HomeMy WebLinkAbout1992-07-01 EURA MINUTESI.
ENGLEWOOD URBAN RENEW AL AUTHORITY
JULY 1, 1992
CALL TO ORDER.
The regular meeting of the Englewood Urban Renewal Authority was called to order at 5:30
by Vice-Chairperson Byrne in Conference Room A of Englewood City Hall.
Members present: Byrne, Waggoner, Schmidt, Smith
Stitt, Acting Executive Director/Executive Secretary
Members absent: Totton, Minnick, Whatton
Also present: City Manager Fraser; Economic Development Administrator Pepper
II. APPROVAL OF MINUTES
May 6, 1992
Ms. Byrne asked for consideration of the Minutes of May 6, 1992.
Schmidt moved:
Smith seconded: The Minutes of May 6, 1992 be approved as written.
AYES:
NAYS:
ABSENT:
ABSTAIN:
Byrne, Waggoner, Schmidt, Smith
None
Whatton, Minnick, Tatton
None
The motion carried.
ID. REPORT FROM CITY MANAGER
City Manager Fraser updated members of the Authority on activities pertaining to the Cin-
derella City Mall, Trolley Square, the Tri-Cities Planning Group, and the potential relocation
of Best Buy.
Authority member Minnick entered the meeting during Mr. Fraser's discussion.
Mr. Fraser and Ms. Pepper excused themselves from the meeting.
IV. REVENUE REPORT
Mr. Stitt reviewed the latest Revenue Report with the Authority. Property tax revenues year-
to-date are $648,384.24; sales tax revenues year-to-date are $478,910.16. Mr. Stitt attributed
the improved property tax revenues to the procedures now being followed by the County As-
sessor in apportionment of abatements and valuation reductions. Sales tax revenues are also
ahead of the same period last year.
v. CENTRAL BANK OF DENVER
Mr. Stitt stated that he had received a copy of correspondence which Central Bank sent to all
EURA bondholders with the June 1 payment. This correspondence outlines the amount of
distribution to all bondholders of the funds accrued for the June 1 payment. According to the
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letter from Mr. Hoffman, the IRS has not made a determination whether this method of distri-
bution is correct.
Mr. Waggoner inquired why the Bank continues to withhold $20,000 for "expenses". What
"expenses" does this cover. Discussion ensued.
Schmidt moved:
Waggoner seconded: Central Bank of Denver be asked to prepare an itemized statement of
"expenses" paid from revenues for Bond payments for 1991 and 1992,
and to submit such itemized statement to the Authority.
AYES:
NAYS:
Waggoner, Byrne, Minnick, Schmidt, Smith
None
ABSENT:
ABSTAIN:
Totton, Whatton
None
The motion carried.
VI. PUBLIC FORUM
There was no one present to address the Authority.
vn. DIRECTOR'S CHOICE
Mr. Stitt had nothing additional to discuss with the Authority.
Vlll. COMMISSIONER'S CHOICE
Mr. Smith discussed the possibility of a "new project", and encouraging existing bondholders
to trade in their existing bonds for bonds under the new offering. He emphasized the necessity
of more control on design factors, and revenue streams. The possibility of buying out some
bondholders who did not want to participate in a new project was also mentioned. Discussion
ensued.
Mr. Stitt pointed out that several scenarios had been explored prior to the default, including
restructuring of the bond issue. Further discussion ensued.
There was nothing further brought up for discussion.
The meeting adjourned at 6:50 P .M.
L~Ld-~ Gertrude G. Welty
Recording Secretary
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