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HomeMy WebLinkAboutDowntown Development Authority - Minutes - 10/04/2001DAMTOWN DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 Telephone (970) 484-2020 FORT COLLINS, CO 80524 Telefax (970) 484-2069 DOWNTOWN DEVELOPMENT AUTHORITY BOARD OF DIRECTORS MEETING MINUTES OF OCTOBER 4, 2001 REGULAR MEETING THE BOARD OF DIRECTORS OF THE DOWNTOWN DEVELOPMENT AUTHORITY MET IN REGULAR SESSION AT 7:30 A.M. ON OCTOBER 4, 2001 IN THE CONFERENCE ROOM AT HOME STATE BANK, 303 FAST MOUNTAIN AVENUE, FORT COLLINS, CO 80524 PRESENT THERE WERE PRESENT: LARRY STROUD, CHAIR Kim JORDAN, VICE CHAIR JASON MEADORS, SECRETARY/TREASURER GREG BELCHER RICK GOODALE MARY BRAYTON CAREY HEWITT ABSENT CHUCK WANNER STEVE TAYLOR STAFF JAY HARDY, EXECUTIVE DIRECTOR ANNE GARRISON LUCIA ULEY, COUNSEL GUESTS JOHN FISCHBACH, ANGELA MILEWSKI, DAVE VELDMAN, MITCH MORGAN, TIMOTHY WILDER, JOE FRANK, JOHN DAGGETT, CLARK MAPES, BILL SEARS, J.D. PADILLA, CHRIS RAFFONE, RANDY HENSLEY CALL TO ORDER THE MEETING CAME TO ORDER AT 7.30 A.M. AND ROLL CALL WAS TAKEN. APPROVAL OF MR. MEADORS MOVED TO ADOPT THE MINUTES OF SEPTEMBER 6, 2001 AND MINUTES MR. BELCHER SECONDED THE MOTION. THE FOLLOWING CORRECTIONS WERE NOTED BY MS. BRAYTON. IN THE MATTER OF 328 REMINGTON STREET, MR. GOODALE LEFT THE ROOM, HE THEREFORE RECUSED HIMSELF, RATHER THAN ABSTAINED FROM THE VOTE. IN ADDITION, UNDER THE SUBJECT 'PROJECT REVIEW,' MS. BRAYTON WAS CREDITED WITH THE STATEMENT THAT 'ODA PARTICIPATION IS NOT AN ENTITLEMENT.' THIS RIGHTLY BELONGED TO MR. MEADORS, AND WITH THESE CHANGES THE MOTION CARRIED UNANIMOUSLY, 0 • DDA MINUTES PAGE 2 STEELE'S BLOCK DAVE VELDMAN AND MITCH MORGAN PRESENTED, FOR CONCEPTUAL REVIEW ONLY, REDEVELOPMENT RENDERINGS OF A PROJECT CURRENTLY UNDER CONSIDERATION AT THE CAPTIONED SITE. A FUNDING REQUEST IS PLANNED AT A LATER DATE. MR. HARDY ADDRESSED THE TIMELINE FOR THIS PROJECT IN LIGHT OF THE FUTURE OF THE DDA, IN PARTICULAR AS IT RELATES TO TAX INCREMENT FINANCING. WHILE THERE IS NOT A GREAT DEAL OF SUPPORT TO BE OFFERED THROUGH TAX INCREMENT FINANCING, DUE TO THE 2006 TIMELINE, THERE ARE OTHER AVENUES WHICH MR. HARDY CAN PURSUE. HE WILL BE BRINGING ADDITIONAL INFORMATION TO THE BOARD AT A LATER DATE. MR. VELDMAN SHARED THAT THREE LEVELS OF STRUCTURED PARKING IS PLANNED, NONE OF THESE WILL BE UNDERGROUND FOR A VARIETY OF REASONS. THE WATER TABLE'. ISSUE, AND THE DESIRE TO RAISE THE LEVELS OF THE RESIDENTIAL UNITS TO WELL ABOVE STREET LEVEL, PLUS THE COST OF UNDERGROUND PARKING WERE ALL FACTORS IN THE DECISION. THE PROJECT WILL COMPRISE TWELVE STORIES ON THE EAST SIDE OF THE SITE, TEN RESIDENTIAL, AND TWO STORIES FOR COMMERCIAL USE. THERE WILL ALSO BE A HALF FLOOR OF STRUCTURED PARKING UNDERNEATH FOR OFFICE WORKERS, RESTAURANT USERS AND PUBLIC USE. A PARK LIKE AREA IS PLANNED AROUND THE BUILDING WITH AN OUTDOOR EATING PLAZA OFF A PROPOSED RESTAURANT. THE PROJECT IS LAID OUT SO THAT IT CAN BE PHASED AND THIS WILL BE BASED ON DEMAND. THE FINAL COST IS NOT KNOWN AT THIS TIME. THE LOCATION IS VERY DESIRABLE BECAUSE IT 15 WITHIN A BLOCK OF THE SELECTED SITE FOR THE PROPOSED PERFORMING ARTS CENTER, AS WELL AS THE MASON STREET CORRIDOR AND MULTI MODAL TRANSPORTATION CENTER, SO THERE IS LITTLE NEED FOR AN AUTOMOBILE DURING THE DAY. THE ROOF OF THE PARKING STRUCTURE WILL BE A 'GARDENED' ENVIRONMENT WHICH WILL BE PRIVATE TO THE RESIDENTS. IN ADDITION, EVERY UNIT WILL HAVE A SUBSTANTIAL DECK/TERRACE, AND A MEETING AND PARTY ROOM WHICH WILL BE ON THE MAIN LEVEL WITH ACCESS TO PRIVATE COURTYARDS. IT IS BELIEVED TO BE ABOUT A 55 MILLION DOLLAR PROJECT, WITH ABOUT 30 MILLION ON THE FIRST PHASE AND 25 MILLION ON THE SECOND. IN TERMS OF SIZE AND UNITS, BOTH PHASES WILL CONTAIN ABOUT BO RESIDENTIAL UNITS AND ABOUT 20,000 SQUARE FEET OF COMMERCIAL, BETWEEN THE OFFICE AND THE RETAIL. IN ADDITION THERE WILL BE APPROXIMATELY 330 PARKING SPACES WHICH PUTS THE PROJECT AT A TOTAL OF ABOUT 400.000 SQUARE FEET. IN RESPONSE TO THE TIMELINE FOR THIS PROJECT, IT IS ESTIMATED THAT THE FIRST TOWER COULD BE COMPLETED IN ABOUT 32 - 34 MONTHS FROM TODAY. ANOTHER QUESTION REFERENCED WHETHER IT WAS POSSIBLE TO SECURE THE OLD STEELE'S PARKING LOT WHICH IS NOW BEING USED AS FREE PARKING. THERE ARE PLANS TO CHAIN IT OFF, BUT IT WAS NECESSARY FIRST TO HONOR THE TERMS OF STEELE'S LEASE PURCHASE AGREEMENT. MESSRS. VELDMAN AND MORGAN PLAN TO RETURN TO THE DDA BOARD BEFORE THE END OF THE YEAR. 100 SOUTH COLLEGE MR. HARDY PROVIDED THE BOARD WITH AN OVERVIEW OF THE PROJECT, STATING THAT J. D, PADILLA PURCHASED THE FORMER FIRST CHOICE BANK BUILDING AND WILL LEASE THE PROPERTY TO CACHE BANK S, TRUST, WHICH IS SLATED TO OPEN BY YEAR END. TOTAL RENOVATION COSTS, INCLUDING THE EXTERIOR, ARE ESTIMATED AT $203,073 WITH THE FACADE PORTION COSTING APPROXIMATELY $40,000. THE OWNER IS REQUESTING DDA PARTICIPATION IN THE AMOUNT OF UP TO 10%, APPROXIMATELY $20,307. MR. HARDY EMPHASIZED THE SIGNIFICANCE OF THIS DOWNTOWN CORNER, AND SUGGESTED THAT IF THE BOARD CHOOSES TO SUPPORT THE PROJECT, THE FUNDING MECHANISM COULD BE ADMINISTRATIVE CAPITAL FUNDS WHICH HAS A BALANCE OF APPROXIMATELY $66,000. THE PROJECT, WHEN COMPLETE, SHOULD CREATE A TAX INCREMENT STREAM OF $5,700 ANNUALLY. MR. PADILLA ADDRESSED THE BOARD, EXPLAINING THE VARIOUS CHANGES AND UPGRADES PLANNED FOR THE PROJECT, AND SPOKE OF HIS DESIRE TO RETURN THE PROPERTY TO MORE OF AN OLD TOWN FLAVOR. AFTER REVIEWING THE ARTIST'S RENDERINGS, THE BOARD EXPRESSED SOME CONCERNS: 0 • DDA MINUTES PAGE 3 * MS. JORDAN WOULD PREFER TO SEE A 'BLENDED UNIQUENESS' INSTEAD OF AN ATTEMPT TO MAKE THE BUILDING LOOK OLD. * MR. STROUD ACKNOWLEDGED THE IMPORTANCE OF THE CORNER, AND STATED THAT HE WAS MORE INCLINED TO CONSIDER FUNDING THE PROJECT AT A GREATER LEVEL, IN ORDER TO SEE SOMETHING THAT IS MORE OF A 'MONUMENT' ON THIS SITE. * MR. HEWITT CONCURRED HE COULD NOT SUPPORT THE PROJECT AS PRESENTED. * MR. GOODALE SUPPORTED MR. STROUD'S SUGGESTION OF ASKING THE OWNER TO RECONSIDER A MORE EXPENSIVE FACADE/EXTERIOR IN CONSIDERATION OF A HIGHER LEVEL OF FUNDING BY DDA. * MR. STROUD INQUIRED IF MESSRS. BELCHER AND HEWITT WOULD REVIEW THE RENDERINGS AND OFFER SOME WORKABLE IDEAS TO THE OWNER. * MR. MEADORS OFFERED A TIMELY REMINDER THAT THE SIGNAGE PIECE WILL NEED TO COME BACK TO THE BOARD, IF DDA TAKES TITLE ON THE EASEMENT. * MR. FlSCHBACH EXPRESSED CONCERN THAT THE BANK WOULD BE ADVERSELY IMPACTED IF ITS OPENING IS DELAYED DUE TO A MORE EXTENSIVE RENOVATION, SINCE IT PLANS TO OPEN JANUARY 1, 2002. * THE GID WORK WHICH IS SLATED TO TAKE PLACE ON THE CORNER OF MOUNTAIN AND COLLEGE IN SEPTEMBER 2002 WAS ALSO RAISED, AND WHETHER OR NOT SOME OF THE ADDITIONAL EXTERIOR WORK COULD BE LINKED TO THE SAME CONSTRUCTION PERIOD, THUS THE BANK OPENING IN JANUARY WOULD NOT BE ADVERSELY IMPACTED. MR. STROUD ATTEMPTED TO SUMMARIZE THE REMARKS EXPRESSED. HE NOTED THAT THE BOARD HAD SPOKEN WITH REGARD TO THE ELEVATIONS PRESENTED, AND DID NOT DESIRE TO MOVE FORWARD WITH THE CURRENT PLANS. THAT IF HENSEL PHELPS WAS WILLING TO INVEST SOME TIME AND MONEY THAT WOULD PRODUCE SOMETHING MORE ARCHITECTURALLY ATTRACTIVE, THAT THE BOARD WOULD BE WILLING TO INCREASE ITS PARTICIPATION SUBSTANTIALLY. THE BOARD CONCURRED. MR. RAFFONE, REPRESENTING HENSEL PHELPS, ASKED THE BOARD TO SET AN APPROXIMATE AMOUNT THAT HE COULD CONVEY TO HIS COMPANY AS BEING THE ANTICIPATED SUPPORT. MR. STROUD HAVING LISTENED TO FURTHER DISCUSSION FROM THE BOARD, STATED THAT DDA WOULD BE PREPARED TO GO FROM 10% TO POSSIBLY 259/b IN ITS FINANCIAL SUPPORT OF THIS FACADE, IN ORDER TO SECURE A DISTINCTIVE LOOK ON AN IMPORTANT DOWNTOWN CORNER. MESSRS. PADILLA AND RAFFONE REQUESTED A MEETING BETWEEN HENSEL PHELPS AND DDA TO DETERMINE WHAT CHANGES ARE NEEDED, AND THE BOARD CONCURRED. MR. HEWITT SPOKE TO THE POSITIVE IMPACT HIS STORE EXPERIENCED WHEN CHANGES WERE MADE TO THE FACADE, AND THAT SUCH A LOOK WOULD PROVIDE AUTOMATIC ADVERTISING FOR THE THOUSANDS OF CARS AND PEDESTRIANS PASSING BY EACH DAY. DOWNTOWN THIS TOPIC WAS INTRODUCED BY MR. HARDY, WHO REMINDED THE BOARD THAT THE STRATEGIC PLAN FUNDING PROPOSAL TO UPDATE THE DOWNTOWN PLAN WAS PART OF THE ANNEXATION PACKAGE FOR MULBERRY/LEMAY CROSSINGS PRESENTED EARLIER TO CITY COUNCIL. THE PRESENTING TEAM, COMPRISED JOE FRANK, CLARK MAPES, TIMOTHY WILDER AND JOHN DAGGETT. THE PROPOSAL WAS A SERIES OF DOWNTOWN ISSUES TO BE ADDRESSED IN THE FOLLOWING FIVE AREAS: ■ MARKET S, RETAIL ANALYSIS AND RECOMMENDATION ■ PARKING Sa TRANSPORTATION ■ PLANNING S, URBAN DESIGN ■ INFRASTRUCTURE ANALYSIS ■ IMPLEMENTATION S, ADMINISTRATION IT IS HOPED THAT THE AFOREMENTIONED STUDIES WILL PRODUCE THE FOLLOWING WORKING DOCUMENTS: DDA MINUTES PAGE 4 UPDATED DOWNTOWN PLAN COMPREHENSIVE PARKING PLAN MARKET S, RETAIL ANALYSIS RECOMMENDATION THE PROPOSED BUDGET FOR THIS PLAN IS $385.000 WITH THREE POTENTIAL. FUNDING SOURCES, DDA - UP TO $275.000, CITY OF FORT COLLINS - UP TO $ 100,000 AND THE DOWNTOWN BUSINESS ASSOCIATION - UP TO$ 10,000 THE UTTER TO BE CONFIRMED FOLLOWING THE DBA BOARD MEETING NEXT WEEK. ONE OF THE FIRST CONCERNS EXPRESSED, WAS WHETHER THIS STUDY WOULD SIT ON THE SHELF AS IT SEEMS SOME HAVE DONE IN THE PAST. MR. FRANK LAUDED THE 1989 DOWNTOWN PLAN WHICH REMAINS VIABLE TODAY AND HAS PROVIDED GUIDANCE FOR MANY PLANS, SUCH AS THE CIVIC CENTER PLAN. HE LISTED SOME STRATEGIC AREAS WHICH NEED TO BE ADDRESSED SUCH AS DOWNTOWN PARKING, MIX OF LAND USE, INFRASTRUCTURE, TRANSPORTATION AND EVENTS AND THEIR IMPACT ON DOWNTOWN. HE THEN SHARED THE CITY'S DESIRE TO BRING IN GIBB'S PLANNING GROUP AS CONSULTANTS, STATING THAT WHILE CITY STAFF WILL BE A GREAT PART OF THE WORK, AND THE PRIVATE SECTOR WILL ALSO PROVIDE INPUT, IT IS TOO GREAT A TASK FOR CITY STAFF TO UNDERTAKE ALONE. MR. BELCHER MOVED TO SUPPORT THE STUDIES FOR AN UPDATED DOWNTOWN PLAN, COMPREHENSIVE PARKING PLAN AND MARKET AND RETAIL ANALYSIS RECOMMENDATION, USING TAX INCREMENT FUNDS DEDICATED FROM THE MULBERRY/LEMAY ANNEXATION, IN THE AMOUNT OF UP TO $275,000 AND SUBJECT TO AN APPROVAL PROCESS BY THE CITY AND THE PREPARATION OF AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE CITY AND DDA. THE MOTION PRESUMES THAT THE CITY AND DBA WILL CONTRIBUTE THE AMOUNTS AS SET FORTH ABOVE, TO PROVIDE A TOTAL FINANCIAL PARTNERSHIP OF UP TO $365,000.00. THIS WAS SECONDED BY MR. GOODALE. SEVERAL BOARD MEMBERS EXPRESSED THEIR INTEREST AND SOME HAD CONCERNS OVER VARIOUS ISSUES, BUT ALL INDICATED THEIR SUPPORT. JOE FRANK PLANS TO RETURN TO THE DDA IN JANUARY WHEN THINGS ARE IN PLACE TO ENSURE EXPECTATIONS ARE MET, AND WITH THIS, THE MOTION CARRIED UNANIMOUSLY. PROPOSED BUDGET MR. HARDY REFERENCED THE PROPOSED BUDGET FOR FY 2002 INCLUDED IN THE BOARD PACKETS. ESSENTIALLY, A 5% ACROSS THE BOARD INCREASE HAS BEEN SET WITH THE EXCEPTION OF INSURANCE LINE ITEMS, FOR WHICH THE CITY HAS ADVISED A 25% INCREASE TO MATCH MARKET CHANGES. THE EXPIRATION OF DDA'S COPIER I FARE AND THE ACQUISITION OF NEW EQUIPMENT HAVE CHANGED THE MONTHLY RATES. HOWEVER, OFFSETTING SOME OF THIS INCREASE IS THE TOTAL ELIMINATION OF OUTSIDE REPRODUCTION COSTS. BOARD RETREAT/MEALS/MEETINGS/HOLIDAY OPEN HOUSE/ WILL HAVE A SEPARATE LINE ITEM TO COVER THESE ANNUAL COSTS WHICH HAVE HITHERTO BEEN PAID OUT OF THE CONTINGENCY FUND. THE OVERALL BUDGET INCREASE FOR FY 2002 IS 3%. OTHER BUSINESS PROJECT GUIDELINES - INPUT FROM THE BOARD DURING THE RETREAT WAS SUMMARIZED BY MR, HARDY IN THE FORM OF A LIST, WHICH MIGHT NOT BE COMPREHENSIVE, BUT IS INTENDED AS A BASIS FOR FURTHER DISCUSSION. THE BOARD WAS COMFORTABLE WITH THE LIST, AND COUNSEL SUGGESTED THIS BE PUT IN POLICY FORMAT. MS. LILEY AGREED TO WORK WITH MR. HARDY TO ENSURE THE LANGUAGE ACCURATELY REFLECTS THE BOARD'S INTENT. ADJOURN THERE BEING NO FURTHER DISCUSSION, THE MEETING ADJOURNED AT 9:35 A.M. JASON MEADORS, SECRETARY