Loading...
HomeMy WebLinkAbout08/06/2003AGENDA WHEAT RIDGE URBAN RENEWAL AUTHORITY August 6, 2003 Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban Renewal Authority on Wednesday, August 6, 2003, at 6:00 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 - July 23, 2003 4. Public Forum ('I'his 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 negotiaHons, developing strategy for negotiations and/or instructing negotiators regarding financing for the 38`h Avenue & Sheridan Boulevard redevelopment project. 6. New Business A. Decision Regarding 38th Avenue & Sheridan Boulevard Redevelopment Project 7. Other Matters 8. Adjournment ~ MINUTES OF WHEAT RIDGE URBAN RENEWAL AUTHORITY July 23, 2003 5:00 p.m. , I. L, CALL THE MEETING TO ORDER The Wheat Ridge Urban Renewal Authority meeting was called to order by Chair Hashem at 5:10 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 (recused himself at 6:10 p.m.) Mazy Hashem Elwyn Kiplinger Janet Leo Terrell Williams Commissioners absent: Tom Mallinson Mazgy Platter Also attending: Alan White, WRURA Executive Director Jim Windholz, Attomey for WRURA Steve Szymanski, Szymanski Ray Arne Ray, Szycnanski Ray Ann Lazzeri, Recording Secretary 3. APPROVAL OF MINUTES There being no corrections or additions to the minutes of June 17, 2003, they stood approved as published. 4. PUBLIC FORUM No one indicated a desire to speak at this time. 5. Chair Hashem advised members of the public that following the executive session, the Authority would reconvene in the Council Chambers. It was moved by Vance Edwards and seconded by Norm Burkpile to move into executive session under CRS Section 24-6-402(4)(e) for tLe purpose of determining matters that may be subject to negotiations, developing strategy for negotiations and/or instrucHng negotiators regarding financing for the 38`h Avenue and Sheridan redevelopment project. TLe motion passed unanimously. WRURA Minutes 07-23-03 Page 1 Those attending the executive session were: Norm Burkpile, Vance Edwazds, Mary Hashem, Elwyn Kiplinger, Janet Leo, Terrell Williams, Alan White, Jim Windholz, Steve Szymanski, Ame Ray, and Ann Lazzeri. Laura Fiemann (Tatonka Capital Corporation) attended for a portion of the executive session. The regulaz meeting was adjourned to executive session at 5:10 p.m. The executive session began at 5:12 p.m. in the lobby conference room and adjoumed at 5:58 pm. The regulaz meeting was reconvened in the council chambers at 6:02 p.m. 6. NEW BUSINESS A. Decision Reaardin2 Financin¢ Proposals from Banks It was moved by Vance Edwards and seconded by Norm Burkpile to approve the proposal presented by Tatonka Capital Corporation for financing the 38'h and Sheridan urban renewal project It was further moved to authorize the Authority Attorney to negoriate changes to the proposal as deemed in the best interest of the Authority and when finalized, authorize the Chair to sign for the Authority. Steve Szymanski stated there was confidence in the ability of the Authority to secure gap financing. He reported that a review of the potential appraisal numbers has taken place and full negotiations should be able to proceed in two weeks. An environmental investigation has been conducted to detemune status of the property as well as financial effects. An agreement has been signed with Cornerstone and they have deposited $100,000 eamest money. A traffic study has also been completed which will be reviewed by the city. Jim Windholz stated that he expected to have draft copies of appraisals for each of the affected properties some time next week. He will review them immediately and send back for final drafts. He was hopeful that negoriations for final acquisitions would begin by mid-August. A vote was taken on the motion which passed unanimously. B. Discussion ReQardin¢ Urban Renewal Plan Amendment for Tax Increment Financine (TIF) Sales and property tax increments are currently authorized in the urban renewal plan for the 38t' and Sheridan redevelopment project; however a start date has not been estabiished. Therefore, the plan needs to be amended for this to occur. Jun Windholz asked for direction as to whether TIF should be started for the entire 38'' Avenue Corridor, or just for the Walgreens project azea. WRURA Minutes Page 2 ` 07-23-03 It was moved by Vance Edwards and seconded by Elwyn Kiplinger to ~ authorize Jim Windholz to pret are appropriate information for tax increment t5nancing for the 38` and Sheridan (Walgreens) redevelopment project. T6e motion passed unanimously. Additional projects along the comdor requiring a tax increment will trigger another amendment to the plan. C. Discussion of IGA Concernin¢ Safewav TIF Revenue Chair Hashem announced that staff had deternuned there was no need for an IGA for Safeway TIF revenue. Therefore, this item was removed from the agenda. D. Review of Land Use Case - MS-03-04 Vance Edwazds excused himself from the meeting at this time (6:10 p.m.) because this matter could potentially come before City Council. This item was presented by Alan White. The City's development regulations requixe review by WRURA for certain land use applications when they aze located in an urban renewal azea. The case under consideration concerns subdivision of a single lot into smaller lots. The lot is located east and south of the Ace Hazdware store at 45`h and Wadsworth. No financing from WRURA has been requested. There was a consensus of the Authority that the proposed subdivision presented no significant issues relating to urban renewal Alan White reported on sales tax TIF revenues for the Wheat Ridge Town Center. He noted that these revenues have decreased significantly during 2003. He reported that there is $87,000 in the ColoTrust account and $350,000 in the Authority's checking account. With an estimated $65,000 in property tax increment yet to be paid, the funds at the end of the yeaz should be approxunately $500,000. 7. OTHER MATTERS 9. ADJOURNMENT The meeting was adjourned by Chair Hashem at 6:20 p.m. ~ Mary Hashem, Chair Ann Lazzeri, Secretary WRURA Minutes 07-23-03 Page 3