HomeMy WebLinkAbout07569ORDINANCE NO. 7569
AN ORDINANCE BUDGETING AND APPROPRIATING $40,000 IN THE HARP LAND SALE
FUND FOR PUBLIC IMPROVEMENTS ASSOCIATED WITH THE DEVELOPMENT OF LOTS 3
AND 4
WHEREAS, City Council supports the development of private land located within the
Historic Arkansas Riverwalk of Pueblo (HARP).
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The $40,000 received from the Urban Renewal Authority of Pueblo as payment for the sale
of HARP Lots 3 and 4 is hereby budgeted and appropriated, said funds will be paid to the HARP
Authority as reimbursement for public improvements adjacent to the development of Lots 3 and 4.
SECTION 2.
This Ordinance shall become effective upon final passage and approval.
INTRODUCED February 12, 2007
BY Michael Occhiato
Councilperson
APPROVED: Q z & j p� el&xv
FFR ESIDLINTof City Council
ATTESTED BY:
CITY CLERK
PASSED AND APPROVED: February 26, 2007
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Background Paper for Proposed
ORDINANCE
AGENDA ITEM # ) 3
DATE: FEBRUARY 12, 2007
DEPARTMENT: COMMUNITY DEVELOPMENT /JIM MUNCH
PLANNING DEPARTMENT /JIM MUNCH
TITLE
AN ORDINANCE BUDGETING AND APPROPRIATING $40,000 IN THE HARP LAND
SALE FUND FOR PUBLIC IMPROVEMENTS ASSOCIATED WITH THE
DEVELOPMENT OF LOTS 3 AND 4
ISSUE
Should the City Council budget and appropriate $40,000 to the HARP Land Sale Fund
for public improvements associated with Lots 3 and 4 on HARP?
Approval of the Ordinance.
On January 22, 2007, City Council approved Resolution No. 10921, authorizing the sale
of Lot 4, Block 1, Historic Arkansas Riverwalk Project, Filing One, to the Urban Renewal
Authority of Pueblo. Council also approved Resolution No's. 10919 and 10920,
authorizing Lots 3 and 4 to be developed according to the plans submitted to Council on
January 8, 2007, by the HARP Authority.
The $40,000 will be spent on public improvements associated with the development of
Lots 3 and 4.
FINANCIAL IMPACT
The land sale agreement between the Urban Renewal Authority (URA) and the City
identifies that URA will pay a total of $207,972 over a period of 5 years with payments of
$40,000 per year for the first 4 years and the remaining balance paid in the a year.
This Ordinance transfers the $40,000 from the 1 year payment to the HARP Authority,
which will be used towards public improvements along the Riverwalk associated with
the development of Lots 3 and 4.