pueblo Urban Renewal Authority, the City along with the other taxing governmental entities will begin receiving the tax increment revenues from the Union Avenue Project Area. BOARD/COMMISSION RECOMMENDATION: Not applicable to this Ordinance. STAKEHOLDER PROCESS: City staff has collaborated with the staff of Pueblo Urban Renewal Authority. ALTERNATIVES: If this Ordinance is not approved upcoming projects associated with the Union Avenue Urban Renewal Project (e.g. Holmes Hardware Building) will be jeopardized. RECOMMENDATION: The Mayor recommends approval of this Ordinance. Attachments: Proposed Ordinance Exhibit A Exhibit A Section VII of the Urban Renewal Plan for the Union Avenue Urban Renewal Project Area is modified in accordance with the following provisions (brackets indicate matter being deleted and underscoring and capitalization indicates new matter being added): VII. PROJECT FINANCING … The Project may be financed by the Authority under the property AND THREE PERCENT (3.0%) MUNICIPAL SALES tax allocation financing provisions of the Act, which shall be in effect for a term not to exceed the period allowed by statute, as follows: A.Base Amount That portion of the taxes which are produced by the levy at the rate fixed each year by or for each public body upon the valuation for assessment of taxable property in the Urban Renewal Area last certified prior to the effective date of approval of the Plan or, as to an area later added to the Urban Renewal Area, the effective date of the modification of the Plan, AND THAT PORTION OF THE THREE PERCENT (3.0%) MUNICIPAL SALES TAXES COLLECTED WITHIN THE BOUNDARIES OF THE URBAN RENEWAL AREA IN THE TWELVE- MONTH PERIOD ENDING ON THE LAST DAY OF THE MONTH PRIOR TO THE EFFECTIVE DATE OF APPROVAL OF THE PLAN, shall be paid into the funds of each such public body as are all other taxes collected by or for said public body. B.Increment Amount That portion of said property taxes AND THAT PORTION OF SUCH THREE PERCENT (3.0%) MUNICIPAL SALES TAXES AS THE CITY COUNCIL OF THE CITY MAY APPROVE BY WRITTEN AGREEMENT in excess of such base amount shall be allocated to and, when collected, paid into a special fund of the Authority to pay the principal of, the interest on, and any premiums due in connection with the bonds of, loans or advances to, or indebtedness incurred by (whether funded, refunded, assumed or otherwise) the Authority for financing or refinancing, in whole or in part, the Project or to make payments authorized by the Act. Unless and until the total valuation for assessment of the taxable property in the Urban Renewal Area exceeds the base valuation for assessment of the taxable property in the Urban Renewal Area, all of the taxes levied upon taxable property in the Urban Renewal Area shall be paid into the funds of the respective public bodies. UNLESS AND UNTIL THE TOTAL MUNICIPAL SALES TAX COLLECTIONS IN THE URBAN RENEWAL AREA EXCEED THE BASE YEAR MUNICIPAL SALES TAX COLLECTIONS IN THE URBAN RENEWAL AREA AND ANY SUCH INCREMENTAL MUNICIPAL SALES TAXES NOT SPECIFICALLY COMMITTED TO REDEVELOPMENT BY WRITTEN AGREEMENT OF THE CITY COUNCIL OF THE CITY SHALL BE PAID INTO THE FUNDS OF THE CITY. When such bonds, loans, advances and indebtedness, including interest thereon and any premiums due in connection therewith, have been paid, all taxes upon the taxable property AND THE TOTAL MUNICIPAL SALES TAX COLLECTIONS in the Urban Renewal Area shall be paid into the funds of the respective public bodies.