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Home My WebLink About1998-10-14 EDDA MINUTES' • ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY 333 WEST HAMPDEN AVENUE, SUITE 602 BOARD OF DIRECTORS MEMBERS PRESENT: MEMBERS ABSENT: STAFF PRESENT: GUESTS/VISITORS: OCTOBER 14, 1998 MINUTES Kientz, Collins, Waggoner, Kaufman, Sanchez, Duemke, LaPorta, Oxman Finer, Weinberger, Powell Celva, Doyle I. INTRODUCTION OF GUESTS AND VISITORS II. 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 September Board meeting minutes. There being none, a motion was made by Gary Oxman, seconded by Rosemary LaPorta and passed unanimously approving the minutes as presented. III. TREASURER'S REPORT Gary Oxman asked if there were any additions or corrections to the July, August or September, 1998 Treasurer and Revenues and Expenditure reports. There being none, a motion was made by Steve Collins, seconded by Kells Waggoner and passed unanimously approving the reports as presented. IV. CHAIRMAN'S REPORT Acting Chairman Kientz had nothing to report. V. DIRECTOR'S REPORT 1999 Budget Along with the proposed budget for 1999 Director Celva distributed a report that compared revenues and expenditures over a 15 year period, from 1983 to 1997. The report showed • • • a $57,000 decline in revenues from property taxes over the last 8 years, as well as, a diminishing general fund balance. Celva related to the board that, by his understanding that EDDA had been directed in 1990/91 to not carry a large general fund balance but to use the taxes collected to benefit the district. Celva reviewed with the Board varied elements of the proposed 1999 budget. He pointed out that the major changes he was proposing were a 20 % reduction in compensated time for staff and a reduction in the amount budgeted for the summer concert series. This reduction in funding for the series will most likely mean 8 concerts instead of the 12 which have been held over the last several years. Another new element in the 1999 budget that Celva reviewed was the use of the line of credit and subsequent debt service. He reported that currently it is planned to draw $15,000 of this line in 1998 with additional draws totaling $10,000 in January and February. Repayment would be made in June and July of 1999 when property tax revenues peak. Interest cost will be approximate 1 y $ 8 5 0 • Ce 1 v a suggested : t bat : the .:.; Bo a r. d :,i m? y xw. ant ,:: to consider a greater use of this line of credit over the next two years in the facade program in order to bring the Broadway District to a healthier state prior to the completion of the redevelopment of Cinderella City. This concept was not currently supported by members of the Board • In relation to the budget for the facade program in 1999, Celva reported that he had been working with Art Scabelli, of the City's Neighborhood and Business Development Department, and that it appeared through a cooperative program that EDDA's dollars could be leveraged to maintain a strong program. The balance of the budget remains basic in terms of items, such as, rent and administrative expenses with $10,000 budgeted for "Other Programs" not yet defined. Celva related that the Executive Committee had discussed the need to pursue additional revenues from other sources such as grants and sponsorships. After Board discussion of the proposed budget, Celva submitted a resolution to adopt the budget as presented. RESOLTUION TO ADOPT BUDGET #9903 A resolution adopting a budget for the Englewood Downtown Development Authority, City of Englewood, Colorado for the calendar year beginning on the first day of January, 1999, and ending on the last day of December, 1999. WHEREAS, the Board of Directors of the Englewood Downtown Development Authority has appointed Harold W. Celva, Executive Director to prepare and submit a proposed budget to said governing body at the proper time; and • • VI. • WHEAREAS, Harold W. Celva, Executive Director has submitted a proposed budget to this governing body on October 14, 1998, for its consideration, and; WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues so that the budget remains in balance, as required by law. NOW THEREFORE, BE IT RESOLVED BY THE Board of Directors of the Englewood Downtown Development Authority, City of Englewood, Colorado: Section 1. That the budget as submitted, and amended, hereby is approved and adopted as the budget of the Englewood Downtown Development Authority for the year stated above. Section 2. That the budget hereby approved and adopted shall be signed by Harold W. Celva, Executive Director and Connie Sanchez, Secretary and made a part of the public records of the Arapahoe County, City of Englewood, Colorado. The resolution as passed unanimously. Other Items Director Celva reported to the Board on an update on the Cinderella City redevelopment process that he had recently received through Bob Simpson. He also said that a presentation on the current status of that project would be made at the November Board meeting. BOARD MEMBER CHOICE The current unattractive state of the show windows at the Catholic Book Store was brought up for discussion. The question was asked if the City had any power to approach the business owner and have him do something to improve the outward appearance of the premises. After discussion it was decided that members of the EDDA Board, acting as individuals, would approach the owner with their concerns and possible suggestions or offers of help to improve the appearance of this important corner. Additionally, the Board discussed the need to enforce the Bl zoning as it related to a new second hand shop that had recently located in the 3400 block of Broadway • • The meeting adjourned at 6:00 p.m. Respectfully submitted, ~ .Lr' Connie Sanchez ~ Secretary • • • • • RESOLUTION TO ADOPT BUDGET #9903 A RESOLUTION ADOPTING A BUDGET FOR THE ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY, CITY OF ENGLEWOOD, COLORADO FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 1999, AND ENDING ON THE LAST DAY OF DECEMBER, 1999. WHEREAS, the Board of Directors of the Englewood Downtown Development Authority has appointed Harold W. Celva, Executive Director to prepare and submit a proposed budget to said governing body at the proper time; and WHEREAS, Harold W. Celva, Executive Director has submitted a proposed budget to this governing body on September 16, 1998, for its consideration, and; WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues so that the budget remains in balance, as required by law. NOW THEREFORE, BE IT RESOLVED BY THE Board of Directors of the Englewood Downtown Development Authority, City of Englewood, Colorado: Section 1. That the budget as submitted, and amended, hereby is approved and adopted as the budget of the Englewood Downtown Development Authority for the year stated above. Section 2. That the budget hereby approved and adopted shall be signed by Harold w. Celva, Executive Director and Connie Sanchez, Secretary and made a part of the public records of the Arapahoe county, City of Englewood, Colorado. ADOPTED, this 14th day of October, A.D., 1998. Attest: Harold w. Celva, Executive Director )' ,,.. c,-yt./,............... ~'-L./1"~ Connie Sanchez, Secretary Sheet1 • ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY 333 WEST HAMPDEN AVENUE, SUITE 602 ENGLEWOOD, COLORADO 80110 APPROVED BUDGET 1/11/99-123199 DESCRIPTION ACTUAL BUDGET YR-TO-DATE PROPOSED ESTIMATED RESOURCES 1997 1998 AUG 1 1998 1999 BEGINNING FUND BALANCE $73,011.00 $46,500.00 $37,005 .00 $2,494 .00 REVENUES General Property Taxes $102 ,845 .60 $111,530 .00 $103 ,948 .32 $116,270 .00 Reserve Refunds/Abatements $0 .00 ($10 ,000 .00) $0 .00 ($5 ,000 .00) Specific Ownership Taxes $11 ,659 .11 $10 ,000 .00 $7 ,442 .71 $12 ,000 .00 Penalties $457.95 $100 .00 ($56 .76) $100.00 Interest Earnings $4,074 .76 $2 ,000.00 $759.07 $500 .00 Line of Credit $0 .00 $0.00 $0 .00 $10 ,000 .00 Grants & Miscellaneous $10,617.00 $18,000 .00 $100 .00 $15,000 .00 Total Revenues $129 ,654.42 $131,630.00 $112,193.34 $148,870.00 TOTAL FUNDS AVAILABLE $202,665.42 $178,130.00 $149,198 .34 $151 ,364.00 EXPENDITURES 80-80 • ADMINISTRATIVE 80-80 Salaries/Benefits Full Time $37,686.67 $33,500 .00 $19 ,748 .28 $27 ,000 .00 Long Term Disability $189 .00 $285 .00 $126 .00 $200 .00 Life Insurance $180.00 $330.00 $148 .00 $225 .00 Part Time $15 ,232 .16 $12 ,500 .00 $6,861 .84 $10 ,000 .00 Health Insurance $803 .28 $700 .00 $554 .00 $850 .00 Dental Insurance $140 .40 $230 .00 $98 .80 $150 .00 Social Security $3 ,951.95 $3,500.00 $1,951 .82 $2 ,770 .00 Workers Comp Ins $85.00 $85 .00 $85 .00 $85 .00 Subtotal $58,268.46 $51,130.00 $29,573.74 $41,280.00 COMMODITIES General Office Supplies $1,345 .82 $1 ,200 .00 $548 .67 $1 ,000.00 Books & Magazines $186 .95 $150.00 $41.25 $150.00 Postage $53.05 $100 .00 $100.21 $100 .00 Printing j $1,465.12 $1,700 .00 $1,276.07 $600 .00 Director Meeting Expense $2 ,718.46 $2,100 .00 $1 ,101 .69 $1 ,000 .00 Miscellaneous Expense $1,062 .01 $650 .00 $670 .63 $500.00 Subtotal $6,831.41 $5,900.00 $3,738.52 $3,350.00 Subtotal Administrative $65,099.87 $57,030.00 $33,312.26 $44,630.00 • Page 1 .., . Sheet1 • I ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY EXPENDITURES (CONT) PAGE 2 APPROVED BUDGET 1/1/99-12/31/99 EXPENDITURES 80-80 ACTUAL BUDGET CURRENT PROPOSED 1997 1998 MONTH BUDGET 1999 CONTRACTUAL SERVICES Advertising $1,179 .05 $0.00 $409.56 $500.00 Auditing $1,700 .00 $1,700 .00 $1 ,700 .00 $1,700 .00 County Collection Fees $1,033.22 $1,120 .00 $1,038.90 $1,300.00 Legal Services $1,200 .04 $500 .00 $87.50 $0 .00 Other Technical & Professional $0 .00 $0.00 $1 ,438.65 $1,000 .00 Mileage/Travel $310.95 $300.00 $160 .00 $240 .00 Membership & Dues $530.00 $350.00 $250 .00 $350.00 Telephone $1,604 .12 $1,500 .00 $967 .91 $1 ,500 .00 Building Rental $8,001 .00 $8,375 .00 $5,500 .00 $8,700 .00 Office Equipment Rental $1 ,511.64 $1,350.00 $1 ,209.10 $1 ,350 .00 Aid to Other Agencies $115.00 $300.00 $0.00 $300 .00 Insurance $1,621 .00 $650 .00 $0 .00 $650 .00 Other Expenses $641 .52 $1,000 .00 $125.00 $250.00 Subtotal $19,447.54 $17,145.00 $12,886.62 $17,840.00 • Total Administrative $84,547.41 $74,175.00 $46,198.88 $62,470.00 DEBT SERVICE Principal $0 .00 $0.00 $0.00 $25,000 .00 Interest $0.00 $0.00 $0 .00 $840.00 Subtotal $0.00 $0.00 $0.00 $25,840.00 SPECIAL PROJECTS EXPENDITURES 80-01 CONCERT SERIES CONTRACTUAL SERVICES Performers $8,835.00 $10,000 .00 $9,910.00 $7,000.00 Other Technical & Professional $4,600.00 $2,000.00 $1,700.00 $1,100.00 Advertising Production $175.00 $1,000.00 $0.00 $300 .00 Advertising Placement $2 ,996.38 $7,000.00 $5 ,278 .18 $3,000 .00 Signage $25.00 $200.00 $0 .00 $200 .00 Equipment Rental $5,810.50 $4,000 .00 $3 ,274 .50 $4 ,000.00 Insurance $0 .00 $1,000.00 $0 .00 $1,000 .00 Sanitary Services $1,120 .00 $1,200 .00 $265 .00 $1,300 .00 Other Expenses $375.62 $850.00 $0 .00 $500.00 Subtotal Concert Series $23,937.50 $27,250.00 $20,427.68 $18,400.00 OTHER PROGRAMS Facade Revitalization $18,194.46 $40,000.00 $53,041.80 $20,000 .00 Other Projects $38,981.48 $20,000 .00 $27,506.62 $10,000.00 • Subtotal Other Programs $57,175.94 $60,000.00 $80,548.42 $30,000.00 ENDING FUND BALANCE $37,004.57 $16,705.00 $2,023.36 $14,654.00 Page 2