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HomeMy WebLinkAbout1989-09-06 EURA MINUTES• • • ' ENGLEWOOD URBAN RENEWAL AUTHORITY September 6, 1989 I. CALL TO ORDER. D R A F T The regular meeting of the Englewood Urban Renewal Authority was ca 11 ed to order by Chairman Robert J. Voth. Members present: Minnick, Voth, Byrne, Cole, Keena, Mcintyre Wanush, Executive Director/Executive Secretary Members absent: Tatton Daugherty, Alternate Member Hanson, Alternate Member Also Present: Harold J. Stitt, Assistant Steve Bell, Prudential-Bache, EURA Financial Advisor Stephen A. Lyon, Hanifen-Imhoff, City Financial Advisor II. APPROVAL OF MINUTES July 12, 1989 Chairman Voth stated that the Minutes of July 12, 1989 were to be considered for approval . Minnick moved: Mcintyre seconded: The Minutes of July 12, 1989, be approved as written. The motion carried, and the Minutes were declared approved as written. III. FINANCIAL REPORT Steve Bell, EURA Financial Advisor Steve Lyon, City Financial Advisor Mr. Wanush suggested that the Authority should have this discussion in Execu- tive Session. Minnick moved: Keena seconded: The Authority go into Executive Session. AYES: NAYS: ABSENT: ABSTAIN: Voth, Byrne, None Totton None The motion carried. Cole, Keena, Mcintyre, Minnick * * * * * * * * * * Chairman Voth reconvened the meeting with the following members present: Byrne, Cole, Keena, Mcintyre, Minnick, and Voth. Mr. Totton was absent. -1 - 9 B ' Members expressed their appreciation to Messrs. Bell and Lyon for their atten- dance and the discussion on the financial matters of the Authority. IV. 1990 ADMINISTRATIVE BUDGET Mr. Wanush presented a proposed 1990 administrative budget for the Authority. Mr. Wanush discussed various aspects of the proposal with the Authority, and noted that the majority of the projected expenses will be in wrapping up out- standing legal matters. At such time as the case on the First National Bank land acquisition comes to court, and a settlement is reached, there could be considerable cash outlay. Discussion ensued. Keena moved: Minnick seconded: The 1990 Administrative Budget for the Englewood Urban Re- newal Authority be approved . AYES: NAYS: ABSENT: ABSTAIN: Cole, Keena, None Tot ton None Mcintyre, Minnick, Voth, Byrne The motion carried . V. INVESTMENT RESOURCES NETWORK, INC. Investment Counselors Mr . Wanush discussed the Authority funds which are being invested by IRN , and 1 • noted that the amount of these funds has dropped dramatically s i nee the Au -• thority initially contracted with Managed Financial Services and then Invest - ment Resources Network to handle the investment of Authority funds. Mr. Wanush stated that he discussed the investment of funds with City Finance Di- rector Freeman, and has determined that the City funds are being invested at approximately the same rate of interest as IRN is able to obtain.· If the Au- thority were to cancel the contract with IRN, this would result in a savings of approximately $1,000 per year, and the funds would then be pooled with the City funds for investment . Discussion ensued. Mr. Stitt pointed out that the tax increment funds must still go to the Trus- tee , and cannot be pooled with the City funds for investment. Mr. Wanush advised that a 30 day written notification is required for the can- cellation of the contract. Minnick moved: Cole seconded: The contract for investment services with Investment Re- sources Network, Inc. be canceled by written notice from the Executive Director. AYES: NAYS: Keena, Mcintyre, Minnick, Voth, Byrne, Cole None ABSENT: Tot ton ABSTAIN: None The motion carried . - 2 - • • • • VI. OLD BUSINESS Mr. Wanush reported that the First Interstate Bank of Englewood/Englewood Ur - ban Renewal Authority land swap has been finalized, and closing was held on August 29, 1989. Mr. Wanush reported that the attorney for Mr. Carl Ryberg has notified the Court that she was withdrawing as his legal counsel, and the Court has granted Mr. Ryberg a period of time to engage new counsel. Mr. Wanush stated that settlements on the condemnation suit and damage suit with PennHouse Apartments have been reached. The final sum due on the condem- nation suit will be deposited with the Courts in the near future. Sales tax revenues were reviewed and discussed. Mr. Stitt pointed out that the sales tax revenues through August, 1989 are equal to the total revenues for the Authority for the year of 1988. The Authority discussed the Buyer's Club outlet, and the possible closing of this store. Ms. Byrne inquired about leasing progress at Trolley Square. Mr. Wanush stated that the leasing agent is Orion Hunter, and that he has been in contact with Mr . Hunter on a regular basis. Discussion ensued. VII. PUBLIC FORUM Mr . Voth welcomed Mr. Tom Kristopeit, who had entered the meeting during the previous discussion. Mr. Kri stopeit stated that he did not want to address the Authority, but was present only as an observer. VIII. DIRECTOR'S CHOICE. Mr. Wanush had nothing further to discuss under Director's Choice. IX. COMMISSIONER'S CHOICE. Mr. Mcintyre commented on the leasing activity report filed by Trammell Crow. Mr. Wanush stated that he understood there is only 2,000 square feet of vacant area remaining to be leased. There being no further business to come before the Authority, the meeting was declared adjourned . Gertrude G. Welty Recording Secretary - 3 -