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HomeMy WebLinkAboutDowntown Development Authority - Minutes - 01/06/2000ddaItWMOWN � DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 FORT COLLINS, CO 80524 Mary Brayton, Chair 484-1401 (W) Chuck Wanner, Council Liaison 484-0810 (H) Anne Garrison, Staff Liaison 484-2020 (W) DOWNTOWN DEVELOPMENT AUTHORITY Regular Directors' Meeting MINUTES OF JANUARY 6, 2000 Telephone (970) 484-2020 Telefax (970) 484-2069 REGULAR MEETING The Board of Directors of the Downtown Development Authority met in regular session at 7:30 a.m. on January 6, 2000 in the conference Room at Home State Bank, 303 East Mountain Avenue. PRESENT There were present: Mary Brayton, Chair Larry Stroud, Vice Chair Jason Meadors, Secretary/Treasurer Steve Slezak Greg Belcher Carey Hewitt John Pitner Chuck Wanner ABSENT Margaret Brown STAFF Jay Hardy, Executive Director Anne Garrison Lucia Liley, Counsel GUESTS John Fischbach, Angela Milewski, David Short, Andy Smith CALL TO ORDER Ms. Brayton called the meeting to order at 7.35 a.m. and roll call was taken. APPROVAL OF Mr. Slezak moved to adopt the minutes of December 2, 1999 as written, MINUTES this was seconded by Mr. Belcher and carried unanimously. WELCOME The Chair recognized Mr. Andy Smith, newly appointed Chair of the Poudre River Trust and welcomed him to the meeting. DDA MINUTES PAGE BAPTIST CHURCH Mr. Hardy recapped DDA's commitment of $50,000 toward the restoration of this historic church building, a commitment which has now expired. Re-evaluation by the Board, and a possible extension of the project is being sought by building owner, Mr. Michael Gaines. Upon conferring with Legal Counsel, Mr. Slezak, declined to participate in the discussion because of a possible conflict of interest. An adjusted timeline of late spring for construction to begin has been set by the State Historic Society. This would entail an extension of between 6 - 8 months. The State also requires that all matching funds be received by June 2000. Mr. Hewitt moved that DDA extend its $50,000 commitment for eight months, making the new expiration date of the Project Commitment September 1, 2000. The motion was seconded by Mr. Belcher and carried unanimously. DDA/DBA AGREEMENT Introducing Resolution 00-1 to the Board, together with a Letter of RESOLUTION 00-1 Understanding prepared by DDA, Mr. Hardy spoke of the long standing relationship between these two organizations. He then directed the Board to the Agreement which defines the fiscal responsibility of DBA to pay DDA $8,000 per annum, to defray costs of administrative services provided by DDA, and the promise to continue to provide marketing and promotional services at the some level as 1999. In turn, DDA will pay an annual membership fee of $2,000 to DBA. Mr. Belcher moved to adopt Resolution 00-1 which was seconded by Mr. Slezak and carried unanimously. DDA WEBSITE W. Hardy suggested to the Board that DDA consider having a website presence, and explained the various purposes it could serve. A City link has been investigated, and/or the possibility of being added to DBA's website, already in place. Ideas and costs were evaluated in the discussion that followed. After some consideration, Mr. Meadors moved to refer the matter to a committee, which would report back to the Board at the February meeting. This was seconded by W. Slezak and carried unanimously. The following individuals volunteered to serve on the committee: Mr. Meadors Mr.Pitner Mr. Belcher Mr. Hardy UPDATES ■ Performing Arts Center - Mr. Hardy advised that he would be attending a meeting at 9,30 a.m. today at the County concerning the ballot language for the Performing Arts Center location. Landmark Preservation Commission - Angela Milewski noted that there were no updates from LPC at this time. OTHER BUSINESS Mr. Pitner shared his observations concerning the downtown decorations during the recent holiday season, noting their outdated appearance and generally poor condition. He felt the display failed to adequately showcase the downtown area, and expressed his willingness to help by DDA MINUTES PAGES serving on a committee. Mr. Pitner also provided some background on how this matter was handled a few years ago. ADJOURN There being no further discussion, the meeting adjourned at 8:20 a.m. Jason Meadors, Secretary AWNTOWN 0 UWDEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 FORT COLLINS, CO 80524 To: DDA Board of Directors From Jay Hazdg� Date: March 2, 2007 Telephone (970) 484-2020 Telefax (970) 484-2069 Re: Armory Building renovation project (Paramount Cleaner's Building) The Armory Building on East Mountain is currently under consideration for renovation. The present owner, Terry Hamilton, is in the process of selling the building to Paul Jensen from The Jensen Group. The Jensen Group is a graphic design firm, which has been in business for almost 15 years, while residing in the downtown area. The contract between Mr. Hamilton and The Jensen Group is scheduled to close on March 31, 2000, contingent upon obtaining financing by March 15". A DDA commitment would go a long way toward securing the financing. This project appeared before the DDA Board of Directors in 1994, when Cozzola's was contemplating a move to this site. Additionally, the Board reviewed the site last summer for another restaurant project. Both of these experienced roadblocks in the area of financing and with their desired renovation of the building. Although this will be the third property owner to have approached the DDA over the past 7 years, I feel this applicant is very different from the others for the following reasons: 1. The Jensen Group will be the owner of the building and the major tenant. 2. The renovation of the project does not include any outdoor seating as the two prior applicants proposed. 3. This project was presented to the LPC last week in an effort to obtain their input and possible endorsement of the project. In fact it was met with excitement and general approval from the Commission. As you may recall, LPC's concerns have been a major issue in previous renovation attempts. 4. Finally, Mr. Jensen plans to completely restore the facade and replace the windows on the ground level, west side. Following conversations with Karen McWilliams as well as Carol Tunner, (City of Fort Collins Historic Preservation) they believe this project has tremendous merit with regard to the State Historical Fund Grant money availability. Due to this potential funding source, I encourage the Board to consider a two tiered approach to the project. This could take the form of one level of commitment without State Historic dollars, and a lesser amount should a grant be awarded later this summer. If the Board chooses to participate, it is critical that an amount is established. This could then be used to further leverage the highest grant, thus potentially reducing the DDA's financial obligation to the project. This type of timely commitment is very similar to the Northern Hotel project, which requested a very specific dollar amount in order to secure final financing. The funding entity has implied the need for a DDA commitment of $65,000-$70,000 in order to approve the full amount for the project. If the State Historical Fund grant is awarded, this amount could be reduced. Available funds for the project are as follows: Tax increment generated is estimated at $13,364/year. With the proposed timeline, this project would pay 5 years or a total estimate of $66,822. Also available to the Board is the use of appropriated funds for FY 2000, which currently reads as follows: FY 2000 appropriation FY 2000 commitments $10%000 Old Town Square capital improvements $12,500 Balance available $87,500 In consideration of this project, I believe many benefits can be achieved downtown including the following: 1. Restoration of a historic building 2. Continued redevelopment of East Mountain Avenue 3. Redevelopment movement toward the Poudre River Corridor 4. Renovation of the largest building on that block, therefore providing tremendous impetus for further redevelopment 5. Strengthening the established liaison between the LPC & DDA 6. Opportunity to assist a local, downtown employer in small business, and the retention of 15 professional jobs within the Central Business District EtWNTOWN 0 ddo DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 FORT COLLINS, CO 80524 To: DDA Board of Directors From: Jay Hardy�- Date: March 2, 2000V Re: International Museum/Imax project Telephone (970) 484-2020 Telefax (970) 484-2069 Last summer the DDA was approached about a project which would comprise an International Museum/Imax Theater combination in downtown Fort Collins. The company, Cultural Exhibitions & Events (CEE), will be in attendance at the March meeting to explain their project. One of the three principals, Betty Simecka will present the concept to the Board. Over the past couple of months, I have had many discussions with CEE regarding the scope of the project. Additionally, in an effort to solicit interest and/or gamer support from the local community, DDA has hosted two meetings. These meetings consisted of DDA Board representatives, City officials, property owner representatives, as well as commercial developers. The initial meetings were met with considerable optimism, thus leading up to a Board presentation today. The project entails a footprint of 132,000 SF, with construction cost estimates in the neighborhood of $15-20 million. In brief; the project as proposed would contain the following: *40,000 SF convention/museum space *6,400 SF gift shop *Imax theater *400 seat banquet room *225 seat mini -theater *Catering kitchen *Office space for facility *22,000 SF expansion option Included in your packet are economic projections for Fort Collins, which were provided by CEE. These numbers are based on current and previous projects of similar size and scope. Cl • Additionally, these meetings pinpointed the parking needs (up to 600 spaces on weekends) as well as the probable need of a hotel close to the project. It is estimated the project could provide up to 50,000 room nights per year throughout our community. I would like to encourage the Board to consider funding a feasibility study of this project, separate from the information provided from CEE. This study could be funded from the Capital Fund, which currently contains $87,500 for FY 2000. Capital Fund appropriation $100,000 FY 2000 commitments Old Town Square $12,500 FY 2000 remaining balance $879500 dbwrvrowry • DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 FORT COLLINS, CO 80524 To: DDA Board of Directors From: Jay Hardy Date: March 2, 20001 Re: F000dplain task force update Telephone (970) 484-2020 Telefox (970) 484-2069 The Floodplain Task Force continues to meet monthly. Although most areas are being considered individually, the Poudre River and Old Town floodplains garner the majority of the interest as it relates to downtown Fort Collins. At this time the schedule for the Poudre River floodplain decision is as follows: -City Council work sessions on March 22nd, March 14th and April I Ph. Council adoption is scheduled on May 2°d. Preliminary task force review of the Old Town floodplain occurred at our last meeting, with the task force in agreement on most, but not all, issues. I will continue to update, as information becomes available. CtWNTOWN � DEVELOPMENT AUTHORITY 19 OLD TOWN SQUARE, SUITE 230 FORT COLLINS, CO 80524 To: DDA Board of Directors From Jay Hardy Date: March 2, 2006 RE: Updates Telephone (970) 484-2020 Telefox (970) 484-2069 DDA financing package: The bond financing for the Hotel Armstrong, 401 W. Mountain, Four Corners, and 200 Walnut sidewalk has been approved by City Council. The closing occurred earlier this week. Bidding for the two streetscape projects will also commence at the beginning of March. DDA's Future Committee: We have met twice, beginning the discussions on the goals for the committee and potential boundaries of a new district. The committee felt the need to add an administrative representative of the Poudre School District. Don Unger, PSD Superintendent, has agreed to serve in this capacity. Bill Sears was also added to the committee to represent the property owners in the Poudre River area. 401 W. Mountain: This project is nearing completion. The second floor, which will be occupied by Vaught -Frye Architects began their tenure on February 25a'. Hotel Armstrong: Finalizing details for contract. All funding has been secured for the project. 185 N. College Ave: In the tenant finish stages. We are finalizing their contract/financing. 231 S. Howes: Nearing completion, contract in process. 328 Remington (Old Baptist Church): No progress Museum courtyard: Currently in the bid process City Drug: Tenant finish on the second floor. Bohemian Brewing Co. will be moving to this location in April, 2000. 115 S. College Ave. (Nico's): First floor has been done for some time... second floor awaiting a tenant. We are finalizing the project contracts/financing. Old Town Square maintenancelcapital improvements: I have met with Ed Stoner regarding the DDA expenditures on capital improvements. He is finalizing his ideas for FY2000.