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HomeMy WebLinkAbout14775 RESOLUTION NO. 14775 A RESOLUTION APPROVING THE PUEBLO URBAN RENEWAL AUTHORITY VENDOR FEE BUDGET IN THE AMOUNT OF TWO MILLION, NINE HUNDRED EIGHTEEN THOUSAND FOUR HUNDRED THIRTY-NINE DOLLARS ($2,918,439) FOR THE PUEBLO CONVENTION CENTER AND THE MEMORIAL HALL CAPITAL PROJECTS AND MAINTENANCE FUND, FOR THE CALENDAR YEAR 2022, COMMENCING JANUARY 1, 2022 AND ENDING THE LAST DAY OF DECEMBER, 2022 BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The Pueblo Urban Renewal Authority (the “Authority”) fiscal and calendar year 2022 Vendor Fee Budget in the amount of $2,918,439, a copy of which is attached hereto, is hereby approved. SECTION 2. The officers and staff of the City are authorized to perform any and all acts consistent with this Resolution to implement the policies and procedures described herein. SECTION 3. This Resolution shall become effective immediately upon final passage and approval. INTRODUCED December 13, 2021 BY: Robert Schilling MEMBER OF CITY COUNCIL APPROVED: PRESIDENT OF CITY COUNCIL ATTESTED BY: CITY CLERK City Clerk’s Office Item # Q-2 Background Paper for Proposed Resolution COUNCIL MEETING DATE: December 13, 2021 TO: President Lawrence W. Atencio and Members of City Council CC: Mayor Nicholas A. Gradisar VIA: Marisa Stoller, City Clerk FROM: Pueblo Urban Renewal Authority Jerry M. Pacheco, Executive Director SUBJECT: A RESOLUTION APPROVING THE PUEBLO URBAN RENEWAL AUTHORITY VENDOR FEE BUDGET IN THE AMOUNT OF TWO MILLION, NINE HUNDRED EIGHTEEN THOUSAND FOUR HUNDRED THIRTY-NINE DOLLARS ($2,918,439) FOR THE PUEBLO CONVENTION CENTER AND THE MEMORIAL HALL CAPITAL PROJECTS AND MAINTENANCE FUND, FOR THE CALENDAR YEAR 2022, COMMENCING JANUARY 1, 2022 AND ENDING THE LAST DAY OF DECEMBER, 2022 SUMMARY: This Resolution approves the 2022 Vendor Fee Budget for the Pueblo Convention Center and the Memorial Hall Capital Projects and Maintenance fund. PREVIOUS COUNCIL ACTION: Council approval of the Vendor Fee budget for the Pueblo Convention Center and Memorial Hall Capital Projects and Maintenance fund is completed annually. BACKGROUND: Section 14-4-17 of the City of Pueblo’s Code of Ordinances authorizes the use of the “Vendor Fee” or 3.3% of City’s sales tax revenue, for the purposes of operations and maintenance of the Pueblo Convention Center and Memorial Hall, subject to City Council approval. FINANCIAL IMPLICATIONS: Approval of the resolution will budget $2,918,439 in 2022 Vendor Fee revenue towards the following purposes: Description Amount Operational Expenses Maintenance Memorial Hall $ 16,000.00 Operations & Maintenance Subsidy 931,213.00 Asset Management Fee 250,000.00 Other Expenses Memorial Hall Debt Service – Principal 585,000.00 Memorial Hall Debt Service – Interest 301,462.50 TBD Capital Expenditures 780,214.00 Transfer to Redemption Account 54,549.50 Total $2,918,439.00 BOARD/COMMISSION RECOMMENDATION: The 2022 Budget was reviewed by the PURA Board and was approved at the Regular Meeting of the PURA Board of Commissioners on November 9, 2021. STAKEHOLDER PROCESS: None. ALTERNATIVES: None. RECOMMENDATION: Approval of the Resolution. Attachments: Proposed Resolution PURA approved 2022 Vendor Fee budget. Vendor Fee Fund 98 2022 Budget 2021 Budget draft Amendment 2021 Budget2020 Actual2019 Actual2018 Actual hƦĻƩğƷźƚƓğƌ wĻǝĻƓǒĻ 4100Vendor Fees$ 2,918,439.00$ 2,206,850.00$ 2,206,850.00$ 2,315,058.00$ 2,237,636.00$ 2,163,429.00 4020Interest$ -$ -$ -$ 4,605.00$ 27,814.00 $ 22,234.00 Total$ 2,918,439.00$ 2,206,850.00$ 2,206,850.00$ 2,319,663.00$ 2,265,450.00$ 2,185,663.00 hƦĻƩğƷźƚƓğƌ 9ǣƦĻƓƭĻƭ 5001Maintenance Memorial Hall$ 16,000.00 $ 16,000.00 $ 16,000.00 $ 14,470.00 $ 5,399.00 5007Operations&Maintenance Subsidy$ 931,213.00$ 936,706.00$ 936,706.00$ 1,014,844.00$ 803,194.50$ 770,257.00 5007Asset Management Fee$ 250,000.00$ 184,083.98$ 184,083.98$ 184,000.00$ 184,784.00$ 182,302.00 5007Interfund Loan payment to Convention $ -$ 10,397.50 $ 10,397.50 $ 20,795.00$ 20,795.00 $ 20,795.00 5066Interest Expense$ -$ -$ -$ - $ -$ - 5825Miscellaneous$ -$ -$ -$ - $ -$ 54,360.00 Total$ 1,197,213.00$ 1,147,187.48$ 1,147,187.48$ 1,219,639.00$ 1,023,243.50$ 1,033,113.00 hƷŷĻƩ CǒƓķźƓŭ {ƚǒƩĭĻƭ 4053Prior Year Carryover$ -$ -$ -$ 791,672.00$ -$ - 4025Refinancing Proceeds$ -$ 9,875,758.00 4053Redemption Account Excess caryover$ -$ 164,000.00$ 164,000.00$ - $ 400,000.00 Total $ -$ 164,000.00$ 164,000.00$ 10,667,430.00 $ -$ 400,000.00 hƷŷĻƩ 9ǣƦĻƓƭĻƭ 5008Memorial Hall Debt Service Principle$ 585,000.00$ 735,500.00$ 735,500.00$ 12,443,676.00 $ 604,012.50$ 603,513.00 5008Memorial Hall Debt Service Interest$ 301,462.50$ 324,162.52$ 324,162.52$ - 5008Pueblo Convention Center Debt Service Principle$ -$ -$ -$ - $ 459,200.00$ 462,950.00 5008Pueblo Convention Center Debt Service Interest$ -$ -$ -$ - $ - 5817Trustee Fee and Refi COI$ -$ -$ - 5007TBD Capital Expenditures$ 780,214.00$ -$ -$ - $ -$ 400,000.00 Transfer to Redemption Account$ 54,549.50 $ 164,000.00$ 164,000.00$ - $ 1,087.00 $ 86,087.00 Total$ 1,721,226.00$ 1,223,662.52$ 1,223,662.52$ 12,443,676.00 $ 1,064,299.50$ 1,552,550.00 Excess (Loss)$ -$ -$ -$ (676,222.00) $ 177,907.00$ -