HomeMy WebLinkAbout09784RESOLUTION NO. 9784
A RESOLUTION APPROVING AN AGREEMENT BETWEEN PUEBLO, A MUNICIPAL
CORPORATION, AND ADAM AIRCRAFT INDUSTRIES, INC. RELATING TO A JOB CREATING
CAPITAL IMPROVEMENT PROJECT, AUTHORIZING THE PRESIDENT OF THE CITY
COUNCIL TO EXECUTE SAME, AND TRANSFERRING $2,290,000 FROM THE 1992 -2006
SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND FOR SUCH PURPOSE
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The City Council finds and determines that the expenditure of $2,290,000 for the job
creating capital improvement project with Adam Aircraft Industries, Inc. described in the attached
Agreement, meets and complies with the criteria and standards established by Ordinance No.
6381 and will create employment opportunities justifying the expenditure of public funds.
SECTION 2.
The Agreement dated as of February 1, 2003 between the City of Pueblo and Adam Aircraft
Industries, Inc., a copy of which is attached hereto, having been approved as to form by the City
Attorney, is hereby approved, and the President of the City Council is authorized to execute and
deliver the Agreement in the name of the City:
SECTION 3.
Funds in an amount of $2,290,000 are hereby authorized to be transferred, expended and
made available to Adam Aircraft Industries, Inc. out of the 1992 -2006 Sales and Use Tax Capital
Improvement Projects Fund for the sole purpose of the job creating capital improvement project
and in the manner described in the attached Agreement. The funds hereby authorized to be
transferred and expended shall be released and paid by the Director of Finance to or for the benefit
of Adam Aircraft Industries, Inc. after receipt (i) by the City Clerk of the documents required to be
filed pursuant to paragraph 2(f) of the Adam Aircraft Industries, Inc. Agreement and (ii) by the
Director of Finance of written requests for payment required by paragraph 2(d) and /or 2(g) of the
Adam Aircraft Industries, Inc. Agreement. In no event, shall the amount of funds advanced to or
for the benefit of Adam Aircraft Industries, Inc. pursuant to this Resolution and Resolution No. 9764
exceed $3 million.
SECTION 4
The Agreement dated January 13, 2003 between the City and Pueblo Development
Foundation approved by Resolution No. 9764 is hereby amended with respect to rent payable
under the lease with Adam Aircraft Industries, Inc. to provide that total rent will be $760,000 for the
10 -year lease term and monthly rent will be $6,334 instead of $7,772.
SECTION 5.
The officers of the City are directed and authorized to perform any and all acts consistent
with the intent of this Resolution and attached Agreement to effectuate the transactions described
therein.
SECTION 6.
This Resolution shall become effective upon final approval and passage.
INTRODUCED February 10, 2003
BY Al Gurule
Councilperson
APPROVED: [/
President of City Council
ATTEST: