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HomeMy WebLinkAbout1990-03-14 EURA MINUTESENGLEWOOD URBAN RENE WAL AUTHORITY March 14, 1990 Special Meeting I. CALL TO ORDER. The Spec i a 1 Meeting of the Englewood Urban Renewa l Authority was ca 11 ed to order by Chairman Voth in Conference Room A of the Englewood City Hall. Members present: Keena, Minnick, Schmidt, Totton, Voth, Byrne Wanush, Executive Director/Executiv e Secretary Members absent : Bullock, Daugherty Also present: Mike Johnson of Davis, Graham & Stubbs Jim Kreidle, Kirchner Moore Alex Brown, Kirchner Moore II. APPROVAL OF MINUTES. February 7, 1990 Mr. Voth stated that the Minutes of February 7, 1990 were to be considered for approval. Ms. Keena stated that she would like to amend the Minutes on Page 3, to read as fo 11 ows: "Ms. Keena gave a more detailed backgroun d on the selection of the bond workout advisors and the bond workout legal counsel. The Authority delegated this responsibility to a Task Force which included staff and members of the Authority. Ms. Keena believes the delegation to have been appropriate, within the scope of th~ Authority's responsibility and satisfactorily complet- ed by the Task Force. Mr. Bullock reiterated his concern on the rates." Minnick moved: Keena seconded: AYES: NAYS: ABSENT: ABSTAIN: Minnick , None Bullock Tot ton The Minutes of Feb r uary 7, 1990 be approved as amended. Schmidt, Voth, Byrne, Keena The motion carried. III. ELECTION OF OFFICERS Mr. Voth stated that the Chair would entertain nominations for Chairman of the Authority for 1990. He stated that he does not want to be Chairman for an- other term. Ms. Keena nominated Mr. Tatton as Chairman, and Ms. Byrne seco nded the nomina- tion. There were no further nominations for Chairman. -1 - Minnick moved: Keena seconded: A una ni mous ballot be cast for Mr. Tatton as Chairman . AYES: NAYS: Schmidt, Voth, Byrn e, Keena, Minnick, Tatton None ABSENT: Bullock ABSTAIN: None The motion carried. Mr . Tatton was elected Chairman of the Authority. Mr. Voth stated that the Chair would entertain nominati ons for the position of Vice-Chairman of the Aut hority. Ms. Byrne nominated Ms. Keena, and Ms. Keena declined the nominatio n. Mr. Voth nominated Mr . Minnick as Vice Chairman. Ms. Keena seconded the nomination. There were no further nominations, and Mr . Minnick was elected Vice Chairman by unani mous vote. Mr. Voth stated that the Authority needs to designate an Executive Director/ Executive Secretary for the year 1990. Keena moved: Minnick/Tatton seconded : Richard S. Wanush be desi gnated as the Executive Director/Executive Secretary of the Authority for 1990. AYES: NAYS: ABSENT: ABSTAIN: Voth, Byrne, None Bullock None The motion carried. Ke ena, Minnick, Schmidt, Tatton IV. BOND WORKOUT PRO POSALS Mr. Wanush asked that th is discussion be in Executive Se ssion. Minnick moved: Keena seconded: The Authority go into Executive Sessi on . AYES : NAYS: Byrne, Keena, Minnick, Schmidt, Totton, Voth None ABSENT: Bullock ABSTAIN: None The motion carried. * * * * * * * * * * Ms. Daugherty entered the meeting at 6:30 P.M. and took her s eat with the mem- bers of the Authority . * * * * * * * * * * Minnick moved: Keena seconded: Th e Authority come out of Executive Ses sion . - 2 - AYES: NAYS: Byrne, Keena, Minnick, Schmidt, Totton, Voth None ABSENT: Bullock ABSTAIN: None The motion carried. The next meeting date was briefly discussed. The Authority determined to ad- here to the regular meeting night of April 4, 1990, at 5:30 P.M. in Conference Room A. The Authority thanked Messrs. Kreidle, Brown, and Johnson for their attendance and discussion. V. CLEVETRUST/FIRST NATIONAL BANK Resolution #2, Series of 1990 Mr. Wanush stated that following the last meeting at which time the settlement between the Authority and CleveTrust in the amount of $496,000 had been ap- proved, the First National Bank gave notice that they expected payment of fees for an appraiser they had hired in the amount of $2,200. CleveTrust has agreed to pay one-half this amount, and the Authority will pay the remaining one-half. Another resolution, Resolution #2, Series of 1990, has been pre- pared which accurately reflects the amount of $494,900 as payment to Cleve- Trust for the right-of-way taken by the Authority for Englewood Parkway. Mr. Wanush stated that the final documents have been distributed to all parties concerned, and signatures should be obtained very shortly. Tatton moved: Minni ck seconded: The Englewood Urban Renewal Authority approve Re solution #2, Seri es of 1990, A RESOLUTION OF THE ENGLEWOOD URBAN RENEWAL AUTHORITY RATIFYING A SETTLEMENT PRICE FOR THE AC- QUISITION OF A PARCEL OF PROPERTY OWNED BY THE FIRST NA- TIONAL BANK OF ENGLEWOOD, AND UNDER A LONG TERM LEASE TO CLEVETRUST REALTY INVESTORS, A MASSACHUSETTS UNINCORPORATED ASSOCIATION. AYES: Keena, Minnick, Schmidt, Tatton, Voth, Byrne NAYS: None ABSENT: Bullock ABSTAIN: None The motion carried. VI. RESERVE FUND Mr. Wanush reported on the termination of the repurchase agreement between TOPA Savings and the Authority. He stated that he had contacted some 1oca1 financial institutions as advised by the Board at the previous meeting, but without knowledge of the specific financial situation of TOPA the local finan- cial representatives could not give a definitive analysis of TOPA's request to terminate. Mr. Wanush reported that he had also contacted TOPA and stated- that the Authority found the $45,000 bonus to settle insufficient. TOPA de- clined to increase the bonus amount, and Mr. Wanush stated that he agreed to settle for the $45,000 as authorized by the Authority. - 3 - The funds that were on depo sit with TOPA have be en transferred and invested with ColoTrust on the pdv ice of the City Finance Di rector . VII. FINANCIAL REPORTS Mr. Wanush reviewed the financial reports for the Authority. The Authority has collected $241,605.08 in sales tax revenues, and $8,082.39 in property tax revenues year-to-date . Mr. Wanush reviewed a deb t service summary spread s heet, which indicates that the Authority received a total of $507, 244 .11 i n property tax revenues in 1989, and a total of $1 ,357,710.18 in sales tax re venues in 1989. Other mis- ce 11 aneous income amoun t ed to $272, 055. 95 for a total debt service fund of $2,137,010.14. The Deb t Service Payment amounte d to $2,943,937 .50. These figures reflect that t he Authority had to draw on the Reserve Account in the amount of $806,927 .26 in 1989. The Authority ha d a beginning balance in the Reserve Account of $2,492.943.36, and a year end balance of $1,666,016.10. Mr. Wanush emphasize d that these figures are unaudite d figures, and the audit is being done at this time. Discussion ensued. Th e closure of Buyer's Club does reflect in the decrease of sales tax amount thus far collected for 1990. VIII. COMMISSIONER'S CHOICE. Ms . Daugherty stated t hat the Mulberry Bush has clos ed business in Trolley Square. Mr. Tatton inquired abo ut further progress on Physic al Whimsical . Mr. Wanush stated that he had re ceived a report indicating an attempt to settle, but has heard nothing furthe r since that time. Mr. Wanush stated that the June Issue of the Nation al Geographic will feature an article on the floo d control efforts on Little Dry Creek and the develop- ment of the Plaza. Ms. Keena expressed he r appreciation to Mr. Voth for his excellent leadership of the Authority for the 1 ast sever a 1 years as Chairman of the Authority. Other members echoed Ms. Keena's sentiments. The meeting was decl ar ed adjourned at 7:45 P.M. 4d4AL'-4~ Gertrude G. Welty · Recording Secretary ~ - 4 -