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Home My WebLink About12/07/2004AGENDA WHEAT RIDGE URBAN RENEWAL AUTHORITY December 7, 2004 Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban Renewal Authority on Tuesday, December 7, 2004, 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 MeeNng to Order 2. Roll Call of Members 3. Approval of Minutes - November 16, 2004 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. New Business A. Resolution 04-2004 - Approving Supplemental Budget for 2004 and Enacting a Budget for 2005 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`n Avenue and Sheridan Boulevard redevelopment project. Adjournment ; MINUTES OF WHEAT RIDGE URBAN RENEWAL AUTHORITY November 16, 2004 5:30 p.m. L CALL THE MEETING TO ORDER The meeting of the Wheat Ridge Urban Renewal Authority meeting was called to order by Chair Williams at 535 p.m. in the council chambers of the Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. 2. ROLL CALL OF MEMBERS Commissioners present: Janet Leo (arrived at 5:40 p.m.) Tom Mallinson Terrell Williams Pete Ziemke (left at 6:30 p.m.) Also attending: Alan VJhite, WRURA Executive Director Corey Hoffmann, WRURA Attomey Charles Durbin, 3703 Ames St. Robert Wallace, 3749 Sheridan Blvd. Ann Lazzeri, Recording Secretary 3. APPROVAL OF MINUTES It was moved by Tom Mallinson and seconded by Pete Ziemke to approve the minutes of October 19, 2004 as presented. The motion passed 2-0 with Pete Ziemke abstaining. 4. PUBLIC FORUM Robert Wallace 3749 Sheridan Mr. Wallace stated that his attomey had received no response to a letter directed to Mr. Ostrander. The letter contained a statement of costs incurred by Mr. Wallace associated with the 38°i and Sheridan urban renewal project. Chair Williams replied that the Authority had received a copy of the letter; however, a decision could not be made until after receiving legal advice during executive session. He also apologized that Mr. Wallace's attomey had received no response from Mr. Ostrander. Mr. Wallace expressed fiuther concem that his attomey was not officially notified by the court that the agreement with Cornerstone had been dismissed until thirty days after the fact. Chair Williams explained that the Authority has no control WRURA Minutes Page 1 I1-16-04 over the court's actions and commented that he was certain the Authority gave direction for all property owners to be notified by Mr. Ostrander. Charles Durbin 3703 Ames Mr. Durbin asked if the Authority had received a response from Cornerstone Development regarding termination of the agreement with the Authority. Chair Williams explained that a response had been received within the past couple of days and the Authority members would be made awaze of details of that response later in the evening during executive session. 5. NEW BUSINESS A. Ratification of Apnroval of Release Agreement with Art Fast It was moved by Pete Ziemke and seconded by Tom Mallinson to approve the Release and Settlement Agreement with Arthur Fast and Thurion Ventures, Inc., signed by Mr. Fast on November 9, 2004. The motion passed unanimously. 6. EXECUTIVE SESSION It was moved by Pete Ziemke and seconded by Janet Leo that the Wheat Ridge Urban Renewal Authority enter into an executive session on November 16, 2004, under CRS Section 24-6-402(4)(e) and (b) for the purpose of determining matters that may be subject to negotiatioas, developing strategy for negotiations and/or instructing negotiators regarding the terminated 38th Avenue and Sheridan Boulevard redevelopment project and receiving legal advice regarding specific legal questions related to litigation regarding the terminated 38th Avenue and Sheridan Boulevard redevelopment project. The motion passed unanimously. The regular meeting was adjourned at 5:45 p.m. The executive session was convened in the lobby conference room at 5:47 p.m. Those present for the executive session were as follows: Janet Leq Tom Mallinson, Tenell Williams, Pete Ziemke, Alan White, Corey Hoffmann, and Ann Lazzeri. The executive session was adjourned at 6:44 p.m. RECONVENE REGULAR MEETING The regulaz meeting was reconvened at 6:46 p.m. 8. OTHER NEW BUSINESS • It was moved by Tom Mallinson and seconded by Janet Leo to authorize the Authority's legal counsel to accept service of the complaint filed by WRURA Minutes Page 2 11-16-04 Cornerstone Development against the Wheat Ridge Urban Renewal Authority. The motion passed unanimously. It was moved by Janet Leo and seconded by Tom Mallinson that the Authority authorize the listing of property located at 3718 Ames as a commerciat property and further authorize an expenditure not to exceed one hundred dollars for winterization of the dwelling. The motion passed unanimously. 8. ADJOURNMENT It was moved by Janet Leo and seconded by Tom Mallinson to adjoum the meering at 6:48 p.m. The motion passed unanimously. Terrell R'illiams, Chair Ann Lazzeri, Secretary WRURA Minutes Page 3 11-16-04 Wheat Ridge Urban Renewal Authority 7500 W. 29th Avenue Wheat Ridge, Colorado 80033 303235-2846 3032352857 (Fax) TO: Urban Renewal Authority Boazd Members FROM: Alan White, Executive Director RE: 2004 Supplemental and 2005 Budgets DATE: December 3, 2004 Attached is a resolution adopting a supplemental budget for 2004 and a budget for 2005. The reason for doing a supplemental budget for 2004 is to transfer more funds into the Walgreens Project Fund in order to have sufficient funds to settle with the remaining owners, cover the amount expended on dues (dues to the Jefferson Economic Councii is split with the City), increase the amount budgeted for reimbursement to the City for staff time, and to decrease the amount appropriated for professional services. The fund balance is estimated to be $176,245 in the Town Center Fund and $4,722 in the Walgreens Project Fund, assuming all matters with tenants and owners are settled. The line item for acquisition and relocation for $420,000 covers the expense of purchasing 3718 Ames, settlements with the owners and tenants, and the legal costs involved in all of the acquisitions, condemnations and settlements. The 2005 budget for the Walgreens Project Fund shows revenue of $180,000 (conservatively) for the sale of 3718 Ames. Expenditures are estimated at $100,000 for leeal nrofessiona] services related to the lawsuit with Comerstone. MINOR Any leftover funds in the Walgreens Project Fund are recommended to be transferred back to the Town Center Fund and closing the Walgreens Project Fund. No funds are included for the Comerstone matter, other than legal fees. Ames, total revenue is projected at The fund balance is project to be $526,745 at the end of 2005. The 2005 Budget for the Town Center Fund projects Property tax increment of $263,000 and sales tax increment of $44,500. With interest and proceeds from the sale of 3718 WHEAT RIDGE ITRBAN RENEWAL AUTHORITY RESOLUTION NO. Series of 2004 TITLE: A RESOLUTION APPROVING A SUPPLEMENTAL BUDGET AND APPROPRIATION FOR 2004 AND ENACTING A BUDGET AND APPROPRIATION FOR THE YEAR 2005. WI-IEREAS, C.R.S. 29-1-103 (1) of the "I.ocal Government Budget I.aw of Colorado" requires certain local governmental entities to prepaze and adopt an annual budget; and WHEREAS, the Attorney for the Authority has opined that the provisions of the Budget Law do apply to the Authority; and WHEREAS, notice of adoption of the 2004 supplemental appropriations and budgets and the 2005 budget and appropriation was given by the Urban Renewa] Authority in compliance with C.R.S. 29-1-106; and WHEREAS, in compliance with the provisions of the Budget Law regarding notice, objections, and hearing, a public hearing was held on the Supplemental Budget and Appropriation for 2004 and the Budget and Appropriation for 2005 by the Authority on December 7, 2004. THEREFORE, BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority as follows: Section 1. The year 2005 budgets for the two funds as shown on Earhibit 1 and Exhibit 2 attached hereto are hereby approved. The purpose of the 2005 budget is to make funds available for public improvements in connection with any potential urban renewal project and to appropriate funds for defense of the Authority in legal actions against the Authority. The year 2004 supplemental budgets and appropriations as shown in the "Supplemental 2004" columns for each fund are hereby approved. The purpose of the supplementa] budget is to increase funds in the Town Center Fund to transfer to the Walgreens Project Fund to fund the remaining acquisiUOn and relocation settlement agreements with landowners; to increase the amount appropriated for dues, books, and subscriptions; to increase the amount appropriated for reimbursement to the City; and decrease the amount appropriated for professional services. Section 2. Total expenditures of the Authority do not exceed available revenues and beginning fund balance. Section 3. A certified copy of this resolution shall be filed with the Division of I.ocal Government. ADOPTED the 7th day of December , 2004. \\srvcizng-001\users\awhiteW1 Fdes\URA\BudgeA2005 budget res.doc WHEAT RIDGE URBAN RENEWAL AUTHORTI'Y Chair ATTEST: Secretary to the Authority C:\Documents and SettingslalanWy Documents\WPFiles\URA\2003 budget res.wpd 1%sivcicug-001Wsers\aw6ite4Al1 Fila\URA\Budgetk2005 budgetres.doc EXHIBIT 1 WHEAT RIDGE URBAN RENEWAL AUTHORITY Town Center Fund Actual 2003 Budget 2004 Supp. 2004 Budget 2005 BEGINNING FUND BALANCE $ 337,861 $ 159,019 $ 176,245 $ 173,495 Revenues 37-500-00-501 PropertyTau Increment $ 237,558 $ 250,000 $ 250,000 $ 263,000 37-500-00-504 Sales Tax Increment $ 15,262 $ 30,000 $ 30,000 $ 45,000 37-580-00-581 Interest $ 4,430 $ 3,000 $ 2,000 $ 2,500 Transfer from Fund 38 $ - $ - $ - $ 89,950 TOTAL REVENUE $ 257,250 $ 283,000 $ 282,000 $ 400,450 Personnel 37-120-600-602 Salaries $ - $ - $ - $ - 37-120-600-625 FICA $ - $ - $ - $ - Total Personnel $ - $ - $ - $ Supplies 37-120-650-651 Office Supplies $ 12 $ 200 $ 50 $ 200 37-120-650-654 Printing & Photocopying $ - $ 1,000 $ 350 $ 800 37-120-650-655 Postage $ • $ 300 $ 50 $ 200 Totai Supplies $ 12 $ 1,500 $ 450 $ 1,200 Services 37-120-700-702 Conference & Meetings $ 376 $ 1,000 $ 300 $ 1,000 37-120-700-706 Dues, Books, Sub $ 3,290 $ 3,300 $ 3,800 $ 3,800 37-120-700-740 Mileage $ - $ $ - $ - 37-120-700-750 Professional Services $ 147,044 $ 40,000 $ 7,000 20,000 37-120-700-758 CityReimbursement $ 11,269 $ 5,000 $ 8,000 $ 5,000 37-120-700-799 Misc. $ 163 $ 200 $ 200 $ 200 Total Services $ 162,142 $ 49,500 $ 19,300 $ 30,000 Capital 37-120-800-801 Acquisition & Relocate $ - $ - $ - $ - 37-120-800-872 Sfte Improvements $ - $ - $ - Payment to Fire District $ 14,212 $ 16,000 $ 15,000 $ 16,000 37-720-800-872 PTI - Marketplace $ 17,500 $ - $ - $ - Transfer to W algreens Project Fund $ 225,000 $ 200,000 $ 250,000 $ - Total Capital $ 256,712 $ 216,000 $ 265,000 $ 16,000 TOTAL EXPENDITURES $ 418,866 $ 267,000 $ 284,750 $ 47,200 ENDING FUND BALANCE $ 176,245 $ 175,019 $ 173,495 $ 526,745 2005 Town Center Fund Budget EXHIBIT 2 WHEAT RIDGE URBAN RENEWAL AUTHORITY Walgreens Project Fund ACTUAL 2003 Budget 2004 Supp. 2004 Budget 2005 BEGINNING FUND BALANCE $ - $175,100 $ 174,872 $ 4,722 Revenues 37-500-00-501 Property Tax Increment $ - $ - $ - $ - 37-500-00-504 Sales Tax Increment $ - $ - $ - $ - 37-580-00-581 Interest $ 68 $ - $ - $ - Sale of Property $ - $ 1,412,000 $ - $ 180,000 Loan $ 562,384 Transfer from Fund 37 $ 225,000 $ 200,000 $ 250,000 $ - TOTAL REVENUE $ 225,068 $ 2,174,384 $ 424,872 $ 184,722 Services 37-120-700-702 Conference & Meetings $ - $ - $ - $ - 37-120-700-706 Dues, Books, Sub $ - $ - $ - $ - 37-120-700-740 Mileage $ - $ - $ - $ - 37-120-700-750 Professional Services $ - $ - $ - $ 100,000 37-120-700-758 City Reimbursement $ - $ - $ - $ - 37-120-700-799 Misc. $ 81 $ 100 $ 150 $ - Total Services $ 81 $ 100 $ 150 $ 100,000 Capital 37-120-800-801 Acquisition & Relocate $ 10,315 $ 2,140,000 $ 420,000 $ - 37-120-800-872 Site Improvements $ - $ - $ - Loan Payment $ - $ 200,000 $ - $ - Loan Closing Costs $ 39,800 $ - $ - Transfer to Fund 37 $ - $ - $ 84,722 Total Capital $ 50,115 $ 2,340,000 $ 420,000 $ 84,722 TOTAL EXPENDITURES $ 50,196 $ 2,340,100 $ 420,150 $ 184,722 ENDING FUND BALANCE $ 174,872 . $9,384 $ 4,722 $ - 2005 Walgreens Project Fund Budget Wheat Ridge Urban Renewal Authority 7500 W.29[h Avenue Wheat Ridge, Colorado 800.33 303295-2846 3032352857 (Fax) TO: Urban Renewal Authority Board Members FROM: Alan White, Executive Director RE: Town Center Sales Tax and Property Tax Increments DATE: December 3, 2004 Attached are two charts tracking the sales and property taac increments generated by the Town Center Urban Renewal Area through November 2004. The Property Tax chart shows the calculation of the amount WRURA will owe the Fire District. Under the IGA with the District, WRURA pays the District the property tax increment the District would have received if not for the urban renewal azea. The property tax increment runs through 2006 due to the 25 year time limit under the Urban Renewal Law. The final payments to the Authority will be in 2007. 1.- Z W ~ W R U 2 Q F y W J Q y Q W 2 W U Z ~ O f W p 0 m FE ~ ¢ W 2 3 \ \ \ \ \ \ \ \ \ \ \ 0 0 0 N N N 0 0 o r V c7 0 0 0 CO N N 0 0 0 LL) -~r O C') tn I~ O 00 I- - (O tn V O N ' N r ' M (O m a0 I~ r a V0) ch ~ N N lf1 0) LO N m tD t, m O) N (O m V V O N f~ LO f~ N m p r(O I~ Qi c7 N NLd 143 69 V! FH 63 69 Efl fA V3 Vf !A ~ ~ ~ ~ ~ ~ 0 0 0 t0 W V 0 0 0 OIQ - 0 0 0 O r tn 0 0 0 0~ ~ (O pj Cj LIj l(j V V 1[j r N -11, O h I M 1- h O LA 00 O m 7 O Lo N f~ 7O>N Lo P7 Ln (O(OM 00(OLO W V(O U) r W 0).- V"-' a0 M - In LO 1, r tDN~ 7 M 63 63 63 63 b9 b9 Vf 4!3 fR Efl 63 fA ~ ~ ~ ~ \ 0 0 0 a0 Il N 0 0 0 fl N Il 0 0 0 O O tD 0 0 0 I~ 00 0~ 1- V 00 V' V' N N m r (O - (O c'7 NN M - ' N ' c0 (O 1~ 1O m r V - 1~ N O) ~ W h - Wm 0) NODM a0N V N C7M 000).- O]rn ON V I- Oi O N t0 V M M fA V3 V3 V3 V3 fA V3 Efl V3 En EA \ ~ ~0 ~ ~ ~ ~ \ 0 0 0 m rn v 0 0 0 cnorn 0 0 0 rnvrn 0 0 0 onm , r W Cj (O(000 ui (00 ~tV 01 LO f7 V V+-N N NN (ON 07 LO N It O N N N W O t0 Q> VU) 00 (O N , aD N (O W O V lfJO NGDcl ON V c7 V O cT N r I, N a N O~ N r . - r. E» v3 Fn v> v% u9. u~ en 613. 63 v3 69 muO v Wrntn Vroeo con(o W ~ a M ~ ~ N ~ r C 7 a D uS t~ cfl P, oi v (o (o ui cfl o V C') M C7 V' V V V V V 7 l0 E» v> v~ v} v) Fri v3 » Ea en v9 ro ~ m m ~9 N E m ~n` ~ ' c >.rnn ° > cmi ~ i a~ ' ~ m ~ U O m t 2 Q2- ~ Qtn 0 ZD TO: WHEAT RIDGE FIRE DISTRICT AUDIT FILES FROM: ALAN WHITE, EXECUTIVE DIRECTOR RE: ALLOGATION OF 2003 REAL PROPERTY TAXES PAID IN 2004 DATE: 18-Nov-04 The Wheat Ridge Urban Renewal Authority has received the following property tax payments in the Wheat Ridge Town Center Urban Renewal Area in 2004: Treasurer's Fees Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 $ • $ 79.04 $ 572.11 $ 132.73 $1,763.49 $ 406J6 $ 668.97 $ - $ - $ - $ 79.70 $ - Total 2003 Mill Levies $ 3,702.80 Wheat Ridge Water District Wheat Ridge Sanitation District Wheat Ridge Fire District Urban Drainage and Flood Controi District RTD Moffat Tunnel City of W heat Ridge R-1 School District Jefferson County Total Fire District levy of Fire District receives 4.4 is equal to 5.86% of Total Received $ - $ 5,190.37 $ 37,567.87 $ 8,715.50 $115,803.09 $ 26,710.56 $ 43,927.39 $ 311.32 $ 7,388.33 $ - $ 5,233.72 $ - $ 250,848.15 0.00 mills 0.616 mills 4.400 mills 0.533 milis 0.00 miils 0.00 mills 1.806 milis 43.848 miils 23.867 mills 75.07 5.86% of the total area miii levy of $ 250,848.15 equalling $ 14,702.70 75.07 2004 Property Tax Increment