HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 08/12/2008 - A FINANCIAL PROPOSAL FOR A DEVELOPMENT OF A SHOPPI DATE: August 12, 2008 WORK SESSION ITEM
STAFF: Christina Vincent URBAN RENEWAL AUTHORITY
Joe Frank
Jeff Scheick
SUBJECT FOR DISCUSSION
A Financial Proposal for a Development of a Shopping Center, known as the North College
Marketplace located in the North College Urban Renewal Plan Area.
EXECUTIVE SUMMARY
In 2004,the North College Urban Renewal Plan was adopted as an economic stimulus tool to draw
development to an underdeveloped and deficient area. The creation of the proposed North College
Marketplace retail development as a"destination"shopping center could be the stimulus that North
College has been seeking. The Project faces extraordinary costs to develop. The developer is
seeking tax increment financing (TIF) assistance from the Urban Renewal Authority (URA) to
partner in the many public improvements and infrastructure deficiencies on this site.
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
1. Is there any additional information that is needed prior to or along with agenda materials that
will be presented at the time a Resolution is considered by the Board on September 2?
2. Based upon the information presented and discussed, is the URA Board ready to consider
a Resolution authorizing a TIF Financial Agreement?
BACKGROUND
The site is located on the northeast corner of College Avenue and Willox Lane. The site is
approximately 26 acres in size and is zoned Community Commercial North College zone (CCN).
In March 2008,the City and the URA executed a Memorandum of Understanding(MOU)with the
developer to identify potential opportunities for City/URA participation in the development of the
site. The developer has attended the North College Citizen Advisory Group,the Conceptual Review
process,the Preliminary Design Review(PDR),several meetings of the North Fort Collins Business
Association, and multiple meetings with City staff over the past months. On July 30, 2008 the
developer submitted a URA application for tax increment assistance (attached).
The owner/developer,Loveland Commercial LLC,intends to build a 175,400 square foot shopping
center with King Soopers being the major anchor tenant. The proposed King Soopers is twice the
size of a standard store. The larger King Soopers store is part of a new "marketplace" concept.
King Soopers intends to sell not only groceries,but housewares,furniture,and ultimately to compete
August 12, 2008 Page 2
with the larger super-centers that have exploded in popularity across the country. In addition to the
large King Soopers, there will be multiple pad sites for banks, restaurants, retail, fast food
establishments, and a gas kiosk.
The developer submitted the following explanation for the need of tax increment financing:
"The development site; while the largest and most attractive assemblage of land
available for significant retail development along this corridor; has not previously
developed due to significant and cost prohibitive issues including off-site
infrastructure,wetlands/soft soils and high groundwater, costs associated with land
assemblage, as well as demolition and cleanup costs of blighted properties. This
proposal is to use TIF assistance to bridge the development gap and bring cost
feasibility to the project by funding improvements including off-site street
improvements to North College Avenue and East Willox Lane (along with the City
of Ft. Collins Street Oversizing Fund), assisting in protecting and enhancing the
wetland on-site while facilitating the needs of the development, demolishing and
removing existing residential structures as well as any necessary environmental
cleanup related to asbestos abatement, installation of stormwater and other utility
improvements, and constructing public entry improvements and "Gateway" style
features and landscaping at the entries to the project."
Financing
This project is approximately $40 million in total costs. The developer is seeking approximately
$8 million in tax increment financing assistance (20% of the total project cost) to bridge the gap.
The 175,000 square feet of retail space is predicted to generate approximately $750,000/year in
property tax revenue,thus bringing the total property tax increment for the project to$15.5 million
over the life of the URA. Of the $8 million TIF request, over $3 million will go to street
improvements on College Avenue and Willox Lane.
There are two financing scenarios that the URA will consider if the tax increment is awarded to this
project. First, financing regarding the offsite costs of street improvements to College Avenue and
Willox Lane will be proposed as an advance from the City of Fort Collins to the URA. The amount
will cover the cost of the street improvements in excess of the amount paid for from the City's Street
Oversizing Fund.The advance will be repaid from tax increment revenue generated from the project.
The second financing scenario would occur after the developer has built the project and the
Certificate of Occupancy(CO)has been issued. This will involve issuance of a revenue bond,paid
back from TIF revenues from the Project. The bond will cover all of the other URA contributions
including enhancing the wetland onsite; demolishing and removing existing residential structures,
as well as any necessary environmental cleanup related to asbestos abatement; installation of
stormwater and other utility improvements; and constructing public entry improvements and
"Gateway" style features and landscaping at the entries to the Project.
August 12, 2008 Page 3
North College Citizen Advisory Group
The North College Citizen Advisory Group(CAG)will meet on August 7,2008 to review the URA
TIF application and financial request. There will be a special CAG meeting on August 21,2008 to
make a recommendation to the URA Board on the project financing.
Next Step
The URA Board is tentatively scheduled to consider the TIF Financial Agreement on September 2,
2008.
ATTACHMENTS
1. North College Market Place TIF Application.
2. Location Map.
3. Powerpoint presentation.
A
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Tax Increment Financing (TIF) Assistance
t,ptgff APPLICATION ( REVISED06 / 2712006 )
_ INS
PROJECT NAME: North College Marketplace
PROJECT ADDRESS / LOCATION: North East Corner of College- Avenue & Willox Lane
APPLICANT 1 DEVELOPER I PROPERTY OWNER INFORMATION
APPLICANT DEVELOPER PROPERTY-OWNER
Company Name 1908 North olIgge , TALCPP
Company Owner/CEO Eric Holsa1 I'Loveland Commercial TT 1908 .North Coll e
Contact Person Eric Holsapple - Eric Holsa le Pau Lonnie Pat Jones U/(
Title Mara er Frank & i1a
a Perez ( U )
Complete Address 104.3 Eagle Dr _ Lovelandg OD 80537 �
Phone 976-667-7000 970-667-7000
FAX 970-635-2514 970-635-2514
Email eho-Isapple@lovelandcomm4rcial . ccm
• J
TYPE OF LAND USE DEVELOPMENT 1 REDEVELOPMENT ACTIVITY
❑ Residential ❑ Mixed-Use (Residential/Non-Residential)
Q Commercial/Retail ❑ Mixed-Use (Commerciavindustrial)
❑ Industrial/Warehouse ❑ Other (please explain)
PROJECT ELEMENTS
0 New Construction ® Site Clearance
X❑ Infrastructure Improvement ❑ Building Rehabilitation
® Land Acquisition ❑ Other (please explain)
NEW OR EXISTING BUSINESSES (NON-RESIDENTIAL PROJECTS ONLY)
New Business for URA Plan Area?. (A Yes ❑ No
Existing Business in URA Plan Area? ❑ Yes a No Years in Business years
FINANCIAL I FUNDING SUMMARY INFORMATION
)eveloprnent Construction Loan $ 5 950 000 Current Actual Value (Assessor) $ 768 390
Overhead & Fees $ 450 000 Current Property Tax $ 10 , 277
Soft Costs $ 1 550 000 Projected Actual Value (Assessor) 1 $ 8 , 600 ; 00 I
Land Cost $ 413758000 Projected Annual Property Tax $ 750 0O
New Construction Costs nnn F Total TIF Assistance Requested $ 8 000 000
Other Costs $10 000 000 Total Property Tax Increment Expected $ 15 300 000
Total Project $40 000 060 Total Project Cost $40 OOp 000
Current Annual Sales Tax (if any) $ 0
Projected Annual Sales Tax $ 1 200 000
TYPE OF TIF REQUESTED (include genera! terms & conditions)
El Grant
❑ Loan
❑ Loan Guarantee
SUMMARY OF FUNDING SOURCES AND USE OF FUNDS
Amount source
Use
$ URA Tax Increment Financing (TIF) - !
$ gee. Attached Sche ule & Map
$
i
$ j
$ I
$
. $ Project Total '
ATTACH DESCRIPTION OF -THE PROPOSED PROJECT
Please provide an answer for each of the following questions, no more than 1 page per question.
Please include a location map,- any site plans or project drawings, and any other materials related to
the TIF application not previously requested.
1 . What is the nature of the project?
2. Why is TIF assistance needed; how will the funds be used?
3 . How will the project help improvelupgrade public infrastructure (streets, utilities, drainage , _etc.)?
4 . . How will the project enhance the property tax base (and sales tax base, if applicable) of the area?
5. How will the project' help achieve the goals of North College Urban Renewal Plan?
6 _ How will the project help eliminate slum and blight conditions?
7. What is the proposed project timetable (what is the estimated time frame for major steps including
the City's planning decision, completion of financial commitments, start of construction, and
issuance of Certificate of Occupancy (CO)?
8. What is the financial capacity of the developer to complete the proposed project?
ATTACH BACKGROUND INFORMATION
® Owner/CEO Resume ® OwnerICEO Credit Report ® D16 Report on the Corporation ❑ Project Pro Forma
SIGNATURE R QUIRED
13y: .�
Title:
Date: /5h i n�
--- —AREA BELOW FOR URA STAFF USE ONLY ------ -- —_—
Date Received Project Number Project Manager
Loveland Commercial, LLC
1908 North College, LLC
1043 Eagle Drive
Loveland, CO 80537
Phone: (970) 667-7000 Fax: (970) 635=2514
Memorandum
TO: North College Citizen Advisory Group Members
North College Urban Renewal Authority
City Planners & Staff
FROM: 1908 North College, LLC ("Applicant")
DATE: July 30, 2008
SUBJECT: North College Marketplace Tax Increment Financing (TIF) Assistance
Enclosed please find copies of the Site Plan, Area Map/Property Inclusions, Tax
Increment Financing Model, and description and map of proposed Public Improvements .
Executive Summary
The following summary describes a plan to develop and redevelop the area generally
located at the northeast corner of North College Avenue and Willox Lane in north Ft.
Collins into a significant retail destination shopping center. Under this scenario,
approximately $8 Million in Tax Increment Revenue bonds would be issued in the early
stages of the project to fund Public Improvements including demolition and cleanup of
blighted properties, off-site street improvements, wetlands mitigation and enhancements,
gateway features and landscaping, and utility infrastructure.
Under Resolution 2004- 152 adopted by the Ft. Collins City Council on December 21 ,
2004 and the Urban Renewal Plan for the North College Avenue Corridor; Council has
outlined the terms and conditions under which they will consider the use of Tax
Increment Financing by the Urban Renewal Authority to facilitate the redevelopment of
critical properties located along the corridor. In March 2008, the Applicant, City and
URA staff executed a Memorandum of Understanding prior to the Applicant' s first
property acquisition detailing the general roles and responsibilities of the parties as it
relates to the development project. This memo is intended to further describe an
opportunity to partner with Loveland Commercial, LLC to redevelop approximately 26
acres of commercial land located within City Limits and the Urban Renewal PIan
boundary.
Site History. Approximately 23 acres of the project area was owned by local investor
Jim Smith since 1981 with several development proposals along the way. Most recently,
Bill Neal and Wheeler Commercial tried to put together a high density mixed use
development to no avail and Jim Sullivan had the property under contract for over two
years in pursuit of a smaller scale King Soopers grocery anchored development. The
applicant, having been a part of the redevelopment of Chipper' s Lanes on North College
and with strong ties to Fort Collins and CSU, has been watching the area for several
years. The creation of the Urban Renewal Authority in 2004, the removal of the Dry
Creek Flood Plain completed in June 2008, and the renewed availability of the property
at the end of 2007 resulted in the applicant contracting for an ultimately purchasing the
Smith properties in April 2008 . The applicant has been diligently working along with
City staff and its consultant team to design a retail destination development which will
overcome the challenges of the project site and serve north Ft. Collins for years to come.
What is the nature of the project? The current project is planned for a significant retail
center anchored by a large supermarket and/or retailers which will be significant draw for
North College Avenue in Ft. Collins. Accessory uses will include approximately 30K+
s.f.. of small retail shop space in several small buildings, a gas pad, and additional pads to
accommodate restaurants, banks, or other retail end users. The Applicant has purchased
approximately 23 acres in three parcels at the time of this application and is currently
under contract to purchase 4 additional parcels as part of the assemblage/development.
Additionally, the current plan is not to incorporate the existing Pobre Pancho ' s Mexican
restaurant and North College Motors auto dealership into the project on the hard corner of
the site. A copy of the latest site plan is included with this application.
Why is TIF assistance needed; how will the funds be used ? The development site;
while the largest and most attractive assemblage of land available for significant retail
development along this corridor; has not previously developed due to significant and cost
prohibitive issues including off-site infrastructure, wetlands/soft soils and high
groundwater, costs associated with land assemblage, as well as demolition and cleanup
costs of blighted properties. This proposal is to use TIF assistance to bridge the
development gap and bring cost feasibility to the project by funding improvements
including off-site street improvements to North College Avenue and East Willox Lane
(along with the City of Ft. Collins Street Oversizing Fund), assisting in protecting and
enhancing the wetland on-site while facilitating the needs of the development,
demolishing and removing existing residential structures as well as any necessary
environmental cleanup related to asbestos abatement, installation of stormwater and other
utility improvements, and constructing public entry improvements and "Gateway" style
features and landscaping at the entries to the project. A detailed list of proposed
improvements and cost estimates are attached to this application.
How will the project help improve/upgrade public infrastructure (streets, utilities,
drainage, etc.)? In its current state, North College Avenue lacks curb & gutter,
sidewalks, and streetscape along both the east and west sides of the street as well as the
operational capacity to accommodate the traffic generated by the development of the
area. This project will install the ultimate improvements along College Avenue and
Willox Lane as well as the intersection of these two streets. Additionally, this project
will replace an inadequate waterline across the site, create a stormwater detention pond
with excess capacity for fitture regional use, and create a north/south street connection
through the site in conjunction with the North College Street Access Plan.
How will the project enhance the property tax base (and sales tax base, if
applicable) of the area? Because the majority of the site is currently undeveloped and
because the existing development is aging and in disrepair; the existing tax base is
minimal and generates only $ 10,300/year in annual property tax. This project proposes
to construct approximately 175K s.f. of Class A retail space which will generate
approximately $750K/year in property tax revenue and $ 1 .2 Million/year in sales tax
revenue upon project buildout. A copy of the Tax Increment Revenue projection model
is attached to this submittal for review. Total projected tax increment of all types exceeds
$40 Million thru year 2029 .
How will the project help achieve the goals of North College Urban Renewal Plan?
This project will be a catalyst project that will anchor the North College corridor and will
become a significant retail destination. Among other things the project will demolish
dilapidated structures, update, upgrade, and install necessary infrastructure improvements
to the area, place several underutilized properties into productive use, and generate
significant TIF Revenue for use within the project area as well as for other URA target
projects. The project will create an attractive gateway to the North College Avenue and
North Ft. Collins business corridor and generate significant property and sales tax within
the area. The project, when complete, will accomplish several objectives of the Plan
which include, but are not limited to, utilizing undeveloped and underdeveloped land,
improvement of pedestrian, bicycle, and vehicular circulation and safety, contribute to
increased revenues for all taxing entities, facilitate the enforcement of laws and
regulations applicable to the Renewal Area, eliminate blight, and develop the property in
accordance with the 'Comprehensive Plan in a manner compatible with the project area.
How will the project help eliminate slum and blight conditions? A series of photos of
the existing properties are included in this submittal. The assemblage of properties
included in this development project includes a small mobile home park with aging and
dilapidated structures, an abandoned residential structure, as well as foundations of
several small structures. The current condition of the property is an attractive nuissance
to area homeless people who frequently leave trash, etc. upon the property. This project
will demolish and remove all of the existing structures in the project area, improve utility
and street infrastructure, and bring a significant destination shopping center to the north
Ft. Collins area.
What is the proposed project timetable (what is the estimated time frame for major
steps including the City's planning decision, completion of financial commitments,
start of construction, and issuance of Certificate of Occupancy (CO)? The current
project schedule is to complete all project entitlements by end of year 2008, begin
earthwork 1Q 2009 and begin construction of the grocery store by 2Q 2009. Vertical
construction will take approximately 10- 12 months with anticipated CO by IQ/2Q 2010 .
In order to meet this schedule, the applicant will need financial commitment from the
URA by 3Q2008 .
What is the financial capacity of the developer to complete the project project? The
applicant has over 25 years of experience developing projects of similar scope and
financial commitment including an 80 acre mixed use development in Loveland anchored
by King Soopers (Thompson Valley Towne Center) . Adequate financial resources are in
place to complete this project.
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LOVELAND COMMERCIAL, LLC
EAGLE DRIVE NORTH COLLEGE MARKETPLACE
LOVELAND. CO 80537
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PH: 970.667-7000
SCALE: 1 :B0
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North College Marketplace CONFIDENTIAL
URA Public Improvement Budget
DRAFT: July 30, 2008
Description of URA costs: Estimated Cost URA Cost
1 Off-site Street & Intersection Improvements-City Oversizing Portion $ 11635,000
2 Off-site Street & Intersection Improvements-URA Portion including ROW $ 21450,000
$ 4, 085,000 $ 21450,000
3 Gateway-landscaping in ROW and entry features $ 750,000
4 Demolition and Property Cleanup Cost (Properties F,G, H ,I, tree removal, foundations, etc.) $ 350,000
5 Public Improvements for anchor building (on-site utility infrastructure) $ 11360,000
6 Retaining Wall for Wetlands, $ 2509000
7 Wetlands Mitigationtenhancement, earthwork, landscape Cost $ 4002000
8 Storm Outlet & Mitigation $ 275,000
9 Relocation Assistance (Grape Street Residences) 10 1000 $ 10, 000
10 Public Access; North/South Circulation Street; connection to Grape Street to North $ 180,000
11 Utility Infrastructure: Sanitary Sewer $ 1251000
12 Utility Infrastructure: Waterline $ 751000
13 Utility Infrastructure: Storm Sewer $ 200, 000
14 Dry Utility Infrastructure: Natural gas, phone, electrical $ 100, 000
Total URA Hard Costs included in Project $ 63525,000
Contingency: 20% $ 103059000
`Total URA Cost Budget $ 7,8301000
% of Total Real Property TIF 50.41%
Total Real Property TIF thru 2029 $ 15532,721
Total Sales TIF thru 2029 $ 36: 087,218
'Does not include soft costs associated with Bond Issuance or financing costs.
Note: All improvement costs are estimates.
Public lm rovement URA Funding Ma -North College Market lace-Jul 30 2008
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TIF Summary
TAX INCREMENT FINANCING ASSUMPTIONS & CONCLUSIONS
North College Marketplace
NEC College & Willox-Ft. Collins, CO
Based upon Site Plan &July 30, 3008
Total Project Area (Acres) I 25 .48
Total Project Area (Square feet) 1 ,109,909
Total Building Area (Site Plan S) I 177,400
Building Construction Costs % of Market Value 85%
Sales Tax Rate (City 2.25%-Food, County 0.8%) 3.05%
Sales Revenue Per SF Retail $250
Estimated Annual Growth Rate 2.00%
Assessed Value (% of Market Value) 29 .00%
Total Mill Levy 0.08672
Personal Property Tax Estimate (Per Square Foot) $ 0.30
Estimated Sales Revenue Per SF
Grocery Marketplace I $ 300
Big Box I $ 250
Fast food $ 225
Bank $ -
Automotive $ 250
Gas Kiosk I $ 250
Sit Down Restaurant I $ 250
Small Shop Retail $ 250
Estimated Market Value Of Building Per SF
Grocery Marketplace I $ 120
Big Box $ 120
Fast food $ 250
Bank $ 250
Automotive $ 250
Gas Kiosk I $ 250
Sit Down Restaurant $ 200
Misc. Retail $ 225
Annual Stabilized Tax Increment Statistics (2094):
Real Property Tax Increment $750,603
Personal Property Tax Increment $53,220
Sales Tax Increment $11695,758
Total Annual Tax Increment Created by Project: $29499,581
Total Tax Increment Summary Statistics (thru 2029) :
Total Projected Real Property TIF Available I $15,532,721
Total Projected Personal Property TIF I $972,210
Total Projected Sales Tax Increment Available $37,737,873
Total Tax Increment Created by Project: $549242,80
Page 1
ERIC J. HOLSAPPLE, PH.D, CCIM .
898 Eagle Ridge Courl, Loveland, Colorado 80537 • Telephone: (970) 443-5153 • E-Mail: chulsappiclailm clanciconunerci.i ' c m
♦ CURRENT POSITION
Real Estate Developer and Investor;
LOVELAND COMMERCIAL, LLC, Loveland, Colorado (Partner):
Currently acquiring and repositioning income producing properties in Northern Colorado . Experience
with large mixed-use, residential and commercial developments nationwide. Operate under numerous
limited liability affiliates. Certified Commercial Investment Member (CCIM). (July 1990- Present)
♦COMMUNITY SERVICE AND PHILANTHROPY♦
COLORADO STATE UNIVERSITY:
Adjunct Instructor of Real Estate Principles, Finance and Market Analysis. ( 1996-2007)
Interim Director of Everitt Real Estate Center. (2002-2004 and 2006-August 2007, Chair 2005)
Established Center, endowed $ 1 .5 million Loveland Commercial Chair in Real Estate with
Partner; established business plan and initiated the $2. 5 million Everitt Endowment of the Center.
Consultant. (March 2005-December 2006)
Negotiated restructuring and termination of contentious contract for land surrounding Walking
Stick Golf Course adjacent to CSU Pueblo Campus. Reported to Larry Penely, President, CSU.
NORTHERN COLORADO ECONOMIC DEVELOPMENT CORPORATION :
Chair of the Board 2006-2007; Chair Business Retention and Expansion Committee and member
Executive Board 2001 -2006 . Implemented Employee Primary Research Project. Initiated L2010 Capital
Campaign raising $5 million over 5 years . Negotiated 5 year partnership with Colorado State University
resulting in new position of Northern Colorado Regional Economist and $90,000 per year budget for
regional economics studies.
LOVELAND HABITAT FOR HUMANITY:
Board of Director 2003-2006. Worked in partnership to provide 56 home sites to organization over 6 year
period. Participated and donated in Capital Campaign for new thrift store in 2000 .
UNIVERSITY OF NORTHERN COLORADO :
Adjunct Instructor of Macroeconomics. (2000, 2001)
*PREVIOUS EMPLOYMENT♦
Director and President / CEO, PENNANT GROUP USA, Los Angeles, California:
Responsible for all U. S . Commercial Real Estate Investments for Sydney, Australia-based Pennant
Holdings Limited and London, England-based Pennant Properties PLC — public companies with a
combined international real estate portfolio in excess of U, S . $ 1 .5 billion in 1988 . Hired by and reported
to Chairman of Pennant Holdings Limited and Pennant Properties PLC . Left Pennant Group to start my
own business in 1990. (June 1986-June 1990)
Vice-President - Pro 'ect Finance OSPREY INC . Denver Colorado :
Responsible for a $90 million portfolio of real estate constriction and development project financing,
consisting primarily of retail centers. Stockholders included M.D. C. Corporation, Drexel Burnham
Lambert, Country and New Town Properties PLC, and Pennant Holdings Limited . Left company to
become Pennant' s first U .S . employee. (January 1985-June 1986)
♦ ADDITIONAL DIRECTORSHIPS
e Member of the Board, Loveland Commerce Bank; 2007.
• Member of the Board, Pioneer Capital Corporation, Portland, Maine; 1995-2006.
• Member of the Board, Bay Financial Corporation, Boston, Massachusetts ; 1990- 1998 .
• Member of the Board and President, Pennant Properties, Inc. , Los Angeles, California; 1986- 1990.
• Member of the Board and General Partner, Trident Properties Limited, Denver, Colorado ; 1987- 1995 .
+ Member of the Board, Barker-Patrinelli Group, Houston, Texas; 1988- 1990.
• Member of the Board, Rangesite Limited; Cayman Islands; 1988- 1990 .
♦ EDUCATION
Ph. D in Economics COLORADO STATE UNIVERSITY Fort Collins Colorado
Major fields in International Trade and Development. Dissertation area: Foreign Investment in United
States Real Estate. Awarded Teaching Assistantship for 1994= 1995 academic year. Member of Omicron
Delta Epsilon; The International Honor Society in Economics. (May 1996)
Master of Business Administration, COLORADO STATE UNIVERSITY Fort Collins Colorado
Emphasis in finance and statistics. Awarded Teaching Assistantship in business statistics in 1984.
Representative of the Graduate Business Council and Graduate Student Council . Professional Paper
Topic: Scheduling Manpower, A Linear Programming Model. Deans List 1983 and 1984. (May 1984)
Bachelor ofArts in Economics. UNIVERSITY OF MAINE, Orono, Maine
Emphasis in business and computer science. Member of Economics Club and economics tutor. Self-
financed entire education . Deans List 1981 and 1982, (December 1982)
INTELLECTUAL CONTRIBUTIONS :
Refereed Articles
Holsapple, E.J. , Ozawa, T. , & Olienyk, J. (2006). Foreign ` Direct' and `Portfolio ' Investment in
Real Estate; An Eclectic Paradigm. Journal of Real Estate Por fblio Management, 12 ( 1 ),
37-48 .
Holsapple, E.J., Ozawa, T. , & Olienyk, J. (2004). Whatever Happened to Japanese Obsession with
U.S . Real Estate Investment? Journal of World Investment.
Holsapple, E.J. , James, B .A. , & Worzala, E. (2004). Property Rights Litigation : Challenges,
Risks and Financial Settlement in the Case of Thompson Valley Towne Center. Journal of
Real Estate Practice and Education, 5 ( 1 ), 77-92.
Non-Refereed Articles
Holsapple, E.J ., Chalmer, K. & Worzala, E. (2004). Brave New World How The `New
Economy' Could Change The Face of Economic Base Analysis. 22 ( 1 ), 29-44.
♦ PERSONAL
Married with three children. Raised in Maine and captain of high school football and track teams. Enjoy
running, golf, water and snow skiing. Extensive travel experience, including domestic and international
travel.
D&B Credit eValuator Report : LOVELAND COMMERCIAL LLC Page 1 of 2
Credit eValuator Report
LOVELAND COMMERCIAL LLC Report as of : July 23 , 2008 * *
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- Company Profile
Chief Executive : Don Marostica , Principal Line of business:
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D&B Credit eValuator Report : LOVELAND COMMERCIAL LLC Page 2 of 2
Type of business: Partnership Real Estate Agents And
Years in business : 13 Managers
Employees total : 2
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OUR HISTORY AND VALUES -- r OUR VISION
ell Don Marosiica and Eric Holsppple founded Loveland Comme clot in 1996 as a real t The vision of Loveland Commercialisoneoftmpglnotlon and Innovation.
estate development and brokerage company with the vision to improve the quality Of { J r The imagination comes from our desire to create new ways to help
developed Northern Colorado and continue to mole If an excellent place to live and _ ; • 1 our customers achieve their goals while benefiting the community. The
do business. Today, we are a hands-on company, specloWng in: r innovation comes from ,raking those a reality. For excmple:
Real estate brokerage ! SITUATION: Local governments oflenrequireanlli'lements for properties
Land development and area redevelopment that are changing from one use to another or may require speclat
Real estate Investments use permits.
Property management w - LC SOLUTION: We use our expertise in entitlements and relationships
Tenant representation msnni; ."...li with local governments to ensure our customers can use the property
ti ' , t 5r5s5 -mow as desired before completing lhev purchase.
The economic vitohty of our region is critical to the success of our customers, vfilch
makes it critical to our success as well. That's w'hy we continually Invest In and develop l LLL! 1T SITUATION: New developments on vacant land on the outer edges
projects and organizations such as the Northam Colorado Economic Development :1 of communities frequently draw businesses and residents away from a
Corporation (NCEDCj and the Loveland Commercial Endowed Chair of Real Estate at community core.
Colorado State University that will keep our community growing. LC SOLUTION: Loveland Commercial Invests in or encourages the reuse
t +' ' , : " - ^ ^}`" rt of existing structures for redevelopment to revitalize and enhance alder
Ate
tjt, '{ } OUR PARTNERS areas instead of Always building new.
I'll leet,}fAt, (' N : SITUATION: Members of larger brokerage firms often rely only on their
i 3 tilt ,rl ,lli +' yj _ The partners of Loveland Commercial all wear different hats - and even shag them fellow brokers irrhouse to develop leads.
li i 1i ( if necessary - which gives us a dynamic breadth not normalty found In companies of a
i t LC SOLUTION: We subscribe to multiple national marketing databases,
i� elour size. Our capabilities combined with our high level of customer service make us the
i�l I '17i 101f'i li �' q l including LoopNet, CCIM Online, and CoStar, as well as reglonal
{ t} [ t ljjfl(U,Uift_Ill U, ;. , brokerage and developer of choice across Northern Colorado. y __•Y.. ones to maximize exposure to our clients' properties. We also network
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Qt�; sEt; } DON MAROSTICA Dan's s pecialty is expediting the p latting, apptovaL and development i 'i }ail " i((t (Ydl - ' with our local contacts and references on a regular basis to get the
processes through local governments, As a former member of the Loveland City i�sl ;f ?(.19?i E.rl,' wend out about roe g p r p g ; properties,tries we are 1lsiin and lee our ears open to
Council and current member of the Colorado State House of Re esentotives, he tts ,it listen for Information on available properties for our clients. And we
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r nil; l :r ; Y t! "hit the streets" to talk to business. owners in person about their real
S has an excellent working rapport with city departments, planning comml sbns, and
councils. His experience of more than 30 years in commercial real estate has given him . •� estate needs.
{ an excellent understanding of all aspects of real estate, which makes him a valuable
i •. r j - i asset to Loveland Commerclal customers.
1 � �tlllliiliHll'4lit1i1li1t1I1tT:S1' i
tl tt} �t ERiC HOLSAPPLE, CCIM Eric is our financial expert. He has a doctoral degree In
economics and vast experience in real estate investment, corporate management,
cited development project management. hie is an adjunct professor at Colorado State r.. rx• I{ r {
,Y{t '• .. �3 Ifii
AAl Ii, A i ij t tl €lEt , i University, teaching courses in real estate principles, finance, and market analysis, and
has published several articles on real estate finance, He was a founder of the Everitt
tj ti ; 171 It j 14�� � •, . . • 3 Real EsIate Center at Colorado State Unlversity. twice serving as its Interim director, and lit,
is actively involved with the Northern Colorado Economic Development Corporation. I
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ij� ! BLAINE RAPPE, CCIM Blaine is our expert in property management and overseeing i the antitlement process of our properties under development. He has more than 10 a
I I I years ar experlence in construction and real eslate accounting, purchase and sale t
I (1; i , contract negotiations. construction finance, real estate tax planning, and property
t ! i management. He currently manages all of Loveland Commercial's properties, which
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I ' include a130,000 sF retail shopping center, p380 unit self storage complex, and several ;a • Y q pvr-ivy y[f'a l;4 f!W9
4it 'fe'l:"t. Ax: y 1 4 y..N4. xr
other commercial t .rii;'''.t h yrie YYya 4 if:.li4 i a Fill ty.dni�ap ^Atxt�a
properties In Northern Colorado, ay :i J ni!'r:aPda ,q ^q•is +h Ih !Y. Y Pn f•x Yp nYNA/
is ::?jiivtii;,.}ISt{1409EEGlII1Q111'�iti!irrvw i
NATHAN KLEIN Nathan specializes in commercial real estate brokerage and I 1043 Eagle Drive P: 970-667-7000 www.lovelandcommorciol.com
redevelopment projects to het revitalize older areas of the Northern Colorado t JWL,oveland g
1{ P R p Loveland, CO 80537 F: 970-635-2514
j community. His ability to analyze property values and market conditions, as well as
0. Identify market opportunities, provides an exceptional se vita to ourcustorners. Nathan F;:�aCy id YpA4 N d id'S tptif YYp «Ay P fly rFyARyt
( also works to maximize the use of technologyto improve the brokering experience. B YbtppayY F't^T"n xipdYYl n+lstlt y,r JNrpl S ,rtbuy,Y
p g P y dppd flA h,".4se YIAn p+ftilhttl{I 21 Yd:tlrl(IFnAk3diAYAYnfUR1
•iti .11:YY;Yxan"leis}ryast4,u'adtl'pi:rsa'6YAA41 hnv hit' *Y Lip fi°rl+
using data and Imagery from sources such as geographic Information systems (GIS) Jy n,f•Ni+:rpYnr iudnzyyn in tnuznd t!l F4 rkgY npdf atdyl
�.%[tpnupfpA rYssNinheui%YA'hl�'z:trait p4[,L„&p'bxri:�+i:s
i and satellite imagery, he hopes 10 develop an easy way for clients to view properties �IR'�d',�nY�a!4Trihp*rhY s&*4yf�0„j Fsytty�i'n,'Is:&ytnd�'n�,�>n`;:�'�y
l i based on specific criteria right From a computer screen. ;'_ `xr'dAY snepeiax?"at ul `rt°t� ,5ia'i A'L LASwk
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North College Marketplace - Project Area
1 inch equals 500 feet
URA Financial Participation in
North College Marketplace
Urban Renewal Authority
Work Session
August 12 , 2008
F�t
Purpose of Work Session
1 . Introduce " North College Marketplace "
2 . URA participation
3 . Tax Increment Financing
F�t [tins
DiscussionGeneral Questions
1 . Is the URA Board ready to consider a Resolution
authorizing a TIF financial agreement ?
2. Is there any additional information needed prior
to or • • with the materials that would • -
presented - a Resolution
considered?
F8r Collins
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North College Marketplace - Project Area e
1 inch equals 500 feet
2
North College Marketplace
• Large retail center
• $40 million — project cost
• Extraordinary infrastructure costs
• Public improvements
Fit,f
Anticipated Improvements
• " Gateway" style features and landscaping
• Add sidewalks , streetscape , curb & gutter
• Improve street intersection ( College & Willox)
• Demolition and property clean up
• Wetlands mitigation and enhancement
• Onsite utility infrastructure (water, sewer, etc)
Fort
IL
URA criteria for TIF
• Infrastructure improvements ( extraordinary)
• Capture spending
• Destination uses
Fit,f
Urban Renewal Plan Objectives
• Utilize undeveloped and under developed land
• Remedy conditions that impair sound growth
• Contribute to the increased revenues for all entities
• Improve pedestrian , bicycle , and vehicle circulation
• Help eliminate blighted conditions
F�tf
Funding Gap on the Project
On -Site Cost Estimate : $ 40 . 0 Million **
Funding from Developer 34 . 7 Million
Funding GAP to Fill On -site $ 5 . 3 Million
Plus : Project Share of
Intersection Improvements 2 . 5 Million
Total URA Participation $ 7 . 8 Million
** This amount is subject to change given inflationary
trends for construction materials .
F�t
What the URA is Funding
Intersection Improvements at
College/ Willox Lane $2 . 5 Million
■ URA will fund with an advance from the City . Similar
financing for Valley Steel project in Fall 2006 .
■ URA investment is secured by the public improvement .
■ Pending approval of the project , funding would occur 4tn
quarter of 2008 .
FCity
of [ins
What the URA is Funding
On -site Improvements at
North College Marketplace $ 5 . 3 Million
■ URA will fund with a formal bond issued after the
$40 million valuation of the project is recognized
by the County Assessor.
■ URA investment is secured by a lien against the project .
■ Pending approval of the project , funding would
occur 2nd quarter of 2010 .
Fit,f
What is the Benefit to URA
■ Overall Tax Increment Financing (TIF ) generated over
the life of the URA is projected at $ 15 . 5million .
■ URA will retain 50 % of the gross TIF revenue stream .
■ Adjacent properties valuation expected to increase .
■ Gateway project to stimulate future investment within
the corridor.
F� [tins
Next Steps - timeline
• August 7 - North College CAG met to hear the
financing plan
• August 21 — North College CAG special meeting to
make a formal recommendation to URA Board
• August 21 — Planning and Zoning Board for additional
uses
• September 2 — URA Board decision on Financial
agreement
F�tCollins
General Discussion Questions
1 . Is the URA Board ready to consider a Resolution
authorizing a TIF financial agreement?
2. Is there any additional information needed prior
to or along with the materials that would be
presented at the time a Resolution is
considered ?
F�t�1
City of
/,.fit ins