HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 11/18/2008 - RESOLUTION 2008-110 REPEALING RESOLUTION 2007-053 ITEM NUMBER: 5
AGENDA ITEM SUMMARY DATE: November 18, 2008
FORT COLLINS CITY COUNCIL STAFF: Ken Waldo
Chuck Seest
SUBJECT
Resolution 2008-110 Repealing Resolution 2007-53 and Disbanding the Foothills Mall Urban
Renewal Plan Area.
RECOMMENDATION
Staff recommends adoption of the Resolution.
EXECUTIVE SUMMARY
Pursuant to Section 31-25-107,C.R.S.,this Resolution repeals Resolution 2007-053 which approved
the Urban Renewal Plan for the Foothills Mall and renders the same null and void and of no further
force and effect,thereby disbanding the Foothills Mall Urban Renewal Plan Area(the"Plan Area").
BACKGROUND
On May 15,2007,Council adopted Resolution 2007-053,approving an Urban Renewal Plan for the
Foothills Mall Area. The Plan was developed at the request of General Growth Partners(GGP),the
owners of the Mall, and was prepared for the Fort Collins Urban Renewal Authority and the City
of Fort Collins pursuant to the provisions of the Urban Renewal Law, CRS 31-25-101 et seq.
The Foothills Mall Urban Renewal Plan described the framework for certain public undertakings
constituting urban renewal projects and other authorized activities under the Urban Renewal Law
in the Foothills Mall Area. The Plan was intended to stimulate private sector development in and
around the Foothills Mall Area and to take advantage of the use of Tax Increment Financing(TIF)
for public improvements and redevelopment activities. Unfortunately, the property owner has not
initiated any redevelopment activities since the adoption of the Plan and is not likely to do so in the
near future as a result of the current economic climate. Meanwhile, the twenty-five year clock on
the Plan Area continues to run making the use of TIF less viable. Staff believes that the Plan Area
should be dissolved at this time. When the economic climate and market conditions improve so that
either the current or future property owner of the Mall is interested in pursuing redevelopment of
the Mall, the Council can reconsider designating the Mall as an Urban Renewal Plan Area and
initiating a new twenty-five year clock.
RESOLUTION 2008-110
OF THE COUNCIL OF THE CITY OF FORT COLLINS
REPEALING RESOLUTION 2007-053 AND DISBANDING THE
FOOTHILLS MALL URBAN RENEWAL PLAN AREA
WHEREAS, on May 15, 2007, City Council adopted Resolution 2007-053 approving an
Urban Renewal Plan for the Foothills Mall Area,which plan was developed at the request of General
Growth Partners, owner of the Foothills Mall, pursuant to the provisions of the Colorado Urban
Renewal Law; and
WHEREAS, the Foothills Mall Urban Renewal Plan described the framework for certain
public undertakings constituting urban renewal projects and other authorized activities for the
Foothills Mall Area under the Urban Renewal Law; and
WHEREAS, the Plan was intended to stimulate private sector development in and around
the Foothills Mall Area and to take advantage of the use of tax increment financing for public
improvements and redevelopment activities; and
WHEREAS,General Growth Partners has failed to initiate any redevelopment activities since
the adoption of the Plan and is not likely to do so in the reasonably foreseeable future with the result
that the twenty-five year time limitation on the usage of tax increment financing is running,without
benefit to the Foothills Mall Plan Area; and
WHEREAS, in light of the current national and international economic difficulties, City
Council has determined that it is in the best interests of the City,the Urban Renewal Authority,and
the Foothills Mall Plan Area that Resolution 2007-053 be repealed, rendering the Foothills Mall
Urban Renewal Plan null and void and of no further force and effect.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Council hereby repeals Resolution 2007-053, which approved the Urban
Renewal Plan for the Foothills Mall Area, and hereby renders the same to be null and void and of
no further force and effect, thereby disbanding the Foothills Mall Urban Renewal Plan Area.
Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 18th
day November, A.D. 2008.
Mayor
ATTEST:
City Clerk