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HomeMy WebLinkAbout1988-06-01 EURA MINUTES• • • 9 G ENGLEWOOD URBAN RENEWAL A JUNE 1, 1988 I. CALL TO ORDER. The regular meeting of the Englewood Urban Renewal Authority was called to order at 5:45 P. M. by Chairman Robert Voth. Members present: Mcintyre, Minnick, Totton, VanDyke, Voth Alternate Member Hanson Executive Director/Executive Secretary Wm. R. Hinson . Members absent: Cole, Keena Alternate Member Daugherty Also present: Peter H. Vargas, Acting City Manager Densel Ragland, Director of Engineering Services Penny Dietrich, Executive Director of EDDA II. APPROVAL OF MINUTES May 4, 1988 Chairman Voth stated that the Minutes of May 4, 1988 were to be considered for approval . Mcintyre moved: Minnick seconded: The Minutes of May 4 , 1988 be approved as written. AYES: NAYS: ABSTAIN: ABSENT: Mcintyre, Minnick, Totton, VanDyke, Voth None None Cole, Keena The motion carried. III. RATIFICATION OF LINCOR CLOSING DOCUME NTS Resolution #8, Series of 1988 Mr. Hinson stated that Lincor and the EURA closed on the sale of the old King Sooper's block on May 18. Mr. Hinson stated that he wished to express his appreciation to members of the Authority for their support and time devoted to this project. He stated that in his opinion, the Authority will very soon see some very positive results of these efforts on this block. Mr. Hinson stated that in conjunction with the closing, there were three docu- ments which First Interstate Bank required before they would approve the clos- ing. The first of these is a revised Performance Schedule; the second is an easement for the northwest corner of the site; and the third was the assign- ment of the sign easement for the Englewood Parkway median. Mr. Hinson stated that the Performance Schedule changes were approved by the Authority by tele- phone polls. The other documents were previously authorized in concept to be ratified by the Authority at a later date. He asked that the Authority now ratify the three documents by approving Resolution #8, Series of 1988. - 1 - AYES: NAYS: ABSTAIN: ABSENT: ~ Eng wood Urban Renewal Authority approve and adopt Resolution #8, Series of 1988, A RESOLUTION OF THE ENGLE- WOOD URBAN RENEWAL AUTHORITY TO RATIFY DOCUMENTS SUPPLEMEN- TAL TO THE SALE OF THE OLD KING SOOPER'S SITE TO LINCOR PROPERTIES OF COLORADO, INC. Mcintyre, Minnick, Tatton, VanDyke, Voth None None Keena, Cole The motion carried. IV. 1987 BUDGET AMENDMENT Resolution #7, Series of 1988 Mr. Hinson presented a proposed Resolution #7, Series of 1988, which amends the EURA Budget for 1987. Mr. Hinson pointed out that this does not increase the amount of the budget, but merely allocates appropriated funds to the ac- counts to which expenditures were charged. Tatton moved: Minnick seconded: The Englewood Urban Renewal Authority approve and adopt Resolution #7, Series of 1988, A RESOLUTION OF THE ENGLE- WOOD URBAN RENEWAL AUTHORITY AMENDING THE 1987 BUDGET. AYES: NAYS: Mcintyre, Minnick, Tatton, VanDyke, Voth None ABSTAIN: None ABSENT: Cole, Keena The motion carried. V. RELOCATION/STORAGE BENEFITS Joyce Hirsche Mr. Hinson stated that Mrs . Hirsche has submitted two bids for storage of material and merchandise from her business located at 211 West Hampden Avenue, and from her residential property at 3463 South Bannock Street. Mr. Hinson discussed the efforts of the staff to get Mrs. Hirsche to submit bid estimates with the required documentation for the storage of her belongings. Mr. Hinson stated that the square footage required for the storage has been verified by Mr. Stitt of the EURA staff, and the quoted storage costs have also been verified. Mr. Hinson pointed out that the Relocation Handbook, while delineating the eligibility for storage payments, does not set a maximum on the amount of storage in terms of actual dollar value --only that the Au- thority will pay for six months of storage. Mr. Hinson stated that this would be the last relocation benefit Mrs. Hirsche is eligible to receive, the six month period for filing requests having expired several months ago. Inasmuch as the initial request for storage payment was filed in advance of that ex- piration, however, the Authority is obligated to consider this request. Discussion ensued. -2 - • • • . I \ ,\ • • • Minnick moved: ~ Mcintyre seconded: The EURA authorize payment of $13,578.00 to~'Mrs. irsche for storage of materials and merchandise from her proper- ties at 211 West Hampden Avenue and 3463 South Bannock Street. AYES: NAYS: Minnick, Tatton, VanDyke, Voth, Mcintyre None ABSTAIN: None ABSENT: Cole, Keena The motion carried. VI. LOAN TO EURA FROM CITY OF ENGLEWOOD Loan Note #R-2 Resolution #9, Series of 1988 Mr. Hinson stated that on May 2, 1988, City Council authorized the loaning of an additional $170,000 to the EURA for the Cherokee intersection realignment and administrative expenses. Mr. Hinson stated that Loan Note #R-2 has been prepared, which obligates the Authority to repay the loan to the City, and sets forth the mechanism for that loan repayment. Mcintyre moved: Tatton seconded: The EURA approve and adopt Resolution #9, Series of 1988, A RESOLUTION OF THE ENGLEWOOD URBAN RENEWAL AUTHORITY TO IS- SUE A PROMISSORY NOTE TO THE CITY OF ENGLEWOOD IN THE AMOUNT OF $170,000. AYES: NAYS: Tatton, VanDyke, Voth, Mcintyre, Minnick None ABSTAIN: None ABSENT: Cole, Keena The motion carried. VI. FINANCIAL STATEMENTS Expenditure Report Investment Report Mr. Hinson reviewed the financial statements, and noted that the Authority has drawn down on the Reserve Fund for the first time to meet debt service pay- ments. This drawdown amounted to approximately $800,000. Projections of revenues prepared by Laventhol & Horwath anticipate further drawdowns from the Reserve Fund of approximately $200,000 for the remainder of the year. Mr. Tatton asked about the payment to the Authority from Arapahoe County on the property tax increments. Mr. Hinson stated that these payments are received on a monthly basis, as are the sales tax increments from the City. Mr. Hinson stated that he will be compiling a report delineating these revenues for the Authority's perusal in the near future . - 3 - VII. CONSTRUCTION REPORT. Lillard & Clark Randall & Blake Ms. Ragland reported that work on the Little Dry Creek project west of South Broadway continues to progress well. There have been some disagreements with the contractors working on the Trammell Crow project, but these have been re- solved. The Bannock Street arbor may be ready for installation within the next week or so. Ms. Ragland stated that the Fabridam is also ready for in- stallation, but they are holding off until the debris is removed from the Creek as a result of the rain storm in May. Ms. Ragland stated that she had discussed the possibility of a formal dedication of the Little Dry Creek Proj- ect with the representatives of Lillard & Clark, citing a possible date of August 28, and they seemed to feel that the project would be completed by that date. Ms. Ragland stated that employees of RBI have been on the Little Dry Creek job east of Broadway on a sporadic basis. The plantings which were winter-killed have been replaced, and sod is being installed on the south side by the Deten- tion Pond. Jefferson Drive east of South Logan Street has been paved. Ms. Ragland discussed the effect of the May rainstorm on this portion of Little Dry Creek, and noted that there was one washout upstream of U.S. 285. Ms. Ragland stated that the storm washed a lot of debris and silt down into the Creek, and that the City is working on clean-up of the channel. • Discussion ensued. Mr. Minnick suggested that a lot of the silt and debris • could have washed down the Creek from the vicinity of University Boulevard due to construction occurring in that area of the Creek. Ms. Ragland suggested that overall, the flood control measures taken by the City did work well during the storm, and that we will be better prepared to handle future storms. Mr. Minnick asked about the status of the flood insurance along Little Dry Creek. Mr. Hinson stated that the City and Authority has received the "Letter of Belief" from FEMA. Upon completion of the flood channel improvements, we will send the "as built" information to the Federal Government before the map will be revised. Ms. Ragland estimated that the "as built" information could be available within three to six months. VIII. LINCOR PROGRESS REPORT Proportional Reduction in Deposit Mr. Hinson stated that at the time of the closing on the old King Sooper's block, Lincor increased their performance deposit from $50,000 to $100,000. Discussion occurred at that time on the possibility of a reduction in this deposit in proportion to the square footage for which a Certificate of Comple- tion has been obtained. Mr. Hinson stated that a similar provision is in the Agreement for Disposition and Redevelopment for the Trammell Crow site. The request from Lincor is that the Authority amend the ADR to allow the reduction of the deposit in proportion to the square footage for which a Certificate of Completion may be issued. Mr. Minnick asked if this could be done by motion, or if it should be by • Resolution. Mr. Hinson stated that it could be done by motion, but if the Authority preferred, a Resolution could be drafted. Mr. Minnick stated that - 4 - • • • he felt this action would be easier to "track" if it was to be done by Resolution. Minnick moved: Mcintyre and Totton seconded: The Urban Renewal Authority approve and adopt Resolution #10, Series of 1988, A RESOLUTION OF THE ENGLEWOOD URBAN RENEWAL AUTHORITY APPROVING A PROPORTIONAL REDUCTION IN PERFORMANCE DEPOSIT FOR LINCOR PROPERTIES OF COLORADO, INC. AYES: NAYS: VanDyke, Voth, Mcin t yre, Minnick, Totton None ABSTAIN: None ABSENT: Cole, Keena The motion carried. Mr. Hinson discussed the relocation of the Storm Sewer in the Old King Sooper's Block. He stated that Neenan had been asked to submit a bid for the relocation costs, but they were not able to submit such a bid prior to this meeting. He stated that this information will be available at the next meeting. IX. ENGLEWOOD MARKETPLACE Leasing Update Mr . Hinson reported the names of several tenants that have signed leases in the Marketplace, among them ITT Finance, So-Fro Fabrics, and Great Clips. Mr. Hinson stated that it appears the leasing efforts of Trammell Crow are pro- gressing very well. X. TROLLEY SQUARE Mr. Hinson requested that the Authority go into Executive Session for this discussion. Mcintyre moved: Totton seconded : The Englewood Urban Renewal Authority go into Executive Session. AYES: NAYS: ABSTAIN: ABSENT: Voth, Mcintyre, Minnick, Totton, VanDyke None None Cole, Keena The motion carried. * * * * * * * * * * Ms. Daugherty entered the meeting. * * * * * * * * * * It was moved , seconded , and carried that the EURA come out of Executive Session. -5 - •· XI. DEDICATION CEREMONIES Little Dry Creek Plaza Mr. Hinson stated that consideration is being given to holding dedication ceremonies on August 26 for the Little Dry Creek project, and a Weekend Ren- dezvous is also being planned for that weekend. Ms. Dietrich stated that the Englewood Cultural Center is planning the weekend festivities, and she understandings that they are working with the Lt. Gover- nor's office on the project. Mr. Hinson stated that Council Member Hathaway is heading the effort, and he wanted to determine what the feelings of the Authority were on this proposal. A cost of $1,000 for the rental of microphones, provision of coffee and rolls or fruit has been estimated, and the suggestion has been made to share this expense with the Englewood Downtown Development Authority. Discussion ensued. Minnick moved: Mcintyre seconded: The Authority approve the expenditure of up to $500 for dedication ceremonies for the Little Dry Creek project. AYES: NAYS: Mcintyre, Minnick, Totton, VanDyke, Voth None ABSTAIN: None ABSENT: Keena, Cole The motion carried. XII. COURT CASE UPDATE Mr. Hinson submitted copies of a letter from Legal Counsel Opperman to members of the Authority, containing an update on pending legal cases in which the Authority is involved. XIII. MISCELLANEOUS Mr. Hinson stated that he would be addressing the City Planning and Zoning Commission at their meeting on June 21. He suggested that any members of the Authority who wished to attend were welcome to do so. The meeting will begin at 7:00 P.M. There being no further business to come before the Authority, the meeting ad- journed at 6:30 P. M. G~~LNf- Recording Secretary - 6 - • • •