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HomeMy WebLinkAboutDowntown Development Authority - Minutes - 12/11/1986ddoDAWNTOWN � DEVELOPMENT AUTHORITY 102 REMINGTON STREET, FORT COLLINS, COLORADO 80524 Regular Directors Meeting December 11, 1986 The Board of Directors of the Downtown Development Authority met in regular session at 7:30 a.m., December 11, 1986 in the DDA Conference Room. There were present: George Betz, Chairman presiding Bill Friedrichsen Earl Wilkinson Jeanne Abdelnour Barbara Rutstein (Alternate Council Representative) Eldon Ward Chuck Wanner Barbara Schofield Staff: Also: Chip Steiner, Executive Director Jan Martin Alan Krcmarik Pete Dallow Dick Beardmore Elizabeth McIntosh Walt Brown William Armstead Susan Kirkpatrick Elaine Kleckner Absent: Lucia Liley Larry Estrada Joe Lewandowski Jim Reidhead Herman J. Koloseus Mike Davis Leeann Williams Tom Synder Greg Denton George Betz called the meeting to order and asked for approval of the minutes of October 23, 1986. Earl Wilkinson moved for approval seconded by Barbara Schofield. 1 (303) 484-2020 PRESENT ABSENT MINUTES J The first order of business was the presentation of a plaque to Barbara Schofield in recognition of her year as Chair of the DDA Board. Mike Davis, the new Director of Development Services for the City of Fort Collins, was introduced. The first item on the agenda was the Linden Hotel. Chip Steiner began by giving some background information on this project including: • Board has previously approved roughly $150,000-160,000 to help with parking and sidewalk improvements • Project is restoration of Linden into a 39 room boutique hotel with restaurants and specialty retail • Not original plan for downtown hotel, but really contributes, especially as historic landmark • Anchor to Old Town Mr. Steiner further reported that this project would generate a tax increment of roughly $40,000 per year of which the DDA would use $20,000 per year to finance $156,000 in parking and sidewalk improvements. At this meeting, the Board needs to: Approve the Agreement Authorize the Executive Director to sign the Agreement Recommend to City Council to approve DDA participation Recommend to City Council that they enter into the Agreement Some of the major changes in the Agreement include: • If project done more than seven months before Robinson Piersal Plaza, Developer gets reimbursed with money the DDA borrows short term. This money will be rolled into later bond issuance. • If project is not done by July 31, 1988 (roughly date when DDA must issue on Robinson Piersal Plaza), DDA is free of all obligations. • Developer guarantees only the increment generated by the project which is used for debt service. Discussion followed on these changes in the Agreement. Barbara Schofield moved that the Board approve the Agreement, with Eldon Ward seconding. A roll call vote was taken and the motion passed unanimously. Earl Wilkinson moved that the Board approve Resolution 86-25 recom- mending to the Fort Collins City Council approval of DDA participation in the Linden Hotel Redevelopment Project. Jeanne Abdelnour seconded the motion. A roll call vote was taken and the motion passed unanimously. 0 . r PRESENTATION MIKE DAVIS LINDEN HOTEL APPROVAL OF AGREEMENT RESOLUTION 86-25 Chuck Wanner moved that the Board approve Resolution 86-26 authorizing the Executive Director to enter into an agreement with the Linden Hotel Partnership for reimbursement of certain funds expended for public improvements associated with the Linden Hotel Redevelopment Project. Eldon Ward seconded the motion. A roll call vote was taken with the motion passing unanimously. Jeanne Abdelnour moved that the Board approve Resolution 86-27 recom- mending to City Council approval of DDA expenditure of $156,000 for certain public improvements to be made in conjunction with the proposed redevelopment of the Linden Hotel and authorization of an agreement between the City, DDA and the Developer, the Linden Hotel Partnership. Chuck Wanner seconded the motion. A roll call vote was taken and the motion passed unanimously. Chip Steiner reminded the Board members that the Linden Hotel Project would go before City Council on Tuesday, December 16, 6:30 p.m. Opera House Block Project was the next item on the agenda. Mr. Steiner reported some background information on this project including: expected to generate $79,000 annually in tax increment DDA to use about $51,000 (65%) to finance a debt of $404,000 The funds would be used as follows: Alley improvements $95,000 Sidewalk improvements 85,000 Fees for public improvements 107,200 Construction interest on pub. imp. 88,945 Funds to Housing Authority 5,000 Contingency 22,800 Total $403,945 Project passed first reading of IDB ordinance. The second reading is December 16, 1986. The agreement changes are the same as the Linden including: • If project done more than seven months before Robinson Piersal Plaza, Developer gets reimbursed with money DDA borrows short term. This money will be rolled into later bond issuance. • If project is not done by July 31, 1988 (roughly date when DDA must issue on RP Plaza), DDA free of all obligations. • Developer guarantees only the increment generated by the project which is used for debt service. Board action needed at this time is approval of the agreement. The Board previously passed resolutions recommending: a.) that City Council approve of DDA particiaption in the project; b.) that City Council approve DDA expenditure of $403,945 for certain public improvements and authorize the City to enter into an Agreement with the DDA and Historical Opera House Properties, Ltd.; and c.) that the DDA Board authorizes their Executive Director to enter into an Agreement with Historical Opera RESOLUTION 86-26 RESOLUTION 86-27 OPERA HOUSE -3- House Properties, Ltd. Discussion followed. Earl Wilkinson moved that the Board approve the agreement between the DDA, the City, and Historical Opera House Properties Ltd. Eldon Ward seconded the motion. A roll call vote was taken with the motion passing unanimously. Chip Steiner reminded that this project would also be before City Council Tuesday, December 16, 6:30 p.m. The next item on the agenda was an update on the oil leak on the Small Wonder lot. Chip Steiner reported that the leaking tank was removed at a cost of $1557 to the Downtown Development Authority. The next item on the agenda was discussion of refunding the refunded 1985 bonds. Chairman George Betz suggested that Chip Steiner get together with Bill Friedrichsen and come back to the Board with a recommendation on whether or not now is the time to refund the bonds. Under other business, George Betz said that Jim Madden had contacted him again about the property at the corner of Riverside and Lincoln. Barbara Schofield withdrew from the discussion. Discussion followed. The Board indicated that there was no interest in purchasing this land. Barbara Schofield returned. There being no other business, the meeting was adjourned. Earl Wilkinson, Secretary APPROVAL OF AGREEMENT SMALL WONDER REFUNDING OTHER BUSINESS ADJOURN -4-