HomeMy WebLinkAbout08/17/2004
ORIGINAL
MINUTES OF
WHEAT RIDGE URBAN RENEWAL AUTHORITY
August 17, 2004
5:30 p.m.
1. CALL THE MEETING TO ORDER
The Wheat Ridge Urban Renewal Authority meeting was called to order by Chair
Hashem at 5:40 p.m. in the council chambers of the Municipal Building, 7500
West 29th Avenue, Wheat Ridge, Colorado.
2. ROLL CALL OF MEMBERS
Commissioners present:
Mary Hashem
Elwyn Kiplinger
Janet Leo
Tom Mallinson
Terrell Willianis
Pete Ziemke
Also attending:
Alan White, WRURA Executive Director
Corey Hoffmann, WRURA Attorney
Art Fast, Kitchen Masters
Mike Olivas, Kitchen Masters
Terry McFadden, Paradise Billiards
Charles Durbin, 3703 Ames St.
Robert Wallace
Jeff Bailey, Cornerstone Development
John Lubitz, Attorney for Cornerstone Development.
Ann Lazzeri, Recording Secretary
3. APPROVAL OF MINUTES
It was moved by Terrell Williams and seconded by Janet Leo to approve the
minutes of August 5, 2004 as presented. The motion passed unanimously.
4. PUBLIC COMMENT
No one indicated a desire to speak at this time.
5. EXECUTIVE SESSION
It was moved by Terrell Williams and seconded by Elwyn Kiplinger to
adjourn to executive session under CRS Section 24-6-402(4)(b) for the
purpose of receiving legal advice regarding specific legal questions related to
acquisition and relocation issues at the 38th Avenue and Sheridan Bonlevard
redevelopment project. The motion passed unanimously.
WRURA Minutes
08-17-04
Page I
The regular meeting was adjourned at5:42 p.m. Executive session was convened
in the lobby conference rooIi1 at 5:43 p.m. Those present for the executive session
were as follows: Mary Hashem, Janet Leo, Elwyn Kiplinger, Tom Mallinson,
Terrell Williams, Pete Ziemke, Alan White, Corey Hoffmann, and Ann Lazzeri.
The executive session was adjourned at 6:42 p.m. The regular meeting was
reconvened at 6:43 p.m.
. Based on discussion during executive session concerning the Disposition and
Development Agreement (DDA) between the Authority and the Cornerstone
Group, it was moved by Pete Ziemke and seconded by Tom Mallinson to
authorize counsel to send written notice of default to the developer under
Section 15.1 of the Agreement reciting two particular defaults: one being
a default under paragraph 5.1 and the other being a default under
paragraph 5.6; the first relating to fmancing commitments and the
second relating to commitment from Walgreens for an irrevocable
commitment to carry on this project. The motion passed unanimously.
6. NEW BUSINESS
. Chair Hashem announced that the Authority has set a schedule for formal
meeting times. From this time forward, the Authority will meet on the first
and third Tuesday of the month at 5:30 p.m. unless need arises for special
meetings.
7. PUBLIC FORUM
At the request of Art Fast (Kitchen Masters), the public forum was re-opened for
further clarification ofthe motion made by Pete Ziemke.
Mr. Ziemke explained that there are two defaults under the DDA. (1) Over a year
ago, the Authority was to have received a binding commitment from Walgreens to
sign a lease on this project and that commitment has never been received; and (2)
adequate financing has not been received at this point. The contract allows for a
30-day cure of the defaults. If the defaults are not cured during the 30-day period,
the contract is terminated.
Chair Hashem further explained that the Authority has had indications that the
existing loan agreement is not adequate and there is also a question of
collaterization of the funds. Immediate possession hearings have been postponed
because adequate funding has not been assured.
Terry McFadden spoke from the audience and expressed his frustration with the
uncertainty of the lengthy process involved in this project.
WRURA Minutes
08-17-04
Page 2
8. ADJOURNMENT
The meeting was adjourned at 6:50 p.m.
1'j~3~
Mary Hashem, Chair
~~
Ann Lazzeri, Secretary
WRURA Minutes
08-17-04
Page 3