csuralogov2
MEETING

February 24, 2016

AGENDA

Date:

February 24, 2016

Time:

11:00 a.m.

Place

City Hall – Pikes Peak Conference Room

107 N. Nevada Ave, Second Floor

Colorado Springs, Colorado 80903

Agenda:

1.

Approval of January 27, 2016 CSURA Minutes

2.

Approval of the Financial Report as of January 31, 2016 – Carrie Bartow

3.

CSURA 2015 Budget Amendment – Carrie Bartow

4.

Citizen Comment

5.

US Olympic Museum Update – Andie Doyle, Vice Chair of USOM Board of Directors, Kristen Downs, Director of Administration

6.

C4C Financial Advisor Selection – Jim Rees

7.

URA Economic Impact Study – Mike Anderson, Summit Economics

8.

North Nevada Bond Refinancing Options – Sam Sharp, D.A. Davidson

9.

Other Matters

Adjournment

* As per CRS 24-6-402(4)(f) Personnel Matters

The next regular Board meeting of the CS Urban Renewal Authority Board will be held on March 23, 2016

Copies of the Board agendas, minutes and audio recordings are posted on the Colorado Springs Urban Renewal Authority website.

Documents:

1.1

CSURA Meeting Minutes January 27, 2016 draft

Open PDF

1.2

Signup Sheet for 012716 Meeting

Open PDF

2.1

CSURA BOARD REPORT - 01-31-16_2016

Open PDF

2.2

CSURA Financial Statements 19 FEB16_2015

Open PDF

2.3

CSURA Financial Statements 19 FEB16_2015

Open PDF

3.1

BUDGET AMENDMENTS_2015

Open PDF

6.1

Columbia Capital Response-CSUR

Open PDF

6.3

FA-Criteria--Scorecard - blank

Open PDF

7.1

CSURA Economic Report draft

Open PDF

7.2

7.2 CSURA Economic Assessment

Open PDF

8.1

N Nevada Bond Refinancing Analysis - Feb 2016

Open PDF

Audio:

February 24, 2016 Transcript

THE COLORADO SPRINGS URBAN RENEWAL AUTHORITY

HELD ITS REGULAR MEETING ON WEDNESDAY

FEBRUARY 24, 2016 AT CITY HALL, PIKES PEAK ROOM

107 NORTH NEVADA AVENUE, COLORADO SPRINGS, CO 80903

In attendance were:

COMMISSIONERS:

Merv Bennett

Tiffany Colvert

Valerie Hunter

Jim Mason

Wynne Palermo

Peter Scoville

Jim Raughton

Robert Shonkwiler

Absent:

Zachary McComsey

Brian Olson

Also in attendance:

David Neville

CSURA Legal Counsel

Carrie Bartow

CliftonLarsonAllen, CPA

Jim Rees

CSURA Executive Director

Dean Beukema

CSURA Staff

Peter Wysocki

City Planning Director

Citizens in attendance:

See attached signup sheet

Chair Wynne Palermo called the meeting to order.

Item 1 – Approval of the January 27, 2016 CSURA Meeting Minutes

A motion was made by Commissioner Jim Raughton, seconded by Commissioner Merv Bennett to approve the meeting minutes of January 27, 2016 with the correction of Mr. Bob Cope’s new title, City Economic Development Manager. The motion carried 8-0.

Item 2 – Approval of the Financial Report as of January 31, 2016

Ms. Carrie Bartow, CliftonLarsonAllen, CPA reviewed the monthly revenue and expenditures report as of January 31, 2016 including the property tax received from each Urban Renewal Area as well as the check register provided in the agenda packet.

A motion was made by Commissioner Peter Scoville, seconded by Commissioner Valerie Hunter to approve the Financial Report as of January 31, 2016. The motion carried 8-0.

A motion was made by Commissioner Merv Bennett, seconded by Commissioner Jim Raughton to approve the Check Register as of January 31, 2016. The motion carried 8-0.

Item 3 – CSURA 2015 Budget Amendment

Ms. Carrie Bartow, CliftonLarsonAllen, CPA presented four 2015 CSURA Budget Amendments as presented in the agenda packet. Ms. Carrie Bartow explained that the budget amendments are required by Colorado State Statutes.

A motion was made by Commissioner Tiffany Colvert, seconded by Commissioner Jim Mason to approve Resolution No. 02-16:

A RESOLUTION APPROVING FOUR 2015 CSURA BUDGET AMENDMENTS AS PRESENTED TO AUTHORITY MEMBERS:

IN THE GENERAL FUND, THE DEBT SERVICE FUND – NORTH NEVADA PROJECT AREA, THE CAPITAL PROJECTS FUND – SOUTHWEST DOWNTOWN PROJECT AREA, AND THE CAPITAL PROJECTS FUND – CITY FOR CHAMPIONS FUNDS (ADMIN. US OLYMPIC MUSEUM AND HALL OF FAME, COLORADO SPORTS AND EVENT COMPLEX, UCCS SPORTS MEDICINE AND PERFORMANCE, US AIR FORCE ACADEMY VISITORS CENTER, AND FLEXIBLE SUB-ACCOUNT). The motion carried 8-0.

Ms. Carrie Bartow stated included in their agenda packet is the draft of the 2015 Audit Report. Ms. Carrie Bartow stated that they are still working on the management professional analysis per the board’s request and will present it at the March 23rd board meeting for approval.

Item 4 – Citizens Comment Period

No citizen comments.

Item 5 – US Olympic Museum Update

Ms. Andie Doyle, Vice Chair of the USOM Board of Directors and Ms. Kristen Downs, Director of Administration gave a brief update on the United States Olympic Museum. Fact highlights are:

The US Olympic Museum is on budget and within time line

Building progress – the Architecture Team is reviewing the 100% design development packet tomorrow at their meeting

Exhibit projects are at 95% designed Schematic Design phase

Final CSURA Meeting Minutes February 24, 2016

Financing – created a Founders Circle for donors who have contributed $100,000 and above (9 members initially) with collections of $500,000 to date

New grants – received a Daniels commitment which will be announced with a press release

Private donations are nearly at $29 million with bond proceeds at 67% of fund raising goals of $72 million

Endowment has not been raised yet

RFP’s outstanding – Financial Advisory Service, Materials Testing, and Food Services and Retail

Commissioner Valerie Hunter will present the recommendations for the Financial Advisory Services

No new contracts have been awarded since last month

Ground breaking will be determined in the coming months

Commissioner Jim Mason left the room.

Item 6 C4C Financial Advisor Selection

Mr. Jim Rees stated that the Intergovernmental Agreement (IGA) requires that if private placement bonds are issued that we have an external financial advisor contract that will review all of the documents. The Financial Advisor must certify that the net affected interest rate born by the debt does not exceed a reasonable tax-exempt interest rate using criteria based upon my analysis of security issues in connection with reasonable comparable projects and factual circumstances including the qualification interest rates and structure of debt that is reasonable considering the financial circumstances of the financing entity.

Commissioner Valerie Hunter who is on the US Olympic Museum Finance Committee presented the USOM Finance Committee recommendations to the CSURA Board. Commissioner Valerie Hunter stated that she abstained from the vote on the Financial Advisor because she felt it would be a duplication since she will be voting as a CSURA member. Commissioner Valerie Hunter stated that the general consensus from the group was that all 3 firms had the necessary experience. Some comments from the group were that North Slope showed that it had a very strong commitment to Colorado Springs and also understood that the services differ between the different groups and that they will give the best personalized service. First Southwest came in a very close second with Columbia Capital as third.

A motion was made by Commissioner Valerie Hunter, seconded by Commissioner Jim Raughton to approve North Slope Capital Advisors subject to final contract negotiations as the Financial Advisor for the United States Olympic Museum. The motion carried 7-0.

Commissioner Merv Bennett left the meeting and did not return.

Commissioner Jim Mason returned to the meeting.

Item 7 – URA Economic Impact Study

Mr. Mike Anderson and Mr. Graham Anderson, Summit Economics presented the assessment of development, economic, and demographic impacts of the Urban Renewal Areas in the City of Colorado Springs they had prepared. The purpose of the Economic Impact Study is to create a baseline of past, current, and projected development and business activity in each of the URA areas. Mr. Mike Anderson Final CSURA Meeting Minutes February 24, 2016

stated there are six active and three inactive urban renewal areas in the city. The power point they presented has been added to the agenda packet info on the website. Mr. Mike Anderson stated that the North Nevada area has had the greatest economic impact. The CSURA board complimented Summit Economics on the report and suggested that the presentation should also be given to City Council.

Item 8 North Nevada Bond Refinancing Options

Mr. Sam Sharp, D.A. Davidson gave a presentation on the refinancing options for the North Nevada Urban Renewal Area. The goals would be:

Cure current default and make future defaults unlikely

Fund Authority operations from annual revenues and from refunding proceeds

Repay all outstanding obligations before the end of the TIF period

Shorten the TIF clock after all debt is repaid

The CSURA Board consensus was for Mr. Sam Sharp to proceed with the refinancing options.

Commissioner Peter Scoville left the meeting and did not return.

Item 9 – Other Matters

Chair Wynne Palermo stated that the Southwest Downtown Urban Renewal Plan was presented to City Council during their work session on Monday, February 22nd. This is the same presentation that the CSURA board received at their board meeting in January. The Southwest Downtown Area Open House regarding the blight study was held on Monday, February 22nd.

There being no further business the meeting adjourned.

The next regular Urban Renewal Authority Board Meeting is scheduled for March 23, 2016.

Copies of the Board agendas, minutes and audio recordings are posted on the Colorado Springs Urban Renewal Authority website.

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