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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
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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
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