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HomeMy WebLinkAbout07/09/2001AGENDA CITY OF WHEAT RIDGE URBAN RENEWAL AUTHORITY Monday, July 9, 2001 5:30 p.m. Notice is hereby given of a Public Meeting to be held by the City of Wheat Ridge Urban Renewal Authority on July 9, 2001, at 5:30 p.m., in the second floor conference room of the Municipal Building at 7500 West 29th Avenue, Wheat Ridge, Colorado. Call The Meeting to Order 2. Roll Call of Members 3. Approval of Minutes - June 11, 2001 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. Old Business 6. New Business A. Selection of consultant(s) to prepare urban renewal plans. B. Establish interview committee; set times and date for interviews. C. Consideration of entering into an agreement to engage the services of a financial advisor. D. Consideration of entering into an engagement letter agreement with Kutak Rock for legal services related to financiaUbond matters. E. Resolution 01-03 - A resolution funding the existence of blight in the vicinity of Ward Road and 44" Avenue and making recommendations to the Wheat Ridge City Council. F. Budget Amendment 7. Other Matters 8. Adjournment MINUTES OF WHEAT RIDGE URBAN RENEWAL AUTHORITY June 11, 2001 7:00 p.m. 1. CALL THE MEETING TO ORDER The Wheat Ridge Urban Renewal Authority meeting was called to order by Chair Matthews at 7:00 pm. 2. ROLL CALL OF MEMBERS Commissioners present: Norm Burkpile Vance Edwazds Marilynn Force Jim Goddard Elwyn Kiplinger Janet Leo Dick Matthews Commissioners absent: Rae Jean Behm Sandra Collins Kandi McKay Margy Platter Also attending: Scott Staples, City Manager Alan White, Planning Director Jim Windholz, Urban Renewal Attorney Steven Bell, Hanifen Imhoff David Bell, Hanifen Imhoff Rick Buddin, Kutak Rock Steven Szymanski, Symanski/Ray Ann Lazzeri, Secretary 3. APPROVAL OF THE ORDER OF AGENDA ' At the request of Jim Windholz, it was moved by Vance Edwards and seconded by Elwyn Kiplinger to add an executive session to the agenda for the purpose of receiving legal advice and to discuss negotiation strategies. The motion passed unanimously. 4. APPROVAL OF MINUTES It was moved by Vance Edwards and seconded by Elwyn Kiplinger to approve the minutes as presented. The motion passed unanimously. WRURA Minutes Page 1 06/ I I /O l 5. PUBLIC FORUM There were none present to address the Authority. 6. OLD BUSINESS There was no old business to come before the Authority. 7. NEW BUSINESS A. Discussion of Urban Renewal Plans Preparation The deadline of June 6, 2001 passed without receiving any proposals from consultants interested in preparing the urban renewal plans for the Authority and the City. There wasdiscussion as to whether the RFP should be re-advertised or have the plans prepared in-house in conjunction with HNTB. It was moved by Vance Edwards and seconded by Norm Burkpile that staff be directed to re-advertise the request with a new deadline and that staff also investigate working in-house with Windholz and Associates. The motion passed unanimously. B. Consideration of entering into an agreement to engage the services of a Redevelonment Manaaement Consultant Jim Windholz introduced Steve Szymanski from the firm of Szymanski/Ray who presented a proposal for his firm to perform services as the Authority's redevelopment management consultant. It was moved by Vance Edwards and seconded by Marilynn Force that the proposal from the firm of Szymanski/Ray be accepted for the redevelopment management consultant for the Wheat Ridge Urban Renewal Authority. The motion passed unanimously. C. Reconsideration of continuing the services of Development Research Partners At its May meeting, the Authority considered whether to retain or terminate the services of Development Reseazch Partners (DRP) to finish prepazing a market feasibility study for the urban renewal azea. Since that time, DRP indicated that they would not be abie to get back to the study until September. It was the recommendation of Jim Windholz and Alan White that the contract should be terminated and all materials produced thus far by DRP be turned over to the city. WRURA Minutes Page 2 06/11/01 It was moved by Marilynn Force and seconded by Elwyn Kiplinger that the city obtain material that the consultant (DRP) has produced thus far, pay any fees that are due, and authorize 3im Windholz and Alan White to send a letter of termination to Development Research Partners. The motion passed unanimousiy. 8. EXECUTIVE SESSION It was moved by Norm Burkpile and seconded by Marilynn Force to adjourn the meeting to an executive session to receive legal advice and discuss property negotiations at 6:02 p.m. The motion passed unanimously. In addition to Authority members, Steven Bell and David Bell of Hanifen Imhoff; Rick Buddin of Kutak Rock and Jerry DiTullio (arrived at 6:27 p.m.) were present during the executive session. 9. REC'ONVENE REGULAR MEETING It was moved by Vance Edwards and seconded by Marilynn Force to reconvene the regular meeting at 6:33 p.m. The motion passed unanimously. It was moved by Vance Edwards and seconded by Elwyn Kiplinger that the Authority direct Jim Windholz to work with Scott Staples, city manager, to facilitate additional information for the Wheat Ridge Urban Renewal Authority to consider the engaging of a financial advisor, which was discussed during executive session, and that it be brought back to the next Authority meeting. The motion passed unanimously. 10. OTHER MATTERS Kutak Rock Engagement Letter - City Council previously approved Kutak Rock to serve as bond counsel to WRURA. The engagement letter from Kutak Rock will be considered at the July 9 WRURA meeting. Rick Buddin of Kutak Rock will attend this meeting. 11. ADJOURNMENT It was moved by Norm Burkpile and seconded by Marilynn Force to adjourn the meeting at 6:40 p.m. The motion passed unanimously. Richard Matthews, Chair Ann Lazzeri, Secretary WRURA Minutes 06/I 1/Ol Page 3 of WHEqT City of Wheat Ridge ~ o ~ Planning and Development Department C~C OR POO Memorandum TO: Urban Renewal Authority Members FROM: Alan White, Planning and Development Director SUBJECT: RFP-01-037 Urban Renewal Consulting Services DATE: July 3, 2001 Attached are copies of the two proposals received for the preparation of the Wadsworth and 38' Avenue urban renewal plans. Attached also is a copy of the advertisement, scope of work and schedule to assist you in your evaluation. Please review all submittals prior to the Authority meeting on Monday, July 9". Note any questions or clarifications to be asked during the interviews. We anticipate requesting Council approval of a contract or contracts on July 23'd. On July 9" we will select an interview committee. I recommend interviewing both firms. Interviews have been scheduled for Tuesday, July 10'h in the Municipal Building 1" Floor Lobby Canference room. The interviews will consist of: • 20 minutes presentation and 20 minutes Q& A, with 10 minutes set up time. • Consultants will elaborate on expenence, approach and ability to meet timelines. Be prepared to ask questions. • The firms may have several representatives in attendance. Feel free to question their roles and capacities. Due to the critical deadlines, is there any additional information that can be provided to assist in completing the project. • Tally the scores and rank the firms. • Compare proposed fees to the Authority's budget. (We have only $20,000 left in the professional services line item. We will need to reacommend a budget amendment.) The schedule for interviews is as follows: Noms Dullea/Larson Architects 330 pm Clarion Associates/LDR Internarional 4:30 pm Please plan to meet at 3:15 pm. This will allow the interview committee time to review the scoring sheets and ask any questions prior to the interviews. City of Wheat Ridge Planning and Development Department Mem0raridUril TO: Urban Renewal Authority Members FROM: Alan White, Planning and Development Director 0A SUBJECT: Financial Advisor Consultant DATE: July 5, 2001 4 OF WHEqT ~ P ~ a ~ c~ m C~~ OR A00 At the last meeting of the Authority, we considered hiring a financial advisor to provide the Authority with financing options and analyses. The decision was postponed to this meeting in order to present development costs. The full scope of development costs is still not known. In order to have available the expertise needed to analyze financing options, the City's potential contribution, and potential ballot issues, staff recommends hiring Hanifen Imhoff as the City's financial advisor. A motion is needed to recommend engaging the services of Hanifen Imhoff as the City's financial advisor and to present an engagement letter to City Council on July 23`a QVvlyFiles\WPFiles\URA\financial advisocwpd ~F WHEqT City of Wheat Ridge ~ Po ~ Planning and Development Department CO~ OR A00 Memorandum TO: . Urban Renewal Authority Members FROM: Alan White, Planning and Development Director,M~ i ti v~M~ SUBJECT: Bond Counsel Engagement Letter DATE: July 5, 2001 Attached is a copy of the letter agreement to engage the services of Kutak Rock LLP to provide bond counsel services to the Authority. The services to be provided are listed in the agreement. Fees are proposed in a two-stage arrangement. In the preliminary stages, fees will be out-of- pocket expenses plus one-half time charges at special hourly rates. At such time as bonds are likely to be issued, payment of fees and expenses will be deferred until the bonds are issued and fees will be paid from the bond proceeds. Last year the Authority recommended and Council approved consulting with a bond attomey on matters pertaining to establishing an urban renewal plan. This agreement formally engages the services of Kutak Rock in providing bond counsel services. , Staff recommends forwarding a recommendation of approval to Council. C:N1yFi1es\WPFi1es\URA\bond counsel2.wpd KUTAK ROCK LLP ATLqNTA SUITE 2900 cHicqGo 717 SEVENTEENTH STREET Kqr+sws cirv LINCOLN DENVER, COLORADO 80202-3329 urrLe wocK 303-297-2400 NEWpORTBEAGH FACSIMILE303- 292-7799 oK ~wHOmwcirv OMAHA www.kufakrock.com PASqOEHh nicHmoNo SCOTTSDALE WA9XINOTON June 11, 2001 Wheat Ridge Urban Renewal Authority 7500 West 29th Avenue Wheat Ridge, Colorado 80215 Re: Agreement for Bond Counsel Services Ladies and Gentlemen, The purpose of this letter is to set forth our understanding with respect to the retention of Kutak Rock LLP as bond counsel far the Wheat Ridge Urban Renewal Authority (the "Authority") in connection with your existing and future urban renewal projects. As in our proposal, I will be the principal contact person at the firm for the Authority and Dave Caprera will conduct any necessary analysis of federal tax law. We expect to provide various forms of legal advice to the Authority and others during the preliminary stages of plamniug for your urban renewal projects, including the review and preparation of urban renewal plans, authorizing ordinances of the City of Wheat Ridge (the "City") and resolufions of the Authority, and any cooperation agreements with the City, and the prepazation, structure and negotiation of your redevelopment agreements with one or more developers. This integrarion of the contractual rights of the Authority with bond structures has proven to be unportant to successful fmancings in the past. In addition, the firm will provide all services traditionally provided by bond counsel, including the following: 1. Provide the Authority with legal advice and assistance on (a) fmancing structures and options, including payment terms, credit enhancement and bond specifications; (b) the TABOR Amendment to the Colorado constitution; (c) federal and state tax matters as they relate to the Authority's financings; and (d) federal and state securiries law issues as they relate to the Authority's financings. 2. Confer with the Authority's undenvriter, general counsel and others, including rating agencies and bond insurers. 3. Prepaze all legal documentation necessary to complete the Authority's financing in accordance with the Authority's timetable: 02-91768.01 KUTAK ROCK LLP Wheat Ridge Urban Renewal Authority June 11, 2001 Page 2 4. Assist the Authority in complying with Securities and Exchange Commission Rule 15c2-12 obligations, including preparing and reviewing an Official Statement to be used in marketing the Authority's bonds and an ongoing disclosure undertaking. 5. Assist, as requested, in presenting information to bond rating agencies, bond insurers and other entities that may provide credit enhancement for the bonds. 6. Issue a bond opinion and opinions on related matters such as the applicability of federal and state securities and taxation laws and regulations. Arrange for and d'uect the closing of the Authority's bond issue. 8. Prepare all necessary filings with the Internal Revenue Service. 9. Assist in the legal review and assistance necessary to invest the proceeds of the bonds. 10. Prepare closing transcripts for all parties to the financing. We are sensitive to the issue of attomeys fees, particularly in the situation where an urban renewal project is in its very early stages, and yet bond counsel is needed to assure that the possibility of bond financing is not foreclosed by the Authority's arrangements with redevelopers. In order to encourage you to call us and involve us in the prelixninary stages of planning for your urban renewal projects, we propose the following two-stage arrangement. During the preliminary stages of your urban renewal projects, the Authority will pay us monthly for oiu• out-of-pocket disbursements and for one-half of our tnne chazges at special hourly rates of $165 per hour for Mr. Buddin and $250 per hour for Mr. Caprera, subject to such hourly rate increases as the firm may impose for all lawyers in the firm of similaz experience and,expertise. If deemed necessary by Mr. Buddin or Mr. Caprera, other lawyers at the firm may be involved at similaz ar lesser hourly rates, depending upon their level of expertise and experience. During the preliminary stage of an urban renewal project, the other half of our fees will be deferred until such time as the Authority has funds to pay them, such as from bond proceeds, land sale proceeds or other revenues of the Authority. At such time as bonds appeaz to us as likely to be issued, we wili switch to the more conventional bond counsel practice of deferring payxnent of our fees and expenses until such tune as the bonds aze actually issued, and our fee for acting as bond counsel will vary depending on the size and complexity of the bond issue. In that event, either the City or the Authority, as the issuer of the bonds, will pay our fees and expenses from bond proceeds, and we will also charge only for our out-of-pocket expenses if the bonds are not issued. oz-9i7es.oi KUTAK ROCK LLP Wheat Ridge Urban Renewal Authority June 11, 2001 Page 3 This two-stage fee arrangement will apply regazdless of whether the Authority or the City issues the bonds. It is our understanding that the City intends to employ the firm as bond counsel if the City issues bonds for redevelopment purposes. It is our intent to operate under the terms of this agreement from the date it is executed by the Authority. Accordingly, this agreement may be modified only in writing, signed by the Authority and by the firxn. Either party may ternunate this agreement upon written notice to the other. In the event of a ternunation by the Authority, the Authority agrees to pay the accrued fees and expenses incurred by the firm, as described above, to the date of such written notice upon receipt of a statement for such fees and expenses. Upon such payment, all files, documents, correspondence and work in progress of the firm for the Authority shall be provided to the Authority. If the foregoing is acceptable to the Authority, please so indicate your acceptance by signing and relurning a copy of this letter enclosed herewith. Sincerely, KUTAK ROCK LLP By !•'WOli4-' Richazd L. Buddin, Partner RLB:sjn Accepted as of this day of June, 2001. WHEAT RIDGE URBAN RENEWAL AUTHORITY By Chauman, Board of Coxnmissioners 02-91768.01 pE WHEAt City of Wheat Ridge ~ Po Planning and Development Department Memorandum TO: Urban Renewal Authority Members FROM: Alan White, Planning and Development Director 6w SUBJECT: Resolution 01-03, A Resolution Finding Blight in the 44"/Ward Road Area DATE: July 5, 2001 Attached is a resolution finding blight in the 44`° Avenue corridor from Tabor to Youngfield. The findings of the resolution aze based upon the blight survey prepared by Arthur L. Anderson and Associates which concludes that there are a number of factors of blight found in the study area. The recommended urban renewal azea is shown in Figure 1. No residentially zoned properties aze included in the area. A motion to approve the resolution is needed in order to forwazd the study to Council for approval. CAhlyFiles\WPFiles\URA\44fi Ward Blight URA.wpd WHEAT RIDGE URBAN RENEWAL AUTHORITY RESOLUTION NO. 01-03 Series of 2001 TITLE: A RESOLUTION FINDING THE EXISTENCE OF BLIGHT IN THE VICINITY OF THE WARD ROAD AND 44T" AVENUE AND MAKING RECOMMENDATIONS TO THE WHEAT RIDGE CITY COUNCIL WHEREAS, the Urban Renewal Law of Colorado (§31-25-101 et seq C.R.S.) authorizes the analysis and consideration of factors within the City of Wheat Ridge to determine if blight exists within certain areas of the City to utilize the provisions of the Urban Renewal Law to eluninate and prevent blight and to develop and/or redevelop such areas for the economic and social well being and public health, safety and welfare of the community; and WHEREAS, such analysis has been undertaken to determine whether factors of blight exist within the vicinity of Ward Road and 44'" Avenue, which study area is depicted on Exhibit 1 hereto (hereafter the "Study Area"); and WHEREAS, following requests for proposals and responses thereto, Arthur L. Anderson & Associates, Inc. was chosen to conduct such blight analysis; and WHEREAS, the Board of Commissioners has been presented with the results and evidence of such blight analysis at a public meeting on July 9, 2001; and WHEREAS, said study and analysis and the data and evidence presented at the public meeting validates the existence of factors of blight in the Study Area consistent with §31-25-103(2) C.R.S. of the Urban Renewal Law. NOW THEREFORE BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority as follows: Section 1. The blight study for the vicinity of Ward Road and 44`h Avenue and the data and evidence related thereto is hereby accepted by the Board of Commissioners. Section 2. Consistent with §31-25-103(2) C.R.S. of the Urban Renewal Law, the Board of Commissioners hereby finds that the following 10 factors of blight exist in the Wadsworth Boulevard Corridor Study Area: A. Slum, deteriorated or deteriorating structures; and B. Defective or inadequate street layout; and C. Faulty lot layout in relation to size, adequacy, accessibility or usefulness; and D. Unsanitary or unsafe conditions; and E. Deterioration of site or other unprovements; and F. Unusual topography; and G. Defective or unusual conditions of title rendering the title nonmarketable; and H. The existence of conditions that endanger life or property by fire or other causes; and 1. Environmental contamination of buildings or property; and J. Inadequate public unprovements or utilities. Section 3. The Board of Commissioners finds that the vicinity of Ward Road and 44" Avenue, in its present condition and use and by reason of the presence of the foregoing 10 factors of blight, substantially unpairs the sound growth of Wheat Ridge, constitutes an economic liability and is a menace to the pubiic health, safety and welfare. Section 4. The Board of Commissioners respectfully recommends to the Wheat Ridge City Council the following: A. That, in compliance with the Urban Renewal Law, it give notice of and hold a public hearing regarding consideration of blight factors in the vicinity of Ward Road and 44' Avenue; and B. That if the data and evidence at the public hearing is sufficient to comply with the Urban Renewal Law, it make fmdings of the existence of factors of blight; and C. Based upon such blight factors, it establish an urban renewal azea in the general vicinity of Ward Road and 4411 Avenue, as it deems appropriate; and D. If it makes such fmdings of blight and establishes the urban renewal area, that it authorize the procedures for commencement of the preparation and consideration of an urban renewal plan for the area. 2 DONE AND RESOLVED this day of , 2001. WHEAT RIDGE URBAN RENEWAL AUTHORITY Chair ATTEST: Secretary to the Authoriry St. -/J Ward Rd. ibit 1 ~ > Q t ~ ~ d.~ ~ z~ i . oF WHEqT City of Wheat Ridge : o ~ Planning and Development Department c~C OR A00 Memorandum TO: Urban Renewal Authority Members FROM: Alan White, Planning and Development Director QW SUBJECT: Budget Amendment DATE: July 3, 2001 Attached is a copy of the Authority's budget and year-to-date expenses. The line item for professional services has a balance of $20,876.00 from a budgeted amount of $105,000.00. The amount was originally budgeted as follows: $ 5,000.00 Appraisals $50,000.00 Blight Study and Market Feasibility Study for Wadsworth 50 000.00 Blight Study and Market Feasibility Study for Truck Stop area $105,000.00 Total Expenses chazged to this budget have been: $60,000.00 HNTB 38`" Avenue and Wadsworth Blight Studies $ 5,000.00 City to hire surveyors to prepare legal descriptions 19 124.00 Legal Services $84,124.00 Total This balance will not be sufficient to pay for the services of a consultant to prepare the urban renewal plans, the Redevelopment Management Consultant, or financial advisor. I recommend a budget amendment to transfer funds from the Fund Balance of Fund 37 Fund to Fund 37-120- 700-750 in the amount of $100,000.00