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HomeMy WebLinkAbout12/01/2009AGENDA WHEAT RIDGE URBAN RENEWAL AUTHORITY December 1, 2009 Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban Renewal Authority on Tuesday, December 1, 2009 at 6:00 p.m., in the City Council Chambers of the Municipal Building at 7500 West 29th Avenue, Wheat Ridge, Colorado. Individuals with disabilities are encouraged to participate in all public meetings sponsored by the City of Wheat Ridge. Call Heather Geyer, Public Information Officer at 303-235-2826 at least one week in advance of a meeting if 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 17, 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. Public Hearing a. Resolution 08-2009 - Approving a Supplemental Budget for 2009 b. Resolution 09-2009 - Adoption of the 2010 Budget and Appropriation of Funds 8. Other Matters 9. Adjournment MINUTES WHEAT RIDGE URBAN RENEWAL AUTHORITY November 17, 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 29th Avenue, Wheat Ridge, Colorado. 2. ROLL CALL OF MEMBERS Authority Members Present: Rick Adams (Left meeting at'7:23 p.m.) James Bahrenburg Becky Bye Janet Leo Walt Pettit Tom Radigan Larry Schulz Also attending: Patrick Goff, Executive Director Corey Hoffmann, WRURA Attorney Anne Ricker, Leland Consulting Hilarie Portell, Portell Works Ann Lazzeri, Recording Secretary 3. APPROVAL OF MINUTES - November 3, 2009 It was moved by Larry Schulz and seconded by Janet Leo to approve the minutes of November 3, 2009 as presented. The motion passed 5-0 with Becky Bye and Tom Radigan 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. 5. STAFF UPDATES • Patrick Goff reported on the recent Brownfields Conference he attended. There seems to be a development trend toward smaller infill projects. • The master development agreement has been finalized with Weston Solutions for the 44`h and Wadsworth area. WRURA Minutes - 1 - November 17, 2009 6. CORPORATE IDENTITY WORKSHOP The workshop was conducted by Hilarie Portell of Portell Works. She invited discussion and suggestions for a corporate identity that would clarify the program and mission of the present authority. It will be important to educate the community on the mission and community involvement of the Authority through displays at city hall and other places. Names and taglines were discussed. "Renewal Wheat Ridge " or "Renewal Partnership of Wheat Ridge " were the most preferred names. If "partnership" is in the name, "community" should be in the tag line. If "partnership " is not in the name, it should be in the tag line. "Our community, countless possibilities " was generally preferred as a tag line. Ms. Portell will return with logo concepts to fit the suggested names and tag lines for the Authority's consideration. 7. URBAN RENEWAL AREA MARKET STUDIES - PRESENTATION AND REVIEW OF PROPOSAL Anne Ricker of Leland Consulting presented a proposal to obtain additional data for the urban renewal areas on Kipling from 52"d Avenue to 44th Avenue and possibly from 44th Avenue to 35th Avenue as well as the 38th Avenue urban renewal area. There was a consensus of the Authority to accept the proposal from Leland Consulting. 8. PROPOSED 2010 BUDGET - REVIEW AND DISCUSSION Patrick Goff presented the proposed 2010 WRURA budget for discussion. A public hearing on the budget will be held at the December 1, 2009 meeting. There was a consensus to direct Patrick Goff, on behalf of WRURA, to ask City Council for the sales tax increment that has accrued from the Walgreens project. This would amount to approximately $31,000. 9. OTHER MATTERS There were no other matters to be considered by the Authority at this time. 10. ADJOURNMENT The meeting was adjourned at 8:02 p.m. The next meeting is scheduled for December 1, 2009. Rick Adams, Chair Ann Lazzeri, Recording Secretary WRURA Minutes -2- November 17, 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: Resolution 08-2009 Supplemental Budget Appropriation DATE: November 20, 2009 Attached is a resolution adopting a supplemental budget appropriation for the 2009 Town Center Fund budget. A supplemental budget appropriation in the total amount of $390,000 is necessary for the following expenditure: Town Center Fund The Authority purchased the property at 7300 W. 44th Avenue on August 20, 2009 for $390,000. The purpose of the acquisition was for the future mixed-use development at the S.E. corner of 44th and Wadsworth. The 2009 Town Center Fund budget does not include an appropriation for this purchase; therefore a supplemental budget appropriation in the amount of $390,000 is required to balance the budget. Recommended Motion: "I move to approve Resolution 08-2009, amending the fiscal year 2009 Urban Renewal Budget to reflect the approval of a supplemental budget appropriation in the amount of $390,000 for purposes of the property acquisition at 7300 West 44th Avenue." Attachments: 1. Resolution 08-2009 WHEAT RIDGE URBAN RENEWAL AUTHORITY RESOLUTION NO. 08 Series of 2009 TITLE: A RESOLUTION AMENDING THE FISCAL YEAR 2009 URBAN RENEWAL BUDGET TO REFLECT THE APPROVAL OF A SUPPLEMENTAL BUDGET APPROPRIATION IN THE AMOUNT OF $390,000 FOR PURPOSES OF THE PROPERTY ACQUISITION AT 7300 WEST 44rH AVENUE WHEREAS, C.R.S. 29-1-103 (1) of the Local Government Budget Law of Colorado requires certain local governmental entities to prepare and adopt an annual budget; and WHEREAS, the Attorney for the Authority has opined that the provisions of the Budget Law do apply to the Authority; and WHEREAS, notice of adoption of the 2009 supplemental appropriation and budget was given by the Urban Renewal Authority in compliance with C.R.S. 29-1-106; and WHEREAS, the Authority previously adopted an appropriation for 2009 on November 13, 2008, which appropriation must be modified for the property acquisition at 7300 West 44th Avenue; and WHEREAS, in compliance with the provisions of the Budget Law regarding notice, objections, and hearing, a public hearing was held on the Supplemental Budget and Appropriation for 2009 on December 1, 2009. THEREFORE, BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority as follows: Section 1. The year 2009 supplemental appropriation for the Town Center Fund as shown on Exhibit I attached hereto is hereby approved. The purpose of the 2009 supplemental appropriation is to increase funds in line item 37-120-800-801 by $390,000.00 for purposes of the property acquisition at 7300 West 44th Avenue. 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 1 st day of December, 2009. UAUrban RenewAURA Packet MaterialA091201 Supp Budget Appr Res.doc WHEAT RIDGE URBAN RENEWAL AUTHORITY Chairperson ATTEST: Secretary to the Authority UAUrban RenewahURA Packet MaterialA091201 Supp Budget Appr Res.doc 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 _Q~ RE: 2010 Budget Adoption DATE: November 23, 2009 Attached is Resolution 09-2009 - A Resolution Enacting a Budget and Appropriation for the Year 2010 for the following budgets: Exhibit 1: Town Center Fund Exhibit 2: Wheat Ridge Cyclery Project Fund 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 Avenue. 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. Wheat Ridge Cyclery Project Fund Wheat Ridge Cyclery Project Fund revenue is projected at $40,000 which includes property and sales tax increment. Wheat Ridge Cyclery Project Fund proposed expenses for 2010 total $40,000 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 ten years or a total rebate of $264,180, which ever comes first. Recommended Motions: "I move to approve Resolution 09-2009 - A Resolution Enacting a Budget and Appropriation for the Year 2010 for the Town Center and Wheat Ridge Cyclery Project Funds." Or, "I move to approve Resolution 09-2009 - A Resolution Enacting a Budget and Appropriation for the Year 2010 for the Town Center and Wheat Ridge Cyclery Project Funds with the following amendments " Attachments: 1. Resolution 09-2009 WHEAT RIDGE URBAN RENEWAL AUTHORITY RESOLUTION NO. 09 Series of 2009 TITLE: A RESOLUTION ENACTING A BUDGET AND APPROPRIATION FOR THE YEAR 2010 WHEREAS, C.R.S. 29-1-103 (1) of the Local Government Budget Law of Colorado requires certain local governmental entities to prepare and adopt an annual budget; and WHEREAS, the Attorney for the Authority has opined that the provisions of the Budget Law do apply to the Authority; and WHEREAS, notice of adoption of the 2010 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 2010 by the Authority on December 1, 2009. THEREFORE, BE IT RESOLVED by the Wheat Ridge Urban Renewal Authority as follows: Section 1. The year 2010 budgets for the two funds as shown on Exhibit 1 and Exhibit 2 attached hereto are hereby approved and the funds indicated therein are hereby appropriated for expenditure in 2010. The purposes of the 2010 budget are to make funds available for normal operating expenses and to provide tax increment funding for an urban renewal project in the urban renewal area. Sources of funds for the Authority are sales tax increment generated by an 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 1 st day of December , 2009. 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 2008 Actual 2009 Adjusted 2009 Estimate 2010 Adopted $634,201 $1,083,863 $1,064,476 $1,184,518 37-500-00-501 Property Tax Increment $12,429 $0 $11,784 $0 37-500-00-504 Sales Tax Increment $303,032 $300,000 $255,000 $255,000 37-520-01-549 CDBG $0 $0 $390,000 $0 37-580-00-581 Interest $22,126 $15,000 $20,000 $15,000 37-580-00-582 Rental Income $42,333 $60,000 $60,000 $60,000 37-580-01-583 Property Sales $0 $0 $122,272 $0 37-580-00-588 Miscellaneous Income $0 $0 $32,377 $0 TOTAL REVENUE $379,920 $375,000 $891,433 $330,000 TOTAL AVAILABLE FUNDS $1,014,121 $1,458,863 $1,955,909 $1,514,518 Personnel 37-120-600-602 Salaries $0 $0 $0 $0 37-120-600-625 FICA $0 $0 $0 $0 Total Personnel $0 $0 $0 $0 Supplies 37-120-650-651 Office Supplies $0 $0 $0 $250 37-120-650-654 Printing & Photocopying $0 $0 $0 $2,000 37-120-650-655 Postage $0 $0 $0 $0 Total Supplies $0 $0 $0 $2,250 Services 37-120-700-702 Conference & Meetings $634 $2,000 $500 $2,000 37-120-700-706 Dues, Books, Sub $275 $500 $500 $500 37-120-700-740 Mileage $0 $0 $0 $0 37-120-700-750 Professional Services $92,198 $47,000 $54,000 $50,000 37-120-700-758 City Reimbursement $112,127 $10,000 $12,000 $12,000 37-120-700-760 Utilities & Maint. $592 $25,600 $18,000 $5,000 37-120-700-799 Misc. $1,489 $4,500 $4,500 $2,000 Total Services $207,315 $89,600 $89,500 $71,500 Capital 37-120-800-801 Lands. Buildings, & Wat $206,587 $682,674 $681,891 $292,674 37-120-800-872 Site Improvements $0 $0 $0 $0 37-120-800-873 Payment to Fire District $0 $0 $0 $0 37-120-890-897 Trans to Walgreens Fund $0 $0 $0 $0 Total Capital $206,587 $682,674 $681,891 $292,674 TOTAL EXPENDITURES $413,902 $772,274 $771,391 $366,424 ENDI NG FUND BALANCE $600,219 $686,589 $1,184,518 $1,148,094 EXHIBIT 2 WHEAT RIDGE URBAN RENEWAL AUTHORITY Wheat Ridge Cyclery Project Fund 2008 Actual 2009 Adjusted 2009 Estimate 2010 Adopted BEGINNING FUND BALANCE $ - $ - $ - $ - Revenues 37-580-00-501 Property Tax Increment $ 14,645 $ 15,000 $ 14,488 $ 20,000 37-580-00-584 Sales Tax Increment $ 12,155 $ 15,000 $ 15,000 $ 20,000 37-580-00-581 Interest $ - $ - $ - $ - 37-580-02-588 Sale of Property $ - $ - $ - $ - TOTAL REVENUE $ 26,800 $ 30,000 $ 29,488 $ 40,000 TOTAL AVAILABLE FUNDS $ 26,800 $ 30,000 $ 29,488 $ 40,000 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 $ 29,488 $ 40,000 37-122-900-901 Loan Payment $ - $ - $ - $ - Total Capital $ 26,800 $ 30,000 $ 29,488 $ 40,000 TOTAL EXPENDITURES $ 26,800 $ 30,000 $ 29,488 $ 40,000 ENDING FUND BALANCE $ - $ - $ - $ -