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HomeMy WebLinkAbout1988-08-03 EURA MINUTES• • • ENGLEWOOD URBAN RENEWAL AUTHORITY AUGUST 3, 1988 I. CALL TO ORDER. 9 G D R A F T The regular meeting of the Englewood Urban Renewal Authority was called to order at 5:45 P.M. by Chairman Robert J. Voth. Members Present: Mcintyre, Minnick, Totton, Voth, Cole, Keena Hinson, Executive Director Members Absent: Byrne Daugherty, Alternate Member Hanson, Alternate Member Also Present: Harold J. Stitt, Assistant to the Executive Director Richard S. Wanush, Director of Community Development Densel A. Ragland, Director of Engineering Services Penny Dietrich, Executive Director of EDDA II. APPROVAL OF MINUTES. July 6, 1988 Chairman Voth stated that the Minutes of July 6, 1988 were to be considered for approval. Keena moved: Mcintyre seconded: The Minutes of July 6, 1988 be approved as written. AYES: NAYS: Minnick, Totton, Voth, Cole, Keena, Mcintyre None ABSTAIN: None ABSENT: Byrne The motion carried. III. REVENUE PROJECTIONS Mr. Hinson stated that Mr. Stitt has compiled revenue projections for the Au- thority on the property tax and sales tax increments. These projections have been computed and depicted graphically. Mr. Hinson asked Mr. Stitt to discuss the revenue projections. Mr. Stitt stated that the base sales and property tax figures were established in 1982. The property tax base has been adjusted every year since that date. Mr. Stitt stated that as a result of the state wide property reassessment and appeals to those assessments from property owners, the EURA will not collect as much property tax revenue in 1988 as was collected in 1987. Discussions with the Arapahoe County Assessor indicate that there are more delinquent tax payments, and the revaluation affects the collections, also. There has been a reduction of $2,000,000 in value in the District as a result of the appeals to - 1 - the reassessment and the adjustments that have been made. Mr. Stitt pointed out that the EURA has already collected more in property tax revenues than may • be due for the total year. This could result in a refunding of the excess amounts, or a crediting of the excess to the tax bills/collections due next year. Ms. Keena suggested that bond holders might have grounds for lawsuit if the reduction or adjustment of collected taxes in 1988 is taken totally from the 1988 increment rather than from the increment and the base. Mr. Stitt pointed out that the July sales tax figures brought in $82,000, and continues an upward trend in sales tax revenues. Staff estimates that once the Marketplace is open, that sales tax revenues will increase by an addition- al $70,000 to $75,000 for the balance of the year. Mr. Stitt stated that the sales tax revenues for July have increased by 37% over July, 1987. If the sales tax had remained at the previous 3.0% level, the increase would still be approximately 17%. This is attributable only to Area 2, which is the Buyer's Club, Home Club, Silo, Montgomery Ward Automotive Center, and Rocky Rococo establishments. Ms. Erica Byrne entered the meeting and took her place with the members of the Authority. Mr. Totton pointed out that the property tax picture may change, also, because the Marketplace property was sold to Trammell Crow. This property has been off the tax rolls for a number of years because of its ownership by the EURA. Mr. Stitt stated that hearings are still being held on appeals to the 1987 property assessments, and these hearings will probably continue into next year. Mr. Hinson stated that the EURA staff met with members of the Assessor's Of- fice and reviewed ownership of all the property in the Urban Renewal Tax In- crement District to assure that these properties are properly classified. Further brief discussion ensued. IV. FINANCIAL REPORTS. Expenditure Report Investment Report Mr. Hinson stated that the City closed with JWM Properties on the sale of the land under the King Sooper's Store in Trolley Square. The Urban Renewal Au- thority received $250,000 to be applied to the Physical Whimsical Court expen- ses, which will be deposited immediately. There were no questions on the expenditure or investment reports . V. CONSTRUCTION REPORT. Ms . Ragland stated that the work on the Little Dry Creek project is progres - sing. The Fabridam will be filled on Friday, August 5. The pumps are in and they are working on the controls now. Trees and shrubs are being planted, and sod will be laid next week. The dedication ceremony is scheduled for August 26, and the contractor is aware of this deadline. Parks personnel will be working to clean up the up-stream section of the channel, and Public Works will be doing paving of the east side of the 3400 block of South Acoma Street. - 2 - • • • • • Ms. Ragland stated that she felt things would be pretty well prepared for the dedication ceremony . Ms. Ragland reported on the construction and use of the Englewood Parkway/ South Cherokee Street/West Girard Avenue intersection. Ms. Ragland also reported that traffic signals have been installed at Hampden Place and Englewood Parkway, and at South Cherokee and Englewood Parkway. She also noted that some pavers will be replaced along the Parkway, and some work will be done on the handicapped ramps, also. Ms. Ragland stated that there have been some complaints about traffic movement on South Cherokee Street at Englewood Parkway. VI. PHAR-MOR PLAZA Storm Sewer Ms. Ragland reported on the installation of the storm sewer lines on the Phar- Mor Plaza site. Ms. Daugherty entered the meeting and took her place with the members of the Authority. Ms. Ragland stated that the contractors on the Phar-Mor site have been told they are not to use Girard Avenue as an entrance to the site. The points of access to the site are to come from Floyd Avenue and South Elati Street. VII. ENGLEWOOD MARKETPLACE UPDATE Mr. Hinson reported that a tenant has been signed for 12,000 square feet to occupy the space between Children's Palace and Pier 1. There are two small contingencies in the lease that have to be met before the signing is publicly announced. With this signing, the Marketplace is approximately 94% leased. The Ponderosa Restaurant is open and appears to be doing well. Discussion ensued. Additional prospective tenants in the Marketplace were discussed. VIII. LITTLE DRY CREEK IMPROVEMENTS Report prepared by John M. Pflaum, M. ASCE William C. Taggart, M. ASCE Densel A. Ragland, M. ASCE Mr. Hinson stated that copies of a report, entitled LITTLE DRY CREEK CHANNEL IMPROVEMENTS PROVIDE FLOOD CONTROL AND REVITALIZATION FOR ENGLEWOOD, COLORADO, was included in the packet for the information of the Authority. Ms. Ragland stated that this report will be presented in Colorado Springs at a conference that she will be attending next week. Ms. Ragland discussed a bronze plaque that is being prepared for the dedica- tion ceremony, which will list the names of all contractors who have worked on the Little Dry Creek project. Discussion ensued. -3 - IX. LAWSUIT UPDATE Mr. Hinson stated that there is a hearing scheduled on the distribution of the deposit in the Physical Whimsical Case. This deposit will be divided among Physical Whimsical and their creditors. Once a final judgment is entered, Mr . Opperman will refile an appeal in this case. Mrs. Cole asked if the appeal should result in a favorable judgment to the EURA, and the funds had already been paid to Physical Whimsical and their creditors, how would we regain funds due to us. Mr. Hinson stated that a bond would have to be posted before the funds could be withdrawn from the Court while the case is under appeal . X. MISCELLANEOUS Mr. Totton asked if there had been further progress on pr ocuring tenants in the Phar -Mor Plaza site. Mr. Hinson stated that a second anchor has not been signed at this point in time. However, Lincor Properties of Colorado is con- tacting a number of the previous business contacts who had s aid they were not interested in expansion at the time of the original contact. Mr . Totton asked about prospective tenants in Trolley Square . Mr. Hinson stated that Mr. Martin had been in town for the past week talking to prospec - tive tenants. Mr. Hinson displayed copies of a "downtown map" which will be available at the time of the dedication. Other mementos will be shopping bags, pencils, a coupon book from Marketplace merchants, helium balloons, and EDDA pr omotional buttons. The map wi 11 be a "marketing too 1 ", and bus i ne s'smen may indicate their individual location on the map and reproduce it to hand out to their customers. Mr . Hinson stated that there is a possibility of doing a live radio remote from the dedication ceremony. The cost of this broadcast would be approxi- mately $3,000. Discussions are underway to determine if a developer or some of the merchants would want to underwrite to the cost of doing this broadcast. Brief discussion ensued. Mcintyre moved: Minnick seconded: The meeting be adjourned. There was no further business to come before the Authority, and the meeting was declared adjourned at 6:35 P.M. Gertrude G. Welty Recording Secretary - 4 - • • •