HomeMy WebLinkAbout12/17/2007
ORIGINAL
MINUTES
WHEAT RIDGE URBAN RENEWAL AUTHORITY
December 17, 2007
1. CALL THE MEETING TO ORDER
The meeting of the Wheat Ridge Urban Renewal Authority was called to order by
Chair Williams at 5:00 p.m. in the council chambers of the Municipal Building,
7500 West 29th Avenue, Wheat Ridge, Colorado.
2. ROLL CALL OF MEMBERS
Authority Members Present: Rick Adams
James Bahrenburg
Janet Leo (arrived at 5:30 p.m.)
Walt Pettit (left the meeting at 5:50 p.m.)
Tom Radigan
Larry Schulz
Terrell Williams
Also attending: Patrick Goff, Exeutive Director
Corey Hoffmann, WRURA Attorney
Ann Lazzeri, Recording Secretary
3. APPROVAL OF MINUTES - December 11, 2007
It was moved by Larry Schulz and seconded by James Bahrenberg to
approve the minutes of December 11, 2007. The motion passed unanimously.
4. PUBLIC FORUM
There was no one present to address the Authority.
5. EXECUTIVE SESSION
It was the opinion of the WRURA attorney that there was not a need for an
executive session.
6. UPDATE
. Patrick Goffreported that the Phase II Environmental Assessment came back
clean.
WRURA Minutes
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December 17, 2007
7. NEW BUSINESS
A. Approval and Acceptance of Purchase and Sale Contracts for
Vohoska and Karl Properties
Corey Hoffmann reviewed the contracts. Because both properties are needed,
each property is contingent upon the other. In regard to the sliver of land
(approximately 10 feet by 40 feet) between the two properties, title work is
needed and an indemnity will be required to protect WRURA. Terrell Williams
volunteered to go to the court house to thoroughly research the title of this
property. There is also a contingency that financing must be available.
Tom Radigan suggested that commercial banks, in addition to retail banks, should
be shopped for financing. He did not believe that obtaining financing was a
concern. Finding acceptable terms of financing was more of a concern.
James Bahrenberg asked if bids could be requested from banks. Patrick said that
is possible.
Terrell Williams expressed concern about the date of closing in light of
everything that has to be accomplished prior to closing. Corey Hoffmann agreed
that this date should be changed to allow more time.
In response to questions from Tom Radigan, Mr. Hoffmann explained that the
results of the Phase II assessment will be shared with the property owners. He
also stated that there is no appraisal condition in the contract.
Mr. Goff reminded the Authority that there are funds in the WRURA budget to be
used in case of a gap in the appraisal price. There is also the offer of $1.5 million
from the city if it is needed to complete the financing.
Rick Adams suggested threshold dates in the contract to make the seller more
comfortable. Mr. Hoffmann suggested that the dates stay the same with the
exception of the title date. He stated that earnest money, in addition to the $7,500
option money, could be added to make the seller more comfortable.
It was moved by Tom Radigan and seconded by James Bahrenberg to
approve making an offer in substantially the form ofthe Purchase and Sale
Agreements and in the amounts indicated in the Purchase and Sale
Agreements with the following revisions:
Earnest money in the amount of $75,000 to be paid upon acceptance of the
offers which is refundable; that April 17, 2008 be set for closing on each of
the contracts and best efforts will be made to keep other deadlines set forth
in the contract.
WRURA Minutes
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December 17, 2007
The motion passed unanimously.
8. ADJOURNMENT
The meeting was adjourned at 6:03 p.m.
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Terrell R. Williams, Chair
WRURA Minutes
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Ann Lazzeri, Recording Se 'reta y
December 17, 2007