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HomeMy WebLinkAboutDowntown Development Authority - Minutes - 12/19/1985DANTOWN � DEVELOPMENT AUTHORITY 102 REMINGTON STREET, FORT COLLINS, COLORADO 80524 DOWNTOWN DEVELOPMENT AUTHORITY Regular Directors Meeting December 19, 1985 The Board of Directors of the Downtown Development Authority met in regular session at 7:30 a.m., December 19, 1985 in the DDA Conference Room. There were present: Staff: Also: Barbara Schofield, Chairman presiding George Betz Eldon Ward Earl Wilkinson Dan Larsen Chuck Wanner Barbara Liebler Bill Friedrichsen Barbara Rutstein, City Council alternate Chip Steiner, Acting Director Jan Martin Jim Reidhead Greg Denton Carey Hewitt Gene Mitchell Jack Whitt Carol Oborne Bruce Freestone Laurie Howell Absent: Larry Estrada Sherry Albertson -Clark Tracy Eaton Dick Beardmore Jim Harmon John Wheeler Linda Hopkins Ed Zdenek Barbara Schofield called the meeting to order and asked for approval of the minutes of December 5, 1985. Earl Wilkinson moved approval, seconded by Chuck Wanner. 1 (303) 484-2020 PRESENT ABSENT MINUTES The first order of business was the presentation of Resolution 85- RESOLUTION 19 which approved the issuance of $8,885,000 of City of Fort 85-19 Collins Downtown Development Authority Tax Increment Refunding bonds, Series 1985A, and the allocation of the proceeds from the sale of those bonds. This resolution was prepared by Dave Dwyer, DDA bond Counsel, to replace Resolution 85-14 which had passed at the October 17, 1985 Board meeting. The need for a the new resolution was due to changes in the interest rate. Earl Wilkinson moved that the Board adopt Resolution 85-19, seconded by Bill Friedrichsen. A roll call vote was taken and the resolution passed unanimously. The next item for discussion was the Robinson Piersal Plaza. ROBINSON Director Eldon Ward withdrew since he is on the Housing Corporation PIERSAL Board. Greg Denton, DDA legal counsel, gave an update as to where PLAZA the DDA stood in regard to this project. Mr. Denton stated that a Memorandum of Understanding had been signed by Dave Herrera, Director of the Housing Authority, and John R. P. Wheeler, principal of Wheeler Management Group, spelling out what issues the two parties agree to negotiate relative to the development of housing above the Safeway project. The document has no binding powers, but it does impose a time limit to the negotiations. The Housing Authority has a requirement of 30% low income, elderly. Sixty-seven units are planned for this project. At this point, Mr. Wheeler asked the Board for evidence of DDA support. Discussion ensued. Chairman Schofield then asked members to state their positions. The consensus of the Board members was that they were in support of the project, but needed further information. Chairman Schofield stated her support, but emphasized that there was no definite dollar amount in mind. Greg Denton recommbnded to the Board to authorize the Acting Executive Director to enter into a Memorandum of Understanding with John R. P. Wheeler to state that the Board is in support of the project and that within the next sixty days the parties will negotiate the terms of the DDA's participation. The memorandum should include the need for a credible estimate of the value of the property and the terms and conditions upon which the DDA would participate, if at all. This does not put any liability upon the DDA for either participation or monetary liability. Earl Wilkinson moved that the Board agree to develop a Memorandum of Understanding with John Wheeler for the Robinson Piersal Plaza project and that the memo be developed along the lines as indicated by Greg Denton. The motion was seconded by A roll call vote was taken with all members with the exception of Eldon Ward who had withdrawn from discussion voting in favor of this motion. Eldon Ward back. The next item on the agenda was Small Wonder. Barbara Schofield SMALL introduced this item by stating it was being looked at in a WONDER different form. LDC continues to be extremely interested in pursuing this project, as is Walt Brown who is developing properties along the same block. LDC called back and said they knew the Board was not comfortable with the other form of handling the project, but they wanted to get together to work out an acceptable agreement. Chip Steiner, Barbara Schofield, Walt Brown, and Ralph Switzer met -2- to discuss alternatives. The result was that the DDA would borrow the entire amount of the purchase price from a commercial lending institution at a tax free interest rate of around 7.6 percent. The LDC would assume half the risk by agreeing to pay 50 percent of the cost of the loan for a period of three years. Any deal would be contingent upon the City agreeing to improve the LaPorte/College intersection, vacating the southerly lanes of LaPorte, and deeding that land to the adjacent property owners. Other discussion involving this property included establishing a small park with the war memorial already located at this corner and possibly the Viet Nam veterans would be interested in the site for a memorial. Discussion followed. George Betz moved that the Board proceed with the Small Wonder project contingent upon the scenerio presented with LDC participation. Earl Wilkinson seconded the motion with the request that the City see if they can in some way participate in this project. A roll call vote was taken with Earl Wilkinson, Barbara Liebler, Chuck Wanner, George Betz, Bill Priedrichsen, Barbara Schofield, and Barbara Rutstein (voting for Larry Estrada) voting yes; Dan Larsen voted no; and Eldon Ward has withdrawn. The next item on the agenda was Mountain Avenue Plaza. Greg Denton explained the agreement with Ted Davis regarding alley and sidewalk improvements. Earl Wilkinson moved that the Board accept Resolution 85-20 authorizing the acting director to enter into a contract with Mountain Avenue Plaza for street and alley improvments. Chuck Wanner seconded the motion. A roll call vote was taken with the Board unanimously approving the resolution. DDA membership in the Fort Town organization was the next item discussed. Chip Steiner gave a brief background of the Fort Town organization and its relationship with the DDA. Mr. Steiner noted the contributions made by Fort Town to downtown Fort Collins, including its ongoing promotional activities which have done more to acquaint the City and region to the accomplishments of the DDA than anything else to date. He stated that at this time the DDA has the opportunity to become a member of Fort Town and that staff recommends the Authority make this commitment to downtown. He further stated that since Fort Town has agreed to waive dues for DDA membership, the Authority should waive rental fees for the office space used by Fort Town in the DDA offices. Chuck Wanner moved that Resolution 85-21 authorizing the acting director to enter into an agreement with Fort Town, the Downtown Business Association, to join the Fort Town Organization. Earl Wilkinson seconded the motion. Discussion followed. Mr. Wanner pointed out that the relationship between the DDA and Fort Town was an extension of public/private partnership. Bill Friedrichsen called for the question and a roll call vote was taken. The motion passed unanimously. The next item discussed was committee formation. Chip Steiner stated that at this point, the only committee really needed was one to put together a process to review projects. A committee was formed to work on this consisting of Chuck Wanner, Barbara Liebler, and George Betz. Eldon Ward noted the importance of establishing a MOTION MOUNTAIN AVENUE PLAZA RESOLUTION 85-20 FORT TOWN MEMBERSHIP RESOLUTION 85-21 COMMITTEES -3- land -use plan, especially for future bond issues. Under other business, Barbara Schofield read a letter from Don Berland wishing to set up a meeting with the negotiation committee. Also under other business, Jack Whitt, private citizen asked to express his opinion on several issues to the Board. (The following is transcribed verbatim.) "This may take too long, you may not want to listen to it. It's about the piece that was in the paper about the DDA and the complaint against the taxpayer. I certainly didn't appreciate in the paper to be called a dreadful person, at all. And I think that if we are dreadful people, it's the saddest thing. I've lived in Larimer County and Fort Collins, this area since 1943, 1 belong to the Elks so I don't consider myself dreadful. Just because we don't agree with the DDA, I think they gotta put up with the taxpayer. I think that's one of things you're going to have to do. I think the City Council sees fit to give the DDA and go on with this park thing over here, I think they will have to have a referendum. I think there is no question. And this article didn't help it. (Barbara Schofield asked on what.) On your plaza in the First Interstate. It's a.dead giveaway, the three million dollars to a person or company that don't need it, in other words, I think that Murray in Dallas are a billion dollar business. I think they will go ahead with it if you're in it or not.... The Oak Park, I think should have told you something, I don't think the people that voted on this thing ... I think you're the minority. I think we're the majority, it was a 3-1 vote. I don't think we're a minority at all. I think we've got something else to do..one person said in this article we didn't have anything else to do. I have plenty to do, don't owe anybody anything so I can speak my pieqe. There were other statements that they think people don't give a damn about the downtown. Well, they're right, they're right. They should be able to run their business, I had a business in Loveland and I had to put my own parking lot in and everything. So we really do give a damn about downtown. I went to a party last night where there were twelve couples and they don't really care about the downtown because they think you have a dead horse there, maybe they should, but I don't know why they should, they've got other places to shop and one person said that he'd been downtown twice and couldn't find a store he wanted to go into. Now I don't know if this is true or not, but that's what the man said. I think it will go to referendum. I talked to Tom Gleason and told him to loan the money. If a new building and parking where they can drive right up, we've got one parking place right here that is a dead horse and we need another one. I'll let you go. It isn't going to help your cause any by calling people names and like that, I don't think that helps anybody's cause." (end of verbatim.) Barbara Schofield thanked Mr. Whitt for his comments. Earl Wilkinson asked Mr. Whitt if he were going to have a referendum on Robinson Piersal Plaza. Mr. Whitt said he did not know and that he was not talking for anyone else., Dan Larsen responded that a quote was taken out of context and that no DDA member is against the taxpayer especially since we are all taxpayers. Mr. Larsen also stated he respected any taxpayer's right to go to referendum if OTHER BUSINESS MR. JACK WHITT -4- LI he/she felt it necessary. Mr. Whitt asked if he were speaking for himself and Mr. Larsen said that he was. Mr. Whitt was thanked for his comments and told that he was always welcome to comment before the Board. Greg Denton stated that a motion was needed ratifying the acting director's execution of the bond documents. Bill Friedricheen so moved, Chuck Wanner seconded. A roll call vote was taken with the motion passing unanimously. There being no other business, the meeting was adjourned. Barbara Liebler, Secretary BOND DOCUMENT ADJOURN -5-