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HomeMy WebLinkAbout08/06/2003 ORIGINAL MINUTES OF WHEAT RIDGE URBAN RENEWAL AUTHORITY August 6, 2003 6:00 p.m. 1. CALL THE MEETING TO ORDER The Wheat Ridge Urban Renewal Authority meeting was called to order by Chair Hashem at 6:10 p.m. The meeting was held in the council chambers of the Municipal Building, 7500 West 29th A venue, Wheat Ridge, Colorado. 2. ROLL CALL OF MEMBERS Commissioners present: Norm Burkpile Vance Edwards Mary Hashem Elwyn Kiplinger Janet Leo Terrell Williams Commissioners absent: Margy Platter Tom Mallinson Also attending: Alan White, WRURA Executive Director Jim Windholz, WRURA Attorney Steve Szymanski, Szymanski/Ray Arne Ray, Szymanski/Ray Ann Lazzeri, Recording Secretary 3. APPROVAL OF MINUTES There being no additions or corrections, the minutes of July 23, 2003 were approved as presented. 4. PUBLIC FORUM Joe Drew 6660 West 29th Ave. Mr. Drew addressed the Authority to express his concern about the 38th and Sheridan urban renewal project. He served on WRURA when the city completed the Safeway project which has proven to be a good project and has many differences from the 38th and Sheridan project. For example, there are fewer landowners involved in the current project. He urged the Authority to be very diligent to fairly compensate landowners for land, relocation costs and loss of income. He also expressed concern that the corporate culture in American is not WRURA Minutes 08-06-03 Page 1 very healthy at this time, noting the Westland project in Lakewood where K-Mart has left 60,000 square feet of empty space in the center. He questioned the wisdom of entering a relationship with any corporation on a long-term basis when there are no short-term benefits to any urban renewal project. Jim Windholz replied that Mr. Drew's concerns are exactly the reasons the Authority has taken so much time in review and negotiations. S. EXECUTIVE SESSION It was moved by Vance Edwards and seconded by Elwyn Kiplinger 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 tbe 38th Avenue and Sheridan Boulevard redevelopment project. The motion passed unanimously. The regular meeting was adjourned into executive session at 6: 17 p.m. The executive session was convened in the second floor conference room at 6:20 p.m. Those attending the executive session were: Vance Edwards, Janet Leo, Elwyn Kiplinger, Norm Burkpile, Mary Hashem, Terrell Williams, Alan White, Steve Szymanski, Arne Ray, Jim Windholz, and Ann Lazzeri. The executive session was adjourned at 7:22 p.m. The regular meeting was reconvened in the council chambers at 7:25 p.m. 6. NEW BUSINESS A. Decision regarding 38th Avenue and Sheridan Boulevard redevelopment project. Mary Hashem reported that, based on financial information presented during executive session, the Authority decided to move forward with Tatonka Capital Corporation as the financing agent for the project. Jim Windholz stated that he would proceed with details of a final contract with Tatonka and bring it back to the Authority for approval as soon as possible. Mr. Windholz requested the Authority to consider a time extension for some of the requirements in the development agreement based on the following: . The first report on the Phase II analysis of potential contamination on the site was received today. It will now be necessary to make a determination as to the extent and cost of remediation. . The developer has submitted earnest money in the amount of$100,000 which will be deposited with Chicago Title in an escrow account. WRURA Minutes 08-06-03 Page 2 o First drafts of appraisals for all affected properties have now been received. These appraisals were reviewed by an eminent domain legal expert who gave his assurance that all documentation was legally sound. Mr. Windholz will instruct the appraiser to fmalize the documents which should occur no later than August 29. The extra time involved is due to the necessity of evaluating contamination and cost of remediation on at least one of the properties. When appraisals are finalized and Colorado Department of Transportation (CDOT) approval is obtained for turning access, acquisition discussions will begin with property owners. This should occur approximately mid-September. Mr. Windholz asked that the Authority approve the schedule of performance with the following changes: o Extend time for Authority to get final financing to August 15. o Extend time for Authority to provide legal description and boundary survey to developer to August 15. o Extend time to make a determination regarding the extent and cost of remediation for contaminated soils. o Extend time for developer to receive approval from the Colorado Department of Transportation for turning access to September 19. It was moved by Norm Burkpile and seconded by Elwyn Kiplinger to approve the changes to Exhibit B (Schedule of Performance) ofthe Disposition and Development Agreement, as stated by Mr. Windholz. The motion passed unanimously. Chair Hashem stated that she would be out of town for a period of time beginning August 19. Mr. Windholz requested that Chair Hashem designate an Authority member to sign the financing agreement with Tatonka Capital in case of her absence. It was moved by Vance Edwards and seconded by Janet Leo that Norm Burkpile be designated to sign necessary documents in the absence of Chair Hashem. The motion passed unanimously. There was a consensus of the Authority to direct Mr. Windholz to proceed with fmalization of the Disposition and Development Agreement as well as the fmancing agreement. Mr. Windholz stated that closing is scheduled for October 28. When financing is completed, it will be necessary for WRURA and City Council to amend the Urban Renewal Plan to put tax increment financing in place. In response to a question from Chair Hashem, Mr. Windholz stated that there is a contingency that the developer can back out of the agreement if access approval is not granted from CDOT. Page 3 WRURA Minutes 08-06-03 In response to a question from Norm Burkpile, Mr. Windholz stated that the October 28 closing date would be affected if CDOT approval is not obtained by September 19. Mr. Windholz invited questions and comments from affected property owners. Arthur Fast Kitchen Masters Mr. Fast addressed the Authority to express his frustration with the timing of executive sessions and the inconvenience it causes when interested people are required to wait in the council chambers during these sessions. He suggested that interested parties be informed of the time the executive session is expected to conclude so they can arrive in time forthe regular meeting. Chair Hashem acknowledged that Mr. Fast's point was well taken and directed that future agendas be revised to schedule executive sessions after roll call and approval of the minutes and that the regular meeting will occur approximately 30-60 minutes after the executive session begins. Mr. Fast also expressed his frustration with the timing of the project. While he understands the process and is in favor of the project, he requested that the Authority give property owners more specific dates so that business decisions can be made in regard to advertising, signing new leases, etc. He stated that the uncertainty of the timing process is affecting income from his business. He also stated that it would take approximately 5-6 months to relocate his business. 7. OLD BUSINESS There was no old business to come before the Authority. 8. OTHER MATTERS There were no other matters to come before the Authority 9. ADJOURNMENT Chair Hashem adjourned the meeting at 7:50 p.m. y ~B.~k' Mary Has em, Chair WRURA Minutes 08-06-03 Page 4 MIP? TW& PUBLIC MMMNG ROSTER CITY OF WHEAT RIDGE 4~k~-7 ~ ~oG- 4p fiflni ~ way rH~o~~ry (Please Print) Name Address In Favor/Opposed ao,~7-