HomeMy WebLinkAboutDowntown Development Authority - Minutes - 10/24/1984IF D&NTOWN �
DEVELOPMENT
AUTHORITY
281 NORTH COLLEGE AVENUE, FORT COLLINS, COLORADO 80524 (303) 484-2020
DOWNTOWN DEVELOPMENT AUTHORITY
Special Directors Meeting
October 24, 1984
The Board of Directors of the Downtown Development Authority met in
special session at 7:00 p.m. October 24, 1984 in the meeting room of
the DMA Plaza.
Present were:
PRESE
Barbara Schofield
Barbara Rutstein
Art March
Dave McGarry
Dan Larsen
Ray Dixon
staff:
Bill Kingsbury
Kathy Field
Phyllis Stewart
also:
Curt Smith Jim Harmon
Chuck Mabry Greg Denton
Absent were:
ABSEN
Chuck Wanner
Earl Wilkinson
Jim Reidhead
Director Barbara Schofield introduced ideas discussed by the Hotel Com-
HOTEL
mittee concerning methods to proceed with the development of a
downtown hotel/convention center. The recommendation of the Committee
included:
U
I
A joint resolution between the DDA and City Council stating the
following responsibilities of the public entity:
1. Construction of a 25,000 square foot convention center.
2. Purchase of the land for the hotel and convention center.
3. Provision for a minimum of 300 parking spaces.
4. Passage of an IDRB Resolution.
The responsibilities of Landmark/Mitchell are:
1. Financing commitments from equity investors.
2. Construction of a hotel with a minimum of 200 rooms
providing full amenities and services, including a pool and
catering for the convention center.
3. Agreement with a reputable operator to manage the hotel.
4. A lease of the land for the hotel (lease payment would
service debt).
5. A financially viable project.
Discussion included provisions that no General Funds from the City be
required, and that costs to the DDA and the City would not exceed the
revenue streams generated by the lease, tax increment, bed tax, and
parking revenues.
Greg Denton stated that the Resolution expresses the commitment of the
public entities to the project but is not a contractual obligation.
The resolution would be enough for the developer to pursue equity
investors.
Jim Harmon added that due to changes in federal regulations, the City
could not guarantee an IDRB Resolution. Chuck Mabry replied that the
development team requests the inducement resolution only if it is
possible. Mr. Harmon added that the City is looking for the DDA to
begin standing on its own; that the City is not interested in
providing further financial guarantees.
Following further discussion, Barbara Rutstein recommended that the
Board meet in Work Session with Council to discuss the project and the
request for a Joint Resolution.
There beg�no fur business, the meeting adjourned.
E.
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