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Home My WebLink About04/05/2005AGENDA WHEAT RIDGE URBAN RENEWAL AUTHORITY April 5, 2005 Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban Renewai Authority on Tuesday, April 5, 2005, at 5:30 p.m., in the City Council Chambers of the Municipal Building at 7500 West 29th Avenue, Wheat Ridge, Colorado. 1. Call the Meeting to Order 2. Roll Call of Members 3. Approval of Minutes - March 15, 2005 4. Public Forum (This is the time for any person to speak on any subject not appearing on the agenda. Public comments may be limited to 3 minutes.) 5. Public Hearing--Resolution 01-2005, A Resolution Adopting a 2005 Supplemental Appropriation and Budget 6. Executive Session under C.R.S. Section 24-6-402(4)(b) for the purpose of receiving legal advice regarding specific legal questions regarding the terminated 38,h Avenue and Sheridan Boulevard redevelopment project. 7. New Business 8. Adjournment MINUTES OF WHEAT RIDGE URBAN RENEWAL AUTHORITY March 15, 2005 5:30 p.m. CALL THE MEETING TO ORDER The meeting of the Wheat Ridge Urban Renewal Authority meeting was called to order by Chair Williams at 537 p.m. in the council chambers of the Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. 2. ROLL CALL OF MEMBERS Chair Williams introduced Ralph Mancinelli who has been appointed to serve on tLe Authority until November. Commissioners present: Janet Leo Tom Mallinson Ralph Mancinelli Terrell Williams Commissioners absent: Pete Ziemke Also attending: Alan White, WRURA Executive Director Corey Hoffmann, WRURA Attomey Ann Lazzeri, Recording Secretary 3. APPROVAL OF MINUTES It was moved by Janet Leo and seconded by Tom Mallinson to approve the minutes of March 1, 2005 as presented. The motion passed 3-0 with Ralph Mancinelli abstaining. 4. PUBLIC FORUM There were none present to address the Authority at this time. 5. EXECUTIVE SESSION Chair Williams advised ihose present that the regulaz meeting would be reconvened after conclusion of the executive session. It was moved by Janet Leo and seconded by Tom Mallinson that the Wheat Ridge Urban Renewal Authority enter into an executive session on Marc6 15, ~ 2005, under CRS Section 24-6402(4)(b) for tLe purpose of receiving legal WRURA Minutes Page i 03-15-OS advice regarding specific legal questions regarding the terminated 38tn Avenue and Sheridan Boulevard redevelopment project. The motion passed unanimously. The regulaz meeting was adjoumed to executive session at 5:42 p.m. The executive session was convened at 5:45 p.m. Those attending the executive session were: Janet Leo, Tom Mallinson, Ralph Mancinelli, Terrell Williams, Corey Hofhnann, Alan White, and Ann Lazzeri. The executive session was adjourned at 6:12 p.m. 6. RECONVENE MEETING The regular meeting was reconvened at 6:13 p.m. NEW BUSINESS • It was moved by Janet Leo and seconded by Tom Mallinson to authorize payment in the amount of S11,711.28, as ordered by the Court, to Robert Wallace. The motion passed 4-0. Mr. Hoffmann explained that a recent ruling by the Court allows the Authority to pay bills incurred through January 2005. This will allow payment to property owner Jerry Archer who had previously reached a settlement agreement with the Authority. A third motion will be filed this week for permission to pay additional outstanding invoices which will include payment to Mr. Wallace. It was moved by Tom Mallinson and seconded by Janet Leo to direct Alan W6ite to make appropriate amendments to the Authority's budget to be consistent with the Court's ruling, and that the amended budget be presented to the Authority for approval at its next meeting. The motion passed 4-0. 8. ADJOURNMENT It was moved by Tom Mallinson and seconded by Ralph Mancinelii to adjourn the meeting at 6:18 p.m. The morion passed 4-0. Terrell Wi►liams, Chair Ann Lazzeri, Secretary WRURA Minutes 03-15-OS Page 2 Wheat Ridge Urban Renewal Authority 7500 W. 29[h Avenue Wheat Ridge, Colorado 80933 303235-7846 3037352857 (Fax) TO: Urban Renewal Authority Boazd Members FROM: Alan White, Executive Director RE; 2005 Supplemental Budget DATE: March 30, 2005 At the last meeting Boazd members directed me to prepare a supplemental budget to reflect the Court's.order regarding the Walgreens Fund. Attached is the amended budget for the Walgreens Fund and the Town Center Fund. Adoption of the accompanying resolution will adopt the amended budgets. As per the court order, the 2005 property tax increment from Town Center is being transferred from that fund to the Walgeens Fund, up to $200,000.00. The remainder, estimated at $62,000.00, will remain in the Town Center Fund. This revenue is deposited automatically in the Town Center Fund monthly. So faz this year we have received about $27,000.00 that has been transferred to the Walgreens Fund. In 2004, the $200,000.00 was transferred on an as-needed basis to pay expenses arising from the Walgreens project. These costs included ]egal services, acquisiUon and relocation services and costs, financial feasibility services, utilities and maintenance at 3718 Ames, and transfer fees. ~ WHEAT RIDGE URBAN RENEWAL AUTHORITY RESOLUTION NO. _ Series of 2005 TITLE: A RESOLUTION APPROVING A SUPPLEMENTAL BUDGET AND APPROPRIATION FOR 2005 WHEREAS, notice of adoprion of the 2005 supplemental appropriation and budget was given by the Urban Renewal Authority in compliance with C.R.S. 29-1-106; and WHEREAS, the Authority previously adopted an appropriation for 2005 on December 7, 2004, which appropriation must be modified to comply with the order of the District Court issued on December 30,2004;and WHEREAS, in compliance with the provisions of the Budget Law regazding notice, objections, and hearing, a public hearing was held on the Supplemental Budget and Appropriation for 2005 on April 5, 2005. 'PHEREFORE, BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority as follows: Section 1. The yeaz 2005 supplemental appropriations and budgets for the two funds as shown on ETthibit 1 and Exhibit 2 attacherl hereto are hereby approved. T'he purposes of the 2005 supplemental appropriations and budgets aze to increase funds in various Town Center Fund line items to provide funds for legal services, professional services, settlement agreements and to appropriate funds for defense of the Authority in legal actions against the Authority. The transfer of funds to the Walgreens Project Fund is to comply with the order of the District Court to escrow those funds required under the Disposition and Development Agreement. All expenses of the Authority for 2005 will be paid from the Town Center Fund. Section 2. Total expenditures of the Authority do not exceed available revenues and beginning fund balance. Secrion 3. A certified copy of this resolution shall be filed with the Division of Local Govemment. ADOPTED the Sth day of Avri] , 2005. WHEAT RIDGE URBAN RENEWAL ALiTHORTTY Chair ATTEST: Secretary to the Authority \\srv-ci-eng-001\users\aw1ite\All FileslURA\Budge112005 sup budget res.doc EXHIBIT 1 'WHEAT RIDGE URBAN RENEWAL AUTHORITY Town Center Fund Actual 2004 Budget 2005 Supp. 2005 BEGINNING FUND BALANCE $ 176,244 $ 173,495 $ 223,102 Revenues 37-500-00-501 Property Tax Increment $ 250,848 $ 263,000 $ 262,000 37-500-00-504 Sales Tax Increment $ 40,322 $ 45,000 $ 45,000 37-580-00-581 interest $ 2,508 $ 2,500 $ 2,000 Transfer from W algreens Project Fund $ - $ - $ - TOTAL REVENUE $ 293,678 $ 310,500 $ 309,000 Personnel 37-120-600-602 Salaries $ - $ - $ ~ 37-120-600-625 FICA $ - $ - $ ' Totai Personnel $ - $ - $ - Supplies 37-120-650-651 Office Supplies $ 15 $ 200 $ 200 37-120-650-654 Printing & Photocopying $ 303 $ 800 $ 800 j 37-120-650-655 Postage $ 14 $ 200 $ 200 Total Supplies $ 332 $ 1,200 $ 1,200 Services 37-120-700-702 Conference & Meetings $ 306 $ 1,000 $ 300 37-120-700-706 Dues, Books, Sub $ 3,790 $ 3,800 $ 3,800 37-120-700-740 Mileage $ - $ - $ - 37-120-700-750 Professional Services $ 19,030 $ 20,000 $ 60,000 37-120-700-758 City Reimbursement $ 13,422 $ 5,000 $ 8,000 37-120-700-760 Utilities & Maint. $ - $ - $ 2,000 37-120-700-799 Misc. $ 237 $ 200 $ 200 Total Services $ 36,785 $ 30,000 $ 74,300 Capital 37-120-800-801 Acquisition & Relocate $ - $ - $ - 37-120-800-872 Site Improvements $ - $ - $ 50,000 37-120-800-873 Payment to Fire District $ - $ - $ - 37-120-800-872 PTI - Marketpiace $ 14,703 $ 16,000 $ 15,000 37-120-890-897 Trans to Walgreens Fund $ 195,000 $ 205,000 $ 205,000 Total Capital $ 209,703 $ 221,000 $ 270,000 TOTAL EXPENDITURES $ 246,820 $ 252,200 $ 345,500 ENDING FUND BAIANCE $ 223,102 $ 231,795 $ 186,602 2005 Sup Town Center Fund Budget EXHIBIT 2 WHEAT RIDGE URBAN RENEWAL AUTHORITY Walgreens Project Fund Actual 2004 Budget 2005 Supp. 2005 BEGINNING FUND BALANCE $ 174,871 $4,722 $ 2,012 Revenues 37-580-00-501 PropertyTaxlncrement $ - $ - $ - 37-580-00-584 Sales Tax Increment $ - $ - $ - 37-580-00-581 Interest $ 535 $ - $ 500 37-580-02-588 Sale of Property $ - $ 180,000 $ 180,000 37-580-01-588 Loan Proceeds $ - $ - 37-590-00-592 Trans from Town Cent Fund $ 195,000 $ 25,000 $ 205,000 TOTAL REVENUE $ 195,535 $ 205,000 $ 385,500 Services 37-121-700-702 Conference & Meetings $ - $ - $ - 37-121-700-706 Dues, Books, Sub $ - $ - $ - 37-127-700-740 Mileage $ - $ - $ - 37-121-700-750 Professionai Services $ - $ 100,000 $ - 37-121-700-758 City Reimbursement $ - $ - $ - 37-121-700-799 Misc. $ 161 $ - $ - Total Services $ 161 $ 100,000 $ - Capital 37-121-800-801 Acquisition & Relocate $ 368,233 $ - $ - 37-121-800-872 Site Improvements $ - $ - $ - 37-121-900-901 Loan Payment $ - $ - $ - Transfer to Town Center Fund $ - $ 109,722 $ - Total Capital $ 368,233 $ 109,722 $ - TOTAL EXPENDITURES ENDING FUND BALANCE $ 368,394 $ 209,722 $ - $ 2,012 $0 $ 387,512 2005 Sup Walgreens Project Fund Budget