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Home My WebLink About1998-12-09 EDDA MINUTES-· •• ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY 333 WEST HAMPDEN AVENUE, SUITE 602 BOARD OF DIRECTORS MEMBERS PRESENT: MEMBERS ABSENT: STAFF PRESENT: GUESTS/VISITORS: DECEMBER 9, 1998 MINUTES Kientz, Collins, Waggoner, Finer, Kaufman, Sanchez, Weinberger Oxman, Duemke, LaPorta, Powell Celva, Doyle None I. INTRODUCTION OF GUESTS AND VISITORS II. APPROVAL OF MINUTES • The meeting was called to order at 4:30 p.m. • Director Celva told the Board that the November Board meeting minutes would be presented at the January Board meeting. III. TREASURER'S REPORT The September and October, 1998 Revenues and Expenditure reports will be presented at the January Board meeting. IV. CHAIRMAN'S REPORT v. Chairman Kientz had nothing to report. DIRECTOR'S REPORT Ai_ Facade Program Director Celva told the Board that the architectural rendering displayed on the wall showed the proposed new facade for Ted Vasila's building. He said that the cost of the project appears to be about $32,000.00 based on a bid received from Dovetail Construction, but that a bid from Conner Construction was yet to be received. Celva went on to explain that he was working with Art Scabelli, from the City's Department of Neighborhood and Business Development to co-fund this • • • project. Ted would like to see construction begin in late February. Celva stated that he would have additional details at the next Board meeting. He added, that design work on Sir Speedy was proceeding concurrently with the work on Ted's. Englewood Parkway Director Celva reported to the Board that in the course of discussing the Acoma Street parking lot with City attorney, Dan Brotzman and Rick Kahn from Engineering that he had become concerned about the fate and phasing of the proposed re-construction of Englewood Parkway. He went on to tell the Board that his impression from this discussion was that Englewood Parkway was now identified as Phase II and that Phase II now meant delayed until such time as future surplus sales tax revenues were available for funding. Celva said, that he felt this should be a matter of great concern to EDDA since the parkway as a pedestrianized connection to Broadway has been identified by the Board and area property and business owners as a high priority issue. Celva also told the Board he was concerned that "future revenues" could well mean a long delay. He explained that his concern over "future revenues" was based on the suggestion of a consultant who had reviewed the revenue generation figures used in the "Sales Tax Calculation" section of the City's, August 10th, Master Plan and had concluded that they were overly optimistic and that the "new annual sales tax" figure may take multiple years to achieve. Celva related to the Board that he had contacted Bob Simpson and asked if his impression of the phasing of the parkway was accurate. Simpson had replied that due to budget gaps, funding did not exist for all items and that while staff would be making recommendations City Council would be making the decision on how items were prioritized. Discussion of this issue continued. ~ Acoma street Parking Lot Director Celva reported to the Board, that the discussion of this matter with Dan Brotzman and Rick Kahm was initially focused on the suggestion from Kells Waggoner that the City might form an improvement district to acquire this property from EURA. Brotzman had stated that at this time with both the Urban Renewal Authority and the City being sued by the trustees for the URA bondholders that the City should in no way be actively involved in creating this proposed district. He did feel however, that it was entirely appropriate for EDDA to undertake this action and that this type of activity conformed to the state . .,. ------ • • statutes relating to DDA's. Further discussion with Brotzman and Kahm focused on possible process and on the process used for the Lincoln Street lot. Kahm reported that based on an appraisal he had had done, that in the last year the valuation for the property had increased from approximately $345,000.00 to $460,000.00. This is an increase of a $1.50 per square foot, from $4.50 to $6.00. Celva said that additionally discussed was that if this property were acquired from EURA, that the property on the southwest corner of Broadway and Englewood Parkway could also potentially be developed. This property currently is owned by the City with a small strip titled to the EURA. Celva stated that he had expressed the desire of the EDDA Board to see the entire face block fronting Englewood Parkway developed, not just the Broadway corner. Board discussion on this material followed. Director Celva said that Jim Windholz, the attorney who has met with several members of the Board, had stated that he believed that the work necessary to form a district could be completed in 60 to 90 days at a cost between $5,000.00 and $10,000.00. Celva suggested that this would be possible within the 1999 budget, under Special Projects. Additional Board discussion focused on the possibility of an improvement district to help the City in funding the costs of a re-done Englewood Parkway and whether or not this could be combined with the district for the parking lot. Kells Waggoner said that he would talk with City Manager, Gary Sears and City attorney, Dan Brotzman to better ascertain the City's position and suggested that the Board put off any decision on proceeding with action to begin the formation of a district until he reported back. ~ Budget Director Celva told the Board that expenditures were close to those projected in the cash flow analysis, but, that EDDA may end up spending more than was anticipated for architectural services related to Ted's and Sir Speedy. He added, that EDDA would not be making any draws on the line of credit in 1998 beyond those shown in the projection. Steve Collins inquired if any additional draws would be required because of the two facade projects. Celva replied that it may become necessary depending on timing, but that he did not know at this time . .. • • • VI. BOARD MEMBER CHOICE The meeting adjourned at 6:00 p.m. Respectfully submitted, Connie Sanchez Secretary • • • RESOLUTION TO APPROPRIATE SUMS OF MONEY #9905 A RESOLUTION APPROPRIATING SUMS OF MONEY IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH BELOW, FOR THE ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY, CITY OF ENGLEWOOD, COLORADO, FOR THE 1999 LINE OF CREDIT. WHEREAS, the Board of Directors on the 16th day of September 1998, passed a resolution (#9901) authorizing the establishment of a line of credit, in the amount of forty thousand dollars, and; WHEREAS, it is required and necessary to appropriate the revenues obtained through this line of credit. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY, CITY OF ENGLEWOOD, COLORADO: That the funds drawn on this line of credit be appropriated to support the operating expenses of the district. ADOPTED THIS 9th day of December, A.D. 1998 • Harold W. Celva, Executive Director Attest: