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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 ��Rn. 756 [ED �J : 1D 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.