HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 07/22/2008 - A FINANCIAL PROPOSAL FOR A PUBLIC/PRIVATE PARTNERS DATE: July 22, 2008
STAFF: Joe Frank WORK SESSION ITEM
Chip Steiner FORT COLLINS CITY COUNCIL
Randy Hensley
Mike Freeman
SUBJECT FOR DISCUSSION
Joint Meeting of the City Council and Downtown Development Authority (DDA) Board on a
Financial Proposal for a Public/Private Partnership for Development of a Hotel and Mixed-Use
Project on the Oak/Remington Parking Lot in Downtown Fort Collins.
EXECUTIVE SUMMARY
In 2007, the City and Downtown Development Authority (DDA) entered into an Exclusive
Negotiating Agreement with Corporex Companies(CPX)to construct a hotel and mixed-use project
on the City's Oak/Remington Parking Lot in downtown Fort Collins. One part of that Agreement
was the preparation of a Financial Agreement for City Council and DDA Board approval. For the
past several months, CPX, City and DDA staff have been in three-way negotiations regarding the
terms of an Agreement. The purpose of the work session is to review and discuss the draft terms
of agreement and get direction from Council and DDA Board on how to proceed.
The adoption of a Resolution authorizing the Agreement is scheduled for City Council consideration
on August 19, 2008.
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
1. Based on the information presented and discussed, is City Council and DDA Board ready
to consider adoption of a resolution authorizing signature of a Financial Agreement as the
City Council consideration is scheduled for the August 19, 2008 meeting?
2. 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 City Council and DDA
Board?
BACKGROUND
In August, 2006, Corporex Companies (CPX), LLC of Covington, Kentucky was selected by the
City and Downtown Development Authority(DDA)to enter into a three-way Exclusive Negotiating
Agreement to construct a hotel and mixed-use project on the City's Oak/Remington Parking Lot in
downtown Fort Collins.
July 22, 2008 Page 2
CPX was selected by the City/DDA from an extensive Request for Proposal process that involved
other applicants. Corporex Companies has over 40 years of experience developing, designing,
constructing,marketing,financing, and managing more than $2 billion in Class-A commercial real
estate projects for its own portfolio and another$1 billion for others in corporate America. A major
segment of its business has been select service hotel developments, as well as experience with
public/private partnership structures.
Corporex Colorado, LLC, a part of the Corporex Family, is leading the CPX negotiations on the
downtown Project. The design, construction, leasing and management of the Project will be out of
the CPX Colorado offices. CPX Colorado focuses on real estate development and related operations
in the western half of the United States. Among its notable developments and acquisitions are: the
Embassy Suites at Denver International Airport, 188 Inverness;a 248,813 square foot Class-A office
building in Englewood, Colorado; and a luxury condominium project known as the Museum
Residences in downtown Denver. Phase I of Museum Residences consist of 58 units, and Phase II
consists of 27 additional units and a 100-room boutique hotel.
In February, 2007, the City and DDA entered into an Exclusive Negotiating Agreement with CPX
Colorado to do the downtown Project. The major parts of the Agreement include:
1. CPX shall conduct a market analysis/feasibility study for the development of the project.
(Completed)
2. CPX shall select a design team*, and prepare a conceptual design for the Project,including
site plans and elevations. (Completed). As part of the conceptual plan design phase, CPX
submitted and was approved for two stand-alone building height and massing modifications
(Planning and Zoning Board;4-2 in favor). This action was a critical milestone in the design
of the project.
*Note: OZ Architecture was selected through a design competition to do the design of the
Project. Founded in 1964, OZ Architecture has provided architectural design to
local, national and international clients. OZ Architecture is the largest architectural
fine in Colorado and among the 50 largest architectural firms in the United States.
OZ Architecture has had extensive experience in Fort Collins and was responsible
for the design of the City's 215 Mason Building and Public Library, and the design
of numerous new buildings and renovations on the CSU campus, for the General
Services Administration,National Wildlife Research Center,and Center for Disease
Control.
3. City/DDA/CPX shall prepare a proposed financial agreement describing in detail the
financing for the Project, including CPX financial commitment to perform the project to
completion, as well as the financial responsibilities of the City/DDA.
Upon Execution of the Financial Agreement, the developer shall prepare plans and documents
necessary for submittal of a complete development application to the City.
July 22, 2008 Page 3
Market Feasibility and Conceptual Design
Based upon the results of the market feasibility analysis and conceptual design,the Project will have
a mixed-use series of buildings including a 150 room full service hotel (plus a restaurant, accessory
retail, and 10,000 sq. ft. of conference/meeting space); 4 full service saleable residential units atop
the hotel; a 75,000 sq. ft. office building; and, 2 levels of below-grade public parking (390 spaces)
and surface parking(70 spaces on the demolished Elks Club building lot). Vehicular access to the
parking will be from Olive Street and Oak Street.
The architecture of the project is intended to represent timeliness and quality and become a
landmark in downtown Fort Collins. Taller, higher density building elements are located around
an urban courtyard at the intersection of Oak Street (extended) and Remington Street. The
hotel/residential building will be a maximum of 9-stories in height; the office building will be a
maximum of 4-stories in height.
The relationships of the hotel and office spaces have been carefully considered to address
neighborhood scale, pedestrian circulation, density and convenience. The buildings have been
located to encourage residence,office and hotel users to walk to destinations in the area;garden and
urban courtyards are proposed that provide enjoyable spaces and connections to adjacent streets, as
well as reinforcing the street and sidewalk landscape. A garden courtyard is located between the
hotel and office buildings that will provide visual relief and a pedestrian connection at the mid point
of the block to other adjacent downtown shops. The mid-block connection also reinforces the
DDA's alley revitalization program.
The current estimate of the cost of the hotel, office and residential is more than $48 million; the
current estimate of the cost of the public parking is approximately$12.4 million; for a total cost of
more than $60 million. The entire Project will be constructed in one phase. Construction is
estimated to begin in Spring 2009 and be completed by Summer 2010.
Terms of the Financial Agreement
The City/DDA/CPX has been in three-way negotiations in regards to the terms that would be
contained in the Financial Agreement. Based on most recent discussions, the major terms of the
Agreement will include:
1. Construction. CPX will contract for and guarantee delivery of all the physical construction
on the site including the street improvements and the parking, hotel, office and residential
components of the Project.
2. Private financing. CPX will obtain debt and equity financing for the hotel, office and
residential portions of the project, for all right-of-way improvements required by the City
and for any intersection improvements permitted by the City. The costs of construction for
the hotel, office and residential components are estimated to be more than$48 million. The
Agreement will also include an up-front time frame within which CPX/DDA/City will work
to secure the debt and equity financing.
3. Public parking. CPX will build 460 underground and surface public parking spaces.
City/DDA will pay for the parking. The City will own, operate and maintain all parking.
July 22, 2008 Page 4
The City will receive all parking revenues.For more information on financing,revenues and
construction costs please refer to the section of this memo entitled "public parking."
4. Ownership of the Remington Parking lot. The City will maintain ownership of the existing
parking lot, but will sell the air rights over the parking lot to CPX for $1.6 million (figure
provided by the City of Fort Collins). This will enable the City to own the parking garage;
and for CPX to own the hotel, office and residential components located above the parking
garage.
5. Other site and project enhancements (funded by Project TIF revenues). The DDA will
contribute approximately$3.3 million for fagade enhancements. DDA will acquire a 20-year
fagade easements on all four sides of the office and hotel development (not including the
residential development). The easement will be purchased after the Project has received its
certificate of occupancy from the City. The DDA will also finance and construct alley
enhancements on the 100 &200 block of Remington Street/S. College Avenue at a cost of
$1.4 million. In addition,the DDA will contribute$1.3 million—50%contribution to street
improvements, other public improvements, and miscellaneous costs of the Project.
6. Elks Building. The DDA will purchase the Elks Building at 140 East Oak Street and
deconstruct it. On July 1, 2008, the City Council unanimously adopted an Ordinance on
First Reading appropriating $2.8 million from the DDA Fund for purchase of the building.
Second Reading of the Ordinance is scheduled for August 19.
Based on the negotiations to date, the estimated contribution of DDA funds is $10 million (not
including Elks building); the City's estimated contribution is $8.4 million (plus
operating/maintenance costs of the parking structure); and, the CPX estimated contribution is in
excess of$45 million. Negotiations will continue on some lesser significant issues such as required
public improvements and encroachments; staff will have more and up to date information on these
items prior to the August Council meeting.
PUBLIC PARKING
A. Parking Demand
Carl Walker, Inc. was retained by CPX to prepare a shared parking study for the Project. The
primary objective of the Study was to determine parking requirements for the Project. The Project
will displace 155 existing public parking spaces in the City's Oak/Remington surface lot. The City
was also interested in learning more about the demand for additional public parking in the proposed
parking structure. The Study was prepared with the input and assistance from the City's Parking
staff.
The Parking Study quantified demand for spaces based on six land uses that will be associated with
the Project,and factored in variations based on time of day,day of the week, and month of the year.
In addition,the Study considered how much of the total parking demand in the Project area would
need to be met by new capacity provided by the Project, and how much would be provided by
existing on- and off-street alternatives. The Study concluded that the Project should provide a
facility with approximately 420-475 spaces. In the interest of balancing financial feasibility with
the desire to provide as many new spaces as possible,the current scope of the Project shows a new
July 22, 2008 Page 5
parking facility of 460 spaces.
The proposed Project includes 390 underground public parking spaces and 70 surface public parking
spaces(on the former Elks Building site). Benefits to the public resulting from the Project parking
structure includes:
• The Downtown Strategic Plan documented that the highest demand for parking in downtown
is in the area closest to the College/Mountain intersection.
• The Oak/Remington Parking Lot is in the high demand area.
• Occupancy of the Oak/Remington Parking Lot is 71% - 80% during the afternoon and
approaches 100% in the evening hours.
• The Project will increase the number of parking spaces in the Oak/Remington area from 155
to 460.
B. Construction Costs, Operating Costs and Revenues
The Downtown parking structure associated with the Project includes 390 below grade parking
spaces and 70 above ground parking spaces. Below grade parking spaces are significantly more
expensive than above ground parking spaces. It is estimated that each below grade parking space
will cost$30,000 for a total of$11.7 million;the above ground spaces are estimated to cost$10,000
per space for a total of$700,000. The total construction cost for the entire parking is estimated at
$12.4 million(both below grade parking and above grade).
Eight to twelve spaces will be sold to CPX at cost as part of the four-unit residential development.
Previous parking space leaseholders,office tenants, and the general public will be entitled to obtain
long term leases. Hotel guests will be entitled to rent space in the garage for an estimated$11/night
fee.
There are two essential cost considerations for the DDA and City to address in evaluating how to
finance the parking associated with the Project. First, is generating enough overall revenue and/or
contributions to pay for the capital construction cost. Second, since the parking structure will be a
City owned and operated parking structure similar to the Remington parking structure and the Civic
Center parking structure,revenue has to be generated to cover the City's annual operations cost for
managing the structure.
The parking structure financing proposal from the DDA and City staff accomplishes both these
essential requirements. Following is a table that outlines the overall parking financing (shown in
present dollars).
July 22, 2008 Page 6
Estimated Revenues Allocated to Capital Construction
Air Rights to Oak/Remington Lot $1.6 million
(paid by the developer)
Hotel Parking Charges (20 years) $7.9 million
(65% occupancy, $11/day) ($6.8 million for capital)
($1.1 million for Operations)
DDA contribution $4.0 million
(generated by project TIF)
Total Capital Contribution $12.4 million
Total Operating Revenue* $1.1 million*
*Note: The operating revenue noted in this table reflects only the Hotel Parking Charges and
not total revenues from all public parking. Total revenue from parking charges for all public
parking to be dedicated to operations is estimated to be $5.3 million(20 years)or$265,000
per year.
It is expected that the City will allocate the up front capital contributions from the air rights and the
DDA contribution and debt finance the balance using the annual revenue from the hotel parking to
make the debt payment .
Based on staff s analysis,there are sufficient funds to pay for the debt payments and operating costs
of operating/maintaining the structure without allocating other City general fund or transportation
fund resources. There will be debt issuance costs that are not included in the above calculation that
will need to be considered, but they are not material in the overall financing. These issuance costs
will be calculated once any debt is authorized by the City Council to be issued for this Project.
During the Project construction period,existing public permit holders in the Oak/Remington lot will
be displaced. City staff has a plan to provide parking for displaced permit holders;in the Old Town
parking structure, the DMA surface lot on Mathews/Olive, or by temporarily converting some on-
street spaces to permit spaces during the construction period.
C. History of Other Parking Structures in Downtown
For comparative purposes, the history of the cost of other parking structures in the downtown area
is as follows:
• Remington Parking Structure—completed in 1985. Includes 324 parking spaces, paid for
entirely by the DDA. Total cost was$3.8 million. Maintenance costs were$258,000(2007)
• Civic Center Parking Structure—completed in 1999. Paid for in a three way agreement by
Larimer County,City of Fort Collins,and DDA. Total cost was$11.5 million. Maintenance
costs were $474,000 (2007).
July 22, 2008 Page 7
Relationship of Project to City Plans and Documents
The DDA was created in 1981 with the purpose of planning and implementing projects and
programs within the boundaries of the DDA. The DDA and the City adopted a Plan for
Development that specifies the projects and programs the DDA would undertake. Subsequent to that
Plan, the City has adopted the Downtown Plan (1989) and the Downtown Strategic Plan (2006).
All three documents cite the need for and the pursuit of a downtown hotel.
Affordable Housing
Some in the community have indicated an interest in exploring the potential for including affordable
housing in the Project. In response, staff from the City,DDA,Housing Authority, and CPX met to
discuss this idea; while all agreed that the City/DDA should always look for opportunities for new
affordable housing in the downtown area,it was determined that including affordable housing in the
Project was not feasible nor practical;the Project is not a good match with affordable housing goals.
The following is some information that led to this conclusion:
The needs for affordable housing fall along a continuum. The biggest need for rental housing is for
families earning 40% or less of Area Median Income (AMI). The downtown Project would not be
the best prospect for families with children. Further, there is a need for one-bedroom units. Due
to the extraordinary costs involved with the Project,a great deal of per unit subsidy would be needed
to cover the subsidy"gap". In the case of one—bedroom/40-50% AMI,the gap would be too large
to justify the amount of subsidy it would require. For units in that range, the rental income alone
can only cover a mortgage of less than $40,000 per unit; the expected costs for a residential unit in
the Project far exceeds this figure (one underground parking space alone is about $30,000).
Using Federal funds(e.g.,CDBG/HOME)to subsidize affordable housing units in this Project is not
a good idea because it would require Davis-Bacon wages for the entire Project,driving up the entire
construction cost 25-3 5%. Also,the Project includes office and residential components to make the
overall Project work economically; adding any significant amount of housing would make the
buildings that much larger and taller. Including affordable housing starts to make financial sense
when a project also has a significant component of market rate housing; the rents from the market
rate units help pay down the affordable units. The Project is planning for only 4 market rate units.
Finally, a non-profit housing group would likely be needed to make the entire project eligible for
many of the financial incentives for affordable housing that would be required; the partnership
would have to prove very profitable for both parties to go through the initial and ongoing
commitment that it will likely require to set up and sustain a public/private partnership.
City staff investigated but was unable to find examples of other similar projects in Colorado that had
the mix of uses that the Project has that also included affordable housing; mostly likely because of
the same issues above. Some affordable housing projects were found that included a mix of retail
and/or office; in Denver and Boulder, mostly as a result of those City's inclusionary zoning
requirements. Staff could not get an exact understanding of the financing of these projects but they
all included significant subsidies and some included URA TIF.
July 22, 2008 Page 8
Next Steps
Based upon input from the Work Session,City and DDA staff will negotiate a final Agreement. The
City Council adoption of a Resolution authorizing the signing of a Financial Agreement is scheduled
for August 19, 2008.
ATTACHMENTS
1. Power Point Presentation
July 22 , 20DO
Joint City Council and A Board
Work Session
Public/ Private Partnership Proposal
for a Downtown Hotel / Mixed - Use
Project
FCityt� Wins
Background
✓ 2007 — CI* ty/DDA/ CPX — Exclusive Negotiating
Agreement
✓ Hotel and mixed use project
✓ Oak Remington Parking lot
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Critical RIM e
Exclusive Negotiating Age t
• Market analysis ( completed)
• Select a design team and prepare conceptual
design ( completed)
• Prepare a financial agreement (in process )
Next step : CPX submits development
application under the Land Use Code
Council /Board Direction Sought
• Based on the information presented and discussed,
are City Council and DDA Board ready to
consider adoption of a resolution authorizing a
Financial Agreement?
• 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 City Council and DDA Board?
F,`rt� Collins
Some Backgrojpd : Corporex
Companies , LLC
• Selected from Request for Proposal (RFP )
process
• 40 years of development experience
• Specialists in select service hotel and
public/private partnerships
• Corporex Colorado , Denver — local contact
City of Collins
Results of the Market Analysis
• 150 room full service hotel (plus restaurant
and accessory retail)
• 10 , 000 sq ft of meeting/conference space
• 75 , 000 sq ft of office
• 460 public parks p aces (parking Study
• 390 spaces underground (2levels)
• 70 spaces ( surface parking on demolished Elks Club
building)
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Private Sector Commitments
Construction — CPX will
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CI* ty/DDA Commitments
• Ownership of Oak/Remington lot — City will sell
air rights to CPX ($ 1 . 6m)
• Public Parking (City=$ 6 . 8m; DDA=$4m)
• CPX will build 460 spaces
• City will own, operate and maintain ?
• City will receive all parking revenues [ . '' _ � , P I �._ ,
• Other Improvements w
• DDA fayade improvements ($ 3 . 3M)
DDA alley improvements ($ 1 . 4M)
• DDA 50% of street improvements *
($ 1 . 3m) 9'
• DDA participation financed by project
tax increment ($ 660 , 000 annually Rem , n9=on Block
which finances a total of $ 12 . 3m)
• Elks Building — DDA will purchase and
deconstruct
City of
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Summary of C
• DDA - $ 10 million
• City - $ 8 . 4 (not including fir ::r ' � ,•
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O & M
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ENTRAN � _ - • Revenue will be higher
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The Numbers
Comparison of existing and new parking
Facility Spaces O & M Revenue
Old Town 324 $ 2581000 $ 1771000
Civic Center 903 $ 4751000 $ 5541000
New Hotel 460 $ 2651000 $ 5931500
New Hotel revenue for debt service $ 328 , 500/yr .
New Hotel revenue for O &M $ 265 , 000/yr .
Next Steps . . .
• Based upon Council/Board
input , staff/CPX negotiates
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final Financial Agreement
• August 19 , 2008 Council Ai,
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General Direction Sought
• Based on the information presented and discussed ,
are City Council and DDA Board ready to
consider adoption of a resolution authorizing a
Financial Agreement ; ?
• 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 City Council and DDA Board?
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