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HomeMy WebLinkAbout07498ORDINANCE NO. 7498 AN ORDINANCE AMENDING SECTION 14 -4 -85 OF CHAPTER 4, TITLE XIV OF THE PUEBLO MUNICIPAL CODE, AS AMENDED, RELATING TO AUTHORIZED USES OF REVENUE FROM THE HALF -CENT SALES AND USE TAX AND IMPOSING REQUIREMENTS ON THE EXPENDITURE THEREOF BE IT ORDAINED BY THE PEOPLE OF PUEBLO, that: (brackets indicate matter deleted, underscoring indicates matter added) SECTION 1 Section 14 -4 -85 of Chapter 4, Title XIV of the Pueblo Municipal Code, as amended, is hereby amended by the addition of a new subsection (g) thereto, to read as follows: (g) The revenues from the additional one -half percent sales and use tax rate imposed by subsection 14 -4 -6312 and subsection (e) above shall also be subject to the following and may be expended for the following purposes: 1. An Office of Economic Development is hereby created as a city department. Among other functions the department would provide a single point of entry for economic development. The department will be responsi -ble for creating a comprehensive economic development plan, which would include tourism, small business development, quality of life issues and the needed infrastructure to complement the new businesses that are recruited. The office will provide quarterly accountability reports to City Council and create a venue for public input and support. 2. Wages and benefits proposed by each newly recruited company will be detailed and included in the economic assistance contract entered into by each company. Mandatory_ provisions shall be included in each such contract, which will require the company to reimburse the city for assistance provided in the event of any material default by the company, including failure to pay agreed wage rates. 3. Companies receiving assistance with half -cent tax revenues will be required to make good faith efforts to utilize local suppliers and sub - contractors in the development and establishment of their new business, unless not available. 4. The records of the Office of Economic Development shall be public records subject to disclosure and inspection in accordance with provisions of the Colorado Open Records Act. The custodian of such records may refuse public inspection of confidential, privileged or otherwise non- discloseable records only in accordance with said Act. 5. Private Economic Development Companies would be restricted to recruitment and marketing, all other negotiations would take place with the City Council or at the direction of City Council with office of Economic Development. 6. Implement a code of ethics prohibiting members of any entity which receives city funding for or operational purposes and whose sole objective is recruitment and marketing for economic development, from engaging in solicitation of services to a recruited company. 7. Administrative expenses of the new office of Economic Development shall be funded by up to 4% of total revenues generated by the half -cent sales tax. The director would be hired and supervised by the Pueblo City Manager. SECTION 2 This amendment to Section 14 -4 -85 of Chapter 4, Title XIV of the Pueblo Municipal Code, as amended, shall become effective upon majority vote in favor thereof by the registered electors of the City voting thereon at the special municipal election to be held on Tuesday, November 7, 2006.