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Home My WebLink About04/17/2007AGENDA WHEAT RIDGE URBAN RENEWAL AUTHORITY April 17, 2007 Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban Renewal Authority on Tuesday, April 17, 2007, at 6:00 p.m., in the City Council Chambers 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 - March 20, 2007 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 A. Resolution 02-2007, Presentation & Approval of 2007 Budget Amendment 6. New Business A. Discussion of New Urban Renewa( Areas B. Signage for Wheat Ridge Cyclery 7. Adjournment MINUTES OF WHEAT RIDGE URBAN RENEWAL AUTHORTTY March 20, 2007 6:00 p.m. 2. 3. CALL THE MEETING TO ORDER The meeting of the Wheat Ridge Urban Renewal Authority was called to order by Chair Williams at 6:10 p.m. in the council chambers of the Wheat Ridge Municipal Building, 7500 West 29"' Avenue, Wheat Ridge, Colorado. ROLL CALL OF MEMBERS Authority members present: Commissioners absent: James Bahrenburg Janet Leo Larry Schulz Terrell Williams Pete Ziemke 4. 5. Teri Carver Also attending: Alan White, WRURA Executive Director Corey Hoffinann, Attorney for WRURA Ann Lazzeri, Recarding Secretary APPROVAL OF MINUTES - February 6, 2007 It was moved by James Bahrenburg and seconded by Janet Leo to approve the minutes of February 6, 2006 as presented. The motion passed unanimously. PUBLIC FORUM At the request of Charles Durbin, Corey Hoffinann gave a brief update on tbe status of the Cornerstone litigation. NEW BUSINESS A. Resolution No. 01-2007 - Approval of Agreement with Wheat Ridge Cyclery Following brief discussion, it was moved by Pete Ziemke and seconded by Larry Schulz to approve Resolution No. 01-2007, a resolution of the Wheat Ridge Urban Renewal authority approving the improvements agreement with Wheat Ridge Cyclery. The motion passed unanimously. WRURA Minutes March 20, 2007 8. ADJOURNMENT The meeting was adjourned at 620 p.m. The next meeting is scheduled for April 17, 2007. Terrell Williams, Chair Ann Lazzeri, Recording Secretary WRURA Minutes March 20, 2007 - 2 - Wheat Ridge Urban Renewal Authority 7500 W. 29th Avenue Wheat Ridge, Colondo 80033 303235-7896 303735-2857 (Fu) TO: Urban Renewal Authority Board Members FROM: Alan White, Executive Director ~ RE: 2007 Budget Amendment DATE: April 10, 2007 After receiving year end financial information, two errors in the originally approved budget were discovered. These errors were in the beginning balance for the Walgreens Project Fund and the Sales tax increment in the Town Center Fund. They are shown by shading in the Exhibits attached to the resolution. The beginning balance for the Walgreens fund was shown as $223,101 instead of the correct amount of $2,012. ($223,10] was the beginning balance in the Town Center Fund.) The original budget did not include the additional $100,000 sales tax payment from the City. The sales tax increment should have been $200,000, not $100,000. Attached is a resolution adopting an amended budget for 2007. Until the lawsuit with Comerstone is settled, and assuming the judge's order allows us to pay only operating expenses, the 2007 Budget reflects only a contribution to the Wheat Ridge Cyclery urban renewal project. $200,000 is transferred from the Town Center Fund to the Walgreens Project Fund as required by the judge's order. The major expenditures, all out of the Town Center Fund, are for legal representation, reimbursement to the City, and payment to the Fire District. Exhibit 3 is the budget for the Wheat Ridge Cyclery project. Only sales tax increment will be collected and reimbursed. The adjusted fund balances at the end of 2007 are estimated to be $262, 215 in the Town Center Fund and $848,939 in the Walgreens Project Fund. Revenue in 2007 is projected at $240,000 for the property tax increment and $100,000 of the sales tax increment, both generated from the Town Center area. Any sales tax increment generated by the Wheat Ridge Cyclery project will be reimbursed under the reimbursement agreement. Usrv-ci-eng-002\users$\awhite\All Piles\URA\Budge[\2007 ameiided budget memo.doc WHEAT RIDGE URBAN RENEWAL AUTHORITY RESOLUTION NO. Series of 2007 TITLE: A RESOLUTION ENACTING AN AMENDED BUDGET AND APPROPRIATION FOR THE YEAR 2007. WHEREAS, C.R.S. 29-1-103 (1) of the Local Government Budget Law of Colorado requires certain local governmental entities to prepare 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 2007 amended budget and appropriation was given by the Urban Renewal 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 pubiic hearing was held on the Amended Budget and Appropriation for 2007 by the Authority on April 12, 2007. THEREFORE, BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority as follows: Section 1. The year 2007 amended budgets for the three funds as shown on Exhibit 1, Exhibit 2, and Exhibit 3 attached hereto are hereby approved. The purposes of the 2007 budget is to make funds available for normal operating expenses, to appropriate funds for defense of the Authority in legal actions against the Autharity, and to provide tax increment funding for an urban renewal project in the urban renewal area. Sources of funds for the Authority are property tax increment and sales tax increment generated by the urban renewal area. Section 2. Total expenditures of the Authority do not exceed available revenues acid beginning fund balance. Section 3. A certified copy of this resolution shall be filed with the Division of I,ocal Government. ADOPTED the 17th day of Anril , 2007. WHEAT RIDGE URBAN RENEWAL AUTHORITY ATTEST: Secretary to the Autharity \\srv-ci-eng-002\users$\awhile\AII Files\URA\6udgeN2007 amended budget res.doc EXHIBIT 1 WHEAT RIDGE URBAN RENEWAL AUTHORITY Town Center Fund Actual 2005 2006 Estimated 2007 Proposed BEGINNING FUND BALANCE $ 223,101 $ 122,792 $ 226,615 Revenues 37-500-00-501 PropertyTax Increment $ 275,084 $ 240,000 $ 240,000 37-500-00-504 Sales Tax Increment $ 100,000 $ 200,000 $ 100,000 37-580-00-581 Interest $ 3,744 $ 2,500 $ 3,500 TOTAL REVENUE $ 378,828 $ 442,500 $ 343,500 Personnel 37-120-600-602 Salaries $ - $ - $ - 37-120-600-625 FICA $ - $ - $ - Total Personnel $ - $ - $ - Supplies 37-120-650-651 Office Supplies $ - $ 52 $ 200 37-120-650-654 Printing & Photocopying $ - $ - $ 800 37-120-650-655 Postage $ - $ - $ 200 Total Supplies $ - $ 52 $ 1,200 Services 37-120-700-702 Conference & Meetings $ - $ - $ 1,200 37-120-700-706 Dues, Books, Sub $ 3,717 $ - $ 3,800 37-120-700-740 Mileage $ - $ - $ - 37-120-700-750 Professional Services $ 37,167 $ 20,000 $ 60,000 37-120-700-758 City Reimbursement $ 6,683 $ 5,000 $ 5,000 37-120-700-760 Utilities & Maint. $ 802 $ 500 $ 500 37-120-700-799 Misc. $ 144 $ 125 $ 200 Total Services $ 48,512 $ 25,625 $ 70,700 Capital 37-120-800-801 Lands. Buildings, & Wat $ 81,013 $ - $ 20,000 37-120-800-872 Site Improvements $ - $ - $ - 37-120-800-873 Payment to Fire District $ 14,613 $ 13,000 $ 16,000 37-120-800-872 PTI - Marketplace $ - $ - $ - 37-120-890-897 Trans to Walgreens Fund $ 335,000 $ 300,000 $ 200,000 Total Capital $ 430,625 $ 313,000 $ 236,000 TOTAL EXPENDITURES $ 479,137 $ 338,677 $ 307,900 ENDI NG FUND BALANCE $ 122,792 $ 226,615 $ 262,215 2007 Amended Budget EXHIBIT 2 WHEAT RIDGE URBAN RENEWAL AUTHORITY Walgreens Project Fund Actual 2005 Estimated 2006 Proposed 2007 BEGINNING FUND BALANCE $ 2;012 $ 339,029 $ 643,939 Revenues 37-580-00-501 PropertyTax Increment $ - $ - $ - 37-580-00-584 Sales Tax Increment $ - $ - $ ' 37-580-00-581 Interest $ 2,107 $ 5,000 $ 5,000 37-580-02-588 Sale of Property $ - $ ' 37-590-00-592 Trans from Town Cent Fund $ 335,000 $ 300,000 $ 200,000 TOTAL REVENUE $ 337,107 $ 305,000 $ 205,000 Services 37-121-700-702 Conference & Meetings $ - $ 37-121-700-706 Dues, Books, Sub $ - $ 37-121-700-740 Mileage $ - $ 37-121-700-750 Professional Services $ - $ 37-121-700-758 City Reimbursement $ - $ 37-121-700-799 Misc. $ 90 $ Total Services $ 90 $ Capital 37-121-800-801 Acquisition & Relocate $ - $ 37-121-800-872 Site Improvements $ - $ 37-121-900-901 Loan Payment $ - $ Total Capital $ - $ TOTAL EXPENDITURES $ 90 $ END ING FUND BALANCE $ 339,029 $ $ $ $ $ 90 $ 90 $ $ $ $ $ 90 $ - $643,939 $ 848,939 2007 Budget.xls WHEAT RIDGE URBAN RENEWAL AUTHORITY Wheat Ridge Cyclery Project Fund Proposed 2007 BEGINNING FUND BALANCE $ - Revenues 37-580-00-501 PropertyTax Increment $ - 37-580-00-584 Sales Tax Increment $ 24,000 37-580-00-581 Interest $ - 37-580-02-588 Sale of Property $ - TOTAL REVENUE $ 24,000 EXHIBIT 3 Services 37-121-700-702 Conference & Meetings $ 37-121-700-706 Dues, Books, Sub $ - 37-121-700-740 Mileage $ - 37-121-700-750 Professional Services $ - 37-121-700-758 City Reimbursement $ - 37-121-700-799 Misc. $ - Total Services $ - Capital 37-121-800-801 Acquisition & Relocate $ - 37-121-800-872 Site Improvements $ 24,000 37-121-900-901 Loan Payment $ - Total Capital $ 24,000 TOTAL EXPENDITURES $ 24,000 ENDING FUND BALANCE $ -