HomeMy WebLinkAbout15447RESOLUTION NO. 15447
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 2024, COMMENCING JANUARY 1, 2024 AND ENDING
THE LAST DAY OF DECEMBER 2024.
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that
SECTION 1.
The Pueblo Urban Renewal Authority (the “Authority”) fiscal year 2024 Vendor Fee
Budget, a copy of which is attached hereto, is hereby approved.
SECTION 2.
The officers and staff of the City are directed and authorized to perform any and all acts
consistent with the intent of 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 11, 2023
BY: Vicente Martinez Ortega
MEMBER OF CITY COUNCIL
APPROVED:
PRESIDENT OF CITY COUNCIL
ATTESTED BY:
City Clerk's Office Item # Q1
Background Paper for Proposed
Resolution
COUNCIL MEETING DATE: December 11, 2023
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 2024, COMMENCING JANUARY 1, 2024 AND
ENDING THE LAST DAY OF DECEMBER 2024.
SUMMARY:
This resolution approves the 2024 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 $3,191,586.00 in 2024 Vendor Fee revenue towards the
following purposes:
$875,962.50 for the payment of debt service on the Memorial Hall and Pueblo
Convention Center Bonds $635,000.00 principle and $240,962.50 interest
$2,265,092 for the Operation and Maintenance of the Pueblo Convention Center
($1,215,092), the Asset Management Fee ($350,000.00), and Capital repair and
maintenance expenditures ($700,000.00);
$20,000 for the Maintenance of the Memorial Hall
$30,801.50 transfer to the Redemption Account
BOARD/COMMISSION RECOMMENDATION:
The 2024 Budget was reviewed by the PURA Board and was approved at the Regular Meeting
of the PURA Board of Commissioners on November 14, 2023. Pueblo City Council first
reviewed this budget at the December 11, 2023 Work Session.
STAKEHOLDER PROCESS:
None
ALTERNATIVES:
None
RECOMMENDATION:
Approval of the resolution
ATTACHMENTS:
1. BUDGET 2024 Vendor Fee