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MEETING

DECEMBER 15, 2011

AGENDA

Date:

December 8, 2011

To:

Commissioners of the Urban Renewal Authority

From:

Michael Collins, Chair

Subject:

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

City Hall – Pikes Peak Room

107 N. Nevada Ave., Second Floor

Colorado Springs, Colorado

Agenda:

1.

Approval of November 10th CSURA meeting minutes

2.

Approval of Financial Report as of November 30, 2011

3.

2011 UCCS Student Sculpture submittals – Kevin Kratt

4.

2012 Operating Budget Final – Jim Rees

5.

Ivywild Sales Tax Increment Financing – Jim Rees, Mike Bristol, Bob Cope

6.

Economic Impact of Urban Renewal Districts on the City – Anne Ricker

7.

CSURA Retreat Summary – Anne Ricker

8.

SW Downtown URA Market Analysis Status – Anne Ricker

9.

North Nevada Corridor Plan Update – Jim Rees

10.

Other Matters

11.

Adjournment

MINUTES OF THE REGULAR MEETING OF THE

URBAN RENEWAL AUTHORITY

OF THE CITY OF COLORADO SPRINGS

HELD ON THURSDAY, DECEMBER 15, 2011

On the 15th day of December, 2011 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:

Brian Colvert

Dottie Harman

Judy Noyes

John Olson

Rosemarie Venezia

ABSENT:

Michael Collins

Scott Hente

Jim Kin

Susan Wood-Ellis

Also in attendance:

Ryan Tefertiller

City Land Use Review

Bob Cope

City Economic Development

Carrie Bartow

Clifton Gunderson

Mike Bristol

Ivywild School URA

Joseph Coleman

Ivywild School URA

Ron Butlin

Downtown Partnership

Chris Jenkins

Downtown Partnership

Kevin Kratt

University Village Colorado

Brett Wilson

UCCS

Taylor Stamp

UCCS

Matt Barton

UCCS

Carl Schueller

City of Colorado Springs

Dan Hughes

CSURA Legal Counsel

Mary-K. Burnett

CSURA Staff

Chuck Miller

CSURA Staff

Jim Rees

CSURA Staff

Vice Chairman Olson called the meeting to order at 11:05 a.m.

Item #1 – Approval of Minutes

Motion was made by Commissioner Harman, seconded by Commissioner Noyes, that the Minutes of the Special meeting, held on November 10th be adopted as written; the motion carried.

Item #2 – Approval of Financial Report

Ms. Carrie Bartow, Clifton Gunderson CPA, reviewed the income and expenditure financial statement for November 2011 as well as the most current North Nevada Sales Tax TIF Report answering questions from Authority members.

There being no further discussion Commissioner Venezia presented:

RESOLUTION NO. 1740

A RESOLUTION APPROVING THE FINANCIAL STATEMENT AND EXPENDITURES OF THE CSURA FOR THE PERIOD ENDING NOVEMBER 30, 2011

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

Motion was made by Commissioner Venezia, seconded by Commissioner Noyes, that Resolution #1740 be adopted.

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

AYES:

Brian Colvert

Dottie Harman

Judy Noyes

John Olson

Rosemarie Venezia

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Further discussion occurred concerning the North Nevada Avenue bond payments, due today. Ms. Bartow stated that the “A” Series Bond payment had been made but that the “B” Series Bond payment was short by approximately $55,000, putting them in default. She predicted that the 2012 Senior Subordinate bond payments would be made but not the “B” Series payments. She is still working, along with CSURA staff and legal counsel, to obtain detailed sales tax collection information for the various retailers within the University Village Colorado (UVC) retail center to better predict future trends and sales tax TIF revenues. Once that information has been released CSURA can begin to work with bond council and bond holders to renegotiate the terms of the bonds. Mr. Miller stated that the bond payments are funded through property tax and sales tax TIF only. The default status could influence CSURA’s chances of the sale of future bonds.

Item #3 – 2011 UCCS Student Sculpture submittals – Kevin Kratt

Mr. Kratt, gave a short recap of the annual grant program for UCCS students to propose original outdoor sculpture work for display along the west side of North Nevada Avenue along the University Village sidewalk frontage. This is the second year that UVC has offered two grants in the amount of $2,500 each to be awarded to UCCS students for public sculpture art. Additional costs for site work and pedestal installation will be handled through UVC. Mr. Kratt introduced Matt Barton, head of the UCCS Sculpture Department, who explained that he had been working with two students on their sculpture proposal design, project budget and timeline. He introduced Mr. Brett Wilson, a senior at UCCS, who presented a maquette of his sculpture proposal. He explained that the piece would be made from stainless steel with a brushed metal or matt-like surface, stand approximately 8.5 foot tall, and symbolize the connection of UVC to UCCS emphasizing the neighborhood, surrounding movement and transformation for students working towards new opportunities in life. The design utilizes home facades of three different designs to represent the symbolic message of community, connection and travel/movement.

The next proposal was presented by Taylor Stamp, also a senior at UCCS, who shared a miniature duplicate of his sculpture proposal entitled “Reflections”. The piece is estimated to stand approximately 7 foot tall and made up of interconnecting boxes that will be painted red, yellow and blue on the insides so to reflect upon each other creating a wider spectrum of color to the viewer. The box-like structure will be mounted on a 5.5 foot framework. The piece will have LED lighting during non-daylight hours and will be completely weather proof. The sculpture surface will be either powder coated or brushed auto body paint.

Authority members were accepting of the two designs and thanked the students for their presentations. Both sculptures should be installed by May 2012.

Item #4 – 2012 Operating Budget Final – Jim Rees

Jim Rees presented the 2012 CSURA Operating Budget for final review of Authority members. Discussion occurred concerning annual project administrative fees. It was decided to put this topic on the January agenda for further discussion.

There being no further discussion Commissioner Venezia presented:

RESOLUTION NO. 1741

A RESOLUTION APPROVING THE 2012 CSURA OPERATING BUDGET AND APPROPRIATIONS BUDGET

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

The 2012 CSURA Operating Budget and Appropriations Budget are hereby approved.

Motion was made by Commissioner Venezia, seconded by Commissioner Noyes, that Resolution #1741 be adopted.

Discussion followed concerning specifics of the Appropriations Budget and Carrie Bartow answered Authority member questions in further detail.

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

AYES:

Brian Colvert

Dottie Harman

Judy Noyes

John Olson

Rosemarie Venezia

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #5 – Ivywild Sales Tax Increment Financing – Jim Rees, Mike Bristol and Bob Cope

Mr. Rees reported that the issue of sales tax TIF has been discussed among CSURA staff and the developers have met with City staff. The developers are requesting that the 2% sales tax TIF be awarded for the full 25 year term the urban renewal plan. Chuck Miller, stated that CSURA supported this request due to requirements from the lender for the following:

1. A 15 year amortization

2. To secure a financial cushion in case the project did not meet its projections

3. To be used for future project improvements such as upgrade of infrastructure

Mr. Miller went on to say that the City has recommended 1% of the sales tax TIF be awarded to the project, however this does not meet with the lenders requests. A meeting had been set to discuss this issue with members of City Staff and the developers. Commissioner Noyes asked why a representative from either the Authority or CSURA staff was not invited to the meeting. Mr. Bob Cope, City Economic Development, interjected that City staff wanted to get a presentation on the project and find out the needs from the developers and thus set the meeting. He then reported that through discussion with Mr. Cox that the Mayor was in full agreement of 2% sales tax TIF over the 25 year period of the Ivywild School Urban Renewal project. It is not completely clear whether the next step in the process will be for a contract to be signed by the Mayor or if the request needs to be presented to City Council prior to that. CSURA staff shared that there was some urgency to the completion of this process so that the developers could close on the sale of the school property.

There being no further discussion Commissioner Colvert presented:

RESOLUTION NO. 1742

A RESOLUTION APPROVING 2% SALES TAX TIF OVER 25 YEARS FOR THE IVYWILD SCHOOL URBAN RENEWAL PROJECT BY THE MAYOR OR COLORADO SPRINGS CITY COUNCIL RESPECTIVELY

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

2% of the City Sales Tax will be awarded to the Ivywild School Urban Renewal Project for the next 25 years per approval by the Mayor or the Colorado Springs City Coucil.

Motion was made by Commissioner Colvert, seconded by Commissioner Noyes, that Resolution #1742 be adopted.

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

AYES:

Brian Colvert

Dottie Harman

Judy Noyes

John Olson

Rosemarie Venezia

The following voted:

NAYS:

None

The motion was declared carried and the Resolution adopted.

Vice Chairman Olson requested that there be representation from CSURA in future meetings between City staff and project developers when discussing a project. Mr. Cope stated that he would make that request but could not guarantee that it would be followed.

Items # 6, 7 and 9 were postponed to a later time.

Item #8 – SW Downtown URA Market Analysis Status – Anne Ricker

Ms. Ricker began her presentation by reviewing the purpose and intentions of the project. She then shared the methodology used in the market analysis. She stated that market feasibility and financial feasibility are very different. The real question is what is financially feasible in the Southwest Downtown Urban Renewal Area. She then quoted the Urban Land Institute concerning emerging trends as saying “After apartments, it’s slim pickings.”

Commissioner Venezia excused herself from the meeting at 12:55 p.m.

The core investment opportunities in 2012 appear to be apartments and industrial property for “reliable cash-flow”. Class A office buildings in top gateway markets, large fortress malls and prime neighborhood shopping centers in solid infill neighborhoods are next on the list. While hotels are a definite acquisition opportunity they are also a highly speculative investment.

Ms. Ricker reported that the emerging trends for real estate opportunities are in three categories:

Residential Product Opportunities

Women as a target market

Downtown Housing

Workforce Housing

Low-Maintenance Housing

Retail Product Opportunities

Ethnic Retailing

Central Cities

Lifestyle Centers

Employment & Education Product Opportunities

Traditional Office Space – in smaller increments

Convertible spaces

Education Facilities

She reviewed the demographics in the trade area, separating the City from El Paso County in categories such as population, number of households, age variations, education, income and ethnic groups. She then spoke about demographic indicators such as owner-occupied units, renter-occupied units and where each was primarily located in the trade area. She showed statistics on the number of building permits in El Paso County for single-family, townhome/condo and multi-family units between 2000 and 2010; noting a noticeable drop in single family permits since 2005. She proceeded on to retail categories that would be supported in the Southwest Downtown URA with the leaders being in the categories of service type offices, food service, general merchandise and grocery.

Ms. Ricker summarized with the following recommendations:

Target 10-year capture of retail, office and industrial/flex space growth in Trade Area

Office absorption can capture some of the retail and some of the residential; however larger office concentration is a longer term opportunity

Continue to improve local connectivity to Downtown and neighborhoods to the east and west and leverage access and visibility from I-25

Leverage urban amenities to attract higher-value flex space for entrepreneurs and other members of the “creative class”.

Item #10 – Other Matters

Mr. Carl Schueller, City Land Development and Review, was introduced. Mr. Schueller began by stating that he wanted to give CSURA a heads up on the inter-city redevelopment or in-fill development strategy being considered in a possible update of the City’s Comprehensive Plan. He is expecting direction from the Mayor on this type of redevelopment in the near future.

The purpose of Mr. Schueller’s project is for an analysis, review of case studies, to share information with stakeholders and to make preliminary recommendations. There have been no formal public hearings to date. He intends to define infill in much more detail than the City’s current 10-year old Comprehensive Plan.

All of the City’s Urban Renewal Areas, with the exception of Copper Ridge, are within the City’s “red-lined” area set for infill redevelopment possibilities. Mr. Schueller stated that discussions about setting priorities for redevelopment sites are already underway. He felt that “downtown” was really the “hot spot” or center piece for infill redevelopment. He asked if there was CSURA policy stating criteria for future project areas. He then stated that there is no clear cut focus on where this update exercise will go or how it might be implemented to date.

Item #11 - Adjournment

There being no further business to come before the Commissioners, motion was made by Commissioner Colvert, seconded by Commissioner Noyes to adjourn the meeting. Upon unanimous vote, the meeting was declared adjourned at 2:00 p.m.

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