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HomeMy WebLinkAboutStudy Session Agenda Packet 07-21-14STUDY SESSION AGENDA CITY COUNCIL MEETING CITY OF WHEAT RIDGE, COLORADO 7500 W. 29th Ave. Wheat Ridge CO July 21, 2014 6:30p.m. Individuals with disabilities are encouraged to participate in all public meetings sponsored by the City of Wheat Ridge . Call Heather Geyer, Administrative Services Director at 303-235-2826 at least one week in advance of a meeting if you are interested in participating and need inclusion assistance. PUBLIC COMMENT ON AGENDA ITEMS APPROVALOFAGENDA .L Urban Renewal Report b City Council Tablets ~ Financial Update 4 . Staff Report(s) ~ Elected Officials' Report(s) ADJOURNMENT ~~~ ... ~ ~ ., City of • ... ~Wheat&_dge ~OFFICE OF THE CllY MANAGER TO: THROUGH: Memorandum Mayor and City Council ()A Patrick Goff, City Manager W r+c:Jv\ i FROM: Steve Art , Economic Development and Urban Renewal Manager DATE: July21 ,2014 SUBJECT: Renewal Wheat Ridge 2013 Annual Report and project update ISSUE: Renewal Wheat Ridge (RWR), the Urban Renewal Authority for the City of Wheat Ridge has prepared its first Almual Report. Board member Jessie Hill will make a presentation on the 2013 accomplishments and current R WR undertakings. BACKGROUND: The RWR Board requested that staff produce an annual report that could be distributed as a hard copy or via the City's website. This request was made due to the proposed actions of a group of State legislators who felt that Urban Renewal in Colorado was not transparent. The attached report was approved by R WR on July 15 , 2014 and has been placed on the City' website and is available for distribution upon request. RECOMMENDATIONS: This item is infonnational only. No further action required . Attachments 1. 2013 Annual Report l/) _J <( 0 l9 z 0 ......... ~ N ......... z <( l9 ~ 0 The Wheat Ridge Urban Renewal Authority dba Renewal Wheat Ridge was formed by City Council in 1977. Renewal Wheat Ridge (RWR) was created by the City Council and granted authority under the Urban Renewal Law to perform the following: • Undertake urban renewal projects and execute contracts connected therewith. • Buy and sell property ; dedicate property it owns for public projects • Sue and be sued . • Enter property and building, with the consent of the owner, to undertake surveys or appraisals . • Condemn property or leases . • Borrow money. • Make appropriations and expenditures of its funds ; invest its funds subject to certain restrictions . • Make reasonable relocation payments . • Contract with consultants or advisors to accomplish URA duties. Current Urban Renewal Plans are approved for the following areas : • Wheat Ridge Town Center • Wadsworth Boulevard Corridor • 38th Avenue Corridor • West 44th Avenue/Ward Road • 170/Kipling Corridors The plans can be amended by RWR with Council providing sole authority to approve all amendments . The amendments are reviewed by the Planning Commission for consistency with the Wheat Ridge Comprehensive Plan ("Envision Wheat Ridge "). 2013 Goals • Marketing and blight removal at Town Center North. • Complete TIF for Wheat Ridge Cyclery. • Remove blight on key corridors including 38 th and Wadsworth and 38t h and Kipling . • Land sales at Town Center North . • Initiate loan restructuring with First Bank of Wheat Ridge for Town Center North . 2013 Renewal Wheat Ridge Board Chair-Kristi Davis/Council Representative Vice Chair -Walt Pettit , At Large Member Members James Bahrenberg , District II ; Jesse Hill, District I; Janet Leo, District IV, Shane Nicolson , At Large Member; Tim Rogers, District Ill Executive Director: Patrick Goff. Manager: Steve Art u.J > I- <( ~ ~ <( z 0 z ::J I...L. M r-1 0 N Fund Balances: Town Center -The approved adjusted 2013 budget estimated that RWR would end the 2013 fiscal year with a fund balance of$417 ,157. This estimate included a land sale of Lot 3 in Town Center North for $925 ,000 . Because the land sale did not occur, this affected the actual year end fund balance of s1 06 ,662 . Total revenues for 2013 were s1 ,594,593.27*. This included a little over $439,244 in property and sales tax and interest earnings , miscellaneous income , and a fund balance carryover of totaling s1 ,594 ,593 . Expenses for 2013 totaled s434, 701 ** Wheat Ridge Cyclery-The 2014 approved budget estimates that at 2013 year end the project will have revenues of s25, 762 with matching expenses . The actual revenue for the project is $72 ,975 and expenditures of $25 ,853.** 2013 Expenses: Town Center -RWR incurred additional debt in 2012/13 due to required installation of a sanitary sewer line . This additional s350 ,000 debt was secured through a loan provided by the City of Wheat Ridge and should be repaid through future property sales and sales tax increment of the Town Center project. RWR anticipated the sale of lots 1 & 3 at Town Center North in 2013 totaling approximately s1 ,425 ,000. Neither of these transactions occurred and have been car- ried over to 2014 . Long Term Fiscal Commitments: • First Bank of Wheat Ridge Loan-s2,271 ,000 • Installation of a traffic signal at 441h Avenue and Vance Street-$285 ,000 • Annual maintenance of detention pond-$33 ,000 • Loan repayment with City -Sanitary Sewer Line -s350 ,000 • Loan repayment with City -Yukon Court-s340 ,000 • Perrin's Row TIF-20 years-s467 ,000 • 'o'Vt'leat Ridge Cyelery Completed For more information contact Steve Art , Urban Renewal Manager at 303-235-2806 . *This includes non-cash va lua tions such as land and holdings . ''Year end . non-audited financial completed in March 2014 . Council Tablet Devices July 16 , 2014 Page2 MICROSOFT SURFACE PRO 3 COST: Microsoft Surface Pro; total cost per user: $1,208.98 Note: Comparable laptop is $1 ,500 Product Name: Surface Pro 3 -128GB Unit Price: $999.00 Product Name: Type Cover 2 (Charcoal) Unit Price: $129.99 Product Name : Surface 48W Power Supply with USB Charging Port Unit Price: $79.99 CONCLUSION: In summary, due to the Councilor 's responsibilities and the type of work that is entailed , I recommend we proceed with deploying this technology to those Councilors that desire it. The IT Division will support these devices and can control this asset via our internal servers and systems . /mss OFFICE OF THE CITY TREASURER INVESTMENT STATUS REPORT AVERAGE AVERAGE YEAR OF EARNING $AGENCY EARNING ANNUAL MATURITY $CD'S % BONDS % % 2014 $ 662 ,328 0.65% $ 25o,ooo 1 1.50% 10.61% 2015 $1,993,096 1.19% $ 700,000 2.00% 31.31% 2016 $1,504 ,344 1.37% $ -0.00% 17.49% 2017 $1,253,478 0.86% $ 500,000 0.00% 20.39% 2018 $ 737,000 1.48% $1 .ooo.ooo I 0.00% 20.20% TOTALS: $6 ,150,246 1.11% $2,450,000 0.58% 100.00% Subtotal CO's and Bonds: $ 8,600,246 Liquid Savings: $ 2,059,610 TOTAL INVESTED FUNDS: $ 10,659 ,857 Notes: This report provides a snapshot of investment status at any one time. It is continuously updated as transactions occur. Maturities are "laddered" to ensure funds are available during each year. Attachment 1