HomeMy WebLinkAbout07864ORDINANCE NO. 7864
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:
Lcjj The revenues from the additional one -half percent sales and use
tax rate imposed by subsection 14 -4 -63(2) and subsection (e) above shall also
be subject to the following and may be expended for the following purposes:
1. An Economic Development Negotiating Committee is
hereby created as an independent entity. The committee will be made
up of the following seven representatives: The Executive Director of the
Pueblo Economic Development Corporation and their Board
Chairperson, The Executive Director of the Greater Chamber of
Commerce and their Board Chairman, The Executive Director of the
Latino Chamber of Commerce and their Board Chairperson, The
President of the Colorado State University - Pueblo President /President
of Pueblo Community College on an annual rotating basis. Among
other functions, the committee would negotiate all economic
development transactions with respect to such revenues. The
committee will be responsible for creating a comprehensive economic
development plan, which would focus on tourism, small business
development, quality of life issues and the needed infrastructure to
complement the new businesses that are recruited. The committee 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 job- creating 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 financial assistance 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, subcontractors and realtors in the development and
establishment of their new business, unless not available.
4. Except for information relating to prospective employers
who have not entered into an incentive agreement, the records of the
Individual Economic Development Transactions 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, at the Direction of City Council, with the Economic
Development Negotiating Committee.
6. Implement a code of ethics prohibiting officers and
directors of any economic development entity, which receives City
funding for operational purposes and whose primary objective is
recruitment and marketing for economic development, from solicitation
of business with a recruited company.
7. Three percent of the annual collection of 1/2 cent sales tax
would be utilized for recruitment purposes.
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 4, 2008.