Title
A resolution of support for an Executive Agreement between the municipal government of the City of Colorado Springs and Colorado Springs Utilities pertaining to the expenditure of funds for a stormwater control program
Presenter:
Mayor John Suthers
Body
Summary:
Following City Council's approved of an Intergovernmental Agreement (IGA) with Pueblo County, designed to provide a description of commitments concerning the funding and implementation of stormwater control activities by the City of Colorado Springs and Colorado Springs Utilities, it is necessary for the City and Utilities to execute an executive agreement, in which Utilities agrees to guarantee certain stormwater expenditures if the City is unable or unwilling to meet its annual Stormwater Control Program funding commitments as referenced in the IGA.
Previous Council Action:
N/A
Background:
Under the terms of the IGA, the City and Utilities have committed to the expenditure of certain funding amounts towards the Stormwater Control Program over a twenty (20) year period in five year increments of $100M (2016-2020), $110M (2021-2025), $120M (2026-2030) and $130M (2031-2035). To meet such commitments, the City Council must approve annual appropriations. Utilities and the City have agreed to share in the cost of meeting the above-referenced funding commitments. The executive agreement outlines the following agreements between the City of Colorado Springs and Colorado Springs Utilities:
1. Utilities share of the Minimum Total Expenditures under paragraph III.A(1) of the IGA shall be an average of $3M per year, with a Minimum Annual Expenditure of $2.6M for each year of the twenty year period from 2016-2035 (not subject to escalation); provided, however, that Utilities total contribution shall be escalated in each of the five year payment increments by the same percentage as the overall Minimum Total Expenditures are escalated under such paragraph of the IGA. In other words, Ut...
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