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HomeMy WebLinkAbout1992-02-05 EURA MINUTES• • • 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 1 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: .... • 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. 2 • • • • 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~. 3 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 4 • • • • • • 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 5