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MEETING

JULY 25, 2012

AGENDA

Date:

July 18, 2012

To:

Commissioners of the Urban Renewal Authority

From:

Susan K. Wood-Ellis, Chair

Subject:

Regular Meeting, July 25, 11:00 a.m.

City Hall – Pikes Peak Room

107 N. Nevada Ave., Second Floor

Colorado Springs, Colorado 80903

Agenda:

1.

Approval of June 21st CSURA meeting minutes

2.

Approval of Financial Report as of June 30, 2012

3.

Downtown Arts District Status – Chuck Murphy

4.

Vineyard Redevelopment and Reimbursement Agreement – Jim Rees, Vince Colarelli

5.

Executive Session

6.

Other Matters

7.

Adjournment

MINUTES OF THE REGULAR MEETING OF THE

URBAN RENEWAL AUTHORITY

OF THE CITY OF COLORADO SPRINGS

HELD ON THURSDAY JUNE 25, 2012

On the 25th day of July, 2012 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

David Neville

Wynne Palermo

Jim Raughton

Robert Shonkwiler

Susan Wood-Ellis

ABSENT:

Scott Hente

Judy Noyes

Rosemarie Venezia

Also in attendance:

Bob Cope

City Economic Vitality

Vince Colarelli

Vineyard Developer

Paul Benedetti

Developer Attorney

Arne Ray

CSURA Financial Analyst

Ryan Tefertiller

City Land Use Development Review

Chuck Murphy

SW Downtown Arts District

Gary Reynolds

UCCS

Rich Laden

Gazette

Dan Hughes

CSURA Legal Counsel

Mary-K. Burnett

CSURA Staff

Chuck Miller

CSURA Staff

Jim Rees

CSURA Staff

Chairman Wood-Ellis called the meeting to order at 11:10 a.m.

Item #1 – Approval of Minutes

Motion was made by Commissioner Raughton, seconded by Commissioner Palermo, that the Minutes of the Regular meeting, held on June 21, 2012 be adopted as written. The motion carried.

Item #2 – Approval of Financial Report as of June 30, 2012

Ms. Mary-K. Burnett, CSURA Staff, reviewed the income and expenditure financial statement for June 2012. She gave a brief overview of the information contained in the financial report including the most current figures for property and sales tax increment received from the CSURA projects and annual administrative fees from CityGate and Southwest Downtown Arts District. She answered Commissioner Raughton’s question concerning Colotrust investment, explaining that a higher rate of interest was usually realized with Colotrust than through a regular bank checking account.

It was also reported that CSURA had received payment of $20,000 from the Northgate Copper Ridge project. An escrow account will be set up with the funds to cover various expenses incurred while negotiating the project’s redevelopment agreement.

There being no further discussion Commissioner Collins presented the following resolution:

RESOLUTION NO. 1768

A RESOLUTION APPROVING THE INCOME AND EXPENDITURES OF THE CSURA FOR THE PERIOD ENDING JUNE 30, 2012

The income and expenditures of the Colorado Springs Urban Renewal Authority for the period ending June 30th are hereby approved.

Motion was made by Commissioner Collins, seconded by Commissioner Raughton, that Resolution #1768 be adopted.

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

AYES:

Michael Collins

David Neville

Wynne Palermo

Jim Raughton

Robert Shonkwiler

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #3 – Southwest Downtown Arts District Status – Chuck Murphy

Mr. Chuck Murphy, M&M ’03 LLC, the developer for the Southwest Downtown Arts District, gave an overview of the project’s history and showed various renderings of the proposed development along with a site map for verification of the project boundary area. He stated that he feels that the economy is improving and it is time to resume planning for this project.

The project will consist of sketch pad sites or studio units and residential live/work space for artists. Mr. Murphy estimated that the price point would be between $250,000 and $300,000. There would be opportunity to purchase or lease the units. He stated that it is a great location for this type use and is above the 100 year flood plain. There are also plans for a kinetic sculpture garden and possible restaurant space within the project area.

Chairperson Wood-Ellis asked if the utilities on the site were adequate for the project. Mr. Murphy stated there were no utilities on the old railroad property within the district and that the sewer and water would need to be extended from the south near Colorado Avneue to the north for his project. Authority members encouraged consideration of higher density of units for the project.

Commissioner Collins made a motion to move into executive session, seconded by Commissioner Raughton. The motion passed and Authority members moved into executive session at 11:30 a.m. to discuss real estate issues in the Southwest Downtown URA.

At 12:08 Commissioner Palermo made a motion to come out of executive session, seconded by Commissioner Neville. The motion passed and Authority members moved out of executive session.

Mr. Murphy was asked to get a current appraisal on the warehouse site, make personal contact with the owner and bring a map that showed the site and building locations for the proposed Arts District to the next regular CSURA meeting.

Item #4 – Vineyard Redevelopment and Reimbursement Agreement – Jim Rees and Vince Colarelli

Chairperson Wood-Ellis explained that three Authority members were not able to attend today’s meeting. She asked Mr. Colarelli if he would like to continue with his presentation or reschedule until all Authority members could be present. He asked to speak with his team before making that determination. Upon consideration Mr. Colarelli requested a deferment to another date so that the presentation could be made to the full board and his equity partner representative would be able to attend.

The members present checked their calendars and are looking at scheduling a special meeting on either August 8th or 15th. CSURA staff will poll the other Authority members and confirm a date and meeting place. CSURA staff requested that Authority members send any questions, concerns or issues concerning the Redevelopment and Reimbursement Agreement to Jim Rees. He will confer with financial analyst Arne Ray and make every effort to have explanations available at the special meeting to make the best use of everyone’s time.

Mr. Ray made a concerted effort to explain to Authority members the differences between the issuance of the North Nevada project bonds and those proposed for the Vineyard project. Commissioner Shonkwiler asked Mr. Ray if he had knowledge of other bonds sold on similar data center projects. Mr. Ray explained that the Redevelopment Agreements specifies that certain criteria be met before the sale of bonds by CSURA. The project must show enough profit to cover the bond payments.

Mr. Paul Benedetti, developer team member, explained that the agreement included an attachment that detailed many Urban Renewal State Statute approved items for reimbursement but not all of them would be reimbursed as there is also a cap on reimbursement. Mr. Benedetti further stated that the tax increment funds had been calculated on a conservative level. There is additional self-imposed public improvement fee (PIF) on the property funding to pay for any eligible expenses up to the cap amount that isn’t covered by tax increment revenue.

Commissioner Neville asked when the PIC Operating Agreement and the PIF Covenant would be available for review. Mr. Benedetti stated he had drafted both agreements and will make them available in the near future.

Item #5 – Executive Session

Due to the postponement of the Vineyard agreement it was not necessary to move into executive session for financial issues.

Item #6 – Other Matters

There were no other matters to discuss.

Item #7 – Adjournment

There being no further business to come before the Commissioners, motion was made by Commissioner Shonkwiler, seconded by Commissioner Palermo to adjourn the meeting. Upon unanimous vote, the meeting was declared adjourned at 12:45 p.m.

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