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HomeMy WebLinkAbout05694I ORDINANCE NO. 5694 AN ORDINANCE APPROPRIATING $800,000 FROM THE SALES AND USE TAX CAPITAL IMPROVEMENT FUND TO THE 1992 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND AND APPROPRIATING SAME FOR THE USE OF QUAL -MED, INC. FOR THE REMODELING OF THE MONTGOMERY WARD BUILDING, THIRD AND MAIN STREETS, PUEBLO, COLORADO, AND APPROPRIATING OUT OF THE 1992 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND $800,000 TOGETHER WITH INTEREST AT A COMMERCIALLY REASONABLE RATE TO THE SALES AND USE TAX CAPITAL IMPROVEMENT FUND BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: The City Council does hereby find and determine that: (a) There exists and has existed within the City unemploy- ment and lack of available employment opportunities which places a public burden upon the City and its citizens. (b) It is in the best interests of the City to encourage economic development which creates employment opportunities and jobs for its citizens, and to appropriate public funds for purposes of stimulating investments and inducing commercial enter- prises to locate within the City. (c) The prevention and reduction of unemployment and under- employment and the social and economic hardship associated there- with are proper public purposes and matters of local and municipal concern which justify the expenditure of public funds. (d) The appropriation of $800,000 from the Sales And Use Tax Capital Improvement Fund to the 1992 Sales And Use Tax Capital Improvement Projects Fund to be repaid out of the sales and use tax revenues to be deposited in the 1992 Sales And Use Tax Capital Improvement Projects Fund, and the appropriation of said $800,000 for the remodeling of the Montgomery Ward Building, Third and Main Streets, Pueblo, Colorado, located in the Downtown area of the City which has been determined to be a blighted area, for use by Qual -Med, Inc. as its corporate headquarters and the employment of seventy -two (72) persons therein (the "Project ") are proper public purposes and matters of local concern. (e) The Project constitutes an economic development and job creation capital project and improvement within the City and the Project is an appropriate project for the expenditure of funds out of the 1992 Sales And Use Tax Special Fund. SECTION 2 (a) $800,000 is hereby appropriated from the Sales And Use Tax Capital Improvement Fund to the 1992 Sales And Use Tax Capital Improvement Projects Fund. (b) The $800,000 appropriated pursuant to (a) above is hereby appropriated from the 1992 Sales And Use Tax Capital Improvement Projects Fund for the use of Qual -Med, Inc. for the sole purpose of remodeling the Montgomery Ward Building, Third and Main Streets, Pueblo, Colorado in accordance with the provisions of the July 22, 1991 Agreement between the City and Qual -Med, Inc. (c) $800,000 together with interest at a commercially reasonable rate to be determined by the Director of Finance is hereby appropriated to the Sales And Use Tax Capital Improvement Fund from sales and use tax revenues to be deposited in the 1992 Sales And Use Tax Capital Improvement Projects Fund in repayment -2- of the $800,000 appropriated from the Sales And Use Tax Capital Improvement Fund pursuant to (a) above. (d) All monies repaid to City by Qual -Med, Inc. under the July 22, 1991 Agreement between the City and Qual -Med, Inc. shall upon receipt thereof be deposited in the 1992 Sales And Use Tax Capital Improvement Projects Fund. SECTION 3. This Ordinance shall become effective upon final passage. INTRODUCED: July 22, 1991 ATTEST: 4 Cit Clerk TJ 53.41 By KENNETH HUNTER Councilperson APPROVED: President of the City -3-