Loading...
HomeMy WebLinkAboutDowntown Development Authority - Minutes - 03/02/2000ddo&WNTOWN � DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 FORT COLLINS, CO 80524 Mary Brayton, Chair 484-1401 (W) Chuck Wanner, Council Liaison 484-0810 (H) Anne Garrison, Staff Liaison 484-2020 (W) DOWNTOWN DEVELOPMENT AUTHORITY Regular Diredors' Meeting MINUTES OF MARCH 2, 2000 Telephone (970) 484-2020 Telefox (970) 484-2069 REGULAR MEETING The Board of Directors of the Downtown Development Authority met in regular session at 7:30 a.m. on March 2, 2000 in the conference Room at Home State Bank, 303 East Mountain Avenue. PRESENT There were present: Mary Brayton, Chair Larry Stroud, Vice Chair Jason Meadors, Secretary/Treasurer Steve Slezak Greg Belcher Carey Hewitt John Pitner Chuck Wanner Margaret Brown STAFF Jay Hardy, Executive Director Anne Garrison Lucia Liley, Counsel GUESTS John Fischbach, David Short, Paul Jensen, Glen Colton, Betty Simecka CALL TO ORDER Ms. Brayton called the meeting to order at 7.30 a.m. and roll call was taken. APPROVAL OF Mr. Meadors moved to adopt the minutes of January 6, 2000 as written, MINUTES this was seconded by Mr. Stroud and carried unanimously. DDA MINUTES PAGE ARMORY BUILDING Mr. Hardy introduced Paul Jensen and Glen Colton representing The Jensen Group, a Graphic Design firm, which has maintained a presence in downtown for fifteen years. The contract on the captioned property is slated to close on March 31, and the funding entity has agreed to finance without contingency, as is stated in the packets. The State Historic Fund grant deadline is April 1, and assistance will be afforded the Jensen Group in making application. There is a strong indication that some funding may be available from the State Historic Society. In addition, the Landmark Preservation Commission has reviewed with enthusiasm, the conceptual plans to restore the front facade particularly since these plans lend themselves to preserving and maintaining the integrity of the building. Mr. Pitner then made a motion in support of the project, encompassing the four exterior categories, le. Front, rear and west elevations and exterior site; the latter to include the screen wall, ramp and interior courtyard. The exception being the landscaping which is subject to the Board receiving additional information. The amount of DDA's commitment is up to $68,885.00 less items viewed as outside the Authority's purview. The motion was seconded by Mr. Wanner. The Board is aware that when requesting State Historic Funds it is beneficial for the applicant to have a specific amount committed by the DDA. It was mentioned that should the State provide funding for the facade, DDA's commitment could be reduced commensurately. A question was raised as to the funding mechanism DDA would employ for this project. In order to include this information in the motion, it was restated for the clarification of the Board as follows: That DDA support the project in the amount of up to $68,885.00 using tax increment funds for the front, rear and west elevations and exterior site, excluding that portion which is not part of the Right of Way. The motion as restated was accepted by Mr. Wanner, and roll call was taken resulting in a unanimous vote. MUSEUMAMAX Betty Simecka, President and CEO of Cultural Exhibitions and Events, LLC., addressed the Board to provide some background information on the concept of an International Museum and IMAX Theatre for this community. She indicated that three communities are under consideration, including Fort Collins which, since last summer, has been earmarked as a desirable location. Two prior meetings have led up to today's presentation in order to take the temperature of the community by talking with the City Manager, Mayor Martinez, Museum Director, Bill Neal and Executive Board representatives, among others. Already introduced in Florida, Tennessee and Kansas the concept has not only been extremely well received by families, school children, seniors who usually come in bus tours, and a cross section of the communities involved, but the financial impact across the board has been phenomenal. Ms. Simecka explained that approximately 30,000 square feet of exhibition DDA MINUTES PAGE space is needed to house 12 - 13 galleries which in turn creates a visual in which the full ambience of the exhibit is experienced. These larger exhibits such as the Treasures of the Czars, Ramses, Catherine the Great and others, remain on display for about six months. During the balance of the year the space is available for trade shows, conventions, banquets, etc., The IMAX Theatre seats about 350 people and can lend itself to both regular and 3-D film performances. A complex such as this could sustain a hotel with about 120 to 150 rooms, and an appointment has been set to meet the Interim Director of the Convention and Visitors' Bureau tomorrow. Ms. Simecko indicated that Fort Collins compares very closely to Topeka in size, and experience shows that second and third tier cities do very well with this concept. One reason for the success of the idea is that it offers its visitors a taste of history, art and entertainment in one setting. A general discussion followed the presentation, and at this juncture, Mr. Stroud disclosed that he has had some conversations with regard to the project which have taken place outside of formal meetings; there are no contracts and no conflict of interest at this time. Mr. Stroud then suggested we encourage the funding of a feasibility study in the near future. He believes such a study has merit, but wonders if there is enough financial information on hand to warrant it at this time. Perhaps it might be prudent to look at some other models. Ms. Simecka's company has determined that whichever community is the first to decide on this project will become the corporate headquarters. This alone would engender 30 - 60 permanent positions, and 60 - 70 exhibit workers. In a final comment, Mr. Slezok suggested that if the Authority funds a study, it should be in the downtown area. FLOODPLAIN The fimeline for a Poudre River Floodplain decision is May 2, with City TASKFORCE Council work sessions taking place March, 14, 22 and April 11, 2000. A preliminary review of Old Town Floodplain regulations revealed agreement on most, but not all issues. OTHER BUSINESS ■ Mason Street Corridor - Greg Belcher reported on a meeting in which he represented the Downtown Development Authority. Three means of commuting from the new parking garage to Harmony Road were evaluated. They were as follows: * Light rail * Elevated mono -rail * Enhanced, environmentally friendly bus system, the latter would possibly use propane. From the consultant's standpoint, the decision seems to lean toward a rubber fired bus which is environmentally acceptable, and this would require between 50 - 60 million dollars to accomplish. _There are a number of issues to be resolved regarding the railroad and the University. The railroad appears willing to move the entire infra -structure outside the City but has stated an interest in a connected light rail system which would stem from Cheyenne, along the Front Range as far as Santa Fe and Albuquerque, New Mexico. DDA AUNUTES PAGE ■ Website - the special committee met and agreed to further investigate a link with the City website. However, Darin Atteberry has been out of town for three weeks, but a meeting is now scheduled for Tuesday. ADJOURN There being no further discussion, the meeting adjourned at 9:15 a.m. Jason Meadors, Secretary dbwrvrowiv • DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 FORT COLLINS, CO 80524 To: DDA Board of Directors From: Jay Hard Date: Apri16, 20 0 Re: 616 S. College Avenue Redevelopment Telephone (970) 484-2020 Telefax (970) 484-2069 The owners of 616 S. College Ave. have approached the DDA regarding its possible participation in a redevelopment project. Mikal Torgeson, architect, is presenting the project for the owners. The property is the current location of Cluck University Chicken, as well as a parking lot located on the south side of the A -frame building. The property owner is requesting DDA funding in the amount of $57,896. The project would comprise razing the current building and constructing a new, mixed use structure which would consist of four retail locations on the street level as well as four residential units on the second floor. The total square footage of the new structure is estimated at 10,570 (4,867 SF commercial, 5,703 SF residential). The DDA has not had much opportunity to participate this far south on College Avenue. When the initial boundaries were determined by DDA almost 20 years ago, it appears that this section of South College was included to serve as a link to Colorado State University. This project could assist in the redevelopment of this area, as well as add additional housing units within the district. The project is estimated to exceed $1 million when complete. The property owners have met with the County Assessor to verify that the improvement values will be intact upon completion Although the $57,896 request would exhaust the majority of the tax increment from the project, it would provide a surplus if the timeline of construction remains as is. Our project commitment form assures this occurs. However, it is likely the project will pay 4.5 — 5 years of taxes before the DDA expires. Tax increment calculations are as follows: Commercial space $504, 985 X .29 (commercial factor) X . 095 (mill levy) _ $13, 912 Residential space $504,985 X.08 (residential factor) X.095 (mill levy) $3.837 $17, 749 Estimated annual tax after construction $17,749 Annual tax increment $14,474 4 years remainine x 4 Total tax increment available $57,896 If the Board chooses to participate, the project could be funded from tax increment, Capital improvements, or a combination of both The capital improvement fund currently has $87,500 remaining for FY 2000. The project is anticipated to begin by the end of FY 2000. dbwrvrowN • DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 Telephone (970) 484-2020 FORT COLLINS, CO 80524 Telefox (970) 484-2069 To: DDA Board of Directors From: Jay Hard Date: Apri16, 20 Re: Poudre River Floodplain Regulations Presentation Bob Smith, Water Planning Manager for the City of Fort Collins will be in attendance to update the Board on the status of the Poudre River Floodplain Regulations. Information on his presentation is included in this packet. As the DDA staff liaison for the task force, I believe the City staff is leaning toward a recommendation of Option B-1. ddoDtWNTOWN 0 DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 FORT COLLINS, CO 80524 To: DDA Board of Directors From: Jay Hard Date: April 6, 2 W Re: Performing Arta Center / Amphitheater Updates Telephone (970) 484-2020 Telefax (970) 484-2069 Mike Powers, Director of Cultural, Library and Recreational Services for the City of Fort Collins will be in attendance to update the Board on the status of the Performing Arts Center and Amphitheater. &WNTOWN • DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 Telephone (970) 484-2020 FORT COLLINS, CO 80524 Telefax (970) 484-2069 To: DDA Board of Directors From: Jay Hard} Date: April 6, 2000 Re: International Museum / IMAX Feasibility Study During the March 2000 Board meeting, Cultural Exhibitions & Events (CEE) made a presentation on the International Museum/IMAX project under consideration in downtown Fort Collins. Since that time, we have met with IMAX individually, and now feel it is appropriate to consider a feasibility study on both topics. In requesting proposals for both entities (Museum & IMAX) it appears there is a specific need to provide information for each part of the project, while having the ability to look at it collectively. A few companies have surfaced that have extensive experience with IMAX theaters. On the other hand, due to the unique nature of the International Museum, nobody has specific experience on this topic. Therefore, I would like to recommend that the Board consider The Concord Group to perform a museum/demographic study, and contract with a separate firm for the IMAX information. The Concord Group has proposed a $4,500 fee + expenses. I estimate the total cost (including expenses) would approximate $7,000. Additionally, the IMAX study would cost $8,000 - $12,000 + expenses. The IMAX study amount is dependent on the specific scope of work we decide upon. Therefore, I would like to encourage the Board to consider two studies, not to exceed $20,000 combined. If the Board chooses to fund these studies, there is $87,500 available in our capital project account. This procedure would allow us to review the projects separately, while also having two opinions on the underlying "entertainment market' in northern Colorado. I anticipate the scope of work for each study to include the following: Museum • Comments on appropriateness of project in our market • Identify the Primary Market Area (PMA) • Gather macro -level socio-economic and demographic information • Statistics on the tourism and convention industry • Identify and provide profiles on museums, and similar cultural facilities in the PMA • Provide a macro -level overview of the retail market in downtown Fort Collins, and how this might affect it Establish critical success factors in relation to pricing levels IMAX • Demographic information • Market competition • Financial projections • Seating capacity recommendation • Ticket price recommendation • Operational budget estimates • Sales projections for tickets & gift shop • Parking requirements I believe that for a full review of this project(s) we need to analyze the parts individually. Additionally, these studies should provide very important information for future projects, which the DDA may be asked to participate in. ddaCbWNTOWN � DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 Telephone (970) 484-2020 FORT COLLINS, CO 80524 Telefox (970) 484-2069 To: DDA Board f Directors From: Jay Hard Date: April 6, 20 0 ���JJJ Re: Updates/Other business The following are updates on information pertinent to the Board: 1. DDA Website — The City of Fort Collins has presented the DDA with a proposal to handle its website information as discussed earlier this year. The Board will review this proposal at its May meeting, and receive a sub -committee recommendation. 2. Boards & Commissions Members — In the past the Board has been provided a copy of the members of all Boards & Commissions within the City of Fort Collins. This copy is included in your packets. 3. Financial Update — At our retreat, the Board requested a quarterly financial overview. This report is included in your packet. 4. Armory Building — The purchase of the building by Paul Jensen was postponed from March 31, 2000 to April 20, 2000. All elements appear to be in place to ensure the project continues on the timeline presented to the Board last month dda1OWNTOWN � DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 Telephone (970) 484-2020 FORT COLLINS, CO 80524 Telefax (970) 484-2069 To: DDA Board o irectors From: Date: Jay Hard April 6, 2000 Zr Re: DDA financial update Capital Project Account Original appropriation $100,000 Commitments Old Town Square Capital Improvements $12,500 Totaf Commitments $12,500 Remaining Balance (4-6-00) $87,500 Upcoming Projects for Board consideration * 616 S. College Ave. (Cluck University Building) $57,896 * International Museum study $7,000 * IMAX Study $8,000-12,000 * DDA Website construction $600