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MEETING

DECEMBER 18, 2013

AGENDA

Date:

December 13, 2013

To:

Commissioners of the Urban Renewal Authority

From:

David Neville, Chair

Subject:

Special Meeting, December 18, 11:00 a.m.

City Hall – Pikes Peak Room

107 N. Nevada Ave., Second Floor

Colorado Springs, Colorado 80903

Agenda:

1.

Approval of November 19, 2013 CSURA meeting minutes

2.

Approval of Financial Report as of November 30, 2013

3.

Accounting Services Engagement Letter – Carrie Bartow

4.

Auditor Engagement Letter – Carrie Bartow

5.

Administrative Services and Financial Services Status – Jim Rees, Lisa Valverde

6.

2014 Proposed Budget – Jim Rees, Carrie Bartow

7.

Conflict of Interest Statement – Dan Hughes

8.

Other Matters

9.

North Nevada Ave. Design Standards Status – Jim Rees, Peter Wysocki

10.

Adjournment

MINUTES OF THE REGULAR MEETING OF THE

URBAN RENEWAL AUTHORITY

OF THE CITY OF COLORADO SPRINGS

HELD ON WEDNESDAY DECEMBER 18, 2013

On the 18th day of December, 2013, the Commissioners of the Colorado Springs 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:

Merv Bennet

Tiffany Colvert

David Neville

Wynne Palermo

Robert Shonkwiler

Rosemarie Venezia

Also in attendance:

Dan Hughes

Jim Rees

Lisa Valverde

Carrie Bartow

Peter Wysocki

Introduction of Lisa Valverde to the board by Mr. David Neville

ITEM 1 – APPROVAL OF NOVEMBER 19, 2013 MEETING MINUTES

Correction to meeting minutes with Mr. Neville abstaining from voting on Item 3, correction noted. Motion by Mr. Shonkwiler, second by Ms. Colvert to approve meeting minutes from the November 19, 2013 hearing. Motion carried 5-0. (Commissioners Raughton, Isabelle, Bennett and Wood-Ellis excused).

ITEM 2 – APPROVAL OF FINANCIAL REPORT AS OF NOVEMBER 30, 2013

Ms. Carrie Bartow reviewed the financial reports with the board, report located within the meeting packet. Ms. Bartow asked for the board’s approval of expenditures and relayed the remaining balance of the boards fund through November 2013. Ms. Venezia inquired of the Bass Pro Shops revenue, Ms. Bartow and Mr. Rees explained the revenue will be received in 2014. Mr. Shonkwiler inquired of the base for Ivywild billing and when it will be reassessed. Mr. Rees stated the reassessment will take place in 2014 and the revenue will begin in 2015. Ms. Colvert inquired of the payment for Mr. Gross and the timing. Mr. Rees stated that it is a quarterly payment and staff is reviewing options for City staff to maintain the website. Mr. Neville inquired of the shortage of checks cut this month. Ms. Bartow stated that due to the transition additional checks will be cut later this month. Mr. Neville inquired of the financial reports can be broken down into further detail later. Ms. Bartow stated that the reports can be broken down as needed by the board. Mr. Rees referred the members to the revenue reconciliation sheets. Mr. Neville inquired of the payment received from Vineyards. Mr. Rees stated yes it was received. Motion by Ms. Venezia to approve the financial reports, Ms. Palermo seconded. Motion Carried 5-0. (Commissioners Raughton, Isabelle, Bennett and Wood-Ellis excused).

ITEM 3 – ACCOUNTING SERVICES ENGAGEMENT LETTER

Ms. Carrie Bartow began the explanation of the Accounting Services engagement letter. Mr. Shonkwiler inquired if this was a cumulative number. Ms. Bartow stated yes and Mr. Shonkwiler inquired of the figure for services total. Ms. Bartow estimated $3k monthly. The split of previous administrative duties was explained as Planning Staff taking a portion of the duties and Mrs. Bartow’s firm taking the financial reporting aspects of the job. Mr. Shonkwiler made a motion to approve Ms. Bartow’s engagement letter. Motion by Mr. Shonkwiler to approve the Accounting Services Engagement letter, second by Ms. Palermo. Motion Carried. (Commissioners Raughton, Isabelle, Bennett and Wood-Ellis excused).

Mr. Bennett entered the meeting

ITEM 4 – AUDITOR ENGAGEMENT LETTER

Ms. Carrie Bartow explained the auditor engagement letter and requested approval for the auditor. Mr. Neville inquired if this was the same company that went over budget two years ago. Mr. Rees stated it was not.

Mr. Shonkwiler made a motion to approve Item 4, the Auditor Engagement Letter, second by Mr. Bennett. Motion Carried 6-0 (Commissioners Raughton, Isabelle and Wood-Ellis excused).

ITEM 5 – ADMINISTRATIVE SERVICES AND FINANCIAL SERVICES STATUS

Mr. Rees explained that the City is now providing Staff for the board consisting of potentially eight hours a week, at $27 dollars an hour. Mr. Shonkwiler inquired of total cost per year for Ms. Valverde. Mr. Rees answered approximately $11k per year.

ITEM 6 – 2014 PROPOSED BUDGET

(Mr. Bennett excused)

Ms. Carrie Bartow explained the budget report in detail. The report is located within the packet. Mr. Shonkwiler inquired of the completion of the Lowell project. Ms. Bartow explained the project was completed in 2013. Replacement pages for the budget report were handed out and discussed. (Pg 1 and 11) Ms. Bartow stated she will fill in the figure for Copper Ridge as soon as it becomes available. Mr. Neville inquired of the bottom line in expenditures for 2012 vs 2014 and the significant difference. Mr. Rees stated that there was a reduction in staff that explains the savings. Ms. Bartow inquired of the presentation of reports provided monthly by her and wants to accommodate the board. Ms. Bartow stated she will also take the cash report and provide that to the report monthly. Mr. Shonkwiler inquired of who has signature authority for the board. Mr. Neville stated both he and Mr. Rees will now sign checks and the checks and balances will be in place when Ms. Bartow issues her monthly check report. Mr. Neville inquired of EFT services. Ms. Bartow stated there will be EFTs in place for specific named accounts, not vendors, or unapproved entities. Ms. Bartow reviewed the possible payment options that would be more efficient than check writing. Mr. Shonkwiler stated he would like to see a stronger checks and balances system put in place to deter potential issues. Ms. Bartow went into detail on her firms checks and balances procedures that are already in place to secure the board’s funding. Mr. Wysocki inquired of need for funding in 2014 for City for Champions. Mr. Rees stated that the funding will need to be taken into consideration as soon as the extent is known. Mr. Neville clarified that the budget will be reviewed monthly through the reports Mary K was providing. Mr. Shonkwiler explained that he would like a decision made at a later time as to how much info the board would like to see provided by Ms. Bartow. Ms. Palermo stated she would like to see only things that were significantly changed versus seeing everything over again. Ms. Bartow stated she can provide an executive summary at the beginning of each months report to point out the significant changes. Ms. Bartow stated next month she can provide a different report for the board’s perusal.

Motion by Ms. Palermo to approve the 2014 proposed budget, second by Ms. Venezia. Motion Carried 5-0. (Commissioners Raughton, Isabelle, Bennett and Wood-Ellis excused).

ITEM 7 – CONFLICT OF INTEREST STATEMENT

Mr. Dan Hughes discussed the statutes provided in the packet and would like the board to agree to abide by those statutes. Mr. Shonkwiler stated that he would like to see all statutes provided in a different format. Mr. Hughes stated he will reformat for the board. Mr. Shonkwiler inquired if there needs to be a provision signed yearly by the board. Mr. Hughes stated as an adopted procedure there is no need to have the board sign, and the adopted policy can be reviewed annually. The posting procedures were also discussed and Mr. Hughes would like an adopted practice. Mr. Neville stated that the board can keep the current procedures in place. Mr. Neville would like to see the Conflict of Interest statement provided for all new board members, and Mr. Shonkwiler would like to see a link to this statement provided on the website.

Mr. Shonkwiler made a motion to approve the Conflict of Interest Statement, second by Ms. Colvert, Motion Carried 5-0. (Commissioners Raughton, Isabelle, Bennett and Wood-Ellis excused).

The issue of posting meeting notices was discussed by Mr. Rees. Currently the meeting notices are posted at the City Clerk’s office, 24 hours prior to the meeting.

Mr. Rees to check Commission by-laws to see if there is a rule regarding meeting schedule changes and posting requirements.

Motion by Ms. Colvert to continue the same posting practice as currently used, second by Ms. Palermo. Motion Carried 5-0. (Commissioners Raughton, Isabelle, Bennett and Wood-Ellis excused).

ITEM 8 – NORTH NEVADA AVENUE DESIGN STANDARDS STATUS

Mr. Rees discussed the Nevada Design Standards, the item will be discussed at Planning Commission tomorrow, there was an additional section inserted into the standards, that verbiage is as follows: “The design guidelines are considered an advisory document to be used by the Colorado Springs Urban Renewal Authority (CSURA) in the review of zone change, plat, concept plan, and development plan applications. Applications for projects which have been filed with the City and properties that were developed prior to the adoption of these DESIGN GUIDELINES will only be required to conform to the Design Guidelines if and when the property is redeveloped and requires a zone change, plat, concept plan, and/or development plan submittals required by the City of Colorado Springs City Code.”

Mr. Rees explained that the Planning Commission didn’t want property owners that were already in existence to have to comply with the new standards. Mr. Peter Wysocki, Community Development Director, explained the revision, stating the Commissioners wanted to ensure the exemption for existing property owners from having to comply with the new standards.

ITEM 9 – OTHER MATTERS

Ms. Bartow distributed a letter provided on the EMMA website posted by the trustee giving notice of default to bondholders. Ms. Bartow stated she has had discussions with the bondholders and they are not interested in selling bonds at this point in time. The senior reserves need to be replenished prior to paying into the B bonds. Mr. Shonkwiler wanted clarification on paying the “A” bonds vs the “B” bonds. Mr. Rees stated there are more “A” bondholders than “B” bondholders. Ms. Bartow stated the bondholders are happy with the set up currently. Mr. Shonkwiler inquired of future payments coming to the board. Mr. Shonkwiler stated that he would like an overview of the discussion Ms. Bartow just had, provided in a letter to be disseminated to Council. Mr. Rees stated that there are several reporters that have inquired of detailed reports as well, and he stated that because the board has to pay to access this information, the reporters can pay to have Ms. Bartow provide additional reports.

Mr. Shonkwiler brought up the issue of electing officers before new members are elected, and if a change to bylaws could be made to reflect that officers be elected after new members have been appointed. Mr. Neville stated that he is torn, because institutional knowledge is important and members can be elected ahead of time. Mr. Shonkwiler stated that staggered terms would be desirable, so there is no loss in continuity. Mr. Hughes stated that the Mayor's office would need to be asked to stagger terms. Mr. Rees stated that the request was previously made to the Mayor’s office, and at that time the request was declined. Mr. Hughes stated the easiest way to correct the oversight would be to shorten the terms. Mr. Shonkwiler stated that he would like to see the terms staggered. Mr. Shonkwiler wanted to propose that the election process take place after the new board has been constituted. Mr. Hughes suggested before by laws are changed, perhaps all members of the board be present. Mr. Shonkwiler made a proposal to continue with current officers and have elections in May. Mr. Rees to provide a draft of Mr. Shonkwiler’s request by next meeting, the draft will be placed on next month’s agenda.

Motion by Ms. Palermo to postpone this discussion to the next meeting, second by Ms. Colvert. Motion Carried 5-0. (Commissioners Raughton, Isabelle, Bennett and Wood-Ellis excused).

Meeting adjourned at 12:21 pm.

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