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Home My WebLink About07/23/2003AGENDA WHEAT RIDGE URBAN RENEWAL AUTHORITY July 23, 2003 Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban Renewal Authority on Wednesday, July 23, 2003, at 5:00 p.m., in the City Council Chambers of the Municipat Building at 7500 West 29th Avenue, Wheat Ridge, Colorado. 1. Call the Meeting to Order 2. Roll Call of Members 3. Approval of Minutes - June 17, 2003 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. Executive Session under C.R.S. Section 24-6-402(4)(e) for the purpose of determining matters that may be subject to negotiations, developinE strategy for negotiations and/or instructing negotiators regarding financing for the 38' Avenue & Sheridan Boulevard redevelopment project. 6. New Business A. Decision Regarding Financing Proposals from Banks B. Discussion Regarding Urban Renewal Plan Amendment for Tax Increment Financing C. Discussion of IGA Concerning Safeway TIF Revenue D. Review of Land Use Case - MS-03-04 Z Other Matters 8. Adjournment MINUTESOF WHEAT RIDGE URBAN RENEWAL AUTHORITY June 17, 2003 5:30 p.m. 1. CALL THE MEETING TO ORDER The Wheat Ridge Urban Renewal Authority meeting was called to order by Chair Hashem at 5:43 p.m. The meeting was held in the council chambers of the Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. 2. ROLL CALL OF MEMBERS Commissioners present: Norm Burkpile Vance Edwazds Mary Hashem Tom Mallinson Mazgy Platter Terrell Williams Commissioners absent: Elwyn Kiplinger Janet Leo Also attending: Alan White, WRURA Executive Director Jnn Windholz, Attorney for WRURA Ann Lazzeri, Recording Secretary 3. APPROVAL OF MINUTES There being no corrections or additions to the minutes of June 3, 2003, they stood approved as published. 4. PUBLIC FORUM No one indicated a desire to speak at this time. 5. ORDER OF AGENDA Chair Hashem announced a change in the agenda to consider item A under Old Business (Adoption of Resolution Approving Disposition and Development Agreement with Cornerstone Group) following the executive session. The Authoriry had several questions about the DDA which needed to be discussed during the executive session. WRURA Minutes Page 1 06-17-03 6. It was moved by Vauce Edwards and seconded by Norm Burkpile to move iuto executive session under CRS Section 24-6-402(4)(e) for the purpose of determining matters that may be subject to negotiations, develop~ing strategV for negotiations and/or instructing negotiators regarding the 38` Avenue and Sheridan redevelopment project. The motion passed unanimously. The regular meeting was adjourned to executive session at 5:45 p.m. The executive session began at 5:48 p.m. in the second floor conference room and adjoumed at 6:23 pm. The regular meeting was reconvened in the council chambers at 6:25 p.m. OLD BUSINESS A. Adoption of Resolution Approving Disposition and Development Agreement (DDA) with Cornerstone Group Jim Windholz explained that there were changes to the DDA as follows: The Authority agrees to participate up to a maximum of $3,500 for Phase II analysis of potential contamination on the site. The Authority will participate to a maximum of $50,000 for remediation of any contamination of the site, if necessazy. The developer and the developer's lender will make a good faith effort to put a fmancing package (acceptable to the Authority) in place should the Authority be unable to obtain local financing. Mr. Windholz stated that the agreement is subject to having financing and soil contamination issues settled. Until financing is in place, there will be no discussions with property owners regazding relocation, etc. He also noted that the time schedule has been set back approximately a month. It was moved by Vance Edwards and seconded by Margy Platter to adopt the resolution approving the Disposition and Development Agreement with Cornerstone group. The motion passed unanimously. 8. NEW BUSINESS It was movedby Vance Edwards and seconded by Terrell Williams to give Jim Windholz authority to make changes to the schedule of performance as needed at his discretion. The motion passed unanimously. WRURA Minutes Page 2 06-17-03 ~ A memorandum to all interested parties from the Authority, dated June 17, 2003, was distributed. Chair Hashem advised those in attendance that the project would not move forwazd if financing is not obtained by June 30. Alan White requested authorization to pay for Phase Two appraisals. It was moved by Vance Edwards and seconded by Norm Burkpile that Alan White be authorized to pay for the P6ase II written appraisal contingent upon review and approval by Jim Windholz. The motion passed unanimously. The meeting was adjourned by Chair Hashem at 6:35 p.m. 9. ADJOURNMENT Mary Hashem, Chair Ann Lazzeri, Secretary j , WRURA Minutes 06-17-03 Page 3 Wheat Ridge Urban Renewal Authority 7500 W. 29th Avenue 4Vheat Ridge, Colorado 80033 303-235-2846 303235-2857 (Faz) TO: Urban Renewal Authority Board Members FROM: Alan White, Executive Director RE: Amendment to Urban Renewal Plan DATE: July 16, 2003 Another piece of the financing puzzle for 38`h and Sheridan concems the sales and property tax increments. They are currently authorized in the Plan, but no start date has been established. The plan needs to be amended to for this to occur. The policy question for the Board to decide is whether the tax increment should be started for the entire 38`h Avenue Comdor, or for just the Walgreens project azea. If it is just the Walgreens project area, any additional projects along the corridor requiring a tax increment will trigger another amendment to the Plan. Amendment of the Plan reyuires adoption of a resolution by the Authority Board, review by the Planning Commission for conformance with the Comprehensive Plan, and adoption by City Council. Enacting the TIF for the enUre corridor has the advantage of doing the amendment once and being done. The disadvantage is that the 25 yeaz limit on the TIF is started and if another urban renewa] project doesn't happen for 10 years, 10 years of TIF collections are essentially wasted. This is what happened in the Town Center area. The option of enacting the TIF for just the Walgreens project avoids the potential "mistake" of triggering the TIF prematurely for other projects, but the disadvantage is that each subsequent project for which TIF is needed will require approval of a plan amendment by City Council. It is difficult to predict future Council support for urban renewal activities. The amendment will need to be presented to the Authority in August for adoption. Staff needs direction on which TIF option the Board recommends. Wheat Ridge Urban Renewal Authority 7500 W. 29th Avenue 1Nheat Ridge, Colorado 80033 3032354846 303-235-2857 (Fax) TO: Urban Renewal Authority Boazd Members FROM: Alan White, Executive Director RE: IGA Concerning Safeway T1F Revenues DATE: July 17, 2003 The financing for the 38`h and Sheridan urban renewal project requires the use of TIF revenues from the Town Center Urban Renewa] Area. In order for this to occur, the Authority must approve an Intergovemmental Agreement. This agreement will be presented to the Authority in August for approval. Wheat Ridge Urban Renewal Authority 7500 W. 29th Avenue N'heat Ridge, Colorado 80033 303-235-2846 303-235-2857 (Fax) TO: Urban Renewal Authority Board Members FROM: Alan White, Executive Director RE: Case No: MS-03-04 DATE: July 16, 2003 The City's development regulations require review by the Urban Renewal Authority of certain ]and use applications when located in an urban renewal area. The review is to be focused on the consistency of the request with the urban renewal plan. The case under consideration is a subdivision of a lot into two smaller ]ots. The lot to be subdivided is located east and south of the Ace hardware store on Wadsworth and 45`b Avenue. This lot is in the Wadsworth Boulevazd Corridor Redevelopment Area as adopted in October 2001. The subdivision will split the lot into two lots of 25,100 square feet and 38,357 square feet. Access will remain unchanged. Cross-access easements will be created in order to provide access to each of the lots involved. One lot is planned to be purchased by the Jeffco Housing Authority for a new office building. The other lot is planned to be used for a retail store. No financing assistance from WRURA has been requested. The urban renewal plan does not identify the lot in question as a"major development opportunity" due primarily to the size of the parcel involved and the presence of existing buildings to the south. The area is recommended for additional infill development with commercial, retail and restaurant uses. One proposed use is consistent with the plan; the other is not. However, the existing zoning of G1 allows both of the uses. The land use application involves only the subdivision of the existing lot into two smaller lots. 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