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HomeMy WebLinkAbout10/21/2008WHEAT RIDGE URBAN RENEWAL AUTHORITY AGENDA October 21, 2008 Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban Renewal Authority on Tuesday, October 21, 2008, 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 -September 16 & 22, 2008 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. EPA Brownfields Assessment Grant b. Discussion concerning ownership of property located at 3718 Ames Street 6. Executive Session for the purpose of receiving legal advice to consider the purchase, acquisition, lease, transfer or sale of real, personal or other property pursuant to C.R.S. Section 24-6-402(4)(a). 7. Next Meeting Date 8. Adjournment - MINUTES WHEAT RIDGE URBAN RENEWAL AUTHORITY September 16, 2008 1. CALL THE MEETING TO ORDER The meeting of the Wheat Ridge Urban Renewal Authority was called to order by Chairman Williams at 6:07 p.m. in the council chambers of the Municipal Building, 7500 West 29"' Avenue, Wheat Ridge, Colorado. 2. ROLL CALL OF MEMBERS Authority Members Present: Rick Adams James Bahrenburg Tom Radigan Larry Schulz Terrell Williams Authority Members Absent: Janet Leo Walt Pettit - Also attending: Patrick Goff, Deputy City Manager Corey Hoffmann, WRURA Attorney Rob Osborn, WR2020 Kevin Hood, WR2020 Denise Waddell, WR2020 Don Seyfer, WR2020 Denise Balkas, WR2020 Mary Hashem, Brownfield Partners Doug Elenowitz, Brownfield Partners Stuart Miner, Brownfield Partners Morgan Landers, Brownfield Partners Ann Lazzeri, Recording Secretary 3. APPROVAL OF MINUTES - August 19, 2008 The minutes of August 19, 2008 were approved by acclamation. 4. PUBLIC FORUM In response to a question from the audience, Chainnan Williams stated that the Cornerstone trial date is still scheduled for October 20. 5. NEW BUSINESS WRURA Minutes - 1- September 16, 2008 A. Presentation by Brownfield Partners (Authority members were provided copies of the presentation.) Mary Hashem, managing principal with Brownfield Partners, presented background information on her firm which specializes in acquisition, planning, entitlement and redevelopment of urban infill with an emphasis on environmentally impaired real estate. She reviewed development projects done by Brownfield. Ms. Hashem referred to the fact that Brownfield Partners submitted the only proposal for this project. One of the reasons for the company's interest is the desire to be more involved locally. She also cited her personal involvement with the City Wheat Ridge, as a fotrner resident and former chairman of the Wheat Ridge Urban Renewal Authority. Douglas Elenowitz presented the overall goals for the project. • Catalyst for corridor redevelopment • Signature identity for the front door of Wheat Ridge • Place of vibrancy driven by complementary mix of uses • Create framework for future development • Economically viable project area Challenges of the project • Need for "out-parcel" acquisition • Accessibility and visibility • Present zoning • Density and parking balance • Reality of market conditions Redevelopment Concept • Zone A- Mixed use library and residential with small coffee shop/cafe and 55-60 residential units. • Zone B- Office building with 60,000 square feet of office space (possible municipal building and medical offices) • Zone C- Single story retail multi-tenant buildings with surface parking. • Zone D- Public parking garage with 218 spaces to serve office, library and retail. • Zone E- Mixed use office and retail (along Wadsworth) - ground floor retail with 3 floors of office above - 43,200 GSF WRURA Minutes -2- September 16, 2008 ' Key requirements for success • Charter amendment regarding density and height • Land contribution and public finance • Frontage along Wadsworth and West 44°i Ave. • Interior anchor Next steps • Working session with WR2020 • Formal planning period • Land assembly • Land development • Vertical development Terrell Williams commented that it was his assumption the Chinese restaurant would be part of the redevelopment. Mr. Elenowitz replied that it is not necessary to build it into the project, however, facade improvements would be desirable. Rick Adams asked who would be responsible for assemblage of outlying pieces. Mr. Elenowitz replied that they are thinking of a joint effort and would look to the city for some funding mechanism such as bonding or tax increment financing. This would need further study. James Bahrenberg suggested completing development in phases. Mr. Elenowitz agreed that it would probably happen in phases. Tom Radigan estimated the cost of the entire project would be around $55 million. Mr. Elenowitz commented that this figure was probably close. In response to a question regarding the feasibility of the project if the charter amendments do not pass, Mr. Elenowitz stated that residential units over a library would not happen. There was discussion about locating a new city hall within the development. Larry Schulz commented that, while the city needs a new center, it would take some time and study to find the right location. Perhaps the city could lease space in the meantime. In response to questions about the location of the development in relation to Wadsworth, Ms. Landers explained that the preliminary plans show Wadsworth in its present location. The plan could easily be dianged to accommodate the widening of Wadsworth. There was discussion about density issues. Mr. Miner commented that perception versus the actuality of density is very different. There was a consensus of the Authority to continue with Brownfield Partners. WRURA Minutes -3 - September 16, 2008 (The meeting was recessed from 7:31 to 7:43 p.m.) B. Update on Kipling Corridor Blight Study RFP Patrick Goff stated that the city manager has requested the scope for the Kipling Corridor Blight Study be expanded to include the Highway 58 - I- 70 area in order to utilize tax increment financing for the area. 5. EXECUTIVE SESSION It was moved by Larry Schulz and seconded by James Bahrenburg to enter into executive session for the purpose of receiving legal advice concerning pending litigation regarding the terminated 38"' Avenue and Sheridan Boulevard redevelopment project pursuant to C.R.S. Section 24-6-402(4)(b) The motion passed unanimously. The regular meeting was adjourned to executive session at 7:44 p.m. The executive session was convened at 7:45 p.m. Those attending the executive session were: Rick Adams James Bahrenburg Tom Radigan Larry Schulz Terrell Williams Patrick Goff Corey Hoffinann Ann Lazzeri 6. ADJOURNMENT The executive session and regular meeting were adjourned at 7:57 p.m. Terrell R. Williams, Chairman Ann Lazzeri, Recording Secretary WRURA Minutes -4- September 16, 2008 MINUTES WHEAT RIDGE URBAN RENEWAL AUTHORITY September 22, 2008 1. 2. 3 CALL THE MEETING TO ORDER The special meeting of the Wheat Ridge Urban Renewal Authority was called to order by Chairxnan Williams at 5:36 p.m. in the council chambers of the Municipal Building, 7500 West 29"' Avenue, Wheat Ridge, Colorado. ROLL CALL OF MEMBERS Authority Members Present: Rick Adams James Bahrenburg Janet Leo Walt Pettit Larry Schulz Terrell Williams Authority Members Absent: Tom Radigan Also attending: Patrick Goff, Deputy City Manager Corey Hoffmann, WRURA Attorney Ann Lazzeri, Recording Secretary EXECUTIVE SESSION It was moved by Rick Adams and seconded by James Bahrenburg to enter into executive session for (i) the purpose of receiving legal advice concerning pending litigation regarding the terminated 38"' Avenue and Sheridan Boulevard redevelopment project pursuant to C.R.S. Section 24-6-402(4)(b) and (ii) to consider the purchase, acquisition, lease, transfer or sale of real, personal or other property pursuant to C.R.S. Section 24-6-402(4)(a). The motion passed unanimously. The regular meeting was adjourned to executive session at 5:38 p.m. The executive session was convened at 538 p.m. The executive session was adjourned at 6:37 p.m. WRURA Minutes - 1- September 22, 2008 Those attending the executive session were: Rick Adams James Bahrenburg Janet Leo Walt Pettit Larry Schulz Terrell Williams Patrick Goff Corey Hoffmann Ann Lazzeri 4. 5. The regular meeting was reconvened at 6:38 p.m. NEW BUSINESS A. Possible Consideration of 38"' Avenue and Sheridan Boulevard redevelopment litigation settlement agreement It was moved by Walt Pettit and seconded by Rick Adams to accept the settlement and mutual release agreement with Cornerstone as presented by Corey Hoffmann. The motion passed unanimously. ADJOURNMENT The executive session and regular meeting were adjourned at 6:40 p.m. Terrell R. Williams, Chairman Ann Lazzeri, Recording Secretary WRURA Minutes -2- September 22, 2008 City of Wheat~dge COMMUNI7YDEVELOPMENT Memorandum TO: Wheat Ridge Urban Renewal Authority THROUGH: Patrick Goff, Executive Director, Wheat Ridge Urban Renewal Authoria FROM: Ken Johnstone, Community Development Director Sally Payne, Senior Planner DATE: October 16, 2008 SUBJECT: EPA Brownfields Assessment Grant The Environmental Protection Agency (EPA) has once again made Brownfields Assessment Grant funds available to communities for use in conducting brownfields inventories, planning, assessments and community outreach. The purpose of the EPA Brownfields Program is to empower communities, states and other stakeholders involved _ in economic development to work together to assess, clean up, and reuse brownfield sites. The grant funds are available nationwide and are very competitive. In 2008, 800 grant proposals were received by EPA with only 314 of those proposals selected. The deadline for 2009 proposals is November 14'h. For 2009, EPA has created a new grant opportunity for applicants called a Coalition Assessment Grant. An Assessment Coalition is comprised of three or more eligible entities that submit one grant proposal under the name of one of the coalition participants who is responsible for administering the grant. Eligible entities include local governments, redevelopment agencies that are sanctioned by the state, regional councils of governments and states. Non-profits are not eligible to participate in Assessment Coalitions. Last year, the Community Development Department submitted an EPA Brownfields Assessment Grant proposal targeting the Wadsworth Blvd. Urban Renewal Area. While the 2008 application was not selected, we received valuable feedback from EPA on our application. Also, in the past year, WR2020 has done additional research and inventory of potential brownfield sites along Wadsworth Blvd. in collaboration with the Colorado Brownfields Foundation and a brownfields consultant. Given the feedback received on the previous proposal and the additional work done by WR2020, the City believes it is prepared to submit a successful proposal for 2009 funds for Wadsworth Blvd. Recently, DRCOG approached the City expressing their desire to undertake a Coalition Assessment Grant with the City of Wheat Ridge. After discussions with DRCOG, Community Development staff believes the coalition approach would be a viable option and could quite likely increase the chances of being selected. DRCOG is also discussing the possibility of a Coalition Assessment Grant with another community. They will let us know shortly how they would like to proceed. Having DRCOG has part of thetoalition is advantageous since they would administer the funds and do the required government reporting. Assuming DRCOG will partner with us, we need to have a third participant for the Assessment Coalition. Community Development staff would like to propose that the Urban Renewal Authority be the third participant. A coalition can include a local government and its urban renewal authority as long as the redevelopment agency was created by state statute. Community Development staff would like to discuss including the Urban Renewal Authority as part of an Assessment Coalition at the October 21St URA meeting. Wheat Ridge Urban Renewal Authority 7500 W. 29th Avenue Wheat Ridge, Colorado 80033 303-2352846 303-235-2857 (Fax) TO: Urban Renewal Authority Board Me bers FROM: Patrick Goff, Executive Director RE: Ownership of Property Located at 3718 Ames Street DATE: October 7, 2008 The Wheat Ridge Urban Renewal Authority entered into an Agreement for Acquisition of Property on February 9, 2004 for the property located at 3718 Ames Street in Wheat Ridge Colorado. The property consists of 6,700 square feet of land including a single family residence, with a detached garage totaling approximately 2,186 square feet. The purchase price was $194,000. The house was purchased by the Authority as part of the greater 38I' Avenue and Sheridan redevelopment project with Cornerstone Group XXII, L.L.C. After development negotiations failed, on November 23, 2004 Comerstone filed a Notice of Lis Pendens with Jefferson County against the property owned by the Authority at 3718 Ames Street. On September 22, 2008, the Authority entered into a Settlement and Mutual Release Agreement with Cornerstone and on September 24, 2008 a Release of Lis Pendens was filed with Jefferson County for the property located at 3718 Ames Street. Once the recorded Lis Pendens is received from the County, the Authority will be able to proceed with selling or disposing of the property. Staff recommends that the Authority discuss options for the current ownership of this property. Attachments: Agreement for Acquisition of Property, dated February 9, 2004 Sections of Property Appraisal, dated August 22, 2003 Appraisal Information AGREEMENT FOR ACQUISITION OF PROPERTY c Effective 2004, the Wheat Ridge Urban Renewal Authority (Authority), a Colorado urban renewal authority and Paula S. Stamper and Jean Stamper (Owners), have entered into this Agreement regarding the following described real estate situate in the Authority of Wheat Ridge, County of Jefferson, Colorado, to wit: As legally described in attached Exhibit A, with the address of 3718 Ames Sheet, Wheat Ridge, Colorado 80214 comprising approximately 6700 square feet of land, with all improvements thereon (including a single family residence, with a detached garage totaling approximately 2186 square feet) and appurtenances thereto owned by Owners ("Property"), upon the terms and conditions herein. WHEREAS, the Owners agree to sell the Property to the Authority and the Authority agrees to purchase the Property from the Owners. THEREFORE, in consideration of the mutual promises and conditions contained herein, it is agreed by and between the parties as follows: 1. The Property. (a) Subject to the terms and provisions of this Agreement, Owners agree to sell to the Authority and the Authority agrees to purchase from the Owners that certain real property which is described in Exhibit A, (the "Property") which is attached hereto and incorporated herein by this reference; together with all buildings, fixtures and improvements thereon, all right, title and interest of Owners in and to any alleys, vacated streets or alleys adjoining the Property, and all easements, rights of way, and appurtenances thereto; any permits, licenses or water or sewer taps; all site plans, surveys, soil and substrata studies, plans and specifications, engineering or environmental plans or studies, traffic studies or any other similar documents affecting the Property and in the possession or under control of Owners, (the "Improvements"). (b) Owners shall convey the Property and Improvements by a General Warranty Deed at the time of the conveyance and Closing of the Property. 2. Purchase Price. The purchase price to be paid to the Owners by the Authority for the Property is One Hundred Ninety Four Thousand Dollars ($194,000.00), (the "Purchase Price"), payable at Closing by governmental check. 3. Risk of Loss. Loss or damage to the Property from any cause, including but not limited to fire, vandalism, or acts of nature from the date of this Agreement until the Closing and possession of the Property by the Authority, whichever is later, shall be at the risk of Owners. If, prior to possession, the Property is destroyed or damaged in whole or in part, this Agreement may be canceled at the option of the Authority. Notwithstanding the foregoing, the Authority, at its option, shall have the right to proceed with specific performance of this Agreement despite such damage, provided that the Authority shall be entitled to any insurance proceeds resulting from such damage. Owners will maintain adequate property insurance, as reasonably determined by the parties, on the Property during the term of this Agreement and possession of the Property by the Owners, whichever is later, and provide information of such insurance coverage to the Authority upon the effective date of this Agreement. 4. Representations, Covenants and Warranties of Owners. Owners represent, covenant, and wanant the following to the Authority: A. Owners have not received any notice of, and have no other knowledge or information of, any action, suit, proceeding, or claim affecting the Property or any portion thereof, pending or threatened in any court or by or before any federal, state, county or municipal department, commission, board, bureau, agency or other governmental entity. B. The Property is free and clear of all mechanics' liens, and no work has been performed or is in process on the Property, and no materials have been furnished to the Property or any portion therefore which might result in mechanics', materialmen's or any other liens against the Property or any portion thereof. C. Owners are the sole owners of good and marketable fee simple title to the Property and during the term of this Agreement the Property shall be free and clear of all liens, claims, encumbrances and claims of third parties, unless consented to by the Authority in writing. D. During the term of this Agreement, Owners shall not, nor shall they allow, effect or permit any transaction which may affect the Authority's good and marketable fee simple title to the Property. E. During the term of this Agreement, Owners shall not pledge, mortgage, sell, lease, transfer, exchange or convey any interest of any nature whatsoever in the Property to any other party. 5. Indemnification and Hold Harmless. Owners shall indemnify, defend and hold the Authority harmless from any liability, obligation, cost or judginent incurred by the Authority, related to this Agreement resulting from any negligent or intentional acts of Owners or breach of any representations, covenants or warranties. 6. Representations and Warranties of the Authority. During the term of this Agreement the Authority represents and warrants to Owners that: A. The Authority has the funds necessary to pay the Purchase Price for the Property. B. The Authority has the legal authority to enter into this Agreement. 7. Access. During the term of this Agreement, the Authority, its agents or consultants shall have access to the Property upon reasonable notice to the Owners and the tenant for all purposes related to this Agreement, including by illustration, conducting environmental tests and inspections of the land and improvements. Such access shall not unreasonably interfere with the Owners' occupancy of the Property. The Authority shall restore the Property to its original condition following tests and inspections, if required, and shall hold the Owners harmless from any injuries or damages related to such access. 8. Time of Essence. Time is of the essence, and all terms, conditions and covenants shall be tendered or performed as specified herein. 9. Expiration of Agreement. This Agreement shall expire if Closing does not occur on or before March 16, 2004. 10. Further Acts. Each party agrees to perform or cause to be performed on or after the effective date of the Agreement and/or the Closing, such fixrther acts, enter into agreements or execute documents as may be reasonably necessary to consummate the transactions contemplated hereby. 11. Title Insurance - Survey - Inspection. To assure the Authority of good and merchantable title to the Property the Authority shall, at its expense, obtain a commitment for a title insurance policy in an amount equal to the Purchase Price to be issued by a title insurance company selected by the Authority. In the event the commitment for title insurance indicates that Owners do not have good and merchantable fee simple title to the Property, as determined solely by the Authority; or indicates outstanding liens against or encumbrances upon the Property; restrictions upon the Property or conditions or restrictions regarding use thereof; or in the event said commitment or other investigation indicates rights of parties in possession other than the existing tenant; then the Authority may, at its option, void this Agreement; satisfy such liens, restrictions, conditions or encumbrances; or acquire the right to possession to its reasonable satisfaction, to effect good and merchantable title, and deduct from the amount to be paid to Owners the amount of any consideration paid on the account thereof. The Authority shall obtain a certified land survey of the Property and pay the cost of the survey. 12. Matters Not Shown by the Public Records. Owners shall deliver to the Authority before February 22, 2004, true copies of all lease(s) and survey(s) in Owner's possession pertaining to the Property and shall disclose to the Authority all easements, liens or other title matters not shown by the public records of which Owners has actual knowledge. The Authority shall have the right to inspect the Property to determine if any third party (s) has any right in the Property not shown by the public records (such as, by illustration, an unrecorded easement or boundary line discrepancy). The Authority, in its sole and absolute discretion, may void this Agreement on the basis of information obtained. 13. Payment of Encumbrances - Taxes. All liens, assessments, encumbrances and taxes required to be paid shall be paid by Owners on or before Closing from the proceeds of this transaction or from any other source. Owners shall verify payment of same in writing to the Authority at Closing. 14. Merchantable Title/Survey. The title insurance policy and/or survey provided for in Section 11 shall be updated to the date of Closing by the Authority. 15. Warranty Deed. At Closing, Owners shall execute and deliver to the Authority a good and sufficient General Warranty Deed conveying good and merchantable fee simple title to the property to the Authority, free and clear of all liens, encumbrances, assessments, restrictions and taxes, except as agreed to by the Authority. 16. Closing/Possession. Closing shall take place on or before March 16, 2004 at the time and place as determined by the Authority. Owners may continue to occupy the premises without payment of rent to the Authority for 30 days following Closing, provided that the provisions of Section 3 regarding insurance shall apply to such occupancy. 17. Relocation/Appraisal Fees. By separate agreement, which is incorporated herein by reference, the Authority shall pay the Owners for their appraisal in an amount not to exceed $500.00 and for moving/relocation expenses not to exceed $3,000.00. 18. Eminent Domain. In the event Closing cannot take place under this Agreement to the satisfaction of the Authority, as solely determined by the Authority, it is agreed that the Authority may initiate and prosecute an action in eminent domain for the Purchase Price. Owners agree not to contest the action, to accept service of process, and to cooperate with the Authority to effect acquisition of the Property by such an action in eminent domain for the Purchase Price. 19. Default. In the event a party is in default of any provision of the Agreement, and the non-defaulting party is required to initiate litigation to remedy the default, the prevailing party shall be awarded its costs, expert fees and attorneys' fees. 20. Covenants Survive Closing. The terms and conditions of this Agreement shall not merge and shall extend beyond the time of conveyance and Closing of the Property. 21. Notices. Notices may be effected to either party by U.S. Mail, to each party at: Wheat Ridge Urban Renewal Authority 7500 W. 29th Avenue Wheat Ridge, CO 80215 Owners: Paola S. Strey , >T~~ 1~2'f /Al Jean Stamper ~ 22. General Provisions. A. This Agreement may only be amended in writing signed by all parties. B. This Agreement shall not be assigned by any party without the written consent of the other parry, which consent shall not be unreasonably withheld. C. This Agreement shall be govemed by the laws of the State of Colorado. Venue for any litigation regarding this Agreement or an action in eminent domain, as provided in Section 17, shall be in Jefferson County, Colorado. D. This Agreement may be recorded by either party at the expense of the Authority. E. The persons signing this Agreement on behalf of each of the parties are authorized to bind and by their signatures hereby do bind such parties to the terms of this Agreement. WHEAT RIDGE URBAN RENEWAL AUTHORITY BY: /-/~'jr ~ . - Cfiair / PAULA S. STAMPER JEAN STAMPER ~ jc v7 BYf~~%~~. ~ J 7Z, *Jf~A~- Owner BY: Ll~r ~~-p TOwner ATTEST: Secretary STATE OF COLORADO ) )ss. county of _J s~'.-e i^s c ri ) The foregoing instrument was subscribed and sworn to before me the '911' day of ~ , 2004, by Akr i a -Zkj,~A , Chair and Ainz-cr^j , S cretary of the Wheat Ridge Urban Renewal Authority. Witness my hand and official seal. My Commission expires: ~ STATE OF COLORADO 5 u . P~~~V N A. F~~~ • ~ p7qR y • o N~• pUBL\G ~.O 9~, . ~ ~ P~ F ~F CO~~`~ My Commission Expires 04/1612006 )SS. County of The foregoing instrument was subscribed and sworn to before me the day of ~Er~.,..•t~ , 2004, by and !r~,.,~ ~^r~•7e~ ~ Owners. Witness my hand and official seal. _ t NOTARY MyCommissionexpires: 5231as STATE OF COLO.'•.. ~O ~ ALLAN O. FR1EZ z=~.~~1 My Commission Expires May 23, 2Ja3 Notary Public 6 EXHIBIT A Block l, Lot 21, Pearson-Woodside Addition, County of Jefferson, State of Colorado. cszs e~ew.~ amc.a¢ma,~~a acs Singie•Pamiiy Home 3718 Ames Street Wheat Ridge, Colorado Subject Property 0 2001 DYCO Real Estate, Inc. 3718 Ares Street Appraisal Ammk Real Estate Inc. 710 Kipling Street • Suite 406 • Lakewood, Colorado 80215 (303) 215-9210 • Fax (303) 215-9213 August22,2003 Nan White ExeaGve Director Wheat Ridge Urban Renewal Authority 7500 West 29th Avenue Wheat Ridge, CO 80215 , : - RE: Single-Family Residence 3718 Ames Street Wheat Ridge, CO DYCO File #133-03 Dear Mr. White: In accordance with your request, we have prepared a complete appraisal in a summary format for the referenced property. At the time of this appraisal, Paula S. and Jean Stamper own the subject property. The subject property is a single-family residence with a detached garage. The home contains 846 square feet of above-ground living space and was constructed in 1940. Quality and condition of the home is average. The site is an interior lot containing 5,700 square feet of land area fronting along Ames Street. We have personally inspected the above-referenced site, improvements, and market data for the purpose of estimating the Just Compensation to the property owner resulting from the potential taking by Wheat Ridge Urban Renewal Authority. Just Compensation is comprised of the market value of the fee simple estate of the take property. The valuation date is September 9, 2003, the date of our final inspection. This Complete Appraisal in a Summary Report format is written to comply with the reporting requirements as set forth under standards rule 2-2(b) of Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by the Appraisal Standards Board. The report contains summary discussion of the data, reasoning, and analyses that were used to develop the opinion of value. It also includes summary descriptions of the Subject property, the property's locale, the market for the property type, and the appraiser's opinion of highest and best use. Any data, reasoning, and analyses not discussed in this Summary Report are retained in the appraiser's work file. The appraisal process has been conducted in compliance with USPAP and the Code of Ethics promulgated by the Appraisal Institute. The value wndusions and esfimate of Just Compensatlon contained in this appraisal is subject to the following extraordinary assumptions and IimiGng conditions. . As agreed upon with the client prior to the preparatlon of this appraisal, this report is written in Summary format. As such, some informa6on pertinent to the valuation is retained in the appraiser's work files, and only summary conclusions are illustrated in the report. • This report is prepared for the sole use and benefit of the client and intended users and is based, in part, upon documents, wri6ngs, and informaUon owned and possessed by the client. Neither this report, nor any of the information contained herein shall be used, relied upon, or distributed for any purpose by any person or entity other than the client without written permission of DYCO Real Estate, Inc. Alan White Wheat Ridge Urban Renewal Authority August 22, 2003 Page 2 • The value esfimate was made based on our analysis of market condiGons as of the date of value. ' The appraisers or DYCO Real Estate, Inc., cannot be held responsible for unforeseeable economic and environmental events that alter market conditions subsequent to the effecUve date of the appraisal. Such conditions would include, but are not limited to, dramaUc changes in interest rates or a natural disaster. . The property owner at 5208 West 38th Avenue, located approximately 75 feet northeast of the subject, has indicated that there is environmental contamination on that site. However an environmental report was not provided to verify the claim. It is possible that the alleged environmental contamination is not confined to that site alone. Our value estimate assumes there is no contamination on the subject site. We are not experts in evaluating the extent of environmental concerns and recommend that interested pades seek professional assistance in this matter. Exclusion of an Exposure and Marketing Time estimate is a Jurisdictional Exception to the Uniform Standards of Professional Appraisal Practice Standards Rule 2. We have personaily inspected the above-referenced site and market data for the purpose of estimaHng Just Compensation due to the property owner, No persons, other than the undersigned and appraisal staff, provided significant professional assistance in preparation of this report. The subject property's "As Is" valuation date is June 9, 2003, the final inspection date. In our opinion, Just Compensation due the property owner, assuming the site is not contaminated, as of June 9, 2003, is ~ ~ . One Hundred Eighty Thousand Dollars $180,000 Respectfully submitted, DYCO Real Estate, Inc. q, Matk g+ son, MAI, (AJ.) CCIM ~By: Sean Hickey / Licensed Appraiser enState of Colorado, ! red General Appraiser le of Colorado, #CG01313324 By: Timothy Mustoe Registered Appraiser State of Colorado, #AR40025671 SALIENT FACTS AND CONDITIONS 1 SALIENT FACTS AND CONDITIONS Charac,teristi Detail Ilk Property Appraised Single-family home with detached garage Property Location 3718 Ames Street, City of Wheat Ridge, County of Jefferson, State of Colorado Pierson Map Page/Grid 16 M Assessor's Schedule Numbers 39-251-01-037 Legal Description Block 1, Lot 21, Pearson-Woodside Addition, County of Jefferson, State of Colorado Appraisal Purpose Estimate the market value of the subject property to provide a conclusion of Just Compensation. Appraisal Function Aid in client's negotiations with property owner for acquisition of the subject property, Hypothetical Condition None Property Rights Appraised Fee Simple Estate Report Date August 22, 2003 Inspection Date - June 9, 2003 - Valuation Date June 9, 2003 Record of Ownership Paula S. & Jean Stamper Land Areas 6,700 SF (0.1538 acres) per Jefferson County Assessor records Improvements Single-family residence with detached garage Living Area 846 SF (above ground) per Jefferson County Assessor records Gross Building Area First Floor 846 SF Basement 846 SF Detached Garage 240 SF Covered Porch 254 SF Total 2,186 SF per Jefferson County Assessor records Year of Construction 1940 Highest and Best Use As if vacant Hold for future development As improved As improved a "As If Not Contaminated" Sales Comparison Approach $180,000 "As If Not Contaminated" Sales Comparison Approach "As If Not Contaminated" $180,000 "As If Not Contaminated" $180,000 0 2003 DYCO REAL ESTATE, INC. - 3718 AMES STREET APPRAISAL 2 SALIENT FACTS AND CONDITIONS This Page Intentionally Blank z 3718 AMES STREET APPRAISAL © 2003 DYCO REAL ESTATE, INC. GENERAL DATA AND ANALYSIS 15 assistance in this matter. Surrounding Uses North Parking Lot South Single-family residence East Vacant lot, outbuilding West Single-family residence Comments Although zoned for commercial use, the subject's limited frontage and visibility are negative features for commercial development. © 2603 DYCO REAL ESTATE, INC. 3718 AMES STREET APPRAISAL 16 GENERAL DATA AND ANALYSIS Improvement Description Summary Overview The subject site is currently improved with a single-family home and detached garage constructed in 1940. The home contains 846 square feet of above-ground living area, and also has a finished basement containing 846 square feet. Layout The residence fronts along Ames Street and is centrally located on the site. The detached garage is located to the east of the residence. Landscaping includes mature trees, grass, and shrubs. The primary entrance is at the west elevation. The interior of the ground floor living area contains two bedrooms, one bathroom a kitchen, a living room and a dining area. The basement is finished and contains two bedrooms, a bathroom and a kitchen. Although dated with respect to interior finish, the quality and condition of the home is average. Construction Overview Living Area 846 SF Gross Building Area First Floor 846 SF Basement 846 SF Detached Garage 240 SF Covered Porch 254 SF Total 2,186 SF per Jefferson County Assessor records Foundation Concrete perimeter wall - Framing Wood Roof Structure Gabled wood truss Roof Covering Asphalt composite shingles Ceiling Heights 8 feet HVAC Grade mount heating and cooling unit en Walls Textured drywall Floors A mix of carpet and vinyl tile. Lighting Predominantly hanging fixtures Ceilings Textured d ywall Coverage Ratio 19% Land to Building Ratio 6.17:1 3718 AMES STREET APPRAISAL © 2003 DYCO REAL ESTATE, INC. ,4r ,r i Property Type / Use Single-family home with detached garage Year of Construction 1940 GENERAL DATA AND ANALYSIS 17 Parking 240 SF detached garage Site Improvements Landscaping, sidewalk Zoning Compliance No. Based on a cursory review of the City of Wheat Ridge C-1 zoning code, the improvements cannot be rebuilt. Residential structures are not an allowable use of the C-1 zoning code. The existing home is a'grandfathered° use. Physical Condition Condition Average Actual Age 63 Years Effective Age 45 Years MVS Expected Life 55 Years Remaining Economic Life 10 Years; indefinite with ongoing capital improvements Deferred Maintenance None Capital Improvement None Functional Utility Although dated with respect to interior finish, the properly functions well for its intended use. Handicapped Compliance Not expected to be ADA compliant; however, we are not experts in this field and recommend that interested parties seek professional assistance regarding this matter. Environmental Concerns None related to structure observed; however, no tests were performed. Furthermore, the age of the home indicates the potential of asbestos-containing building materials and lead-based paint. We are not experts in evaluating real estate with respect to environmental concerns and recommend interested parties seek professional assistance in this matter. Comments The subject property is a typical single-family home for its neighborhood; however, the appliances and interior finishes are dated. The basement area is finished and includes a small kitchen area and a bathroom. © 2003 DYCO REAL ESTATE, INC. 3718 AMES STREET APPRAISAL 18 GENERAL DATA AND ANALYSIS Property History R t T t ecen ransac ion Date December 2, 1992 Buyer Paula S. & Jean Stamper Seller Pauline Niedens & Pauline Motnyk Price $74,000 Price PSF $87.47 per square foot living area Financing Cash Contingency N/A T ? Land Area 6,700SF Living Area 846 SF Gross Building First Floor 846 SF s Area Basement 846 SF Detached Garage 240 SF Covered porch 254 SF Total 2,186 SF Occupancy N/A Comments c, Date None in past 5 years Date Listed Not listed -E 3718 AMES STREET APPRAISAL © 2003 DYCO REAL ESTATE, INC. GENERAL DATA AND ANALYSIS 19 Property Tax Information In reviewing property tax information for the site, we examine the following: • General Tax Information • Assessed and Actual Values • Reasonableness of Current Assessment • Current Taxes • Projected Taxes General Tax Information - Colorado real estate taxes are calculated by applying a mill levy to a percentage (assessment ratio) of the property's actual value. The Colorado Constitution specifies two assessment ratios. • The residential assessment ratio is variable and can be changed every other year by the state legislature according to a formula specified by the constitution. Historically, the assessment ratio for residential property is between 8 and 12%. • The assessment ratio for all other taxable property, including commercial real estate, is a constant 29%. It may be changed only by amendment to the constitution. Mill levies are adjusted each year and vary according to the revenue needs of the taxing authority. With the enactment of Amendment 1 (now known as the Taxpayers Bill of Rights - TABOR) in 1992, government budget increases are limited to a maximum of 5.5%, unless an election is held and voters approve, in advance, an increase above the limitation. The county assessor as of January 1 of each year determines the actual value of a property. Taxes for that year become due and payable in full on April 30 of the following year. If the property owner opts to split the payment, the first half is due February 28 and the second half is due June 15. Taxes are paid in arrears thus, 2002 taxes are payable in 2003. Assessed and Actual Values Per unit values illustrated below are based on the living area square footage of 846square feet. 2001 0 2003 DYCO REAL ESTATE, INC. - 3718 AMES STREET APPRAISAL The mill levy for 2001 was 75.217. 2003-2004 Assessments 20 GENERAL DATA AND ANALYSIS 2001 Taxes 2001 Payable 2002 $907.87 Paid Outstanding Balances None N/A Special Assessment 1 None N/A Current Taxes - Payable in 2003 The year 2002 was an intervening tax year. While-the property's assessment did not change, the mill levy did. The 2002 mill levy is 76.438. Therefore, taxes for 2002 (payable in 2003) are $922.60 ($12,070 x.076438). As of the date of this report, one half of the taxes due have been paid with a remainder due of $461.30. Projected Taxes - Payable in 2004 The 2003 mill levy will not be set until December 2003. The 2003 property assessment value is $13,180. Using the 2002 mill levy of 76.438 we estimate taxes payable in 2004 to be $1,007.45 ($13,180 x.076438). 1718 AMES STREET APPRAISAL © 2003 DYCO REAL ESTATE, INC. s f 4 F x i SALES COMPARISON APPROACH 33 Reconciliation of Sales The quantitative analysis indicates a range of $174,000 to $185,800, and an overall average of $179,500. Considering the subject's size and finish level, a value indication of $180,000 is concluded. Value Indication - Sales Comparison Approach - "As If Not Contaminated" In our opinion, the value of the subject property, as indicated by the Sales Comparison Approach, as of June 9, 2003, is $180,000. Value Indication - "As If Not Contaminated" One Hundred Eighty Thousand Dollars $180,000 ($212.77 Per Square Foot Gross Living Area) © 2003 DYCO REAL ESTATE, INC. 3718 AMES STREET APPRAISAL 34 SALES COMPARISON APPROACH This Page Intentionally Blank 3718 AMES STREET APPRAISAL © 2003 DYCO REAL ESTATE, INC. RECONCILIATION AND FINAL VALUE ESTIMATE 35 RECONCILIATION AND FINAL VALUE ESTIMATE Value Indications We conclude to a final opinion of value based on the indications of the Sales Comparison Approach. In our opinion, the market value of the subject property "As If Not Contaminated" as of June 9, 2003 is $180,000. Conclusion of Value - "As If Not rContarniPated" 7($2012 e Hundred Eighty Thousand Dollars $180,000 77 7 Per Square Foot Gross Living Area) Just Compensation In our opinion, Just Compensation to the property owner, as of June 9, 2003, is: One Hundred Eighty Thousand Dollars $180,000 © 2003 DYCO REAL ESTATE, INC. 3718 AMES STREET APPRAISAL 36 RECONCILIATION AND FINAL VALUE ESTIMATE This Page Intentionally Blank PROPERTY NAME APPRAISAL © 2003 DYCO REAL ESTATE, INC. Region And Neig` borhoad View North along fines Street Phc,ograp.^.'By: S Rm y 6!OzO `N View South along Ames Street Phategmph By S. Hickey 6109!03 © 2001 DYCO Real Estate, inc. 3718 Ames Street Appraisal Site 1.) View South along East Boundary 2.) Vier North along East Boundary Phahmgrph eye S_ Rlckc; 6.109!02 Photoamh By: S. Hickey 6[03/03 G 2001 DYCO Real Estate, Inc. 3718 Ames Street Appraisal. Site Description f tR....tkr„ a»L..k .y..,. d' a...FnAa 4.) View East along South Boundary O 2001 DYCO Real Estate, Inc. 3718 Ames Street Appraisal C,-S Hicke, „6,S'02 Site 51 View North along `Vest Boundary PhotmaDr' Btr S Hhney 6I05I03 Photograph &y. S. Hickey 6109103 fl 2009 DYCO Real Estate, Inc. 3718 Ames Street Appraisal 6.j View South along West Boundary Sate U t` evd East along North Bounda Jt Phmgr-aph By S. Kc: ey 610x'103 E.) View West along North Boundary PhctDorph By S_ Hickey 6109103 © 2001 DYCC Real Estate, Inc_ 3718 Ames Street Appraisal Improvement Desolmon Vest and South Elevations Photoeract6 Bv: S. Hic!<^=v 61AM3 East Elevation Photograph By S. Hickey 6/09103 © 2001 DYCO Real Estate, inc. 3718 Ames Street Appraisal II❑~Jlel`Gi.erl: IJCSU I~.::IUrI Finished Basement Area Photogrph By S. F;ickey 6/09,105 Basement Kitchen Area Photograph By: S. Hickey 6109103 © 2001 ©YCO Real Estate, inc. 3718 Ames Street Appraisal mprovament Descm ion bit{ng Room and D -g Ama i► I ce ~ r, nFi rt~ 4°a~+ T s> ~ fIfI ~y F c f Phc Mg map" i Y3 E i 1--key 6'%03 Kitchen Phoioc-aph ny. S !-!ck7` a'uM" 0 2001 DYCO Real Estate, inc. 3718 Ames Street Appraisal Property appraisal system ~ Property ~ Information I Page 1 of 1 GENERAL INFORMATI Schedule: 021350 Parcel ID: 39-251-01-037 Print Help Status: Exempt Property Type: Exempt Property Address: 03718 AMES 5T Owner Name(s) WHEAT RIDGE CO 80212 WHEAT RIDGE URBAN RENEWAL AUTHORITY Mailing Address: 07500 W 29TH AVE WHEAT RIDGE CO 80033 Neighborhood: 2412 - LAKESIDE, STEWART GARDENS, OLINGER GARDENS PROPERTY DESCRIPTION N oGeoanm_wnnnanFnnn A Block Lot Key Section Township Range Quarter5ec[ion Land SqR 001 0021 25 3 69 NE 6973 Total 6973 Assessor Parcel Maps Associated with Schedule Graphic Parcel_MaA MagquQS$_LOCation ma 3 -2$1,ptlf PROPERTYINVENTORY Property Type RESID Year Built 1940 Adjusted Year Built: 1940 Design: Ranch Improvement Number: 1 ~7j Item Quality No. FULL BATH Avera9e 1 MAIN BEDROOM 2 Areas Quality Construction Sqft FIRST FLOOR Average F 846 BSMT TOTAL Average 846 COVERED PORCH Average 254 DETACH GARAGE Average F 240 Land Charac[eristics Retail Sale Date , Sale Amount Deed Type Reception 12-02-1992 74,000 Warranty Deed - Joint Tenancy . 92157S32 03-04-2004 0 Warranty Deed F14..980_ TAX INFORMATION 2008 Payable 2009 Actual Value Land 58,950 Imp 106,700 Total 165,650 Assessed Value Land 4,690 Imp 8,490 Total 13,180 2007 Payable 2008 Actual Value Land 58,950 Imp 106,700 Total 165,650 Assessed Value Land 4,690 Imp 8,490 Total 13,180 Trea5urer Inf r~ma[ion http://www. co.j efferson.co.us/ats/addressresult. do?offset=0&HouseNoFrm=3 7 18 &House... 10/02/2008