HomeMy WebLinkAbout1987-10-14 EDDA MINUTESFOR M so C. F, HOEC KEL a. 8. a L. co.
RECORD OF PROCEEDINGS
ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY
3535 South Sherman -Englewood, CO 80110
Minutes
October 14, 1987
Board Members Present: Boselli, Ciancio, Coleman, Green, Otis,
Pendleton, Tomooka
Board Members Absent: Hale
Staff Present: Penny Dietrich
Guests: Dorothy Dalquist, Dick Hinson, Ann Sperling
The regular meeting of the Englewood Downtown Development Authority
Board of Directors was called to order by Chairman Dan Green, at
12:08 p.m. on October 14, 1987.
The Minutes from the previous meeting were presented for approval.
Mr. Coleman moved, seconded by Mr. Tomooka, to approve the Minutes
from the regular meeting of September 9, 1987. The motion was passed
unanimously by voice vote.
Mr. Boselli presented the Treasurer's Report, dated August 31, 1987.
He noted that 72% of the revenues had been collected to date, and
58% of the budgeted expenditures had been spent. Mr. Pendleton
moved, seconded by Mr. Tomooka to accept the Treasurer's Report.
Ayes: Boselli, Ciancio, Green, Otis, Pendleton, Tomooka
Nays: Coleman
Absent: Hale
Abstain: None
The motion was passed.
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On another matter, Mr. Cole man questioned whether or not the Authority
should accept the 5 1/2% increase in revenues that the State authorizes.
It was noted that because the property had been revaluated last year,
the mill levy for the EDDA had gone down from 5.000 to 3.267 to generate
the amount of revenues authorized by the State. Because most of the
downtown development authority district is within the tax increment
finan c ing district, any increase in revenues goes towards the URA
district #1. Further discussion ensued.
FORM ~ C. F. HOECKEL 8. 9 . & L. C O.
Minutes
October 14, 1987
Page Two
CHAIRMAN'S REPORT
RECORD OF PROCEEDINGS
Mr. Green introduced Ann Sperling, Partner, in the Trammell Crow
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retail operations in Denver. She explained the Englewood Marketplace
project to the Board in terms of location, and tenants. She also indi-
cated that Trammell Crow looks for infill areas with dense populations,
then focuses on obtaining an anchor tenant to draw other small re-
tailers to the area. The construction for Englewood Marketplace has
begun, with the official ground breaking scheduled for October 22, 1987.
Ms. Sperling also indicated that the "Marks" on the east edge of downtown
Englewood is a very successful residential unit, with the second phase
already under construction. At buildout, there will be over 600 rental
units. This will have a good impact to the downtown area in terms
of bringing more population to the area. This has been a good location
for Trammell Crow.
The four tenants to date that have signed leases for the Englewood
Marketplace are: Children's Palace -36,000 square feet; Pier I -
8,000 square feet; Ponderosa Steakhouse -5,800 square feet; Checker
Auto Parts with 5,400 square feet. Ms. Sperling also indicated that
Trammell Crow generally does not seek fast food businesses for their
centers.
Mr. Green thanked Ms. Sperling for an excellent update to the pro-
ject, and assured her that the Authority would be willing to help
in any way possible for the successful completion of this project.
Other
Mr. Green noted that because the regularly scheduled November meeting
for the EDDA falls on a holiday, it would be resche~1led to Tuesday,
November 10. There did not seem to be any conflict to this date.
DIRECTOR'S REPORT
Advertising Program -Ms. Dietrich distributed the latest ad for the
image program for downtown Englewood. She has discussed using the camera
ready art with the Cinderella City Merchants Association, financial in-
stitutions, and various merchants in the downtown district.
Merchandising Seminars -The Authority is sponsoring two seminars on
October 27 and October 29 about window displays and props for interior
merchandising effects. They will be free. To date, there has been
some very positive feedback and reservations.
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FORM !IO C. F. HOECl<EL B. B. & L. CO .
Minutes
October 14, 1987
Page Three
RECORD OF PROCEEDINGS 100 Leaves
Urban Renewal Authority -Dick Hinson gave an update of the activities
of the URA. Lincor -the closing date to sell the property to Lincor
has been postponed from November to January, 1988. The Developer is
still trying to confirm a major anchor tenant for this old King Soopers
site.
The new owners of Trolley Square are aggressively trying to find tenants
for the building.
Other -The Budget Subcommittee has requested the Board to list the
public improvement projects that can get accomplished in the downtown
district, and then to prioritize them for future budget priorities.
In November, the committee will present a proposed budget for 1988
for approval by the Board.
Montgomery Wards is opening on November 6 with a completely renovated
store in Cinder e lla City.
As there was no further business, the meeting was adjourned at 1:40 p.m.
Respectfully submitted,
a, Secretary