City of Albuquerque
File #: R-14-126   
Type: Resolution Status: Enacted
File created: 10/6/2014 In control: City Council
Final action: 11/17/2014
Enactment date: 12/4/2014 Enactment #: R-2014-100
Title: F/S Declaring The City Council's Intent To Issue $36 Million Of Gross Receipts Tax Revenue Bonds For The Purpose Of Funding Capital Projects As Determined By The City Council (Pe?a, Lewis)
Attachments: 1. R-126, 2. R-126 Approved Floor Substitutefinal, 3. FS R-126Enacted
Date Action ByActionResultAction Details
12/4/2014 City Clerk Published  Action details
12/3/2014 Mayor Signed by the Mayor  Action details
11/26/2014 City Council Sent to Mayor for Signature  Action details
11/17/2014 City Council Passed as Substituted, as AmendedPass Action details
11/17/2014 City Council AmendedPass Action details
11/17/2014 City Council SubstitutedPass Action details
11/3/2014 City Council MotionPass Action details
10/6/2014 City Council Received and Referred  Action details
10/6/2014 President Referred  Action details
CITY of ALBUQUERQUE
TWENTY-FIRST COUNCIL
 
 
COUNCIL BILL NO.       F/S R-14-126       ENACTMENT NO.   ________________________
 
SPONSORED BY:      Klarissa Peña and Dan Lewis
 
 
RESOLUTION
title
F/S Declaring The City Council's Intent To Issue $36 Million Of Gross Receipts Tax Revenue Bonds For The Purpose Of Funding Capital Projects As Determined By The City Council (Peña, Lewis)
body
DECLARING THE CITY COUNCIL'S INTENT TO ISSUE $36 MILLION OF GROSS RECEIPTS TAX REVENUE BONDS FOR THE PURPOSE OF FUNDING CAPITAL PROJECTS AS DETERMINED BY THE CITY COUNCIL.
      WHEREAS,  the City Council, through C/S R-14-47, appropriated funds for the operation of the government of the City of Albuquerque for fiscal year 2015; and
      WHEREAS, the fiscal year 2015 appropriations included a transfer of $2,600,000 to the Sales Tax Refunding Debt Service Fund (405) which was designated "for the service of debt for the anticipated bond issue of approximately $30 million for critical capital infrastructure for economic development projects"; and
      WHEREAS, C/S R-14-47 further specified that "in the event that the infrastructure is not required for any particular manufacturing economic development project, bond proceeds will be used to provide funding for other capital projects … as determined by the City Council"; and
      WHEREAS, on September 4, 2014, Tesla Motors Inc. announced that it had chosen Reno, Nevada as the site for its electric battery "gigafactory", and therefore, the anticipated bond issue is no longer required for critical capital infrastructure for any particular manufacturing economic development project; and
      WHEREAS, there is a need for capital improvements that promote City-wide economic development, and the Council has determined that the following priority capital projects should be funded.
BE IT RESOLVED BY THE COUNCIL, THE GOVERNING BODY OF THE CITY OF ALBUQUERQUE:
      SECTION 1.  That it is the intent of the Council to issue $36 million of Gross Receipts Tax Revenue Bonds for the purpose of funding needed capital projects within the City. The bond proceeds will be allocated to the following projects:
      Regional Sports Complex at 118th Street            $13,000,000
      LEDA Projects                                    $10,000,000
      Central Avenue Economic Development Projects      $13,000,000
                              Total                         $36,000,000
      Economic Development Projects may include one or more of the following:
Multi-Modal Transportation Improvements
Metropolitan Redevelopment Projects
Other economic development projects which may include Multi-Modal Improvements at Central and the NMRX Tracks and a
Visitors' Center on West Route 66 and a Pickleball Complex.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
x:\city council\share\cl-staff\_legislative staff\legislation\21 council\r-126 approved floor substitutefinal.doc