Title
A Resolution authorizing the abandonment of the Lodgers and Auto Rental Tax (LART) Pikes Peak Cycling USA Pro Cycling Challenge project in the amount of $225,000 and the transfer of the LART funds in the amount of $150,000 to the Pikes Peak Summit House LART project and $50,000 to the Haute Route cycling event project, with the remaining $25,000 to be returned to the LART fund balance
Presenter:
Fred Veitch & Jack Damioli, Co-Chairs, LART Citizens Advisory Committee
Councilmembers Tom Strand & Helen Collins
Body
Summary:
The City's 2016 Budget included a project in the LART Fund providing $225,000 in support of the USA Pro Cycling Challenge. However, the event will not take place in 2016. In order for the $225,000 to be available to other events or activities in 2016, the project must be abandoned and the funding transferred to other projects.
This resolution abandons the USA Pro Cycling Challenge project funding and transfers $150,000 to the Pikes Peak Summit House capital project (supplementing the $100,000 already included in the 2016 LART budget for this project). It also transfers $50,000 to the Haute Route cycling event, which is a new project, and returns $25,000 to the LART fund balance.
Previous Council Action:
City Council approved the 2016 Budget in November 2015, which includes a list of the 2016 LART-sponsored events and activities.
Background:
This item supports the City's strategic goal relating to investing in infrastructure by adding funding to the Pikes Peak Summit House project.
Financial Implications:
There are no additional funds being appropriated-funding is being transferred from one LART Fund project (USA Pro Cycling Challenge) to another LART Fund project (Pikes Peak Summit House).
Board/Commission Recommendation:
The LART Citizens Advisory Committee reviewed the proposal at its regularly scheduled meeting on March 10, 2016, and recommends the funding changes as described.
Stakeholder Process:
N/...
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