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Home My WebLink About1981-04-22 EDDA MINUTES• BRADFORD PUBLISHING CO ., DENVE:R RECORD OF PROCEEDINGS ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY BOARD OF DIRECTORS SPECIAL MEETING Wednesday, April 22, 1981 • Board Members Present: Artzberger, Bush, Coleman, Gasson, Holthaus, Kaufman, Neal, Robohm Board Members Absent: Glenn, Mausolf, Maxwell Staff Absent: Simpson Staff Present: Van Vorst Guests & Visitors: Rachel Owens, Kathye Thomas Board Chairman Holthaus called the Special meeting to order at 12:04PM. Chairman Holthaus informed the Board of Jeanette,Bush's swearing in after the April 8, 1981 meeting and welcomed her as a board Member. Chairman Holthaus informed the Board of the letter from Mayor Otis stating the City would maintain the parking lot at 3450 S. Lincoln. Upon motion by Robohm, the Minutes of the April 8th meeting were approved as distributed, second by Gasson. Motion carried. Bills for payment in the amount of $1,243.79 were approved upon motion by Kaufman, second by Robohm. Motion carried. Board Member Gasson reported on the Executive Director Search with Reaume and Assoc. They feel they will have all qualified resumes by Friday, April 24, 1981 and can select several candidates for pre-screening by May 15th. It is feasible for the new director to be on board by July. Board Member Gasson also reported the option for the Public Service Co. building extension had been approved for May 5th. Board Chairman Holthaus reported Mr. Avila, El Rancherito, is working on a SBA loan to purchase the building. Mr. Lance with SBA was contacted by Gasson and at this time it may be more beneficial for Mr. Avila to persue a direct loan with a bank rather than going through a Local Development Corp. The only pos- sible drawback would be the loan term through a bank would be 20 years, as opposed to 25 years with SBA-LDC. Chairman Holthaus will contact Mr. Avila immediately after the meeting. Chairman Holthaus reported the Board had received a realtor proposal from Rachel Owens, Empress Realty, and the Executive Committee would review this and decide after talking with Mr. Avila. The Loan Proposal from Continental. Republic and 1st of Englewood was discussed and upon motion by Artzberger, second by Bush, the Board will obtain legal advice on accepting Plan A (15% per annum, payable monthly with a one year maturity). Motion carried. 7 ayes, no nays. Gasson abstained. Board Member Gasson excused himself at 12:30 PM. The Committee to find office space, chaired by Coleman, reported they had negotiated for the same rental rate on the existing office space for a one year extension. Upon motion by Kaufman, second by Bush, the EDDA will remain in the same location for one year and execute the lease extension. Motion carried. The Committee was instructed to look for new quarters during the year. Chairman Holthaus discussed the discrepancy between Section 2.800 of the Rules and the Minutes of the July 9, 1980 meeting. Section 2.800 reads: Page 2 e EDDA Board of Directors Special Meeting April 22, 1981 2.800 Chairman: At the first regularly-scheduled meeting of the Board, a Chairman shall be elected to preside at meetings of the Board with the full power to vote on any issue except as otherwise provided herein and shall serve until the next regular meeting after June 30, 1980. Thereafter, the Chairman and all officers shall be elected at the July regular meeting of such odd- numbered year for a term of two years. Upon motion by Kaufman, second by Robohm the Rules are amended as follows: 2.800 9hairman: At the first regularly-scheduled meeting of the Board, a Chairman shall be elected to preside at meetings of the Board with the full power to vote on any issue except as otherwise provided herein and shall serve until the next regular meeting after June 30, 1980. Thereafter, the Chairman and all officers shall be elected at the July regular meeting of such even- numbered year for a term of two years. Motion carried. The July 9th Minutes read as follows: "After the introduction of guests and visitors, Chairman Kaufman called for nominations for the office of Board Chairman. Board Member Gasson nominated Barbara Holthaus, second by Artz- berger. Board Member Robohm moved to close nominations, second by Maxwell and to ask the Secretary to cast a unanimous ballot for Holthaus. Motion carried. Newly elected Board Chairman Holthaus assumed her duties and presided over the balance of the meeting. This is a one year term of office to fulfill the balance of a regular two year term. The Board thanked Fred Kaufman for his year of service as Chairman with words of appreciation and a hearty round of applause." Upon motion by Kaufman, second be Robohm the July 9, 1980 Minutes will be amended to read " ••• two year term ..• " Motion carried. Board Chairman Holthaus advised the Board that there would be two vacancies effective June 30, 1981. Board Secretary Coleman expressed interest in serving another term. Board Member Glenn was a Chamber of Commerce repre- sentative and is no longer within the District. Board Chairman Holthaus asked Board Member Neal if the City Council would like a list of potential candidates and Board Member Neal suggested printing the information in the dba Newsletter. The position is open to either a property owner or businessman within the D.D.A. District. Board Chairman Holthaus appointed a committee to search for potential Board Members. Chaired by Robohm with Board Members Maxwell and Artz- berger serving. The Committee will consider notifying the Chamber and the Committee will report at the May 13, 1981 Board Meeting. The in- formation piece in the Sentinel and the dba Newsletter will inform in- terested parties to contact Leonard Robohm at the DDA offices. Board Member Neal expressed concern over the lack of attendance by Board Member Mausolf. Upon motion by Neal, second by Artzberger, a letter will be sent to Board Member Mausolf stating concern and requesting a written response by May 11, 1981. Motion carried. Rachel Owens offered to tour the new Director around Englewood and housing market. Mrs. Owens also invited the Board to attend the Ribbon Cutting Ceremony at the Broadway Properties/dba offices on May 19, 1981 at 10:00 AM. Board Member Neal then asked for discussion on the Brady/City/EDDA pro- ject regarding the proposal to move/change City Hall. Discussion ensued. The meeting was adjourned at 1:21 PM. , Secretary CON'fINENTAl National Bank 3333 SOUTH BANNOCK · ENGLEWOOD, COLORADO 80110 · 303 761-1000 AF"F"ILIATll!:O WIT~ W~STl!:RN BANCORPORATION April 15, 1981 Englewood Downtown Development Authority 3535 So. Sherman St. Englewood, Colorado 80110 c/o Barbara Holthaus Re: Proposed loan 3470 So. Broadway Gentlemen: Please be advised that the Republic National Bank, The First National Bank of Englewood and Continental National Bank have agreed jointly to make a loan available to EDDA subject to below listed terms and conditions: 1. Loan amount -$150,000.00 2. Security -Promissory Note to be secured by a first deed of trust on 3470 So. Broadway (legal to be provided) and to include an assign- ment of rents to apply in event of default. 3, Interest rate -EDDA to choose Plan A or B Plan A -Rate to be 15% per annum, payable monthly Plan B -Rate to be 2% below CNB Prime with a base of 10% and a ceiling of 20% adjusted at date of change and payable monthly 4, Maturity -1 year 5. Closing -on or before May 15, 1981 6. Loan fee -1% = $1500.00 7, Loan costs to be paid by EDDA and to include but not to be limited to title work, survey, recording costs, etc. 8. Title c onunitment to show property free and clear of all liens and encumbrances 9. Insurance policy to be furnished at closing. We will require no less than $120,000.00 with Fire and Extended Coverage and Loss Payable covering the lenders. 10. A survey certified by a registered engineer or surveyor showing the improvements in place with no encroachments will be required. ., Englewood Downtown Development Authority Page 2 11. Letter from EDDA attorney certifying as to legal structure of EDDA and that they are permitted to buy property and borrow against same 12. Corporate resolution of EDDA authorizing said borrowing Sincerely, .,.. < • / .,· ,,, / j';;?~:'1 George Baily, Sr. Vice President GB:jw Terms acknowledged and Plan A accepted. Date: May 4, 1981 Englewood Downtown DeveJ_opment Authority ~~~ by>:< ~ /J~r, ~ - . . . ""' EXHIBIT A (Attach Loan Proposal) -5- ·- Director John Maxwell moved that the foregoing Resolution heretofore introduced and read be adopted. Director Leonard ·Robohm · seconded the motion. The question being upon the adoption of the Resolution, the roll was called with the following results:· Directors voting "AYE": Directors voting "NAY": Barbara Holthaus Barry Coleman James Artzberger Cletus Gasson Fred Kaufman Kenneth Mausolf John Maxwell Leonard Robohm John Neal None The Chairman thereupon declared that, a majority of the members of the Board of Directors present and voting having voted in fav6r thereof, the motion was carried and the Resolution duly adopted. After consideration of other business to come before the Board, the meeting was adjourned. (SEAL) A~-£~ Secret¥ Englewood Downtown Development Authority Chairman Englewood Downtown Development Authority -6- • 1 • STATE OF COLORADO -) ) ss. COUNTY OF ARAPAHOE ) I, Barry Coleman, Secretary of Englewood Downtown Development Authority, do hereby certify that the attached copy of Resolution No. 1, Seri es 1981 is a true and correct copy; that said Resolution was adopted by the Board of Directors of Englewood Downtown Development Authority at a special meeting thereof held at 3535 South Sherman Street, Englewood, Colorado, the regular meeting place thereof, on ~M~ou~a~a~yl'---~-' the 4th day of ___ Ma......,.Y~----' 1981; that a true copy of said Resolution has been executed by the Chairman of the Board of Directors and myself as Secretary thereof, sealed with the seal of the Authority, and recorded in a book kept for that purpose in my office. I further certify that the foregoing pages 1 through 6, inclusive, constitute a true and correct copy of the record of the proceedings of Englewood Downtown Development Authority at its special meeting of May ~, 1981, insofar as said proceedings relate to said Resolution; that said proceedings were duly had and taken, that said meeting was duly held; that the persons were present at said meeting as therein shown; and that not less than seventy-five percent (75%) of all members of the Board of Directors were in attendance at said meeting or filed written consents to the holding thereof in the office of the Board of Directors prior to said meeting. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of Englewood Downtown Development Authority, this 4th day of May ---------- (SEAL) , 1981. Englewood Downtown Development Authority -7-