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HomeMy WebLinkAboutDowntown Development Authority - Minutes - 10/17/1985" DSWNTOWN 0 DEVELOPMENT AUTHORITY 102 REMINGTON STREET, FORT COLLINS, COLORADO 80524 DOWNTOWN DEVELOPMENT AUTHORITY Regular Directors Meeting October 17, 1985 The Board of Directors of the Downtown Development Authority met in regular session at 7:30 a.m., October 17, 1985 in the DDA Conference Room. There were present: George Betz, Acting Chairman presiding Eldon Ward Larry Estrada Earl Wilkinson Dan Larsen Staff: Also: Bill Kingsbury, Executive Director Chip Steiner Jan Martin Bill Evans Linda Roberts Greg Denton Linda Hopkins Chris Sholly Nancy Frazier Jim Harmon Joe Stern Dick Beardmore Don Berland Absent: Chuck Wanner Barbara Schofield Barbara Liebler Bill Friedrichsen George Betz, acting chairman, called the meeting to order and asked for approval of the minutes of September 16, and September 26. Earl Wilkinson moved approval, seconded by Dan Larsen. 1 (303) 484-2020 PRESENT ABSENT MINUTES The first order of business was the discussion of the current status BOND of bonds and notes. Sim Harmon was present to discuss the debt REFINANCING coverage and also to answer any questions. After further discussion, the Board voted to accept Resolution 85-15 which approved the issuance of $9,500,000 of City of Fort Collins Downtown Development Authority Tax Increment Refunding Bonds and the application of the proceeds from the sale of those bonds. A roll call vote was taken and all members present approved this resolution. Dan Larsen then moved that the motion made by Barbara Liebler and unanimously approved by the Board members present at the special meeting on September 16 to set aside $250,000 in an escrow fund to cover any short fall the DDA might incur because of the issuance of the bonds, be rescinded since the funds are no longer needed to guarantee the issuance cost of future notes. Eldon Ward seconded the motion and the Board members present unanimously approved this motion. The next item discussed was the First Interstate Center project. FIRST George Betz stated that he would be more comfortable discussing the INTERSTATE project with more Board members present. Eldon Ward asked when a CENTER decision had to be made. Bill Kingsbury responded that there was no deadline, but that the DDA staff cannot negotiate until the Board gives direction. Eldon Ward stated that a decision was not appropriate at this time. Larry Estrada agreed and questioned what impact the vacancy of the present First Interstate Building would have. He also asked if the county was going to take over the building. George Betz questioned the definition of public use, especially relating to parking. He also asked about parking for the present bank building and for the day care center. Bill Kingsbury responded to Mr. Betz's question on parking by stating that we are dealing with a philosophy; i.e., if a PUD is not required, then there are no parking regulations as defined by Planning and Zoning. However, since the building is over 40 feet, the project has to have a PUD and therefore is subject to parking regulations. Earl Wilkinson made some general comments concerning the importance of maintaining the financial center downtown. Eldon Ward stated that action has to be something that the voters and City Council will accept. i Joe Stern was present at the meeting and asked to address the the Board. He asked if the First Interstate Center project was for the public good and then stated that DDA projects should be for public purposes. Mr. Stern also asked about any studies done on office vacancy rates. He also asked about the occupancy rate of the parking garage to which Mr. Kingsbury responded that the permit section was 90% full and the lower level was usually one-half occupied. Earl Wilkinson responded that research shows that it takes two years for a garage to be totally utilized. Bill Kingsbury added that the cost of operation of the garage would be covered by the leased spaces. The Board thanked Mr. Stern for his input. The Board then returned to discussion of the First Interstate Center project. George Betz stated that he was not comfortable with the project as it stands. Mr. Betz likes the plaza and day care parts of this project, but does not feel there is enough public benefit. Larry Estrada agreed. He asked how public are the proposed public improvements. Mr. Estrada also likes the day care part. Earl Wilkinson asked if the land would be taken off the tax roles and thus reduce DDA increment if the county buys the building. All the Board members present felt there was need for further discussion with the entire Board. The Board was reminded of the public hearing for the Opera House project, Mountain Avenue Plaza project, and the Robinson Piersal project scheduled for Thursday, October 24, 7:00 p.m, in the City Council chambers. There being no other business, the meeting was adjourned. Barbara Liebler, Secretary ADJOURN