HomeMy WebLinkAbout2018 Resolution No. 029RESOLUTION NO. 29
SERIES OF 2018
A RESOLUTION AUTHORIZING THE CITY OF ENGLEWOOD,
COLORADO, TO FILE AN APP LI CATION AND ACCEPT FUNDS
FROM THE COLORADO DEPARTMENT OF LOCAL AFFAIRS TO
PREPARE A COMMUNITY INVESTMENT PROSPECTUS TO
FACILITATE THE PURSUIT OF OPPORTUNITY ZONES PROGRAM
FUNDING FOR ENGLEWOOD REAL EST ATE PROJECTS AND
BUSINESSES
WHEREAS, the Colorado Department of Local Affairs administers funding to
support communities in efforts to pursue, receive and leverage funding as a result of
Opportunity Zone designations, via the preparation of a Community Investment Prospectus;
WHEREAS, the Opportunity Zones Program was enacted by Congress as part of the
2017 Federal Tax Cuts and Jobs Act to address uneven economic recovery and persistent
lack of growth that have left some communities lagging behind other communities of similar
size;
WHEREAS, the City of Englewood currently has four designated Opportunity Zones
within the City as shown on Exhibit A, attached hereto;
WHEREAS, the City of Englewood is committed to the redevelopment and
revitalization of the City, through the City's Community Development Department;
WHEREAS, the Community Development Department is dedicated to implementing
the redevelopment and revitalization initiatives that ensure that the City remains competitive
in attracting and retaining businesses, employers and residents;
WHEREAS, as an inner-ring suburb in the Denver Metropolitan area that is already
built out, Englewood is eager to leverage the Opportunity Zones Program to attract
developers, investment capital and new businesses to the City to further its redevelopment
and revitalization initiatives;
WHEREAS, due to limited funding the City would benefit immensely from the
$20,000 in grant funding available to prepare a Community Investment Prospectus;
WHEREAS, the Community Investment Prospectus will allow the City to address the
challenges to be addressed by the Opportunity Zones Program, as outlined by the Colorado
Office of Economic Development and International Trade, including promoting economic
vitality, funding the development of workforce and affordable housing, funding new
infrastructure to support population and economic growth, investing in "startup" businesses,
and upgrading the capability of existing underutilized assets through capital improvement
investments.
WHEREAS, to compete for the Colorado Department of Local Affairs funding to prepare
an Opportunity Zones Program Community Investment Prospectus local governments must
submit an application, and provide a local match, which in the case of the City of Englewood
would be $20,000.00 dollars;
WHEREAS, the City of Englewood has received a notice of fund availability; and
WHEREAS, the City of Englewood, Colorado, desires to apply for and accept these funds
through the Colorado Department of Local Affairs.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ENGLEWOOD, COLORADO, THAT:
Section 1. The City of Englewood, Colorado, through the Community Development
Department is hereby authorized to file an application and accept 2019 funds in the amount of
$20,000.00 dollars, to prepare an Opportunity Zones Program Community Investment
Prospectus through the use of grant funds administered through the Colorado Department of
Local Affairs, and to provide matching funds in the amount of $20,000.00 dollars.
Section 2. The Mayor and City Clerk are authorized to sign and attest all necessary
forms, documents, assurances, certifications and letters for the Opportunity Zones Program
Community Investment Prospectus funding and acceptance for and on behalf of the City
Council and the City of Englewood.
ADOPTED AND APPROVED this 17,. day of De~
Linda Olson, Mayor
ATTEST:
I, Stephanie Carlile, City Clerk for the City of Englewood, Colorado, hereby certify
the above is a true copy of Resolution 29, Series of 2018.
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Arapahoe County Opportunity Zone Boundary Map -May, 2018
a Arapahoe County Opportunity Zone Boundaries -Englewood Station/CltyCenter -South Platte River
Cfty of Englewood -Downtown District -Major Highways
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December 18, 2018
Clay Brown
Regional Manager for the Central Region Counties
Department of Local Affairs
State of Colorado
15220 South Golden Road
Golden, CO 80401
RE: City of Englewood, Colorado Request for Opportunity Zone Funding Assistance for
Preparation of a Community Investment Prospectus
Dear Mr. Brown,
Following up on our related communications, I'm writing to formally request assistance from the
Colorado Department of Local Affairs in helping to fund the City of Englewood's preparation of a
Community Investment Prospectus in connection with the four designated Opportunity Zones within our
City. This request is in response to published information we received about Opportunity Zone funding
and technical assistance available from the Colorado Office of Economic Development and International
Trade.
The City of Englewood is committed to the redevelopment and revitalization of the City. Our Community
Development Department is dedicated to implementing the development and revitalization initiatives
that ensure the City remains competitive in attracting and retaining businesses, employers and
residents. The City of Englewood has the staff capacity and expertise to take on and accomplish this
important work. However, we do need funding to help us complete a Community Investment
Prospectus to help us unlock the value of the Opportunity Zones Program for our City.
As a blue-collar, inner-ring suburb of Denver, Englewood is eager to leverage the Opportunity Zones
Program to attract developers, investment capital and new businesses to our City. As a small city
(35,000 population) located in the Denver metro area, our financial resources are very limited. We are
requesting $20,000 to prepare our Community Investment Prospectus. The City will provide a match of
$20,000 for the project which is estimated to cost $40,000.
As you know, the preparation of this Prospectus has been strongly recommended by the Colorado Office
of Economic Development and International Trade (OEDIT) as the most important step in attracting
Opportunity Zone Program funds. The creation of the Community Investment Prospectus will allow
Englewood to address the challenges that OEDIT has outlined the Opportunity Zones Program could help
address, including:
• Promoting economic vitality in parts of the state that have not shared in the general prosperity
over the past few years,
• Funding the development of workforce and affordable housing in areas with escalating prices and
inventory shortages,
1000 Englewood Parkway • Englewood, Colorado 8Dll0 • 303.762.2310 • www.englewoodco.gov
• Funding new infrastructure to support population and economic growth,
• Investing in startup businesses that have potential for rapid increases in scale and the ability to
"export'' outside the state of Colorado,
• Upgrading the capability of existing underutilized assets through capital improvement
investments.
By way of background, the City of Englewood is currently working with the team of Portell Works
{portellworks.com) and Progressive Urban Management Associates or PUMA (pumaworldhg.com) to
evaluate and later implement a special district strategy for our core commercial areas. We expect their
current work could lead to the establishment of an overall Downtown Development Authority. This work
would also facilitate the timely and efficient formulation of the Community Investment Prospectus (with
assistance from one or more consultants to be selected). In this regard, we feel like we have a solid head
start on creating the Community Investment Prospectus.
let me know if you have any questions or need more information. Thank you for considering the City of
Englewood for one of the prospectus grants.
Mayor
City of Englewood, Colorado
cc: Darren Hollingsworth, Economic Development Manager
Dan Poremba, Chief Redevelopment Officer
Brad Power, Community Development Director
1000 Englewood Parkway • Englewood, Colorado 80110 • 303.762.2310 • www.englewoodco.gov