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MEETING

SEPTEMBER 25, 2013

AGENDA

Date:

October 7, 2013

To:

Commissioners of the Urban Renewal Authority

From:

David Neville, Chair

Subject:

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

City Hall – Pikes Peak Room

107 N. Nevada Ave., Second Floor

Colorado Springs, Colorado 80903

Agenda:

1.

Approval of September 25, 2013 CSURA meeting minutes

2.

Approval of Financial Report as of September 30, 2013

3.

Continuing Disclosure Report – Carrie Bartow

4.

Copper Ridge Cooperation Agreement – Jim Rees

5.

Conflict of Interest Statement

6.

Other Matters

7.

Adjournment

MINUTES OF THE REGULAR MEETING OF THE

URBAN RENEWAL AUTHORITY

OF THE CITY OF COLORADO SPRINGS

HELD ON WEDNESDAY OCTOBER 18, 2013

On the 25th day of September, 2013 at 11:00 a.m., 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 Isbelle

David Neville

Wynne Palermo

Robert Shonkwiler

Rosemarie Venezia

Susan Wood-Ellis

ABSENT:

Jim Raughton

Also in attendance:

Bob Cope

City Economic Vitality

Peter Wysocki

City Planning

Alex Brown

Alex Brown Consulting

Bob Louden

Citizen, SW property owner

Carrie Bartow

CliftonLarsonAllen, CPA

Tom Florczak

City Attorney’s Office

Jim Rees

CSURA Staff

Mary-K. Burnett

CSURA Staff

Chairman Neville called the meeting to order at 11:03 a.m.

Item #1 – Approval of Minutes

Motion was made by Commission Venezia, seconded by Commission Palermo that the Minutes of the Regular meeting, held on September 25, 2013 be adopted with a spelling correction to the word “conditions” in Resolution No. 1801 and the following content changes to Resolution No. 1802:

A resolution waiving the customary CSURA fees for the conditions study and urban renewal plan amendment for the Railway Lofts Project by Charles Murphy, project developer, upon adoption by City Council

A resolution waiving the customary CSURA fees for a new conditions study and amendment to the Southwest Downtown Urban Renewal Plan upon adoption by City Council is hereby approved.

The motion carried.

Item #2 – Approval of Financial Report as of September 30, 2013

Ms. Carrie Bartow, CliftonLarsonAllen CPA, reviewed the monthly revenue and expenditures report as of September 30, 2013 including the property tax received from each Urban Renewal Area along with the most recent sales tax numbers on North Nevada. She then reported that the December 1st debt service payment will be short on the 2008 Series A Bonds on North Nevada by an estimated $300,000. Commissioner Shonkwiler requested that the Mayor and City Council be notified of the shortfall as soon as possible. The question was asked if the bond holders were aware of the situation. Jim Rees stated that the bond holders have requested a renegotiation on the bonds; however that will more than likely require an extension of the 25 year TIF clock. CSURA will have to consider this option at some point in the future. It was explained that per the North Nevada Bond documents bond payments come from property tax and sales tax TIF only. There is no other source for payment. Mary-K. Burnett reviewed the check register. She stated that she had requested that the Colotrust account be closed and the approximate $10,000 balance be transferred to the CSURA general fund checking account.

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

RESOLUTION NO. 1803

A RESOLUTION APPROVING THE INCOME AND EXPENDITURES OF THE CSURA FOR THE PERIOD ENDING SEPTEMBER 30, 2013

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

The income and expenditures of the Colorado Springs Urban Renewal Authority for the period ending September 30, 2013 are hereby approved.

Motion was made by Commissioner Shonkwiler, seconded by Commissioner Palermo, that Resolution #1803 be adopted.

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

AYES:

Merv Bennett

Tiffany Colvert

David Isbelle

David Neville

Wynne Palermo

Robert Shonkwiler

Rosemarie Venezia

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #3 – Continuing Disclosure Report – Carrie Bartow

Ms. Bartow reviewed the report that had been previously distributed to Authority members. She pointed out that there were six new occupancies and two new leases signed in the University Village Colorado retail center. This equated to an additional 2900 square feet of leased space that would result in an increase of approximately $100,000 in property tax TIF. She gave kudos to the developer for providing this information in advance of the rescheduled CSURA meeting so that the report would be available for consideration of approval.

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

RESOLUTION NO. 1804

A RESOLUTION APPROVING THE THIRD QUARTER CONTINUING DISCLOSURE REPORT FOR THE UNIVERSITY VILLAGE OF COLORADO PROJECT

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

The third quarter Continuing Disclosure Report for University Village Colorado, is hereby approved.

Motion was made by Commissioner Palermo, seconded by Commissioner Venezia, that Resolution #1804 be adopted.

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

AYES:

Merv Bennett

Tiffany Colvert

David Isbell

David Neville

Wynne Palermo

Robert Shonkwiler

Rosemarie Venezia

Susan Wood-Ellis

The following voted:

NAYES:

None

The motion was declared carried and the Resolution adopted.

Item #4 - Copper Ridge Cooperation Agreement – Jim Rees

Tom Florczak, Deputy City Attorney, explained that two paragraphs that are included in most legal documents of this type were inserted by the City Attorney’s Office into the Cooperation Agreement. Upon review it was decided that the one paragraph pertaining to annual appropriation of tax increment revenue by City Council could cause some issues with bond council upon the future sales of bonds. The wording has been rewritten and is now being distributed to CSURA for consideration of approval. The original Urban Renewal Plan did not include sales tax TIF and the question now is when to start the TIF clock. The two options are when the cooperation agreement is approved or from the time the Urban Renewal Plan was approved. The additional time in the first option would be palatable to the marketing of the project bonds. Discussion occurred concerning the time period for collection of sales tax TIF.

Alex Brown, financial advisor for Copper Ridge, explained their plans for any surplus TIF revenue. The two scenarios are: (1) pay off bonds early and (2) refund any surplus sales tax revenue not required to service the debt to the City. The borrower would be the developer not the City or Urban Renewal on this project and they or the metro district would sell the bonds for the project. Chairman Neville asked the developer if they were in agreement with the current document and they replied yes.

Chairman Neville pointed out wording in the Cooperation Agreement that pledges the property tax TIF to go towards the payment of bonds. It was also pointed out that there is a requirement that a representative from CSURA will occupy a position on the board for the Copper Ridge technical advisory committee.

The proposed resolution for City Council recommending approval of the Cooperation Agreement was reviewed. Commissioner Bennett asked if there could be a section in the resolution that specifies that the funding is going towards the extension of Powers Boulevard. David Isbell made comments concerning the use of the term “anchors” within the Cooperation Agreement

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

RESOLUTION NO. 1805

A RESOLUTION APPROVING THE COPPER RIDGE COOPERATION AGREEMENT AND A RECOMMENDATION TO CITY COUNCIL TO APPROVE THE COOPERATION AGREEMENT FOR EXECUTION BY THE CITY OF COLORADO SPRINGS

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

A resolution approving the Copper Ridge Cooperation Agreement and recommending approval by City Council and execution by the City is hereby approved.

Motion was made by Commissioner Venezia, seconded by Commissioner Palermo, that Resolution #1805 be adopted. Commissioner Shonkwiler requested an amendment to the resolution to hold the property tax TIF to end in 2035. There was no second to the amendment and therefore the amendment died.

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

AYES:

Merv Bennett

David Isbelle

David Neville

Wynne Palermo

Rosemarie Venezia

Susan Wood-Ellis

The following voted:

NAYES:

Tiffany Colvert

Robert Shonkwiler

The motion was declared carried and the Resolution adopted.

Item #5 – Conflict of Interest Policy

Earlier a marked-up policy draft had been distributed to Authority members. Chairman Neville stated that the Colorado State Statutes has a provision for standards of conduct. He read excerpts applicable to CSURA. The policy being considered is taken from the Denver Urban Renewal Authority (DURA) and updated by CSURA staff, however, there is still an opportunity to change it or use another policy. Commissioner Shonkwiler stated that he was comfortable with the current red-lined draft.

Commissioner Shonkwiler made motion to accept CSURA Ethical Principles and Conflicts of Interests as submitted for consideration. Commissioner Isbell made comments offering his thoughts on the document and suggested a document that was more specific to CSURA or no document at all and follow the State Statute.

Commissioner Wood-Ellis stated that the State Statute is lengthy and more applicable to CSURA. She felt the biggest issue is if there is a perceived conflict whether the Authority member should leave the meeting or stay and participate in the discussion but refrain from the vote. Commissioner Isbell will contact the legal representative from DURA and discuss the reasoning for their policy. There was further discussion to have CSURA legal counsel craft a document that would better suit this Authority.

There was no second to Commissioner Shonkwiler’s motion, therefore it died.

Item #6 – Other Matters

A suggestion to reschedule the November 27th meeting to Tuesday the 19th due to the Thanksgiving Day holiday was supported by Authority members.

The implementation of design guidelines enforcement was discussed. City Planning Director Peter Wysocki suggested that a request be made to the City Administration for consideration of allowing design guidelines to be included in the review process for future developments within urban renewal areas. He would take the lead on this.

Item #7 – Adjournment

There being no further business to come before the Commissioners, motion was made by Commissioner Bennett, seconded by Commissioner Colvert to adjourn the meeting. Upon unanimous vote, the meeting was declared adjourned at 12:58 p.m.

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