HomeMy WebLinkAbout1992-02-05 EURA MINUTES•
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ENGLEWOOD ORBAN RENEWAL AUTHORITY
FEBRUARY 5 1 1992
I. CALL TO ORDER.
The regular meeting of the Englewood Urban Renewal Authority was
called to order at 5:30 P. M. by Chairman James Totton in Confer-
ence Room A of the Englewood City Hall.
Members Present:
Members Absent:
Also Present:
Waggoner, Whatton, Minnick, Totton
Byrne, Schmidt
Deputy City Manager/Acting Director of
Community Development L. Martin.
Neighborhood Services Administrator Stitt
II. APPROVAL OF MINUTES
December 4, 1991
Chairman Totton stated that the Minutes of December 4, 1991 were
to be considered for approval.
Ms. Byrne entered the meeting and took her seat with the Author-
ity .
Waggoner moved:
Byrne seconded: The Minutes of December 4, 1991 be approved
as written.
AYES:
NAYS:
Whatton, Byrne, Minnick, Waggoner, Totton
None
ABSENT: Schmidt
ABSTAIN: None
The motion carried.
III. ELECTION OF OFFICERS.
Chairman Totton stated that election of officers for 1992 would
now be held.
Minnick moved:
Byrne seconded: James Totton be nominated as Chairman.
There were no further nominations.
Waggoner moved:
Minnick seconded: The nominations cease, and Mr. Totton be
elected Chairman of the Authority for 1992 .
AYES:
NAYS:
Byrne, Minnick, Waggoner, Whatton
None
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ABSENT .: Schmidt
ABSTAIN: Totton
The motion carried.
Minnick moved:
Waggoner seconded: Ms. Byrne be nominated as Vice-Chairman.
There were no further nominations.
Minnick moved:
Waggoner seconded: Nominations cease, and Erica Byrne be elected
Vice-Chairperson of the Authority for 1992.
AYES:
NAYS:
Minnick, Totton, Waggoner, Whatton
None
ABSENT: Schmidt
ABSTAIN: Byrne
The motion carried.
The designation of an Acting Executive Director/Executive Secre-
tary was discussed.
Minnick moved:
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Byrne seconded: Harold J. Stitt be designated as the Acting
Executive Director/Executive Secretary of the •
Authority.
AYES:
NAYS:
ABSENT:
ABSTAIN:
Totten, Waggoner, Whatton, Byrne, Minnick
None
Schmidt
None
The motion carried.
IV. REVENUE REPORT
Mr. Stitt presented the revenue report to the Authority. Total
property tax collected in 1991 was $555,575.27, and total sales
tax collected in 1991 was $1,411,371.03. Revenues credited in
January, 1992, are $404. 04 in property tax, and $192, 820. 07 in
sales tax. Mr. Stitt pointed out that revenues credited in Jan-
uary were actually collected in December, 1991, but not posted to
the books until January, 1992. He pointed out that revenues in
February will indicate "O" for sales tax because the base level
will not have been reached and/or exceeded.
Also distributed to members of the Authority were copies of a
memorandum to City Manager Frazer from Revenue Supervisor Clark
entitled "Sales & Use Tax Report for Year Ending December, 1991".
Discussion ensued. Discussion ensued.
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v. ACOMA STREET PARKING LOT
Lease to City of Englewood
Mr. Stitt discussed the lease renewal for the Acoma Street park-
ing lot. This lot was leased to the City in January of 1989,
for a three year period, with a renewal provision for successive
one year terms. The rental rate is increasing from $1. oo per
year to $10.00 per year. All other provisions of the lease re-
main the same. Mr. Stitt stated that this lease will go to the
City Council for their consideration on February 18.
Mr. Totton asked for comments from Authority members. Mr. Wag-
goner inquired about the administrative funds for the Authority
for 1992, and whether the lease amount could be increased to
cover the administrative costs. Mr. Totton stated that any in-
come from this property must go to the bondholders to pay off the
bonds, and cannot be used for administrative costs.
Ms. Martin stated that the 1992 funding request of the Authority
had been considered by City Council at the budget retreat. It
was determined that rather than "advancing"· funds for a budget
for the Authority, administrative expenses that are incurred to
meet the State requirements and for legal counsel services would
be covered by a "supplemental" request later in the year. Brief
discussion ensued .
Minnick moved:
Byrne seconded: The Englewood Urban Renewal Authority approve
the lease renewal with the City of Englewood
for the South Acoma Street Parking lot.
AYES:
NAYS:
ABSENT:
ABSTAIN:
Waggoner, Whatton, Byrne, Minnick, Totton
None
Schmidt
None
The motion carried.
VI. BOND DISCLOSURE STATEMENT
Mr. Stitt stated that the draft bond disclosure statement in-
cluded in the packet will be modified by Legal Counsel Benedetti
to include information from the yet to be completed State Report-
ing Form, and verification of numbers cited in the statement. He
stated that he has been working with Mr. Benedetti to complete
the State Form, which is due by the end of this month. Mr. Stitt
stated that he understands Mr. Benedetti' s opinion is that the
disclosure statement, the State Reporting Form information, and
the 1990 audit will be sent to bondholders in one mailing. Sub-
sequent mailings would be an abbreviated disclosure statement,
with the yearly State information included as part of the mail-
ing. Mr. Stitt summarized information that is required by the
State on that for~.
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Mr. Stitt stated that Mr. Benedetti suggested a motion authoriz-
ing him to make minor modifications to the disclosure statement;
copies of the finalized disclosure statement would be submitted
to the Authority prior to mailing.
Mr. Waggoner questioned the section citing projections. Discus-
sion ensued. Mr. Stitt pointed out that as a rule he does in-
clude a section on projections with the monthly revenue report;
however, with revenues for only one month, it is difficult to
make projections and he did not do that this month. He stated
that he will talk to Best Buys and Office Depot to determine
their projected sales per square foot.
Ms. Martin expressed concern about the inclusion of the projec-
tions; she felt this could cause future problems and stated that
if the Authority continues to project revenues, might this give
the bondholders a sense of "security", and if the actual revenues
do not equal the projections, does this give a basis for litiga-
tion. The statements regarding projections were reviewed. Mr.
Stitt pointed out that the projections referred to were based on
the settlement of the apportionment of abatements with the County
Assessor. Ms. Martin reiterated her opinion it would be best not
to include the projections. Mr. Stitt stated that he would dis-
cuss Ms. Martin's concerns with Legal Counsel Benedetti and re-
port back to her.
Mr. Waggoner stated that he would not vote for approval of the
disclosure statement until he can view a final copy. Mr. Stitt
suggested that once the statement has been finalized by Mr.
Benedetti it will be mailed to the Authority, and a telephone
poll can be conducted; if there are other items that need consid-
eration at the same time, there could be another meeting of the
Authority in March. Discussion ensued.
Byrne moved:
Whatton seconded: The Englewood Urban Renewal Authority autho-
rize Legal Counsel Benedetti to make changes
in the disclosure statement as outlined; the
finalized disclosure statement will be re-
viewed and approved by the Authority prior to
mailing to bondholders.
AYES:
NAYS:
ABSENT:
ABSTAIN:
Byrne, Whatton, Totton, Minnick, Waggoner
None
Schmidt
None
The motion carried.
VI. COMMISSIONER'S CHOICE
Other tax increment districts that have not fared well were dis-
cussed. Ms. Martin pointed out that the Riverfront development
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in Littleton has one bondholder, whereas Englewood has in excess
of 375 bondholders.
Mr. Waggoner asked about the payments to bondholders: will they
get the principal back with the reduced payments plus some inter-
est? Mr. Stitt stated that analysis that was done some time ago
indicated that the bondholders would get their principal invest-
ment back, but would receive a very minute amount of interest on
their investment.
Mr. Totton noted that the financial impact of the settlement with
the Arapahoe County Assessor on the abatement apportionment will
not be in effect until the 1992 revenues come in.
Ms. Byrne inquired on the status of Cinderella City. Ms. Martin
stated that staff is working with the owners of the Mall, and is
trying to get positive action on improvement of the premises, and
leasing efforts. The awareness of the owners on the condition of
the Mall has been heightened because of the contacts by the City,
and they are now meeting twice per year just to consider the
problems with the Mall. Ms. Martin also pointed out that the
budget for maintenance of the parking structure was doubled this
year. Mr. Waggoner asked about the outlet stores which were un-
der consideration at one time. Ms. Martin stated that City staff
members have been informed that the indi victual working on the
outlet stores is no longer employed by Cinderella City. Discus-
sion ensued. Ms. Byrne inquired about converting the Mall to se-
nior housing. Ms. Martin stated that several non-retail uses
have been considered for the Mall, and stated that Swedish Medi-
cal Center is very serious about a daycare center in a portion of
the Mall. There was also one individual who was interested in
purchasing the entire Mall and developing it as an entertainment
center; however, the current owners of the Mall were not inter-
ested in selling. Ms. Byrne stated that she recalled when she
was on City Council one of the major complaints about the Mall
was the poor access. Mr. Totton stated that he serves on a com-
mittee with Pam Pepper, Economic Development Administrator for
the City; at one of the meetings the head of the Joslins store
was in attendance, and indicated that KRAVCO is uninterested and
insensitive to the needs of the tenants. Further discussion en-
sued. Ms. Martin stated that the City is exploring all avenues
and doing everything that we can do to encourage the improvement
in the physical structure as well as the leasing efforts. She
stated the City will welcome any and all suggestions regarding
the Mall.
The meeting was declared adjourned at 6:25 P.M .
Recording Secretary
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