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HomeMy WebLinkAbout1989-02-01 EURA ANNUAL MEETING• • • I. CALL TO ORDER. ENGLEWOOD URBAN RENEWAL AUTHORITY FEBRUARY 1, 1989 ANNUAL MEETING D R A F T The Annual Meeting of the Englewood Urban Renewal Authority was called to or- der by Chairman Voth at 5:45 P. M. Members present: Byrne, Keena, Mcintyre, Totton, Voth Hinson, Executive Director/Executive Secretary Members absent: Minnick, Cole Alternate Member Hanson Alternate Member Daugherty Also present: Harold J. Stitt, Assistant to EURA Director Richard S. Wanush, Director of Community Development II. APPROVAL OF MINUTES. December 7, 1988 Chairman Voth stated that the Mi nut es of December 7, 1988 were to be con - sidered for approval . Mcintyre moved: Totton seconded: The Minutes of December 7, 1988 be approved as written. AYES: NAYS: Keena, Mcintyre, Totton, Voth, Byrne None ABSENT: ABSTAIN: Cole, Minnick None The motion carried. III. ELECTION OF OFFICERS Chairman Vice-Chairman Executive Director/Secretary Mr. Hinson stated that this is the Annual Meeting of the Urban Renewal Au- thority, and that officers for 1989 need to be elected . Mr. Hinson stated that the Authority will be meeting on an intermittent basis for the next few months unless something arises that the Authority needs to take formal action on. He suggested that there may not be a substantial time demand on officers of the Authority during this period of time. Mr. Mcintyre nominated Mr. Voth for Chairman of the Englewood Urban Renewal Authority. Mr. Tatton seconded the nomination. Ms. Keena moved that the nominations be closed, and that Mr. Voth be elected Chairman by acclamation. The motion was seconded, and Mr. Voth was elected Chairman. -1 - 9 .. l Mr. Mcintyre nominated Mr. Totten as Vice Chairman of the Englewood Urban Re-· new al Authority. Ms. Keena seconded the nomination. Ms. Keena moved that • nominations 'be closed, and that Mr. Totten be elected Vice Chairman by ac- clamation. The motion was seconded; Mr. Totten was elected Vice Chairman. Mr. Hinson stated that the Authority needs to designate an Executive Director/ Executive Secretary for 1989. Mr. Mcintyre moved that Mr. Hinson be designated as Executive Director/ Executive Secretary of the Urban Renewal Authority for 1989. Ms. Keena secon- ded the motion. Mr. Totton moved that Mr. Hinson be designated as the Execu- tive Director/Executive Secretary of the Authority by acclamation. The motion was seconded, and Mr. Hinson was designated as the Executive Director/ Executive Secretary of the Authority. IV. CONVEYANCE OF REAL PROPERTY TO CITY OF ENGLEWOOD Resolution #1, Series of 1989 Mr. Hinson stated that .some of the real property acquired by the Authority and developed by the Authority, such as Inca Way and The Plaza at Little Dry Creek, can now be dedicated to the City of Englewood. Mr. Hinson stated that there will be other areas to be dedicated to the City in the future, such as areas along Little Dry Creek east of Broadway to South Clarkson Street, and port i ans of Englewood Parkway. However, he recommended waiting unt i1 such time as all the parcels have been acquired in a specific project area before dedication of that area by the Authority to the City. Mr. Hinson stated that Resolution #1, Series of 1989 has been prepared which will dedicate Inca Way • and The Plaza at Little Dry Creek to the City. Tatton moved: Mcintyre seconded: The Englewood Urban Renew a 1 Authority approve and adopt Resolution #1, Series of 1989, A RESOLUTION OF THE ENGLE- WOOD URBAN RENEWAL AUTHORITY TO CONVEY CERTAIN REAL PROPER- TIES TO THE CITY OF ENGLEWOOD. AYES: NAYS: ABSENT: ABSTAIN: Mcintyre, Totten, Voth, Byrne, Keena None Cole, Minnick None The motion carried. V. LINCOR PROPERTIES OF COLORADO Phar-Mor Plaza Mr. Hinson stated that construction on the Phar-Mor Plaza is 91% completed, and Lincor Properties of Colorado is requesting a Partial Certificate of Com- pletion, and a corresponding reduction in the amount of their Certificate of Deposit. Partial Certificates of Completion have been issued by the Authority previously, most recently to Trammell Crow on the Englewood Marketplace. Mr. Hinson stated that the parking lot for Phar-Mor Plaza should also be included in the "completed" phase of the project. Mr. Hinson stated that staff recom- mends approval of the issuance of a Partial Certificate of Completion and the • reduction in the amount of the Certificate of Deposit. - 2 - • • • Keena moved: Mcintyre seconded: The Englewood Urban Renewal Authority approve the reduction in the amount of the Certificate of Deposit from Li ncor Properties of Colorado as requested, and issue a Partial Certificate of Completion on the Phar-Mor Plaza. AYES: NAYS: ABSENT: ABSTAIN: Totton, Voth, Byrne, Keena, Mcintyre None Minnick, Cole None The motion carried. Mr. Hinson stated that he and Lincor representatives will be meeting with real estate brokers on February 2 to showcase the area and to acquaint the brokers with the Phar-Mor operation. Very few people in this part of the country are familiar with the Phar-Mor operation, and attempts to lease the remainder of the Plaza have been slow. It is hoped that this meeting will assist in the leasing efforts. VI. FINANCIAL REPORT Mr. Hinson discussed his memorandum regarding the 1988 EURA Financial Perfor - mance, and addressed the issue of Bond Service Funds first. Mr. Hinson stated that the sales tax increment revenues exceeded the projections by an estimated $175,000. Projections for sales tax increment revenues in 1989 are estimated to be $1,400,000 . Mr. Hinson discussed the property tax increment revenues, and stated that there is considerable concern on this issue. Mr. Hinson stated that he will be meeting with City Manager Fraser, Mr. Steve Bell of Prudential-Bache, Mr . Steve Lyon of Hanifen-Imhoff, and Ms. Carolyn Justice from Mr. Benedetti's office on February _2 to discuss this issue. Mr. Hinson reviewed contacts with the County Assessor's Office regarding property tax abatements which are being applied only against tax increment revenue collections, and not apportioned between the revenues and the base as the EURA feels it should be. Mr. Hinson stated that there have been $3. 8 mi 11 ion in abatements in the Urban Renew a 1 Authority Tax Increment District alone. Mr. Hinson stated that the Riverfront development in Littleton is also being affected by the abatement procedures followed by the County Assessor. Mr. Hinson suggested that if negotiations are not productive, that some form of legal action may be necessary to prevent the loss of the tax increment funds through an improper distribution. Mr. Hinson stressed that the problem is a difference of opinion on the interpreta- tion of the law . Mr. Hinson stated that the Adams County Assessor is appor- tioning the abatements between the base amount and the tax increment revenues, as the Authority staff feels it should be done. Discussion ensued . Ms. Keena asked what legal obligation the Authority has to the bond purchasers to pursue the matter. Mr. Hinson stated that he needs to discuss the issue further with the underwriters, and it is possible that the underwriters may want to pursue the matter jointly with the EURA, or on their own. Further discussion ensued. Ms. Daugherty entered the meeting at 6:10 P.M. and took her chair with members of the Authority. -3 - If legal action becomes the only alternative available to the Authority, Ms. Keena suggested that the EURA not involve the City of Englewood. Mr. Voth • suggested that attempts should be made to get the underwriters involved and that the City should be informed of the intent of the Authority. Ms. Keena inquired whether contact with the County Cammi ss i oners would be of benefit Ms. Keena stated that Mr. Hinson should firm up the date on which the dis- tribution of the funds would occur, and action should be taken prior to that date if we are going to pursue legal action. Mr. Stitt discussed his memorandum on December Property Tax Collections, which noted a shortfall of $416.53. This shortfall will be applied to any property tax revenues that may be received in January, or until such time as this short-fall is recouped. The total property tax received in 1988 was $528,067.48, and the Authority had anticipated receiving $558,879. Mr. Hinson then discussed Operating Funds. Mr. Hinson stated that with the completion of the majority of the projects, legal fees have dropped sharply, and other savings have resulted in a carry over of approximately $165,000 to the 1989 budget. Mr. Tot ton suggested modi fi cation of the Expenditure Reports now that the majority of the projects are completed to have only a line item, not the detailed analysis that is currently used. VII. ENGLEWOOD MARKETPLACE Mr. Hinson stated that the Marketplace will be installing their permanent sign in the near future. VIII. JASMINE CHINESE RESTAURANT Mr. Hinson stated that contractors doing work on the Jasmine Chinese Res- taurant reportedly damaged the sidewalk and some of the landscaping. The res- taurant owners were informed at least two weeks ago that this damage has to be repaired, or a letter of credit posted with the City to cover the damages be- fore a Temporary Certificate of Occupancy will be issued. To this date, they have made no effort to make repairs or restitution to the City, and the City's position is that the Temporary Certificate of Occupancy will not be issued until they comply. IX. TROLLEY SQUARE Mr. Hinson stated that JWM is still negotiating leases for the Trolley Square development. Discussion ensued. X. TOUR OF MARTIN-MARIETTA Mr. Hinson stated that Mr. Walt Tomooka of the EDDA has scheduled a tour of the Martin-Marietta plant for Friday morning, February 3. Those wishing to go on the tour are asked to meet in the Masonic Temple parking lot at 7:00 A.M., - 4 - • • ... • • • where car pools will be arranged. Breakfast will be at Martin -Marietta fol- lowed by the tour. Mr. Tomooka estimated that participants should be back in Englewood about 11:30 A.M. XI. THE PLAZA AT LITTLE DRY CREEK Mr. Hinson stated that Mclaughlin Water Engineers won a state-wide design com- petition award from the Consulting Engineers of Colorado. This project will now be submitted to the American Consulting Engineers Council for a nation - wide competition. EDAW has also won an award on the project. Other firms which were involved in the design and development of this project are also entering competitions. XII. MISCELLANEOUS Mr. Hinson asked that the Authority go into Executive Session for discussion of several items. Totten moved: Keena seconded: The Authority go into Executive Session . AYES: NAYS: ABSENT: ABSTAIN: Totten, Voth, Byrne, Keena, Mcintyre None Cole, Minnick None The motion carried . * * * * * * * * * * The Authority came out of Executive Session . The meeting adjourned at 7:00 P. M. ~L~-Gert rude G. Welty"" · Recording Secretary ' - 5 -