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Home My WebLink About2003-02-12 EURA MINUTES• • • I. ENGLEWOOD URBAN RENEWAL AUTHORITY February 12, 2003 CALL TO ORDER The regular/annual meeting of the Englewood Urban Renewal Authority was called to order at 6:30 p.m. in the Community Developmen t Conference Room on the third floor of the Englewood Civic Center. Chair Robin Weddle presided. Members present: Fish , Garrett, Roth, Weddle, Woodward Alternate present: Gallardo Members absent: Bertoluzzi, Burns Simpson, Executive Director/Executive Secretary Staff present: Senior Planner Graham 11. Senior Planner Stitt Administrative Services Director Frank Gryglewicz APPROVAL OF MINUTES November 13, 2002 Chair Weddle stated the Minutes of November 13 , 2002 were to be considered for approval. Roth moved : Fish seconded: The Minutes of November 13 , 2002 be approved as written. AYES : NAYS: ABSTAIN : ABSENT: Fish, Garrett, Roth, Woodward, Weddle None None Bertoluzzi, Burns The motion carried . 111. ELECTION OF OFFICERS Chair Vice-Chair Executive Director/Executive Secre t ary Chair Weddle stated the Authority must elect a slate of officers for 2003. She called for nominations. H:IGroup\BoartlslURAIM inu1es\\1inutes 2003\EURA 02-12-03.Joc • • • Fish moved: Roth seconded: That Jim Woodward serve as Chair for 2003 , and Eric Bertoluzzi serve as Vice Chair. Further, that Mr. Simpson continue to serve as the Executive Director/Executive ~ecretary of the Authority. AYES: NAYS: ABSTAIN: ABSENT: Fish, Garrett, Roth, Weddle, Woodward None None Bertoluzzi, Burns The motion carried. IV. BUDGET 2003 Operating Budget Debt Service Budget Ms. Weddle asked that Mr. Gryglewicz lead the discussion regarding the proposed budget. Mr. Gryglewicz reviewed the proposed operating budget and the proposed debt service budget. He stated the 2003 budgets need to be adopted and filed with the State. Referring to the General Fund, Mr. Gryglewicz explained that the $5,000 in the 2003 Re v enue "other" line will be a transfer from the City's general fund . He will take the request to City Council on March 1 7. The Authority has no funding of its own other than interest earned and transfers in. Assuming City Council transfers the $5,000, the Authority will have $5,756 available for 2003 ; expected expenditures are $5,650, leaving an ending balance of $106. Mr. Garrett noted that money was not included for other professional services. He asked what occurred if the Authority needs to hire consultants. Mr. Gryglewicz explained he or Mr. Simpson would take forward a supplemental request if those expenses were incurred. With the City's general fund tight, City Council may need to know ahead of time if the Authority thinks it will incur those costs. Mr. Garrett stated the budget committee also needs to take it into consideration as they are looking at costs. Perhaps, Mr. Simpson 's departmental budget could absorb some of these costs. Referring to the Debt Service Fund , Mr. Gryglewicz stated the numbers are getting larger faster . 2002 ended with a $38,672 , 106 deficit; the projected deficit for 2003 is $41,547, 106. Mr. Garrett asked if the $1.3 million sales tax hit was due to PharMor closing. Mr. Gryglewicz stated that was a large part of it, but the Office Depot moved as well. Hobby Lobby is moving to the old PharMor site, and Big Lots is moving into the old Hobby Lobby. Mr. Gryglewicz stated there is confusion in the expiration dates. He would be talking to the attorney, and once they come to an agreement with the Trustee, he will inform the Authority of the actual expiration dates and when those funds will come back to the general fund. Ms. Weddle asked if the tax increments could end sooner. Mr. Gryglewicz H:\Gro up\Boanls\U RA \Minutes\Minutes 2003\EUR A 02-1 2-03.<loc • • • responded that State statute determines the life to be 25 years from creation or when the plan was amended. Initial plan was approved August 23, 1982 and was amended in 1985; hence the confusion in the dates. Mr. Gryglewicz reviewed the Combined Statement of Revenues, Expenditures and Changes in Fund Balances which also showed a 2001 /2002 comparative. Mr. Gryglewicz noted 2001 sales tax revenue dropped from $1.7 million to $942,000, which is a large drop. Although property tax revenues increased due to new valuations, sales tax revenues decreased. Mr. Gryglewicz also provided the members with a 2001-2002 Tax Increment Revenue Comparison Report. Mr. Fish asked if the investors were losing principal. Mr. Gryglewicz responded the bond owners should recover their principal and approximately one to two percent of interest, but that information is based on an analysis which was done a couple of years ago before the economic downturn. Mr. Gryglewicz stated he receives periodic phone calls from bond holders, and they seem to understand that they took a large risk and are at least getting some pa y ment. No modifications were made to the proposed 2003 General Fund Operating Budget for the EURA; nor were modifications made to the 2003 Debt Service Budget. Garrett moved; Weddle seconded: To adopt the proposed 2003 General Fund Operating Budget and 2003 Debt Service Budget subject to the $5,000 funding by Englewood City Council. AYES: NAYS: ABSTAIN: ABSENT : Fish, Garrett, Roth , Weddle, Woodward None None Bertoluzzi, Burns Motion carried. Mr. Gryglewicz was thanked for his presentation, and excused himself from the meeting. V. WARRANTY DEED Mr. Graham referred the members to the map included in their packet. He explained the area outline in red is the property being referenced. The former City Hall site is about to be redeveloped into a medical office facility. The City has asked the Authority to grant them a deed for the property. Staff's recommendation is that the Authority adopt the Resolution granting the Warranty Deed to the City of Englewood . The property has not been subdivided and is an intact parcel as it was platted. Special Counsel Mike Miller is preparing the deed based on a current title policy . H:IGro up\Bo artl s\U RA 1Minu1es\M inu 1es 2003\EURA 02-12-03.uoc • • • Ms. Weddle asked if the area would be used for parking. Mr. Stitt responded the old City Hall site will hold a 60,000 square foot medical office building. The parcel outlined in red on the map and the parcel immediately to the east will provide parking. There will also be parking on the developed site as well. Mr. Fish asked about the electrical easements. Mr. Stitt responded that all current easements would be retained. Chair Woodward asked if a parking lot was the best use for the parcel. Mr. Stitt responded yes. Ms. Weddle inquired whether the Bank One builder owner owned the lot next to the former City Hall site. Mr. Stitt stated that was correct. Employees and overflow parking for the site will be across the street. Ms. Weddle asked if the building would have retail on the first floor. Mr. Stitt stated currently a coffee shop is planned on the lower level. The developer is working on putting the site plans together. Garrett moved; Woodward seconded: To adopt Resolution 1, , Series 2003, a Resolution of the Englewood Urban Renewal Authority to grant a Warranty Deed to the City of Englewood for Lot 1, Block 2 Girard Place Subdivision. AYES: NAYS : Fish, Garrett, Roth , Weddle, Woodward None ABSTAIN: None ABSENT: Bertoluzzi, Burns Motion carried. VI. GIW UPDATE Mr. Graham distributed a memo updating the Authority on the General Iron Works project. Mr. Graham stated good progress is being made on the RTD facility. The structural steel is up, and the building is beginning to take shape. The shell facility should be completed by spring of next year. Redevelopment of the south portion is not so successful. It is basically at a standstill. The valuation trial has been delayed twice and is currently scheduled in September 2003. Unfortunately, the Authority cannot obtain the land any sooner. Additionally, the budget situation for RTD and the City has changed, and it would be difficult for the City to participate in any aspect of the project. RTD has included the project in their FasTracks bond issue that may be scheduled for fall 2004. Mr. Graham stated he has not received the Agreement to Negotiate from Attorney Mike Miller but will pass it along once it is received. He further stated that the Transit Area Zone District has been incorporated into the Unified Development Code, which should be in place late summer or fall. It will take approximately six months to rezone the property. The rezoning will need to go through the Planning and Zoning Commission and City Council. The recommendation has been to do nothing to add value to the property so rezoning will not proceed until there is a fixed price on the property. H:\Group\Boards\URA \\1inutes\M inutes 2003\EURA 02-12-03.doc 4 • • • Alternative funding options are being pursued; the most promising of which is finding a capital partner who would clean up the site, build infrastructure, and convey it to a developer. VII. EXECUTIVE DIRECTOR'S CHOICE Acoma Property Parking Study Mr. Stitt stated the subject property is located south of the King Soopers store at Girard and Broadway. The parcel_is currently being used as parking for local businesses. The City currently leases the parcel from the Authority for $10.00. There are three different developers who have been interested in the site within the last six months. The Authority has been interested in having the property developed but has not had the money to market the property. A marketing package has been developed, but not released. It is very similar to the marketing package developed for the Elati Street property. Mr. Stitt stated he expects to receive proposals between now and the middle of March. Mr. Stitt stated he hopes to reactivate the Elati Street review committee and use it as a vehicle to review the Acoma proposals. Proposals will be brought to the committee and the Authority for review and recommendations. One of the challenges in redeveloping the property is parking. Mr. Fish asked about parking for the local businesses once the property is redeveloped. Mr. Garrett stated the City is looking at parking in the area and will be conducting a parking study. Ms. Weddle asked how a parking study would be paid for since there wasn't money in the Authority's budget. Mr. Graham responded the parking study by Walker Parking Engineers will begin on February 14 and results should be received in about a month. Community Development will be paying for the study. VIII. LEGAL COUNSEL'S CHOICE No legal counsel was present. IX. COMMISSIONER'S CHOICE Commissioners had nothing further. There being no further business to come before the Authority, the meeting was declared adjourned at 7:25 p.m .. H:\Group\Boards\URA\Minutes\Minutes 2003\EURA 02-12 -03.doc • • • ... ; ENGLEWOOD URBAN RENEWAL AUTHORITY BUDGET--GENERALFUND FOR THE YEAR ENDED DECEMBER 31, 2003 2002 2001 2002 Estimated Actual Budget Actual FUND BALANCE - BEGINNING OF YEAR $ 92,934 $ 68 ,432 $ 63 ,630 REVENUES Interest 4,734 500 1,008 Contribution from City of Englewood Other 71 ,000 Total revenues 4 ,734 71 ,500 1,008 EXP EN DITU RES Full time overtime 536 600 351 Social security 41 46 27 General office supplies 50 Postage 76 150 69 Photocopies 85 100 278 :nside/outside printing 1,002 100 321 Food 995 1,000 177 Auditing 2,500 2 ,500 2,500 Legal services 2,580 4 ,000 600 Other professional services 25,933 131 ,000 59 ,254 Other expenses 290 50 305 Total expenditures 34 ,038 139.596 63 .882 EXCESS REVENUE OVER (UNDER) EXPENDITURES (29,304) (68,096) (62,874) FUND BALANCE - END OF YEAR $ 63,630 $ 336 $ 756 EURA Budget 2003 GF bud 2003 Budget (As Proposed) $ 756 5 ,000 5 ,000 600 150 300 300 2 ,500 1,800 5 ,650 (650) $ 106 2/10/2003 4:42 PM • FUND BALANCE (DEFICIT)- BEGINNING OF YEAR REVENUES Property taxes Sales Taxes Interest Total revenues .PENDITURES Financial serv ices ENGLEWOOD URBAN RENEWAL AUTHORITY BUDGET --DEBT SERVICE FUND FOR THE YEAR ENDED DECEMBER 31 , 2003 2002 2001 2002 Estimated Actual Budget Actual $ (34,515,704) $ (35 ,931 ,557) $ (36,068,276) 554,957 550 ,000 591 ,805 1,689,000 1,900 ,000 790,169 35,358 46 ,000 5,201 2.279.315 2,496.000 1,387 ,175 14,222 15,000 County Treasurer's collection fee 5 ,550 5,500 5 ,918 Legal services 8,437 50,000 2,771 Professional services 814 Debt Service 3 .803 ,679 4 ,000 ,000 3 ,981 ,502 Total ex penditures 3.831 ,887 4 ,070 .500 3.991 ,005 EXCESS REVENUE (UNDER) EXPENDITURES (1.552.572) (1 ,574 ,500 ) (2 ,603 ,830) FUND BALANCE (DEFICIT)- END OF YEAR $ (36.068 .276) $ (37 ,506 .057 ) $ (38 ,672.106) • EURA Budget 2003 OS bud 2003 Budget (As Proposed) $ (38 ,672, 106) 600 ,000 890 ,000 6.000 1,496 .000 15 ,000 6,000 50 ,000 4 ,300 .000 4 ,371 ,000 (2 ,875,000) $ (41 .547 ,106) 2/10 /2003 4 :42 PM • ENGLEWOOD URBAN RENEWAL AUTHORITY COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES (DEFICIT) ALL GOVERNMENTAL FUND TYPES FOR THE YEAR ENDED DECEMBER 31, 2002 (WITH COMPARATIVE TOTALS FOR THE YEAR ENDED DECEl\tlBER 31, 2001 ) Totals (Memorandum Onlv) Debt General Service 2002 2001 RE VENUES Property taxes $ s 602.663 $ 602,663 s 554.957 Sales taxes 942.677 942.677 l,689 ,000 Net investment income l.008 9 .3 14 10.322 40.092 Total revenues 1.008 l.554.654 l.555.662 2.284.0-19 EXPEND IT U RES General gove rnment 63 .8 82 23.959 87,841 62.2-16 Debt se rvic e -Tax increment debt l.450.-189 l.450.489 3.803.679 Total expend itures 63.882 l .474.448 l.538.330 3.865.925 Excess expenditures over revenues (62 ,874) 80.206 17.333 ( l.581,876 ) O.R FINANCING SOURCES nsfer from primary government Exce ss expenditures ove r revenues and o ther financing so urces (62 .87-1) 80.206 17.333 ( l ,58 l.876 ) FUND BALANCE (DEFICIT) - JAN UA RY 1, 63,630 (36,068,276) (36,004,646) (34.-122. 770 ) FUND BALANCE (DEFICIT) - DE CEMBER 31, 756 $ (35.988.070) $ (3 5.987.314) $ (3 6.004.646 ) The accompanying notes are an in tegral part of the financial s tatements . • • • • Resolution No. j_ Series of 2003 City of Englewood, Colorado Urban Renewal Authority A RESOLUTION OF THE ENGLEWOOD URBAN RENEWAL AUTHORITY TO GRANT WARRANTY DEED TO THE CITY OF ENGLEWOOD FOR LOT 1, BLOCK 2 GIRARD PLACE SUBDIVISION WHEREAS the Englewood Urban Renewal Authority owns Lot 1, Block 2, Girard Place Subdivision; and, WHEREAS the City of Englewood requested that the Englewood Urban Renewal Au- thority grant a Warranty Deed to the City for Lot 1, Block 2, Girard Place Subdivi- sion; and , WHEREAS the proposed transaction is with a public entity, the City of Englewood, and does not therefore require a competitive bidding process ; and, WHEREAS the transaction furthers the Plan by ultimately getting the land back on the property tax rolls when the City sells it to the developer; and , WHEREAS the transaction furthers the plan by promoting redevelopment and in- vestment within the Tax Increment Finance district, which benefits the bondholders. NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of EURA as follows: 1. The Englewood Urban Renewal Authority hereby authorizes the Executive Director to grant a Warranty Deed to the City of Englewood. 2. A uthor ization of this Warranty Deed is in the public interest and in further- ance of the purposes of the Colorado Urban Renewal Law and the requirements of the Plan. H:IGROUP\BOARDSIURA\Rasoluuons\Resolutions 2003\EURA raso to grant Warranty Deed lor lot 1 block 2 Gi rard Place sub .doc 'I . • ADOPTED AND APPROVED this 12 th day of February , 2003. AITEST: Motion by Doug Garrett Chair Woodward Second by: ______________ _ • Voting in favor: Ron Fish, Don Roth, Robin Weddle , Doug Garrett, Chair Woodward Voting in opposition: No ne Members abstaining: None Members absent: Tom Burns, Vice Chair Bertoluzzi • H:IGROUP\BOARDSI URA\Resolutions\Resoluti ons 2003\EURA reso to grant Warranty Deed fo r lot 1 block 2 Girard Place sub.doc • • • BARGAIN AND SALE DEED After recording return to: H. Michael Miller, Esq. Berenbaum Weinshienk & Eason, P.C. 370 17th Street, 48th Floor Denver, CO 80202 This BARGAIN AND SALE DEED ("Deed") is made this 28th day of April, 2003, between the ENGLEWOOD URBAN RENEWAL AUTHORITY, a body corporate and politic organized and existing under the laws of the State of Colorado, whose address is 1000 Englewood Parkway, Englewood, Colorado 80110 ("Grantor"), and THE CITY OF ENGLEWOOD COLORADO, a Home Rule City existing under and the laws of the State of Colorado whose address is 1000 Englewood Parkway, Englewood, Colorado 80110 ("Grantee"). Grantor, for and in consideration of the sum of Ten Dollars ($10 .00) and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, has granted, bargained, sold and conveyed, and by these presents does grant, bargain , sell, convey and confirm unto Grantee, its successors and assigns forever , all the real property , together with improvements, if any, situate, lying and being in the City of Englewood. County of Arapahoe, State of Colorado , described as follows (the "Property"): Lot 1, Block 2, Girard Place Subdivision , TOGETHER with all and singular the hereditaments and appurtenances thereto belonging, or in any way appertaining, and the reversion and reversions , remainder and remainders , rents , issues and profits thereof, and all the estate , right. title, interest, claim and demand whatsoever of Grantor, either in law or equity, of, in and to the Property , with the hereditaments and appurtenances. TO HA VE AND TO HOLD the Property above bargained and described, with the appurtenances. unto Grantee, its successors and assigns forever. IN WITNESS WHEREOF, Gran tor has executed this Deed as of the date first written above. ENGLEWOOD URBAN RENEWAL AUTHORITY R . Simpson, Executive Director - 1 - • • • STATE OF COLORADO ) ) ss : COUNTY OF ARAPAHOE ) The foregoing instrument was acknowledged before me this 28th day of April , 2003 , by R. Simpson , as Executive Director of the Englewood Urban Renewal Authority, a body corporate and politic organized and existing under the laws of the State of Colorado. W itness my hand and official seal. My commission expires: _______________________ _ Notary Public - 2 - • URBAN RENEWAL AUTHORITY CHAIR JIM WOODWARD Residence: 303-781-5495 District: Ill 3943 South Pearl Street Business : 303-409-6056 Appointed: 02 /07 /00 Term Expires: 02 /05 /05 VICE CHAIR ERIC BERTOLUZZI Residence: 303-789-1457 District: IV 4860 South Galapago Street Appointed : 07/06 /99 Reappointed: 02 /20/01 Term Expires: 02 /05 /06 AUTHORITY MEMBERS TOM BURNS Residence: 303-761-3686 District: II 3600 South Bannock Street #301 Business : 303-770-6004 Appointed: 02 /04/02 Term Expires: 02 /01 /07 RONALD FISH Residence: 303-789-1553 District: II 3210 South Franklin Street Business: 303-315-1260 Appointed: 05 /07 /01 Term Expires: 02 /05 /04 DOUGLAS GARRETI Residence: 303-788-054D District: IV 825 West Quincy Avenue Appointed: 11 /04/97 Council Member Reappointed: 11 /06/01 Term Expires: 11 /21 /05 DON ROTH Residence: 303-781-0413 District: I 2830 South Sherman Street Business: 303-287-3347 Appointed: 02 /03 /97 Reappointed: 02 /20/01 Term Expires: 02 /05/06 ROBIN WEDDLE Residence: 303-788-0361 District: I 3031 South Marion Street Business: 303-986-0086 Appointed: 02 /03 /97 Reappointed: 02 /02/98 Reappointed: 02 /03 /03 Term Expires: 02 /01 /08 ALTERNATE MEMBER ANTHONY GALLARDO Residence: 303-934-41 01 District: 2200 West Warren Avenue Business: 303-287-3322 Term: Appointed to five y ear terms Schedule: Meets second Wednesday of month at 6 :30 p.m. in Community Dev elopment Conference Room .Staff: Robert Simpson , Executive Director, 303-762-2347 Gertrude Welty, Re c ording Secretary, 303-762-2347 March 4, 2003 Re v ised: 23