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MEETING

JANUARY 20, 2011

AGENDA

Date:

January 13, 2011

To:

Commissioners of the Urban Renewal Authority

From:

Michael Collins, Chair

Subject:

Regular Meeting, January 20, 11:00 a.m.

City Hall – Pikes Peak Room

107 N. Nevada Ave, Second Floor

Colorado Springs, CO

Agenda:

1.

Approval of December 9th CSURA meeting minutes

2.

Approval of Financial Report as of December 31, 2010

3.

Proposed Amendments to Gold Hill Mesa Redevelopment Agreement – Dan Hughes

4.

Vineyard Project Urban Renewal Plan – Vince Colarelli and Anne Ricker

5.

Southwest Downtown Gas Admin Bldg – Chuck Miller

6.

Executive Session

7.

Other Matters

8.

Other Matters

9.

Adjournment

MINUTES OF THE SPECIAL MEETING OF THE

URBAN RENEWAL AUTHORITY

OF THE CITY OF COLORADO SPRINGS

HELD ON THURSDAY, JANUARY 20, 2011

On the 20th day of January, 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:

Michael Collins

Brian Colvert

Dottie Harman

Scott Hente

Jim Kin

Judy Noyes

John Olson

Rosemarie Venezia

Susan Wood-Ellis

ABSENT:

None

Also in attendance:

Ryan Tefertiller

City Development Review

Brad Schmitt

Vineyards Commerce Park

Vince Colarelli

Vineyards Commerce Park

Carrie Bartow

Clifton Gunderson CPA

Ron Butlin

Downtown Partnership

Brad Schmitt

Vineyards Commerce Park

Dan Hughes

CSURA Legal Council

Mary-K. Burnett

CSURA Staff

Chuck Miller

CSURA Staff

Jim Rees

CSURA Staff

Chairman Collins called the meeting to order at 11:01 a.m. and thanked Authority members and visitors for attending the regular meeting. He requested that all guests sign in on the sign-up sheet.

Item #1 – Approval of Minutes

Motion was made by Commissioner Hente, seconded by Commissioner Harman, that the Minutes of the Special meeting, held on December 9, 2010 be adopted as written; the motion carried.

Item #2 – Approval of Financial Report

Mary-K. Burnett reviewed the financial statement answering questions from Authority members.

RESOLUTION NO. 1715

A RESOLUTION APPROVING THE FINANCIAL STATEMENT AND EXPENDITURES OF THE CSURA FOR THE PERIOD ENDING DECEMBER 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 December 31st are hereby approved.

Motion was made by Commissioner Wood-Ellis, seconded by Commissioner Hente, that Resolution #1714 be adopted.

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

AYES:

Michael Collins

Brian Colvert

Dottie Harman

Scott Hente

Jim Kin

Judy Noyes

John Olson

Rosemarie Venezia

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Mary-K. Burnett then presented proposed amendments to the 2010 CSURA budget for appropriations in the General Fund, Debt Service and Capital Projects.

There being no discussion, Commissioner Hente presented:

RESOLUTION NO. 1716

A RESOLUTION APPROVING AMENDMENTS TO THE 2010 CSURA BUDGET IN THE AREAS OF THE GENERAL FUND, DEBT SERVICE AND CAPITAL PROJECTS

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

The amendments to the 2010 CSURA budget in the areas of the General Fund, Debt Service and Capital Projects are hereby approved.

Motion was made by Commissioner Hente, seconded by Commissioner Noyes, that Resolution #1716 be adopted.

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

AYES:

Michael Collins

Brian Colvert

Scott Hente

Jim Kin

Judy Noyes

John Olson

Rosemarie Venezia

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #3 – Proposed Amendments to Gold Hill Mesa Redevelopment Agreement – Dan Hughes

Mr. Dan Hughes, CSURA legal counsel, explained that Gold Hill Mesa had restructured their finances. The new financial organization called the Gold Hill Neighborhood is comprised of all the partners and entities as before and they all request to be transferred into the new organization and be included in the addendum. The Intergovernmental Tax Sharing Agreement accepts the Gold Hill Neighborhood and allows the tax increment financing to be transferred to the new entity.

There being no further discussion Commissioner Hente presented the following:

RESOLUTION NO. 1717

A RESOLUTION ACCEPING THE NEWLY ESTABLISHED GOLD HILL NEIGHBORHOOD FINANCIAL ENTITY AND THE AMENDED TAX SHARING AGREEMENT AS PRESENTED BY CSURA LEGAL COUNSEL

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

A resolution accepting the newly established financial entity of the Gold Hill Neighborhood along with the amended tax sharing agreement as presented.

Motion was made by Commissioner Hente, seconded by Commissioner Noyes, that Resolution #1717 be adopted.

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

AYES:

Michael Collins

Brian Colvert

Scott Hente

Jim Kin

Judy Noyes

John Olson

Rosemarie Venezia

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #4 – Vineyard Project Urban Renewal Plan – Vince Colarelli and Anne Ricker

Ms. Anne Ricker, Ricker-Cunningham Consulting, presented the Vineyard Project Urban Renewal Plan. She described the terrain of the project area and reviewed the conditions of blight found. She further reviewed the overall project benefits to the area.

Commissioner Wood-Ellis asked if there were any issues with zoning or with the City Planning process. Mr. Colarelli stated that the process with City Planning had begun and to date there were no glitches. Ryan Tefertiller, City Development Review, supported Mr. Colarelli’s assessment. He then stated that there may be some minor amendments in the future when the bio mass plant is being reviewed.

Mr. Colarelli reiterated the benefits of the multiple partnerships in this project. The stream-side improvements, the bike trail improvements and the planned wetland area are all beneficial to the community. He then stated that his company is currently in negotiations with two companies for the data center. These companies represent in excess of $150 million investment along with an anticipated 200 new jobs. One of the drawbacks is that there is a lack in broad telecom network availability. Mr. Colarelli has hired a company to review the possibility of strengthening connections with additional networks and expanding them in Colorado Springs.

Conversations with adjacent property owners have been started and will continue over the next month or two. Communication with the adjacent property owners entails explaining the project and answering any concerns about the Vineyard project. The developer meets regularly with the Colorado Springs Utilities (CSU) concerning the bio mass plant. Mr. Colarelli stated that if CSU does not participate in the bio mass plan it will be developed privately.

Commissioner Kin asked if the Urban Renewal Plan has been written to leave an opening for the bio mass plant. Ms. Ricker stated there was nothing in the Plan that excluded the bio mass plant. Jim Rees, CSURA staff, explained that there were more tax increment benefits if the plant were developed privately versus being publicly owned. He also stated that this type of project brought personal property tax to the table along with property tax.

Commissioner Kin then asked about the timeline for development of the bio mass plant. Mr. Colarelli answered that he hoped to have it up and running in approximately four years. He estimated that it would take two years for permitting and another two years for construction.

Commissioner Colvert stated that he would be hesitant to sell bonds in the current market. He then asked if CSURA ever assisted the developer in negotiating with other companies. Mr. Colarelli stated that an urban renewal designation gives significant value with bringing in additional investors.

There being no further discussion Commission Kin presented:

RESOLUTION NO. 1718

A RESOLUTION ADOPTING THE URBAN RENEWAL PLAN FOR THE VINEYARDS PROPERTIES AS PRESENTED BY RICKER/CUNNINGHAM TO THE COLORADO SPRINGS URBAN RENEWAL AUTHORITY

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

A resolution adopting the Vineyards Property Urban Renewal Plan is hereby approved.

Motion was made by Commissioner Kin, seconded by Commissioner Colvert, that Resolution #1718 be adopted.

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

AYES:

Michael Collins

Brian Colvert

Scott Hente

Jim Kin

Judy Noyes

John Olson

Rosemarie Venezia

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

CSURA staff introduced Mr. Arnie Ray, a consultant specializing in the financial intricacies of urban renewal project proformas. Mr. Ray gave a synopsis of his professional expertise for the Authority members. He reviewed a check list he used on projects similar to the Vineyards that included such items as comfort level, justification for the need of tax increment financing (TIF) in a project, legal eligibility for use of TIF, amount of TIF generation possible in the project, etc. Mr. Ray stated he has the time to devote to the Vineyards Project. Chuck Miller reminded the Authority members that staff always brings in experts to verfity statistics for projects. Bringing in Mr. Ray early is necessary due to the type of project, primarily for the options and limits for personal property tax.

There being no further discussion Commissioner Olson presented:

RESOLUTION NO. 1719

A RESOLUTION APPROVING THE AGREEMENT BETWEEN CSURA AND ARNIE RAY FOR FINANCIAL CONSULTING SERVICES ON THE VINEYARDS PROJECT

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

A resolution approving an agreement between CSURA and Arnie Ray for financial consulting services on the Vineyards Project is hereby approved.

Motion was made by Commissioner Olson, seconded by Commissioner Wood-Ellis, that Resolution #1719 be adopted.

Upon a Call for the Vote, the following Commissioners voted

AYES:

Michael Collins

Brian Colvert

Scott Hente

Jim Kin

Judy Noyes

John Olson

Rosemarie Venezia

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #5 – Southwest Downtown Gas Administration Building – Chuck Miller

Mr. Miller summarized past conversations concerning the Gas Admin Building in the Southwest Downtown Urban Renewal Area. He covered the outstanding debt and the possibility of new ownership. He explained that the latest turn of events is that some members of City Council want to turn the property back over to the Colorado Springs Utilities (CSU) as payment of the outstanding debt. He stated that the issue comes back before City Council again at the January 25th meeting. It is anticipated that Commissioner Hente will either ask for a longer postponement or drop the issue indefinitely. Commissioner Wood-Ellis voiced her concerns over the possibility that if CSU gets control of the property that they will use it for their benefit. Mr. Miller stated that is definitely a concern for CSURA.

Mr. Jim Rees reviewed the project update report in the meeting packets. He stated that Copper Ridge is still in the negotiating stage with El Paso County concerning sales tax. The Ivywild School project is moving forward, however the need for an urban renewal designation has not been made as yet. Commissioner Hente asked if there was any financial benefit from the auction of the property in the Lowell Project. The answer was no. Commissioners requested that there be follow-up on the street light situation behind the Pikes Peak Center.

Ms. Burnett shared that there had been approximately two dozen submittals in response to the artist call for entry for large scale sculptures in the intersection of North Nevada Avenue and Eagle Rock Road. The jury will meet on January 25th to review the submittals and hopefully pick sculpture designs for the intersection.

Item # 6 – Executive Session

Commissioner Noyes made a motion to go into executive session at 12:27 p.m. to discuss personal matters. The motion was seconded by Commissioner Venezia.

Commissioners returned to regular session at 12:50 p.m.

Item #7 – Other Matters

There were no other matters to discuss.

Item #8 - Adjournment

There being no further business to come before the Commissioners, motion was made by Commissioner Wood-Ellis, seconded by Commissioner Venezia, to adjourn the meeting. Upon unanimous vote, the meeting was declared adjourned at 1:42 p.m.

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