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HomeMy WebLinkAbout04/01/2008 ORIGINAL MINUTES WHEAT RIDGE URBAN RENEWAL AUTHORITY April 1, 2008 1. CALL THE MEETING TO ORDER The meeting ofthe Wheat Ridge Urban Renewal Authority was called to order by Chair Williams at 6:09 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 Walt Pettit Tom Radigan Larry Schulz Terrell Williams Also attending: Patrick Goff, Deputy City Manager Jeff Parker, WRURA Attorney Ann Lazzeri, Recording Secretary 3. APPROVAL OF MINUTES - March 18, 2008 There being no additions or corrections, the minutes of March 18, 2008 were accepted as presented. 4. PUBLIC FORUM No one wished to address the Authority at this time. 5. NEW BUSINESS A. Resolution 02-2008 Amending the Authority's Bylaws to delete the requirement that notice of a meeting be published three days in advance of a meeting and to modify the bylaw amendment process. The Authority directed staff to draft the subject resolution. This amendment will provide staff with more flexibility to post meeting notices while still providing adequate public notice within the 24-hour Open Meeting Law requirement. In addition, expenses for publishing in a newspaper will be eliminated. Section 1 of Article N requires that amendments to the bylaws only be made after "there has been a notice of motion duly seconded in the previous meeting." Staff WRURA Minutes - 1 - April 1, 2008 is also recommending Section 1 of Article IV of the bylaws be amended to eliminate this requirement. It was moved by Walt Pettit and seconded by Larry Schulz to approve Resolution 2-2008 amending the Authority's Bylaws to delete the requirement that notice of a meeting be published three days in advance of a meeting and to modify the bylaw amendment process. The motion passed unanimously. B. Resolution 03-2008 A resolution amending the Fiscal Year 2008 Urban Renewal Fund Budget to reflect the approval of a supplemental budget appropriation in the amount of $150,000 for the purpose of placing earnest money in escrow for the purchase of properties located at 7340 and 7540 West 44th Avenue. Patrick Goff introduced the resolution and reviewed the staff report. Chair Williams asked if anyone wished to address the Authority on this matter. Charles Durbin addressed the Authority to ask for further explanation ofthe terms of the loan. His questions were answered to his satisfaction. There were no other individuals who wished to address the Authority. Chair Williams closed the public hearing. It was moved by Janet Leo and seconded by James Bahrenburg to approve Resolution 03-2008, a resolution amending the Fiscal Year 2008 Urban Renewal Fund Budget to reflect the approval of a supplemental budget appropriation in the amount of $150,000 for the purposes of placing earnest money in escrow for the purchase of properties located at 7340 and 7540 West 44th Avenue. The motion passed unanimously. C. Approval and acceptance of loan terms from FirstBank Wheat Ridge for the purchase of properties located at 7340 and 7540 West 44th Avenue. Patrick Goff informed the Authority that updated loan documents from FirstBank have not yet been received. He reviewed the current loan terms as follows: the loan amount is $3,285,000 with a fixed rate of 4% for 6 years amortized over 15 years. There is an option of paying interest only for the first two years. Collateral will consist of the property as well as a $400,000 certificate of deposit to be placed with FirstBank at closing on April 17, 2008. WRURA Minutes -2- April 1, 2008 Tom Radigan referred to the small sliver of land that does not have clear title and expressed concern that there could be a problem with the bank giving a loan. Patrick Goff stated that the bank has been aware of the circumstances associated with this situation. Authority members were in agreement with the current loan terms if the amount does not exceed $3,285,000. They were also in agreement that closing costs should be paid separately and not included in the loan amount. D. Amendment to the Contract to buy and sell real estate for property located at 7340 West 44th Avenue to include a provision for a quiet title action for Parcel No. 39-234-00-009 and for the escrowing of funds for such action. Terrell Williams reported on his research into the small sliver ofland that does not have clear title. He found that two complete surveys of the area have been recorded with the County that reflect the "sliver." When it was realized through a survey that the Antique Mall building accidentally encroached into the V ohoska property, this sliver of land was created to legally identify the encroachment. The County cannot find a date for creation of this small piece of land nor can they find a chain of custody up to the time of the Karl purchase. This sliver was not contained in Mr. Karl's deed. However, Mr. Karl has been paying taxes on this sliver. The owner who sold the property to Mr. Karl is South Central Underwriting, a Tennessee corporation that has been dissolved. There is no evidence to show that there was not an intent to transfer this piece of property to Mr. Karl. It appears to simply be an oversight. Mr. Williams suggested three solutions are available: (1) quiet title; (2) deed correction; or (3) condemnation. Jeff Parker stated that he and Corey Hoffmann were of the opinion that quiet title would be the preferable avenue to take. They will work with Mr. Karl to find a solution. One option would be to consider having Mr. Karl place some money in escrow to cover the cost of clearing the title. It was moved by Rick Adams and seconded by James Bahrenburg that the Authority accept the agreement for $75,000 to be placed in escrow and authorize signatures. The motion carried 6-1 with Tom Radigan voting against the motion. E. Town Center budget update Patrick Goff presented an update on the Town Center Budget. Carry-over funds and sales tax increment have come in higher than estimated resulting in approximately $111,000 more than originally anticipated. WRURA Minutes - 3 - April 1 , 2008 6. OTHER . Patrick Goff advised the Authority that staff from the City as well as Wheat Ridge 2020 will be working with an economic development consultant to help prepare the city to market development opportunities at the International Conference of Shopping Centers to be held this spring. . Mr. Goff notified the Authority of a one-day seminar regarding special districts in Colorado to be held in Denver on April 29. . James Bahrenburg expressed appreciation to Terrell Williams for his time spent in researching the sliver of property adjacent to the Karl property. 7. ADJOURNMENT The meeting was adjourned at 7:22 p.m. L::-~dr;;;~ - Terrell R. Williams, Chair :..:J t:L. ~~~PA .~ Ann Lazzeri, Recording ecretary WRURA Minutes -4- April 1, 2008