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HomeMy WebLinkAbout1989-11-01 EURA MINUTESt ENGLEWOOD URBAN RENEWAL AUTHORITY November 1, 1989 I. CALL TO ORDER. 9 D The regular meeting of the Englewood Urban Renewal Authority was ca 11 ed to order at 5:45 P. M. by Chairman Robert J. Voth. Members present: Minnick, Voth, Byrne, Cole, Keena Wanush, Executive Director/Executive Secretary Members absent: Mcintyre, Tatton Alternate Members Daugherty and Hanson Also present: Legal Counsel Paul C. Benedetti Harold J. Stitt II. APPROVAL OF MINUTES. September 6, 1989 Chairman Voth stated that the Minutes of September 6, 1989 were to be con- sidered for approval. Minnick moved: Keena seconded: The Minutes of September 6, 1989 be approved as written. AYES: NAYS: ABSENT: ABSTAIN: Minnick, Voth, Byrne, Cole, Keena None Tatton, Mcintyre None The motion carried. * * * * * * * * * * Mr. Wanush stated that guests are expected to attend regarding a discussion on the EURA financial status, and suggested that the order of the agenda be changed. III. PROGRESS REPORTS. Mr. Wanush updated the Authority on leasing efforts for Phar-Mor Plaza and Trolley Square. He reported that he meets periodically with leasing agents for both developments. Phar-Mor Plaza has recently leased 2,500 square feet to "Heavenly Hams", which use will not generate much sales tax, but space has been leased. Mr .. Wanush reported that Phar-Mor has asked for assistance in providing permanent tenant finish --floor coverings, etc. , in an effort to lower costs for them and for prospective tenants. Phar-Mor has not offered a reduction in square foot rental rates, however. Mr. Wanush reviewed his discussions with Trolley Square leasing representa- tives; they have offered to reduce the rent to "O" for a period of time to amortize the cost of tenant finish. Mr. Wanush stated that the market at this -1 - time is geared to the small "Mom and Pop" operations who are looking for loca- tions with inexpensive rentals, and have been able to find such locations throughout the older developed areas. Ms. Keena asked if Trolley Square leas- ing agents have considered office space on the lower level. Mr. Wanush stated that the leasing agents are talking to anybody who is interested. The sales tax revenues were discussed. Mr. Wanush stated that the sales tax revenues within the Tax Increment Districts have increased substantially over last year, but have not equaled the projections to this date. The sales tax revenues on a state-wide basis indicate an increase of 6% to 7%, but the sales tax figures for overall Englewood do not show this increment. Mr. Wanush asked that the discussion regarding the acquisition of property from First National Bank be in Executive Session. Minnick moved: Cole seconded: The Urban Renewa 1 Authority go into Executive Session for the discussion regarding property acquisition from the First National Bank. AYES: NAYS: Voth, Byrne, Cole, Keena, Minnick None ABSENT: ABSTAIN: Totten, Mcintyre None The motion carried. Minnick moved: * * * * * * * * * * Keena seconded: The Urban Renewal Authority come out of Executive Session. AYES: NAYS: ABSENT: ABSTAIN: Voth, Byrne, Cole, None Totten, Mcintyre None The mot i on carried. Keena, Minnick IV. EURA FINANCIAL STATUS Mr. Gil Lipp and Ms. Jody Rinehart of RCM Government Securities, and Mr. Phil Garrett entered the meeting. Mr. Wanush stated that City Manager Fraser had stated that he expected to attend this portion of the meeting and would arrive no later than 6:15 P.M . It was suggested that the Commission go into recess for a short time. The meeting reconvened at 6:20 P.M. Mr. Wanush introduced Mr. Lipp and Ms. Rinehart of RCM Government Securities. Mr. Lipp introduced Mr. Phil Garrett, an attorney representing their firm. Mr. Wanush asked that this discussion on the financial status also be done in Executive Session. - 2 - , ~. . Minnick moved: Cole seconded: The Urban Renewa 1 Authority go into Executive Session to discuss the financial status of the Authority. AYES: Minnick, Cole, Keena, Voth, Byrne NAYS: None ABSENT: Tatton, Mcintyre ABSTAIN: None ,. . , .,.,. The motion carried. * * * * * * * * * * City Manager Fraser entered the meeting at 6:30 P.M. * * * * * * * * * * The meeting reconvened. Mr. Wanush suggested that members plan for a possible special meeting on November 15 at 5:30 P.H. Keena moved: Minnick seconded: A committee composed of representatives of the Authority and the City Council, as well as staff, survey the market to determine firms who would be interested in working with the Authority to resolve the financial problems, such sur- vey to include proposed cost, scope of services, etc. and report back to the Authority in full by the November 15 meeting. Mr. Voth stated he would like to see Mr. Tatton serve on this committee, and that if Mr. Tatton could not do so, he would do so. Ms. Byrne volunteered to serve on the committee also. The vote was called: AYES: NAYS: Byrne, Cole, Keena, Minnick, Voth None ABSENT: ABSTAIN: Totton, M~Intyre None The motion carried. The meeting adjourned at 8:20 P.M. Gertrude G. Welty Recording Secretary - 3 -