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HomeMy WebLinkAbout10/22/2003 ORiGiNAL MINUTES OF WHEAT RIDGE URBAN RENEWAL AUTHORITY October 22, 2003 (Continued from October 21, 2003) 1. CALL THE MEETING TO ORDER The Wheat Ridge Urban Renewal Authority meeting was reconvened by Chair Hashem at 5: 15 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 Mary Hashem (left at 5:55 p.m.) Elwyn Kiplinger Tom Mallinson (arrived at 5:33 p.m.) Terrell Williams Commissioners absent: Margy Platter Janet Leo Also attending: Alan White, WRURA Executive Director Jim Windholz, WRURA Attorney Arne Ray, Szymanski and Ray Ann Lazzeri, Recording Secretary 3. PUBLIC FORUM No one indicated a desire to address the Authority. 4. EXECUTIVE SESSION It was moved by Vance Edwards and seconded by Terrell Williams 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. The regular meeting was recessed to executive session at 5:20 p.m. The executive session was convened in the second floor conference room at 5:25 p.m. The executive session was adjourned at 6:05. The regular meeting was reconvened at 6:08 p.m. WRURA Minutes 10-22-03 Page I Those attending the executive session were: Tim Sullivan, Jeff Bailey (both left the executive session at 5:40 p.m. and returned at 6:00 p.m.), Vance Edwards, Elwyn Kiplinger, Norm Burkpile, Terrell Williams, Mary Hashem (left at 5:55 p.m.), Tom Mallinson (arrived at 5:33), Alan White, Jim Windholz, Arne Ray and Ann Lazzeri. 5. NEW BUSINESS A. Designation of Vice Chair Due to Chair Hashem's absence, it was necessary to designate a vice chair to serve in her place. It was moved by Norm Burkpile and seconded by Elwyn Kiplinger to designate Vance Edwards to serve as vice chair for the remainder ofthe meeting. The motion passed unanimously. B. Approval of Financing Proposal Jim Windholz requested the Authority to consider the financing proposal submitted by the developer. It was moved by Norm Burkpile and seconded by Elwyn Kiplinger to approve the financing proposal with Cornerstone's lender, Midwest Bank, subject to a formal contract to that effect to be approved by the Authority (WRURA) at a subsequent meeting. Arne Ray stated that one of the objectives of a financing agreement has been to have adequate coverage for the WRURA to minimize risks and to pay off the debt as quickly as possible. The financing agreement being considered would involve a capital commitment by WRURA of some of its present funds and a loan commitment of up to $1,980,000 that will be drawn down as needed with an additional contingency, if needed, based on ultimate costs of the project. Repayment would come from some of the remaining Safeway tax increment funds for the next several years plus all ofthe incremental funds, sales and property taxes from Walgreens, and the Walgreens public improvement fee. Debt service will be defined to allow twice yearly payments at a minimum with the option for WRURA to make additional payments in any amount at any time to be credited against any accrued interest and then drive down the principal. Accrued expenditures would be property acquisition, relocation, contingency fund, project legal and professional fees, loan origination fees, loan closing costs and a contribution toward any required enviroumental remediation on the property. In addition, WRURA would be able to maintain a separate general fund account to fund other operations and seed money for any other projects. The loan is estimated to be paid off by mid 2007 based.on present estimate of costs and revenues for the project. However, the loan could be paid off at an earlier time WRURA Minutes 10-22-03 Page 2 no prepayment penalty. At that time, revenues would be freed up for WRURA or the city. A vote was taken on the motion which passed unanimously. C. Resolution Authorizing Acquisition of Properties Jim Windholz advised the Authority that a resolution may now be considered to authorize acquisition of properties now that a financing agreement has been approved. This will allow negotiations to begin to acquire properties. It was moved by Elwyn Kiplinger and seconded by Terrell Williams to adopt Resolution No. 03-2003, authorizing the acquisition of properties including the utilization of eminent domain, related to the Walgreens project. The motion passed unanimously. D. Resolution Approving Intergovernmental Agreement (lGA) with City Jim Windholz explained that this resolution will approve a proposed IGA to be considered by the city on Monday, October 27 and provides for the continuation of sales tax increment revenues from the Town Center project. Its purpose is, if necessary, for these revenues which are to be available solely to the city after 2006 to be made available to the Authority for its debt service related to 38th Avenue corridor redevelopment projects. In addition, the IGA provides for collection and distribution of the public improvement fee to the Authority to be used for its financial obligations incurred in the Walgreens project. It was moved by Norm Burkpile and seconded by Elwyn Kiplinger to adopt Resolution No. 04-2003 approving an intergovernmental agreement with the City of Wheat Ridge, regarding sales tax increment and the collection of a public improvement fee. The motion passed unanimously. E. Review of Consolidation Plat and Special Use Permit for Conformance with WRURA Plan. Vice Chair Vance Edwards advised the Authority that he could not hear this case before it goes to City Council on October 27th. Since Mary Hashem left the meeting earlier, his absence would leave the Authority without a quorum to vote on this matter. Therefore, it became necessary to recess the meeting to a time a quorum could be present. This must be done prior to the October 27th Council meeting. Discussion was held regarding the recessing of this meeting to another date and time. Vance Edwards took a poll of Authority members who indicated they could attend a meeting on Monday, October 27, at 10:00 a.m. WRURA Minutes 10-22-03 Page 3 Vance Edwards stated he would entertain a motion to recess the meeting at this time to be reconvened Monday, October 27, at 10:00 a.m. It was moved by Norm Burkpile and seconded by Elwyn Kiplinger to recess the meeting to be reconvened Monday, October 27, at 10:00 a.m. The motion passed unanimously. Vance Edwards declared the meeting to be recessed at 6: 18 p.m. ,c;~8~ Mary Hashem Chair ,/V~t:J: ~ . Vance Edwards, Vice Chair a4U Ann Lazzeri, Se WRURA Minutes 10-22-03 Page 4 MEETING ROSTER CITY OF WHEAT RIDGE URBAN RENEWAL AUTHORITY Date: cc To Bc- R aa, 00-S (Please print) Name Address G ,Gl~ A) 61 y;7 of 4W fS