Promoting Utilization and Economic Benefits from Land Optimization (PUEBLO) Act This bill requires the Department of the Army to close Pueblo Chemical Depot in Pueblo County, Colorado, not later than one year after the completion of the chemical demilitarization mission in accordance with the Chemical Weapons Convention Treaty. The Department of the Army must carry out the closure and related property management and disposal of the depot in accordance with the Defense Base Closure and Realignment Act of 1990. The bill authorizes the Office of Local Defense Community Cooperation within the Department of Defense to make grants and supplement other federal funds to support closure and reuse activities of the depot.