Title
Ordinance No. 17-33 amending Ordinance No. 16-116 (2017 Appropriation Ordinance) for a supplemental appropriation to the Lodgers & Auto Rental Tax (LART) Fund in the amount of $200,000 for the United States Olympic Museum project recommended by the LART Citizen Advisory Committee
Presenter:
Kara Skinner, Chief Financial Officer
Body
Summary:
The attached ordinance is a supplemental appropriation for the Lodgers & Auto Rental Tax (LART) Fund in the amount of $200,000 for the United States Olympic Museum (USOM) project. The source of funds is the LART available fund balance.
The appropriation provided by this ordinance shall be paid to the United States Olympic Museum, a Colorado non-profit corporation; provided, however, that the condition precedent to payment is that the Colorado Springs Urban Renewal Authority has first caused to be issued its Tax Increment Revenue Bonds (United States Olympic Museum and Hall of Fame Project) Series A, Series B, and Series C (the "Bonds") as described in the Indenture of Trust between the Authority and UMB Bank, n.a. as Trustee concerning the Bonds.
Previous Council Action:
On September 13, 2016, City Council recommended LART expenditures to be included in the 2017 budget (Resolution No. 88-16). On November 27, 2016, City Council approved the original 2017 Budget per Ordinance No. 16-116, which included the appropriation of funds for the LART Fund.
On February 27, 2017, City Council received a presentation providing an Overview of Supplemental Appropriations Requests to be introduced at the March 13th City Council Work Session.
Background:
A number of events in the community have been designated by Council resolutions over the years as "City-sponsored events" and are supported in whole or in part by LART funds. The remaining funds are allocated to projects and events in the community through an application process and extensive review by the LART Citizen Advisory Committee, which results in their...
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