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Home My WebLink About15108 RESOLUTION NO. 15108 A RESOLUTION APPROVING THE PUEBLO URBAN RENEWAL AUTHORITY VENDOR FEE BUDGET FOR THE PUEBLO CONVENTION CENTER AND THE MEMORIAL HALL CAPITAL PROJECTS AND MAINTENANCE FUND, FOR THE CALENDAR YEAR 2023, COMMENCING JANUARY 1, 2023 AND ENDING THE LAST DAY OF DECEMBER 2023 BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that SECTION 1. The Pueblo Urban Renewal Authority (the “Authority”) fiscal year 2023 Vendor Fee Budget, a copy of which is attached hereto and incorporated herein by reference, shall be and 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. INTRODUCED: December 27, 2022 BY: Vicente Martinez Ortega MEMBER OF CITY COUNCIL APPROVED: PRESIDENT OF CITY COUNCIL ATTESTED BY: DEPUTY CITY CLERK City Clerk's Office Item # Q1 Background Paper for Proposed Resolution COUNCIL MEETING DATE: December 27, 2022 TO: President Heather Graham and Members of City Council CC: Mayor Nicholas A. Gradisar VIA: Marisa Stoller, City Clerk FROM: Jerry Pacheco Executive Director Pueblo Urban Renewal Authority SUBJECT: A RESOLUTION APPROVING THE PUEBLO URBAN RENEWAL AUTHORITY VENDOR FEE BUDGET FOR THE PUEBLO CONVENTION CENTER AND THE MEMORIAL HALL CAPITAL PROJECTS AND MAINTENANCE FUND, FOR THE CALENDAR YEAR 2023, COMMENCING JANUARY 1, 2023 AND ENDING THE LAST DAY OF DECEMBER 2023 SUMMARY: This Resolution approves the 2023 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 $3,167,247.00 in 2023 Vendor Fee revenue towards the following purposes:  $888,062.50 for the payment of debt service on the Memorial Hall and Pueblo Convention Center Bonds: $610,000 principal and $278,062.50 interest  $2,179,192 for the Operation and Maintenance of the Pueblo Convention Center ($1,096,528), the Asset Management Fee ($265,000), and Capital repair and maintenance expenditures ($817,664)  $20,000 for the Maintenance of the Memorial Hall  $79,992.50 transfer to the Redemption Account BOARD/COMMISSION RECOMMENDATION: The 2023 Budget was reviewed by the PURA Board and was approved at the Regular Meeting of the PURA Board of Commissioners on November 8, 2022. STAKEHOLDER PROCESS: Not applicable to this Resolution. ALTERNATIVES: None. RECOMMENDATION: Approval of the Resolution. ATTACHMENTS: 1. PURA - Vendor Fee Budget 2023 Vendor Fee Fund 98 2022 Draft 2023 Draft Budget Budget Amendment 2022 Budget 2021 Actual2020 Actual2019 Actual2018 Actual Operational Revenue 4100-98Vendor Fees$ 3,167,247.00$ 2,918,439.00$ 2,918,439.00$ 2,955,560.00$ 2,315,058.00$ 2,237,636.00$ 2,163,429.00 4020-00Interest$ -$ -$ -$ 499.00$ 4,605.00$ 27,814.00$ 22,234.00 Total$ 3,167,247.00$ 2,918,439.00$ 2,918,439.00$ 2,956,059.00$ 2,319,663.00$ 2,265,450.00$ 2,185,663.00 Operational Expenses 9014-00Maintenance Memorial Hall$ 20,000.00$ 16,000.00$ 16,000.00$ -$ - $ 14,470.00$ 5,399.00 9099-00Operations&Maintenance Subsidy$ 1,096,528.00$ 931,213.00$ 931,213.00$ 936,706.00$ 1,014,844.00$ 803,194.50$ 770,257.00 9099-00Asset Management Fee$ 265,000.00$ 250,000.00$ 250,000.00$ 184,083.00$ 184,000.00 $ 184,784.00$ 182,302.00 9099-00Capital Project Management$ 85,000.00$ -$ -$ -$ -$ -$ - 9099-00Interfund Loan payment to Convention $ -$ -$ -$ 10,397.00$ 20,795.00$ 20,795.00$ 20,795.00 5066-00Interest Expense$ -$ -$ -$ -$ -$ - 5825-00Miscellaneous$ -$ -$ -$ -$ -$ 54,360.00 Total$ 1,466,528.00$ 1,197,213.00$ 1,197,213.00$ 1,131,186.00$ 1,219,639.00$ 1,023,243.50$ 1,033,113.00 Other Funding Sources 3000-00Prior Year Carryover$ -$ -$ -$ -$ 791,672.00 $ -$ - 4025-00Refinancing Proceeds$ -$ -$ -$ -$ 9,875,758.00$ -$ - 3000-00Redemption Account Excess caryover$ -$ -$ -$ -$ - $ -$ 400,000.00 Total $ -$ -$ -$ -$ 10,667,430.00$ -$ 400,000.00 Other Expenses 9030-00Memorial Hall Debt Service Principle 75.59%$ 461,099.00$ 442,201.50$ 585,000.00$ 555,964.45$ 12,443,676.00$ 604,012.50$ 603,513.00 9030-00Memorial Hall Debt Service Interest 75.59%$ 210,187.44$ 227,875.50$ 301,462.50$ 151,368.55$ -$ -$ - 9030-00Transfer to Convention Center DS Principle 24.41%$ 148,901.00$ 142,798.50$ -$ -$ - $ 459,200.00$ 462,950.00 9030-00Transfer to Convention Center for DS Interest 24.41%$ 67,875.06$ 73,587.00$ -$ -$ - $ -$ - 5817-00Trustee Fee and Refi COI$ -$ -$ -$ -$ - $ -$ - 9099-00TBD Capital Expenditures/$ 732,664.00$ 780,214.00$ 780,214.00$ -$ - $ -$ 400,000.00 3000-00Transfer to Redemption Account$ -$ 54,549.50$ 54,549.50$ -$ - $ 1,087.00 $ 86,087.00 Total$ 1,620,726.50$ 1,721,226.00$ 1,721,226.00$ -$ 12,443,676.00$ 1,064,299.50$ 1,552,550.00 Excess (Loss)$ 79,992.50$ -$ -$ -$ (676,222.00)$ 177,907.00$ -