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HomeMy WebLinkAboutDowntown Development Authority - Minutes - 01/08/2004DOWNTOWN DEVELOPMENT AUTHORRY REOULAR DIRECTORS' MEETIMp Kim JoRpAN, CHAR ! k #W. StLu 5jt*l a0l4Y, 4tM L iApa if :alb l#1�J # ANNIF GAR14It0N, TXMTldlaatlk{eFON 484.2Oe 9. IM MINUTES OF JANUARY 8, 2004 REGULAR MEETING THE BOARD OF DIRECTORS OF THE DOWNTOWN DEVELOPMENT AUTHORITY MET IN REGULAR SESSION AT 7:30 A.N. ON JANUARY 8, 2004 IN CONFERENCE ROON NA, AT 281 NORTH COLLEGE AVENUE. FORT COLLINS, CO 80524. PRESENT THERE WERE PRESENT: Kim JORDAN, CHAIR STEVE TAYLOR, VICE CHAIR JASON MGDORS, SECRETARY/TAEASURER MARY BRAYTON BILL SEARS LARRY STROUD RAY MARTINEZ (ALTERNATE) ASSENT: BILL BERTSCHY CARET HEWITT STAFF: ROBERT STEINER, EKECUTVE DIRECTOR ANNE GARRISON LUCIA LILEY. COUNSEL GUESTS: JOHN F)SCHOACH. ALAN KRCMARIK, MYRNE WATROUS, DAVID SHORT, JOE FRANK, MICKEY WILLIS, CLARK MAPES, GREO GLIEO, TIMOTHY WILDER, BILL COULSON. LAURA S, BILL EVELEIOH JOHN CLAOOETT CALL TO ORDER MS. JORDAN CALLED THE MEETINO TO ORDER AT 7:35 A,M. AND ROLL CALL WAS TAKEN, APPROVAL OF MINUTES MR. SEARS MOVED TO APPROVE THE MINUTES OF DECEMBER 4, 2003 THIS WAS SECONDED BY MR, MEADORS AND CARRIED UNANIMOUSLY. AFFORDABLE TRUST MR, STEINER RECAPPED THE PRGIENTATION OIVEN AT THE NOVEMBER MEETINO, AND AFFIRMED MR, KEFALAS IS WORKING TO SET UP A STATE WIDE AFFORDABLE TRUST THAT WILL BENEFIT DOWNTOWN AND THE COMMUNITY AS A WHOLE. NO FUNDINO IS REQUESTED, OUT Mn. KEIALAS IS SEEKING DDA's ENDORSEMENT OF THE PROPOSAL. MB. BRAYTON CONCURRED THAT THE PROPOSAL PROVIDES A CREATIVE TOOL FOR BRINOINO AFFORDABLE HOUSINO TO DOWNTOWN. SHE THEN INQUIRED IF, WITH THE ENDORSEMENT, DOA COULD HAVE INPUT ON THE DISTRIOUTON OF FUNDS. IN PARTICULAR SHE WANTED TO ENSURE THAT FUNDS WOULD BE USED WHERE THEY ARE COLLECTED, AND NOT LEAVE THE COMMUNITY. MR, STEINER SUOO"MO WRITING A LETTER TO MR. KEFALAS TO ADVISE HIM OF THE BOARD'S DECISION, AND REQUEST AN OPPORTUNITY TO COMMENT ON THE ALLOCATION PROCEDURES. DDA MINUTES PAGE 2 MR. SEARS THEN MOVED TO ENDORSE THE PROPOSED STATE WIDE AFFORDABLE HOUSING TRUST. THIS WAS SECONDED BY MR. STROUD AND CARRIED UNANIMOUSLY. 31 7 CHERRY STREET MESSRS. VALLIS AND GLIEB PREBENTED A PROPOSAL TO DEVELOP A RESIDENTIAL PROPERTY FOR COMMERCIAL USE AT THE CAPTIONED ADDRESS, AND ARE REOUESTNO DDA'S PARTICIPATION IN THE AMOUNT OF $25.853. THIS PROPERTY WOULD GENERATE ABOUT $5.000 IN INCREMENT ANNUALLY, WHICH OVER A PERIOD OF SIX YEARS SUPPORTS THE REQUEST. MR. STEINER OBSERVED THAT THIS PROJECT MEETS THE SCOPE AND PURPOSE OF DDA, AND THE OBJECTIVES OF THE DOWNTOWN STRATEGIC PLAN. HOWEVER, HE SUGGESTED THE BOARD CLAIN" EXACTLY HOW DDA FUNDS WOULD BE USED, PRIOR TO MAKING A COMMITMENT. FOLLOWINO THE PRESENTATION AND QUESTION AND ANSWER PERIOD, THE BOARD FELT IT WOULD BE APPROPRIATE FOR MR. STEINER TO MEET WITH MESSRS. WILLIS AND GLIEB. THIS MEETING WILL TAKE PLACE WHEN A DESIGN AND SITE PLAN IS AVAILABLE THAT DETERMINES WHAT PUBLIC FUNDING WILL COVER, AND THE PROJECT IS FURTHER ALONG IN THE DESIGN STAGE. THE BOARD WILL, AT THAT TIME, REVIEW THE PROJECT AGAIN. DDA/DBA AGREEMENT THERE HAS BEEN A STANDING AGREEMENT SINCE 1999 WHICH CONSTITUTES AN EXCHANGE OF RESOLUTION 2004-01 SERVICES. TODAY THE BOARD IS ASKED TO CONSIDER EXTENDING THIS AGREEMENT, AND ADOPTING THE ACCOMPANYING RESOLUTION. MR, STEINER EXPLAINED THAT THE TERMS ARE IDENTICAL TO PREVIOUS YEARS, THE ARRANGEMENT IS EQUITABLE, AND MELTS THE SPIRIT OF THE DOWNTOWN STRATEGIC PLAN, AND HE THEREFORE RECOMMENDS BOARD APPROVAL. HE ALSO ADVISED THAT IN THE COMING MONTHS, DBA WILL PLAY A SIGNIFICANT ROLE IN THE CCRA CONFERENCE, AND ALSO IN THE CULTURAL ARTS DISTRICT, AS THIS PROJECT IB FLESHED OUT. DAVID SHORT SPOKE TO THE FACT THAT HIS STAFF HAS GROWN, AND THAT SOME OF THE WORKLOAD CAN NOW BE HANDLED BY DBA PERSONNEL. MR, SHORT THEN SUGGESTED THE BOARD CONSIDER A REALLOCATION OF THE FUNDS — PREVIOUSLY SET AT $2A000 FOR MARKETINO OF DOWNTOWN AND $8,000 FOR OFFICE SERVICES. MR. STROUD MOVED TO APPROVE RESOLUTION 2004-01 AND EXTENSION OF THE 2004 AGREEMENT 6ETVEEN DDA AND DBA. THIS ALSO ACKNOWLEDGES THAT PARAGRAPH #3 OF THE ACCOMPANYING LETTER OF AGREEMENT WILL PERMIT A $ 10,000 ALLOCATION TO DBA, SUBJECT TO THAT ALLOCATION BEING APPROVED AT A SUBSEQUENT DDA MEETING. THIS WAS SECONDCD BY MR. TAYLOR AND CARRIED UNANIMOUSLY, DOWNTOWN STRATEGIC MR. STRIKER RECOGNIIED MESSRS. MAPES, FRANK AND WILDER FROM THE PLANNING DEPARTMENT PLAN AND SUGGESTED THE BOARD MAKE COMMENTS, RECOMMENDATIONS AND CHANGES AND ALLOW THE CITY STAFF TO RESPOND. MR. MAPES NOTED THAT THE HEIGHT ISSUE REFERENCED BY STEVE SLEZAK AT THE DECEMBER BOARD MEETING HAD BEEN RESOLVED, GUESTS WERE INVITED TO POSE THEIR QUESTIONS AND II -AURA EVELEIGH ASKED THE CITY'S REASON FOR LOWERING THE BUILDING H00HTS IN DOWNTOWN, SHE ALSO EXPRESSED CONCERN ABOUT MIXED MESSAGES REGARDING ITS DESIRE FOR INFILL, AND HIGHER BUILDINGS TO PREVENT URBAN AND DOWNTOWN SPRAWL, SHE ASKED HOW CAN AN OWNER KNOW WITH ANY CERTAINTY WHAT HEIGHT BUILDING THEY CAN ERECT ON THEIR SITE. SHE FEED OWNERS ARE RESTRICTED IN FOLLOWING THROUGH ON WHAT WAS INTENDED IN THE ORIGINAL PLAN. MR. MAPES RESPONDED THAT THE CRY IS DEALING WITH A HEIGHT ISSUE THAT HAS NEVER BEEN MADE CLEAR. THERE ARE NINE ENTRIES IN THE LAND USE CODES WHICH GOVERN HEIGHT, ONE OF THEM SAYS TWELVE STORY MAXIMUM HEIGHT, THE OTHER EIGHT STANDARDS DEAL WITH COMPAMSHJTY, WHICH SPEAKS TO RESPECTING THE HISTORICAL CHARACTER OF DOWNTOWN. THE DEBATE BEGINS WHEN IN ONE SENTENCE IT SUGGESTS WE ALLOW TALLER BUILDINGS, AND IN ANOTHER THAT WE ARE REQUIRED TO RESPECT THE HISTORIC SCALE. IHFILL CONCERNS WERE STRONGLY EXPRESSED IN NEIGHBORHOOD MEETINGS WHEN STEELE's PROJECT WAS PRESENTED, MR. MAPES CONCURRED THAT CLARIFICATION IS NEEDED, BUT ALSO NOTED THAT THERE ARE SEVERAL BLOCKS IN WHICH IT IS AGREED BUILDINGS SHOULD NOT EXCEED 3 — 4 STORIES, SO 1458 FEET WOULD NOT BE PERMITTED IN THESE DOWNTOWN AREAS. MS, ULEY CLARIFIED SOME POINTS FOR THE BOARD. REITERATING, MR, MAPES ANSWER THAT THE REASON HEIGHTS WERE CHANGED, AND IN SOME CASES REDUCED, IS THAT THERE WAS NO MAXIMUM HEIGHT ESTABLISHED, BECAUSE IT WAS SUBJECT TO COMPATIBILITY CRITERIA. THEREFORE, WILL WHAT IS PROPOSED IN THE NEW PLAN, NOT BE SUBJECT TO ANY CRITERIA. 10 AB TO BE ABSOLUTE? MR. MAPES RESPONDED NEGATIVELY. . • 0 DDA MINUTES PAGE 3 MR, FRANK ADDED THAT WHILE IT IS NOT ABSOLUTE, A LOT OF AMBIOUITY HAS BEEN REMOVED PROM THE LANGUAGE, AND THUS DISCRETION ON THE PART OF THE PLANNING AND ZONINO BOARD WILL BE LIMITED. THIS WILL BRING US CLOSE TO ASSURING OWNERS WHEN THEY PURCHASE PROPERTY, THAT WHILE PLANS, STEP SACKS ETC., STILL NEED TO BE REVIEWED, OWNERS CAN BE REASONABLY ASSURED THAT THEY CAN GET THE DESIRED HEIGHT, WHERE HITHERTO, THERE HAS BEEN NO GUARANTEE, THE QUESTION WAS POSED IF A PROJECT CAN STILL BE DEFEATED BY P S Z. MR. MAPES CONFIRMED THAT PROJECTS UP TO SIX STORIES WITH GOOD DESION GUIDELINES AND STEP BACK$, WOULD NOT NEED TO 00 BEFORE THE P S Z BOARD, MB. EVELOOH DID NOT FEEL HER QUESTION REGARDING PROPERTY OWNERS AND ALLOWABLE BUILDING HEIGHTS HAD BEEN ANSWERED, AND ALSO EXPRESSED CONCERN ABOUT THE NEED TO BRING ALL KINDS OF PEOPLE DOWNTOWN, TO PROVIDE HOUSING FOR THEM, BOTH LOW INCOME AND THE TURN KEY RESIDENCES FOR EMPTY NESTERS, IN ORDER TO MAINTAIN THE ECONOMIC VIABILITY OF DOWNTOWN. MS. JORDAN POINTED OUT THAT THE END OF YEAR NET TAXABLE RETAIL SALES IN DOWNTOWN WERE UP 3.4%. MR. STEINER BELIEVES THAT THE INTENT OF THE BUILDING HEIGHTS PROVISION IN THE DOWNTOWN STRATEGIC PLAN WAS TO BRING REALITY INTO PLAY. BY REDUCING BUILDING HOONTS IN CERTAIN AREAS, IT 15 INTENDED THAT THE HEIGHT BE COMPATIBLE WITH THE NEIGHBORHOOD, IN SO DOING, THE IDEA WAS TO MAKE REDEVELOPMENT OF THOSE SITES MUCH MORE OF A REALITY. IT BECAME VERY CLEAR DURING THE STEELE'S SITE MEETINGS THAT THE NEIOHBORHOOD WAS NOT 001HO TO ALLOW A 168' BUILDING IN THEIR MIDST. WE DO NOT KNOW WHAT P S Z'S DECISION WOULD HAVE BEEN. THE PURPOSE OF LOWERING THE HEIGHTS BLOCK BY BLOCK IS AN EFFORT TO FACILITATE REDEVELOPMENT IN THOSE AREAS. THIS IS THE REASON THE HEIGHTS ARE GRADUATED AND REDUCED AS THEY MOVE AWAY FROM THE COMMERCIAL AREA. M5. LILEY ASKED MESSRS. FISCHBACH AND MAPES IF. PROCEDURALLY IT IS POSSIBLE TO HAVE THE BOARD REVIEW THE ORDINANCE, AND HAVE THE POLICY AND ORDINANCE OCCUR CONCURRENTLY. THE REASON IS THAT IF THE REDUCTION IN HEIGHT IS A GENERAL POLICY MATTER, AND IT 13 CARRIED OUT IN THE ORDINANCE IN TERMS THAT DIVE PROPERTY OWNERS SOME OEOREE OF CERTAINTY, THIS MIGHT MAKE A GREAT DEAL OF DIFFERENCE. IF THE POLICY 15 ADOPTED SETTING EXPECTATIONS REGARDING HEIGHT, WHICH THE ORDINANCE DOES NOT REFLECT, THE VIEW OF THE BOARD MIGHT BE TO DO A DIFFERENT DIRECTION, 15 IT THEN POSSIBLE TO TIE THE TNO TOGETHER PROCEDURALLY, SINCE IT 15 SUCH AN IMPORTANT ISSUE? MS. JORDAN SUOGE M!M1 TO THE BOARD THAT IT CRAFT A MOTION IN SUPPORT OF THE DOWNTOWN STRATEGIC PLAN, COUPLED WITH A CONGRUENCY OF THE ORDINANCE, WITH THE ORDINANCE LANGUAGE RETURNING TO THE DDA FOR REVIEW. MR. MEADORS MOVED TO ENDORSE ADOPTION OF THE DOWNTOWN STPATEOIC PLAN SUBJECT TO REVIEW BY DDA OF THE ENABLING ORDINANCE FOR CONSISTENCY. THIS WAS SECONDED BY MR, SEARS AND CARRIED UNANIMOUSLY, CORTINA PARKING MR. STEINER INTRODUCED A REQUEST BY DEVELOPER BILL COULBON TO BUILD A SINGLE PARKING DECK OVER THE EXISTING MASON STREET LOT, WHICH DDA OWNS. THIS WOULD RESULT IN A NET LOSS OF FOUR PUBLIC PARKING SPACES, WHICH MR, COULSON WILL IN TURN OFFSET BY DEDICATING FOUR PUBLIC SPACES ON THE SECOND FLOOR. THE CONSTRUCTION COSTS WILL BE BORNE ENTIRELY BY MR, COULSON. DDA COUNSEL HAS REVIEWED THIS PROPOSAL AND BELIEVES IT CAN BE ACCOMPLISHED IN A VARIETY OF WAYS, INCLUDING LEASE OF AIR RIOHT$ FOR $ 1.00 A YEAR WITH A REVERSION OF DECK OWNERSHIP TO DDA AFTER A SUITABLE PERIOD OF THE. STAFF SUPPOPTS TQ CONCEPT SUBJECT TO BOARD AND NEIGHBORHOOD APPROVAL OF THE PROJECT, THE DEDICATION OF FOUR PARKING SPACES AND BOARD AND NEIGHBORHOOD APPROVAL OF THE DESIOW MR. COULSON WAS ASKED IF THERE 13 A PLAN TO PROVIDE TEMPORARY PARKING WHILE THE SITE IS UNDER CONSTRUCTION. HE HAS CHECKED WITH FIRST NATIONAL AND KEY BANK, AND MR. STEINER SUGGESTED HE TOUCH BASE WITH THE COUNTY. THE BOARD ALSO INQUIRED HOW LONG CONSTRUCTION WOULD TAKE, AND MR, COULSON VENTURED A GUESS OF APPROXIMATELY FOUR MONTHS, MS. BRAYTON MOVED TO SUPPORT THE PURSUIT OF AN AGREEMENT SUBJECT TO NEIGHBORHOOD SUPPORT, DEDICATION OF PARKING SPACES ON THE SECOND LEVEL, BOARD APPROVAL OF THE DESIGN AND A FINANCIAL AND LEGAL AGREEMENT. THIS WAS SECONDED BY MR. TAYLOR AND CARRIED UNANIMOUSLY. DDA MINUTES PAGE 4 OFFICE MANAGER A MONTH TO MONTH CONTRACT FOR ANNE GARRISON HAS BEEN ARRANGED, TO BRIDGE THE OAP CONTRACT EXTENSION BETWEEN THE EXPIRATION OF HER 2003 CONTRACT AND UNTIL SUCH TIME AS A REPLACEMENT IS ON BOARD AND TRAINED. A COPY OF THE CONTRACT IS CONTAINED IN THE PACKETS FOR BOARD REVIEW, WHICH ALSO PROVIDES FOR A CONTINUATION OF SALARY AND BENEFITS. BOARD AUTHORIZATION IS NEEDED FOR THE CHAIR TO APPROVE THE CONTRACT. INTERVIEWS ARE SCHEDULED FOR NEXT WEEK, AND A RECEPTION IS PLANNED AT THE EDWARDS HOUSE LODGE ON JANUARY 28, BETWEEN 5:30 - 7:30 P.H. MR, MEADORS MOVED TO AUTHORIZE THE CHAIR TO SIGN THE CONTRACT, TI115 WAS SECONDED BY MR. STROUD AND CARRIED UNANIMOUSLY. ADJOURN -THERE BEING NO FURTHER BUSINESS, THE MEETINO ADJOURNED AT 0: 1 S A.M. JASON MEADORS, SECRETARY r DOWNTOWN DEVELOPMENT AUTHORITY TO: DDA Board of i ectors FROM: Chip Steiner DATE: February 3, 2004 RE: Historic Webster House Last month the Board agreed to participate in the redevelopment of the Historic Webster House up to $100,000. To proceed with that request the property needs to be annexed into the DDA District. A resolution approving the annexation and recommendation that City Council act likewise is attached to this memo. 0 RESOLUTION 2004-02 OF THE BOARD OF DIRECTORS OF THE FORT COLLINS DOWNTOWN DEVELOPMENT AUTHORITY RECOMMENDING TO THE FORT COLLINS CITY COUNCIL THAT THE BOUNDARIES OF THE DOWNTOWN DEVELOPMENT AUTHORITY BE AMENDED TO INCLUDE THE HISTORIC WEBSTER HOUSE LOCATED AT THE SOUTHEAST CORNER OF THE INTERSECTION OF EAST OLIVE AND MATHEWS STREETS WHEREAS, the Fort Collins Downtown Development Authority has been duly organized in accordance with the Colorado Revised Statutes 31-25-804, 1973 as amended; and, WHEREAS, Colorado Revised Statutes 31-25-822, Inclusion of additional property, allows for the inclusion of additional property subject to satisfactory petition to board of the authority and submittal of same to the governing body of the municipality; and, WHEREAS, the Board of Directors of the Downtown Development Authority has duly considered and found satisfactory a petition submitted to it and signed by all the owners of the Historic Webster House property at its regularly convened meeting of January 8, 2004. NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE DOWNTOWN DEVELOPMENT AUTHORITY, that it hereby recommends to the Fort Collins City Council that it approve the annexation of the Historic Webster House into the Downtown Development Authority district. Passed and adopted at a regular meeting of the Board of Directors of the Fort Collins, Downtown Development Authority this 5th day of February, 2004. Kim Jordan, Chair ATTEST: Jason Meadors, Secretary/Treasurer DOWNTOWN DEVELOPMENT AUTHORITY TO: DDA Board of Ili rs FROM: Chip Steiner CyLt DATE: February 3, 2004 RE: Cortina Project Extension Last March, the Board committed $1.7 million toward the Cortina residential project. This commitment needs to be extended for another year. The owner has secured construction financing and intends to break ground in the next 60 days. DOWNTOWN DEVELOPMENT AUTHORITY PROJECT COMMITMENT TERMS The Downtown Development Authority Board of Directors makes this preliminary commitment to participate in Cortina mixed use nroiect based upon the following terms: 1. The commitment by the DDA is for a period of 12 months commencing on the date the Board of Directors votes in favor of participation. If this project is being funded from administrative resources, it is contingent upon re -appropriation of funds by City Council if the 12-month period extends into the next budget year. If this project is being funded through a tax increment debt instrument, the DDA commitment is contingent upon approval by City Council. Funding type: _Administrative X TIF. 2. The project owner must provide the DDA with periodic updates, the frequency to be determined on a case -by -case basis. 3. Extension of the 12-month commitment may be considered upon the formal request of the project owner or authorized representative and must be placed on the Board of Director's agenda no later than the 12a' month of the most recent commitment term then in effect. 4. If there is a change in project ownership, the continuation of this commitment requires notice to the Downtown Development Authority and the Board may, at its sole discretion, require reconsideration of the DDA commitment. 5. Reduction in the private investment for taxable improvements, here declared at $13,212,000, of more than 10 percent requires reconsideration of the Authority's commitment by the Board of Directors. 6. This commitment is contingent upon the completed project being consistent in scope, use, and design with that presented to the Board at the time this commitment was made. If no scope, use, and design have been provided at the time of this commitment, the commitment is continent upon the acceptance by the Board of Directors of a scope, use, and design as submitted at some later date but prior to any disbursement of funds. 7. This commitment is expressly contingent upon the acceptance and execution of an agreement between the Downtown Development Authority and the project owner(s). The DDA Commitment is: Up to $1.687 million, not to exceed 15% of the taxable value of improvements, six month updates to the Board, and completion of the project by December 31, 2005. The date of this commitment is: Febnaa 5 2004 Project Owner Please Print Name and Title Downtown Development Authority L1 DOWNTOWN DEVELOPMENT AUTHORITY TO: DDA Board of Di as FROM: Chip Steiner DATE: February 3, 2004 RE: Downtown Business Association Plan Last month in its discussion about renewing DDA's commitment to the Downtown Business Association for 2004, the Board suggested looking at ways to enhance that involvement. Staff from the DDA and DBA have discussed this and propose the following: 1. Rather than allocate the DDA's current $10,000 commitment between administrative assistance ($8,000) and marketing ($2,000), staff is proposing that all of the funds be used to upgrade the marketing profile for downtown (branding). 2. If the Board wishes to increase the funding by another $10,000 such funds would be used to develop a marketing program for the proposed Downtown Cultural district. 3. If the Board wishes to increase funding by an additional $10,000, these funds would be used to conduct a feasibility study and site analysis for the development of an amphitheater which would be financed and owned by the DBA. This is a major proposition and would give us the chance to initiate one of the catalyst projects for the Downtown Cultural District. As an alternative, DDA staff suggests that all three of the above be combined into a one- time funding for upgrading the DBA marketing profile to incorporate the concept of the Downtown Cultural District (including branding) and to conduct the feasibility of an amphitheater. David Short, Executive Director of the DBA will provide more detailed information at the Board meeting. • DOWNTOWN DEVELOPMENT AUTHORITY TO: DDA Board of D' ors FROM: Chip Steiner DATE: February 2, 2004 RE: Running Cashflow 11 Attached to this memo is a first cut at a running cashflow. It shows all known and projected revenues, all known and projected debt, it allows for new and refunding bond transaction costs to be plugged in and it lists all reserves the DDA must carry to meet the obligations of its bonded debt. Originally, reserve funds were to include categories for DDA expenditures for the cultural districts and a running statement of funds available for projects. However, it made more sense to simply plug in a debt service line item for the cultural district and incorporate additional funds in a new debt issue that would allow for the DDA to fund projects on an on -going basis. Line 10. Beginning balance carried forward from the previous year. Line 13. Known and projected tax increment revenues. Projected growth is two percent annually. Line 14. Projects tax increment from Home Depot. Line 15. Anticipates a $20 million hotel/convention center. How the hotel rooms actually materialize is unknown. It may be four boutiques or it may be a large corporate hotel. Line 16. Cortina increment. Line 17. Pine Street increment. Line 18. Mason Street North Increment. Line 19. Miscellaneous leveraged increment (against a new $1 million one-time borrowing in 2004).. Line 20. Increment leveraged by DDA cultural district investments. Line 23. Interest earnings on revenues. Calculated at two percent annual revenues. Line 30. Debt service. Shows the 2003 one-time borrowing in 2003 and a one-time borrowing in 2004. Line 31. Shows existing interest payments on bonds issued in 2000. Line 32. Repayment to the City for the DDA's portion of the Civic Center Parking Garage. Line 33. One time payoff of the principal of the 2000 bond issue (we may be able to refund this in a new bond issue and spread the payments out through 2011). Line 34. City projects the DDA has pledged resources toward. This will reduce available funds (see unreserved funds below). Line 35. Line 36. Payment on a new long-term debt issued in 2004 that pays for Cortina, Pine Street Lofts, the balance of Mason Street North (if the Board agrees to increase its participation), a hotel (or hotels) and convention center and miscellaneous other projects totaling $1 million. Note: the additional $1 million in miscellaneous debt actually gives the DDA $2 million for unidentified projects (see line 30) and/or for use with identified projects (such as a performing arts facility). Line 37. Long term debt on a $15 million borrowing for the cultural arts district. Line 45 through 49. Bond issuance costs, as yet undetermined. Will have a negative impact. Line 55. Shows all the reserves necessary to issue bonds. These are undetermined at this point but will have a negative impact on the cashflow. As time progresses and the DDA debates future financial commitments, the cost of such commitments will be plugged into the cashflow to clearly demonstrate the impact. The Board should be aware that while growth in tax increment is projected at two percent it has traditionally (and consistently) averaged around eight percent. It makes sense to plug in such increases only after they are documented. Nevertheless, the financial picture is probably better than this spreadsheet depicts. 1 Fllename: DDA.xIs Last Updated: 11/03/03 _.L 3 4 wth Factor 1993 to 2011 led Investment Earnings ` 5 6 PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED PROJECTED Ygg3 Igg4 YCCS IGC9 YCLZ S9g0 ]Cg➢ Ig]g 2411 7 e 9 10 Beginning Balance 733,306 598,545 835,787 331,033 1,738,583 1.463.656 1,228.11 B 1 3. 31.976 !&U886 1 REVENUES 12 13 Tex Increment 2,465,369 2,866,318 2,908,644 2,951,817 2,995,854 3,040,771 3,101,586 3,163,618 3,226,891 14 Home Depot 0 0 0 250,000 250,000 250,000 250,000 250.000 250,000 15 Generic Hotel 500,000 500,000 500,000 500,000 500,000 500,000 16 Cortina 186,250 186,250 186,250 186,250 186,250 186,250 17 Pine Street Lofts 34,000 34,000 34,000 34,000 34,000 34.000 18 Mason Street North 80,832 80,832 80,832 80,832 80.832 80.832 19 Misc Increment 166,700 166,700 166,700 166,700 166,700 166,700 20 Increment from cultur. District(3) Investment Earnings 0 0 0 63,974 69,297 74,889 0 90,013 394,000 126,924 394,000 122,324 394,000 118,830 394,000 122,148 394,000 126,797 21 22 23 24 25 26 27 TOTAL REVENUES 2,529,343 2,935.615 2,983,533 4,259.612 4.734.560 4.T74,877 4.832.198 4.897.548 4.985.470 28 29 EXPENDITURES 30 02-05 Bond repaymenh '00 bond Interest repay 1,000,000 1,000,000 26,178 35,112 35,112 0 0 0 0 0 0 31 32 Parking Ramp Lease 281,988 281,224 282,674 281,149 281,149 282,079 33 '00 bond princIpal repay 608,000 City project payments Transfer to sales and U 1.355,938 1,382,038 1,434,163 2004 Bond Issue debt(1) 1.128,338 Cultural District Debt(2) 1,442,575 1,128.338 1,128,338 3,600,000 1,128,338 3,600,000 1.128.338 3,600,000 1.128.338 3,600,000 1,128,338 3,600,000 34I 35 38 37 39 40 41 Total Debt Service 2,664,104 2,698,374 3,488,287 2.852,062 5,009,487 5,010,417 4,728,338 4,720,338 4,728,338 42 43 44 REFUND TRANSACTS. 45 Bond Proceeds 46 Transfer from Capital 47 Bond Issue Costs Arbitrage Rebate Pint. to Escrow Agent 48 49 51 NET REFUND COSTS 52 53 END FUND BALANCE 59Q545 835,787 331,033 1,738,583 1.463.056 1.228,116 1,331.976 1,501,186 1,738,318 54 RESERVES 55 56 Special Reserve Aunt 57 D/S Reserve Account P61 Account 400,000 250,000 0 83,333 0 0 0 0 58 59 Unreserved 115,212 585,787 331,033 1,738,583 1,463,656 1,228,116 1,331,976 1,501,186 1,T38,318 BQ TOTAL 81 FUND BALANCE 598,545 835,787 331,033 1,738,SB3 1,483,858 1,228,116 1,331,976 1,501,186 1,738,318 B2 63 64 (1) 2004 bond Issue Includes the following CorUna-$1,700,000 Piro Street Lolta-$500,000 projects: 65 66 67 Meson Street North-$289,677 (this is the difference between what is funded through a 2002 bond issue and the Increased commitment by the DDA 68 made last December) Hotel/oonveneon center-$2,800,000 Miscellaneous-$1,000,000 Total debt Is E6,290,000-debt service is calculated at 6%, 7 years. 12) Cultural District debt assumes a DDA Investement of $15,000,000, 5 years at 6%. 69 70 71 72 73 74 (3) Cultural District Increment assumes private Investment totaling $15,000,000 75 76 77 78 M79 80 81 DOWNTOWN DEVELOPMENT ddoAUTHORITY TO: DDA board of Ili ctors FROM: Chip Steiner ( DATE: February 3, 2004 RE: Thank you letter to Mike Steele, Mike Walker, Adam McCambridge and the District One Substation Over the past two years the District One Police Substation has worked very closely with the DDA and DBA to help improve police services in the central business district. Its work has had a substantial positive impact on the friendliness of the downtown environment and in the general relationships between the police and downtown businesses. Unfortunately, three of the principal members of District One Substation have either left or are planning to leave and staff is asking the Board to approve a letter thanking them for their efforts. The letter is attached. DOWNTOWN DEVELOPMENT ddoAUTHORITY February 5, 2004 Sergeant Mike Steele, Supervisor Officer Mike Walker Officer Adam McCambridge District One Substation Fort Collins Police Department 300 LaPorte Avenue Fort Collins, CO 80521 Dear Sergeant Steele and Officers Walker and McCambridge: I write to you on behalf of the Downtown Development Authority Board of Directors and staff to express our sincere appreciation for the programs and services the three of you and the other members of the District One Substation have initiated and implemented in Downtown Fort Collins. Your leadership in documenting the need for new enforcement ordinances, driving the process to have these ordinances adopted by City Council, and then implementing those ordinances "on the street" has had a significant impact on restoring downtown's family - friendly environment. Your willingness to work long, difficult hours, to confront dangerous situations, to reach out to downtown businesses, and to gently remind us all of our roles and responsibilities in making the downtown a safer, friendlier place are very deeply appreciated. We will truly miss that kind of dedicated service. The Board and staff of the Downtown Development Authority thank you: thank you Mike Steele; thank you Mike Walker; thank you Adam McCambridge. We wish all of you the very best as you move on to new adventures. Sincerely, Kim Jordan, Chair On behalf of the entire the Board of Directors and staff DOWNTOWN DEVELOPMENT AUTHORITY TO: DDA Board of Dire#Q3rs FROM: Chip Steiner DATE: February 3, 200 RE: Linda Gula Contract Subject to Board approval of the attached contract, the DDA has hired Linda Gula as the new administrative assistant. Basic terms of the contract are: Salary: $36,000 Benefits: the same as currently provided Vacation: two weeks Review: in six months Although it is tough to lose Anne, staff believes Linda will be an excellent addition to the DDA. She has years of experience working in the City Manager's office and clearly understands the operations of City Hall. Staff recommends the Board approve the contract.