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HomeMy WebLinkAbout06/29/2000 ORIGINAL MINUTES OF WHEAT RIDGE URBAN RENEWAL AUTHORITY June 29, 2000 7:20 Call to Order Introduction of Jesse Silverstein and Patty Silverstein. How their firm works and operates in this market. Jessie Silverstein highlights the firms approach to this project. They include: Review of current and potential development perspective, Create common public/private goals, Establish a connection between real estate and community, Examine costs and benefits to the city and community, Review development potential. This includes the physical characteristics and supply and demand for goods of services, Examine business opportunities and quality of real estate/lease rates; Evaluate community impacts relating to costs, and Review the market as a whole for the developers. Mr. Silverstein reviews the project and that his firm will be doing the following: An in depth inventory of the properties, Review the opportunities of possible reuse of properties. o Look at future developments and new projects. o Community expenditure patterns, potential markets o Fiscal impacts on the community. Examine the current and future market for development, Prepare the business and development opportunity reports. o Background information. o Prospective business opportunities. Mr. Silverstein indicated that he will use the JEC economic development model to analyze the market and potential businesses. This will also analyze local businesses and their growth and ability to meet the market demands. This program can do a detailed analysis of cost and benefits to the city in the following areas: Economic Growth City General Fund Revenues City General Fund Costs Net economic Benefits vs. Public Costs Net Public Revenues vs. Public Costs The breadth of their analysis includes in depth economic indicators. In addition, Mr. Silverstein has experience in difficult and contaminated properties. Mr. Silverstein asked the Commission what the Community envisioned the area to be. Ms. Collins indicated it would resemble the same type of development that is next to it. Entice high caliber types of development to match the current development. Councilman Edwards indicated that the URA area is not seen as a positive factor for the City. It took a long time to do the Safeway development, and time is running out. The area under URA needs to reflect the quality ofthe community and the surrounding area. Mr. Silverstein indicated that Wheat Ridge is a secondary city and it may be hard to attract high quality investments, but the Safeway development demonstrates that this may not hold true. Ms. Collins reviewed the Wadsworth Corridor study and the need for pedestrian and alternative traffic flow. Mr. Silverstein asked the question, does the Wheat Ridge residents shop elsewhere. The Authority indicated that this is the case and it needs to change. Mr. Edwards indicated that with the traffic counts for the area, is frustrating because there is a huge potential and the blight of the area is a detriment to the community. The timing is right to focus on the redevelopment opportunities on both sides of Wadsworth. Mr. Silverstein inquired about the housing stock and demographics. Councilman Edwards indicated that commercial redevelopment is important, but the idea of mixed or blended uses concepts are not out of the question. The city is willing to be inrtovative, but again retail will be our focus. Mr. Silverstein indicated that now mixed uses are very popular, over the past years, financing for such uses have been hard to find. Now the financing on this market has changed. Mr. Mathews indicated that it may not be the vision that drives the development, but the market will drive the uses. Ms. Silverstein inquired about mixed use with office. Mr. Mathews indicated that the City will entertain mixed use, but would like to focus on sales tax revenue generator. Mr. Edwards inquired about Mr. Silverstein's experience in environmentally challenged properties. Mr. Silverstein reviewed his experience and indicated that now, developers are willing to come in and clean up the properties and then turn it into a profitable development. In this experience, there are many ways to approach an environmentally challenged properties. Developers are generally attracted to large parcels of properties. With smaller properties, it makes more sense for public intervention. There are many innovative grants and financing program to be tapped. The catch is to add value to the property so that it works to the advantage of the development. Councilman Edwards inquired about Mr. Silverstein's experience working with a U.S. Post Office. Mr. Silverstein indicated that this would be a good addition to the entire development. Looking at the impact of the post office includes their employees and customers that visit the post office. Councilman Edwards inquired about the JEC modeling and how their information will interface with that model. Ms. Silverstein indicated that they development the JEC model and have refined it for mixed use development. As part of their proposal, they would provide the city with the model to use for this and future developments. This model will create a snapshot of the local economy and how the development will factor into the current and local economy. Mr. Alan White asked about their experience in working in URA. Mr. Silverstein indicated that several of his projects are within an URA. They have been using some creative financing aspects to enhance the development. Since they are the ones that developed the modeling, they have the experience to interface several creative financing factors to see how they will affect the development and the city. Councilman Edwards indicated that the Wadsworth Corridor study is an important factor in this project. The Authority is looking at the West side of Wadsworth. The Authority would like to look at the opportunities and challenges on the west side of Wadsworth and how it can be intergraded into the Wadsworth Corridor. Mr. Silverstein and Councilman Edwards agreed that the expansion of the area will benefit both the city and current local businesses. The study will provide information to the businesses/city an informative market analysis that can assist both the city and businesses in redevelopment. Mr. Burkpile inquires about the firms experience with Lakewood. Mr. Silverstein is focusing on the redevelopment of Brownfields properties on Colfax, Wadsworth and Alameda. This includes program development and connecting them with funding and prospective developers. Mr. Alan White inquires about who will be doing the bulk of the work. Mr. Silverstein will be the primary contact. Mr. White questions Mr. Silverstein's work load and if this project will fall on the radar screen and be given the priority that it needs. Mr. Silverstein indicated that they have time carved out starting in August 1. This would meet the required time requested in the Proposal. If the City adds to the scope, it is possible that the time frame may be extended due to unknown factors, but only by a few weeks. Vice Chair Mathews thanked the Silversteins for their time. 8:20 Chairman Mathews requested a five minute break. 8:30 Call to order. Vice Chair Mathews questions what actual scope of work. Councilman Edwards indicated that it makes sense to look at the west side of Wadsworth from 35th to 44th. Councilman Edwards makes a motion to change the scope of the project to include the above, seconded by Mr. Burkpile. Discussion concerning the size of the area, and that it is prudent to include the west side in the scope and plarming. There was discussion of the size of the current area. Unanimously approved by a voice vote. Ms. Collin indicated that Development Research Partners gave a good presentation by Development Research Partners. Councilman Edwards liked the idea if interfacing the JEC model and their experience in this area. Councilman Edwards made a motion, to forwarded to City Council to amend the budget and approve Development Research Partners to perform the work, seconded by Marge Platter. Item 2 Councilman Edwards, made a motion to nominate Mr. Burkpile to work with the City Manager to represent the Authority in the recruitment of the new Economic Development Administrator, seconded by Ms. Collins, unanimously approved by voice vote. ~ ~lUk H 1/2;'{' Ann Lazzeri Recording Secretary hair