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Home My WebLink About1988-12-07 EURA MINUTES• • • I. CITY OF ENGLEWOOD URBAN RENEWAL AUTHORITY December 7, 1988 CALL TO ORDER. D R A F T The regular meeting of the Englewood Urban Renewal Authority was called to order at 5:30 p.m. by Chairman Robert J. Voth. Members present: Keena, Mcintyre, Totton, Voth Hinson, Executive Director Members absent: Minnick, Byrne, Cole Daugherty, Alternate Member Hanson, Alternate Member Also present: Harold J. Stitt, Assistant to the Director II. APPROVAL OF MINUTES. November 2, 1988 Chairman Voth stated that the Minutes of November 2, 1988 were to be con- sidered for approval. Keena moved: Mcintyre seconded: The Minutes of November 2, 1988 be approved as written. AYES: NAYS: ABSENT: ABSTAIN: Mcintyre, Totton, Voth, Keena None Minnick, Byrne, Cole None The motion carried. III. RENEWAL OF CONTRACT FOR EXECUTIVE DIRECTOR Mr. Hinson stated that he and Community Development Director Wanush had atten- ded the City Council study session of November 14, 1988 to discuss the cre- ati-0n of an Economic Development Program for the City of Englewood. Mr. Hin- son stated that the discussion included the proposal that he would work part time on Urban Renewal Authority projects and part time for the City of Engle- wood on the Economic Development program. There was a diversity of opinion on the part of the City Council members. It appeared that Council thinks the idea is good, but is not sure how it wants to develop the program. The ulti- mate determination was to wait two or three months. This would give Council the opportunity to choose a new City Manager (which was publicized on December 7, 1988), and give the City Manager an opportunity to familiarize himself with the City and the various programs in existence . Mr. Hinson stated that in light of the determination to wait by the City Coun- cil, he would ask that the Authority also delay further consideration on the -1 - q 0 formal renewal of his contract until such time as City Council acts on the proposal. Mr. Hinson stated that he would continue winding up the outstand ·ing Urban Renewal projects. Ms. Byrne entered the meeting, and took her chair with the members of the Au- thority. Mr. Hinson summarized the previous discussion for Ms. Byrne. There was no formal action by the Authority on the further extension of the Contract. IV. LOAN TO EURA FROM RETIREMENT FUND Mr. Hinson stated that he and Acting City Manager Vargas had appeared before the Non-Emergency Employees Retirement Board to explain the requested loan to the Urban Renewal Authority. There is concern on the part of citizen members that employees should have some input on whether to make the loan, and meet- ings with the employees have been scheduled for December 9, and employees will have an opportunity to vote on December 9 and December 12. If the loan to the EURA is turned down by the employees, the Authority will have to go back to the City Council to request necessary funds for 1989. V. DEBT SERVICE PAYMENT Mr. Hinson stated that the County Assessor is apparently applying tax abate- ments only to the incremental amount due to the Authority, and not prorating the amount between the tax base and the increment level as it should be. This has cost the Authority an estimated $130,000 to $140,000 in property tax revenues. Because of the shortfall of the property tax revenues, it was • necessary to drawdown additional funds from the Reserve Account to meet the • Debt Service Payment for December, 1988. Discussion ensued. Mr. Hinson stated that the property tax valuation for the EURA District has dropped this year, even with the sale of land to Trammell Crow and Linear Properties of Colorado, and the subsequent construction on those sites. Mr. Hinson stated that he has met with Mr. Steve Bell of Prudential-Bache, and with Mr. Steve Lyon of Hanifen-Imhoff. He and Mr. Bell will be scheduling a meeting with the County Assessor to discuss the abatement adjustments and the proration of the adjustments. Mr. Stitt discussed the sales tax revenue that has been realized in the EURA District. He stated that in October , Area #1 exceeded the base collection and the EURA realized incremental income from that Area. Sales Tax revenues for November and December should be considerable. Ms. Daugherty entered the meeting at 5 :55 P.M. and took her chair with members of the Authority. VI. NEW PROSPECTS Mr. Hinson asked that the Au t hority go i nt o Execut i ve Session. Totton moved: Keena seconded: The Urban Renewal Authority go into Executive Session. AYES: NAYS: Totton, Voth, Byrne, Keena , Mcinty r e None -2 - • ABSENT: Minnick, Cole ABSTAIN: None • The motion carried. • • * * * * * * * * * * Mr. Minnick entered the meeting during the Executive Session and took his chair with the Authority. * * * * * * * * * * Keena moved: Minnick seconded: The Authority come out of Executive Session. AYES: Tatton, None Cole None Voth, Byrne, Keena, Mcintyre, Minnick NAYS: ABSENT: ABSTAIN: The motion carried. VII. JASMINE CHINESE RESTAURANT Liquor License Request Mr. Hinson stated that the Jasmine Chinese Restaurant has applied for a license to allow the sale of liquor in conjunction with the service of meals. The hearing before the Liquor Licensing Authority is this evening at 8:00 P.M. They have requested the support of the Authority in applying for the liquor license, and Mr. Hinson stated that he has prepared Resolution #14 for consid- eration of the Authority. Keena moved: Minnick seconded: The Urban Renewal Authority approve and adopt Resolution #14, Series of 1988, A RESOLUTION Of THE ENGLEWOOD URBAN RENEWAL AUTHORITY TO SUPPORT THE JASMINE CHINESE RES- TAURANT'S APPLICATION TO THE CITY OF ENGLEWOOD FOR A LIQUOR LICENSE. AYES: NAYS: ABSENT: ABSTAIN: Voth, None Cole None Byrne, Keena, Mcintyre, Minnick, Totton The motion carried. VIII. LINCOR PROPERTIES OF COLORADO, INC. Mr. Hinson stated that Linear Properties will be installing the informational sign in the Englewood Parkway at U.S. 285, which was approved earlier this year. Tenant finish on the Phar-Mor store is going on now. There has been no further progress on leasing the remainder of the site, and Mr. Hinson sugges- ted that possibly early this next Spring would be a more likely time for pro- spective tenants to be signed . -3 - IX. TROLLEY SQUARE Mr. Hinson stated that he has not heard from JWM representatives for some time, but it appears that the work has progressed well on the remodeling. X. FINANCIAL REPORTS Mr. Hinson stated that the Authority has released the RBI retainage. Their insurance company reached a settlement on the Sandalwood claim, and a letter setting forth the coverage and protection extended to the Authority on the remaining claims was deemed satisfactory by Legal Counsel Opperman. He recom- mended release of the retainage. The expenditure and investment reports were noted. XI. LAWSUIT UP-DATE Mr. Hinson stated that Mr. Buechler is still working to clear title to Mr. Guilford's property. Mr. Hinson discussed the Physical Whimsical suit, and pointed out that no final judgment has been entered on this matter. Once a final judgment has been entered, Mr. Opperman will file an appeal to the award. XII. EURA MEETING DATES -1989 Mr. Hinson stated that it did not appear there would be a need to meet in • January, 1989. If something does arise, he will contact the members of the • Authority to schedule a meeting. The meeting of February 1, 1989 is the Annual Meeting. The meeting adjourned at 6:45 P.M. -4 - •