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HomeMy WebLinkAbout09/05/2007 ORIGINAL MINUTES WHEAT RIDGE URBAN RENEWAL AUTHORITY September 5, 2007 1. CALL THE MEETING TO ORDER The meeting of the Wheat Ridge Urban Renewal Authority was called to order by Chair Williams at 6:02 p.m. in the council chambers ofthe Municipal Building, 7500 West 29th Avenue, Wheat Ridge, Colorado. 2. ROLL CALL OF MEMBERS Authority Members Present: James Bahrenburg Janet Leo (left at 6:30 p.m.) Terrell Williams Rick Adams Tom Radigan Authority Members Absent: Larry Schulz Walt Pettit Also attending: Patrick Goff, Deputy City Manager Jeff Parker, WRURA Attorney Rob Osborn, Wheat Ridge 2020 Mary Cavarra, City Treasurer Ann Lazzeri, Secretary 3. APPROVAL OF MINUTES - August 7, 2007 It was moved by Janet Leo and seconded by James Bahrenburg to approve the minutes of August 7, 2007. The motion passed with Rick Adams and Tom Radigan abstaining. 4. PUBLIC FORUM Charles Durbin requested an update on Cornerstone litigation. Jeff Parker and Patrick Goff informed Mr. Durbin that there is nothing new to report. 5. NEW BUSINESS A. Introduction and Welcoming of New Authority Members Chair Williams introduced new members of the Urban Renewal Authority: Rick Adams, Tom Radigan, and Walt Pettit. WRURA Minutes - I - September 5, 2007 B. Update on Gemini Development Patrick Goff informed the Authority that the developer who had previously expressed interest in developing the Gemini property has withdrawn his proposal. Ron Osborn commented that FirstBank is still participating in discussions regarding the area at 44th and Wadsworth. Mr. Goff clarified that the Gemini property is in an urban renewal area. The property was taken out of the Town Center Urban Renewal Area and placed in the Wadsworth Urban Renewal Area in 2002. C. Update on 44th and Wadsworth Land Assemblage - Rob Osborn Rob Osborn reviewed the Neighborhood Revitalization Strategy (NRS). He presented an overview of land banking which is a program that acquires underutilized, blighted or abandoned properties in order for redevelopment to occur which will benefit the community and create taxable revenue. Land banking is not urban renewal using eminent domain nor is it designed to benefit a private developer. Incentives for developers give opportunity for the city to see to it that redevelopment meets the city's goals for the area. He explained how land banking is accomplished; how land banking helps a community; reasons for land banking; elements of a land bank proj ect; and benefits of land banking. He gave local and national examples where land banking was used. 44th and Wadsworth is a good location to utilize land banking. Mr. Osborn stated that Wheat Ridge 2020 (2020) holds options on two properties in the 44th Avenue/Wadsworth area and is working with a consultant to formulate a land use plan for the area. The plan incorporates commercial retail, residential to buffer Upham Street, municipal use such as a library and/or city offices, and some senior housing. The City Council has approved a $1.5 million loan to WRURA toward this purpose. The banking industry will also be investigated regarding loans. Other financing could include bonding, tax increment financing and state, federal and local grants. Bids would be sent out for redevelopment proposals that would meet the city's goals. Rick Adams asked why this is being considered at this time. Mr. Osborn explained that property values are increasing in this area because of future Wadsworth corridor improvements. Further, 2020's options expire December 31,2007. Owners would then be negotiating with private developers and the city would lose some say in directing the type of redevelopment that occurs. WRURA Minutes - 2 - September 5, 2007 In response to a question about the status of the gas station in the area, Mr. Osborn stated that the owner has indicated a willingness to sell. 2020 does not have an option at this time because the owner is in the middle of an EP A clean-up order. 2020 and the city have acquired a Brownfields assessment grant to identify potential liabilities with the site. This will begin September 14. When city entities own property, there is access to grants for clean-up, etc. In reply to a question from James Bahrenburg about purchasing the Gemini property, Mr. Osborn stated that the property is greatly overpriced at this time. Tom Radigan asked if CDOT plans to widen Wadsworth would affect the redevelopment plan. Mr. Osborn explained that CDOT must accommodate local plan implementation in regard to curb cuts, etc. Tom Radigan asked if present charter requirements would affect redevelopment in regard to building heights and density. Mr. Osborn replied that the Wadsworth plan does not increase densities but maximizes the densities. Zoning changes should be made in regard to parking in commercial areas. Patrick Goff commented that the loan approved by city council would allow 2020 to purchase the V ohoska property. Mr. V ohoska has also offered to donate back $100,000 toward a library project. Mr. Vohoska has also received a letter of intent from another developer. Mr. Osborn stated that 2020 has a 30-day right of first refusal. It would take about $4 million to purchase the entire assemblage. There was discussion about approaching the owner of the gas station to get that property under contract. Rob Osborn recommended that the offer be made subject to the clean-up order requirements for the gas station site and any clean-up activities on WRURA's site related to the gas station and reduce the price of the acquisition in relation to the amount of clean-up that may be necessary. Jeff Parker mentioned that there is the possibility of state reimbursement for environmental clean-up. Rick Adams asked what would happen if there is a wave of protest over redevelopment of property. Mr. Osborn stated that there is overwhelming support for the NRS and the property would be redeveloped in accordance with NRS goals and the Wadsworth corridor plan. Mary Cavarra expressed her support of the plan because it would give the city some control in making sure a large portion of the redevelopment will WRURA Minutes - 3 - September 5, 2007 consist of retail business. The city's sales tax is not keeping up with expenses. Rob Osborn commented that, over the years, as businesses leave on the northwest side of Wadsworth, they are being replaced with service oriented businesses associated with the hospital that don't produce any sales tax revenue for the city. D. Property Acquisition Loan - Patrick Goff James Bahrenburg expressed some concern about taking a vote without more membership present. Discussion followed. Circumstances prevent the Authority from meeting again until October 2. Accepting an option does not set up the purchase and sales agreement. There could be a contingency that funds from the city would not be transferred until settlement. It was moved by James Bahrenburg and seconded by Tom Radigan to accept the $1.5 million loan from the city contingent upon the Urban Renewal Authority purchasing the Vohoska property. The motion passed 4-0. It was moved by James Bahrenburg and seconded by Tom Radigan to accept assignment of the option held by Wheat Ridge 2020 relating to the V ohoska property and to instruct staff to negotiate a purchase and sales agreement pursuant to the terms of the Option to Purchase. The motion passed 4-0. It was moved by James Bahrenburg and seconded by Tom Radigan to direct staff to continue negotiations and investigations relating to financing opportunities for the purchase of properties in the 44th and Wadsworth area. The motion passed 4-0. It was moved by James Bahrenburg and seconded by Tom Radigan to direct city staff to make a recommendation to City Council that they investigate renegotiating the IGA including the TIF provision and the cap of the Town Center Agreement. The motion passed 4-0. E. ADJOURNMENT The meeting was adjourned at 8:00 p.m. The next meeting is scheduled for October 2,2007. ~fJ u., ~~ Ann Lazzeri, Secret y Terrell R. Williams, Chair WRURA Minutes -4- September 5, 2007