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HomeMy WebLinkAbout1990-04-11 EDDA MINUTESRECORD OF PROCEEDINGS 100 Leaves FORM ~ C. F. HOECKEL B. B. & L. CO. ENGLEWOOD DOWNTOWN DEVELOPMENT AUTHORITY 3333 south Bannock -Englewood, co 80110 Members Present: Members Absent: staff Present: Guests/Visitors: MINUTES April 11, 1990 Birdsall, Chavez, Close, Green, Hathaway, Pendleton, Shepherd, Steele, Tomooka None Hayes, Miller Mindy Wallis, Rich Wanush Oxman, The regular meeting of the Englewood Downtown Development Authority Board of Directors was called to order by Chairman Walt Tomooka at 12:10 p.m. He asked G. Birdsall to introduce his guest, Ms. Mindy Wallis, who is the new rketing director for the Cinderella City Merchants' Association. Ms. Wallis who has been in this position for three weeks comes to Englewood from Cincinnati, Ohio, where she was marketing director at two different malls over a six-year period. There were roundtable introductions. Chairman Tomooka and the entire Board welcomed her to the Englewood area, and with that the meeting continued. Chairman Tomooka asked for a motion to accept the Minute as written from the March 14, 1990 meeting. B. Pendleton moved, seconded by D. Green to accept the Minutes. The motion passed unanimously by voice vote. TREASURER'S REPORT B. Pendleton noted the budget still reflected a deficit balance but we are on track for this time of year. He noted April, May and June as being large revenue months as taxes are being collected. R. Hathaway asked when the balloon payment for the public improvements was going to paid off as the funds for this payment have already been encumbered. B. Pendleton asked P. Hayes to find out what steps would need to be taken to pay the principal balance off as soon as possible instead of waiting until the loan is due on .December 31, 1990. G. Oxman moved , seconded b y B. Pendleton to pay off the principal loan balance as soon as possible. he motion passed unanimously by voice vote. D. Green abstained from voting as the loan was issued, and is being held, by the First Interstate Bank of Englewood. CHAIRMAN'S REPORT Chairman Tomooka noted the lease on the EDDA office space was due for renewal effective May 1, 1990, at the same rate per square foot as is currently being paid. We will also have the option to renew the lease next year at the same rate as well. At the end of next year ( 1991) EDDA will be given the opportunity to continue leasing but the terms and conditions will be negotiable. B. Pendleton moved, seconded by R. Hathaway, to renew the lease for the term May 1, 1990 to April 31, 1991. The motion passed unanimously by voice vote. D. Green again abstained from voting. A letter from Chairman . o mooka confirming this agreement will be sent to Mr. Tom Dinkle, vice- president, Real Estate Loan Department, First Interstate Bank of Englewood. FORM ~o C. F. HOECKEL 8. e. & L. co. MINUTES April 11, 1990 Page Two DIRECTOR'S REPORT RECORD OF PROCEEDINGS EDDA/Greater Englewood Chamber of Commerce Business Seminar 100 Leaves P . Hayes made note of the upcoming business seminar dealing with stress in the workplace. The seminar, slated for May 1, is sponsored by the EDDA and the Chamber. This will be the second seminar in a series of four scheduled for 1990. Tuileries Park F e st l v al P. Hayes announced KOOL-105 FM radio will definitely be added to the list of sponsors for this Summers' gala event, along with Coors, Melody Music and S ound, and the Englewood Sentinel. In addition to free radio spots announcing the Festival, KOOL will also provide a Master of Ceremonies for the 50 's dance planned for Friday evening, August 3rd, and they will be involved with the fishing derby that has been scheduled for children 12 and under on Saturday, August 4th. Another event planned is a donut eating contest for representatives from service clubs in Englewood. P. Hayes gave an update on other activities planned for the 3-day affair. Sounds of Summer in The Plaza at Little Dry creek Update General press releases will be distributed in April for this years' concert series along with ~ailored releases for each upcoming performance on a weekly basis. P. Hayes noted the artwork has been completed and stated she was very pleased with the finished product. Posters will be distributed th+oughout · the district and outside of Englewood as well, in an attempt to draw audiences from surrounding areas. Approximately 15,000 flyers have also been printed and the Affiliated First National Bank of Englewood has graciously offered to insert 12,000 in their monthly statements to customers. In addition to this, the bank has also d onated $1,000 to help offset the costs of printing. P. Hayes commented that this donation h e lped keep the concert series within budget, and conveyed EDDA's gratitude to B. Pendleton, Vice-President of Affiliated First National Bank. Farmers Market Update P. Hayes noted the flyers announcing the coupon program being sponsored by the EDDA had been mailed to each business in the district the middle of March. To d a te 12 merchants have signed up to participate. She also noted in order fo r the EDDA to justify the costs involved, a minimum of 48 merchants need to participate. Considering the shortfall at this time merchants will be telephoned as a reminder. Mindy Wallis also offered to announce the program to the merchants in Cinderella City. The coupon books would be distrtbuted every Tuesday durinc, the Farmers Market. KNUS-AM Radio Proposal P. Hayes presented an advertising package proposed by KNUS-AM, a business radio station. There was a lengthy discussion con cerning the proposal and the effectiveness for the dollars spent. Other opti ons were discussed at FORM 50 C. F. HOECKEL B. B. & L. CO. MINUTES April 11, 1990 Page Three RECORD OF PROCEEDINGS 100 Leaves length, at which time Chairman Tomooka directed P. Hayes to research all of the options mentioned; their cost effectiveness and feasibility -to be discussed at the meeting in May, and a plan for promotions to be made at that time. New Minolta Copier A new lease agreement has been made with Minolta a llowing the Authority to realize substantial monthly savings, and use of a high quality copier. The three-year lease will also give the EDDA an option to buy the machine outright at the end of lease term, or use the existing machine as a trade-in on an upgraded copier. This is a new, more economical program for governmental agencies being implemented by Minolta. Urban Renewal Authority R. Wanush reported that the bonds issued to finance the public improvements ($30 million) contracted for by the Urban Renewal Authority could possibly go into default. Sales tax revenues which were projected to increase enough to make the annual payment of $2.9 million dollars have fallen short in 1988 as well as in 1989. R. Wanush noted the risks involved with purchasing these bonds were explained to bond holders at the onset. The Authority has explored a number of options and has decided to take no action at this point. Bond holders will be notified this week. OTHER P. Hayes noted that the Plan of Work (Mission Statement) for the EDDA has been approved by the Executive Committee, a copy of which was handed out at the beginning of the meeting. Any questions regarding this will be addressed at the meeting in May. Mindy Wallis asked if Englewood provided any type of "Welcome Packet" to newcomers. She commented that she had found this to be a well received way of introducing local businesses to new residents. There is no program of this type in Englewood. It was suggested she contact Pam Pepper, Economic Development Coordinator at the City of Englewood. A. Chavez announced Swedish Medical Center will soon be breaking ground for a new medical building and parking area at ·Clarkson and Old Hampden. The new facility will be for those physicians who need to have their offices closer to the Medical Center to better assist their patients. As there was no further business, the meeting was adjourned at 1:25 p.m.