HomeMy WebLinkAboutEconomic Advisory Commission - Minutes - 04/24/20131
Minutes
City of Fort Collins
Economic Advisory Commission
Special Meeting
300 LaPorte Ave
City Hall
April 24, 2013
8:00 a.m. – 9:00 a.m.
For Reference:
Blue Hovatter, Chair 493-3673
Council Liaison Wade Troxell
Josh Birks, Staff Liaison 416-6324
Wendy Bricher, Minutes 221-6506
Commission members present: Commission members absent:
Michael Kulisheck Ann Hutchison
Christophe Febvre
Daniel Lenskold
Sam Solt
Glen Colton
Blue Hovatter
Channing Arndt
Jim Clark
Guests:
Mike Pruznick
Staff Present:
Wendy Bricher, Minutes
Josh Birks, Economic Health Director
Mike Beckstead, Chief Financial Officer
Agenda Item 1: Meeting called to order
Meeting called to order at 8:02 a.m.
Agenda Item 2: Foothills Assistance Package
Mike Beckstead, Chief Financial Officer, presented an overview of the Foothills Assistance Package
proposed to City Council on April 23, 2013. The Project Overview included objectives and challenges,
blight remediation, proposed redevelopment, triple bottom line analysis and mall financing. Mall
financing details included project costs, public improvement cost financing, retail sales history, project
assumptions, public improvement costs, bond details, pledge vs. share, Metro Taxing District, projected
revenue, risk analysis, and benefits of the project. Mr. Beckstead explained in more detail that the
proposed Package will have no impact on the City balance sheet or City credit rating as the payments will
be made through the Metro District. The new revenue goes into the Metro District, and the Metro District
uses that revenue (Property Tax, Public Improvement Fee, and Property Tax Increment) to pay the funds
to Alberta. In addition, the City’s sales tax pledged revenue is limited to the extent necessary after
applying the other identified pledge revenue. The Economic Advisory Commission agreed to meet again
on May 1 for further discussion and may make a recommendation to Council at that time.
Financial Services
300 LaPorte Ave
PO Box 580
Fort Collins, CO 80522
970.221.6505
970.224.6107 - fax
fcgov.com