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HomeMy WebLinkAbout1987-05-13 EDDA MINUTESFORM 50 C. F . HOECKE L e. e. & L. c o. RECORD OF PROCEEDINGS ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY 3535 South Sherman -Englewood, CO 80110 Minutes May 13, 1987 Board Members Present: Boselli, Coleman, Hale, Oswald, Otis Pendleton, Tomooka Board Members Absent: Ciancio, Green Staff Present: P. Dietrich Guests and Visitors: Dorothy Dalquist, Dick Hinson 100 Leaves The regular meeting of the Board of Directors of the Englewood Downtown Development Authority was called to order by Secretary Walt Tomooka at 12:05 P.M. on May 13, 1987. The Minutes from the previous meeting were presented for approval. Mr. Pendleton moved, seconded by Mr. Otis, to approve the Minutes from the regular meeting on April 8, 1987. The motion was passed unanimously by voice vo tt e. The Treasurer's Report was presented by Mr. Oswald. There were three items for discussion. The first involved increasing the 1987 Budget by $16,465.92, (source to be the Fund Balance) so the 1987 Budget more accurately reflects the expenditures of 1987 and not those of 1986. Mr. Oswald moved, seconded by Mr. Pendleton, to increase the 1987 Budget by this amount (source to be the Fund Balance). Discussion followed. The motion was unanimous l y pa ssed by voice vote. The second item involved increasing the 1987 Budg~t by $25,000.00 .(source to be the Fund Balance). This is to be used for the Englewood Chamber of Conunerce Recruiting Program for 1987 and 1988. Mr. Pendleton moved, seconded by Mr . Boselli, to i ncrease the 1987 Budget by $25,000.00, with remaining monies to be reallocated to the 1988 Budget, and then at the end of that year, those remaining funds to be reallocated back to the Fund Balance. Discussion followed. Because the Board had approved the Program, it is necessary to make sure the funds will be available should the Chamber recruit that many businesses into the Downtown District. The motion was passed unanimously by voice vote. FOR M ~o C. F. HOECKEL B. e. & L. co. Page Two Minutes May 13, 1987 • RECORD OF PROCEEDINGS 100 Leaves The third item referred to the balloon payment due on the Public Improve- ment Loan in 1990. At this time, the amount is estimated to be about $70,000.00. Mr. Oswald moved, seconded by Mr. Pendleton, to restrict $70,000.00 plus $10,000.00 estimated interest in the Fund Balance for this balloon payment. Discussion followed. Mr. Coleman asked about the amount in the Fund Balance at the end of 1986. Also, Mr. Boselli requested additional information about the restriction of funds for this purpose. Mr. Oswald requested this action so that in 1990 the Authority will have an option to pay off the balloon payment or to re- finance-whichever is more economically feasible at that time. The total amount would be $77,000.00. The motion was passed unanimously by voice vote. CHAIRMAN'S REPORT Mr. Tomooka reported that Andy McCown had received the Outstanding Public Administrator Award for the State of Colorado. There is a banquet to honor him on May 16. He indicated he intended to go to it and represent EDDA. DIRECTOR'S REPORT Economic Book -Ms. Dietrich distributed the copies of the Economic Profile to be used in economic development and recruiting for the Down- town District of Englewood as well as the entire City. The cost of each book is about $8.00 Recruiting Program -Ms. Dietrich noted that she had presented the Re- cruiting Program to the Chamber of Commerce as well as to several different groups. They are now in the process of deciding how best to disseminate the information and create some enthusiasm for this incentive program. FORM ~o C. F. HOECKEL B. 8. a L . c o. Page Three Minutes May 13, 1987 RECORD OF PROCEEDINGS 100 Leaves Recruiting Program -Continued -Also, she noted that the Centennial Chamber of Commerce is interested in the recruiting program, but, will not take advantage of the incentive portion. The property availability list is current and was distributed to both Chambers of Commerce. This will be updated every month by the EDDA Staff. The Centennial Chamber will include this property availability list in its computerized informa- tion about Englewood. Brian Vogt is extremely interested in working with the EDDA and the City regarding this. A copy of the availability list was also mailed to the leasing agents involved in Downtown Englewood. Realtors Luncheon and Meeting on May 21 -Ms. Dietrich reported that she has coordinated a meeting and lunch with the commercial realtors in the area. About fifty realtors were invited. It is hoped that a positive image of Englewood can be created by these kinds of events. Ms. Dietrich noted that she will have a follow-up report on the meeting. Lease -Ms. Dietrich noted that the Board had signed a one-year lease for 3535 South Sherman Street, effective May 1, 1986, with a one-year extension clause. This will take effect on May 1, 1987. As the manage- ment and ownership of the building is adequate, there was no notification to not extend the lease until April 30, 1988. Information Business Meetings -There are two informal sessions scheduled with some of the business men and women in Englewood, and representatives of the City, EURA and EDDA. At these sessions, the City will explain development plans and also answer any questions about services/facilities. It is hoped that this will be a step towards improving the business climate in Englewood. Urban Renewal Authority -Dick Hinson reported the Ross-Trammell Crow Agreement still has July 15 as the date to purchase the ground for the next phase of the redevelopment project. They waived the right to back out of the agreement in that they believe they have secured an anchor tenant. FORM ~o C. F. HOECKEL B. 9. a L. co. Page Four Minutes e May 13, 1987 RECORD OF PROCEEDINGS Urban Renewal Authority -Continued -Work has begun on the Little Dry Creek conduit and is expected to be completed by July 15. Mean- while, the detours at Broadway and Highway 285 will continue for about six more weeks. The work on Little Dry Creek from Broadway east to Clarkson is behind schedule about six weeks. The URA is still working on a final agreement with JBC for the develop- ment of the old King Soopers block. Mr. Hinson reported that Silo will be open on May 20. The Liquor Store at Buyer's Club is expected to be opening in the very near future. Other -Mr. Hinson reported that there is about $24,000.00 in the low interest revolving loan program. Should anyone be interested in this program they are to contact Tom Dinkel at the First Interstate Bank of Englewood. Board Member's Choice -Mr. Coleman noted that he was still interested in an advertising program for Englewood. 100 Leaves As there was no further business, the meeting was adjourned at 12:58 P.M. Respectfully submitted, a, Secretary