HomeMy WebLinkAbout07534ORDINANCE NO. 7534
AN ORDINANCE MAKING CERTAIN LEGISLATIVE FINDINGS AND APPROVING THE URBAN
RENEWAL PLAN FOR THE SOUTH SANTA FE URBAN RENEWAL PROJECT
WHEREAS, M. Torgerson Architects, P.C. (the Consultants) have been retained by the
Urban Renewal Authority of Pueblo, Colorado (the Authority) to conduct studies and surveys of the
area (Area) described in Exhibit A, attached to and incorporated herein, to determine if the Area
contains factors included in the definition of a blighted area in the Colorado Urban Renewal Law
Sections 31 -25 -101, etseq., C.R.S., (the Act); and
WHEREAS, the Consultants prepared, submitted and presented to the City Council a
document entitled Pueblo Downtown Conditions Survey (the Survey) dated July, 2006, which
Survey is incorporated herein by this reference, and which describes in detail the conditions in the
Area that are summarized in Section 1, below; and
WHEREAS, by Resolution Number 10840, the Pueblo City Council found and determined
that the Area is a blighted area as defined in Section 31 -25- 103(2) of the Act; and
WHEREAS, the Authority has prepared and approved the Urban Renewal Plan for the
South Santa Fe Urban Renewal Project (the Plan), a copy of which has been approved as to form
by the City Attorney and is attached hereto and incorporated herein; and
WHEREAS, the aforesaid Plan is a matter of public record in the custody of the City Clerk
and is available for public inspection during business hours of the City; and
WHEREAS, notice of the public hearing on the Plan was published as required by Section
31 -25- 107(3), C.R.S., at least thirty days prior to the public hearing; and
WHEREAS, written notice was mailed to each property owner, business, and resident of
the area included in the Plan informing them of the public hearing at least thirty days prior to the
public hearing; and
WHEREAS, the Pueblo Planning and Zoning Commission has determined that the Plan
complies with the Pueblo's Comprehensive Plan (the Comprehensive Plan), which is the general
plan for the development of the City as a whole; and
WHEREAS, on November 13, 2006, the City Council conducted a public hearing and
reviewed said Plan pursuant to the procedural and notice requirements of the City Charter, the Act,
and the City Council having considered the evidence presented in support of and in opposition to
the Plan, the Survey, the City's Comprehensive Plan, and staff recommendations and so having
considered the legislative record and given appropriate weight to the evidence. NOW,
THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The Urban Renewal Area described in the Plan is found and declared to be a blighted area
as defined in the Act. This is a legislative finding by the City Council based upon the Survey and
other evidence presented to City Council.
SECTION 2.
The boundaries of the Urban Renewal Area have been drawn as narrowly as the City
Council determines feasible to accomplish the planning and development objectives of the Plan.
SECTION 3.
The Plan has been submitted to the Board of County Commissioners of Pueblo County,
Colorado, together with the information required by Section 31 -25- 107(3.5) of the Act.
SECTION 4.
School District No. 60 has been permitted to participate in an advisory capacity with respect
to the inclusion in the Plan of the tax allocation provisions authorized by Section 31 -25- 107(9) of
the Act.
SECTION 5.
It is not expected that any relocation of individuals and families will be required in
connection with the Plan, but to the extent that any such relocation may be required, a feasible
method exists for the relocation of individuals and families in decent, safe, and sanitary dwelling
accommodations within their means and without undue hardship to such individuals and families.
SECTION 6.
It is not expected that any relocation of business concerns will be required in connection
with the Plan, but to the extent that any such relocation may be required, a feasible method exists
for the relocation of such business concerns in the Urban Renewal Area or in other areas that are
not generally less desirable with respect to public utilities and public and commercial facilities.
SECTION 7.
The City Council has taken reasonable efforts to provide written notice of the public hearing
prescribed by Section 31 -25- 107(3) of the Act to all property owners, residents and owners of
business concerns in the proposed Urban Renewal Area at their last known addresses of record at
least thirty days prior to the public hearing on the Plan.
SECTION 8.
Section 31- 25- 107(4)(d) of the Act does not apply because no more than 120 days have
passed since the commencement of the only public hearing on the Plan.
SECTION 9.
Section 31- 25- 107(4)(e) of the Act does not apply because the City Council did not fail to
previously approve this Plan.
SECTION 10.
The Plan conforms with the Pueblo's Comprehensive Plan, which is the general plan for the
development of the City of Pueblo as a whole.
SECTION 11.
The Plan will afford maximum opportunity, consistent with the sound needs of the
municipality as a whole, for the rehabilitation or redevelopment of the Urban Renewal Area
described in the Plan by private enterprise.
SECTION 12.
All of the Urban Renewal Area is within the corporate limits of the City. Construction of
public improvements and provision of services in the Urban Renewal Area will be the primary
responsibility of the City, the Authority, special districts and public entities other than the County,
and private enterprise. The County has not provided information that any additional county
infrastructure and services will be required to serve development in the Urban Renewal Area while
the tax allocation provisions authorized by Section 31- 25- 107(9)(a)(1) and (11) of the Act are in
place. Therefore, increases in County revenue resulting from the proportionate adjustment of the
valuations for assessment under subparagraphs (1) and (11) of Section 31- 25- 107(9)(a) of the Act
and the increase in new County sales tax revenue resulting from redevelopment in the Urban
Renewal Area as described in the impact report provided to the County pursuant to Section 31 -25-
107(3.5) of the Act will adequately finance any additional County infrastructure or services while
such tax allocation provisions are in effect.
SECTION 13
To the extent that the Urban Renewal Area described in the Plan may constitute open land
within the meaning of Section 31 -25- 107(5) of the Act, it is found and determined that a shortage of
housing of sound standards and design that is decent, safe, and sanitary exists in the City; the
need for housing accommodations has been or will be increased as a result of the clearance of
substandard and dilapidated housing in the City; the conditions of blight in the Urban Renewal
Area described in the Plan and the shortage of decent, safe, and sanitary housing cause or
contribute to an increase in and spread of disease and crime and constitute a menace to the public
health, safety, morals, or welfare; and, if necessary to carry out the Plan, the acquisition of the area
for residential uses (to the extent authorized in the Plan) is an integral part of and essential to the
program of the City.
SECTION 14
To the extent that the Urban Renewal Area described in the Plan may constitute open land
within the meaning of Section 31 -25- 107(6) of the Act, it is found and determined that the
nonresidential uses under the Plan are necessary and appropriate to facilitate the proper growth
and development of the community in accordance with sound planning standards and local
community objectives and, if necessary to carry out the Plan, the contemplated acquisition of the
area (to the extent authorized in the Plan) may require the exercise of governmental action, as
provided in and subject to the requirements of the Act, because of being a blighted area.
SECTION 15.
The Urban Renewal Plan for the South Santa Fe Urban Renewal Project has been duly
reviewed and considered and is hereby approved. The Authority is hereby authorized to take any
and all actions pursuant to the Act to carry out the Plan.
SECTION 16.
This Ordinance shall become effective upon final passage and approval.
BY Barbara Vidmar
Councilperson
APPROVED:
President of City Council
ATTESTED BY:
CITY CLERK
INTRODUCED October 10, 2006
PASSED AND APPROVED: November 13, 2006
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Background Paper for Proposed
ORDINANCE
AGENDA ITEM #
DATE: OCTOBER 10, 2006
DEPARTMENT: COMMUNITY DEVELOPMENT /JIM MUNCH
URBAN RENEWAL AUTHORITY OF PUEBLO/MIKE TEDESCO
TITLE
AN ORDINANCE MAKING CERTAIN LEGISLATIVE FINDINGS AND APPROVING
THE URBAN RENEWAL PLAN FOR THE SOUTH SANTA FE URBAN RENEWAL
PROJECT
ISSUE
Should City Council approve the proposed South Santa Fe Urban Renewal Plan and
thereby establish a tax increment financing area as a means to eliminate blight?
Approve the Ordinance.
BACKGROUND
The Urban Renewal Plan for the South Santa Fe Urban Renewal Project includes a
Conditions survey; prepared by Torgerson Architects, LLC, and the Pueblo County
Impact Report, both the Plan and the Report were prepared by Paul Benedetti and
Mike Tedesco.
The purpose of the Plan is to eliminate blight within the proposed area and to generate
revenue via tax increment financing. Potential public improvements that may require
immediate attention include the area in and around the now defunct and blighted Alpha
Beta Meat Packing Facility. Proposed improvements to the Alpha Beta facility include a
mixed -use residential /commercial rehabilitation of the building, ample parking, and a
pedestrian link into and out of HARP.
Identical to the process to establish the North Pueblo Urban Renewal Plan, the South
Santa Fe Plan must be submitted to the Board of County Commissioners, and the City
of Pueblo Planning and Zoning Commission for comment. Likewise, a copy of the Plan
must be remitted to School District 60 to inform the District of the proposed plan and
allowing for comment.
FINANCIAL IMPACT
Twenty -five year property tax TIF projections indicate average revenue of $280,000 per
year to be paid to the Urban Renewal Authority of Pueblo.
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THE URBAN RENEWAL PLAN FOR THE
SOUTH SANTA FE URBAN RENEWAL PROJECT
August 2006
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THE URBAN RENEWAL PLAN FOR THE
SOUTH SANTA FE URBAN RENEWAL PROJECT
I. DEFINITIONS
The terms used in this Urban Renewal Plan shall have the following meanings.
Act means the Colorado Urban Renewal Law, Part 1 of Article 25 of Title 31, of the
Colorado Revised Statutes.
Area or Urban Renewal Area means the area of the City included within the boundaries of
this Urban Renewal Plan as depicted in Exhibit A and described in Exhibit B.
Authority means the Urban Renewal Authority of Pueblo, Colorado.
City means the City of Pueblo, Colorado.
Comprehensive Plan means the Pueblo Comprehensive Plan adopted in 2002 as
supplemented by the small area or neighborhood plan described in Section II (the
Supplemental Plans).
Plan or Urban Renewal Plan means this urban renewal plan as it may be amended in the
future.
Project or Urban Renewal Project means all of the activities and undertakings described in
this Urban Renewal Plan.
H. INTRODUCTION
The purpose of this Plan is to implement those provisions of the Comprehensive Plan and
the Supplemental Plans that apply to the Urban Renewal Area. The Supplemental Plans
are: the Central Pueblo Framework Plan; the Northwest Transportation Corridor Plan; the
Comprehensive Parking Study for the Central Pueblo Area; the Soul of Pueblo; the
Strategic Economic and Physical Development Plan for Downtown Pueblo; and Tools for
the 21" Century; a Downtown Retail Market Study.
This Urban Renewal Plan has been proposed for the City Council of the City pursuant to
the provisions of the Act. The administration of the Project and the implementation of the
Plan shall be the responsibility of the Authority.
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III. URBAN RENEWAL AREA BOUNDARIES
The location and boundaries of the Urban Renewal Area within the City are shown in
Exhibit A. The Urban Renewal Area contains approximately _ acres and is described
in Exhibit B.
IV. SUMMARY OF STATUTORY CRITERIA
The Authority contracted with M. Torgerson Architects, P.C., to survey and document
whether conditions that constitute a "blighted area ", as defined in the Act, exist in the
Area. The result of the survey is included in a document entitled "South Downtown
Pueblo Conditions Survey" (the Conditions Survey) dated July 2006, consisting of 40
pages, related exhibits, a description of existing conditions, and numerous photographs.
The Conditions Survey is incorporated herein by reference.
The Conditions Survey shows that the following factors listed in the Act are present in the
Area and that these conditions qualify the Area as a "blighted area" as defined in the Act:
• Slum, deteriorated, or deteriorating structures;
• Predominance of defective or inadequate street layout;
• Faulty lot layout in relation to size, adequacy, accessibility, or usefulness;
• Unsanitary or unsafe conditions;
• Deterioration of site or other improvements;
• Inadequate public improvements or utilities;
• Buildings that are unsafe or unhealthy for persons to live or work in because of
building code violations, dilapidation, deterioration, defective design, physical
construction, or faulty or inadequate facilities;
V. DESCRIPTION OF URBAN RENEWAL PROJECT
This Plan will be implemented as part of a comprehensive program to eliminate and
prevent blight in the Urban Renewal Area. The Authority and the City, with the
cooperation of private enterprise and other public bodies, will undertake a program to
eliminate the conditions of blight identified in the Conditions Survey while implementing
the Comprehensive Plan and the Supplemental Plans.
A. Urban Renewal Plan Goals and the Plan's Relationship to Local and Regional
Objectives
Goals of the Plan
This Plan has been adopted to achieve the following goals in the Area:
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a. The Plan will implement the following provisions of the
Comprehensive Plan:
Urban Mixed Use; Urban Mixed consists of a mixture of
office, retail, higher density residential and public uses that
tend to spur redevelopment of underutilized commercial and
office buildings as well as former downtown industrial sites.
b. The Plan will provide connection to and complement redevelopment
of the Pueblo Expanded Urban Renewal Project (the Expanded
Urban Renewal Project) and the Historic Arkansas Riverwalk of
Pueblo (HARP).
C. The Plan will promote a balance of complementary land uses in the
Area.
d. Implementation of the Plan will eliminate and prevent conditions of
blight in the Urban Renewal Area.
e. Through the maximum possible participation of private enterprise
and the cooperative efforts of the public sector, implementation of
the Plan will eliminate and prevent economic deterioration in the
Urban Renewal Area and the community at large. The Plan will
promote creation of value in the Area.
f. The Plan will upgrade public facilities and infrastructure, access,
traffic, pedestrian and bicycle circulation, public utilities, public
amenities, recreation and drainage in the Urban Renewal Area, the
Expanded Urban Renewal Project, and HARP.
g. The Plan will help attract capital investment and new retail
businesses, retention and development of a competitive regional
retail market, thereby providing employment and strengthening the
City's economic base.
h. The Plan will expand retail opportunities for the citizens of Pueblo
and the surrounding area and create a stable sales tax base for the
City.
i. The Plan will improve conditions and correct problems in the Area
related to vehicular access and circulation, public utilities, drainage,
environmental contamination, public safely, and public amenities.
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2. Relationship to Local and Regional Objectives
The Plan conforms with and is designed to implement the Comprehensive Plan, the
Supplemental Plans, and regional objectives in the Area.
a. Providing a balance of land uses sensitive to the distribution of jobs
and housing;
b. Encouraging cooperation among governments and government
agencies in the Area, the Expanded Urban Renewal Project, and
HARP;
C. Implementing the Pueblo Regional Development Plan to facilitate
orderly growth in the City and the region;
d. Providing a variety of mixed, high -quality land uses, supported by
existing and proposed regional transportation networks, to maximize
economic opportunities throughout the Area and region.
B. Land Use Regulations and Building Requirements
Notwithstanding anything in the Plan to the contrary, the development and use of the
property within the Urban Renewal Area described in the Plan including, without
limitation, land area, land use, design, building requirements, timing or procedures
applicable to the property, shall be subject to the Pueblo Municipal Code and secondary
codes therein adopted by reference, and other applicable standards and regulations of the
City of Pueblo (City Regulations) which shall be controlling with respect thereto,
provided, that is a conflict exists between any provision of the City Regulations and any
provision of the Plan or any design guidelines or standards of the Authority, the most
restrictive provision shall control.
The Plan will provide a comprehensive and unified plan to promote and encourage high
quality development of the Urban Renewal Area by private enterprise. In addition to the
land use and building requirements contained in City Codes and ordinances and the
provisions of this Plan, the Authority may adopt design guidelines and standards (Design
Guidelines and Standards) that will apply to the property included in the Area. Upon
adoption by the Authority, the Design Guidelines and Standards shall apply to both public
and private improvements.
The Plan and the Design Guidelines and Standards will implement the provisions of
Section 31- 25- 107(8) of the Act, which provides that, upon approval of the Plan by the
City Council, the provisions of the Plan shall be controlling with respect to land area, land
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use, design, building requirements, timing, or procedure applicable to the Area.
In the event of a conflict involving the provisions of City codes, the Plan, and the Design
Guidelines and Standards, the most restrictive provision shall govern.
Uses
Permitted uses for properties in the Urban Renewal Area shall be those uses
allowed in City of Pueblo Municipal Code and this Plan.
2. Plan Review Process
The purposes of the Plan are to eliminate and prevent blight in the Urban Renewal
Area and to achieve development of the highest quality in the Urban Renewal Area.
To assure that those purposes are accomplished, the Authority shall review all plans
or proposals for development in the Area to determine compliance with the Plan
and, if applicable, the design guidelines and standards. No building permit shall be
issued prior to and unless the Authority makes a finding that such plans or
proposals comply with this Plan and, if applicable, the design guidelines and
standards.
a. Site Development Plan.
Each plan or proposal shall be accompanied by a site development
plan. The site development plan shall be submitted to the Authority
in a form required by applicable City codes, as such provisions may
be amended from time to time.
b. Review Standards.
The decision of the Authority shall be based on whether a proposed
site development plan meets the following standards.
(1) The proposal should be consistent with the purposes and
standards of this Plan and the City codes, regulations, and
policies.
(2) The proposal should identify and specify factors that
mitigate any potential negative impacts on nearby properties.
(3) The proposal should identify and specify factors that
maximize potential positive impacts on nearby properties.
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(4) The proposal should include adequate facilities for
pedestrians, bicyclists and motorists.
(5) The proposal should optimize conservation of energy, water,
and other resources on a site - specific scale.
(6) The land uses within the proposal should be compatible with
one another.
(7) The proposal should include any common areas serving the
site, and contain adequate provisions for ownership and
maintenance of such areas.
(8) The proposal should include adequate public improvements
(both on and off site) to be provided in a timely fashion.
(9) The proposal is consistent with the Design Guidelines and
Standards, if adopted by the Authority.
(10) The proposal includes pedestrian- friendly design features.
VI. PROJECT ACTIVITIES
The following provisions shall apply to the Area. In accordance with the Act, the
Authority may undertake these activities directly or, to the extend authorized by applicable
law, contract with third parties to do so.
A. Land Acquisition
In order to carry out this Plan, the Authority may exercise any and all of its rights and
powers under the Act and any other applicable law, ordinance or regulation. The Authority
may acquire any interest in property by any manner available. The Authority may acquire
property in the Area for the following reasons: To eliminate or prevent conditions of
blight; to carry out one or more objectives of the Plan; to assemble property for
redevelopment by private enterprise; for needed public improvements; and for any other
lawful purpose authorized by the Plan, the Act or any other applicable law.
Acquisition of property by eminent domain is not authorized unless the City Council
approves, by majority vote, the use of eminent domain by the Authority.
B. Relocation
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If acquisition of property displaces any individual, family, or business concern, the
Authority may assist such party in finding another location, and may, but is not obligated
to, make relocation payments to eligible residents and businesses in such amounts and
under such terms and conditions as it may determine and as may be required by law.
C. Demolition, Clearance and Site Preparation
The Authority may demolish and clear those buildings, structures, and other improvements
from property it acquires if such buildings, structures, and other improvements are not to
be rehabilitated in accordance with this Plan. The Authority may provide rough and
finished site grading and other site preparation services as part of a comprehensive
redevelopment program.
D. Prooertv Management
During such time as any property is acquired by the Authority, for disposition for
redevelopment, such property shall be under the management and control of the Authority
and may be rented or leased by it pending disposition for redevelopment or rehabilitation.
Notwithstanding the foregoing, the Authority may acquire property, develop, construct,
maintain, and operate thereon buildings and facilities devoted to uses and purposes as the
Authority deems to be in the public interest.
E. Public Improvements
If adopted by the Authority, the-Design Guidelines and Standards will contain plan and
Design Guidelines and Standards for all public improvements and infrastructure. The
Design Guidelines and Standards shall include criteria and standards to address street,
streetscape, utility, drainage and flood problems in the Area as well as other elements
deemed necessary by the Authority to eliminate and prevent conditions of blight and to
carry out the provisions of the Act and the Plan.
F. Land Disposition Redevelopment and Rehabilitation
Purchasers or owners of property within the Area will be obligated to develop, redevelop
or rehabilitate such property in accordance with the provisions of this Plan and, if adopted
by the Authority, the Design Guidelines and Standards.
The Authority may dispose of property it acquires by means of a reasonable competitive
bidding procedure it establishes in accordance with the Act and pursuant to redevelopment
agreements between the Authority and such purchasers.
The Authority may also enter into owner participation agreements with property owners in
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the Area for the development, redevelopment or rehabilitation of their property. Such
agreements will provide for such participation and assistance as the Authority may elect to
provide to such owners.
The Authority may develop, construct, maintain, and operate buildings and facilities
devoted to uses and purposes as the Authority deems to be in the public interest.
All such redevelopment, owner participation and other agreements shall contain, at a
minim provisions requiring:
1. Compliance with the Plan and, if adopted by the Authority, the Design
Guidelines and Standards and City codes and ordinances;
2. Covenants to begin and complete development, construction or
rehabilitation of both public and private improvements within a period of
time deemed to be reasonable by the Authority;
3. The financial commitments of each party (but nothing herein shall obligate
the Authority to make any such financial commitment to any party or
transaction).
G. Cooperation Agreements
For the purposes of planning and carrying out this Plan in the Area, the Authority may
enter into one or more cooperation agreements with the City or other public bodies.
Without limitation, such agreements may include project financing and implementation;
design, location and construction of public improvements; and any other matters required
to carry out this Project. It is recognized that cooperation with the City, other
municipalities and other public and private bodies may be required to coordinate such
issues as the design, construction, maintenance, operation, and timing of public and private
improvements within and outside of the Area to properly and efficiently carry out the goals
and objectives of this Plan. Cooperation agreements addressing such issues are deemed
necessary and incidental to the planning and execution of the Project.
H. Other Project Undertakings and Activities
Other Project undertakings and activities deemed necessary by the Authority to carry out
the Plan in the Area may be undertaken and performed by the Authority or pursuant to
agreements with other parties or public bodies in accordance with the authorization of the
Act and any and all applicable laws.
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VII. PROJECT FINANCING
The Authority is authorized to finance activities and undertakings under this Plan by any
method authorized by the Act or any other applicable law, including without limitation,
appropriations, loans or advances from the City; federal loans and grants; state loans and
grants; interest income; pay as you go arrangements; annual appropriation agreements;
agreements with public and private parties or entities; sale of securities; loans, advances
and grants from any other available source.
Any and all financing methods legally available to the Authority, any private developer,
redeveloper or owner may be used to finance in whole or in part any and all costs,
including without limitation, the cost of public improvements described or anticipated in
the Plan or in any manner related or incidental to the development of the Urban Renewal
Area. Such methods may be combined to finance all or any part of activities and
undertakings throughout the Urban Renewal Area. Any financing method authorized by
the Plan or by any applicable law, including without limitation, the Act, may be used to
pay the principal of and interest on and to establish reserves for indebtedness (whether
funded, refunded, assumed or otherwise) incurred by the Authority to finance activities and
undertakings authorized by the Act and this Plan in whole or in part.
The Authority is authorized to issue notes, bonds or any other financing instruments or
documents in amounts sufficient to finance all or part of the Urban Renewal Plan. The
Authority is authorized to borrow funds and to create indebtedness in carrying out this
Plan. The principal, interest, and any premiums due on or in connection with such
indebtedness may be paid from any funds available to the Authority.
The Project may be financed by the Authority under the property tax allocation financing
provisions of the Act. Under the tax allocation method of financing the Project, property
taxes levied after the effective date of the approval of this Plan upon taxable property in the
Urban Renewal Area each year by or for the benefit of any public body shall be divided for
a period not to exceed twenty -five (25) years after the effective date of the adoption of this
tax allocation provision, as follows:
Base Amount
That portion of the taxes which are produced by the levy at the rate fixed each year
by or for such public body upon the valuation for assessment of taxable property in
the Urban Renewal Area last certified prior to the effective date of approval of the
Plan or, as to an area later added to the Urban Renewal Area, the effective date of
the modification of the Plan shall be paid into the funds of each such public body as
are all other taxes collected by or for said public body.
2. Increment Amount
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That portion of said property taxes in excess of such base amount shall be allocated
to and, when collected, paid into a special fund of the Authority to pay the principal
of, the interest on, and any premiums due in connection with the bonds of, loans or
advances to, or indebtedness incurred by (whether funded, refunded, assumed or
otherwise) the Authority for financing or refinancing, in whole or in part, the
Project.
Unless and until the total valuation for assessment of the taxable property in the
Urban Renewal Area exceeds the base valuation for assessment of the taxable
property in the Urban Renewal Area, all of the taxes levied upon taxable property
in the Urban Renewal Area shall be paid into the funds of the respective public
bodies.
When such bonds, loans, advances and indebtedness, including interest thereon and
any premiums due in connection therewith, have been paid, all taxes upon the
taxable property in the Urban Renewal Area shall be paid into the funds of the
respective public bodies.
The increment portion of the taxes, as described in this subparagraph 2, may be
irrevocably pledged by the Authority for the payment of the principal of, the
interest on, and any premiums due in connection with such bonds, loans, advances
and indebtedness incurred by the Authority to finance the Project.
VIII. CHANGES IN APPROVED PLAN
This Plan may be modified pursuant to the provisions of the Act governing such
modifications, including Section 31 -25 -107, C.R.S.
IX. MINOR VARIATIONS
The Authority may in specific cases allow minor variations from the provisions of the Plan
if it determines that a literal enforcement of the provisions of the Plan would constitute an
unreasonable limitation beyond the intent and purpose of the Plan.
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EXHIBIT B
Legal Description of the Urban Renewal Area
Beginning at the intersection of the southeasterly right of way line of Rush Street and the
southwesterly right of way line of B Street; thence northwesterly along said southwesterly
right of way line to its intersection with the northwesterly right of way line of Palm Street;
thence northeasterly along said northwesterly right of way line to its intersection with the
southwesterly right of way line of C Street; thence northwesterly along said southwesterly
right of way line to its intersection with the northwesterly right of way line of Clark Street;
thence northeasterly along said northwesterly right of way line to its intersection with the
southwesterly right of way line of D Street; thence northwesterly along said southwesterly
right of way line and its extension to its intersection with the northerly right of way line of
the main line of the BNSF Railroad; thence northeasterly along said northerly right of way
line to its intersection with the easterly right of way line of Interstate Highway No. 25;
thence southerly along said easterly right of way line to its intersection with the
northeasterly high water mark of the Thomas- Phelps Creek; thence southeasterly along
said high water mark to its intersection with the south right of way line of Locust Street;
thence westerly along said south right of way line to its intersection with the west right of
way line of Stanton Avenue; thence north along said west right of way line to its
intersection with the north right of way line of Juniper Street; thence west along said north
right of way line to its intersection with the easterly right of way line of Interstate Highway
I -25; thence southerly along said easterly right of way line to a point east of the point of
beginning; thence west to the point of beginning; all in the City of Pueblo; County of
Pueblo; State of Colorado
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