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SECOND AND FINAL READING OF AN ORDINANCE AMENDING THE 2023 BUDGET OF THE CITY OF COMMERCE CITY, COLORADO, BY THE RECOGNITION OF A PORTION OF THE CITY’S SHARING AMOUNT RECEIVED FROM THE METROPOLITAN FOOTBALL STADIUM DISTRICT IN THE AMOUNT OF $595,461.97 TO BE USED FOR YOUTH ACTIVITIES AND AUTHORIZING THE EXPENDITURE THEREOF
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Summary and Background Information:
The Metropolitan Football Stadium District (MFSD) Act and Article 33 of the Lease and Management Agreement between the MFSD and PDB Sports LTD, Bronco's ownership, entitles the MFSD to a one time “Sharing Amount” in connection with the sale of the franchise. The “Sharing Amount” of the $4.65 billion sale of the Broncos franchise as determined by the MFSD board, is $41,037,951, which has been paid to the MFSD. The MFSD Board distributed these proceeds proportionately to the counties, cities, and towns in which the tax was collected. Commerce City is one of many local governments, within the MFSD in which a one tenth of one percent sales tax was charged from implementation in January of 2001 and ending December 31, 2011. After consulting with the Colorado Department of Revenue, it was determined that Commerce City's portion of the “Sharing Amount of $41,037,951 is $613,461.97. Provisions in the Act and the subsequent Lease and Management Agreement require the funds be used for “youth activity programs.”
In September 2023, Commerce City will provide a summary of how funds have been distributed benefiting Youth Activities Programs in our community to the Metro Football Stadium District. The purpose of tonight's presentation is to provide a list of youth activity programs recommended for funding following the gathering of input requested by City Council during the February 24th study session. City staff attended Commerce City Youth Commission meetings to solicit feedback on how these funds should be used to benefit youth activities. The Youth Commission requested funding to plan and implement an ann...
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