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HomeMy WebLinkAbout2008-10-08 EURA MINUTES• • • ENGLEWOOD URBAN RENEWAL AUTHORITY Octob e r 8 , 2008 I. CALL TO ORDER The regular meeting of th e Engl ewood Urban Rene wa l Authority was called to order at 6:32 p .m. in the Community Development Conference Room of the Englewood Civic Center, Vice Chair Rogers presiding. Present: Absent: A lso Present: Staff: Roth, Bertoluzzi, Burns, Rogers , Gallardo, Weddle Weeks Jim Woodward, Counci l Liaison Ji m Anderson , M u n icipal Capital Markets Group, Inc. Alan White, Comm u nity Deve lopment Director Mark Graham, Senior Planner 11. PUBLIC FORUM There was no one present to address the Authority . 111. APPROVAL OF MINUTES • Te lephone Pol l of August 18, 2008 to appro ve the Ju ly 9, 2008 Minutes Chair Weeks stated that the telephone pol l to approve the Minutes of July 9, 2008 was to be considered. Bu rns moved: Roth seconded: THE TELEPHONE PO LL TO A PPROVE TH E MINUT ES OF JULY 9, 2008 BE APPROVED. AYES: NAYS : ABSTA IN: ABSEN T : Roth , Gal lardo, Bertoluzzi, Burns, Wedd le, Rogers None None Weeks The motion carried . • • • IV. QUARTERLY UPDATE FROM ENGLEWOOD ARTS ACOMA REDEVELOPMENT Mr. Bertoluzzi stated he would need to leave the meeting at 6 :50. He said Mr. Anderson is present and up-to-date on the project. He asked that the report he submitted be attached to the minutes. He stated the last sentence in the first paragraph of his memo dated September 26, 2008 the word address should be addresses. He said he assumes everyone has read what he submitted and offered to answer any questions . He thanked Mayor Woodward for allowing Englewood Arts to sit in on a couple of study sessions. He said it was a learning process and very helpful. He believes it was a very healthy process for EURA and City Council to go through regarding the responsibilities and the laws regarding EURA. Hopefu lly, the f utur e for EURA is bright and said he looks forward to working with the Board for many years to come . Mayor Woodward said one thing he committed to Council is that after every EURA meeting he will make a report to City Council and noted some Councils report on every meeting. Getting the minutes and reading the minutes is not the same thing. The EURA had their last meeting in July and w ithin a few days the Authority's attorney had put together the Memorandum of Understanding and it was signed and approved over the telephone poll so it never really got to Council for them to see. There were questions as to whether the EURA , l ike advisory boards, should be coming to Council. It was clarified that the EURA is a separate governmental agency similar to Englewood Housing and that they work with the City Council; it's something you do in collaboration with . He said he wanted to point out that is why ther e were two meetings called between EURA and City Council. There were some Council members that fe lt they had been left out of the process, but believes that has al l been resolved. He noted in Mr. Bertoluzzi's memo under item #3 it states "Because the EURA land was acquired by the City, and if EURA is dissolved by the City, the Land would revert back to the City .... ". That sentence came from an email between Mr. Bertoluzzi and me after the budget meeting. This was a general discussion; there is no intent of dissolving the EURA. These were just po i nts as part of the discussion. He wanted that clarified. Mr. Bertoluzzi said the property was acquired by the City . Mr. Graham said that is factually incorrect. The Authority issued bonds and the properties that were acq uir ed were acquired directly by the EURA according to State Statute . They did not come through the City. Mr. Burns said that is what he believed too. Ms. Rogers said this is an important point as things progress in your financing and also for you, Jim, in terms of the City Council 's outlook on this project. She said if she has any regret over the agreement that we did make with Mr. Bertoluzzi, is that we didn't make some sort of arrangement for a percentage of the tickets over the years to come. She said she sees that coming back to haunt her a little bit in this press release that was included in the packet that states the EURA gave you the lease for just $10 a year for a hundred years. It is mentioned in the press release that the reason the City doesn't want to give Englewood Arts money is because they think the y have already contributed through us and I think that is incorrect, probably from the thin gs I ha ve heard in the past and from what you are saying now. At some point that should probably be made clear to City Council. 2 • • • Mayor Woodward said he needs to very clear on that if he is going any further with it. During the Budget Retreat and it was the understanding of Council and the discussion was that taxpayer money was used for that piece of property. To come forward and make a commitment and to be able to fund an additional one million dollars, of which approximatel y $197,000 is existing in the Land Bank, by 2010 would really not be something that would be very straight forward with what we are going through and what we have gone through over the last few years and certainly the economic conditions we are looking at right now. Mr. Burns asked if Council thinks they are donating the land because it was owned by taxpayers. Ms. Rogers says it actually says that in the press release. Mr. Woodward said that isn't a press release ; it's Mr. Munds' opinion. Ms. Rogers asked which Council member feels like they have made the contribution via the land because they feel the land came from them to the EURA. Mayor Woodward said it was a discussion numerous Council members had and if Mr. Graham is saying something else ... that bonds were provided which the EURA repaid then that's different. It was asked how the bonds were repaid. Ms. Rogers said most importantly, the point is this is something that Englewood Arts needs to continue to work on because if that 's the perception in terms of City Council, she thinks it is hurting them for future support when the City does have the money. Mr. Bertoluzzi said he believes it is a talking point but at this point in time there is nothing we can do about it. The Resolution has been passed and there was a perception by the Council that they needed to protect themselves and the taxpayer 's money. From prior conversation with Mr. Graham, he said it was his understanding that the property was acquired through eminent domain and the City never put out any money for it. What we needed was something on which we could move forward. Hopefully, in the future once we have raised the money to build the center, this issue won 't matter and City Council will jump on board and they will take all the credit for having built the facility. Ms. Rogers said in reading the newspaper article she said she feels EURA's efforts were overshadowed by this whole thing because that is the reason we decided to give you the property for $10 a year. We felt like we were doing the best thing for the community and the article doesn't mention that. Mayor Woodward said personall y he feels like the Resolution that was prepared and hopefully, you agree was one that ultimately other than the dollar amount, was desired to show the support. Mr. Bertoluzzi said had the Resolution been more or less what we had requested, he felt confident that he would be here today telling you that we have a major contribution . However, that did not happen. When he spoke to this local businessman he said it is not necessarily the money Eric, it's if I am going to write a check I need to feel comfortable that the City leaders are behind this project. That is why I am hoping that Mayor Woodward and some other Council members will go with me to see this businessman to say we really love this project and support EURA and what they are doing. That 's what this gentleman needs to see . 3 • • • Mayor Woodward said he is certainly willing to meet with him and others . He noted the Resolution passed 7-0; there was no dissent. Mr. Bertoluzzi said he felt we can move forward now. The Memorandum of Understanding was so important to this project and so is Council 's Resolution. He said he feels like now we have something that will support us when we go to the community. Mr. Bertoluzzi said personally he doesn 't know if that is the right piece of property, if this is the right design, and if we end up building it he doesn 't know if it will be the perfect building, and if the y'll be able to operate it in the black; there are no guarantees. However, he is confident they have the right people working on the project and the support that they have gotten from the EURA and City Council's actions on Monday have really encouraged him. He said he needs to be out there carrying the torch for the project and you have made it possible for me to do that. Ms. Rogers thanked Mr. Bertoluzzi for his remark . He referenced several drawings of the proposed art center that were on display and said there would be a dynamic presentation before the Development Review Team on either the 20 th or 27th of this month . Mr. Bertoluzzi left the meeting at this time . Ms. Rogers asked if anyone had any comments on what Mr. Bertoluzzi presented. Mr. Graham stated he would like to explain several of the documents in the packet. He said a letter from Executive Director White to Englewood Arts (Mr. Bertoluzzi) was included requesting more information from Englewood Arts. That was according to Exhibit C, Schedule o f Performance. The requirement is to get development plans to the Development Review Team (ORT) and also to provide the EURA with parking information . Mr. Bertoluzzi provided the parking count within a week or so of receiving the letter and the information has been passed on to Walker Parking, a consultant hired by the City. Walker Parking held a public meeting last night and discussed some preliminary findings including the impact of the arts center. Staff expects to have a report in November from Walker Parking that will help us understand the parking situation better. Staff will provide that information back to Englewood Arts . The development plans for the project needed to be sufficient to help identify any issues that Staff might not be aware of at this time that may have significant impact on the design of the project or the area such as storm water detention, landscaping, utilities, etc. If you plan far enough in advance it is possible to work things out. Staff has encouraged Englewood Arts to provide this level of information and they have agreed. Mr. Graham said Staff will try to have information regarding the meeting with ORT to present at the January quarterly meeting. Mayor Woodward asked Mr. Graham if he could share any information regarding the public meeting on parking that was held last night. 4 • • • Mr. Graham said there were five people in the audience, all familiar to him and all with direct interest in having parking in the downtown. There were numerous opinions expressed and Mr. Graham shared some of those opinions with the Commission. Ms. Rogers asked Mr. Graham if it would be helpful when EURA discusses parking to open the meeting to the five people who attended the parking meeting. Mr. Graham said they certainly need to be included in the discussion . Ms. Weddle wasn't supportive of having a special meeting; they can get the information when it is presented at the City Council meeting. Mr. Graham said Mr. Simpson of Walker Parking presented some preliminary information . Their findings were there are lots of parking places, public and private, in the downtown. They did not feel paid parking was an option due to the high cost of building structured parking. They felt it would be smarter to acquire land for surface parking at this point or for Englewood Arts to contract with nearby retail centers for the use of space on Friday and Saturday . Discussion ensued . Mayor Woodward said somebody should be talking to the Kroneke people, specifically Chuck Morris, who is looking for a performing arts venue . Mr. Anderson said the Resolution from City Council was important to us so we can demonstrate we have the support of the community. The next part is parking. Englewood Arts believes it is important that we have an answer to the parking situation so if a potential donor asks us about parking we have an answer. We are now waiting for the Walker study and then we need a solution, whatever that may be, that is agreeable to this group as well as to City Council. We need to have an agreement on this issue before we are in front of a potential donor. One thing we all know is that there is plenty of parking most of the time; it's just a matter of whether can we share the private parking lots . One thing we don't want to do is for the City to end up with too much parking. Mayor Woodward said absolutely, it's detrimental. He briefly went over the site plan provided for the meeting and noted it's not the final plan . The final size of the venue has yet to be determined . Mayor Woodward said he has talked to several County Commissioners, South Metro Chamber of Commerce, and members from SMART about the arts center. He also heard a response from a candidate out of Littleton that is running for a State Representative seat that is aware of what is going on and says Littleton is really jealous. There is support from other governmental type agencies and agencies that people will immediately recognize like Arapahoe County Commissioners and South Metro Chamber of Commerce . Mr. Anderson said their next plan is to approach all of the surrounding governments and make a formal presentation to each board to let them know what is going on. And perhaps something will come out of those presentations. Ms. Rogers suggested placing an article in surrounding area newspapers and contacting the Bill Daniels Fund . Mr. Graham said Staff requested a schedule from Englewood Arts. Schedule has more than one meaning it turns out. The schedule that was provided and included in the packet is in fact a schedule showing various categories of purchase and construction , purchase land , etc. By way of clarification what was meant was a calendar type of schedule. Exhibit C talks about the ability of the EURA to request reports, progress and what your milestones are in 5 • • • terms of the calendar. There was a d i scussion with myself, Director White, Mr. Stitt, Mr. Anderson, Mr. Bertoluzzi and Mr. Copenhaver to discuss this point and to see if they are on track for the 24 month period that was imagined in the Redevelopment agreement or in fact whether they are at the point they anticipate needing more time . They have been asked to put that into a letter to say we do want to extend the agreement and here are some of the milestones we expect to reach and the dates. He stated he has not received that letter from En glewood Arts to date. The most important point that the Urban Renewal Statute makes for a decision b y this Board is that the group has the capacity to do the redevelopment. That needs to be demonstrated periodically and that there is reasonable progress towards meeting that goal. If there is a feeling that that is not being met then there is an obligation for the EURA to bolster the support and ask for more information and build the case or to make the decision not to continue the agreement. Staff is encouraging Englewood Arts to make it clear to the Board members that their expectations have been adjusted and here are the new expectations. Hopefull y, before the next quarterly update meeting we will have that letter. Mr. Anderson said it is taking longer than expected. Getting together with Council took longer, the parkin g issue is taking longer because of the new study being done and he anticipates that it will be probably at least another three or four months before we have any solution on that issue . That's not to say we cannot do some things in the meantime, but we 'd really like to have that nai led down before we go out to talk to people. Ms. Rogers said now that you have your City Council support there is really nothing impeding your fundraising. Mr. Anderson said parking is still an issue . We need to ha v e a reasonable resolution to it. Mr. White sai d the Schedule of Performance probably needs to be amended. Mayor Woodward said marketing conditions are no different for the City of Englewood than they are for Englewood Arts right now or the rest of the world. He said he believes market conditions are a huge factor here with the ability to raise funds. Mayor Woodward asked Mr. Anderson if he knew what percentage was used to figure the inflation factor for 2 years on the fundraising schedule . Mr. Anderson said he believed they used 3.5 %. May or Woodward said he personall y would suggest that may be light on construction in lieu of what is going on with commodities right now. Mr. Anderson said your point is well taken and the numbers should probabl y be a bit higher . He noted the numbers are already inflated to begin with , but without a final design it is hard to do. V. DIRECTOR 'S CHOICE Mr. White had nothing further . 6 • • • VI. STAFF'S CHO ICE Mr. Graham noted for the record there was no public in attendance to speak under Public Forum. Mr. Graham referred to the memo included in the packet describing an opportunity to use the eastern most part of the EURA property at Broadway and Englewood Parkway for a sign. Mr. White pointed out the area on the site plan provided by Englewood Arts. The sign would direct people from Broadway through to the CityCenter area and perhaps include major destinations such as Civic Center, the library, and Light Rail. It would also include commercial uses such as for Wal-Mart, restaurants, etc. Mayor Woodward said actually this was my idea and was discussed in economic development. He said there is a marketing opportunity there at least in a temporary form . There are 50,000 plus cars that are driving Broadway and there is no signage that says Wal- Mart, Country Buffet, Ross or Sports Authority is located to the west. He said part of his job is to look at ways to increase sales revenue on the sales tax side. He said if a sign were to be installed there he believes the businesses would be willing to pay for the sign . Wal-Mart has already been approached and they are willing to participate. Mayor Woodward also spoke to Country Buffet and they have said absolutely they would be willing to contribute. He said he believes the participation is there and all of the traffic traveling on Broadway that doesn't know what is over in that area .... we'll start to see an increase in sales tax in this area. The CityCenter sales tax has plateaued . Ms. Rogers said she is very supportive of the City doing something in a generalized term and if you want to take contributions from merchants without naming their names she thinks that would be fantastic. She said she has seen it done in a number of small towns, particularly Salida where she was active in the City government where the highway was built away from the downtown area. It works very well in redirecting people. She is opposed to putting individual names on the signs unless they want to pay for it and the money should go to EURA. Possibly, we could make an annual contribution to the community art center with the income . She'd like to see some type of income. Mayor Woodward said we are not talking something as large as a billboard. He said he did envision the sign to be a profit center. It 's the result of the sign that is the profit center for the City. Part of the understanding is that at some time the sign could go away. Ms. Weddle asked how large a sign is being considered. Mayor Woodward said probably like what is on Hwy. 285 that directs traffic into CityCenter. Ms. Weddle said when her business was off South Downing she had to explain to customers how to get to Wal-Mart or Hobby Lobby as people thought is was a long way away. They had no idea that shopping area was there. Mr. Graham noted that the Urban Land Institute was here a few weeks ago and toured the area . They felt one of the drawbacks of the project was lack of signage . 7 • • • Mr. Burns asked if Staff is requesting the EURA to adopt a Resolution to support the sign. Mr. Graham said yes , recognizing that the sign has not been designed yet and has not been funded. We don 't know a lot of the details. Staff would bring a lease agreement back to the Board and the EURA would have some outs if you get an offer for development of the property. Staff realizes it is preliminary, but needed to know if the Board was receptive. Mr. White said he has initiated discussions with the consultant Staff uses for the catalyst program for signage to come up with some ideas. Mayor Woodward said he would recommend the woman that is working on Jon Cook's properties. Mr. White said the City Attorney's office is working on the idea also . It is being patterned after several signs that have been done in the past. Mr. Roth said there was a discussion on this at a Planning and Zoning meeting recently. It was determined the issue is a mine field and they didn't want to venture out into it. There would have to be some sort of ordinance or resolution. Strictl y speaking it would be an illegal sign according to the current Code. Mr. White said the Planning and Zoning Commission felt amending the Code is not the way to go . This sign would be done similar to what has been done in the past at several other locations along Hwy. 285. Ms. Weddle asked if the sign has to be on EURA property ... can it be right by the light pole and not on the property itself. Mayor Woodward said he would assume there needs to be some sort of separation. Ms. Rogers said it probably would be a right-of-way and liability issue . There almost has to be dollars exchanged if you are using the sign for private enterprise. It's one thing if you have an agreement with the City and the liability is agreed upon with the City and it's for generic use to promote the City. That's for the good of the City in general , but once you start naming individuals that's a whole different issue. Mayor Woodward said those are probably legal questions. Rogers moved: Weddle seconded: THE ENGLEWOOD URBAN RENEWAL AUTHORITY SUPPORTS A RESOLUTION EXPLORING THE CONCEPT OF PLACING A COMMERCIAL IDENTIFICATION SIGN ON ENGLEWOOD URBAN RENEWAL AUTHORITY PROPERTY FOR CITYCENTER WHICH MAY INCLUDE SOME COMMERCIAL APPLICATIONS. AYES : NAYS : ABSTAIN: ABSENT : Roth , Gallardo, Burns, Weddle, Rogers None None Weeks, Bertoluzzi The motion carried . 8 • VII. COMMISSIONER'S CHOICE • • There was no further business to come before the Authority; the meeting was declared adjourned at 7:48 p.m. ~CL~ Barbara Krecklow, ~ary 9 • • • To: From: Alan White, Executive Director Englewood Urban Renewal Authority Eric Bertoluzzi, Chair Engelwood Arts Date: September 26, 2008 Re: Acoma Redevelopment Quarterly Report 1. Englewood Arts (E-Arts) is grateful to EURA for its support of the proposed redevelopment of the Acoma Property (Property). We and Glenarm Partners deeply appreciate the favorable consideration given to our request at the July 9 EURA meeting, in which we submitted a proposed resolution. Our fundraising efforts, to that date, had clearly resulted in the message that City support was essential for the proposed arts center Capital Project to be successful. The EURA Memorandum of Understanding, dated 7 /18/2008, more than adequately address our request. 2. In early September, Englewood Arts submitted information to the Community Development Department for the current Parking Analysis commissioned by the City. E-Arts also met with Alan White, Harold Stitt and Mark Graham to discuss and receive clarification of Mr. White's letter of August 26. 3. E-Arts and Glenarm Partners participated in City Council Study Sessions on August 25 and September 22 for the purpose of a discussion a proposed resolution from Council that would have restored the Land Bank to $475,000 (the amount prior to the construction of Hampden Hall), and, over a period of several years, built the Land Bank to $1,000,000, which was the original goal set by Council in 2002. Prior to the September 22 Study Session, E-Arts submitted the Four Year Operating Budget and the Cultural Center Fundraising Schedule to Council, which had been requested following the August 25 Session. Attached to this Quarterly Report is the report from Mayor Woodward of the Council Budget Retreat held on September 20, during which the Land Bank proposal was discussed. The second sentence of paragraph #4 reads: "Because the EURA was acquired by the City, and if EURA is dissolved b y the City, the Land would revert back to the City ....... " For obvious reasons, this sentence begs for very serious discussion by all parties involved and associated with the redevelopment of the Property. It is the intent of E-Arts to submit, by the end of September or in early October, information for the City's development Review Process, as required in Section 5.02 of the Redevelopment Agreement. Attachments: Parking Projections WolosynContribu tors Cultural Center Fundraising Schedule Four Year Operating Budget • • • Englewood Cultural Arts Center Parking Projections PEAK USE: FRIDAY & SATURDAY EVENINGS Theatre sold-out event+ staff Ballroom event: max. attendees, staff & caterers Education Wing: classes 650 attendees 450 25 1,125 AVERAGE USE: FRIDAY, SATURDAY & SUNDAY MATINEES & EVENINGS Theatre event + staff Ballroom event: attendees+ staff and caterers Education Wing WEEKDAYS: DAYTIME AND EVENING Theatre Education Wing 250 350 attendees 50 650 25 100 125 • • • Englewood Cultural Arts Center Contributions in Memory of Olga Wolosyn GOVERNMENTS & BUSINESSES INDIVIDUALS Englewood City Council Vince & Debra Atencio Englewood Parks and Recreation Eric & Joan Bertoluzzi Englewood Soccer Association Jerrell and Mary Black Englewood Employee Association Robert Boardman Greater Englewood Chamber of Commerce Eileen Elchin Ciccotelli Lewan & Associates, Inc . Pat Cronenberger Metro Mayors' Council, Civil Results C. J. Cullinen Millenium Bank (in Edwards, CO) Kate Dulaney & member's of City of Sheridan, Mayor Carter & City Council Olga's "New Book Club" City of Woodland Park, Dennis Deigo Mayor Gary Crane & City Council Eve Higgins Cherry Hills Village, Natasha High Mayor Mike Woziak & City Council Leigh Ann Hoffhines Town of Bowmar Susan & Mike Keene Mary Lehman Doug and Dorothy Luckie Denise Costello Maher Kyle MacMillan and Andrea Berggren Patty Meek Marlene Mosman Mary W. Murrin Betty Robertson Cynthia Scott Donna schni tzer Bob Simpson Robert & Marlea Taylor Donna Tabor Jana & Clay Warner Hanna Warren Jim & Julie Copenhaver Jean Mitton Shelly & Charles Overturf Suzanne Ryan Meredith Wortzel • Englewood Arts Cultural Center Fundraising Schedule Land -Pre sent Value of Ground Lease w . EURA 1.250.000 1 Construction: Theatre & Education Facilities $ 11 ,100,000 Site Improvements 2,750,000 Architecture & Engineering 970,000 Inflation Facto r (2 years) 1, 111,500 Sub-total -Construction 15,931,500 Furn ishing, Fixtures & Equipment 1,858,500 Contingency 1,000,000 Working Capital for Initial Operating Expenses 500,000 Fundraising Costs 400,000 Legal, Permits , Title Insurance, & Misc . 310 ,000 Total Capital Costs 20,000,000 Operating Endowment 5,000,000 Working Fundraising Goal 25 .000.000 I • Optional Items: Parking -300 car surface parking Land 4,250 ,000 Improvements 750,000 Total Parking I 5 ,ooo.ooo I Optional Fundraising Goal 30 .000 .000 I • • • • Draft 9/23/2008 Englewood Cultural Arts Center Four-Year Operating Budget* FY 2011 FY 2012 FY 2013 FY 2014 Income Earned Income * Performance Venues $269,500 $273,950 $309, 150 $325,970 * Education Facilities 125,000 150,000 200 ,000 238 ,900 * Community Events Rental 130,000 160 ,000 190 ,000 207,000 * Venue Rental 0 0 0 0 * Facilities Rental-Business 10 ,000 20,000 30,000 30,000 * Con cessions/Shop/Misc. 8,000 10,000 10,000 10,000 Subtotal $54 2,500 $613,950 $739, 150 $811 ,870 Contributed Incom e * Individuals $30,000 $40,000 $50,000 $50 ,000 * Business Council 10 ,000 12,000 15,000 20,000 * Sponsorships 25,000 30,000 30,000 30,000 * Foundations 195,000 145,000 25,000 25,000 * Endowment Income 175,000 200,000 250,000 250 ,000 Subtotal $435 ,000 $427,000 $370 ,000 $375,000 Government Sources * SCFD $75 ,000 $100 ,000 $100,000 $100,000 * Colorado Council on the Art s 3,000 3 ,000 3 ,000 3,000 * Other Government 0 0 0 0 Subtotal $78,000 $103,000 $103 ,000 $10 3,000 Total Income $1,055,500 $1 ,143,950 $1 ,212,150 $1,289,870 Expenses Education Facilities •Personnel $110,000 $120,000 $125,000 $147,195 * Annual Equip!. Replacement $0 $7 ,000 $10,000 $10,000 * Supplies and Expenses 50,000 60 ,000 75,000 75,000 Subtotal $160 ,000 $187,000 $210,000 $232, 195 Performance Venues •Personnel $125 ,850 $140 ,000 $152,250 $169 ,700 * Supplies and Expenses 68 ,000 75,800 80 ,300 86 , 100 Subtotal $193,850 $215,800 $232,550 $255 ,800 Center Operations * Operation s Staff $155 ,000 $160,000 $170 ,000 $175 ,100 • Resource Development 75,000 78,000 82,000 87 ,210 * Audience Development 90,000 100,000 105 ,500 111,912 Utilities , Maintenance, etc . 375,335 396 ,950 405 ,230 415,335 * Oth er Expenses 0 0 0 0 Subtotal $695,335 $734,950 $762 ,730 $789 ,557 Total Expenses $1,049,185 $1,137,750 $1,205,280 $1,277,552 Net Surplus/Loss $6,315 $6,200 $6,870 $12,318 • Assumes grand opening 9/201 O ** Fiscal year 7 /1 -6/30 • • • The recording secretary conducted a poll of 7 Englewood Urban Renewal Authority members via telephone on Thursday, October 23, 2008 to approve the Minutes of October 8, 2008. The Minutes of October 8, 2008 were approved. A YES: Bertoluzzi, Roth, Weddle, Gallardo, Burns, Rogers NAYS: None ABSENT: None ABSTAIN: Weeks