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HomeMy WebLinkAbout07/23/2003 MINUTES OF WHEAT RIDGE URBAN RENEWAL AUTHORITY July 23, 2003 5:00 p.m. ORIGiNAL 1. CALL THE MEETING TO ORDER The Wheat Ridge Urban Renewal Authority meeting was called to order by Chair Hashem at 5:10 p.m. The meeting was held in the council chambers of the Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. 2. ROLL CALL OF MEMBERS Commissioners present: Norm Burkpile Vance Edwards (recused himself at 6:10 p.m.) Mary Hashem Elwyn Kiplinger Janet Leo Terrell Williams Commissioners absent: Tom Mallinson Margy Platter Also attending: Alan White, WRURA Executive Director Jim Windholz, Attorney for WRURA Steve Szymanski, Szymanski Ray Arne Ray, Szymanski Ray Ann Lazzeri, Recording Secretary 3. APPROVAL OF MINUTES There being no corrections or additions to the minutes of June 17,2003, they stood approved as published. 4. PUBLIC FORUM No one indicated a desire to speak at this time. 5. EXECUTIVE SESSION Chair Hashem advised members of the public that following the executive session, the Authority would reconvene in the Council Chambers. It was moved by Vance Edwards and seconded by Norm Burkpile to move into executive session under CRS Section 24-6-402(4)( e) for the purpose of determining matters that may be subject to negotiations, developing strategy for negotiations and/or instructing negotiators regarding financing for the 38th Avenue and Sheridan redevelopment project. The motion passed unanimously. WRURA Minutes 07-23-03 Page 1 Those attending the executive session were: Norm Burkpile, Vance Edwards, Mary Hashem, Elwyn Kiplinger, Janet Leo, Terrell Williams, Alan White, Jim Windholz, Steve Szymanski, Arne Ray, and Ann Lazzeri. Laura Fiemann (Tatonka Capital Corporation) attended for a portion of the executive session. The regular meeting was adjourned to executive session at 5: I 0 p.m. The executive session began at 5:12 p.m. in the lobby conference room and adjourned at 5:58 p.m. The regular meeting was reconvened in the council chambers at 6:02 p.m. 6. NEW BUSINESS A. Decision Rel!:ardinl!: Financinl!: Proposals from Banks It was moved by Vance Edwards and seconded by Norm Burkpile to approve the proposal presented by Tatonka Capital Corporation for financing the 38th and Sheridan urban renewal project. It was further moved to authorize the Authority Attorney to negotiate changes to the proposal as deemed in the best interest of the Authority and when finalized, authorize the Chair to sign forthe Authority. Steve Szymanski stated there was confidence in the ability of the Authority to secure gap financing. He reported that a review of the potential appraisal numbers has taken place and full negotiations should be able to proceed in two weeks. An environmental investigation has been conducted to determine status of the property as well as financial effects. An agreement has been signed with Cornerstone and they have deposited $100,000 earnest money. A traffic study has also been completed which will be reviewed by the city. Jim Windholz stated that he expected to have draft copies of appraisals for each of the affected properties some time next week. He will review them immediately and send back for final drafts. He was hopeful that negotiations for final acquisitions would begin by mid-August. A vote was taken on the motion which passed unanimously. B. Discussion Rel!:ardinl!: Urban Renewal Plan Amendment for Tax Increment Financinl!: (TIF) Sales and property tax increments are currently authorized in the urban renewal plan for the 38th and Sheridan redevelopment project; however a start date has not been established. Therefore, the plan needs to be amended for this to occur. Jim Windholz asked for direction as to whether TIF should be started for the entire 38th Avenue Corridor, or just for the Walgreens project area. WRURA Minutes 07-23-03 Page 2 It was moved by Vance Edwards and seconded by Elwyn Kiplinger to authorize Jim Windholz to prefare appropriate information for tax increment fmancing for the 3St and Sheridan (Walgreens) redevelopment project. The motion passed unanimously. Additional projects along the corridor requiring a tax increment will trigger another amendment to the plan. C. Discussion of IGA Concerninl!: Safewav TIF Revenue Chair Hashem announced that staff had determined there was no need for an lOA for Safeway TIF revenue. Therefore, this item was removed from the agenda. D. Review of Land Use Case - MS-03-04 Vance Edwards excused himself from the meeting at this time (6:10 p.m.) because this matter could potentially come before City Council. This item was presented by Alan White. The City's development regulations require review by WRURA for certain land use applications when they are located in an urban renewal area. The case under consideration concerns subdivision of a single lot into smaller lots. The lot is located east and south of the Ace Hardware store at 45th and Wadsworth. No financing from WRURA has been requested. There was a consensus of the Authority that the proposed subdivision presented no significant issues relating to urban renewal 7. OTHER MATTERS Alan White reported on sales tax TIF revenues for the Wheat Ridge Town Center. He noted that these revenues have decreased significantly during 2003. He reported that there is $87,000 in the ColoTrust account and $350,000 in the Authority's checking account. With an estimated $65,000 in property tax increment yet to be paid, the funds at the end of the year should be approximately $500,000. 9. ADJOURNMENT The meeting was adjourned by Chair Hashem at 6:20 p.m. ;y~~ Mary Hashem, Chair Page 3 WRURA Minutes 07-23-03