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HomeMy WebLinkAboutDowntown Development Authority - Minutes - 08/15/1985ddoDOWNTOWN � DEVELOPMENT AUTHORITY 102 REMINGTON STREET, FORT COLLINS, COLORADO 80524 DOWNTOWN DEVELOPMENT AUTHORITY Regular Directors Meeting August 15, 1985 The Board of Directors of the Downtown Development Authority met in regular session at 7:30 a.m., August 15, 1985 in the DDA Conference Room. There were present: Barbara Schofield, Chairman presiding George Betz Barbara Liebler Bill Friedricheen Eldon Ward _ Larry Estrada Dan Larsen Staff: Bill Kingsbury, Executive Director Chip Steiner Jan Martin Also: Bill Wildman Linda Hopkins Lyn Boyer Carol Osborne Dick Beardmore Barbara Rutstein Mike Herzig Mark Sears Bernie Cain Walt Brown Lisa Morrison Linda Roberts Nancy Frazier Chris Sholly Chuck Mabry Don Berland Tom Melier Ardeen McCord Sherry Albertson -Clark Shelly Jones Dave Smith Bob McCord Absent: Earl Wilkinson Chuck Wanner [�)L?:1,wayg7 PRESENT ABSENT 1 Barbara Schofield called t e�eeting to order and asked for approval of the minutes of August 5 George Betz moved approval, seconded by Eldon Ward. There were no additions or corrections. The first order of business was an explanation of tax increment cash flows by Mr. Kingsbury. Mr. Kingsbury then discussed the available tax increment funds and the funding requests which have been received. Each of these items was then presented as follows: 1. ULI Study. Even though this study has been placed on hold, the Board decided to leave the funds encumbered as they will probably be needed in the future. 2. Mason Street Extension. Mark Sears reported on the Mason Street Extension and the cost to place sidewalks in this block. The Board, after discussion, decided against awarding funds for sidewalks at this time (5 against, 2 for). The general consensus was that this particular project would not serve as many people at this point in time as some other project and also that the sidewalks would not necessarily be permanent. 3. Larimer Community Center. Lyn Boyer and Bernie Cain explained this project. Their specific request from the DDA is help with half the cost of Pine Street which would involve utilities and street improvements. The Board was generally in favor of this project (5 for, 2 against), but desired a cost breakdown before determining the amount of DDA involvement. 4. Linden Block Parking. Bill Kingsbury presented a plan for this project. He then asked for Board direction. Discussion followed. The consensus of the Board was to have further information on this and perhaps work with the land owners in creative ways. Bill Wildman, Senior Vice -President with Boettcher & Co., briefly talked about refinancing the bonds and stated that there were several ways to go about this. He suggested a work session be scheduled since time prohibited any detailed discussion at this point. The work session was scheduled for Thursday, August 22, 8:00 a.m. in the DDA Conference Room. The date of the DDA Retreat was set for September 27 and 28 at the Black Canyon Inn in Estes Park. There being no other business, the meeting was adjourned. Barbara Liebler, Secretary MINUTES CASH FLOWS AVAILABLE FUNDS REQUESTS ULI MASON STREET LARIMER COMMUNITY CENTER LINDEN BLOCK PARKING REFINANCING BONDS RETREAT ADJOURN DAVNTOWN 10 DEVELOPMENT AUTHORITY 102 REMINGTON STREET, FORT COLLINS, COLORADO 80524 (303) 484-2020 AGENDA SUMMARY August 15, 1985 TAX INCREMENT CASH FLOWS The County Assessor has provided the DDA with an estimate of the 1986 assessed valuation for the tax increment. The valuation is less than projected due to the fact that Old Town was not completed by year's end. However, the reduction will have no major impact on the ability of the City and DDA to meet the debt obligation on the $8.2 million bond issue. AVAILABLE TAX INCREMENT FUNDS & FUNDING REQUESTS There is approximately $130,838 still available from the $8.2 million dollar bond issue for capital projects, and another $9,530 projected to be remaining from the parking garage. The DDA will examine why these funds are available and the funding of other projects that have been pending before the DDA for sometime. REFINANCING THE $8.2 MILLION BOND ISSUE Refinancing the $8.2 million bond issue could save the the DDA $200,000 to $300,000 over the life of the bonds and help assure debt coverage ratios favorable to the bond holders. This would be advantageous to the DDA when selling future notes and bonds. PENDING TAX LEGISLATION AND EFFECTS ON ISSUANCE OF BONDS Tax legislation pro negative impacts on lack of congressionn notes or bonds from in 1986. This will itself for the sale posed by the Reagan administration could have severe and the ability of the DDA to function. In addition, the al action this year could put a stop to the selling of the first of the year until congress acts or adjourns be discussed along with the need for the DDA to prepare of notes or bonds before the end of the year. OPERA HOUSE UPDATE The Opera House project has expanded to include two buildings to the north. Future plans for the buildings will be presented to the Board. PLAZA UPDATE There are a few outstanding items on the plaza. Mr. Beardmore will discuss these items with the Board. This work includes corrective work to the kiosks and the need for an operational manual for the fountain. GARAGE UPDATE There will be an update as to the negotiations with Madsen for final payment to them.