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MINUTES OF
WHEAT RIDGE URBAN RENEWAL AUTHORITY
August 26, 2003
6:00 p.m.
ORIGINAL
1. CALL THE MEETING TO ORDER
The Wheat Ridge Urban Renewal Authority meeting was called to order by Chair
Hashem at 6:02 p.m. The meeting was held in the council chambers of the
Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado.
Chair Hashem announced that Agenda Item 4 "Public Forum" would be moved to
Item 7 in order to be heard after conclusion ofthe Executive Session.
2. ROLL CALL OF MEMBERS
Commissioners present:
Norm Burkpile
Vance Edwards
Mary Hashem
Elwyn Kiplinger
Tom Mallinson
Terrell Williams
Commissioners absent:
Janet Leo
Margy Platter
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 August 6, 2003 were
approved as presented.
4. 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 the
38th Avenue and Sheridan Boulevard redevelopment project. The motion
passed unanimously.
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08-26-03
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The regular meeting was adjourned into executive session at 6:04 p.m. The
executive session was convened in the second floor conference room at 6:09 p.m.
Those attending the executive session were: Vance Edwards, Tom Mallinson,
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 7:20 p.m. The regular meeting was
reconvened in the council chambers at 7:25 p.m.
5. NEW BUSINESS
A. Resolution Authorizing Negotiations for Terms of Financing the 38th
Avenue and Sheridan Boulevard Redevelopment Project.
It was moved by Vance Edwards and seconded by Tom Mallinson that the
Authority authorize the consultant team to continue negotiations with
financial entities for the purpose of trying to secure fmancing for the 38th and
Sheridan project and bring the information back to the Authority for
consideration. The motion passed 6-0.
Jim Windholz explained that Tatonka Capital changed their terms and asked for
additional security which would cause a significant delay. Therefore, Tatonka
Capital's proposal will be put on hold and negotiations will begin with First Bank.
He stated that negotiations could not begin until financing is secure. Additional
work also needs to take place on the appraisals.
6. OTHER MATTERS
There were no other matters to come before the Authority
7. PUBLIC FORUM
Terry McFadden
Paradise Billiards, 5250 West 38th Avenue
Mr. McFadden expressed concern that the reason the Authority is having trouble
finding financing is that "the numbers don't work" on this project. Chair Hashem
stated that Tatonka Capital re-traded their terms to the point that it seemed better
to go back to First Bank to see if they would stand by their original offer. Jim
Windholz commented that the Authority may not approve a financing package
unless it is absolutely certain there will be revenues to cover the debt.
Mr. McFadden asked ifthe appraisals were above or below $1.5 million. Mr.
Windholz replied that he could not divulge that information at this time; however,
appraisals provide for fair market value for each of the five properties. He
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advised Mr. McFadden that the appraisals that have been received will be
reviewed one more time.
Mr. McFadden stated that delays in the project have harmed his business. He has
leagues that aren't signing with him due to the uncertainty of his situation. He
also has thirteen employees to consider. He stated he has lost confidence in the
process because of delays and problems with financing. The Authority assured
Mr. McFadden that they are sympathetic with his situation and are doing the best
they can and will notify property owners as soon as new information concerning
financing is available. Mr. Windholz estimated that it would take approximately
two weeks to get an answer from First Bank.
Chair Hashem asked if there were others who wished to address the Authority.
There was no response.
8. ADJOURNMENT
Chair Hashem adjourned the meeting at 7:45 p.m.
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Mary Has em, Chair
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