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MEETING

JULY 15, 2010

AGENDA

Date:

June 14, 2010

To:

Commissioners of the Urban Renewal Authority

From:

Michael Collins, Chair

Subject:

Regular Meeting, July 15, 11:00 a.m.

City Hall – Pikes Peak Room

107 N. Nevada Ave, Second Floor

Colorado Springs, CO

Agenda:

1.

Approval of May 20th CSURA meeting minutes

2.

Approval of Financial Report as of June 30, 2010

3.

Street Car Presentation – Val Snyder

4.

Academy Blvd. Corridor – Carl Schueler

5.

Gold Hill Mesa Proposed Design Standard Amendment – Tim Seibert, NES

6.

Approval of EPC Assessor agreement for Gold Hill Mesa TIF base adjustment – Jim Rees

7.

CityGate Administrative Fee Request

8.

Other Matters

9.

Adjournment

MINUTES

On the 15th day of July, 2010 at 11:00 a.m., the Commissioners of the Urban Renewal Authority of the City of Colorado Springs met in Regular session at 107 N. Nevada Avenue, at City Hall in the Pikes Peak Conference Room, Colorado Springs, Colorado.

In attendance were:

COMMISSIONERS:

Michael Collins

Dottie Harman

Scott Hente

Jim Kin

Judy Noyes

Rosemarie Venezia

ABSENT:

Clay Benson

John Olson

Susan Wood-Ellis

Also in attendance:

Val Snyder

Street Car Taskforce

Roger Clark

El Paso County Assessor’s Office

Nolan Schriner

N.E.S., Inc.

Carrie Bartow

Clifton-Gunderson CPA

Ryan Tefertiller

City Development Review

Steve Engel

Griffith Blessing

Bob Willard

Gold Hill Mesa

Dan Hughes

CSURA Legal Counsel

Mar-K. Burnett

CSURA Staff

Chuck Miller

CSURA Staff

Jim Rees

CSURA Staff

Chairman Collins called the meeting to order at 11:02 a.m. and thanked Authority members and visitors for attending the regular meeting.

Item #1 – Approval of Minutes

Mary-K. Burnett stated that John Olson needed to be added to Resolution # 1699 as an Aye vote. Motion was made by Commissioner Kin, seconded by Commissioner Hente, that the Minutes of the Regular meeting, held on May 20, 2010, be adopted as corrected. The motion was carried unanimously.

Item #2 – Approval of Financial Report

Carrie Bartow reviewed the financial statement answering questions concerning the bond payment due in June on the North Nevada Avenue project. She stated that the payment was made using a portion of the reserve fund. Currently there is a $1.5 million shortfall, however she felt that the sales tax increment will replenish the reserve. She also reviewed the subordinate debt as well as some current legislation being considered that could handicap the ability to bond for the second phase of the North Nevada Avenue UR project.

Commissioner Kin asked if the sales tax figures were on target per projections. Chuck Miller explained that due to the delayed opening of Costco, Kohl’s and Lowe’s the sales tax increment was also been delayed. He further stated that review of the numbers being reported appear to be on the positive side.

RESOLUTION NO. 1700

A RESOLUTION APPROVING THE FINANCIAL STATEMENT AND EXPENDITURES OF THE CSURA FOR THE PERIOD ENDING MAY 31, 2010

BE IT RESOLVED BY THE COMMISSIONERS OF THE URBAN RENEWAL AUTHORITY OF THE CITY OF COLORADO SPRINGS, COLORADO, THAT:

The financial statement and expenditures of the Colorado Springs Urban Renewal Authority for the period ending May 31st are hereby approved.

Motion was made by Commissioner Venezia, seconded by Commissioner Hente, that Resolution #1700 be adopted.

Upon a Call for the Vote, the following Commissioners voted:

AYES:

Michael Collins

Dottie Harman

Scott Hente

Jim Kin

Judy Noyes

Rosemarie Venezia

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #3 – Street Car Presentation – Val Snyder

Commissioner Kin introduced Mr. Val Snyder, Street Car Taskforce, who moved into a presentation concerning a summary of the feasibility study done to bring back a street car system in the downtown area. Mr. Snyder stated that the implementation of a street car system has shown to be an attraction to tourism, downtown residents, new businesses and business reinvestment in a community. The return on investment has proven to be quite impressive. Estimated numbers for Colorado Springs have not been established to date. The current plan is to connect to the core of downtown in three phases; beginning at the I-25 and Tejon Street Park and Ride and ultimately move north as far as Penrose Hospital. The taskforce is looking at 2-4 miles of track with financing through several options. In summary Commissioner Kin encouraged CSURA members to begin promoting the option of a street car system in Colorado Springs.

Item #4 – Academy Boulevard – Carl Schueler

Mr. Carl Schueler, City Engineering, presented a project called Academy Boulevard Corridor “Great Streets”. He explained that this plan was done via a consulting contract funded through the Federal Transit Administration in the form of a planning grant. The City of Colorado Springs is providing the match through in-kind staff hours. Mr. Schueler reported that the project began in 2007 when the City took over Academy Boulevard from the Colorado Department of Transportation. The 2008 vacancy rate for that area was reported to be 2.5 times that of the rest of the City.

The focus of the project is on a 6-mile stretch of roadway. The objectives include things like a corridor inventory, documentation of the process, input, analysis and evaluation, transit element including contingent and phased options along with follow-up activities and actions. The transit element is very important in the future of Academy Boulevard. Currently the area from Drennan north to Maizeland has lower than average demographics, higher than average shopping center vacancies, lower than average trail system and includes 60,000+ residents and is 12 square miles in size.

There is consideration being given to changing the area from an expressway classification to a major arterial classification and reduce the width of the roadway. Burying the utilities lines is also being proposed. This would result in value capture to property owners within the project area. The driving surface is deteriorating and will require a partial or full reconstruction to repair.

This area is a potential PPRTA reauthorization project. There may be federal transit and sustainability grants available; public/private coordination of improvements; urban renewal designation and the establishment of a Business Improvement District could all be considered. Mr. Schuler stated that there needs to be an official Plan before this project can move forward. Commissioner Harman heartily supported this project and felt the improvements to Academy Boulevard were clearly needed.

Item #5 – Gold Hill Mesa Proposed Design Standard Amendment – Nolan Schriner

Jim Rees, CSURA project manager, stated that currently Gold Hill Mesa has four approved design standards and are now requesting an amendment to include another architectural style. Mr. Nolan Schriner, NES, Inc., presenting on behalf of Gold Hill Mesa, shared the Colorado Farmhouse style with Authority members. He gave some history of the adaptation of the Farmhouse style, adding that many high-end mountain resort communities are embracing this style. The Colorado Farmhouse at Gold Hill Mesa blends Mountain Ranch and Mid-West Farmhouse Styles, resulting in a classic Colorado Style. He stated that landscaping helps to soften the angles of this design and will add diversity to the development area. Commissioner Noyes stated that it was a plus to add an additional architectural style to Gold Hill Mesa.

There being no further discussion Commissioner Kin presented:

RESOLUTION NO. 1701

A RESOLUTION TO APPROVE A GOLD HILL MESA DESIGN STANDARD AMENDMENT TO INCLUDE THE COLORADO FARMHOUSE ARCHITECTURAL DESIGN

BE IT RESOLVED BY THE COMMISSIONERS OF THE URBAN RENEWAL AUTHORITY OF THE CITY OF COLORADO SPRINGS, THAT:

A resolution approving an amendment to the Gold Hill Mesa Design Standards for the Colorado Farmhouse Architectural design.

Motion was made by Commissioner Kin, seconded by Commissioner Hente, that Resolution # 1701 be adopted.

Upon a Call for the Vote, the following Commissioners voted.

AYES:

Michael Collins

Dottie Harman

Scott Hente

Jim Kin

Judy Noyes

Rosemarie Venezia

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #6 – Approval of EPC Assessor agreement for Gold Hill Mesa TIF base adjustment – Roger Clark

Mr. Clark explained that the original base valuation for the Gold Hill Mesa URA was not accurate and presented an agreement to correct the base figure. The agreement offered to apply the 2009 property tax valuation criteria retroactively to all prior tax years dating back to 2003. The application would be reflected in tax year 2010 taxes and continue forward. The result would be a base valuation of $240,440 for 2009 and an increment of over $3 million, giving the Authority a higher incremental revenue beginning in 2010 and going forward, compensating for any error on the part of the El Paso County Assessor.

Mr. Chuck Miller, asked for clarification on the other option offered by the Assessor’s office. He then suggested that the developers be informed.

There being no further discussion Commissioner Hente presented the following:

RESOLUTION NO. 1702

A RESOLUTION TO POSTPONE THE AGREEMENT TO THE AUGUST 19TH CSURA MEETING

BE IT RESOLVED BY THE COMMISSIONERS OF THE URBAN RENEWAL AUTHORITY OF THE CITY OF COLORADO SPRINGS, THAT:

A resolution postponing a decision on the El Paso County Assessor agreement for Gold Hill Mesa URA concerning the base valuation.

Motion was made by Commissioner Hente, seconded by Commissioner Harmon, that Resolution # 1701 be adopted.

Commissioner Kin then presented the following:

RESOLUTION NO. 1703

A RESOLUTION FOR CONDITIONAL APPROVAL OF OPTION 2 SUBJECT TO CONFIRMATION BY DEVELOPER THAT THEY DO NOT WANT TO MAKE COMMENT TO CSURA AND SUBJECT TO REVIEW OF THE CALCULATIONS BY CLIFTON GUNDERSON, CPA

BE IT RESOLVED BY THE COMMISSIONERS OF THE URBAN RENEWAL AUTHORITY OF THE CITY OF COLORADO SPRINGS, THAT:

A resolution for conditional approval of El Paso County Assessor agreement for option #2 in regards to the Gold Hill Mesa URA tax increment financing base subject to developer approval and review of calculations by Clifton Gunderson, CPA.

Motion was made by Commissioner Kin, seconded by Commissioner Noyes, that Resolution # 1703 be adopted.

Upon a Call for the Vote, the following Commissioners voted:

AYES:

Michael Collins

Dottie Harman

Scott Hente

Jim Kin

Judy Noyes

Rosemarie Venezia

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Commissioner Venezia left the meeting at 12:38 p.m.

Item #7 – CityGate Administrative Fee Request

Mr. Steve Engel, Griffis-Blessing, thanked Authority members for the deferment of the 2009 CityGate administrative fee. He then stated that the 2010 administrative fee had been paid and then requested continued deferral of the 2009 fee. Mr. Engel shared the progress of recapitalization on the debt for CityGate. He felt there is some movement with the 5-year lease of portions of the buildings on site and the continued redevelopment inquiries, however none have been acceptable to date.

Commissioner Kin then presented the following:

RESOLUTION NO. 1704

A RESOLUTION GRANTING THE DEFERRAL OF THE 2009 ADMINISTRATIVE FEE ON THE CITYGATE URBAN RENEWAL AREA

BE IT RESOLVED BY THE COMMISSIONERS OF THE URBAN RENEWAL AUTHORITY OF THE CITY OF COLORADO SPRINGS, THAT:

A resolution granting the deferral of the 2009 administrative fee for the CityGate URA.

Motion was made by Commissioner Kin, seconded by Commissioner Hente, that Resolution # 1704 be adopted.

Upon a Call for the Vote, the following Commissioners voted:

AYES:

Michael Collins

Dottie Harman

Scott Hente

Jim Kin

Judy Noyes

Rosemarie Venezia

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #8 – Other Matters

Jim Rees reported that the extension of Vincent Drive to North Nevada Avenue, an RTA funded project, could possibly be out to bid this year. He explained that the City is considering requesting developers to be responsible for reimbursing RTA costs for the extension. He further explained that this is a fully funded RTA project and recovery of costs would be refunded to RTA. This recovery process is a City Policy but discussion centered around the possibility of hindering economic development for urban renewal areas. It was the consensus of the Authority members to send a letter to the RTA board with a copy to the acting City Manager expressing their opposition to the City implementing cost recovery in areas of RTA projects within an Urban Renewal Area.

There being no further discussion Commissioner Hente presented the following:

RESOLUTION NO. 1699

A RESOLUTION INSTRUCTING CSURA STAFF TO PROCEED WITH EFFORTS TO ACQUIRE THE LAND FROM THE CITY AND DETERMINE THE CURRENT VALUE AND PUT TOGETHER AN APPROACH FOR DEVELOPMENT OF THE SOUTHWEST DOWNTOWN URBAN RENEWAL AREA

BE IT RESOLVED BY THE COMMISSIONERS OF THE URBAN RENEWAL AUTHORITY OF THE CITY OF COLORADO SPRINGS, COLORADO, THAT:

A resolution directing CSURA staff to continue with the acquisition of Lot 2 and 4 from the City, determine land value and develop a plan for redeveloping SW Downtown URA.

Motion was made by Commissioner Kin, seconded by Commissioner Olson, that Resolution #1699 be adopted.

Upon a Call for the Vote, the following Commissioners voted:

AYES:

Michael Collins

Dottie Harman

Scott Hente

Jim Kin

Judy Noyes

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #8 – Other Matters

Jim Rees reported that the extension of Vincent Drive to North Nevada Avenue, an RTA funded project, could possibly be out to bid this year. He explained that the City is considering requesting developers to be responsible for reimbursing RTA costs for the extension. He further explained that this is a fully funded RTA project and recovery of costs would be refunded to RTA. This recovery process is a City Policy but discussion centered around the possibility of hindering economic development for urban renewal areas. It was the consensus of the Authority members to send a letter to the RTA board with a copy to the acting City Manager expressing their opposition to the City implementing cost recovery in areas of RTA projects within an Urban Renewal Area.

There being no further discussion Commissioner Hente presented the following:

RESOLUTION NO. 1700

A RESOLUTION TO SEND A LETTER TO THE RTA BOARD WITH COPY TO CITY MANAGER EXPRESSING OPPOSITION TO THE CITY REQUIRING DEVELOPERS TO BE RESPONSIBLE FOR THE RECOVERY OF RTA PROJECT COSTS IN AN URBAN RENEWAL AREA

BE IT RESOLVED BY THE COMMISSIONERS OF THE URBAN RENEWAL AUTHORITY OF THE CITY OF COLORADO SPRINGS, THAT:

A resolution to send a letter expressing opposition for RTA project cost recovery by developers in an Urban Renewal Area.

Motion was made by Commissioner Kin, seconded by Commissioner Noyes, that Resolution # 1705 be adopted.

Upon a Call for the Vote, the following Commissioners voted:

AYES:

Michael Collins

Dottie Harman

Scott Hente

Jim Kin

Judy Noyes

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Chuck Miller stated that there are two presentation scheduled for the August 19th CSURA meeting on proposed projects.

Item #9 – Adjournment

There being no further business to come before the Commissioners, motion was made by Commissioner Harman, seconded by Commissioner Noyes, to adjourn the meeting. Upon unanimous vote, the meeting was declared adjourned at 1:15 p.m.

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