Loading...
HomeMy WebLinkAbout11/18/2008AGENDA WHEAT RIDGE URBAN RENEWAL AUTHORITY November 18, 2008 Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban Renewal Authority on Tuesday, November 18, 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 - October 21, 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. Staff Updates a. 3718 Ames Street 6. Public Hearing a. Resolution 06-2008, Presentation & Approval of 2009 Budget 7. Tax Increment Financing a. Request from Amici's Restaurant b. Review of TIF Application Process 8. Discussion and Recommendation Concerning Brownfield Partners Proposal in Response to the RFQ and RFP for Development of the S.E. Corner of W. 44t" Ave. and Wadsworth Blvd. 9. 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). 10. Adjournment ~ MINUTES WHEAT RIDGE URBAN RENEWAL AUTHORITY October 21, 2008 1. CALL THE MEETING TO ORDER The meeting of the Wheat Ridge Urban Renewal Authority was called to order by Chairman Williams at 6:05 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 Janet Leo Walt Pettit Tom Radigan Larry Schulz Terrell Williams (left meeting at 7:30 p.m.) Also attending: Patrick Goff, Deputy City Manager Corey Hoffmann, WRURA Attorney Sally Payne, Senior Planner Ann Lazzeri, Recording Secretary 3. APPROVAL OF MINUTES - September 16 and 22, 2008 The minutes of September 16, 2008 and September 22, 2008 were approved by acclamation. 4. PUBLIC FORUM Charles Durbin asked about the status of the Cornerstone lawsuit. Corey Hoffmann reviewed the settlement details. Mr. Wallace asked if there would be a summation of the costs associated with the Cornerstone lawsuit to be given to the city council and the citizens. Corey Hoffinann stated there were no such plans. Chainnan Williams commented that the lawsuit was filed by Cornerstone and the results of each step in the process have been made public. WRURA Minutes - 1- October 21, 2008 5. NEW BUSINESS A. EPA Brownfields Assessment Grant Prior to the presentation, Chairman Williams announced a Brownfields conference to be held in Denver on November 20-21, 2008. There is money in the budget for interested Authority members to attend. Sally Payne reported on the EPA Brownfields Assessment Grant The Environmental Protection Agency has once again made Brownfields Assessment Grant funds available to communities for use in conducting browntields inventories, planning, assessments and community outreach. Last year, the City applied for an EPA grant targeting the Wadsworth Boulevard urban renewal area. However, the application was not selected. For 2009, a new grant opportunity has been created called a Coalition Assessment Grant. Denver Regional Council of Governments (DRCOG) has approached the City expressing their desire to undertake a Coalition Assessment Grant with the City of Wheat Ridge and possibly Commerce City. A coalition could increase the chances of receiving a grant. The possibility of participating in a coalition to apply for an EPA grant was discussed. A consensus was reached to participate in a coalition with DRCOG and possibly Commerce City. B. Discussion concerning ownership of property located at 3718 Ames Street WRURA purchased the house at 3718 Ames Street as part of the 38"' and Sheridan redevelopment project with Cornerstone Group. The purchase price was $194,000. Now that a settlement agreement has been reached between WRURA and Cornerstone, WRURA can proceed with disposition of the property. Several possibilities were discussed including scraping or renovation and sale or rental of the property. Sale or rental would require substantial renovation including a new kitchen, new bathroom and heating system. There was also discussion about the possibility of partnering with Wheat Ridge 2020 to remodel and sell the house. Don Pacheco approached the Authority to express his interested in purchasing the property. Depending upon the sale price, he would pay cash for the property. Chairman Williams advised Mr. Pacheco that, should a decision be made to sell the property, it would be necessary to use a bid process. Staff was directed to contact WR2020 as to their interest and investigate other options as well. Staff will report back to WRURA at the next meeting. WRURA Minutes -2- October 21. 2008 C. WRURA Proposed Budget -Corey Hoffmann announced that a proposed budget for the Authority was on file as of October 15, 2008 and is available for review. 6. EXECUTIVE SESSION It was moved by Janet Leo and seconded by James Bahrenburg to enter into 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). The regular meeting was adjourned to executive session at 7:08 p.m. The executive session was convened at 7:09 p.m. The executive session was adjourned at 7:50 p.m. The regular meeting was reconvened at 7:51 p.m. Those attending the executive session were: Rick Adams James Bahrenburg Janet Leo Walt Pettit Torn Radigan Larry Schulz Terrell Williams Corey Hoffmann Patrick Goff Ann Lazzeri 7 8. Chairman Williams left the executive session at 730 p.m. Walt Pettit, Vice Chairman, continued the meeting. NEXT MEETING DATE There was a consensus to cancel the November 4"', 2008 meeting. The next scheduled meeting will be November 18, 2008 ADJOURNMENT The meeting was adjourned at 7:55 p.m. Terrell R. Williams, Chairman Ann Lazzeri, Recording Secretary WRURA Minutes -3 - October 21, 2008 Wheat Ridge Urban Renewal Authority 7500 W. 29th Avenue Wheat Ridge, Colorado 80033 3032352846 303-2352857 (Fax) TO: Urban Renewal Authority Board Members FROM: Patrick Goff, Executive Dixector'w RE: 2009 Budget Public Hearing and Adoption DATE: November 13, 2008 Attached is Resolution 06-2008 - A Resolution Enacting a Budget and Appropriation for the Year 2009 for the following budgets: Exhibit 1: Town Center Fund Exhibit 2: Wheat Ridge Cydery Project Fund Town Center Fund Town Center Fund revenue is projected at $375,000, which is a 56.5% decrease compared to the 2008 estimated revenue of $861,433. The primary reason for the projected decrease is because the Town Center Fund will receive a one-time transfer from the Walgreen's Fund of $488,877 in 2008 due to the closure of this fund. In addition, the beginning fund balance for 2009 is projected at $1,083,863 which brings the total available funds for the Town Center Fund to $1,458,863. Town Center Fund proposed expenses for 2009 include miscellaneous expenses for conferences, meetings, dues, books and subscriptions; annual reimbursement to the City for personnel expenses; legal services; and debt payment for the loan acquired for the purchase of the properties at 7340 and 7540 W. 44'' Avenue. Town Center Fund expenses total $366,674 which is an 11.0% decrease compared to the estimated 2008 budget. The primary reason for the estimated decrease is because a one-time reimbursement to the City for legal services for the Cornerstone case in the amount of $102,325.73 will be appropriated in 2008. This will provide for a projected ending fund balance of $1,092,189. Wheat Ridge Cvclerv Proiect Fund Wheat Ridge Cyclery Project Fund revenue is projected at $30,000 which is a 67.3% increase compared to the 2008 estimated revenue of $17,936. The primary reason for the projected increase is because 2009 will be the first full-year of property tax increment for the Wheat Ridge Cyclery project. These projections are very rough as there has not been enough history with this project to provide adequate trend data and the recent economic turmoil adds another level of uncertainty to future property values and retail sales. Wheat Ridge Cyclery Project Fund proposed expenses for 2009 total $30,000 which are property and sales tax increment payments due to Wheat Ridge Cyclery pursuant to the Improvements Agreement dated March 21, 2007. The term of the Agreement is for 10 years or a total rebate of $264,180, which ever comes first. Walereens Proiect Fund The Walgreens Project Fund will be closed at the end of 2008 due to the settlement agreement reached between the WRURA and Cornerstone. A projected fund balance of $488,877 from the Walgreens Project Fund will be transferred as unencumbered funds to the Town Center Fund. Additional Expenditures The WRURA Board may consider other expenditure items to approve as part of the 2009 budget. Some recommendations include the following: • 1. Visioning, strategic planning -$10,000 to $20,000 2. Marketing, branding, WRURA logo development -$2,500 to $10,000 Recommended Motions: "I move to approve Resolution 06-2008 - A Resolution Enacting a Budget and Appropriation for the Year 2009 for the Town Center and Wheat Ridge Cyclery Project Funds." Or, "I move to approve Resolution 06-2008 - A Resolution Enacting a Budget and Appropriation for the Year 2009 for the Town Center and Wheat Ridge Cyclery Project Funds amended to include " Attachments: Resolution 06-2008 Exhibits 1-3 WHEAT RIDGE URBAN RENEWAL AUTHORITY RESOLUTION NO. 06 Series of 2008 TITLE: A RESOLUTION ENACTING A BUDGET AND APPROPRIATION FOR THE YEAR 2009 WHEREAS, C.R.S. 29-1-103 (1) of the Local Govemment 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 2009 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 public hearing was held on the Budget and Appropriation for 2009 by the Authority on November 18, 2008. THEREFORE, BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority as follows: Section l. The year 2009 budgets for the two funds as shown on Exhibit 1 and Exhibit 2 - attached hereto are hereby approved. The purposes of the 2009 budget is to make funds available for normal operating expenses, to appropriate funds for defense of the Authority in legal actions against the Authority, 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 and beginning fund balance. Section 3. A certified copy of this resolution shall be filed with the Division of Local Government. ADOPTED the 18th day of November , 2008. WHEAT RIDGE URBAN RENEWAL AUTHORITY Chairman ATTEST: Secretary to the Authority EXHIBIT 1 WHEAT RIDGE URBAN RENEWAL AUTHORITY Town Center Fund BEGINNING FUND BALANCE Revenues 37-500-00-501 Property Tax Increment 37-500-00-504 Sales Tax Increment 37-580-00-581 Interest 37-580-00-582 Rental Income 37-590-00-593 Transfer from Walgreens Fund TOTAL REVENUE TOTAL AVAILABLE FUNDS 2007 Actual 2008 Adjusted 200810-Month 2008 Estimate 2009 Proposed $219,384 $634,201 $634,201 $634,201 $1,083,863 $344,345 $0 $2,223 $2,223 $0 $340,917 $260,000 $256,716 $310,000 $300,000 $12,706 $10,000 $16,407 $18,000 $15,000 $0 $0 $32,333 $42,333 $60,000 $0 $0 $0 $488,877 $0 $697,968 $270,000 $307,679 $861,433 $315,000 $917,352 $904,201 5941,880 331,495.631 51,458,863 Personnel 37-120-600-602 Salaries 37-120.600-625 FICA Total Personnel Supplies 37-120-650-651 Office Supplies 37-120-650-654 Printing & Photocopying 37-120-650-655 Postage Total Supplies 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 37-120-700-758 City Reimbursement 37-120-700-760 Utilities & Maint. 37-120-700-799 Misc. Total Services Capital 37-120-800-801 Lands. Buildings, & Wat 37-120-800-872 Site Improvements 37-120-800-873 Payment to Fire District 37-120-890-897 Trans to Walgreens Fund Total Capital TOTAL EXPENDITURES ENDING FUND BALANCE $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $200 $0 $360 $800 $0 $0 $200 $0 $360 $1,200 $0 $330 $2,000 $605 $0 $1,000 $275 $0 $0 $0 $39,282 $96,000 $83,154 $7,617 $7,000 $0 $604 $600 $478 $1,204 $1,200 $1,169 $49,037 $107,800 $85,681 $15,000 $365,000 $157,808 $0 $0 $0 $18,753 $0 $0 $200,000 $0 $0 $233,753 $365,000 $157,808 5,283;150 $474,000 $243,489 $634,202 $430,201 $698,391 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $605 $2,000 $275 $500 $0 $0 $90,000 $60,000 $112,326 $10,000 $578 $0 $1,400 $1,500 $205,184 $74,000 $206,587 $292,674 $0 $0 $0 $0 $0 $0 3206,51;7 $292,674 $411,771 $366,674 $1,083,863 $1,092,189 EXHIBIT 2 WHEAT RIDGE URBAN RENEWAL AUTHORITY Wheat Ridge Cyclery Project Fund 2007 Actual 2008 Adjusted 200810-Month 2008 Estimate 2009 Proposed BEGINNING FUND BALANCE $ $ - $ _ $ _ $ _ Revenues 37-580-00-501 Property Tax Increment $ - $ - $ 2,936 $ 2,936 $ 15,000 37-580-00-584 Sales Tax Increment $ 184 $ 25,000 $ 10,140 $ 15,000 $ 15,000 37-580-00-581 Interest $ - $ - $ _ $ _ $ _ 37-580-02-588 Sale of Property $ - $ - $ _ $ _ $ - TOTAL REVENUE $ 184 $ 25,000 $ 13,076 $ 17,936 $ 30,000 TOTAL AVAILABLE FUNDS $ 184 $ 25,000 S 13,076 $ 17,936 $ 30,000 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. $ $ $ $ $ Total Services $ $ $ $ $ Capital 37-121-800-801 Acquisition & Relocate $ - $ - $ _ $ _ $ _ 37-121-800-872 Site Improvements $ 184 $ 25,000 $ 13,076 $ 17,936 $ 30,000 37-121-900-901 Loan Payment $ - $ - $ _ $ _ $ _ Total Capital S 184 $ 25,000 S 13.076 5 17.936 S 30,000 TOTAL EXPENDITURES S 184 S 25,000 $ 13.076 S 17,936 $ '0,000 ENDING FUND BALANCE $ - $ S S $ EXHIBIT 3 WHEAT RIDGE URBAN RENEWAL AUTHORITY Walgreens Project Fund 2007 Actual 2008 Adjusted 200810•Month 2008 Estimate BEGINNING FUND BALANCE $ 645,658 $ 855,607 $ 855,607 $ 855,607 Revenues 37-500-01-501 Property Tax Increment $ - $ - $ 24,851 $ 24,851 37-500-01-584 Sales Tax Increment $ - $ 15,000 $ - $ - 37-580-01-581 Interest $ 10,040 $ 12,000 $ 8,196 $ 8,500 37-580-02-588 Sale of Property $ - $ - $ - $ - 37-590-01-592 Trans from Town Center Fund $ 200,000 $ - $ - $ - TOTAL REVENUE ~ 210,040 $ 27,000 $ 33,047 $ 33,351 TOTAL AVAILABLE FUNDS S 855,698 $ 882,607 $ 888,654 $ 888,958 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 $ 100 $ 400,081 $ 400,081 Total Services $ 90 $ 100 $ 400,081 $ 400,081 Capital 37-121-800-801 Acquisition & Relocate $ $ - $ - $ - 37-121-800-872 Site Improvements $ $ $ $ - 37-121-890-897 Transfer to Town Center Fund $ 488,877 37-121-900-901 Loan Payment $ - $ $ $ - Total Capital $ S - $ $ 488,877 TOTAL EXPENDITURES $ 90 $ 100 $ 400,0W S 388,7358 ENDING FUND BALANCE $ 855,608 $ 832,507 S 488.5 73 5 - Wheat Ridge Urban Renewal Authority 7500 W. 29th Avenue Wheat Ridge, Colorado 80033 3032352846 303-2352857 (Fax) TO: Urban Renewal Authority Board Members FROM: Patrick Goff, Executive Director_E'N RE: TIF Request from Amici's Restaurant TIF Application Process DATE: November 14, 2008 TIF Request from Amici's Restaurant On November 12, 2008, Staff received a request from Amici's Restaurant to apply for tax increment financing (TIF) for their redevelopment project of the former Gemini's Restaurant located at 4300 Wadsworth Boulevard. It's the City's understanding that Amici's is under a lease-purchase agreement with the owner of this property. I've left a message with Amici's to receive confirmation to this fact and to notify them that TIF is normally offered only to property owners. The Authority's legal counsel verified that the Authority is not restricted from offering TIF to tenants of businesses but the Board may want to review this policy decision before determining the appropriate response to Amici's. Proposed TIF Application Process A formal TIF application process has not been established for the WRURA. Attached are copies of a proposed application process and application. Staff is requesting direction from the Board to proceed with the proposed application process and to provide specific input on the "Eligible Activities" and "Criteria for Review" sections of the application process document. Eligible Activities - the activities in the proposed document are very general in nature. Would you like to be more specific and allow only certain activities to be eligible for TIF reimbursement or would you rather leave it as is to allow more flexibility on a case-by case basis? Criteria for Review - are these the right criteria? Should more weight be given to one criterion over another? Attachments: 1. Draft Wheat Ridge Urban Renewal Authority Tax Increment Financing Application Process 2. Draft Wheat Ridge Urban Renewal Authority Tax Increment Financing Application Tax Increment Financing Nan'ative WHEAT RIDGE URBAN RENEWAL AUTHORITY TAX INCREMENT FINANCING APPLICATION PROCESS IMPORTANT: The material included below outlines the Tax Increment Financing application process and the responsibilities of the Applicant and the Wheat Ridge Urban Renewal Authority (WRURA). Please review this infonnation carefully before submitting the application forms or finalizing your development plans. Failure to receive approval of a completed application BEFORE construction begins ma affect the Applicant's eligibility for Tax Increment Financing assistance from WRURA. INTRODUCTION The Wheat Ridge Urban Renewal Authority is responsible for administering the urban renewal program in Wheat Ridge, pursuant to the provisions of the Urban Renewal Law of the State of Colorado, Part I of Article 25 of Title 31. Tax Increment Financing (TIF) is an important element of the program as it provides the City, through the WRURA, with a means to finance urban renewal activities. Applications for TIF assistance are subject to program eligibility analysis and project review criteria listed below. In addition, project applications will be accepted and processed in the order _ in which they are received and approved based on the availability of funds. ELIGIBLE ACTIVITIES Tax increment financing is a tool used to fill the gap between the total cost of a redevelopment project and the level of private financing it can support. Under this financing mechanism, the level of property and/or municipal sales tax collections in a project are before redevelopment is used as a base and the increased taxes collected as a result of the redevelopment project, or "tax increment," then can be used either to pay off bonds issued to help pay for the project or to reimburse developers for a portion of their costs. TIF is used only when an area or property cannot attract sufficient private capital for redevelopment and when the redevelopment meets a public objective. TIF revenues are generally used for infrastructure improvements associated with the redevelopment that benefit the public, including: 1. Site acquisition and clearance; 2. Construction and/or reconstruction of streets, utilities, parks or other public infrastructure; 3. The removal of hazardous materials or conditions. Tax Increment FinancingNan'ative APPLICATION PROCESS Anyone seeking TIF assistance from the WRURA must submit a written application for each TIF-assisted project. The following procedure has been developed to expedite the review of TIF funding requests. Initial Contact. Contact the Wheat Ridge Urban Renewal Authority, 7500 W. 29°i Avenue, 303-234-5900, to discuss the project and determine eligibility for TIF assistance. Prepare a Written Application. The Applicant must prepare a written application for each funding request. For all TIF requests over $10,000, the Applicant must complete a "Developer's Statement of Qualification and Financial Responsibility" which includes submittal of personal financial statements. This form may also be required of other Applicants by the WRURA Executive Director or Board of Commissioners when deemed necessary for the evaluation of the project. 3. Staff Review. Upon submittal of all necessary information, the WRURA staff will review the merits of the project and the need for funding. At any point in the review process the staff or Board may request more information of the Applicant or solicit comments on the project from other public agencies. Items included in personal financial statements will not be subject to public review or presentation to or comment by other agencies. 4. Board Review and Approval. The WRURA Board of Commissioners will review the project, staff recommendations and will issue approval or disapproval of the funding request or any part thereof along with any special terms of TIF assistance. 5. Development Agreement. IfTIF assistance is approved, the WRURA and the Applicant must execute a legally binding Development Agreement which establishes the terms and conditions of the TIF assistance. Among the terms and conditions, the Agreement shall specify the schedule for the start and completion of the project and may require the Applicant to guarantee repayment of TIF assistance if the terms of the Agreement are violated by the Applicant. IMPORTANT NOTE: Costs to be paid with TIF monies may not be incurred by the Applicant prior to funding approval and the satisfaction of any conditions of such approval. CRITERIA FOR REVIEW Materials contained in TIF applications are used to assess the merits of projects in relation to the goals and objectives of the Urban Renewal Plan. To measure the public benefit derived from the project, the WRURA evaluates projects based on the following criteria. Each project is judged Tax Increment Financing Naitative on its own merit; therefore no weight is given to any of the criteria. However, the first six criteria are the most important in evaluating projects. 1. Elimination of Blight - The project's direct and indirect impact on the physical and fiscal deterioration within the urban renewal district and the community as identified in the Urban Renewal Plan is determined. 2. Special or Unique Opportunities - The extent to which the project represents a unique opportunity, meets a special need, or addresses specific WRURA or community goals. 3. Impact Assessment - The extent of both positive and negative environmental impacts, appropriateness of the project design, and impact on existing businesses or residents. 4. Economic Stimulus - The amount of economic activity to be generated by the project is assessed, as well as the leverage ratio of public to private investment. In general, the limit of participation in any one project is 10% of the construction/rehabilitation costs, exclusive of acquisition cost. Projects clearly demonstrating extraordinary benefit to urban renewal district or the community may, at the discretion of the WRURA Board of Commissioners, receive additional TIF assistance for eligible items. All applications should contain credible, measurable information substantiating the project's economic stimulus in the urban renewal district and the community. 5. Tax Generation - The increase in taxable value due to new construction/rehabilitation is estimated by the County Assessor's office to detennine tax increment generation. 6. Employment Generation - Total employment generated by the project assessed in terms of new permanent and part-time jobs, and construction jobs. 7. Financial Assistance - Other forms of financing available to the Applicant are examined to assess the need for TIF assistance. 8. Project Feasibilitv - A determination of feasibility is made based on the strength of the Applicant's demonstration of market demand for the project as contained primarily on the pro forma and financing commitments. 9. Developer Ability to Perform - An assessment of the Applicant's capability to undertake the relative complexities of the project based on past performance on similar projects. 10. Timely Completion - The feasibility of completing the project according to the Applicant's project schedule. ll. Payment of Taxes - All property taxes, special improvement district assessments, and other assessments on the project property must be paid to date. WHEAT RIDGE URBAN RENEWAL AUTHORITY TAX INCREMENT FINANCING (TIF) APPLICATION Project Name: Date Submitted: APPLICANT INFORMATION 1. Name: 2. Address: 3. Telephone Number: PROJECT INFORMATION 1. Building Address: 2. Legal Description: 3. Ownership: Address: 4. If property is not owned by the Applicant, list leasehold interests: (Attach evidentiary materials.) Name: Address: 5. Existing/Proposed Businesses: Business Description: 6. Employment: Existing FTE Jobs New Permanent FTE Jobs created by project Construction FTE Jobs 7. Architectural Firm: e ,~,~,-P~~ • Representative: 8. Description of Project: (Attach narrative explanation.) 9. Rehabilitation/construction P12115 (Attach schematics, site, and landscaping plans J 10. Project Schedule: (Attach time line or schedule through completion.) Revised 2/02 TIf Application.doc 1 Tax Increment Financing - Application PROJECT COSTS Land and Site Improvements (Itemized) 1. Equity in Land and Buildings $ 2. 3. 4. ~ Subtotal ~ Construction/Rehabilitation Costs (Use general construction trade divisions) 1. $ 2. $ 3. $ 4. 5. 6. 7. 8. 9. 10. Subtotal Fees 1. Architectural design/Supervision 2. Permits 3. Other fees Subtotal Total Project Development Costs $ TIF Applicalion.doc 2 Revised 2/02 Tax Ina'emau Financing -Application PROJECT FINANCING Please complete Sources of Funds detail and summarize below. Developer EquitV Cash Invested ~ Land & Buildings $ Other (specify) $ $ Subtotal $ Lender COminitril¢Ilts (Attach evidence i.e. Letters of Credit or other documentation.) Lender Loan Amount Interest Term Payment/Period $ % yrs $ /Month g % yrs $ /Month Total Loan Amount $ TIF Request Eligible Improvements (See Nanztive) Subtotal Sources of Funds Summary (Post totals from above.) Developer Equity Lender Commitments $ TIF Request Other Funds (Specify) Total Project Financing G e $ TIF Applieatioadoc 3 Revised 2/02 0 ~ c Q 5 n 9 e v 5 H W ~ w O C4 A. ~ ~ N r7^ 69 69 69 6A V~ EA 69 69 69 69 E/i I~ V ~ ~ v3 ~ II ~ vs crs bs vj s9 sA bs ss ss II CA II M ~ N vj ~ II sv v3 ~ sA 61~ vv ~,v v~ vj vj II vi II cli ~ v~ ~ II bs ds vj ~ bs ~v ss bs v3 ~ II sA II ~ ~ ~ ~ v3 II Gol~ v3 ss v) ds sA v3 v3 sA vj II s9 II ~ N N W U ~ U N ~ o4 q v , O ro ~ a+ rn U N ~ O ~ V~ Y N ~ E" G m ~ ~ 1. G CD Clf cd 3 ti ~ O o N C L C cd L C L . V O Y i ' c o 0 ^ , CG cn V] 0 ~ C 7 0 0 ~ 6 Q ~ Tax Increment Financing - Application DEVELOPER'S STATEMENT OF QUALIFICATION AND FINANCIAL RESPONSIBILITY Applicant 1. Name: Address: 2. If the applicant is not an individual doing business under his/her own name, the applicant has the status indicated below and is organized or operating under the laws of _ A corporation A nonprofit or charitable institution or corporation _ A partnership known as Other (explain) Date of organization: 3. Names, address, title of position (if any), and nature and extent of the interest of the officers and principal members, principal shareholders, investors, or partners of the applicant. Name and Address Nature and Extent of Interest Financial Condition Provide a current financial statement for each private entity involved in the project. Documentation of financial capacity may include net worth statements, balance sheets, or profit and loss statements. (As per adopted WRURA policy this information will be kept confidential, subject to a challenge of this policy in a court of law.) 2. Has the applicant or any individual or entity affiliated with the development of this project been adjudged bankrupt, either voluntary or involuntary, within the past ten years? No _ Yes _ If yes, give date, place, and under what name Has the applicant or any individual or entity affiliated with the development of this project been indicted for or convicted of any felony within the past 10 years? Revised II/OS TIF Applica[ion.doc 5 Tax Increment Financing - Application No _ Yes _ If yes, give the date, charge, place, court and action taken for each case 1 CONSTRUCTION CONTRACTOR Identify the construction contractor or builder who will undertake this project. Name: Address: 2. Has such contractor or builder ever failed to qualify as a responsible bidder, refused to enter into a contract after an award has been made, or failed to complete a construction or development contract within the last 10 years? No _ Yes _ If yes, explain. CERTIFICATION I (we), (please print), certify that the statements and estimates within this Application as well as any and all documentation submitted as attachments to this Application or under separate cover are true and correct to the best of my (our) knowledge and belief. Signature Title Address Date Signature Title Address _ Date TIF Applica[ion.doc 6 Revised 11/08 Wheat Ridge Urban Renewal Authority 7500 W. 29th Avenue Wheat Ridge, Colorado 8IX133 303235-2846 303-2352857 (Fax) TO: Urban Renewal Authority Board Me bers FROM: Patrick Goff, Executive Director RE: Brownfield Partners Proposal DATE: November 14, 2008 WR2020 received a proposal from Brownfield Partners for the Phase I study period of the 44`h and Wadsworth redevelopment project. After City staff and WR2020 met to review and discuss the proposal, a joint decision was made to recommend to the WRURA Board to reject the Brownfield Partners Proposal. Attached are. the Proposal and a letter from Rob Osborn detailing staffs recommendation. Attachments: 1. Letter from Rob Osborn, Executive Director WR2020, dated October 28, 2008 2. Brownfield Partners Proposal: Phase I, dated October 23, 2008 (under separate confidential cover) ..s ' _ r' 's 3` a WHEAT RIDGE . f A~ Partners in aVi bra ntWheat Ridge October 28, 2008 City of Wheat Ridge Urban Renewal Authority 7500 W. 29rh Avenue Wheat Ridge, CO 80033 Attn: Mr. Terrell Williams, Chairman Re: 44"' & Wadsworth Redevelopment Proposal Review Brownfield Partners, Wheat Ridge Commons Dear Mr. Williams, _ Wheat Ridge 2020 (WR2020) was commissioned by the Wheat Ridge Urban Renewal Authority (WRURA) to coordinate a redevelopment solicitation for the above referenced property. On June 9th, WR2020 on behalf of the WRURA released a Request for Proposal Solicitation focused on mixed use infill development of the South East Comer of 44°i and Wadsworth. The redevelopment goals for this solicitation promoted the implementation of the recommendations in the Neighborhood Revitalization Strategy (NRS), The City's Wadsworth Sub Area Plan, and the WRURA Wadsworth Boulevard Corridor Redevelopment Plan. The redevelopment vision proposed in the RFP solicitation demonstrated an infill development project that is mixed use in nature, and executed by a master developer. The solicitation envisions uses that included Office, Commercial / Retail buildings; clustered and attached Single Family Residential Units; and a neighborhood Pocket Park. There is also the potential for civic and municipal uses and possibly the new branch location of the Wheat Ridge library (Jefferson County library district). WR2020 solicited more than 100 perspective development teams and also published the solicitation in two public publications of general reading. Proposals for the solicitation were due on August 8, 2008. Only one proposal was received. The proposal was submitted by Brownfields Partners (BFP). The proposal was reviewed by a committee comprised of WR2020 and City staff. The review committee conducted two interviews with BFP, and also arranged for a public presentation of the proposal and introduction of the principals of BFP with the WRURA. The following outlines the Committee's review comments and recommendations with respect to the BFP proposal. The review and recommendation as presented herein, was approved today October 28, 2008 by the Board of Wheat Ridge 2020. WRURA October 28, 2008 REVIEW COMMENTS: 1. The BFP proposal is not directly responsive to the RFP solicitation. 2. BFP is a very credible organization that provides land development services throughout the country, focusing on Brownfield redevelopmcnt, and working in partnership with municipalities and vertical developers. 3. The BFP proposal outlines a Quasi Consultant/Administrator relationship with WRiTRA where BFP would provide oversight and administration for project development in a phased capacity. The proposal does not identify BFP as the site and vertical brick and mortar developer, but only as a facilitator of market analysis, financial analysis, and as the entity that will act to research and market the site to separate vertical developers. 4. The BFP proposal outlines that the feasibility of [heir pursuit of this project beyond the market analysis phase, is strongly hinged against the ability to secure the City as a tenant, or as an owner of a municipal facility on the site, and the ability to secure the inclusion of a public library on the site. 5. The BFP proposal identities that the land and many local funding and tax incentives must be provided to BFP, at no cost and with heavy City subsidy, to assure their capacity to fulfill the goals of the RFP solicitation to develop a mixed used project. 6. WR2020 and the RFY Review Committee have held 2 meetings with BFP to clarify their intent for their proposal. 7. BFP provided a Phase I Site Analysis proposal (attached)to provide the following: i. Validate overa U market supply and demand for multiple product types includi residential, retail; and office/medical office. 2. Understand kh s overall fiitaititsal feasibility for various site uses. 3. Develop market driven alternative site plans. 4. Evaluate and determine viable public financing strategies. 5. Develop a realistic horizontal cast model. 8. The Phase I proposal requires that WRiJRA or WR2020, or both, share costs for this research with BFP, and pay for approximately $63,000 in study costs. RECOMMENDATION Based on the initial response and the subsequent proposal from BFP, the WR2020 RFP Review Committee, as commissioned by WRLIRA, recommends the following for WRURA to consider: WRi.JRA should reject the RFP proposal as provided by BFP and request that WR2020 assist WRURA in re-soliciting the site, with new presentation criteria and conditions as further established by each organization. It is recommended that this process begin in a timely manner and to facilitate public promotion of the site by the end of the first quarter of 2009. It is believed that due to the economic conditions we are facing nationally, that developer interest has sharply Page 2 WRURA October 28, 2008 - decreased in securing new projects, but that after the election and transition of leadership at the national level, the economy will stabilize, and provide positive opportunity for developers to secure financing and investors. It is further recorninended that the WRURA consider re-soliciting the site with less specificity in the proposed redevelopment concept, and seek proposals asking developers to define the highest and best use of the site. Thus providing WRURA an opportunity to balance perspective proposals with the overall goals of the City's NRS and the Wadsworth Subarea Plans. WR2020 greatly appreciates your involvement and the continued opportunity to serve the WRURA in the capacity of promoting redevelopment at this site. Please feel free to contact me if you have any questions regarding this report or the processes WR2020 implemented with respect to this project. Thank you, ~ Robert J. Osborn, Esq. Executive Director Page 3