HomeMy WebLinkAboutEconomic Advisory Commission - Minutes - 03/27/20131
Minutes
City of Fort Collins
Economic Advisory Commission
Regular Meeting
300 LaPorte Ave
City Hall
March 27, 2013
12:30 – 1:30 p.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 Blue Hovatter
Christophe Febvre Channing Arndt
Daniel Lenskold Jim Clark
Sam Solt
Glen Colton
Ann Hutchison
Guests:
None
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 11:04 a.m.
Agenda Item 2: Woodward Assistance Package
Mike Beckstead, Chief Financial Officer, provided a business assistance overview regarding the proposed
Woodward Assistance Package. Information provided included the detailed financial assistance broken
out by phases (I, II, IV), the projected Tax Increment collections, the DDA Tax Increment Assistance,
financing of facades and public improvements, Use Tax rebates, fee rebates, rebate backfill, employment
commitments, and risks and mitigations. A summary of the benefits was also presented including
retention and expansion of Woodward, 85% of the incentives funded by the project itself, public
improvements benefits, and indirect/induced benefits.
Glen Colton commented that the risk of the Drake facility being unused could perhaps have a future
negative consequence on property tax collections and should be included as a risk factor in the plan. It
was determined that approximately 200,000 in gross collections annually could be affected if this were to
happen. The EAC discussed this in more depth, and although it should be recognized as a possible risk,
they felt the likelihood of this occurring long term would not be high. Christophe Febvre inquired about
Financial Services
300 LaPorte Ave
PO Box 580
Fort Collins, CO 80522
970.221.6505
970.224.6107 - fax
fcgov.com
2
the legality of the agreement and Mike Beckstead replied that the package has been reviewed by three
legal entities. Mike Kulisheck also commented that the City’s overall financial risk if the project failed
would be approximately 2.3 million. It was noted however that the public improvement’s suggested
would have a benefit of approximately 4 million negating some of that risk. Sam Solt commented that the
primary goal is retaining and expanding a “good citizen” and supported the package as written. Glen
Colton cautioned that he thinks Tax Increment Financing is used too much at the expense of Larimer
County and Poudre School District. He also believes the environmental and social consequences (beyond
the public benefit shown of receiving back open space and corridor improvements) need more in-depth
analysis (examples; water and energy usage, impact on affordable housing, social services, etc), similar to
the much improved economic analysis, in evaluating this and future incentive packages. He also stated
that the Woodward project results in an increased concentration of employment in one sector as opposed
to the goal of diversifying our employment base.
After thorough consideration and discussion, the EAC developed the following recommendation to the
Fort Collins City Council.
Christophe Febre motioned, and Dan Lenskold seconded the following motion:
The Economic Advisory Commission (EAC) has reviewed the business assistance package
prepared for Woodward Governor and approves the package as presented.
Motion passed 5-1 (nays Colton)
The next meeting is scheduled on April 17, 2013 from 11:00 a.m. – 1:30 p.m.
CIC Room, City Hall