HomeMy WebLinkAbout1995-04-12 EURA MINUTESENGLEWOOD URBAN RENEW AL AUTHORITY
SPECIAL MEETING
APRIL 12, 1995
I. CALL TO ORDER.
The special meeting of the Englewood Urban Renewal Authority was called to order by
Chairman Mulhern.
Members present: Vormittag, Havens, Smith, Richmond, Graebner, Mulhern
Merkel , Executive Director/Executive Secretary
Members absent: Drew
Also present: Harold J. Stitt, Planning Administrator
II. APPROVAL OF MINUTES.
February 15, 1995
Chairman Mulhern called for consideration of the Minutes of February 15, 1995 .
Vormittag moved:
Smith seconded: The Minutes of February 15 , 1995 be approved as written.
AYES:
NAYS:
ABSTAIN:
ABSENT:
Havens, Mulhern, Richmond, Smith, Vormittag, Graebner
None
None
Drew
The motion carried.
ill. DEBT SERVICE BUDGET.
Mr. Merkel stated that the Authority adopted a "General Fund" budget at the meeting of Feb-
ruary 15, 1995, which budget applies to general operating expenses of the Authority. How-
ever, the State of Colorado requires that a "Debt Service" budget also be adopted to budget for
revenues and expenditures, even though the bonds are in default and all r evenues automatically
go to the Trustees for disbursement to bondholders.
Members of the Authority reviewed the proposed Debt Service budgets for 1994 and 1995.
Brief discussion ensued.
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Havens moved:
Vormittag seconded: The Englewood Urban Renewal Authority approve and adopt the Debt
Service Budgets for 1994 and for 1995, and transmit said budgets to the
State of Colorado as required.
AYES:
NAYS:
ABSTAIN:
ABSENT:
Havens, Richmond, Smith, Vormittag, Graebner, Mulhern
None
None
Drew
The motion carried.
IV. REVENUE REPORT
The latest revenue report, including revenues received through the month of March, 1995, was
considered and briefly discussed. It was noted that property tax revenues for 1995 are down
compared to the same period of time in 1994, but that 1995 sales tax revenues are ahead of the
1994 revenues for the same period. Board members discussed possible reasons for the de-
crease of property taxes and the ramifications of doing revenue projections. Mr. Stitt and Mr.
Merkel discussed the bond default, the 25 year structuring of the bond issue, and assets of the
Authority.
V. DIRECTOR'S REPORT ON 1995 ACTIVITIES.
Mr. Merkel briefly updated the Authority on progress on the redevelopment of Cinderella City
Mall, noting that due diligence is progressing and environmental issues are being addressed in
discussions. It is anticipated that all businesses can be successfully relocated and demolition
begin by Fall, 1995, with the change in ownership to follow shortly. The redevelopment of
the Mall has been estimated to be a $40,000,000 project.
Mr. Merkel then discussed efforts to secure new ownership and redevelopment of Trolley
Square. Mr. Merkel stated that the Planning Commission has scheduled a Public Hearing for
April 18, 1995 to consider an application for a Planned Development approval for the Trolley
Square redevelopment; the members of the Authority were invited to attend the Public Hearing
if they so desired. Discussion ensued. Mr. Smith urged that the City consider the over-all
impact of the proposed redevelopment of Trolley Square on the downtown area, and asked that
particular attention be paid to design elements of the redevelopment. Will the proposed rede-
velopment be what is best over-all for the City? Mr. Merkel advised that the Englewood
Downtown Development Authority has been included in discussions on the redevelopment, as
well as adjoining businessmen.
Mr. Merkel discussed the light rail extension along the South Santa Fe Drive corridor. RTD
wants to be included in the redevelopment plans for the Mall. The Santa Fe Drive/U.S. 285
location is planned be a major park-and-ride facility.
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Mr. Smith inquired about the Englewood Depot. Mr. Merkel stated that this project is out of
the hands of the Authority. The structure has been relocated, and is owned by the Englewood
Historical Society; they are awaiting for funding from the Colorado Historical Society to begin
restoration of the structure. Mr. Merkel emphasized that the zoning restrictions of the site do
not allow for use of the structure by real estate agents, insurance offices, or any form of com-
mercial enterprise.
The property owned by the Englewood Urban Renewal Authority in the 3400 block of South
Acoma was briefly discussed. Mr. Merkel noted that this property is used to provide parking
for the businesses in the 3400 block of South Broadway. Mr. Stitt commented that if this site
were to be sold, the revenues would go to the Trustee for payment on the bonds.
There was nothing further to come before the Authority. The meeting was declared ad-
journed.
Gertrude G. Welty, Recording Sec
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