HomeMy WebLinkAboutStudy Session Agenda Packet 04-15-19
STUDY SESSION AGENDA
CITY COUNCIL CITY OF WHEAT RIDGE, COLORADO
7500 W. 29th Ave.
Wheat Ridge CO April 15, 2019
6:30 p.m.
Individuals with disabilities are encouraged to participate in all public meetings sponsored by the City of Wheat Ridge. Call Sara Spaulding, Public Information
Officer 303-235-2877 at least one week in advance of a meeting if you are
interested in participating and need inclusion assistance.
Citizen Comment on Agenda Items
1. Regency Sales Tax TIF Agreement
2. Animal Daycare and Outdoor Runs
3. Anderson Building Programming Budget Amendment
4. Staff Report(s)
5. Elected Officials’ Report(s)
ADJOURNMENT
Memorandum
TO: Mayor and City Council
THROUGH: Patrick Goff, City Manager FROM: Steve Art, Renewal Wheat Ridge Executive Director DATE: April 15, 2019
SUBJECT: Regency Cooperation Agreement
ITEM: On March 19, 2019, Renewal Wheat Ridge (RWR) entered into a Tax Increment Financing Agreement (the Agreement) with Regency Centers, the owners of the Applewood Shopping Center, for redevelopment of the vacant Walmart building at the southeast corner of 38th Avenue
and Youngfield Street. The Agreement utilizes property and sales tax increment to finance
public improvements associated with the redevelopment project. A request is being made of City Council to adopt a resolution approving a Cooperation Agreement between the City and RWR to share up to a maximum of $2,000,874 in sales tax increment generated from the project for a period of 5 years.
PRIOR ACTION: This is the first briefing to City Council on this project. On March 19, 2019, RWR adopted a resolution approving a Redevelopment Agreement with Regency Centers.
FINANCIAL IMPACT: If approved, the City will share one (1.0) cent of its three and one-half (3½) cent sales tax generated from this project in an amount not-to-exceed $2,000,874. At stabilization, redevelopment of the Walmart site is estimated to generate just under $1.0 million per year in City sales tax, increasing to roughly $2.0 million per year in 2040 for a total of just over $31 million over the next 21 years.
BACKGROUND: When Walmart ceased operations in July 2017, Regency, began plans to re-tenant the building. In early 2018, Regency entered into letters of intent with Hobby Lobby, Sierra Trading Post,
HomeGoods and Ulta to backfill the vacant Walmart space. To attract these quality, national
retail tenants, significant improvements to the 35-year old structure and site would be necessary. The new uses would require dividing the space into five separate spaces for four retail tenants
Study Session Memo – Regency Sales Tax TIF Agreement
April 15, 2019
Page 2 and a yet to be determined 17,000 sq. ft. space. The redevelopment also includes a complete
reface of the building façade, reconstruction of the parking lot for more efficient use, creation
of a new retail pad at the corner of 38th and Youngfield, and streetscape improvements along Youngfield and 38th. The City is also utilizing a portion of its 1% Xcel funding to underground all the utilities from 32nd and Youngfield to the terminus of the old Walmart building on 38th Avenue.
In total, Regency will invest approximately $20 million into this redevelopment project. Over $5.4 million of this investment has been determined to be eligible public improvements including general site improvements, Youngfield streetscape and signalized intersection improvements, façade upgrades, wet utilities, 38th Avenue ROW improvements, demolition of
blighted buildings and environmental remediation of asbestos. Regency has requested that
RWR assist in paying these eligible public improvements through a property tax TIF Agreement in the amount of $6.1 million and sales tax TIF Agreement in the amount $2.0 million.
In order for RWR to consider the use of TIF, the project is required to demonstrate a need for
public assistance. RWR hired Economic and Planning Systems (EPS) to conduct an analysis of the project and the need for the use of TIF for this project. For a project of this type, a typical developer’s return on cost is somewhere between 6-8%. If this redevelopment project received no public assistance through the TIF, it would generate a return of 5.13%, which equates to a
financial gap of $4,878,360 in present value (real value). In order for this project to achieve a
6.75% return, a subsidy totaling $8.1 million dollars in nominal dollars or $4,878,360 in present value dollars is required for the developer to meet a 6.75% return. In addition to the Redevelopment Agreement between RWR and Regency, a Cooperation
Agreement between RWR and the City is necessary to cause the City to deposit the pledged sales
tax increment revenues into a special fund of RWR to reimburse Regence for eligible public improvements associated with the redevelopment project. Regency Centers will provide additional information about the project and EPS will summarize
the economic analysis of this project in more detail at the April 15th study session.
ATTACHMENTS: 1. RWR Redevelopment Agreement
2. Draft Agreement
3. EPS Financial Model 4. Regency presentation
ATTACHMENT 1
COOPERATION AGREEMENT
BETWEEN THE CITY OF WHEAT RIDGE AND WHEAT RIDGE URBAN RENEWAL AUTHORITY THIS COOPERATION AGREEMENT (this “Agreement”) dated as of ________ __,
2019, is made and entered into between the CITY OF WHEAT RIDGE, COLORADO (the
“City”) and the WHEAT RIDGE URBAN RENEWAL AUTHORITY d/b/a/ RENEWAL WHEAT RIDGE (the “Authority”). WHEREAS, the City is a Colorado home rule municipality with all the powers and
authority granted pursuant to Article XX of the Colorado Constitution and its home rule charter
(the “Charter”); and WHEREAS, the Authority is a Colorado Urban Renewal Authority, with all the powers and authority granted to it pursuant to Title 31, Article 25, Part 1, Colorado Revised Statutes
(“C.R.S.”) (the “Urban Renewal Law”); and
WHEREAS, pursuant to Article XIV of the Colorado Constitution, and Title 29, Article 1, Part 2, C.R.S., the City and the Authority are authorized to cooperate and contract with one another to provide any function, service or facility lawfully authorized to each governmental
entity; and
WHEREAS, the City Council of the City (the “City Council”) has previously adopted the I-70/Kipling Corridors Urban Renewal Plan, as amended (the “Urban Renewal Plan” or the “Plan”) for the area described therein (the “Urban Renewal Area”); and
WHEREAS, U.S. Retail Partners, LLC, a Delaware limited liability company (the “Developer”), has the desire to redevelop the vacant Walmart retail building consisting of approximately 126,000 square feet within the Applewood Shopping Center, which is in the Urban Renewal Area; and
WHEREAS, the redeveloped property will be divided into five new spaces which will
include Ulta, Hobby Lobby, Sierra Trading Post, and HomeGoods; and WHEREAS, the Developer has submitted a proposal to the City and the Authority to redevelop the Property (the “Project”); and
WHEREAS, the Project is being undertaken to facilitate the elimination and prevention of blighted areas and to promote redevelopment, conservation and rehabilitation of the Urban Renewal Area; and
WHEREAS, pursuant to section 31-25-112, C.R.S., the City is specifically authorized to
do all things necessary to aid and cooperate with the Authority in connection with the planning or undertaking of any urban renewal plans, projects, programs, works, operations, or activities of the Authority, to enter into agreements with the Authority respecting such actions to be taken by the City, and appropriating funds and making such expenditures of its funds to aid and cooperate
ATTACHMENT 2
with the Authority in undertaking the Project and carrying out the Plan; and
WHEREAS, the Authority and the Developer expect to enter into a Redevelopment Agreement (the “Redevelopment Agreement”) that sets forth the rights and responsibilities of each party with respect to the financing and construction of the Project; and
WHEREAS, in order to finance certain eligible improvements for the Project, the
Redevelopment Agreement provides that, upon compliance with certain conditions precedent,
the Authority will provide reimbursement of $8,143,573 (the “Payment”) with such Payment to be payable from the Pledged Property Tax Increment Revenue and Pledged Sales Tax Increment Revenues as the same are defined in the Redevelopment Agreement to be generated from the redevelopment of the Project; and
WHEREAS, the maximum amount of sales tax pledged will be for a period of five years,
ending December 31, 2025 or $2,000,874, whichever shall occur first; and
WHEREAS, in order to implement the provisions regarding the use of Pledged Sales Tax Increment Revenues generated from the Project, this Cooperation Agreement is necessary to cause the City to deposit such Pledged Sales Tax Increment Revenues into the Special Fund of
the Authority to reimburse the Developer for Eligible Costs of the Project as defined in the
Redevelopment Agreement; and
WHEREAS, capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Redevelopment Agreement.
NOW, THEREFORE, in consideration of the mutual promises set forth below, the
City and the Authority agree as follows:
l. COOPERATION. (a) The City shall continue to make available such employees of the City as may be necessary and appropriate to assist the Authority in carrying out any authorized duty or activity of the Authority pursuant to the Urban Renewal Law, the Plan, or any other lawfully authorized duty or activity of the Authority.
(b) The City agrees to assist the Authority by pursuing all lawful procedures and remedies available to it to collect and transfer to the Authority on a timely
basis all Pledged Sales Tax Increment Revenues for deposit into the Project Account of the
Special Fund until the total amount of Pledged Revenues as defined in the Redevelopment
Agreement paid to Developer equals the Reimbursement Amount, or December 31, 2025,
whichever first occurs. .
(c) To the extent lawfully possible, the City will take no action that
would have the effect of reducing tax collections that constitute Pledged Sales Tax
Increment Revenues.
II. GENERAL PROVISIONS.
(a) Separate Entities. Nothing in this Agreement shall be interpreted in any manner as constituting the City or its officials, representatives, consultants, or employees as the agents of the Authority, nor as constituting the Authority or its officials, representatives,
consultants, or employees as agents of the City. Each entity shall remain a separate legal entity
pursuant to applicable law. Neither party shall be deemed hereby to have assumed the debts, obligations, or liabilities of the other. (b) Third Parties. Neither the City nor the Authority shall be obligated or
liable under the terms of this Agreement to any person or entity not a party hereto, provided,
however, that the Lender is a third party beneficiary to the provisions hereof related to the collection and remittance to the Authority of the Pledged Revenues. (c) Modifications. No modification or change of any provision in this
Agreement shall be made, or construed to have been made, unless such modification is mutually
agreed to in writing by both parties and incorporated as a written amendment to this Agreement. Memoranda of understanding and correspondence shall not be construed as amendments to the Agreement.
(d) Entire Agreement. This Agreement shall represent the entire agreement
between the parties with respect to the subject matter hereof and shall supersede all prior negotiations, representations, or agreements, either written or oral, between the parties relating to the subject matter of this Agreement and shall be independent of and have no effect upon any other contracts.
(e) Severability. If any provision of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.
(f) Assignment. Except for the pledge under the Loan Documents, this
Agreement shall not be assigned, in whole or in part, by either party without the written consent of the other. (g) Waiver. No waiver of a breach of any provision of this Agreement by
either party shall constitute a waiver of any other breach or of such provision. Failure of either
party to enforce at any time, or from time to time, any provision of this Agreement shall not be construed as a waiver thereof. The remedies reserved in this Agreement shall be cumulative and additional to any other remedies in law or in equity.
IN WITNESS WHEREOF, this Agreement is executed by the Parties as of ______ __,
2019
CITY OF WHEAT RIDGE, COLORADO
By: Bud Starker, Mayor (SEAL)
Attest: _______________________
Janelle Shaver, City Clerk
APPROVED AS TO FORM
_______________________ Gerald Dahl, City Attorney
WHEAT RIDGE URBAN RENEWAL AUTHORITY
_____________________________________
ATTEST: Tim Rogers, Chairperson
_____________________________
Steve Art, Executive Director
20657920 v2
Prepared for:
City of Wheat Ridge
Prepared by:
Economic & Planning Systems, Inc.
Date:
April 11, 2019
EPS #183060
Final Financial Model
TIF Request Review:
Applewood Village
ATTACHMENT 3
TIF Request Review: City of Wheat Ridge
4/11/2019
Table 1
Project Summary and Key Assumption Sensitivity
TIF Request Review: Applewood Village
Description Amount Developer
Low High
KEY ASSUMPTIONS
Revenue Assumptions
Commercial Weighted Average $9.00 per square foot $10.00 $20.00 $9.00 Lower Supported by submitted LOIs
Cost Assumptions
Land Cost 0.00%% of total cost 8%12%0.00%
Hard Construction Costs $123 per GBA $100 $125 $123 Inside
Soft Construction Costs 30.95%% of HC 20%30%30.95%Higher
Total Construction Cost $160 per GBA $125 $150 $160 Higher
Return Assumptions
Project Discount Rate 9.00%discount rate 8.50% 10.00% N/A
Project Cap Rate (at disposition)6.00%cap rate 5.50% 6.50%N/A
Return on Cost Hurdle Rate 6.75%ROC 6.50% 7.00%7.00%Inside
PROJECT SUMMARY
PROJECT GAP TIF ASSUMPTIONS Property Tax Sales Tax
Static Gap Estimate (EPS)End Year [1]2040 2025 [2]
Total Cost total project cost Sharing Amount 100% of total 33% of total
Net Operating Income stabilized NOI Discount Rate 5.00%5.00%
ROC 5.13%existing ROC (w/out subsidy)
ROC Hurdle 6.75%target hurdle rate TIF REVENUES Property Tax Sales Tax Total
Project Gap static gap estimate Annual Average $323,300 $333,479 $387,789
Nominal Total $6,142,699 $2,000,874 $8,143,573
Time Series Estimate (EPS)Discounted Total $3,248,843 $1,629,517 $4,878,360
Current IRR 5.24%IRR without subsidy
IRR Hurdle Rate 9.00%target hurdle rate
Project Gap time series gap estimate
PROJECT FINANCIAL METRICS AFTER SUBSIDY
Average (static and time series)-$4,986,043 avg. of time series and static Project Gap and Public Investment
Project Gap $4,878,360
Present Value of Subsidy $4,878,360
ELIGIBLE COSTS $5,356,375 Remaining Gap $0
Project Return
Recalculated ROC 6.75%
Recalculated IRR 8.81%
Sensitivity Analysis
Time Series Estimate: Weighted Average Commercial Rental Rate Static Estimate: Weighted Average Commercial Rental Rate
########8.50%8.75%9.00%9.25%9.50%-4,878,360 6.25%6.50%6.75%7.00%7.25%
$7.20 -$7,720,290 -$7,953,193 -$8,180,753 -$8,403,109 -$8,620,398 $7.20 -$7,286,776 -$7,786,406 -$8,249,026 -$8,678,602 -$9,078,553
$8.10 -$6,117,793 -$6,380,530 -$6,637,239 -$6,888,078 -$7,133,198 $8.10 -$5,466,616 -$6,036,252 -$6,563,693 -$7,053,460 -$7,509,449
$9.00 -$4,515,295 -$4,807,867 -$5,093,726 -$5,373,047 -$5,645,999 $9.00 -$3,646,456 -$4,286,098 -$4,878,360 -$5,428,317 -$5,940,346
$9.90 -$2,912,798 -$3,235,204 -$3,550,213 -$3,858,015 -$4,158,799 $9.90 -$1,826,296 -$2,535,945 -$3,193,026 -$3,803,174 -$4,371,242
$10.80 -$1,310,301 -$1,662,542 -$2,006,699 -$2,342,984 -$2,671,600 $10.80 -$6,136 -$785,791 -$1,507,693 -$2,178,031 -$2,802,139
Time Series Estimate: Construction Hard Cost Static Estimate: Construction Hard Cost
########8.50%8.75%9.00%9.25%9.50%-4,878,360 6.25%6.50%6.75%7.00%7.25%
$98 -$1,418,472 -$1,711,044 -$1,996,903 -$2,276,224 -$2,549,176 $98 -$549,633 -$1,189,275 -$1,781,537 -$2,331,494 -$2,843,523
$110 -$2,966,884 -$3,259,456 -$3,545,315 -$3,824,635 -$4,097,587 $110 -$2,098,045 -$2,737,687 -$3,329,948 -$3,879,905 -$4,391,934
$123 -$4,515,295 -$4,807,867 -$5,093,726 -$5,373,047 -$5,645,999 $123 -$3,646,456 -$4,286,098 -$4,878,360 -$5,428,317 -$5,940,346
$135 -$6,063,707 -$6,356,279 -$6,642,138 -$6,921,458 -$7,194,410 $135 -$5,194,868 -$5,834,510 -$6,426,771 -$6,976,728 -$7,488,757
$147 -$7,612,118 -$7,904,690 -$8,190,549 -$8,469,870 -$8,742,822 $147 -$6,743,279 -$7,382,921 -$7,975,183 -$8,525,140 -$9,037,169
Sales Tax Sharing Amount (Discounted @ 5.0%)
1,629,517 5.00% 10.00% 15.00% 20.00% 25.00%##33.33% 50.00% 75.00% 100.00%
2020 $44,511 $89,022 $133,533 $178,044 $222,555 ##$296,741 $445,111 $667,666 $890,222
2021 $92,783 $185,566 $278,349 $371,132 $463,916 ##$618,554 $927,831 $1,391,747 $1,855,662
2022 $140,136 $280,271 $420,407 $560,543 $700,678 ##$934,238 $1,401,357 $2,102,035 $2,802,714
2023 $186,586 $373,173 $559,759 $746,345 $932,931 ##$1,243,909 $1,865,863 $2,798,794 $3,731,726
2024 $232,152 $464,304 $696,456 $928,609 $1,160,761 ##$1,547,681 $2,321,521 $3,482,282 $4,643,043
2025 $313,988 $546,140 $778,292 $1,010,445 $1,242,597 ##$1,629,517 $2,403,357 $3,564,118 $4,724,879
2026 $357,835 $633,833 $909,832 $1,185,831 $1,461,829 ##$1,921,827 $2,841,823 $4,221,816 $5,601,809
2027 $400,846 $719,856 $1,038,866 $1,357,876 $1,676,886 ##$2,208,569 $3,271,936 $4,866,986 $6,462,036
2028 $443,038 $804,240 $1,165,442 $1,526,644 $1,887,847 ##$2,489,850 $3,693,857 $5,499,868 $7,305,878
2029 $484,427 $887,017 $1,289,608 $1,692,198 $2,094,789 ##$2,765,773 $4,107,741 $6,120,694 $8,133,647
2030 $525,027 $968,217 $1,411,408 $1,854,599 $2,297,789 ##$3,036,440 $4,513,742 $6,729,695 $8,945,649
2031 $564,853 $1,047,871 $1,530,888 $2,013,906 $2,496,923 ##$3,301,952 $4,912,010 $7,327,097 $9,742,184
2032 $603,922 $1,126,007 $1,648,093 $2,170,178 $2,692,264 ##$3,562,406 $5,302,691 $7,913,119 $10,523,546
2033 $642,246 $1,202,655 $1,763,065 $2,323,474 $2,883,884 ##$3,817,899 $5,685,931 $8,487,979 $11,290,026
2034 $679,840 $1,277,843 $1,875,847 $2,473,850 $3,071,854 ##$4,068,526 $6,061,871 $9,051,889 $12,041,906
2035 $716,717 $1,351,599 $1,986,480 $2,621,362 $3,256,243 ##$4,314,379 $6,430,651 $9,605,058 $12,779,465
[1] Revenues through end year.
[2] sales tax shareback is capped before end of 2025.
Source: Economic & Planning Systems
\\EgnyteDrive\epsys\Shared\Projects\DEN\183060- Wheat Ridge Applewood TIF\Models\[183060-MODEL-Applewod Village-Option 2-03-04-19.xlsm]T-Summary
% of Total Revenue
Te
r
m
(
Y
e
a
r
s
)
Market Range
Co
s
t
p
e
r
s
f
-$5,093,726
-$4,878,360
Co
m
m
.
A
v
g
.
Project Discount Rate
Project ROC Hurdle
Co
s
t
p
e
r
s
f
Project Discount Rate
$20,277,155
Project ROC Hurdle
Co
m
m
.
A
v
g
.
$1,039,419
Economic & Planning Systems 2 of 10
TIF Request Review: City of Wheat Ridge
4/11/2019
Table 2
Development Program
TIF Request Review: Applewood Village
COMMERCIAL
Description
Gross
SF % of Total Average
Rent
NNN
Hobby Lobby 55,000 44% $9.00
HomeGoods 22,000 17% $9.00
Sierra Trading Post 21,000 17% $9.00
Ulta 10,800 9% $9.00
Storage 17,600 14% $9.00
Total 126,400 100% $9.00
Source: Regency Centers; Economic & Planning Systems
\\EgnyteDrive\epsys\Shared\Projects\DEN\183060- Wheat Ridge Applewood TIF\Models\[183060-MODEL-Applewod Village-Option 2-03-04-19.xlsm]T-Program
CONFIDENTIAL (rate
reflects a weighted
average rental rate)
Economic & Planning Systems 3 of 10
TIF Request Review: City of Wheat Ridge
4/11/2019
Table 3
Eligible Cost Summary
TIF Request Review: Applewood Village
% of Org.
Description Total % of Total Amount Total % of Total
SUMMARY
38th Avenue ROW Improvements 609,943$ 11.4%100%609,943$ 5.7%
Wet Utilities 624,952$ 11.7%100%624,952$ 5.8%
Environmental Remediation (asbestos abatement)100,000$ 1.9%100%100,000$ 0.9%
General Site Improvements - To Meet City Dev. Standards 1,978,670$ 36.9%100%1,978,670$ 18.4%
Wal-Mart Building - Façade Upgrade 574,912$ 10.7%50%1,149,824$ 10.7%
Youngfield Streetscape & Signalized Intersection Improvements Budget 1,172,898$ 21.9%100%1,172,898$ 10.9%
Demolition of Blighted Buildings 295,000$ 5.5%100%295,000$ 2.7%
Total 5,356,375$ 100.0%10,743,253$ 100.0%
Description Unit Quantity Unit Price Total % of Total
DETAIL
38th Avenue ROW Improvements 609,943$ 5.7%
West Driveway to Youngfield (corner parcel - not yet designed)85,160$
Survey & Layout LS 1.0 2,500$ 2,500$ 0.0%
Demolish attached sidewalk SF 640.0 4$ 2,560$ 0.0%
Earthwork, erosion control LS 1.0 2,500$ 2,500$ 0.0%
New detached 8' sidewalk SF 1,280.0 10$ 12,800$ 0.1%
Landscaping & irrigation SF 1,920.0 15$ 28,800$ 0.3%
Street lights (supply & install)EA 4.0 4,000$ 16,000$ 0.1%
Pedestrian lights (supply & install)EA 4.0 5,000$ 20,000$ 0.2%
Service Alley to west entry driveway (on Hobby Lobby plans)442,929$
Survey & Layout LS 1.0 12,805$ 12,805$ 0.1%
Demolition/Earthwork LS 1.0 40,197$ 40,197$ 0.4%
Erosion Control LS 1.0 9,785$ 9,785$ 0.1%
Earthwork LS 1.0 40,197$ 40,197$ 0.4%
Asphalt Paving LS 1.0 25,960$ 25,960$ 0.2%
ROW concrete - curb/gutter/sidewalk LS 1.0 77,973$ 77,973$ 0.7%
Striping & Signage LS 1.0 9,794$ 9,794$ 0.1%
Landscaping & Irrigation LS 1.0 114,010$ 114,010$ 1.1%
Electrical distribution, meter & street lights installation LS 1.0 73,396$ 73,396$ 0.7%
Street & Pedestrian lights - material only LS 1.0 38,812$ 38,812$ 0.4%
Engineering % of costs $528,089 10.0%52,809$ 0.5%
Project Management % of costs $580,898 5.0%29,045$ 0.3%
Wet Utilities 624,952$ 5.8%
Water-Consolidated Mutual Water Main Extension to meet fire marshall requirements LS 1.0 130,000$ 130,000$ 1.2%
Water-Consolidated Mutual Fire Hydrants EA 2.0 8,300$ 16,600$ 0.2%
Stormwater-Collection piping, inlets & water quality structures to comply with city requirements LS 1.0 312,225$ 312,225$ 2.9%
Sanitary Sewer-Sewer main extension to comply with tenant leases for direct connection to main LS 1.0 93,025$ 93,025$ 0.9%
Engineering (water main)LS 1.0 15,000$ 15,000$ 0.1%
Project Management % of costs $566,850 5.0%28,343$ 0.3%
Contingency (water main only)% of costs $595,193 5.0%29,760$ 0.3%
Environmental Remediation (asbestos abatement)100,000$ 0.9%
Asbestos Abatement LS 1.0 100,000$ 100,000$ 0.9%
General Site Improvements - To Meet City Dev. Standards 1,978,670$ 18.4%
Survey & Layout LS 1.0 35,469$ 35,469$ 0.3%
Structural steel/rebar LS 1.0 103,527$ 103,527$ 1.0%
Electrical distribution, site lighting installation LS 1.0 51,291$ 51,291$ 0.5%
Site demolition and regrading/earthwork LS 1.0 242,884$ 242,884$ 2.3%
Erosion Control LS 1.0 10,115$ 10,115$ 0.1%
New asphalt paving LS 1.0 666,581$ 666,581$ 6.2%
Curb for landscape islands, pedestrian walkways, bldg plazas LS 1.0 288,525$ 288,525$ 2.7%
Striping & Signage LS 1.0 53,426$ 53,426$ 0.5%
New fence on east property line with residential LS 1.0 104,663$ 104,663$ 1.0%
Site furnishings - benches, trash cans for public plazas LS 1.0 19,270$ 19,270$ 0.2%
Parking lot landscaping & irrigation LS 1.0 116,909$ 116,909$ 1.1%
Misc wet utilities LS 1.0 35,816$ 35,816$ 0.3%
Site lighting - material only supplied by On-Site Lighting LS 1.0 66,236$ 66,236$ 0.6%
Engineering % of costs $1,794,712 5.0%89,736$ 0.8%
Project Management % of costs $1,884,448 5.0%94,222$ 0.9%
Wal-Mart Building Improvements 2,103,255$ 19.6%
Roof bar joists repair and lateral brace frames - plug LS 1.0 400,000$ 400,000$ 3.7%
R-30 roof insulation and new roofing LS 1.0 1,148,252$ 1,148,252$ 10.7%
New fire protection system for multi-tenant building LS 1.0 280,666$ 280,666$ 2.6%
Architecture & Engineering % of costs $1,828,918 10.0%182,892$ 1.7%
Project Management % of costs $1,828,918 5.0%91,446$ 0.9%
Wal-Mart Building - Multi-Tenant Reconfiguration 2,519,910$ 23.5%
Multi-tenant electrical system LS 1.0 389,324$ 389,324$ 3.6%
Multi-tenant demising walls - Hobby Lobby, HomeGoods LS 1.0 398,805$ 398,805$ 3.7%
Sierra Trading entry, demised shell, electrical service LS 1.0 738,944$ 738,944$ 6.9%
Ulta entry, demised shell, electrical service LS 1.0 664,153$ 664,153$ 6.2%
Architecture & Engineering % of costs $2,191,227 10.0%219,123$ 2.0%
Project Management % of costs $2,191,227 5.0%109,561$ 1.0%
Economic & Planning Systems 4 of 10
TIF Request Review: City of Wheat Ridge
4/11/2019
Description Unit Quantity Unit Price Total % of Total
Wal-Mart Building - Façade Upgrade 1,149,824$ 10.7%
Masonry - new brick and stone LS 1.0 525,437$ 525,437$ 4.9%
New stucco LS 1.0 355,063$ 355,063$ 3.3%
Architectural wood features - Hobby Lobby & HomeGoods LS 1.0 115,018$ 115,018$ 1.1%
Architectural entry features - Sierra Trading & Ulta accounted for in multi-tenant reconfig costs
Architecture & Engineering % of costs $995,518 10.0%99,552$ 0.9%
Project Management % of costs $1,095,070 5.0%54,754$ 0.5%
Youngfield Streetscape & Signalized Intersection Improvements Budget 1,172,898$ 10.9%
Road Section: 3500 Youngfield north to 38th Ave 120,080$ 1.1%
Demolish attached sidewalk SF 820 4$ 3,280$ 0.0%
Demolish exist cross pan, curb returns LS 1 -$ -$ 0.0%
Survey & Layout LS 1 2,500$ 2,500$ 0.0%
Earthwork, erosion control LS 1 10,000$ 10,000$ 0.1%
New concrete cross pan & curb returns LS 1 15,000$ 15,000$ 0.1%
New detached 8' sidewalk SF 1,640 10$ 16,400$ 0.2%
Landscaping & irrigation SF 2,460 15$ 36,900$ 0.3%
Street lights EA 4 4,000$ 16,000$ 0.1%
Pedestrian lights EA 4 5,000$ 20,000$ 0.2%
Wells Fargo Bank Frontage 120,260$ 1.1%
Demolish attached sidewalk SF 1,040 4$ 4,160$ 0.0%
Survey & Layout LS 1 2,500$ 2,500$ 0.0%
Earthwork, erosion control LS 1 10,000$ 10,000$ 0.1%
New detached 8' sidewalk SF 2,080 10$ 20,800$ 0.2%
Landscaping & irrigation SF 3,120 15$ 46,800$ 0.4%
Street lights EA 4 4,000$ 16,000$ 0.1%
Pedestrian lights EA 4 5,000$ 20,000$ 0.2%
Youngfield Traffic Signal Realignment 524,000$ 4.9%
WE O'Neil estimate LS 1.0 205,000$ 205,000$ 1.9%
Remove & replace monument sign - YESCO quote LS 1.0 319,000$ 319,000$ 3.0%
3348 Youngfield (Smashburger) north to Traffic Signal 68,700$ 0.6%
Demolish attached sidewalk SF 800.0 4$ 3,200$ 0.0%
Survey & Layout LS 1.0 2,500$ 2,500$ 0.0%
Earthwork, erosion control LS 1.0 10,000$ 10,000$ 0.1%
New detached 4' sidewalk SF 800.0 10$ 8,000$ 0.1%
Landscaping & irrigation SF 1,200.0 15$ 18,000$ 0.2%
Street lights EA 3.0 4,000$ 12,000$ 0.1%
Pedestrian lights EA 3.0 5,000$ 15,000$ 0.1%
Chili's to Access Drive south of 3348 Youngfield (Smashburger)50,000$ 0.5%
Add median in Youngfield near Chili's LS 1.0 50,000$ 50,000$ 0.5%
Engineering % of costs $883,040 15.0%132,456$ 1.2%
Project Management % of costs $1,015,496 5.0%50,775$ 0.5%
Contingency % of costs $1,066,271 10.0%106,627$ 1.0%
Demolition of Blighted Buildings 295,000$ 2.7%
3250 Youngfield (Old Chicago)/12625 W. 32nd Ave (gun shop)UNIT 1.0 75,000$ 75,000$ 0.7%
12601 W. 32nd Ave UNIT 1.0 145,000$ 145,000$ 1.3%
3490 Youngfield (Holly West) - Proposed UNIT 1.0 75,000$ 75,000$ 0.7%
Hacienda Project - Required City ROW Improvements in Excess of TIF Estimate 130,000$ 0.0%
City street lights in excess of Hacienda TIF estimate EA 3.0 5,000$ 15,000$ 0.0%
City pedestrian lights EA 6.0 5,000$ 30,000$ 0.0%
Relocate entry drive between Chili's and Hacienda LS 1.0 50,000$ 50,000$ 0.0%
Rebuild entry drive south of 3348 Youngfield LS 1.0 35,000$ 35,000$ 0.0%
Mattress Firm property (not owned by US Retail Partners)58,800$ 0.5%
Demolish attached sidewalk SF 800.0 4$ 3,200$ 0.0%
New detached 6' sidewalk SF 1,200.0 10$ 12,000$ 0.1%
Landscaping SF 1,200.0 8$ 9,600$ 0.1%
Street lights EA 4.0 5,000$ 20,000$ 0.2%
Pedestrian lights EA 4 3,500$ 14,000$ 0.1%
TOTAL ELIGIBLE COSTS 10,743,252$ 100.0%
Source: Regency Centers; Economic & Planning Systems
\\EgnyteDrive\epsys\Shared\Projects\DEN\183060- Wheat Ridge Applewood TIF\Models\[183060-MODEL-Applewod Village-Option 2-03-04-19.xlsm]T-Elig Costs
Economic & Planning Systems 5 of 10
TIF Request Review: City of Wheat Ridge
4/11/2019
Table 4
Development Costs
TIF Request Review: Applewood Village
Description Total per GBA % of Total % of HC
126,400
LAND COSTS
Land -$ -$ 0.0%N/A
Land Costs -$ -$ 0.0%N/A
TOTAL LAND COST -$ -$ 0.0%N/A
Hard Costs
General Hard Costs 15,484,115$ 123$ 76.4% 100.0%
Sitework and Offsite Work 2,874,139$ 23$ 14.2% 18.6%
Shell Building 9,170,351$ 73$ 45.2% 59.2%
Tenant Finish 3,089,625$ 24$ 15.2% 20.0%
Pad Site Improvement 350,000$ N/A N/A N/A
TOTAL HARD CONSTRUCTION COSTS 15,484,115$ 123$ 76.4%
Soft Costs
General Soft Costs 4,793,040$ 38$ 23.6% 31.0%
Soft Cost 694,712$ 5$ 3.4% 4.5%
Permits, Fees, Taxes and Misc.329,288$ 3$ 1.6% 2.1%
Construction Management Fee 750,000$ 6$ 3.7% 4.8%
Leasing Commissions 525,000$ 4$ 2.6% 3.4%
Interest Carry 1,187,162$ 9$ 5.9% 7.7%
Contingency 1,306,878$ 10$ 6.4% 8.4%
TOTAL SOFT COSTS 4,793,040$ 38$ 23.6% 31.0%
TOTAL PROJECT COST 20,277,155$ 160$ 100.0% N/A
Source: Regency Centers; Economic & Planning Systems
\\EgnyteDrive\epsys\Shared\Projects\DEN\183060- Wheat Ridge Applewood TIF\Models\[183060-MODEL-Applewod Village-Option 2-03-04-19.xlsm]T-Cost
Economic & Planning Systems 6 of 10
TIF Request Review: City of Wheat Ridge4/11/2019
Table 5
Operating Revenues and Expenditures
TIF Request Review: Applewood Village
Building Area Area % of Total
Net Rentable Area 126,400 sf 100.0%
Common Area N/A sf 0.0%
Total Building Area 126,400 sf 100.0%
Type Total Revenue % of Total
Annual
REVENUE
Rental Income 1,137,600$ 44.9%of PGI
Hobby Lobby 1.00 unit 55,000 sf 9.00$ per sf per year 495,000$ 19.5%of PGI
HomeGoods 1.00 unit 22,000 sf 9.00$ per sf per year 198,000$ 7.8%of PGI
Sierra Trading Post 1.00 unit 21,000 sf 9.00$ per sf per year 189,000$ 7.5%of PGI
Ulta 1.00 unit 10,800 sf 9.00$ per sf per year 97,200$ 3.8%of PGI
Storage 1.00 unit 17,600 sf 9.00$ per sf per year 158,400$ 6.2%of PGI
Total 126,400 9.00$ 1,137,600$
Other Income 1,306,976$ 51.6%of PGI
Common Area Expenses 126,400 sf 5.69$ per sf per year 719,216$ 28.4%of PGI
Real Estate Taxes 126,400 sf 4.17$ per sf per year 527,088$ 20.8%of PGI
Insurance 126,400 sf 0.48$ per sf per year 60,672$ 2.4%of PGI
Land Lease Income 90,000$ 3.6%of PGI
Restaurant Pad Site Land Lease Revenue 43,560 sf pad area 2.07$ per sf per year 90,000$ 3.6%of PGI
POTENTIAL GROSS INCOME (PGI)2,534,576$ 100.0%of PGI
Less: Vacancy (excludes land lease revenue)7.0%per year (171,120.32)$ -6.8%of PGI
EFFECTIVE GROSS INCOME (EGI)2,363,456$ 93.2%of PGI
EXPENDITURES
Operating Expenses Adjustment (1,324,037)$ 56.0%of EGI
Common Area Expenses 126,400 sf 5.69$ per sf per year 100%% of total (719,216)$ 30.4%of EGI
Real Estate Taxes 126,400 sf 4.17$ per sf per year 100%% of total (527,088)$ 22.3%of EGI
Insurance 126,400 sf 0.48$ per sf per year 100%% of total (60,672)$ 2.6%of EGI
3% Unreimbursed Administrative Cost 55,000 sf 3.00%% of NNN - HL 100%% of total (17,061)$ 0.7%of EGI
TOTAL OPERATING EXPENSES (1,324,037)$ 56.0%of EGI
NET OPERATING INCOME (NOI)8.22$ per GSF 1,039,419$ 44.0%of EGI
PROJECT COST 160.42$ per GSF 20,277,155$
RETURN ON COST (ROC)5.13%
HURDLE RATE 6.75%
GAP: COST 38.59$ per GSF $4,878,360
GAP: NOI 0.22$ per GSF/mo.$329,289
PROJECT VALUE
ESTIMATED PROJECT VALUE 6.00%cap rate 17,323,645$
PER NSF 137.05$
PER GSF 137.05$
Source: Regency Centers; Economic & Planning Systems
\\EgnyteDrive\epsys\Shared\Projects\DEN\183060- Wheat Ridge Applewood TIF\Models\[183060-MODEL-Applewod Village-Option 2-03-04-19.xlsm]T-Operating
Rentable SF Lease Rate
per year
Quantity
Economic & Planning Systems 7 of 10
TIF Request Review: City of Wheat Ridge4/11/2019
Table 6
Development Revenues and Expenditures
TIF Request Review: Applewood Village
KEY ASSUMPTIONS
Project Timing 100%Project Disposition
Year 0 Cost % of Total 100%Commercial Year 10
Year 1 Cost % of Total 0%
Year 2 Cost % of Total 0%
Building Open Year Year 1
Land Lease Start Year 2
Lease Rate / Vacancy % Leased Vacancy
Year 1 15.0%0.0%
Year 2 100.0%7.0%
Year 3 100.0%7.0%
Stabilization: Year 3 100.0%7.0%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Description Factor Escalation Total Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15
DEVELOPMENT COSTS
Construction Cost -$20,277,155 -$20,277,155 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Land $0 0.0%$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Hard Costs $15,484,115 0.0%-$15,484,115 -$15,484,115 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
General Soft Costs $4,793,040 0.0%-$4,793,040 -$4,793,040 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Commercial Costs -$20,277,155 -$20,277,155 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
NET OPERATING INCOME
Effective Gross Income $58,764,186 $0 $370,607 $2,412,561 $2,439,653 $2,467,287 $2,495,473 $2,657,699 $2,687,024 $2,716,936 $2,747,446 $2,778,566 $2,934,315 $2,966,692 $2,999,717 $3,033,402 $3,067,761
Rental Income (esc. every 5 yrs.)$1,137,600 2.0%$27,569,051 $0 $170,640 $1,137,600 $1,137,600 $1,137,600 $1,137,600 $1,281,122 $1,281,122 $1,281,122 $1,281,122 $1,281,122 $1,414,463 $1,414,463 $1,414,463 $1,414,463 $1,414,463Other Income $1,306,976 2.0%$33,238,992 $0 $199,967 $1,359,778 $1,386,973 $1,414,713 $1,443,007 $1,471,867 $1,501,305 $1,531,331 $1,561,957 $1,593,196 $1,625,060 $1,657,562 $1,690,713 $1,724,527 $1,759,018Vacancy Loss -$4,230,621 $0 $0 -$174,816 -$176,720 -$178,662 -$180,642 -$192,709 -$194,770 -$196,872 -$199,016 -$201,202 -$212,767 -$215,042 -$217,362 -$219,729 -$222,144
Land Lease Income $90,000 2.0%$2,186,763 $0 $0 $90,000 $91,800 $93,636 $95,509 $97,419 $99,367 $101,355 $103,382 $105,449 $107,558 $109,709 $111,904 $114,142 $116,425
Operating Expenses $0 -$202,578 -$1,377,528 -$1,306,723 -$1,433,180 -$1,461,844 -$1,491,081 -$1,520,902 -$1,551,320 -$1,582,347 -$1,613,994 -$1,646,274 -$1,679,199 -$1,712,783 -$1,747,039 -$1,781,979Operating Expenses -$1,324,037 2.0%-$33,574,532 $0 -$202,578 -$1,377,528 -$1,306,723 -$1,433,180 -$1,461,844 -$1,491,081 -$1,520,902 -$1,551,320 -$1,582,347 -$1,613,994 -$1,646,274 -$1,679,199 -$1,712,783 -$1,747,039 -$1,781,979
Net Operating Income $25,189,654 $0 $168,030 $1,035,033 $1,132,930 $1,034,107 $1,033,629 $1,166,619 $1,166,122 $1,165,616 $1,165,099 $1,164,572 $1,288,041 $1,287,493 $1,286,934 $1,286,363 $1,285,782
DISPOSITION REVENUE
Gross Revenue $21,467,352 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $21,467,352 $0 $0 $0 $0 $0
Commercial Space [1]6.0% cap rate $21,467,352 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $21,467,352 $0 $0 $0 $0 $0
Cost of Sale -$322,010 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 -$322,010 $0 $0 $0 $0 $0
Commercial Space 1.5%-$322,010 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 -$322,010 $0 $0 $0 $0 $0
Project Net Sale Revenue $21,145,342 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $21,145,342 $0 $0 $0 $0 $0
PROJECT CASH FLOWS
Net Project Cash Flows $11,099,943 -$20,277,155 $168,030 $1,035,033 $1,132,930 $1,034,107 $1,033,629 $1,166,619 $1,166,122 $1,165,616 $1,165,099 $22,309,914 $0 $0 $0 $0 $0
Construction Costs -$20,277,155 -$20,277,155 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Commercial Net Operating Income $10,231,757 $0 $168,030 $1,035,033 $1,132,930 $1,034,107 $1,033,629 $1,166,619 $1,166,122 $1,165,616 $1,165,099 $1,164,572 $0 $0 $0 $0 $0
Project Disposition Income $21,145,342 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $21,145,342 $0 $0 $0 $0 $0
Net Present Value 9.00%-$5,093,726 -$20,277,155 $154,156 $871,167 $874,830 $732,587 $671,788 $695,617 $637,909 $584,983 $536,444 $9,423,949 $0 $0 $0 $0 $0Internal Rate of Return 5.24%
[1] Estimated based on following year's NOI
Source: Regency Centers; Economic & Planning Systems
\\EgnyteDrive\epsys\Shared\Projects\DEN\183060- Wheat Ridge Applewood TIF\Models\[183060-MODEL-Applewod Village-Option 2-03-04-19.xlsm]T-Time Series
Economic & Planning Systems 8 of 10
TIF Request Review: City of Wheat Ridge4/11/2019
Table 7TIF Estimate (All Mill Levies): Applewood Village TIF Request Review: Applewood Village
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040DescriptionTIF Year 3 TIF Year 4 TIF Year 5 TIF Year 6 TIF Year 7 TIF Year 8 TIF Year 9 TIF Year 10 TIF Year 11 TIF Year 12 TIF Year 13 TIF Year 14 TIF Year 15 TIF Year 16 TIF Year 17 TIF Year 18 TIF Year 19 TIF Year 20 TIF Year 21 TIF Year 22 TIF Year 23 TIF Year 24 TIF Year 25
DEVELOPMENT PROGRAM% CompletionHobby Lobby 100%% of total 0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%HomeGoods 100%% of total 0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Sierra Trading Post 100%% of total 0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Ulta 100%% of total 0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Storage 100%% of total 0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%Pad Retail Site 100%% of total 0%0%0%100%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%
Annual Development 0 0 126,400 5,500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Hobby Lobby 55,000 sf 0 0 55,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0HomeGoods22,000 sf 0 0 22,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Sierra Trading Post 21,000 sf 0 0 21,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ulta10,800 sf 0 0 10,800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Storage17,600 sf 0 0 17,600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Pad Retail Site 5,500 sf 0 0 0 5,500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cumulative Development 0 0 126,400 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900 131,900Hobby Lobby 0 0 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000 55,000HomeGoods0022,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000 22,000Sierra Trading Post 0 0 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000 21,000Ulta0010,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800 10,800Storage0017,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600 17,600Pad Retail Site 0 0 0 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500
PROPERTY TAXMarket Value -$ -$ 19,725,984$ 20,996,000$ 21,415,920$ 21,844,239$ 22,281,123$ 22,726,746$ 23,181,281$ 23,644,906$ 24,117,805$ 24,600,161$ 25,092,164$ 25,594,007$ 26,105,887$ 26,628,005$ 27,160,565$ 27,703,776$ 28,257,852$ 28,823,009$ 29,399,469$ 29,987,459$ 30,587,208$
Hobby Lobby $150 per sf 2.0%per year -$ -$ 8,583,300$ 8,754,966$ 8,930,065$ 9,108,667$ 9,290,840$ 9,476,657$ 9,666,190$ 9,859,514$ 10,056,704$ 10,257,838$ 10,462,995$ 10,672,255$ 10,885,700$ 11,103,414$ 11,325,482$ 11,551,992$ 11,783,032$ 12,018,692$ 12,259,066$ 12,504,247$ 12,754,332$ HomeGoods $150 per sf 2.0%per year -$ -$ 3,433,320$ 3,501,986$ 3,572,026$ 3,643,467$ 3,716,336$ 3,790,663$ 3,866,476$ 3,943,805$ 4,022,682$ 4,103,135$ 4,185,198$ 4,268,902$ 4,354,280$ 4,441,366$ 4,530,193$ 4,620,797$ 4,713,213$ 4,807,477$ 4,903,626$ 5,001,699$ 5,101,733$ Sierra Trading Post $150 per sf 2.0%per year -$ -$ 3,277,260$ 3,342,805$ 3,409,661$ 3,477,855$ 3,547,412$ 3,618,360$ 3,690,727$ 3,764,542$ 3,839,832$ 3,916,629$ 3,994,962$ 4,074,861$ 4,156,358$ 4,239,485$ 4,324,275$ 4,410,760$ 4,498,976$ 4,588,955$ 4,680,734$ 4,774,349$ 4,869,836$ Ulta $150 per sf 2.0%per year -$ -$ 1,685,448$ 1,719,157$ 1,753,540$ 1,788,611$ 1,824,383$ 1,860,871$ 1,898,088$ 1,936,050$ 1,974,771$ 2,014,266$ 2,054,552$ 2,095,643$ 2,137,556$ 2,180,307$ 2,223,913$ 2,268,391$ 2,313,759$ 2,360,034$ 2,407,235$ 2,455,379$ 2,504,487$ Storage $150 per sf 2.0%per year -$ -$ 2,746,656$ 2,801,589$ 2,857,621$ 2,914,773$ 2,973,069$ 3,032,530$ 3,093,181$ 3,155,044$ 3,218,145$ 3,282,508$ 3,348,158$ 3,415,122$ 3,483,424$ 3,553,092$ 3,624,154$ 3,696,637$ 3,770,570$ 3,845,981$ 3,922,901$ 4,001,359$ 4,081,386$ Pad Retail Site $150 per sf 2.0%per year -$ -$ -$ 875,497$ 893,007$ 910,867$ 929,084$ 947,666$ 966,619$ 985,951$ 1,005,670$ 1,025,784$ 1,046,299$ 1,067,225$ 1,088,570$ 1,110,341$ 1,132,548$ 1,155,199$ 1,178,303$ 1,201,869$ 1,225,907$ 1,250,425$ 1,275,433$
Appraised Value -$ -$ 19,725,984$ 20,996,000$ 21,415,920$ 21,844,239$ 22,281,123$ 22,726,746$ 23,181,281$ 23,644,906$ 24,117,805$ 24,600,161$ 25,092,164$ 25,594,007$ 26,105,887$ 26,628,005$ 27,160,565$ 27,703,776$ 28,257,852$ 28,823,009$ 29,399,469$ 29,987,459$ 30,587,208$
Hobby Lobby 100.0%of market value -$ -$ 8,583,300$ 8,754,966$ 8,930,065$ 9,108,667$ 9,290,840$ 9,476,657$ 9,666,190$ 9,859,514$ 10,056,704$ 10,257,838$ 10,462,995$ 10,672,255$ 10,885,700$ 11,103,414$ 11,325,482$ 11,551,992$ 11,783,032$ 12,018,692$ 12,259,066$ 12,504,247$ 12,754,332$ HomeGoods 100.0%of market value -$ -$ 3,433,320$ 3,501,986$ 3,572,026$ 3,643,467$ 3,716,336$ 3,790,663$ 3,866,476$ 3,943,805$ 4,022,682$ 4,103,135$ 4,185,198$ 4,268,902$ 4,354,280$ 4,441,366$ 4,530,193$ 4,620,797$ 4,713,213$ 4,807,477$ 4,903,626$ 5,001,699$ 5,101,733$ Sierra Trading Post 100.0%of market value -$ -$ 3,277,260$ 3,342,805$ 3,409,661$ 3,477,855$ 3,547,412$ 3,618,360$ 3,690,727$ 3,764,542$ 3,839,832$ 3,916,629$ 3,994,962$ 4,074,861$ 4,156,358$ 4,239,485$ 4,324,275$ 4,410,760$ 4,498,976$ 4,588,955$ 4,680,734$ 4,774,349$ 4,869,836$ Ulta 100.0%of market value -$ -$ 1,685,448$ 1,719,157$ 1,753,540$ 1,788,611$ 1,824,383$ 1,860,871$ 1,898,088$ 1,936,050$ 1,974,771$ 2,014,266$ 2,054,552$ 2,095,643$ 2,137,556$ 2,180,307$ 2,223,913$ 2,268,391$ 2,313,759$ 2,360,034$ 2,407,235$ 2,455,379$ 2,504,487$ Storage 100.0%of market value -$ -$ 2,746,656$ 2,801,589$ 2,857,621$ 2,914,773$ 2,973,069$ 3,032,530$ 3,093,181$ 3,155,044$ 3,218,145$ 3,282,508$ 3,348,158$ 3,415,122$ 3,483,424$ 3,553,092$ 3,624,154$ 3,696,637$ 3,770,570$ 3,845,981$ 3,922,901$ 4,001,359$ 4,081,386$ Pad Retail Site 100.0%of market value -$ -$ -$ 875,497$ 893,007$ 910,867$ 929,084$ 947,666$ 966,619$ 985,951$ 1,005,670$ 1,025,784$ 1,046,299$ 1,067,225$ 1,088,570$ 1,110,341$ 1,132,548$ 1,155,199$ 1,178,303$ 1,201,869$ 1,225,907$ 1,250,425$ 1,275,433$
Assessed Value (1-yr. lag)-$ -$ -$ 5,720,535$ 6,088,840$ 6,210,617$ 6,334,829$ 6,461,526$ 6,590,756$ 6,722,571$ 6,857,023$ 6,994,163$ 7,134,047$ 7,276,728$ 7,422,262$ 7,570,707$ 7,722,121$ 7,876,564$ 8,034,095$ 8,194,777$ 8,358,673$ 8,525,846$ 8,696,363$ Hobby Lobby 29.00%of appraised value -$ -$ -$ 2,489,157$ 2,538,940$ 2,589,719$ 2,641,513$ 2,694,344$ 2,748,230$ 2,803,195$ 2,859,259$ 2,916,444$ 2,974,773$ 3,034,268$ 3,094,954$ 3,156,853$ 3,219,990$ 3,284,390$ 3,350,078$ 3,417,079$ 3,485,421$ 3,555,129$ 3,626,232$ HomeGoods 29.00%of appraised value -$ -$ -$ 995,663$ 1,015,576$ 1,035,888$ 1,056,605$ 1,077,737$ 1,099,292$ 1,121,278$ 1,143,704$ 1,166,578$ 1,189,909$ 1,213,707$ 1,237,982$ 1,262,741$ 1,287,996$ 1,313,756$ 1,340,031$ 1,366,832$ 1,394,168$ 1,422,052$ 1,450,493$ Sierra Trading Post 29.00%of appraised value -$ -$ -$ 950,405$ 969,414$ 988,802$ 1,008,578$ 1,028,749$ 1,049,324$ 1,070,311$ 1,091,717$ 1,113,551$ 1,135,822$ 1,158,539$ 1,181,710$ 1,205,344$ 1,229,451$ 1,254,040$ 1,279,121$ 1,304,703$ 1,330,797$ 1,357,413$ 1,384,561$ Ulta 29.00%of appraised value -$ -$ -$ 488,780$ 498,556$ 508,527$ 518,697$ 529,071$ 539,653$ 550,446$ 561,454$ 572,684$ 584,137$ 595,820$ 607,736$ 619,891$ 632,289$ 644,935$ 657,833$ 670,990$ 684,410$ 698,098$ 712,060$ Storage 29.00%of appraised value -$ -$ -$ 796,530$ 812,461$ 828,710$ 845,284$ 862,190$ 879,434$ 897,022$ 914,963$ 933,262$ 951,927$ 970,966$ 990,385$ 1,010,193$ 1,030,397$ 1,051,005$ 1,072,025$ 1,093,465$ 1,115,335$ 1,137,641$ 1,160,394$ Pad Retail Site 29.00%of appraised value -$ -$ -$ -$ 253,894$ 258,972$ 264,151$ 269,434$ 274,823$ 280,320$ 285,926$ 291,644$ 297,477$ 303,427$ 309,495$ 315,685$ 321,999$ 328,439$ 335,008$ 341,708$ 348,542$ 355,513$ 362,623$
Less: Base AV (2018)$2,968,2193.00%every 2 years 2,968,219$ 3,057,266$ 3,057,266$ 3,148,984$ 3,148,984$ 3,243,453$ 3,243,453$ 3,340,757$ 3,340,757$ 3,440,979$ 3,440,979$ 3,544,209$ 3,544,209$ 3,650,535$ 3,650,535$ 3,760,051$ 3,760,051$ 3,872,853$ 3,872,853$ 3,989,038$ 3,989,038$ 4,108,709$ 4,108,709$
Increment -$ -$ -$ 2,571,552$ 2,939,857$ 2,967,164$ 3,091,376$ 3,120,769$ 3,250,000$ 3,281,592$ 3,416,044$ 3,449,955$ 3,589,838$ 3,626,193$ 3,771,727$ 3,810,656$ 3,962,070$ 4,003,711$ 4,161,243$ 4,205,739$ 4,369,634$ 4,417,137$ 4,587,654$
TIF Revenue 90.3255 per $1,000 of AV 2018 mill levy -$ -$ -$ -$ 232,277$ 265,544$ 268,011$ 279,230$ 281,885$ 293,558$ 296,411$ 308,556$ 311,619$ 324,254$ 327,538$ 340,683$ 344,199$ 357,876$ 361,637$ 375,866$ 379,885$ 394,689$ 398,980$
SALES TAXPotential Annual Sales -$ -$ 35,178,114$ 40,058,002$ 41,259,742$ 42,497,534$ 43,772,460$ 45,085,634$ 46,438,203$ 47,831,349$ 49,266,289$ 50,744,278$ 52,266,606$ 53,834,605$ 55,449,643$ 57,113,132$ 58,826,526$ 60,591,322$ 62,409,061$ 64,281,333$ 66,209,773$ 68,196,066$ 70,241,948$ Hobby Lobby $245per sf 3.0%per year -$ -$ 14,322,150$ 14,751,815$ 15,194,369$ 15,650,200$ 16,119,706$ 16,603,297$ 17,101,396$ 17,614,438$ 18,142,871$ 18,687,157$ 19,247,772$ 19,825,205$ 20,419,961$ 21,032,560$ 21,663,537$ 22,313,443$ 22,982,846$ 23,672,332$ 24,382,502$ 25,113,977$ 25,867,396$ HomeGoods $370per sf 3.0%per year -$ -$ 8,629,588$ 8,888,476$ 9,155,130$ 9,429,784$ 9,712,678$ 10,004,058$ 10,304,180$ 10,613,305$ 10,931,704$ 11,259,655$ 11,597,445$ 11,945,368$ 12,303,729$ 12,672,841$ 13,053,026$ 13,444,617$ 13,847,956$ 14,263,394$ 14,691,296$ 15,132,035$ 15,585,996$ Sierra Trading Post $307per sf 3.0%per year -$ -$ 6,845,649$ 7,051,018$ 7,262,549$ 7,480,425$ 7,704,838$ 7,935,983$ 8,174,062$ 8,419,284$ 8,671,863$ 8,932,019$ 9,199,979$ 9,475,979$ 9,760,258$ 10,053,066$ 10,354,658$ 10,665,297$ 10,985,256$ 11,314,814$ 11,654,258$ 12,003,886$ 12,364,003$ Ulta $470per sf 3.0%per year -$ -$ 5,380,727$ 5,542,149$ 5,708,413$ 5,879,666$ 6,056,056$ 6,237,737$ 6,424,869$ 6,617,615$ 6,816,144$ 7,020,628$ 7,231,247$ 7,448,185$ 7,671,630$ 7,901,779$ 8,138,832$ 8,382,997$ 8,634,487$ 8,893,522$ 9,160,327$ 9,435,137$ 9,718,191$ Storage $0per sf 3.0%per year -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Pad Retail Site $636per sf 3.0%per year -$ -$ -$ 3,824,545$ 3,939,281$ 4,057,459$ 4,179,183$ 4,304,559$ 4,433,695$ 4,566,706$ 4,703,707$ 4,844,819$ 4,990,163$ 5,139,868$ 5,294,064$ 5,452,886$ 5,616,473$ 5,784,967$ 5,958,516$ 6,137,271$ 6,321,389$ 6,511,031$ 6,706,362$
Effective Annual Sales -$ -$ 32,715,646$ 37,253,942$ 38,371,560$ 39,522,707$ 40,708,388$ 41,929,639$ 43,187,529$ 44,483,154$ 45,817,649$ 47,192,179$ 48,607,944$ 50,066,182$ 51,568,168$ 53,115,213$ 54,708,669$ 56,349,929$ 58,040,427$ 59,781,640$ 61,575,089$ 63,422,342$ 65,325,012$ Hobby Lobby 7.0%ann. vacancy -$ -$ 13,319,600$ 13,719,187$ 14,130,763$ 14,554,686$ 14,991,327$ 15,441,066$ 15,904,298$ 16,381,427$ 16,872,870$ 17,379,056$ 17,900,428$ 18,437,441$ 18,990,564$ 19,560,281$ 20,147,089$ 20,751,502$ 21,374,047$ 22,015,268$ 22,675,727$ 23,355,998$ 24,056,678$ HomeGoods 7.0%ann. vacancy -$ -$ 8,025,517$ 8,266,283$ 8,514,271$ 8,769,699$ 9,032,790$ 9,303,774$ 9,582,887$ 9,870,374$ 10,166,485$ 10,471,479$ 10,785,624$ 11,109,193$ 11,442,468$ 11,785,742$ 12,139,315$ 12,503,494$ 12,878,599$ 13,264,957$ 13,662,906$ 14,072,793$ 14,494,976$ Sierra Trading Post 7.0%ann. vacancy -$ -$ 6,366,453$ 6,557,447$ 6,754,170$ 6,956,795$ 7,165,499$ 7,380,464$ 7,601,878$ 7,829,934$ 8,064,832$ 8,306,777$ 8,555,981$ 8,812,660$ 9,077,040$ 9,349,351$ 9,629,832$ 9,918,727$ 10,216,288$ 10,522,777$ 10,838,460$ 11,163,614$ 11,498,523$ Ulta 7.0%ann. vacancy -$ -$ 5,004,076$ 5,154,198$ 5,308,824$ 5,468,089$ 5,632,132$ 5,801,096$ 5,975,129$ 6,154,382$ 6,339,014$ 6,529,184$ 6,725,060$ 6,926,812$ 7,134,616$ 7,348,654$ 7,569,114$ 7,796,187$ 8,030,073$ 8,270,975$ 8,519,105$ 8,774,678$ 9,037,918$ Storage 7.0%ann. vacancy -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Pad Retail Site 7.0%ann. vacancy -$ -$ -$ 3,556,826$ 3,663,531$ 3,773,437$ 3,886,640$ 4,003,239$ 4,123,337$ 4,247,037$ 4,374,448$ 4,505,681$ 4,640,852$ 4,780,077$ 4,923,480$ 5,071,184$ 5,223,319$ 5,380,019$ 5,541,420$ 5,707,662$ 5,878,892$ 6,055,259$ 6,236,917$
Sales Tax Revenue -$ -$ 981,469$ 1,117,618$ 1,151,147$ 1,185,681$ 1,221,252$ 1,257,889$ 1,295,626$ 1,334,495$ 1,374,529$ 1,415,765$ 1,458,238$ 1,501,985$ 1,547,045$ 1,593,456$ 1,641,260$ 1,690,498$ 1,741,213$ 1,793,449$ 1,847,253$ 1,902,670$ 1,959,750$ Hobby Lobby 3.0%tax rate -$ -$ 399,588$ 411,576$ 423,923$ 436,641$ 449,740$ 463,232$ 477,129$ 491,443$ 506,186$ 521,372$ 537,013$ 553,123$ 569,717$ 586,808$ 604,413$ 622,545$ 641,221$ 660,458$ 680,272$ 700,680$ 721,700$ HomeGoods 3.0%tax rate -$ -$ 240,766$ 247,988$ 255,428$ 263,091$ 270,984$ 279,113$ 287,487$ 296,111$ 304,995$ 314,144$ 323,569$ 333,276$ 343,274$ 353,572$ 364,179$ 375,105$ 386,358$ 397,949$ 409,887$ 422,184$ 434,849$ Sierra Trading Post 3.0%tax rate -$ -$ 190,994$ 196,723$ 202,625$ 208,704$ 214,965$ 221,414$ 228,056$ 234,898$ 241,945$ 249,203$ 256,679$ 264,380$ 272,311$ 280,481$ 288,895$ 297,562$ 306,489$ 315,683$ 325,154$ 334,908$ 344,956$ Ulta 3.0%tax rate -$ -$ 150,122$ 154,626$ 159,265$ 164,043$ 168,964$ 174,033$ 179,254$ 184,631$ 190,170$ 195,876$ 201,752$ 207,804$ 214,038$ 220,460$ 227,073$ 233,886$ 240,902$ 248,129$ 255,573$ 263,240$ 271,138$ Storage 3.0%tax rate -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Pad Retail Site 3.0%tax rate -$ -$ -$ 106,705$ 109,906$ 113,203$ 116,599$ 120,097$ 123,700$ 127,411$ 131,233$ 135,170$ 139,226$ 143,402$ 147,704$ 152,136$ 156,700$ 161,401$ 166,243$ 171,230$ 176,367$ 181,658$ 187,107$
TIF SHARING SCENARIOS Average TotalProject Contributions: Property Tax
Project Contribution 2040 end year 100.0%of total TIF $323,300 $6,142,699 -$ -$ -$ -$ 232,277$ 265,544$ 268,011$ 279,230$ 281,885$ 293,558$ 296,411$ 308,556$ 311,619$ 324,254$ 327,538$ 340,683$ 344,199$ 357,876$ 361,637$ 375,866$ 379,885$ 394,689$ 398,980$
Project Contributions: Sales TaxProject Contribution 2025 end year 33.3%of total TIF $333,479 $2,000,874 -$ -$ 327,156$ 372,539$ 383,716$ 395,227$ 407,084$ 115,152$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Project Contributions: TotalProject Contribution $387,789 $8,143,573 -$ -$ 327,156$ 372,539$ 615,992$ 660,771$ 675,094$ 394,382$ 281,885$ 293,558$ 296,411$ 308,556$ 311,619$ 324,254$ 327,538$ 340,683$ 344,199$ 357,876$ 361,637$ 375,866$ 379,885$ 394,689$ 398,980$
PRESENT VALUE OF TIF REVENUE TotalPresent Value: Property TaxProject Contribution 5.00%discount rate $3,248,843 -$ -$ -$ -$ 191,095$ 208,061$ 199,994$ 198,444$ 190,791$ 189,230$ 181,971$ 180,406$ 173,521$ 171,959$ 165,429$ 163,874$ 157,682$ 156,140$ 150,268$ 148,743$ 143,175$ 141,671$ 136,391$
Present Value: Sales Tax
Project Contribution 5.00%discount rate $1,629,517 -$ -$ 296,741$ 321,814$ 315,684$ 309,671$ 303,772$ 81,836$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Present Value: TotalProject Contribution 5.00%discount rate $4,878,360 -$ -$ 296,741$ 321,814$ 506,778$ 517,731$ 503,766$ 280,280$ 190,791$ 189,230$ 181,971$ 180,406$ 173,521$ 171,959$ 165,429$ 163,874$ 157,682$ 156,140$ 150,268$ 148,743$ 143,175$ 141,671$ 136,391$
Source: Regency Centers; Economic & Planning Systems
\\EgnyteDrive\epsys\Shared\Projects\DEN\183060- Wheat Ridge Applewood TIF\Models\[183060-MODEL-Applewod Village-Option 2-03-04-19.xlsm]T-TIF Est
Economic & Planning Systems 9 of 10
TIF Request Review: City of Wheat Ridge
4/11/2019
Table 8
Mill Levy (2018 payable in 2019)
TIF Request Review: Applewood Village
Description Mill Levy
COUNTY 23.7390
I-70 KIPLING CORRIDORS 2 UR 20 0.0000
REGIONAL TRANSPORTATION DIST 0.0000
SCHOOL 49.4160
URBAN DRAINAGE&FLOOD C SO PLAT 0.0940
URBAN DRAINAGE&FLOOD CONT DIST 0.7260
WEST METRO FIRE PROTECTION - G 12.9050
WESTRIDGE SAN DIST 8.0680
WHEAT RIDGE 1.8300
Total Mill Levy 96.7780
Effective W Metro Fire Mill Levy 50% of total 6.4525
Total Mill Levy w/ Shareback to W Metro Fire 90.3255
Source: Jefferson County Assessor; Economic & Planning Systems
\\EgnyteDrive\epsys\Shared\Projects\DEN\183060- Wheat Ridge Applewood TIF\Models\[183060-MODEL-Applewod Village-Option 2-03-04-19.xlsm]T-Mill Levy
Economic & Planning Systems 10 of 10
Economic & Planning Systems, Inc.
T h e E c o n o m i c s o f L a n d U s e
730 17th Street, Suite 630 n Denver, CO 80202
303.623.3557 n www.epsys.com
REQUEST FOR TAX
INCREMENT
FINANCING
Applewood Village
Redevelopment
ATTACHMENT 4
Economic & Planning Systems Applewood Village TIF Request |1
OVERVIEW
PURPOSE
Regency Centers has submitted a requestfor property tax and sales tax increment tohelp fund a portion of the redevelopment
of Applewood Village.
The URA approved the request for property
tax increment on March 19th, 2019.
The purpose of this presentation is toprovide the Wheat Ridge City Council with
an overview of the project and a summary
of the request for TIF.
PRESENTATION OVERVIEW
Project Description
I-70/Kipling UrbanRenewal Plan Overview
Eligible Cost Summary
“But for” Analysis
TIF Revenue SharingProposal
APPLEWOOD VILLAGE TIF REQUEST
REAL ESTATE ECONOMICS
PUBLIC FINANCE
LAND USE & TRANSPORTATION
ECONOMIC DEVELOPMENT & REVITALIZATION
FISCAL & ECONOMIC IMPACT ANALYSIS
HOUSING POLICY
PUBLIC PRIVATE PARTNERSHIPS (P3)
PARKS & OPEN SPACE ECONOMICS
EPS
Economic & Planning Systems Applewood Village TIF Request |3
PROJECT DESCRIPTION
Location
-38th Avenue and Youngfield Street
-Northern section of Applewood Village
Redevelopment Program
-Redevelopment of the vacant Walmart
-Program is anticipated to include roughly 126,000 sf of retail space
-Current tenant line-up includes Hobby Lobby,
HomeGoods, Sierra Trading Post, and Ulta
Project Value
-Total redevelopment costs are estimated at $20.3 million
APPLEWOOD VILLAGE REDEVELOPMENT
Economic & Planning Systems Applewood Village TIF Request |4
URBAN RENEWAL PLAN
PURPOSE
To reduce, eliminate and prevent the spread of blight within the Area
and to stimulate growth and investment within the Area boundaries.
FINANCING MECHANISMS
Approved to utilize sales tax and property tax increment for projects located in the plan area.
It is at the discretion of the Authority to determine the appropriate
projects, funding periods, and revenue sharing amounts.
The City must agree to any proposed sales tax sharing agreements between the URA and a developer
Approved December, 2015
25 Year TIF Clock (exp. 2040)
I-70/KIPLING URBAN RENEWAL AREA
Economic & Planning Systems Applewood Village TIF Request |5
I-70/KIPLING PLAN AREA AND PROJECT AREA
I-70/Kipling Urban
Renewal Area
Project Location
Economic & Planning Systems Applewood Village TIF Request |6
PROJECT EVALUATION CRITERIA
Three primary criteria for evaluating
project requests for TIF:
1.Eligible Costs
2.Developer Returns (“But-for” analysis)
3.Project Revenue Generation Potential
APPLEWOOD VILLAGE REDEVELOPMENT
Economic & Planning Systems Applewood Village TIF Request |7
Description Total % of Total
General Site Improvements $1,978,670 33.40%
Youngfield Streetscape & Signalized Intersection Improvements Budget $1,172,898 19.80%
Wal-Mart Building -Façade Upgrade (50%of total cost)$574,912 19.40%
Wet Utilities $624,952 10.50%
38th Avenue ROW Improvements $609,943 10.30%
Demolition of Blighted Buildings $295,000 5.00%
Environmental Remediation (asbestos abatement)$100,000 1.70%
TOTAL PUBLIC IMPROVEMENTS $5,356,375 100.0%
#1 -ELIGIBLE COSTS
APPLEWOOD REDEVELOPMENT
Economic & Planning Systems Applewood Village TIF Request |8
#2 -DEVELOPER RETURNS (“BUT FOR” ANALYSIS)
PURPOSE: To use market-based metrics of return to evaluate the need for public financing and identity the extent of gap closure
funding needed to make the project feasible.
METHODOLOGY
1.Summarize total project costs and annual net operating income (NOI)
2.Determine appropriate performance metric
–For the purposes of this analysis we are using return on cost
(Annual NOI / Total Cost)
–Typical developer target = 6.0% to 8.0%
–This project = 6.75%
3.Estimate amount of public subsidy necessary for developer to
realize an appropriate rate of return
APPLEWOOD VILLAGE
Economic & Planning Systems Applewood Village TIF Request |9
DEVELOPER RETURN
PROJECT COST
Includes site work, infrastructure, architecture &
engineering, vertical construction, and others.
ANNUAL REVENUE
Assumes a weighted average rental rate of $9.00/sf (NNN) and a stabilized vacancy rate of 7.0%
Rental rates reflects current LOIs that the developer has received from potential tenants
DEVELOPER RETURN GAP ESTIMATE
= $4.88 million
ELIGIBLE COST ESTIMATE
= $5.36 million (not a limiting factor)
WITH AND WITHOUT PUBLIC INVESTMENT
Description
Without Public
Investment
With Public
Investment
Return on Cost Target 6.75%6.75%
Project Cost
Total Project Cost -$20,277,155 -$20,277,155
URA/City Investment $0 $4,878,360
Net Cost -$15,398,795 -$15,398,795
Net Operating Income $1,039,419 $1,039,419
Calculated Return on Cost 5.13%6.75%
Project Gap -$4,878,360 $0
Source: Economic & Planning Systems
Gap
Closure Target
Economic & Planning Systems Applewood Village TIF Request |10
PUBLIC REVENUE SOURCES
Property Tax Increment
The URA has approved the use of property tax increment to fund eligible public
improvements.
The URA board has agreed to provide the Project with 100% of property tax increment through 2040. The present value of the future property tax increment revenues are estimated at $3.25 million. There is a remaining gap of $1.63 million.
Sales Tax Revenue
The Wheat Ridge City Council can approve the use of sales tax generated by the new
development to fund eligible improvements and close the remaining gap.
Potential sales tax sharing strategy:
–1.0% through 2025 (total City tax rate is 3.5%)
POTENTIAL FUNDING SOURCES
Economic & Planning Systems Applewood Village TIF Request |11
PUBLIC REVENUE SOURCES
TOTAL SALES TAX REVENUE
Average Annual Sales Tax Revenue = $1.35 million (based on 3.0% tax rate)
Total Revenue through 2040 = $31.0 million
This analysis is solely focused on the additional sales tax revenue generated by the redeveloped portion of the site
While it is outside the scope of this analysis, the redevelopment of this portion of the center is likely to have a positive impact on sales in other areas of the center
If sales increase by 5% elsewhere in the center, annual sales tax revenues could increase by roughly $160,000 per year or a total of $3.7 million through 2040.
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
Sales Tax
Revenue (3.0%)
Economic & Planning Systems Applewood Village TIF Request |12
PUBLIC REVENUE SOURCES
This analysis accounts for the nominal and real value of future public revenues.
The real value or present value of future revenues is used when determining the
total amount of public revenues required to close a project gap.
Future public revenues are discounted at a 5.0% rate to account for a number of factors that include the following:
–5.0% is a rough estimate for the cost of public debt (i.e. the interest rate the City or the URA would have to pay in order to secure financing)
–Recognizes the fact that the developer will need to fund improvements
upfront and finance these costs through a loan that is typically at an interest rate higher than 5.0%
–Accounts for a certain degree of risk associated with future public revenues (i.e. leasing challenges, economic downturn, etc.)
NOMINAL VS REAL VALUE OF FUTURE PUBLIC REVENUES
Economic & Planning Systems Applewood Village TIF Request |13
PUBLIC REVENUE SOURCES
SALES TAX SHARING
Project
Average Annual Shareback: $333,479
Total Shareback: $2.0 million
Present Value (@ 5.0%): $1.63 million
City of Wheat Ridge
Average Annual Revenue: $1.4 million
Total Revenue: $29.0 million
Present Value (@ 5.0%): $15.4 million
Percent of Total Revenue: 94%
$-
$250,000
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
$1,750,000
$2,000,000
$2,250,000
20
1
9
20
2
0
20
2
1
20
2
2
20
2
3
20
2
4
20
2
5
20
2
6
20
2
7
20
2
8
20
2
9
20
3
0
20
3
1
20
3
2
20
3
3
20
3
4
20
3
5
20
3
6
20
3
7
20
3
8
20
3
9
20
4
0
Sales Tax
Revenue
Project City of Wheat Ridge
Economic & Planning Systems Applewood Village TIF Request |14
PUBLIC REVENUE SOURCES
SUMMARY OF SALES TAX SHARING STRATEGY
Nominal Value Present Value
Total Gap N/A $4.88M
Public Revenues
Property Tax Increment $6.14M $3.25M
Sales Tax Increment $2.00M $1.63M
Total Revenue $8.14M $4.88M
Memorandum
TO: City Council and Mayor THROUGH: Kenneth Johnstone, Community Development Director
Patrick Goff, City Manager FROM: Zareen Tasneem, Planner I DATE: April 5, 2019 (for the April 15th Study Session)
SUBJECT: Animal Daycare and Outdoor Runs
ISSUE: The City’s Zoning and Development Code (Chapter 26 of the Municipal Code) recognizes several animal related uses, including:
• Animal veterinary hospitals and clinics, with and without outdoor runs;
• Kennels and catteries; and
• Animal daycares with no outdoor runs. An “animal daycare” is defined in the City’s more recently adopted mixed use zoning codes, but is not listed in the non-mixed use code sections. Historically, City staff has made the
administrative determination that the use (animal daycare) is most similar to kennels and to
animal veterinary hospitals or clinics, which are defined and are permitted in certain zone districts. As such, animal daycares are regulated in the same manner.
If an animal daycare proposal seeks to have an outdoor activity area/outdoor run, they would be
required to be located in the Agricultural-One (A-1), Agricultural-Two (A-2), or Industrial-Employment (I-E) zone district. A more detailed analysis of existing code is provided in the “Background” section of this staff memo.
The issue of land use regulations pertaining to animal daycares, specifically dog daycares with
outdoor runs, has risen to prominence in the past year. In July of 2018, a business license was submitted for a dog training facility, with accessory uses of daycare and boarding related to the training facility, to operate out of 4575 Wadsworth Boulevard. The property is zoned Commercial-One (C-1), therefore, the license was approved with the condition that there be no
outdoor runs. The business owners have expressed a desire to utilize an outdoor run associated
with their training/daycare/boarding operation.
Study Session Memo – Animal Daycare and Outdoor Runs
Page 2
More recently, the City has received inquiries from a business owner about opening a dog daycare with an outdoor run in another C-1 zoned property located at 5883 W. 38th Avenue.
Similarly, they have expressed interest in having some outdoor activity areas.
This topic was previously discussed at City Council Study Session on December 17, 2018, during which staff received direction from Councilmembers to provide a more in-depth study on animal daycare facilities, and specifically the merits of permitting them through a Special Use
Permit in the C-1 zone district.
BACKGROUND: Current City Regulations As noted above, the Zoning and Development Code recognizes three animal-related uses, which
are defined as follows:
• Animal daycare facility. A facility licensed by the State of Colorado where animals may be groomed, trained, exercised, and socialized, but not kept or boarded overnight, bred, sold, or let for hire. (Defined only in the mixed use code in Section 26-1119)
• Kennel. Any building, structure or open space devoted in its entirety, or in part, to the raising, boarding or harboring of four (4) or more adult dogs and/or five (5) or more cats. (Defined in Section 26-123)
• Veterinary hospital. A place where animals or pets of all types are given medical or
surgical treatment. Use as a kennel shall be limited to short-time boarding and shall only be incidental to such hospital use and need not be enclosed within the main building. (Defined in Section 26-123)
• Veterinary hospital (small animal, enclosed). A place where small animals or pets (dogs,
cats, birds and the like) are given medical or surgical treatment. Use as a kennel shall be
limited to short-time boarding and shall only be incidental to such hospital use. All uses shall be enclosed within a soundproof building which emits no objectionable odor. (Defined in Section 26-123)
The tables below are excerpts from the Code’s use charts (P = permitted, S = special use, and a
blank denotes that it is not permitted).
Table of Uses – Commercial
Uses Notes NC RC C-1 C-2 I-E
Animal veterinary hospitals
and clinics
With outside runs; no
cremation P P
Animal veterinary hospitals
and clinics
Where there are no outside
pens or runs for dogs; no
cremation
S P P P P
Kennels S
Study Session Memo – Animal Daycare and Outdoor Runs
Page 3
Table of Uses – Agricultural
Uses Notes A-1 A-2
Dog kennels, catteries,
veterinary hospitals
Provided that outside runs
which are adjacent to
residentially zoned or used
property are no closer than
25 feet to a side or rear lot
line
S S
Table of Uses – Mixed Use
Uses MU-N MU-C MU-C
TOD
MU-C
Int
Animal daycare, indoor
with no outdoor runs or pens P P P P
Veterinary clinics and hospitals, no outdoor runs or pens P P P P
Animal-related uses are not permitted in any residential zone district and are specifically
prohibited as home-based businesses (Section 26-613). In general, animal-related uses are limited to indoor facilities in most zone districts. Historically, the limitations on outdoor runs have presumably been motivated in some part to separate them from residential neighborhoods where noise impacts could have a negative effect. The purpose of allowing outdoor runs in some
districts as a special use is to acknowledge that the use may or may not be compatible depending
on the surrounding conditions. The special use permit (SUP) process requires a neighborhood meeting, public notice, and may result in a City Council hearing if objections are received. Neighboring Cities’ Regulations Lakewood
In the City of Lakewood, there is only one animal-related use, which is a broadly defined “animal care” category that includes grooming, treating, training, exercising, boarding, and daycare which is permitted as follows:
• Permitted in heavier commercial and industrial districts,
• Permitted in one-acre residential (similar to our agricultural zone),
• Special use in some mixed use districts, and
• Limited use in some mixed use districts (similar to our administratively approved
conditional use permit). Like Wheat Ridge, Lakewood’s code includes restrictions on outdoor pens, separation requirements where they are permitted, and even prohibits windows for indoor runs when adjacent to residential neighborhoods.
Study Session Memo – Animal Daycare and Outdoor Runs
Page 4
Arvada The City of Arvada allows two animal facility-related uses: kennel and veterinary offices or
clinics. Kennels are permitted mostly in the Clear Creek and planned industrial development
zone districts and are conditionally permitted in the agricultural, intense commercial, and light industrial zone districts with public hearing review. All kennels require a “Kennel License,” which is valid for one year and subject to renewal per compliance with state and city regulations.
Veterinary offices or clinics are permitted uses in a wider range of commercial zone districts,
including in the Olde Town area, and conditional uses in Arvada’s agriculture-like zone districts. However, all veterinary offices or clinics are restricted from having outdoor runs and are required to have all facilities within soundproof buildings. Likewise, animal daycare facilities in commercial areas are not allowed to have outdoor runs.
In general, these regulations appear to be very consistent with the current codes in Wheat Ridge. Englewood The City of Englewood’s City Code has a use category called “animal sales and service,” which
by definition includes animal daycare. It is a permitted use in the industrial zone districts and a
limited use in the heavy commercial mixed use zone district. A limited use is approved administratively, similar to Wheat Ridge’s conditional use permit. There is no mention of outdoor runs or pens in the use definitions, nor are there additional
regulations. Englewood staff have confirmed animal daycares with outdoor runs have been
permitted in industrial zone district and approved as a limited use in commercial zone districts based on the site plan, narrative, and neighborhood context. They are not, however, allowed in or next to any residential use. For animal daycares in the vicinity of a residential use, conditions of approval include six-foot high screening, soundproof walls, and trash enclosures.
While outdoor runs are not mentioned in Englewood’s City Code, the process for reviewing an animal daycare with one appears similar to the current codes in Wheat Ridge. Edgewater
In the City of Edgewater, an “animal sales and service” use exists as a conditional use in the
heavy commercial zone district. A conditional use permit is approved through a public hearing in front of the City of Edgewater’s Planning Commission. Edgewater has yet to receive an application for an animal daycare. However, their staff has
indicated that if a dog daycare with outdoor run were to be proposed, they would most likely
allow it only in the heavy commercial zone district and have the City Manager review it on a case-by-case basis. The Edgewater Municipal Code allows uses not specifically listed in the code to be reviewed discretionarily by the City Manager.
Most of the land in Edgewater has a light commercial zoning, with only a handful of parcels
zoned for heavier commercial use. Thus, the possibility of an animal daycare with an outdoor run opening in the city would be limited.
Study Session Memo – Animal Daycare and Outdoor Runs
Page 5
In conclusion, Edgewater, like Wheat Ridge, treats animal daycares with an outdoor run as an
intense commercial land use.
Golden In the City of Golden, animal facility-related uses are allowed as follows:
• Veterinary hospitals and kennels are special uses in the agricultural zone districts.
• Veterinarian hospital (with no outdoor boarding facility or outdoor kennels) is a permitted use in the commercial and heavy industrial zone districts.
• Veterinarian hospital (with outdoor boarding facilities or outdoor kennels) is a special
use in the light commercial zone district. A special use permit is approved through a public hearing in front of the City of Golden’s Planning Commission.
Currently, Golden only has one animal daycare facility, which opened more than ten years ago in a heavy commercial corridor. Their staff has indicated that, if a new one with an outdoor run was proposed, it would be allowed in Golden’s commercial zone districts, but one with an outdoor kennel would not, as they would view an outdoor run as a supervised brief use, while an outdoor kennel housing dogs presents more of a nuisance. It would, though, have additional conditions of
approval. Denver In Denver, animal daycares are a permitted use with limitations in non-residential areas. They must take place inside a fully enclosed structure. Outdoor runs have been determined to be
generally not appropriate in residential areas or in locations where having up to 25 dogs would present a noise nuisance. Animal daycares with outdoor runs require public notification, similar to Wheat Ridge’s special use permit process. Through this process, the hours of operation and numbers of dogs allowed are also stipulated.
Although animal daycares with outdoor runs in Denver are allowed conditionally in more commercial areas than Wheat Ridge, they also have more restrictive regulations attached to them. SUMMARY: Other municipalities often classify animal daycare under a broader animal-related use category. In general, animal-related uses are allowed in more intense commercial, industrial, or agricultural areas and less often in light commercial and residential areas. Like Wheat Ridge, some communities have separation requirements for outdoor pens where they
may abut residential uses. Additional regulations can include hours of operation and limitations on the number of dogs though these become harder to enforce and do not eliminate noise nuisance.
Study Session Memo – Animal Daycare and Outdoor Runs
Page 6
NEXT STEPS: Enclosed is a copy of the City’s zoning map and several exhibits. Exhibit A shows where
outdoor runs are currently permitted, namely as a special use in the A-1, A-2, I-E, and PID zone
districts (PID zoning most often follows the uses permitted in I-E). The A-1 and A-2 parcels shown on the map are only those that are privately-owned and are one acre in size or larger; the map excludes the A-1 and A-2 parcels that do not fit these criteria and, therefore, would not otherwise be eligible for kennels.
If Council’s goal is to become more permissive in the allowance of outdoor runs, it may be possible to allow animal daycare and/or outdoor runs as a special use. This would require neighborhood meetings and would result in a public hearing before Council if objections were received. As noted, that has not been the approach historically because of the desire to protect
established residential neighborhoods from potential noise nuisance. Exhibit B shows the
relationship between commercial and residential zone districts, particularly, the extent of residentially zoned areas within 600 feet of the C-1 zone district who would be notified as part of the SUP neighborhood meeting requirement.
As Council is aware, many of our commercial corridors have been rezoned in recent years to
mixed-use zone districts. This includes City-initiated legislative rezonings of the majority of the Wadsworth and 38th Avenue (between Wadsworth and Sheridan) corridors. Because of this, staff felt it appropriate to discuss the topic of animal daycare in relation to the City’s mixed-use zone districts. In mixed-use districts, special uses are not utilized. However the concept of a
conditional use is defined for uses that may have some heightened site planning issues worthy of
additional review. That said, conditional uses are administratively reviewed and approved, with no neighborhood notice process. Therefore, should Council wish to consider allowing animal daycare with outdoor runs in some fashion on mixed-use zoned properties, further discussion would be needed whether and how a neighborhood notification process should be added to the
Code. For discussion purposes, we included an exhibit (Exhibit C) that maps all mixed-use zoned
properties in the City. Any animal daycare or kennel operation would require a kennel license from the Police Department and would be subject to the City’s general noise and nuisance ordinances. Approval
of a special use permit would not protect a business from enforcement of the noise and nuisance
ordinances, which could result in enforcement issues in the future. The purpose of the April 15 study session is to discuss the merits of allowing animal daycares with outdoor runs as a special use in the C-1 zone district or possibly other zone districts within
the City.
Regardless of whether or not there is Council direction to allow animal daycares with an SUP in C-1, it would be appropriate to modify the code to more explicitly clarify where animal daycare and training is currently permitted or not.
Study Session Memo – Animal Daycare and Outdoor Runs
Page 7
ATTACHMENTS: 1. Exhibit A – I/E, A-1, A-2 and PID zoned properties
2. Exhibit B – C-1 zoned properties and 600-foot buffer
3. Exhibit C – Mixed-Use zoned properties
State Plane Coordinate Projection Colorado Central ZoneDatum: NAD83 [
0 1,300 2,600 3,900
Feet
Created by Zareen Tasneem, Planner ICreated on April 5, 2019
City of Wheat Ridge, Colorado7500 West 29th AvenueWheat Ridge, CO 80033-8001303.234.5900
This is a pictorial representation of geographic and demographicinformation. Reliance upon the accuracy, reliability and authorityof this information is solely requestor’s responsibility. The City of Wheat Ridge, in Jefferson County, Colorado - a political subdivision of the State of Colorado, has compiled for its use certain computerized information. This information is available to assist in identifying general areas of concern only. The computerized information providedshould only be relied upon with corroboration of the methods,assumptions, and results by a qualified independent source. The user of this information shall indemnify and hold free the City of Wheat Ridge from any and all liabilities, damages, lawsuits, andcauses of action that result as a consequence of his reliance oninformation provided herein.
DISCLAIMER NOTICE:
Data Source: City of Wheat Ridge
32ND AVE
26TH AVE
38TH AVE
52ND AVE
SH
E
R
I
D
A
N
B
L
V
D
WA
D
S
W
O
R
T
H
B
L
V
D
KI
P
L
I
N
G
S
T
§¨¦70 §¨¦70
§¨¦70
§¨¦76
Legend
City Boundary
Agricultural
Industrial
This map shows the zone districts in which an animal daycare with an outdoor runwould be permitted by special use by virtue of being similar to a “kennel” as defined inthe zoning code. This includes the Agricultural-One (A-1) and Agricultural-Two (A-2)zone districts (shown in green) and the Industrial-Employment (I-E) and PlannedIndustrial Development (PID) zone districts (shown in purple).
The Agricultural layer contains those parcels in the A-1 and A-2 zone districts that areat least one acre and are owned by a non-public entity.
Exhibit A – Agricultural and Industrial Zoning
ATTACHMENT 1
State Plane Coordinate Projection Colorado Central ZoneDatum: NAD83 [
0 1,300 2,600 3,900
Feet
Created by Zareen Tasneem, Planner ICreated on April 5, 2019
City of Wheat Ridge, Colorado7500 West 29th AvenueWheat Ridge, CO 80033-8001303.234.5900
This is a pictorial representation of geographic and demographicinformation. Reliance upon the accuracy, reliability and authorityof this information is solely requestor’s responsibility. The City of Wheat Ridge, in Jefferson County, Colorado - a political subdivision of the State of Colorado, has compiled for its use certain computerized information. This information is available to assist in identifying general areas of concern only. The computerized information providedshould only be relied upon with corroboration of the methods,assumptions, and results by a qualified independent source. The user of this information shall indemnify and hold free the City of Wheat Ridge from any and all liabilities, damages, lawsuits, andcauses of action that result as a consequence of his reliance oninformation provided herein.
DISCLAIMER NOTICE:
Data Source: City of Wheat Ridge
32ND AVE
26TH AVE
38TH AVE
52ND AVE
SH
E
R
I
D
A
N
B
L
V
D
WA
D
S
W
O
R
T
H
B
L
V
D
KI
P
L
I
N
G
S
T
§¨¦70 §¨¦70
§¨¦70
§¨¦76
Legend
City Boundary
Commercial-One (C-1)
Residential
Residential Areas Impacted
Exhibit B - Impact of Outdoor Run as a Special Use in C-1
This map shows the relationship between commercial and residential zone districts,particularly, the extent of residentially zoned areas within 600 feet of the Commerical-One (C-1) zone district that would be notified as part of the Special Use Permit (SUP)neighborhood meeting requirement (Residential Areas Impacted layer).
The Residential layer contains parcels in the residential zone districts, agriculturalzone districts, and Planned Residential Development (PRD) zone district.
ATTACHMENT 2
State Plane Coordinate Projection Colorado Central ZoneDatum: NAD83 [
0 1,300 2,600 3,900
Feet
Created by Zareen Tasneem, Planner ICreated on April 5, 2019
City of Wheat Ridge, Colorado7500 West 29th AvenueWheat Ridge, CO 80033-8001303.234.5900
This is a pictorial representation of geographic and demographicinformation. Reliance upon the accuracy, reliability and authorityof this information is solely requestor’s responsibility. The City of Wheat Ridge, in Jefferson County, Colorado - a political subdivision of the State of Colorado, has compiled for its use certain computerized information. This information is available to assist in identifying general areas of concern only. The computerized information providedshould only be relied upon with corroboration of the methods,assumptions, and results by a qualified independent source. The user of this information shall indemnify and hold free the City of Wheat Ridge from any and all liabilities, damages, lawsuits, andcauses of action that result as a consequence of his reliance oninformation provided herein.
DISCLAIMER NOTICE:
Data Source: City of Wheat Ridge
32ND AVE
26TH AVE
38TH AVE
52ND AVE
SH
E
R
I
D
A
N
B
L
V
D
WA
D
S
W
O
R
T
H
B
L
V
D
KI
P
L
I
N
G
S
T
§¨¦70 §¨¦70
§¨¦70
§¨¦76
Legend
City Boundary
MU-C
MU-C INT
MU-C TOD
MU-N
Residential
Exhibit C - Residential and Mixed Use Zoning
This map shows the proximity of residential areas to the Mixed Use Commercial(MU-C), MU-C Interstate (MU-C), MU-C Transit Oriented Development (MU-C TOD),and Mixed Use Neighborhood (MU-N) zone districts.
The Residential layer contains parcels in the residential zone districts, agriculturalzone districts, and Planned Residential Development (PRD) zone district.
ATTACHMENT 3
Memorandum
TO: Mayor and City Council THROUGH: Patrick Goff, City Manager
FROM: Joyce Manwaring, Parks and Recreation Director DATE: April 15, 2019 SUBJECT: Anderson Building Program and Additional Budget Appropriation Attached is a PowerPoint presentation outlining the new opportunities for providing recreation services at the Anderson Building when renovations are completed. The outdoor pool and
Anderson Building will open May 25, Memorial Day weekend, and programming will begin in the Anderson Building on June 3. Included in the PowerPoint presentation is the new programming slated for each area of the building; the fitness room, multi-purpose room and gymnasium, and additional budget requirements and revenue projections.
Prior to renovation, the Anderson Building was only open during scheduled program times. Depending on the activity, often there was not a building supervisor present; supervision was up to the activity leader. The focus of the new programming is to increase available opportunities to use the gymnasium on a drop in basis, at an affordable price. A combined swimming pool and gymnasium fee has been created for youth to use both areas during the summer.
To support the new level of programming, the Parks and Recreation Department is requesting a new benefitted, full-time Recreation Coordinator to supervise the programming, operation and maintenance of the Anderson building, including the supervision of a part-time building supervisor, gym attendant and custodial contract.
A supplemental budget appropriation is requested in the amount of $90,220 for 2019 to fund those additional expenditures required for these enhanced recreation services at the Anderson Building.
ATTACHMENTS: 1. Anderson Building Renovation PowerPoint
Anderson Building
and Pool
Opening: Saturday May 25, 2019
Pool Opens 10am
Programming Starts: Monday June 3, 2019
Grand Opening Celebration: Mid to late June
ATTACHMENT 1
Out with the old in with the new
Built in 1972 Renovated 2019
Anderson Building
Renovation Highlights
New Interior Finishes
Upgraded Storage Areas
New Classroom Space
Fitness Room with Storage Room
Upper Lobby Area with Check-in Desk
Lower Lobby Seating Area
Pool
Renovation Highlights
Upgraded Locker Rooms
Individual Cabanas
Lifeguard office
Anderson Building Hours
Winter/Spring/Fall
Monday –Friday 9am-8pm
*Drop in Gym 11am-5pm
(Fall and Spring Drop in Hours 11am-3pm)
Saturday 8-3pm
*Drop in Gym 9am-12pm
*Birthday Parties 12-3pm
Sunday Closed-Available for public rentals
Summer
Monday –Friday 9am-8pm
*Drop in Gym Monday –Thursday 3pm-5pm (No Friday Drop in Gym)
Saturday 8-3pm
*Drop in Gym 9am-12pm
*Birthday Parties 12-3pm
Sunday Closed-Available for public rentals
Pool Hours
May 25-August 8
Monday, Wednesday and Friday11:30 a.m. -6:30 p.m.
Tuesday and Thursday11:30 a.m. -8 p.m.
Saturday10:30 a.m. -8 p.m.
Sunday10:30 a.m. -6:30 p.m.
Adult Only Lap SwimMonday -Friday6:30 a.m. -11:30 a.m.
Anderson Building and Pool
Fees
Summer
Anderson Building access included in Pool Admission
Adult $5 Resident $6 Non-Resident
Youth $4 Resident $5 Non-Resident
Fall/Winter/Spring
Anderson Building only
All Ages $3 Resident $4 Non-Resident
Anderson Building Programs
Gymnasium
Jazzercise, MSSP Basketball, Sports Fanatics, Hardwood Hoopsters, Pee Wee/Youth/Adult Karate,
Weapons Class, Women’s Self-Defense, T-Ball, Sports Sampler, Jump Rope, Sports Birthday Parties,
Special Olympics Basketball, Gaga Ball, Little Hoopsters, Totally T-Ball, MSSP Volleyball
Anderson Building Programs
Fitness Room
Insanity, TRX, Kids/Parents Yoga, Movement & Tumbling, Fat Loss Boot Camp, Intermediate
Yoga, WERQ, Jump Around
Anderson Building Programs
Classroom
Sports Birthday Parties, Kids Creation Corner, Clubhouse, Specialty Camps, Weeschool
2019 Budget
Total Expenditures=$121,569•Staffing
•1 FTE Recreation Coordinator-$22,500 for 6 months
•Miscellaneous -$14,974 (Benefits, FICA)
•Intermittent-Building Supervisor, Gym Attendant, Custodial $58,257
•Supplies $2,150
•Contract Custodial, Utilities, Maintenance $23,688
•Rentals -$13,650
•Fall/Winter/Spring Admission Fees -
$10,800
Revenue Projections -$24,450
Supplemental Budget Request
•Total Projected Expenditures -$121,259
•2019 Approved Budget Anderson Building -$31,349
•Supplemental Budget Request -$90,220
Questions