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Home My WebLink About2007-08-08 EURA MINUTES• • • ENGLEWOOD URBAN RENEWAL AUTHORITY August 8, 2007 I. CALL TO ORDER The regu lar meeting of the Englewood Urban Renewal Author ity was ca ll ed to order at 6 :32 p .m. in the Community D evelopment Conference Room of the Englewood Civic Center·, C h air Bertoluzz i presiding. Pr·esent: Absent: Staff: Roth , Burns, Weeks, Weddle, Rogers (e nt e red 6 :4lL Ga ll ardo, Bertoluzzi Hersh Lackner, G le n arm Partners LL C Diane M ill er, Shaw Construction Patty Silverstein, Development Research Partners Helstrom (excused) Mark Gr·aham , Senior Pl anner Harold Stitt, Acting Commun ity Development Director 11. APPROVAL OF MINUTES • Jul y 18, 2007 Cha i r Bertol u zz i stated that the Minutes of Jul yt 8, 2007 were t o be considered for approva l. Burns moved: Roth seconded: Th e Minutes of Ju~~ U, 2007 be approved. AYES: NAYS: ABSTA I N: ABSENT: Burns, Roth, Weddle, Weeks None Gallardo, Bertoluzzi None The motion ca r ried. Ill. ANNUAL MEETING DATE CHANGE Mr. Graham said th e cha n ge before th e Authority to m ove the annual meeting date from February to January requires a seven clay written notice. In order t o comp ly w ith the statue the decision w ill n eed to be made at the next meeting of the Englewood Urban Renewal Authority on September 1 2 1 ". IV. ACOMA PROPERTY DEVELOPMENT Th e Recording Secretary distribute d an article ent itle Arts & Economic Pro sperity Ill , The Economic Impact of Nonp rofit Arts and Culture Organizations and Their Audiences a nd a m emo from Patty Silverste in regarding the Eco n o mi c and Fiscal I mpacts of the Pr oposed En g lewood Cultural Arts Center. • • • Mr. Graham introduced Patty Silverstein, an economist and principle of Development Research Partners. Staff used their economic analysis fir-m for the previous Acoma developments as well as other projects in the City. Ms. Silverstein reviewed the analysis prepared for the Acoma project. In looking at the project they focused on impacts in three main a1·eas: 1. Construction Impacts, 2. Annualized Business Operations Impacts, and 3. Visitor Spending Impacts. Numbers used for the analysis include the following. The total cultural arts facility square footage is 47,368 square feet. The analysis includes a 300 car parking garage to provide parking for the facility. The total real property value of the project is $2 7,312,051. Actual construction cost is approximately $23 ,000,000. Construction dollars rep1·esented in the document have been inflated up to the year 2010. The analysis includes about 55 ,000 visitms to the facility each year. In total, it is estimated that the City of Englewood will receive approximately $24,400, as referenced in the August 8, 2007 report by Development Research Partners, in net tax revenue each year from the facility and economic activities associated with the facility. Chair Bertoluzzi thanked Ms. Silverstein for preparing the analysis 111 a very short time frame. Mr. Burns asked how this impact analysis compared to the previous one . Mr. Graham said he believed the previous one probably had bigger numbers in terms of economic impacts . There were 80 households plus between 15,000 and 30,000 square feet of retail in that proposal. This proposal is an activity generator and Staff did not expect it to generate the same revenues. The potential for the community benefit is greater with this type of project. Chair Bertoluzzi requested an electronic copy of the report. Mr. Graham will provide a copy . M1·. Graham stated Staff is anticipating two agreements will need to be signed. The first is the Exclusive Negotiation Agreement and the second is a Redevelopment and Disposition Agreement. He noted if the Authority is willing to enter into an agreement with Englewood Arts at this point, that would be the first contractual step in moving the project forward and doing so will allow them to begin raising funds. Staff is hoping for an October deadline for completing the Redevelopment and Disposition Agreement. The following information is needed to complete the Agreement: 1 . 2. 3 . Milestone Dates, Site Plan, and Proforma. 2 • • • Mr. Burns asked Mr. Graham if he had received answers from Englewood Arts regarding a list of questions he had at a previous meeting. Mr. Graham said he had received answers to some questions and determined some could wait for the second agreement before being answered. The intention is for the EURA to plan a development for the EURA property at this time and at some point when it is appropriate, involve the City in the discussion for the development of the City owned parcel. Ms. Rogers asked if Englewood Arts is planning on leasing from the EURA. Chair Bertoluzzi said he believed Englewood Arts would like that discussion to be in the negotiations. Mr·. Woodward and Mr. Burns both stated that is not something that can be decided at this time . Mr. Lackner stated his group is not trying to tie up the ground for a long period of time. If they are unsuccessful at raising the money they will void the agreement. He felt it might be best to not build the parking garage right away. Without it you create a huge amount of foot traffic which would encourage other retail stores . He suggested that decision be discussed further. Discussion ensued regarding the parking needs for the facil ity . Mr. Stitt noted that current and future parking needs for the downtown area also need to be met. Mr. Graham reviewed Resolution No. 1, Ser ies of 2007 with the Authority. Burns moved: Weddle seconded: TO AUTHORIZE THE EXECUTIVE DIRECTOR TO EXECUTE THE EXCLUSIVE AGREEMENT TO NEGOTIATE WITH ENGLEWOOD ARTS AYES: NAYS: ABSTAIN: ABSENT: Bertoluzzi, Roth, Weeks, Gallardo, Burns, Rogers, Weddle None None None The motion carried. V. LEGAL COUNSEL'S CHOICE Legal counsel was not pr·esent. VI. DIRECTOR'S CHOICE The next meeting of the Englewood Urban Renewal Authority will be on September· 12 , 2007 . Mr. Stitt said the Annual Board, Commission and Authority Appreciation Night will be he/cl on Satur·day, August 25th at Pirate 's Cove . Chair Bertoluzzi asked Mr. Roth to stand in for him as he will be out of town . He also noted Artabout Englewood will be he/cl on Saturday, August 11 th . 3 Mr. Graham in v it ed the members of the Authority to a reception on Friday, August 1 7111 , for • Mr. Alan White, new Community Development Director. • • Ms. Weclclle asked i f Mr. White would be attending the next EURA meeting. Mr. Graham said he assumed h e would be attending most boa rd meetings early on to get to know the m embers. VII. COMMISSIONER'S CHOICE Mr. Burns thanked everyone for all the work that has been clone on the Acoma project. Chair Bertoluzzi and Ms. Wedd le echoed that comment. M1·. Woodward said one of the discuss ions at the Alliance for Commerce meeting was what art and c ultural activity brin g to business and to the community. There have been internation a l a nd local visitors that ha ve come to Englewood to look at CityCenter and they are amazed at the artwork. He also noted articles have been written about the project in the Wall Street Journal. He feels Englewood is start in g to get branded as an arts type place. H e is very pleased a nd proud of what we have. Ms. Rogers said she feels the City has Mayor Wolosyn to thank for a lot of what we ha ve. Mr. Burns stated he is on the Citizen's Advisory Board for the RTO Fast Track s project and one of the component parts of a meeting was on Transit Oriented Development (TOD ) . Commercial brokers told him that they are all looking to Englewood fo1· inspiration for development in T-Rex . In a packet RTD provided him there was one picture of a TOO and it was of Englewood CityCenter. Mr. Stitt met with a co -author of a book that is being published in the sp1·ing on redevelopment. There will be a chapte r on redevelopment of shopping malls and CityCenter i s going to b e the case study for that chapter. Chai1· Bertoluzzi reminded everyone that on Saturday night, August 11 111 , in th e amphitheatre, the annual multi-media event put on by MOA, Sacred Water, will be held at 8:00. Th e re was no further business to come before the Authority; the meeting was declared adjourned at 7:50 p.m . 4