HomeMy WebLinkAboutMinutes - Finance Committee - 05/17/2010 -C•Finance AdministrationI0Foi1tCoLLins!!i~:080522
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Council Audit &Finance Committee
Minutes
5/17/10
10:00 a.m.12:00 p.m.
Council Attendees:Mayor Doug Hutchinson,Mayor Pro Tern Kelly
OhLson,Ben Manvel
City Staff Attendees:Darin Atteberry,Chuck Seest,John Voss,Kraig
Ecton,Steve Mason,Heather Shepherd
Others:David May chamber of commerce,Rich Shannon,
Citizen,John Knezovich,Citizen
Approval of the Minutes from the April 19.2010 Meeting
Minutes were approved unanimously.
Midtown Project Update
Darin stated that this project is in a good position to succeed even with the current economy.
The ‘next phase’is beginning and there has been positive energy around the progress being
made.
Josh Birks introduced the consultants on the Midtown Corridor project.This update is for the
purpose of obtaining some critical feedback before it goes before City Council.Scheduled to
come before Council (to approve the Study)on 6/15/10.
Midtown Commercial Conditions
•650,000 sf of vacant space
•3.2 million sf of occupied space
•$630 million in annual retail sales 42%of city total
Midtown retail market potentials 2010-2030
•500,000 to 600,000 sf of retail space
•Less than current total vacancies
•300,00 sf on the mall site
•250,000 sf of retail ‘refill’
Kelly Ohlson requested a summary sheet of context and important square footage and sales
numbers.
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The redevelopment of the Foothills Mall portion of the project will require a public-private
partnership which includes significant public investment.
Total project costs for the Mall Redevelopment would be $155 to $213 million +1-
The estimated financing gap at 20%to 25%of total costs.
$30 million to $50 million estimated to be needed (due to demolition,utility relocation,
street improvements,anchor investments and other public improvements).
Mike Freeman stated that currently,the City currently has the ‘attention’of the developer of
the mall,which is an important factor.That is why there is a phase two and why this timing
is good.
Josh Birks asked for feedback from committee members on whether a City Council
Worksession is needed on this topic?A final decision will be made later this week.
Quarterly Financial UDdate
This topic will be moved to a future meeting in the interest of time.
Other Business
Mike Freeman advised the Committee that Private Activity Bonds are in the works with a
software company that will bring 100 +new jobs to Fort Collins.
Mike Freeman asked for feedback on a new office building on Harmony.Does this need to go
before the Council Finance Committee before going before the entire City Council?(just the
inducement resolution actually goes to council).June 1g Mayor Hutchinson proposed that
Mike put that statement in an email to each of the three Council Finance Committee
members so that everyone has a chance to read it and ask questions.
Rich Shannon addressed the Committee regarding his idea for the City to implement a
‘transportation utility fee’but only on local streets.More data is needed on cost but he
estimated it’s probably a $4 to $6 dollar per month cost.Rich Shannon said that he urges
the Council to get this tool in place now no matter what amount of money it would currently
be,and he offered to be the citizen advocate for this.