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HomeMy WebLinkAbout1991-08-07 EURA MINUTES.. ENGLEWOOD URBAN RENEWAL AUTHORITY August 7, 1991 I. CALL TO ORDER. The meeting of the Englewood Urban Renewal Authority was called to order by Chairman James Totten at 5:30 P. M. in Conference Room A of the Englewood City Hall. Members present: Totten, Byrne, Minnick, Schmidt Wanush, Executive Director/Secretary Members absent: Bullock, Gease, Whatton Also present: Paul c. Benedetti, Legal Counsel II. APPROVAL OF MINUTES May 1, 1991 Chairman Totten stated that the Minutes of May 1, 1991 were to be considered for approval. After brief discussion, the consideration of the Minutes was delayed to ,a later time. III. 1992 EURA BUDGET Administrative Costs Mr. Wanush discussed the projected expenses for the remainder of 1991. There is an estimated $28,921 remaining in the EURA account as of June, 1991. Esti- mated expenses for the last part of 1991 are $31,507. The Authority will have no administrative funds remaining as of January 1, 1992. Mr. Wanush pointed out that in the estimated expenditures for the remainder of 1991, he has in- cluded funds ($8,000) for payment to the Trustee, which may or may not be ex- pended. Also included is $20,000 for legal fees; again, this total amount may or may not be expended. Mr. Wanush discussed the proposed 1992 Budget for the Authority and the method used in estimating the proposed budget. Mr. Wanush stated that he has in- cluded $30,000 for legal expenses in 1992, which may not be expended, and has also included expenses for the Trustee. Mr. Wanush stated that he has men- tioned to City Manager Fraser that the Authority will be in need of funding for 1992. He stated that City Council should be made aware of the need so they can consider it during their regu l ar budget sessions. Mr. Benedetti suggested there is a possibility that the Authority may request operating funds from the Trust Account since the default has occurred. The Authority must continue operating --it cannot be abolished, but must continue in operation to serve the bondholders. Mr. Benedetti stated that he would - review the Indenture to clarify his recollection on this issue and report back to the Authority. Discussion ensued. Ms. Schmidt stated that the Authority's continued operation is for the benefit of the bondholders, and questioned why the taxpayers of Englewood should have - 1 - to fund the continued operation of the Authority if the funds can be gotten from the Trust Account. Mr. Totton suggested that Mr. Benedetti be instructed to investigate whether the operating funds for 1992 can be obtained from the Trust Account. Mr. Wanush stated that he is of the opinion that the City Council should be notified of the need for funding in the event the funds are not available to the Authority from the Trust. Schmidt moved: Minnick seconded: The Englewood Urban Renewal Authority instruct Mr. Benedet- ti to investigate the possibility of acquiring operating funds from the Trust Account; further, that the City Coun- cil be notified of the need for 1992 funding in the event the Authority cannot receive funds from the Trust. AYES: NAYS: ABSENT: Byrne, Minnick, Schmidt, Totton None Bullock, Gease, Whatton ABSTAIN: None The motion carried. IV. REVENUE REPORT Mr. Wanush reviewed the revenue report with the Authority. Property tax revenues year-to-date of $438,559.86 are 7% above the revenues for the same time in 1990; sales tax revenues of $479,647.47 are 5% above revenues of 1990 on the same date. Mr. Wanush stated that the closure of Children's Palace will have an impact on future sales tax revenues due the Authority. Discussion on the closure of Children's Palace ensued. Mr. Minnick asked if there additional new closures. Mr. Wanush stated there were no additional closures; Jr. League of Denver has leased space in the Phar-Mor Plaza and will be opening shortly, and we anticipate leasing of 75, 000 square feet of the Buyer's Club structure in the very near future. Further discussion ensued. v. DEFAULT AND TRUSTEE UPDATE. Mr. Wanush requested that this matter be addressed in Executive Session since it involves potential litigation. Minnick moved: Schmidt seconded: The Englewood Session for litigation. Urban Renewal Authority go the discussion of matters AYES: NAYS: Byrne, Minnick, Schmidt, Totten None ABSENT: Gease, Whatton, Bullock ABSTAIN: None The motion carried. * * * * * - 2 - into of Executive potential .. Minnick moved: Schmidt seconded: The EURA come out of Executive Session. AYES: NAYS: Minnick, Schmidt, Totten, Byrne None ABSENT: Gease, Whatton, Bullock ABSTAIN: None The motion carried. VI. COMMISSIONER'S CHOICE Mr. Totten discussed the extensive efforts to get Cinderella City improved and leased. Mr. Wanush stated that there are continuing discussions regarding a community center, a day care center, and a science area for children. Brief discussion ensued. VI. APPROVAL OF MINUTES. May 1, 1991 Minnick moved: Schmidt seconded: The Minutes of May 1, 1991 be approved as written. AYES: Minnick, Schmidt, Tot ton NAYS: None ABSTAIN: Byrne ABSENT: What ton, Bullock, Gease Chairman Totten declared the motion carried, and the Minutes stand approved as written. There being no further business to come before the Authority, the meeting was declared adjourned at 6:00 P.M. Gertrude G. Welty, Recording Secretary - 3 -