HomeMy WebLinkAbout14870As Amended
April 25, 2022
RESOLUTION NO. 14870
A RESOLUTION GRANTING LOCAL BUSINESSES A
DEFERMENT UNTIL JANUARY 1, 2023 TO MAKE THEIR
FIRST MONTHLY PAYMENTS ON LOANS FROM THE
COVID-19 EMERGENCY PROJECT
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The thirty-four (34) local businesses listed on the attached Exhibit A, which
received loans from the COVID-19 Emergency Project shall be and hereby are granted a
deferment until January 1, 2023 to make their first monthly payments on said loans. Said
loans shall not accrue interest during this deferment period.
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.
INTRODUCED April 25, 2022
BY: Dennis E. Flores
MEMBER OF CITY COUNCIL
APPROVED:
VICE PRESIDENT OF CITY COUNCIL
ATTESTED BY:
CITY CLERK
City Clerk’s Office Item # S-1
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE: April 25, 2022
TO: President Heather Graham and Members of City Council
CC: Mayor Nicholas A. Gradisar
VIA: Marisa Stoller, City Clerk
FROM: Daniel C. Kogovsek, City Attorney
SUBJECT: A RESOLUTION GRANTING LOCAL BUSINESSES A DEFERMENT UNTIL
JANUARY 1, 2023 TO MAKE THEIR FIRST MONTHLY PAYMENTS ON LOANS
FROM THE COVID-19 EMERGENCY PROJECT
SUMMARY:
Attached is a proposed Resolution granting local businesses which received loans in 2020 from
the COVID-19 Emergency Project a deferment until January 1, 2023 to make their first payments
on said loans.
PREVIOUS COUNCIL ACTION:
On April 13, 2020, by Ord. No. 9698, the City Council established the COVID-19 Emergency
Project within the Sales and Use Tax Capital Improvement Project Fund, commonly referred to
as the “half-cent sales tax fund.” On April 13, 2020, by Resolution No.14394, City Council also
transferred $5,000,000 from the 1992-2021 Sales and Use Tax Capital Improvement Projects
Fund to the COVID-19 Emergency Project.
On July 12, 2021, by Resolution No. 14663, City Council granted local businesses which received
loans in 2020 from the COVID-19 Emergency Project, a deferment until May 1, 2022 to make
their first payments on said loans. The Resolution also waived interest on said loans during the
deferment interval.
BACKGROUND:
Under the attached Resolution, local businesses shall be given another eight (8) months to
financially recover from the pandemic before being required to make their first monthly payments
on the loans.
FINANCIAL IMPLICATIONS:
None. Interest on the loans during the additional 8 month deferment period is not being waived.
BOARD/COMMISSION RECOMMENDATION:
Not applicable to this Resolution.
STAKEHOLDER PROCESS:
Not applicable to this Resolution.
ALTERNATIVES:
City Council has the option of not giving local businesses an additional 8 month deferment in
making their first loan payments.
RECOMMENDATION:
None.
Attachments:
Proposed Resolution.