HomeMy WebLinkAboutWORK SESSION SUMMARY-08/12/2008-Work Session�of
t Collins
Memorandum
DT: August 13, 2008
TO: URA Board of Commissioners
i
TH: Darin Atteberry, City Manager
Diane Jones, Deputy City Manager
Jeff Scheick, Planning, Development &
Joe Frank, Advance Planning DirectorC
Advance Planning
281 North College Avenue
PO Box 580
Fart Collins, CO 80522
970.221.6376
970.224.6111 -fax
(cgov. com/advanceplanning
Director (/
FM: Christina Vincent, City Planner ctl Y
RE: August 12, 2008 North College Marketplace — URA Work Session Summary
Board Members Present:
Doug Hutchinson, President
Kelly Ohlson
David Roy
Ben Manvel
Wade Troxell
Work Session Participants:
Darin Atteberry, URA Executive Director, City Manager
Jeff Scheick, PDT Director
Joe Frank, Advance Planning Director, URA Program Manager
Mike Freeman, Chief Financial Officer
Chuck Seest, Finance Director
Christina Vincent, URA City Planner
Direction Sought/Ouestions to be Answered:
Is there any additional information that is needed prior to or along with agenda
materials that would be presented at the time a Resolution is considered by the
Board?
2. Based upon the information presented and discussed, is the URA Board ready to
consider a Resolution authorizing a TIF Financial Agreement?
Council's Direction:
City of
Co ins
• The Board was interested in keeping the financial agreement focused on the costs for
public improvements. The Board wants the costs in the financial agreement to be as firm
as possible to minimize the actual costs from being too much or too little of projected
costs.
• The Board asked for more information regarding costs that are "normally associated"
with development of the property versus the "extra -ordinary" costs of the development.
• The Board wanted to see the financing costs included in the calculation of overall costs of
the URA participation.
• The Board noted that several questions were raised during the pre -application hearing
that they expect would be answered prior to a decision on a financial agreement, such as:
o Displacement and Relocation --asked for information as to what other resources
can be offered/provided to help relocate tenants/owners who will be displaced as a
result of the development.
o Wetlands --make sure when the information comes back that all the numbers are
accurate; and investigate a greater than 1:1 ratio to mitigate displacement of
wetlands.
o Tax revenue —provide information of what happens to the tax increment if the
development is completed, is open for business for a year and then, for whatever
reason, goes out of business/closes.
The Board expressed interest in having information prepared comparing what other
URAs in the Front Range use as a benchmark for the amount (%) of tax increment
provided for individual projects.
• The Board is ready to consider a financial agreement.