HomeMy WebLinkAbout1999-11-10 EDDA MINUTES•
•
•
ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY
333 WEST HAMPDEN AVENUE, SUITE 602
BOARD OF DIRECTORS MEETING
NOVEMBER 10, 1999
MEMBERS PRESENT:
MEMBERS ABSENT:
STAFF PRESENT:
GUESTS AND VISITORS:
MINUTES
Duemke, Finer, KauFman,
LaPorta, Oxman, Sanchez,
Waggoner, Weinberger
Collins, Curnow, Gartner
Celva
Bob Simpson -NBD
Art Scibelli -NBD
The meeting was called to order at 4:40 PM.
I. INTRODUCTION OF GUESTS AND VISITORS
Chairman Sanchez welcomed Bob Simpson and Art Scibelli to the
Board meeting.
II. APPROVAL OF MINUTES
Chairman Sanchez asked iF there were any additions
to the Minutes oF the October 13th Board meeting.
none it was moved, seconded and passed unanimously
the minutes as presented.
III. TREASURER'S REPORT
or corrections
There being
to approve
AFter presenting the Treasurer's Report, Gary Oxman asked iF
there were any questions or comments regarding the report, there
being none it was moved by Steve Finer, seconded by Emmett Duemke
and passed unanimously to approve the report as presented.
IV. CHAIRMAN'S REPORT
Chairman Sanchez once again welcomed Bob Simpson, Director oF
Neighborhood and Business Development to the meeting and turned
the Floor over to him. Simpson told the Board that Director
Celva had requested that he give an update on the current status
oF the City Center Development. He stated that, since he had
last met with the EDDA Board, major changes to the site plan wer~
occasioned by the loss oF the proposed movie theater. This loss
was attributable to a soFt theater market locally and changes
nationally in that business sector. Simpson stated that the
•
•
•
property previously designated for the theater would now become
an additional parcel for residential development, adding an
additional 200 units to the project. He went on to add that
further changes to the site plan puts all residential development
north of Englewood Parkway, with the south side of the Parkway
schedualed for commercial use . This is currently p~oposed to be
"double loaded" first Floor retail with approximately 30,000
square feet of second floor office space. Simpson said that
first floor retail would also be located in the residential
parcels on the north side of the Parkway that front either,
the street or the Plaza. While these are the curren t plans,
S i mp son em ph as i z e s th a t , " eve r y th i n g i s s _ u b j e ct to ch an g e
according to market conditions and leasing availability".
An additional implication of the loss of the theaters, Simpson
related, is a 3.5 to 4 million dollar budget shortfall for the
project , which needs to be met by the end of February, for City
funded work to continue. He stated that this defecit can be met
if the sale of the residential property takes place before the
end of February, however, Legacy Partners, the residential
developer, does not feel that they can close until June, which
may cause the City to seek an alternate developer.
In response to questions from EDDA Board members , Simpson provide
the following responses and details.
An Engle wood Parkway connection to City Center will
definitely be constructed"sooner rather than later".
It is budgeted in 2000 and work will begin after the
demolition of the now existing City Hall.
Miller Weingarten is under contract to furnish letters
of intent from retail tenants, including 2 "junior anchors",
of from 25 to 30 thousand square feet; 2 restaurants
and additional smaller retail users by the end of November.
Possible tenants that have been mentioned include, Ross,
T.J. Max, Office Depot, Staples, Sportsmans Warehouse,
Borders Books, T.G.I. Fridays, Ruby Tu~sdays and Peaberrys
Coffee.
It is anticipated that the City will close with Miller
Weingarten in February.
Closing with Wal Mart should take place in November, with
construction beginning immediately and completion and
opening in eight months.
The new City Hall should be ready for occupancy by late
spring of 2000.
Construction of the 55 million dollar residential project
should begin east of Inca Street by October of 2000, with
total buildout phased over a 24 month period.
•
•
•
Residential units will primarily one and two bedrooms,
ranging in size from 680 to 1100 square feet and renting
from $1.05 to $1.08 per square foot. Simpson suggested
that a good example of the product is legacy at Cherry
Creek on Cherry Creek Drive South, Just east of Colorado
Boulevard.
No incentives, such as, tax breaks were given to Wal Mart .
Simpson closed his presentation by explaining the City's expanded
role in the development of the property. He stated that the
City's action had helped to create a pattern of development
that ~hSu~~s future value and security for the community.
Chairman Sanchez thanked Simpson for his presentation.
V. DIRECTOR'S REPORT
Director Celva reported to the Board that Chairman Sanchez and he
had met with the Englewood Urban Rene wal Authority Board and
members of City staff in furtherance of the acquisition of the
Acoma Street parking lot. He said that the concept of turning
the oroperty over to EDDA, for conveyance to the City, at either
minimal o~ no cost for the land, was introduced to the group.
Celva stated that while there was a general receptivity to the
proposal, that concern did exist over liability issues and
bondholder reaction
Additionally Celva reported that he would be contacting Patty
Miers, of PKM Design, to discuss contracting with her for
landscape design around the parking lot as a step in ascertaining
eventual costs. He told the Board that Bob Simpson and he will
be meeting with Ms. Meirs in an effort to develop a plan that
will maximize parking spaces, allow for development of the
northern end of the site and satisfy the City's landscaping
requirements.
The Meeting was Adjourned at 6:15 PM.
Respectfully submitted,
~inberger
Secretary