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Home My WebLink About1998-09-16 EDDA MINUTESENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY 333 WEST HAMPDEN AVENUE, SUITE 602 BOARD OF DIRECTORS SEPTEMBER 16, 1998 MINUTES MEMBERS PRESENT: Collins, Waggoner, Weinberger, Sanchez, Duemke, LaPorta, Finer MEMBERS ABSENT: Kientz, Kaufman, Oxman, Powell Celva, DoyleSTAFFPRESENT: GUESTS/VISITORS: Art Scabelli, City of Englewood, Neighborhood & Business Development I. II. INTRODUCTION OF GUESTS AND VISITORS Acting Chairman Collins welcomed Art Scabelli, City of Englewood, Neighborhood & Business Development to the Board meeting. APPROVAL OF MINUTES The meeting was called to order at 4:30 p.m. Acting Chairman Collins asked if there were any additions or corrections to the July or August Board meeting minutes. Steve Finer noted one revision to the July minutes. A motion was made by Clifford Weinberger, seconded by Connie Sanchez to approve the July minutes with the revision as noted and passed unanimously approving the July and August minutes as presented. III. TREASURER'S REPORT IV. The June, July and August, 1998 Treasurer and Revenues and Expenditure reports will be presented at the October, 1998 Board meeting. CHAIRMAN'S REPORT Acting Chairman Collins had nothing to report . v . • DIRECTOR'S REPORT 1998 Budget Deficit Director Celva reviewed the monthly projected revenues and expenditures report September, 1998 through April, 1999 with the Board. Celva informed the Board that EDDA had paid Ron Straka's over $25,000 for consultant fees during 1998 which was $15,000 over the budgeted amount and additionally the Facade Program was also $13,000 plus over budget putting EDDA into a deficit position for 1998. He added, that the expenses for salaries and benefits reflected reduced hours for the director, at his request to half time, he had indicated this to the Executive Committee and that this was one place where EDDA would have control over some dollars. Acting Chairman Collins told the Board that Director Celva had discussed the budget deficit with the Executive Committee along with a plan to remedy the problem, and at the request of the committee with some additional changes that were .9:dd.e,d ,....t .c;:> __ f _y _lf ill the plan, the Executive Committee approved '~(=:r es(oftii:ioY-r~-· Cel va indicated that what was not included in the report were some current account payables for the Sounds of Summer Concerts, including portapotty's, Party Time Rental (chair rental), City of Englewood {Traffic Engineering-$1,100), also a commitment on the facade program between $4,200 to $5,800 for South Broadway Tropicals bringing total payables to between $12,900 -$14,500. The Executive Committee proposes, by resolution to establish a line of credit with Colonial Bank in the amount of $40,000 which is to be used in a very judicious, studied manner, authorized by the Executive Committee with two signatures required. Jerry Gartner, President of Colonial Bank has tentatively approved the line of credit to be available at a 7% interest rate. Discussion ensued. A motion was made by Clifford Weinberger, seconded by Rosemary LaPorta to approve the resolution to establish the line of credit as drafted and recommended by the Executive Committee. WHEREAS, conditions exist that make it necessary for the Englewood Downtown Development Authority (EDDA) to secure additional funds to meet current obligations, as well as, current and future operating expenses and; WHEREAS, the EDDA Executive Committee has reviewed these conditions and find that this need for additional funds exists and has recommended that a line of credit with a local bank be secured, now therefore, be it RESOLVED, 1. That the authority's treasurer and executive director be authorized to establish an account and line of credit, in the amount of forty thousand dollars ($40,000.00) with Colonial Bank of Englewood . i> 'd4> 2. That any draw on this line of credit requires ~# the approval and signatures of any two ~ members of the Executive Committee. ~~ The resolution was passed unanimously. 3.::.:- Director Celva presented a resolution to establish the mill levy for 1998 taxes, to be collected in 1999. A motion was made by Emmett Duemke, seconded by Connie Sanchez to accept the resolution to set the mill levies as presented. B. c. 1998 Mill Levy A RESOLUTION/ORDINANCE LEVYING GENERAL PROPERTY TAXES FOR THE YEAR 1998, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY, ENGLEWOOD, COLORADO, FOR THE 1999 BUDGET YEAR. WHEREAS, the amount of money necessary to balance the budget for general operating expenses is $116,270.00, and; WHEREAS, the 1998 valuation for assessment for the Englewood Downtown Development Authority as certified by the County Assessor(s) is $26,443,940 .00 . NOW, THEREFORE, BE IT RESOLVED/ORDAINED BY THE BOARD OF DIRECTORS OF THE ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY, ENGLEWOOD, COLORADO: SECTION 1. That the purpose of meeting all general operating expenses of the Authority during the 1999 budget year, there is hereby levied a tax of 4.397 mills upon each dollar of the total valuation for assessment of all taxable property with the county/City/Town District for the year 1998. SECTION 2. That the Executive Director is hereby authorized and directed to immediately report to the City of Englewood and certify to the County Commissioners of Arapahoe County, Colorado, the mill levies for the Englewood Downtown Development Authority as herein above determined and set. The resolution passed unanimously. 1999 Budget Director Celva reviewed the proposed 1999 budget with the Board. Acting Chairman Collins queried the reason why the grants and miscellaneous budget changed from $18,000 to 15,000 from the previous year. Celva informed the Board that it was due to the fact that last year's grants and miscellaneous revenues amounted to $10,100 and that EDDA will be pursuing additional assistance from other grant~ sources. Celva added, that the Board needs to examine t~~ concert series, the costs to EDDA for this series, the ~ benefits to our constituents and possibly make a request to,~ the City for some additional support for the coming year, (/'J- either in a cash grant or helping with supplying funding for J).. equipment rental. Currently, the City participates in the (/'- project with the expenses for the rental and towing of the showwagon to the park and the cost for personnel to put the showwagon up and also to tear it down at the end of each concert. While EDDA provides the major funding for the concerts the City and the community itself derive the greatest benefit from the series. Six months ago when EDDA met with a group of local merchants their response was that the concerts were such a wonderful community event that EDDA should continue to sponsor the series. Discussion ensued. Acting Chairman Collins stated one of the options examined by the Executive Committee was that if EDDA cannot obtain additional participation from the City that EDDA reduce the concerts down to six or seven concerts to lower the costs and expenses. Director Celva told the Board that he had mentioned the concert costs and possible changes to Gary Sears, City Manager and he felt that it would be something worth discussing. Six years ago EDDA paid for the cost of the towing and rental of the showwagon and employee personnel costs. Celva spoke to the City Manager and to City Council and City Council gave EDDA a $10,000 in-kind contribution to the EDDA programs, and it was not necessarily totally earmarked for the concerts series. Out of custom at this point, the Parks Department has continued to furnishing EDDA the showwagon at no cost, but it is not inappropriate to go back and talk with the City Administration and city Council about support for the project. Acting Chairman Collins told the Board that the budget needs to be reduced in the area of the concert series from $27,000 to $20,000. Director Celva told the Board that the only other area for discussion was the work programs for next year that he would like to proceed with as discussed previously to do something with the parking lot on Acoma between the 3400 block. It's currently owned by the Urban Renewal Authority, and there is an interest on behalf of the property owners surrounding the lot that something should happen that ensures that it remains a parking lot. They also own property on the corner of Broadway and Girard which makes that piece of property hard to sell because it's held by both the City and the Urban Renewal Authority, 13 foot strip so it's a split title . EDDA has had conversations with the attorney, Jim Windholtz and what it would take to institute a process of creating a special district to purchase the property and turn it over to the City at a $5,000-$10,000 cost for legal fees. Celva added, that this was another place where EDDA could speak with the City and suggest sharing costs. As the VI. l!Jt!Ji development begins to occur with Cinderella City and as ~ ~!! plans become more cohesive and solidified this URA property is going to gain value and as it gains value the cost to do ~ something with it increases. The recent appraisal on it was 375,000 to $385,000 and the county assessed evaluation is 400,000 plus. This would be another area that EDDA will need to dip into the line of credit at a cost of $5,000- 10,000 or a three to four month process to use the attorney, Jim Windholtz. Kells Waggoner asked if EDDA had requested that the City establish a special improvement district. Director Celva told the Board that he would contact City Administration regarding this matter. BO.ARD MEMBER CHOICE The meeting adjourned at 5:30 p.m. Respectfully submitted, Connie Sanchez Secretary RESOLUTION TO ESTABLISH A LINE OF CREDIT #9901 WHEREAS, conditions exist that make it necessary for the Englewood Downtown Development Authority (EDDA) to secure additional funds to meet current obligations, as well as, current and future operating expenses and; WHEREAS, the EDDA Executive Committee has reviewed these conditions and find that this need for additional funds exists and has recommended that a line of credit with a local bank be secured, now therefore, be it RESOLVED, 1. That the authority's treasurer and executive director be authorized to establish an account and line of credit, in the amount of forty thousand dollars ($40,000.00) with Colonial Bank of Englewood. 2. That any draw on this line of credit requires the approval and signatures of any two members of the Executive Committee. ADOPTED this 16th day of September, A.D. 1998 • Harold W. Celva, Executive Director Attest: Connie Sanchez, Secretary RESOLUTION/ORDINANCE TO SET MILL LEVIES #9902 A RESOLUTION/ORDINANCE LEVYING GENERAL PROPERTY TAXES FOR THE YEAR 1998, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY, ENGLEWOOD, COLORADO, FOR THE 1999 BUDGET YEAR. WHEREAS, the amount of money necessary to balance the budget for general operating expenses is $116,270.00, and; WHEREAS, the 1998 valuation for assessment for the Englewood Downtown Development Authority as certified by the County Assessor(s) is $26,443,940.00. NOW, THEREFORE, BE IT RESOLVED/ORDAINED BY THE BOARD OF DIRECTORS OF THE ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY, ENGLEWOOD, COLORADO: SECTION 1. That the purpose of meeting all general operating expenses of the Authority during the 1999 budget year, there is hereby levied a tax of 4.397 mills upon each dollar of the total valuation for assessment of all taxable property with the County/City/Town District for the year 1998. SECTION 2. That the Executive Director is hereby authorized and directed to immediately report to the City of Englewood and certify to the County Commissioners of Arapahoe County, Colorado, the mill levies for the Englewood Downtown Development Authority as herein above determined and set. ADOPTED THIS 16th day of September, A.D. 1998. A~ .,'S;\, ~ , Q ~ Harold w. Celva, Executive Director Attest: Connie Sanchez, Secre€ary