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HomeMy WebLinkAbout07584ORDINANCE NO. 7584 AN ORDINANCE ACCEPTING AND APPROVING AN INSTRUMENT OF RELEASE FROM THE FEDERAL AVIATION ADMINISTRATION TO THE CITY OF PUEBLO RELATING TO THE RELEASE OF 29,573 SQUARE FEET OF LAND SOUTH OF LOT 1, PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK SUBDIVISION, FOURTH FILING TO BE CONVEYED TO AQUILA, INC.. AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO. that: SECTION 1. The Instrument of Release, signed by the Federal Aviation Administration and attached hereto, is hereby approved and accepted. The President of the City Council is hereby authorized and directed to execute for and on behalf of the City the Instrument of Release. The City Clerk is authorized to attest same and affix the Seal of the City thereto. SECTION 2. Funds in the amount of $12,420.66 will be deposited in the Special Airport Improvement Trust Fund (herein Special Fund) upon completion of the sale of the land to Aquila, Inc. The sum of $12,420.66 is the value of 29,573 square feet of land south of Lot 1, Pueblo Memorial Airport Industrial Park Subdivision, Fourth Filing. The funds in the Special Fund will not be eligible as City matching funds for the development of the Airport under the Federal Airport Improvement Program. SECTION 3. Within five years from the date of this Ordinance, the funds deposited into said Special Fund shall be expended on projects in the 2005 -2010 Airport Capital Program and in priority mutually agreeable to the Federal Aviation Administration and the City of Pueblo for the further development of Pueblo Memorial Airport. SECTION 4. The Special Fund and this Ordinance shall remain in effect until the Special Fund is expended in accordance with the provisions of Section 3 hereof. SECTION 5. This Ordinance shall become effective immediately upon final approval. The City Clerk shall cause the Instrument of Release to be recorded in the office of the County Clerk and Recorder. INTRODUCED: April 9, 2007 BY: Randy Thurston Councilpers APPROVED: RRESIDIENTof City Council ATTESTED BY: CITY CLERK PASSED AND APPROVED: April 23, 2007 ® R- 79'8.� Background Paper for Proposed O RDINANCE AGENDA ITEM # ke 'L DATE: April 9, 2007 DEPARTMENT: AVIATION - JERRY BRIENZA TITLE AN ORDINANCE ACCEPTING AND APPROVING AN INSTRUMENT OF RELEASE FROM THE FEDERAL AVIATION ADMINISTRATION TO THE CITY OF PUEBLO RELATING TO THE RELEASE OF 29,573 SQUARE FEET OF LAND SOUTH OF LOT 1, PUEBLO MEMORIAL AIRPORT INDUSTRIAL PARK SUBDIVISION, FOURTH FILING TO BE CONVEYED TO AQUILA, INC., AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAME ISSUE Should the City Council accept and approve an Instrument of Release for Land in the Industrial Park to be conveyed to Aquila. RECOMMENDATION Approval of this Ordinance. This Instrument of Release from the Federal Aviation Administration is for land in the Airport Industrial Park that is to be sold to Aquila due to the realignment of William White Blvd. William White Blvd. is to be moved to the south of its existing location and that will leave a 29,573 sq. ft. sliver of land between Aquila's lot and the new road. FINANCIAL IMPACT Aquila has agreed to purchase the 29,573 sq. ft. of land at $0.42 per square foot or $12,420.66. Funds received from the sale of this property will be deposited in the Special Airport Improvement Trust Fund.