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Home My WebLink AboutDowntown Development Authority - Minutes - 02/20/1986D&NTOWN � . ddoAUTHORITY DEVELOPMENT 102 REMINGTON STREET, FORT COLLINS, COLORADO 80524 DOWNTOWN DEVELOPMENT AUTHORITY Regular Directors Meeting February 20, 1986 The Board of Directors of the Downtown Development Authority met in regular session at 7:30 a.m., February 20, 1986 in the DDA Conference Room. There were present: Barbara Schofield, Chairman presiding George Betz Eldon Ward Earl Wilkinson Barbara Liebler Bill Friedricheen Larry Estrada Dan Larsen Staff: Chip Steiner, Acting Director Jan Martin Also: Bruce Freestone Denise Freestone Greg Denton Ralph Switzer Walt Brown Dick Beardmore Sherry Albertson -Clark Laurie Howell KCOL Representative Shelly Jones John Wheeler Dave Herrera Ed Zdenek Alan Canter Robert Wilkinson Absent: Chuck Wanner Barbara Schofield called the meeting to order and asked for approval of the minutes of January 23, 1986. Eldon Ward moved for approval, seconded by Earl Wilkinson. (303) 484-2020 PRESENT ABSENT MINUTES .r The first order of business was discussion of the Robinson Piersal project. Director Eldon Ward withdrew from discussion. Chip Steiner introduced the project as a mixed -used project with housing and retail located at the northeast corner of College Avenue and Mulberry. The cost of the project is roughly $9.5 million and should generate over $1,000,000 in supportable debt at 11 coverage. Dave Herrera, Executive Director of the Housing Authority, was present to explain the housing portion of the project. According to Mr. Herrera the Housing Authority will put $200,000 up front. They will request $2.1 million in Housing Revenue Bonds from the City. The DDA will provide $500,000 for subsidized low-income senior housing. The housing portion of the project (not including air rights) will generate $320,000-340,000 supportable debt. Approximately sixty-seven units will be built with one-third reserved for low income. Several Board members asked if there was a need in the community for more low-income or elderly housing. Dave Herrera replied that a study had been done and it showed a need for all types of elderly housing. He was asked if this housing would compete with the DMA Plaza and he replied that it would not. Director Schofield asked if the low-income units would be distinguishable from the other units. Mr. Herrera stated that they would be integrated with the other units. The discussion proceeded to the commercial part of the project which includes a supermarket, retail space, office space, and parking facilities. The DDA is being asked to participate at $370,000 for public improvements which include: Landscaping; sidewalks; utility upgrades; curbs/gutters; College Ave. median redesign; sculpture on plaza; public improvement design fees; plaza on College; and seating walls. This portion of the project generates roughly $670,000 in supportable debt. DDA staff recommended the Board commit to $850,000-870,000 for the following reasons: Redevelopment of this corner is critical as major downtown entry New housing opportunities Well planned connection of housing to shopping facilities Provides major suppermarkets on both sides of College - serves both East and West side neighborhoods Level of DDA participation is conservative Further, staff pointed out the contingencies to be considered before commitment to this project. They include: Private financing be in place Project appraised at projected level City Council and P&Z approval Sidewalk improvements according to Guidelines DDA able to market TIP bonds Housing Authority participation Discussion followed. Director Earl Wilkinson moved that the Board ROBINSON PIERSAL WITHDRAW HOUSING COMMERCIAL PORTION of Directors support Robinson Piersal Plaza to a maximum of $871,670, with $500,000 for housing and $371,670 for public improvements subject to resolving the contingencies and the dollar figures provided by the developer regarding the plaza and proposed sculpture. The motion was seconded by Bill Friedrichsen. A roll call vote was taken with George Betz, Larry Estrada, Bill Friedrichsen, Dan Larsen, Barbara Liebler, and Earl Wilkinson voting in favor of the motion. Barbara Schofield voted against the motion. Eldon Ward did not vote and Chuck Wanner was absent. Eldon Ward returned. The next item on the agenda was Open Stage Theatre. Bruce OPEN STAGE Freestone, Executive Director of Open Stage Theatre, gave background information on the theatre. Dick Beardmore presented a model of the theatre and how the project could work. According to Mr. Beardmore the community benefits of having a theatre include: Increased tax base Establish evening activity "Protect" current investment Residential/lodging activity Targeted industry (chamber study) Dollars generated stay here (90%) Increased Fort Collins Arts recognition Construction wages and related sales Assist "Theatre District" Growth for Open Stage = dollar return "Easy" infill = low developoment dollars infrastructure in place plus gets improved earlier Mr. Beardmore then presented the request by Open Stage. The proposal was for the DDA to pay $175 for 36 days of public use over twenty years. According to Mr. Beardmore, this amount was determined by subtracting the operation and maintenance expenses from the rental value of the facility. The total amount of the prelease would be $126,000. Questions arising from this proposal were: Does this siphon use from the Lincoln Center or CSU? How will community use be defined and how will groups be determined? The criteria for who uses the space needs clarification, criteria, and guidelines. What is historical/projected financial statement of Openstage? How can the prelease amount be figured on 20 years when the DDA only has 18 years left? Look for other public improvements (development fees? or utilities). Community definition needs to be identified. Dick Beardmore stated that he and Mr. Freestone had been in contact with Dave Sievers of the Lincoln Center. The Lincoln Center is cost-effective and this proposal, according to Mr. Beardmore and Mr. Freestone, would have no impact on current users. Discussion followed. r The Board directed staff to continue working on this innovative approach. The next item on the agenda was approval by the Board for Old Town Associates to hold a garage sale in June on the fourth level of the parking garage. The Board unanimously approved this use with the stipulation that the City Attorney's office write a letter confirming that the liability insurance would cover this event. The next item discussed was whether or not to deed the parking garage over to the City. Staff recommendation was to deed the garage over to the City, but not the office space or the Mason Street lot. Discussion followed. Earl Wilkinson moved that the Board authorize the director to continue negotiations with the City to deed the garage only - not the office space or Mason Street Parking Lot. Barbara Liebler seconded the motion. The motion passed unanimously with a roll call vote. Comments from the Project Review Committee were postponed until the March 6 meeting. Eldon Ward presented the Small Wonder Design Competition concept. When asked what the benefits would be for the DDA to hold such a competition, Mr. Ward stated that they included good public relations as well as more public interaction. Discussion followed. The Board reacted favorably to the design competition and also directed staff to pursue talks with the Vietnam Veterans group. Under other business, Barbara Liebler suggested that the DDA switch to evening meetings. Discussion followed. The consensus was to stay with morning meetings and hold evening public hearings as necessary. There being no other business, the meeting was adjourned. Barbara Liebler, Secretary OLD TOWN GARAGE SALE DEED GARAGE TO CITY PROJECT REVIEW SMALL WONDER DESIGN COMPETITION EVENING MEETINGS ADJOURN