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MEETING

OCTOBER 28, 2010

AGENDA

Date:

October 21, 2010

To:

Commissioners of the Urban Renewal Authority

From:

Michael Collins, Chair

Subject:

Regular Meeting, October 28, 11:00 a.m.

City Hall – Pikes Peak Room

107 N. Nevada Ave, Second Floor

Colorado Springs, CO

Agenda:

1.

Approval of September 16th CSURA meeting minutes

2.

Approval of Financial Report as of September 30, 2010

3.

Gold Hill Mesa/CSURA Intergovernmental Tax Sharing AgreementChuck Miller

4.

Proposed Vineyard Project Presentation – Vince Colarelli

5.

2011 Budget OptionsJim Rees

6.

CSURA Website

7.

Other Matters

8.

Adjournment

MINUTES OF THE SPECIAL MEETING OF THE

URBAN RENEWAL AUTHORITY

OF THE CITY OF COLORADO SPRINGS

HELD ON THURSDAY, OCTOBER 28, 2010

On the 28th day of October, 2010 at 11:00 a.m., the Commissioners of the Urban Renewal Authority of the City of Colorado Springs met in Special session at 107 N. Nevada Avenue, at City Hall in the Pikes Peak Conference Room, Colorado Springs, Colorado.

In attendance were:

COMMISSIONERS:

Michael Collins

Brian Covert

Dottie Harman

Scott Hente

Jim Kin

John Olson

Judy Noyes

Susan Wood-Ellis

ABSENT:

Rosemarie Venezia

Also in attendance:

Carrie Bartow

Clifton-Gunderson

Ryan Tefertiller

City Development Review

Bob Cope

City Economic Development

Carol Baker

CS Utilities

Barbara Ross

Vineyard Commerce Park Attorney

Salvatore Como

Alliance Financial

Kyle Campbell

Classic Consulting

Rich Laden

Gazette

Stan Kensinger

Olive Real Estate

Vince Colarelli

Vineyard Commerce Park

David White

Economic Development Corporation

Greg Vernon

Wired RE

Ron Butlin

Downtown Partnership

Scott Harrison

KRDO-TV

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 11:05 a.m. and thanked Authority members and visitors for attending the special meeting. He then introduced the newly appointed CSURA member, Mr. Brian Colvert. Mr. Colvert gave a brief description of his educational and professional background and was welcomed by other Authority members.

Item #1 – Approval of Minutes

Motion was made by Commissioner Noyes, seconded by Commissioner Wood-Ellis, that the Minutes of the Regular meeting, held on September 16, 2010 be adopted as written; the motion carried.

Item #2 – Approval of Financial Report

Carrie Bartow, Clifton Gunderson CPA, reviewed the financial statement answering questions from Authority members. She also shared that the sales tax numbers for North Nevada are now being reported by the City on a regular basis.

RESOLUTION NO. 1708

A RESOLUTION APPROVING THE FINANCIAL STATEMENT AND EXPENDITURES OF THE CSURA FOR THE PERIOD ENDING SEPTEMBER 30, 2010

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

TThe financial statement and expenditures of the Colorado Springs Urban Renewal Authority for the period ending September 30th are hereby approved.

Motion was made by Commissioner Noyes, seconded by Commissioner Olson, that Resolution #1708 be adopted.

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

AYES:

Michael Collins

Brian Covert

Dottie Harman

Scott Hente

Jim Kin

John Olson

Judy Noyes

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #3 – Gold Hill Mesa/CSURA Intergovernmental Tax Sharing Agreement – Chuck Miller

Chuck Miller explained that a tax sharing agreement between the Gold Hill Mesa Metropolitan District and CSURA will clarify the tax increment financing method of payments to the metro district. The parties involved in the agreement are still in the process of completing some of the details and therefore the item was pulled from this month’s agenda. It will be considered at a later date.

Item #4 – Proposed Vineyard Project Presentation – Vince Colarelli

Mr. Vince Colarelli began his presentation for the Vineyards Commerce Park/Data Center by stating that this project is capable of generating as much as $1 billion in new development for this community. There are approximately 30+ fortune 500 companies in Colorado Springs, all with data center needs. He is proposing a partnership with the Colorado Springs Utilities (CSU) to develop a renewable energy plant using our City’s recyclable waste, sledge from energy plant, biomass, biosolids and alcohol fuels to create electricity to meet the needs of the data center. The proposed project will include the energy plant as well as a data center, dedicated open space, multi-use trail improvements, streamside improvements, traffic intersection improvements and a workforce development and job training program.

Mr. Colarelli’s project partners include the CSU, the City of Colorado Springs, the University of Colorado at Colorado Springs (UCCS), Colorado Springs Regional Economic Development Corporation and hopefully the Colorado Springs Urban Renewal Authority. Mr. Collarelli explained that the data center is a facility that houses computer system data from various large volume sources, back-up power supplies, backup data communications connections, environmental controls such as air conditioning and fire suppression and security devices. All of which require large quantities of regulated power, dedicated internet service from multiple suppliers as well as high security and support services.

Mr. Colarelli stated that it is imperative that the data center have a constant supply of electricity at all times. This project is proposing not only a constant supply of energy but energy from a renewable power plant source which makes it even more attractive to potential customers. The renewable energy plant would generate 50MW and can be justified through the anticipated additional load of the new data center. The plant also offers a third independent source of power to those electricity users within the development and possibly beyond. This type of alternative energy source is a third of the cost of solar, less than half the cost of wind generated power; making it an inexpensive power source that also assists CSU in developing their renewable energy portfolio to satisfy federal mandates.

Large corporations would store their data in this facility instead of building their own facility individually, thus saving dollars, space, overhead, etc. There is currently a large demand for this type of facility and per information presented the demand is expected to increase in the near future along with the increased need for additional power. This Colorado Springs project site offers favorable characteristics such as a dry climate, low utility rates, underground utility infrastructure and is not susceptible to natural disasters (tornados, hurricanes, earthquakes).

Mr. Colarelli felt that the Vineyards Data Center project would be beneficial to Colorado Springs on several levels; including job creation, tax revenue generation, an alternative energy source, elimination of landfill waste, park and trail improvements, intersection improvements, the creation of the most effective operating model for any data center in the nation and has the potential to brand Colorado Springs as a national leader in a fast growing industry and more. The project site is approximately 105 acres with 65 acres being considered for building development. The beginning phase of the project is expected to be completed in 2011.

Mr. Colarelli asked the Urban Renewal Authority to consider the Vineyards as a viable urban renewal project. He stated that preliminary figures show property tax generation at $200 million over the 25 year life of an urban renewal plan. It has not been decided whether the renewable energy plant would be owned by CSU or privately. He further stated that the site would be landscaped along Interstate 25 with natural shrubs, trees and berms for protection of the data center building.

The project would be presented to City Council at a future date along with the proposed partnership with CSU. Fees for the blight study and predevelopment agreement were discussed. Commissioner Harman stated that a discussion concerning the amount of TIF expected to be generated by this project needed to happen before a blight study was initiated. CSURA staff stated that they would do the due diligence on the TIF generation and present it to Authority members. It was also requested that the proposed developer get comments from the various project partners concerning their role in this project before the next discussion happened with CSURA. Mr. David White with the Economic Development Corporation stated that the proposed site is the right location and is considered to be “A” rated for the needed infrastructure. He explained that jobs will be created through the additional companies who would relocate here due to the benefit of the data center project.

There being no further discussion Commissioner Noyes presented the following:

RESOLUTION NO. 1709

A RESOLUTION AUTHORIZING A BLIGHT STUDY FOR THE PROPOSED VINEYARDS PROJECT SITE PAID FOR BY THE DEVELOPER

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

A resolution authorizing a blight study for the Vineyards project is hereby approved with costs being absorbed by the developer.

Motion was made by Commissioner Noyes, seconded by Commissioner Kin, that Resolution #1709 be adopted.

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

AYES:

Michael Collins

Brian Colvert

Dottie Harman

Scott Hente

Jim Kin

John Olson

Judy Noyes

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #52011 Budget Options – Jim Rees

Mr. Rees presented 2011 budget options to be considered by Authority members. It was decided that further discussion would take place at the next meeting.

Item #6 – CSURA Website

Mary-K. Burnett reported that www.csurbanrenewal.org is now up and running and invited all Authority members to check out the newly constructed website.

Item #7 – Other Matters

Mr. Rees reported that there was no recent movement in the Broadmoor Pavilions project. He then stated that there had not been any progress on the Copper Ridge project either. City Staff commented that representatives from Copper Ridge would be more responsive after the November 9th meeting with the El Paso County Commissioners.

Currently City Council is dealing with an outstanding debt on the Gas Department buildings in the Southwest Downtown URA. Per a recent real estate appraisal the property is not worth the outstanding debt amount. It was stated that the Statement of Intent, signed by the City of Colorado Springs, CSURA and development partners, in effect is not something that can be easily ignored. CSURA staff is currently working with Colorado Springs Utilities and City staff to find a solution that will leave the property available for “redevelopment” rather than open to utility use.

Item #8 – Adjournment

There being no further business to come before the Commissioners, motion was made by Commissioner Harman, seconded by Commissioner Kin, to adjourn the meeting. Upon unanimous vote, the meeting was declared adjourned at 1:00 p.m.

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