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HomeMy WebLinkAbout1986-11-05 EURA MINUTES~ 0 • • • ENGLEWOOD URBAN RENEWAL AUTHORI TY NOVEMBER 5, 1986 I. CALL TO ORDER/ROLL CALL. The regular meeting of the Englewood Urban Renewal Authority was called to order by Chairman Robert Voth at 5:35 P.M. Members present: Members absent: Also present: Cole, Mcintyre, Totton, Vo t h Powers, Executive Director VanDyke, Keena, Minnick, Daugherty Assistant Director Wm. R. Hinson Legal Counsel Paul C. Benedetti Legal Counsel Marlin D. Opperman City Manager Mccown II. APPROVAL OF MINUTES. October 8, 1986 9 B Chairman Voth stated that the Minutes of October 8, 1986 were to be consid ered for approval . Totton moved: Cole seconded: AYES: NAYS: ABSENT: ABSTAIN: The Minutes of October 8, 1986 be approved as wr itten . Cole, Mcintyre, Totton, Voth None Keena, Minnick, VanDyke None The motion carried. III. PARK FLORAL PROPERTY. Chairman Voth asked for a motion to go into Executive Session. Mcintyre moved: Cole seconded: AYES: NAYS: ABSENT: ABSTAIN: The Urban Renewal Authority go into Executive Session. Mcintyre, Totton, Voth, Cole None Keena, Minn i ck, VanDyke None The motion carried. * * * * * * * * * * Ms. Keena entered the meeting . Mr . Minnick entered the meet ing . -1 - Ms. VanDyke entered the meeting. * * * * * * * * * * Minnick moved: Cole seconded: The Urban Renewal Authority come out of Executive Session. AYES: NAYS: ABSENT: ABSTAIN: Mcintyre, Minnick, Totton, VanDyke , Voth, Cole, Keena None None None The motion carried. IV. ASSIGNMENT AND ASSUMPTION AGREEMENTS. Osprey/Cyclops Corporation (Silo) Osprey/Madison Pizza Corporation (Rocky Rococo) Mr. Benedetti reviewed the Assignment and Assumption agreements between Osprey Development Corporation and Cyclops Corporation (Silo) and between Osprey Development Corporation and Madison Pizza Corporation (Rocky Rococo). These Agreements are necessitated by the proposed transfer of property and develop- ment rights from Osprey Development Corporation to Silo and Rocky Rococo. The Urban Renewal Authority has to approve the transfer of property and develop- ment rights because Osprey Development Corporation has not yet closed on the purchase of the property from the Authority . Mr. Benedetti noted that there is a small portion of South Jason Street that will be vacated, and will not be included in the sale price of land. Mr. Benedetti stated that there are some minor changes in the wording of one or two sections of the Agreements. Ms. Powers introduced Mr. Lawrence Kueter of Cyclops Corporation, and Mr. Robert Keavney of Madison Pizza Corporation. Ms. Powers stated that resolu- tions have been prepared approving each of the Assignment and Assumption Agreements for the consideration of the Authority. Mr. Kueter introduced two people involved in the development of the Silo Stores, and stated that there is an access easement which extends along the north boundary of their proposed site, and in fact, extends onto the site pro- posed to be developed for Rocky Rococo. He stated that he has discussed the removal of this easement with Land Title, and has sent a request to the Au- thority and staff that this easement be terminated by the Authority inasmuch as the Authority is the property owner of record at this time. It is the opinion of the people at Land Title that this easement termination should be signed and recorded to clear the title to the property. The site plan for the Silo development was di splayed and discussed. Powers stated that it appears from this site plan that one curb cut South Jason Street will be serving both Sil o and Ro c ky Rococo. Mr. stated that it is their hope that one curb cut can be used by both establishments. Ms. along Keavney Further discussion on t he Silo deve l opment ensued . It was pointed out that trucks serving the store (loading/unloading) would be on the site approximate- ly four or five hours per week total. -2 - • • • • • • Ms. Powers cautioned that there must be a one foot setback between the back of the sidewalk and the building to allow an easement for conduit for the accent lights. Mr. Keavney stated that Rocky Rococo will utilize the existing curb cut along U. S. 285 that served the Tokyo Bowl Restaurant. The Rocky Rococo Pizza es- tablishment will have a drive through facility, and will also be a sit-down restaurant. Pizza will be sold by the slice, as well as by a complete pie. Mr. Keavney noted that most of the lunch business will be those individuals who want a "slice" of pizza and may make use of the drive through facility . The dinner hour business will be families who come in to order a full pizza pie. Mr. Keavney stated there are three Rocky Rococo outlets in the Denver Metro area, three in Colorado Springs, and they hope to ultimately have about 35 outlets in the metro area. Ms. Cole asked about the orientation of the Silo store; where would the front entrance be. It was pointed out that the developers and designers are con- sidering a "corner" entrance. Other facets of the site plan were discussed, and Mrs. Cole urged use of landscaping rather than fencing wherever possible. Ms. Powers asked what a realistic date for opening of the Silo Store would be. Mr. Kueter stated that the dates given in the Schedule of Performance are "outside" dates, and they would hope to be able to have the store open possi- bly 90 days before the date cited. Mr. Kueter discussed a provision in the contract with Osprey and Cyclops Cor- poration wherein Osprey is obligated to bring utility service to the site . Discussion ensued on inclusion of a similar provision in the Assignment and Assumption Agreement under discussion this evening. Mr. Keuter asked that such a provision be included in this Agreement so that Osprey would not be relieved of that obligation. Ms. Powers asked if a similar provision should be included in the Agreement for Rocky Rococo. Mr. Keavney stated that such a provision is not in their contract with Osprey, and that the problems on the sewer service has been resolved. Mr. Benedetti suggested that if the Authority feels comfortable with the As- signment and Assumption Agreements as outlined, they could approve the Resolu- tions and authorize minor modifications to the actual Agreements as approved by the Executive Director and Legal Counsel. Totton moved: Minnick seconded: The Urban Renewal Authority approve Resolution #14, Series of 1986, A RESOLUTION OF THE ENGLEWOOD URBAN RE- NEWAL AUTHORITY APPROVING THE ASSIGNMENT AND ASSUMPTION AGREEMENT BETWEEN OSPREY DEVELOPMENT CORPORATION, CYCLOPS CORPORATION, AND THE ENGLEWOOD URBAN RENEWAL AUTHORITY. Minor modifications may be made to the actu- al Assignment and Assumption Agreement as approved by the Executive Director and Legal Counsel. AYES: NAYS: ABSENT: ABSTAIN: Minnick, Totton, VanDyke, Voth, Cole, Keena, Mcintyre None None None -3 - The motion carried. Cole moved: Mcintyre seconded: The Urban Renewal Authority approve Resolution #15, Series of 1986, A RESOLUTION OF THE ENGLEWOOD URBAN RE- NEWAL AUTHORITY APPROVING THE ASSIGNMENT AND ASSUMPTION AGREEMENT BETWEEN OSPREY DEVELOPMENT CORPORATION, MADI- SON PIZZA CORPORATION, AND THE ENGLEWOOD URBAN RENEWAL AUTHORITY. Minor modifications may be made to the actu- al Assignment and Assumption Agreement as approved by the Executive Director and Legal Counsel. AYES: NAYS: Totton, VanDyke, Voth, Cole, Keena, Mcintyre, Minnick None ABSENT: None ABSTAIN: None The motion carried. Minnick moved: Keena seconded: The Urban Renewal Authority approve Resolution #16. Series of 1986, A RESOLUTION OF THE ENGLEWOOD URBAN RENEWAL AUTHORITY TO TERMINATE AN ACCESS EASEMENT ON AUTHORITY-OWNED PROPERTY. AYES: NAYS: VanDyke, Voth, Cole, Keena, Mcintyre, Minnick, Tatton None ABSENT: None ABSTAIN: None The motion carried. * * * * * Ms. Daugherty entered the meeting. * * * * * Mr. Voth introduced Mr. Ken Hope from the City of Englewood Chamber of Com- merce. Mr. Hope stated that he is a representative from the City of Englewood Chamber of Commerce Governmental Relations Committee. V. LAND TITLE GUARANTEE COMPANY Ms. Powers stated that the Urban Renewal Authority has used Land Title Guaran- tee Company to do title research and title policies for the past five years. Land Title has now sent a letter, dated November 3, a copy of which was given to Authority members, outlining a change in their policy of payment. The pro- posal is to now charge $65/hour, which is to be credited against title premi- ums incurred within a one year period of time. Ms. Powers acknowledged that some of the work that Land Title has done for the Authority in the past has not been used immediately; therefore, they have not received payment until • • that title policy is issued and the land purchased by the Authority, but this • is standard practice with all title insurance companies. Ms. Powers stated that the working relationship between the staff and Land Title personnel over -4 - • • • the past five years has been very good, but the staff feels that this proposal by Land Title is not acceptable . Oisc11ssion ensued. Mr. Benedetti stated that the Urban Renewal Authority needs specialized title insurance services. Mr. Benedetti stated that the EURA has spent approximately $30,000 for title insurance services from Land Title. Mr. Benedetti also pointed out that the Authority is about ready to make a couple of large land sales, and Land Title now wants to start charging the $65/hour for their work. Mr. Benedetti cited several other title compa- nies who could provide the services that the Authority needs; however , Land Title has done a great deal of the background work on several of the projects that are coming up, namely clarification of the ownership along Little Dry Creek, and liens filed on EURA property by people to whom money is owed by the developer of Trolley Square. Ms. Powers stated that the Authority has hired Western States Surveying to do the research on the Little Dry Creek owner- ships, because Land Title had informed the staff that they did not have the time to do this job. Mrs. Cole asked if the $65 per hour was in the nature of a "demand" or a "request". Mr. Hinson stated that Land Title has stopped doing any work for the EURA until they receive a response to this proposal. He stated that on the property the EURA is preparing to buy, the commitments have already been done by Land Title. Discussion ensued. Tatton moved: Minnick seconded: The Urban Renewal Authority authorize the Executive Di- rector to investigate alternative sources for the title research and title commitment work which is required by the Authority. AYES: NAYS: Voth, Cole, Keena, Mcintyre, Minnick, Tatton, VanDyke None ABSENT: None ABSTAIN: None The motion carried. VI. LICENSE AGREEMENT AMENDMENT Osprey Development Corporation Ms. Powers stated that she is asking for ratification of approval given by Authority members over the telephone regarding the amendment of the License Agreement between the Englewood Urban Renewal Authority and Osprey Development Corporation. This amendment would allow Osprey to do the foundation for the Home Club Store prior to the closure on purchase of the property from the Au- thority. Ms. Powers stated that while the building permit has not been issued for this work at this time, it is expected to be issued within the next day or two. Osprey has deposited an additional $300 ,000 with the Authority as re- quired by the License Agreement. Ms. Powers stated that closings on Silo , Buyer's Club, and Rocky Rococo are scheduled for December 15, 1986, if not before . -5 - Tatton moved: Cole seconded: The Urban Renewal Authority approve the License Agree- ment with Osprey Development Corporation, as amended to October 31, 1986. AYES: NAYS: ABSENT: ABSTAIN: Cole, Keena, Mcintyre, Minnick, Totton, VanDyke, Voth None None None The motion carried. VI. FINANCIAL REPORT. Expenditures Investments Resolution #13, 1986 Ms . Powers reviewed the Financial Report on Expenditures per property and per project with the Authority. Mr. Tatton questioned some of the figures cited as income for 1986. Ms, Powers stated that the questions posed by Mr. Tatton would be researched, and she w~~ld report back to the Authority. Ms. Powers then reviewed the Financial Report on Investments, which report was prepared by Managed Financial Services. The process to be followed in doing the investments was discussed and explained to the Authority. • Ms. Powers stated that in 1984, the Authority passed a resolution designating the responsibility for making the investments of Authority funds to the Direc-• tor of Finance for the City of Englewood. Inasmuch as this procedure is now being changed, another resolution has been prepared for consideration by the Authority which designates responsibility for investments to the Executive Director and Managed Financial Services. Discussion ensued. VanDyke moved: Keena seconded: The Englewood Urban Renewal Authority approve Resolution #13, Series of 1986, A RESOLUTION OF THE ENGLEWOOD URBAN RENEWAL AUTHORITY DIRECTING THE INVESTMENT OF ENGLEWOOD URBAN RENEWAL AUTHORITY FUNDS. AYES: NAYS: ABSENT: ABSTAIN: Keena, Mcintyre, Minnick, Tatton, VanDyke, Voth, Cole None None None The motion carried. VII. CONSTRUCTION REPORTS. Inca Street Project Little Dry Creek Channel Improvements Floyd Avenue Realignment Ms. Powers reviewed the construction report for the Inca Street Project. She stated that the South Inca Way/South Jason Street intersection has been rede-• signed to allow a turning radius for truck traffic. This work is to be com - pleted in time for the opening of Buyer's Club on November 13. The Parks De- partment is searching for additional trees to plant in the median. Ms . Powers -6 - • • • stated that she did not know if the Englewood Sign would be installed in time for the November 13th opening. The intersection will be signalized and the signals will be functioning on the date of the opening . Ms. Powers reviewed the construction report for the Little Dry Creek Channel Improvements. Work has begun and is progressing on schedule. Mr. Minnick suggested that particular attention be paid to the soils on the banks of the Creek to try to prevent slippage. Ms. Powers stated that she would check on this matter. Ms. Powers reviewed the construction report for the Floyd Avenue Realignment project. Work is progressing satisfactorily on this project. VIII. BUYER'S CLUB STATUS REPORT. Ms. Powers suggested that there may be a special meeting of the Authority on November 19 to consider an Assignment and Assumption Agreement whereby Osprey would be delegating their responsibilities for development of the balance of the site to another developer. IX. JBC STATUS REPORT. Ms. Powers reported on recent conversations with JBC principals. An up-dated letter of credit will be brought in within the next few days, which will be used to make the interest payment on the loan which is due on December 1. JBC has reportedly been involved in discussions with a movie theatre chain that is interested in a six or seven screen theatre; this theatre will be showing $1 movies, and will need a large tract of land to accommodate the parking re- quired for this use. Ms. Powers discussed purchase price per square foot of the land under contract to JBC, and suggestions that have been made on means of financing. X. LITTLE DRY CREEK EASEMENTS. Ms. Powers stated that representatives of Ross Investment Group have met with the three property owners on South Bannock Street: Mr. Vance, Ms. Hirsche, and Mr. and Mrs. Bell. Mr. Vance has accepted the offer made by Ross Invest- ment Group, but has stated that the closing on the property acquisition must be accomplished in 1986. Discussion ensued on the impact the Tax Reform Bill will have on sales of property for people such as Mr. Vance. City Manager Mccown brought up the possibility of the City of Englewood pur- chasing the land prior to the end of the year, and hold it for the Urban Re- newal Authority until Ross Investment Group exercises the option for the pur- chase of property in Phase III. Further discussion ensued. Mr . Hinson stated that the Immediate Possession Hearing for Penn House Venture is scheduled for November 6. Agreements have been reached with Hawkeye and American Properties. XI. LAWSUIT UPDATES. Ms. Powers stated that T. W. Anderson has filed an appeal to the award made him on the valuation of his property . -7 - A request has been made to Mr. Lewan's legal counsel for the return of the $10,000 which is due the Authority as a result of the award on his property. Mr. Tatton asked if the Park Floral property was listed for sale when discus-• sions were initiated with Buyer's Club. Ms. Powers stated that the property was listed for sale. Mr. Totton stated that he wanted to clarify this point with the reporters for the Littleton Independent. XII. PUBLIC FORUM. Mr. Hope stated that he had found the proceedings of the Authority to be very interesting. XIII. DIRECTOR'S CHOICE. Ms. Powers stated that she had nothing further to report. She did remind the members of the Authority of the possibility of a special meeting on November 19. Ms. Keena stated that she would not be present at that meeting. XIV. COMMISSIONER'S CHOICE. Ms. Daugherty discussed the matter of construction trucks parking at the rear of the 3400 block of South Broadway, and the mud that is on the site. Ms. Powers stated that the contractors are allowed to use this area as a construc- tion lot. She stated that she would look into the possibility of putting some gravel on the site. Mr. Voth stated that he would like to remind all members of the Authority that • they have a moral, ethical, and legal responsibility to keep given materials that are submitted to them confidential, whether they are so marked or not. It has been brought to the attention of staff and some members of the Authori- ty that some information has been shown to or discussed with individuals that should not have been privy to the information. Mr. Voth urged that members be most careful in this matter. Ms. Keena voiced her agreement with Mr. Voth. City Manager Mccown stated that in October, the City experienced the first month since March of 1986 when the sales tax income exceeded the projection. There being no further business to come before the Authority, the meeting was declared adjourned at 8:05 P. M. ~~ ,!_:;;/ df- Gertrude G. Welty Recording Secretary -8 - •