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HomeMy WebLinkAbout5089t RESOLUTION NO. 5089 A RESOLUTION DESIGNATING THE HISTORICAL PUEBLO BUSINESS CENTER ASSOCIATION, INC. AREA AS THE UNION AVENUE REDEVELOPMENT PROJECT AREA WHEREAS, pursuant to Title 39, Chapter 5, Section 105, Paragraph (3)(a) of the Colorado Revised Statutes 1973, as amended, city councils may designate certain areas as Redevelopment Project Areas which are funded by public funds or eligible for public funds; and WHEREAS, the City Council of Pueblo, Colorado, hereafter called City, on July 12, 1982, by Resolution No. 5012, allocated $20,000 to the Historical Pueblo Business Center Association, Inc.; and WHEREAS, the official boundaries of the redevelopment area of the Historical Pueblo Business Center Association, Inc. in accordance with the Association's duly adopted By Laws are as follows: Beginning at the intersection of the center line of South Main Street and the center line of "B" Street, thence west along the center line of South Main Street to a point west of Pueblo Union Depot immediately east of Track No. 1, thence north to a point 2 block north of Lamkin Street, thence east to center line of north -south alley located between "B" Street and "C" Street, thence south to the center line of east -west alley between Lamkin Street and Victoria Avenue, thence east along the center line of said alley extended east to the center line of West Street, thence south to the center line of Victoria Avenue, thence east along the center line of Victoria Avenue to its intersection with the center line of Union Avenue, thence west along the center line of Union Avenue to its intersection with the center line of South Grand Avenue, thence south to the center line of South Main Street, thence west along the center line of South Main Street to the center line of West Street, thence south to the center line of the alley between South Main Street and Mechanic Street extended east, thence west to intersection with center line of "B' Street, thence north to point of beginning. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PUEBLO, COLORADO, that: QVVTTnNT 1 The area incorporated within the above described boundaries of the Historical Pueblo Business Center Association, Inc. is hereby designated a redevelopment project area nunc pro tunc as of January 1, 1983; and The provisions of Title 39, Chapter 5, Section 105, Paragraph (3)(a), (b), and (c) cited below shall be applicable to such redevelopment project area from Janaury 1, 1983 forward and until such designation is rescinded by the City Council of the City of Pueblo. (3)(a) In making valuations for assessment of any commercial building or structure which is part of a development or redevelopment project area designated as such pursuant to this section by the governing body of the municipality or for unincorporated terriroty by the governing body of the county and funded by public funds or eligible for public funds, any major renovation or rehabilitation completed after January 1, 1976, which caused an increase in the actual value of the building or structure which was thirty or more years old at the time such major renovation or rehabilitation was commenced, shall not be taken into account in determining the valuation for assessment of improvements for the first five taxable years after completion. At the end of this five -year period, the valuation for assessment shall be based upon the increased value of the building or structure which resulted from the improvements made. (b) The provisions of paragraph (a) of this subsection (3) shall cease to apply if the commercial building or structure changes ownership, other than by descent or inheritance, during the first five taxable years after such rehabilitation or renovation is completed. (c) The provisions of paragraph (a) of this subsection (3) shall not apply where tax increment financing is being utilized in the development or redevelopment area pursuant to section 31--25 -107 (9), C.R.S. 1973, or any other applicable law. INTRODUCED January 24 , 1983 BY MIKE OCCHIATO COUNCILMAN APPROVED I�C Q�G4G�- 4X�-� l . PRESIDENT OF THE COUNCIL ATTEST: y 74 =4 TY ERK