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Home My WebLink About1992-12-02 EURA MINUTESENGLEWOOD URBAN RENEWAL AUTHORITY DECEMBER 2, 1992 I. CALL TO ORDER. The regular meeting of the Englewood Urban Renewal Authority was called to order by Chairman Totton at 5: 30 P. M. Present: Absent: Minnick, Schmidt, Waggoner, Totton Stitt, Acting Executive Director/Executive Secretary Merkel, Director of Community Development Whatton, Byrne (previous notice of absence given by both) Smith (no notice of absence given to staff) II. APPROVAL OF MINUTES. September 2, 1992 Chairman Totton asked for consideration of the Minutes of September 2, 1992. Schmidt moved: Waggoner seconded: The Minutes of September 2, 1992 be approved as written . AYES: NAYS: ABSENT: ABSTAIN: Schmidt, Waggoner, Minnick, Totton None Byrne, Smith, Whatton None The motion carried. III. DESIGNATION OF EXECUTIVE DIRECTOR/EXECUTIVE SECRETARY Chairman Totton stated that the Authority needs to act on the permanent appointment of an Executive Director/Executive Secretary. Previous directors of Community Development have served as the Executive Director/Executive Secretary to the Authority, and Mr. Merkel has been appointed to the position of Director of Community Development. Mr. Stitt, Planning Administrator in the Department of Community Development, has served as the Acting Exec- utive Director/Executive Secretary since February, 1992. Schmidt moved: Minnick seconded: Lee D. Merkel be designated as the Executive Director/Executive Sec- retary of the Englewood Urban Renewal Authority. AYES: NAYS: ABSENT: ABSTAIN: Waggoner, Minnick, Schmidt, Totton None Whatton, Byrne, Smith None The motion carried. IV. REVENUE REPORT 1 Mr. Stitt discussed the latest revenue report, dated November 25, 1992. He pointed out that sales tax revenues accrued during the month of November have not been posted to the City books, and were unavailable for inclusion on this report. However, sales tax revenues year-to- date are $1,506,221.57, compared to $1,204,148.06 in 1991 at the same time. Property tax revenues have also exceeded 1991 revenues: $793,016.50 in 1992 compared to $547,263.62 to this date in 1991. Brief discussion ensued. The Authority accepted the Revenue Report as written. V. CENTRAL BANK CORRESPONDENCE December 1 Bond Payment Copies of correspondence which the Trustee (Central Bank) sent to all bondholders of record had been included in the packet for the information of the EURA. Brief discussion ensued. VI. KUTAK ROCK CORRESPONDENCE Amendment #1 Analysis An analysis of Amendment #1 (TABOR) done by Kutak Rock (Bond Counsel firm for EURA) was included in the packet for the information of the Authority members. Mr. Tatton commented that the analysis was interesting, but there are a lot of tax issues other than bonds that were not addressed. Mr. Minnick commented that no one really knows what Amendment #1 entails. Mr. Merkel stated that the Colorado Supreme Court has agreed to consider five interrogatories from public agencies regarding Amendment #1, and that when their decision is rendered there should be some clarification. Further discussion ensued. VII. OLD BUSINESS Nothing was discussed under "Old Business". vm. PUBLIC FORUM No members of the public were present. IX. DffiECTOR'S CHOICE Mr. Merkel stated that he and staff have discussed the frequency of meetings that are required for the Authority at this point in time. The meeting in February is required because it is the "annual meeting", and officers are to be elected for the ensuing year. Mr. Stitt pointed out that possibly there should be a meeting in June and in December to coincide with the dates of bond payments by the Trustee. Discussion ensued. Mr. Waggoner suggested that the staff determine the necessity for meetings, and that no regular schedule be set but for those dates noted by the staff earlier in the discussion. The issue of a budget for the Authority was raised. Mr. Stitt stated that no formal budget was approved by the City for the Authority in 1992, even though the Authority did submit a pro- posed budget. Finance Director Hayes and Deputy City Manager Martin determined that the Authority should operate on a "negative" basis, with funds transferred in at the end of the year to cover expenses. Mr. Stitt pointed out that he had discussed this issue with Legal Counsel Benedetti, and that the proposal submitted to Council had to be submitted to the State along 2 ' with the disclosure statement which is required. If the Authority does have expenses, we need to have funds to cover those expenses. Brief discussion ensued. Mr. Stitt reported on a contact he has received from First Interstate Bank of Denver regarding the Phar-Mor Plaza build-out for a second anchor. An additional 6,000 sq. ft., more or less, should be constructed no later than May, 1993, according to the Agreement for Development and Disposition for the site. As was discussed during the study session of October 7th, the Authority has the option of extending the construction time for an additional five year period, or of issuing a Certificate of Completion stating that the square footage presently constructed meets the intent of the Agreement. It was the consensus at the study session that extension of the construction time for an additional five years would be the best procedure to follow. X. COMMISSIONER'S CHOICE Ms. Schmidt inquired about the possibility of attracting factory outlet shops such as are at Silverthorne and now at Castle Rock. Mr. Merkel pointed out that anchor department stores have written into their contracts a prohibition of factory outlet shops within a given distance of the major stores; therefore, most outlet shops could not locate within Englewood. Ms. Schmidt inquired as to which store brings in the most revenue: the major anchor tenant, or the factory outlet shops. Mr. Merkel stated that he could not answer that. Mr. Totton inquired regarding the market study on Cinderella City. Mr. Merkel stated that it is to be completed and the report to the City in January, 1993. The telephone survey has been completed, and they will be developing recommendations on the retail mix, square footage, footprint of the structure, etc. Mr. Merkel stated that the survey area extended from the cen- tral metro area south, but did not extend to the Southwest Plaza area. Brief discussion fol- lowed. There being no further business to come before the Authority, the meeting was declared ad- journed. Gertrude G. Welty > Recording Secretary 3 RESOLUTION NO. '33 SERIES OF 1993 A RESOLUTION APPOINTING STEVEN MULHERN TO THE ENGLEWOOD URBAN RENEWAL AUTHORITY FOR THE CITY OF ENGLEWOOD,COLORADO. WHEREAS, there is a vacancy on the Englewood Urban Renewal Authority; and WHEREAS, Steven Mulhern has applied for an appointment to the Englewood Urban Renewal Authority; and WHEREAS, the Englewood City Council has appointed Steven Mulhern to the Englewood Urban Renewal Authority; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, THAT: Section 1. Steven Mulhern is hereby appointed to the Englewood Urban Renewal Authority. Steven Mulhern's term shall expire February 5, 1998. ADOPTED AND APPROVED this 1st day of February, 1993. ATTEST : MkL~~vtl J_~ Patricia H. Crow, City Clerk I, Patricia H. Crow, City Clerk for the City of Englewood, Colorado, hereby certify the above is a true copy of Resolution No.~, Series of 1993. 11 s ------------------------- RESOLUTION NO. 25 SERIES OF 1993 A RESOLUTION APPOINTING SAM WAGGONER TO THE ENGLEWOOD URBAN RENEWAL AUTHORITY FOR THE CITY OF ENGLEWOOD.COLORADO. WHEREAS, there is a vacancy on the Englewood Urban Renewal Authority; and WHEREAS, Sam Waggoner has applied for an appointment to the Englewood Urban Renewal Authority; and WHEREAS, the Englewood City Council has appointed Sam Waggoner to the Englewood Urban Renewal Authority; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, THAT: Section 1. Sam Waggoner is hereby appointed to the Englewood Urban Renewal Authority. Sam Waggoner's term shall expire February 5, 1995. ADOPTED AND APPROVED this 1st day of February, 1993. ATTEST: ~~ ~ ,;{{_ t1 ct-al Patricia H. Crow, City Clerk I, Patricia H. Crow, City Clerk for the City of Englewood, Colorado, hereby certify the above is a true copy of Resolution No d£, Series of 1993. GiftLL~·l.JJJ , c~ Patricia H. Crow