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Home My WebLink About11/17/2009AGENDA WHEAT RIDGE URBAN RENEWAL AUTHORITY November 17, 2009 Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban Renewal Authority on Tuesday, November 17, 2009 at 6:00 p.m., in the City Council Chambers of the Municipal Building at 7500 West 29th Avenue, Wheat Ridge, Colorado. Individuals tivith disabilities are encouraged to participate in all public meetings sponsored by the City of Wieat Ridge. Call Hcatlier Geyer, Public Information Officer at 303-235-2826 at least one week in advance of a meeting i1 you are interested in participating and need inclusion assistance. 1. Call the Meeting to Order 2. Roll Call of Members 3. Approval of Minutes - November 3, 2009 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 6. Corporate Identity Workshop Hilarie Portell - Portell Works 7. Urban Renewal Area Market Studies - Presentation and Review of Proposal Anne Ricker - Leland Consulting Group 8. Proposed 2010 Budget- Review and Discussion 9. Other Matters 10. Adjournment MINUTES WHEAT RIDGE URBAN RENEWAL AUTHORITY November 3, 2009 1. CALL THE MEETING TO ORDER The meeting of the Wheat Ridge Urban Renewal Authority was called to order by Chair Adams at 6:00 p.m. in the council chambers of the Municipal Building, 7500 West 29`x' Avenue, Wheat Ridge, Colorado. 2. ROLL CALL OF MEMBERS Authority Members Present: Rick Adams James Bahrenburg Janet Leo Walt Pettit Larry Schulz Authority Members Absent: Also attending: Becky Bye Tom Radigan Patrick Goff, Executive Director Corey Hoffmann, WRURA Attorney Ken Johnstone, Community Development Director Ryan Stachelski, Economic Development Director Anne Ricker, Leland Consulting Hilarie Portell, Portell Works Denise Balkas, Wheat Ridge 2020 Ann Lazzeri, Recording Secretary 3. APPROVAL OF MINUTES - October 20, 2009 It was moved by Walt Pettit and seconded by James Bahrenburg to approve the minutes of October 20, 2009 as presented. The motion passed 3-0 with Janet Leo and Larry Schulz abstaining. 4. PUBLIC FORUM (This is the time for any person to speak on any subject not appearing on the agenda.) There was no one present to address the Authority. WRURA Minutes - 1 - November 3, 2009 5. STAFF UPDATES There were no staff updates. 6. Strategic Planning and Corporate Identity Workshop - Anne Ricker, Leland Consulting Anne Ricker conducted a strategic planning work session. (A copy of the workshop agenda is attached and made a part of the record.) Ken Johnstone provided copies of a portion of the newly adopted Comprehensive Plan to Authority members and discussed some aspects of the Plan that relate to urban renewal. Denise Balkas addressed the Authority. She stated that one of the strategic areas for the Wheat Ridge 2020 Board is revitalization of 38th Avenue between Sheridan and Wadsworth. WR2020 has received a matching grant from the State of Colorado to conduct a submarket survey of the area. A consultant's team visit is planned for December 2 and 3 which will include a number of focus groups. She encouraged WRURA members to participate. Ms. Ricker stated that she could provide a packet of information including a market analysis, maps showing property ownership with overlay showing site utilization, preliminary program based on market potential in relation to TIF, possible strategic partnerships, and tools to use in barriers to investment. She stated the cost would not exceed $5,000 for each area. Ms. Ricker will incorporate suggestions received during this meeting and incorporate them for discussion at the next workshop. Hilarie Portell invited discussion regarding the development of a name and logo for the Authority. Based on suggestions received, she will present options for the Authority to consider at its next meeting. There was a consensus to ask Anne Ricker to bring a proposal to the Authority regarding the amount of data that would be gathered for certain urban renewal areas, specifically Kipling (52°d to 44th and maybe 44th to 35th) and 38th Avenue. 7. Resolution No. 7-2009 - A resolution approving a Master Development Agreement with Weston Solutions in connection with a proposed redevelopment project in the City of Wheat Ridge. Corey Hoffmann presented a revised copy of the Master Development Agreement with Weston Solutions. WRURA Minutes -2- November 3, 2009 It was moved by Walt Pettit and seconded by Janet Leo to approve Resolution No. 7-2009, a resolution approving a Master Development Agreement with Weston Solutions in connection with a proposed redevelopment project in the City of Wheat Ridge. The motion carried 5-0. 8. Other Matters There were no other matters to come before the Authority. 9. Adjournment The meeting was adjourned at 8:47 p.m. Rick Adams, Chair Ann Lazzeri, Recording Secretary WRURA Minutes -3- November 3, 2009 Wheat Ridge Urban Renewal Authority 7500 W. 29th Avenue Wheat Ridge, Colorado 80033 303-235-2846 303-235-2857 (Fax) TO: Urban Renewal Authority Board Members FROM: Patrick Goff, Executive Director RE: 2010 Proposed Budget DATE: November 13, 2009 Colorado local government budget law requires that the proposed budget be submitted to the governing body by October 15th and that a public hearing and adoption of the budget occur before December 31 St. The proposed 2010 Budget was made available to the WRURA Board and to the public on October 14"'. A review of the proposed 2010 Budget has been scheduled for the November 17th WRURA meeting. A public hearing and adoption of the budget will be scheduled for the December 1St WRURA meeting. Attached is the proposed 2010 Wheat Ridge Urban Renewal Authority Budget. Town Center Fund Town Center Fund revenue in 2010 is projected at $330,000, which is a 63% decrease compared to the 2009 estimated revenue of $891,433. The primary reason for the projected decrease is because the Town Center Fund will receive the following one-time revenues in 2009: 1. Final property tax increment for the suspended Walgreens' project at 38th and Sheridan in the amount of $11,784. The TIF for this project was suspended in 2009 (37-500-00-501). 2. Community Development Block Grant (CDBG) in the amount of $390,000 for reimbursement of the purchase of 7300 W. 44th Ave. (37-520-01-549). 3. Property sale of 3718 Ames St. in the amount of $122,272 (37-580-01-583). 4. Miscellaneous revenue including $8,796 for reimbursement from Mel Karl for the quiet title action and $23,581 from insurance for property damage to the Stage Stop Antique Mall as a result of the July 20th storm (37-580-00-588). In addition, the beginning fund balance for 2010 is projected at $1,184,518 which brings the total available funds for the Town Center Fund to $1,514,548. Sales tax increment from the Town Center Urban Renewal Area continues to decline and is projected to decline by 15% ($45,000) in 2009 compared to 2008 and is projected to remain flat in 2010 (37-500-00-504). The proposed 2010 Budget includes rental income from the Stage Stop Antique Mall for 12 months. If the proposed 44th and Wadsworth redevelopment project begins in 2010, there is the possibility this revenue source may be eliminated or reduced (37-580-00- 582). Town Center Fund proposed expenses for 2010 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. 44th Ave. Town Center Fund expenses total $366,424 which is a 52% decrease compared to the estimated 2009 budget. The primary reason for the estimated decrease is due to the following one-time expenditures in 2009: 1. Purchase of the 7300 W. 44th Ave property in the amount of $389,217 (37-120- 800-801). 2. Strategic planning process in the amount of $10,000 (37-120-700-750) 3. Corporate identity package in the amount of $3,100 (37-120-700-750) 4. Three market studies in the amount of $15,000 (37-120-700-750) 5. Maintenance to the Stage Stop Antique Mall in the amount of $12,511 (37-120- 700-760). This will provide for a projected ending fund balance at the end of 2010 in the amount of $1,148,094. The proposed 2010 Budget does not include funding which may be required for the proposed 44th and Wadsworth redevelopment project except for professional legal services. Staff recommends that the Board make adjustments to the budget when these expenses are more quantifiable. Wheat Ridize Cyclery Protect Fund Wheat Ridge Cyclery Project Fund revenue is projected at $33,000 which is a 2% increase compared to the 2009 estimated revenue of $32,488. Wheat Ridge Cyclery Project Fund proposed expenses for 2010 total $33,000 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. Additional Items 1. A supplemental budget appropriation(s) will be required to appropriate the funds necessary for the purchase of the 7300 W. 44th Ave. property and any additional budget line items that may be over budget at the end of the year. A resolution will be presented to the WRURA Board at the December 1St meeting to approve the required appropriations. 2. City Council suspended the property and sales tax TIF for the 38th Ave. and Sheridan Walgreens' project on June 8, 2009. The TIF was initiated in 2003 and total sales tax increment through June 2009 has been calculated at $31,126.21. Staff would like direction from the WRURA Board if a request to City Council for these funds should be submitted. Attachments: Exhibit 1: Town Center Fund Exhibit 2: Wheat Ridge Cyclery Project Fund EXHIBIT 1 WHEAT RIDGE URBAN RENEWAL AUTHORITY Town Center Fund 2008 Actual 2009 Adjusted 200910•Month 2009 Estimate 2010 Proposed BEGINNING FUND BALANCE $634,201 $1,083,863 $1,064,476 $1,064,476 $1,184,518 Revenues 37-500-00-501 Property Tax Increment $12,429 $0 $11,784 $11,784 $0 37-500-00-504 Sales Tax Increment $303,032 $300,000 $196,395 $255,000 $255,000 37-520-01-549 CDBG $0 $0 $0 $390,000 $0 37-580-00-581 Interest $22,126 $15,000 $18,881 $20,000 $15,000 37-580-00-582 Rental Income $42,333 $60,000 $50,000 $60,000 $60,000 37-580-01-583 Property Sales $0 $0 $0 $122,272 $0 37-580-00-588 Miscellaneous Income $0 $0 $32,377 $32,377 $0 TOTAL REVENUE $379,920 $375,000 $309,437 $891,433 $330,000 TOTAL AVAILABLE FUNDS $1,014,121 - $1,458,863 $1,373,913 $1,955,909'' $1,514,518 Personnel 37-120-600-602 Salaries $0 $0 $0 $0 $0 37-120-600-625 FICA $0 $0 $0 $0 $0 Total Personnel' $0 $0 $0 $0 $0 Supplies 37-120-650-651 Office Supplies $0 $0 $0 $0 $250 37-120-650-654 Printing & Photocopying $0 $0 $0 $0 $2,000 37-120-650-655 Postage $0 $0 $0 $0 $0 Total Supplies $0 $0 $0 $0 $2,250 Services 37-120-700.702 Conference & Meetings $634 $2,000 $208 $500 $2,000 37-120-700-706 Dues, Books, Sub $275 $500 $313 $500 $500 37-120-700-740 Mileage $0 $0 $0 $0 $0 37-120-700-750 Professional Services $92,198 $47,000 $21,226 $54,000 $50,000 37-120-700-758 City Reimbursement $112,127 $10,000 $0 $12,000 $12,000 37-120-700-760 Utilities & Maint. $592 $25,600 $4,746 $18,000 $5,000 37-120-700-799 Misc. $1,489 $4,500 $3,962 $4,500 $2,000 Total Services $207,315 $89,600 $30,455 $89,500 $71,500 Capital 37-120-800-801 Lands. Buildings, & Wat $206,587 $292,674 $633,112 $681,891 $292,674 37-120-800-872 Site Improvements $0 $0 $0 $0 $0 37-120-800-873 Payment to Fire District $0 $0 $0 $0 $0 37-120-890-897 Trans to Walgreens Fund $0 $0 $0 $0 $0 Total Capital $206,587 $292,674 $633,112 $681,891 $292,674 TOTAL EXPENDITURES $413,902 $382,274 ~G $663,567 $771,391 $366,424 ENDING FUND BALANCE $600,219 „ $1,076,589 $710,346 $1,184,518 $1,148,094 EXHIBIT 2 WHEAT RIDGE URBAN RENEWAL AUTHORITY Wheat Ridge Cyclery Project Fund 2008 Actual 2009 Adjusted 200910-Month 2009 Estimate 2010 Proposed BEGINNING FUND BALANCE $ - $ _ $ _ $ _ $ - Revenues 37-580-00-501 Property Tax Increment $ 14,645 $ 15,000 $ 14,488 $ 14,488 $ 15,000 37-580-00-584 Sales Tax Increment $ 12,155 $ 15,000 $ 14,075 $ 18,000 $ 18,000 37-580-00-581 Interest $ - $ _ $ _ $ _ $ - 37-580-02-588 Sale of Property $ - $ _ $ _ $ _ $ - TOTAL REVENUE $ 26,800 $ 30,000 $ 28,563 $ 32,488 $ 33,000, TOTAL AVAILABLE FUNDS $ 26,800 $ 30,000 $ 28,563 $ 32,488 $ 33,000 Services 37-122-700-702 Conference & Meetings $ - $ - $ _ $ _ $ - 37-122-700-706 Dues, Books, Sub $ $ $ $ $ 37-122-700-740 Mileage $ $ $ $ $ 37-122-700-750 Professional Services $ $ $ $ $ 37-122-700-758 City Reimbursement $ $ $ $ $ 37-122-700-799 Misc. $ $ $ $ $ Total Services $ $ $ $ $ Capital 37-122-800-801 Acquisition & Relocate $ - $ - $ _ $ _ $ - 37-122-800-872 Site Improvements $ 26,800 $ 30,000 $ 14,488 $ 32,488 $ 33,000 37-122-900-901 Loan Payment $ - $ _ $ _ $ _ $ - Total Capital $ 26,800 $ 30,000 $ 14,488 32,488 $ ` 33,000 TOTAL EXPENDITURES $ 26,800 $ 30,000 $ 14,488 $ 32,488 $ 33,000 ENDING FUND BALANCE $ - $ - $ 14 075 $ - $ - ,