HomeMy WebLinkAboutCOUNCIL - SUMMARY AGENDA - 04/23/2013 - SUMMARY AGENDA (WORK SESSION)Karen Weitkunat, Mayor Council Information Center
Gerry Horak, District 6, Mayor Pro Tem City Hall West
Bob Overbeck, District 1 300 LaPorte Avenue
Lisa Poppaw, District 2 Fort Collins, Colorado
Gino Campana, District 3
Wade Troxell, District 4
Ross Cunniff, District 5 Cablecast on City Cable Channel 14
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Darin Atteberry, City Manager
Steve Roy, City Attorney
Wanda Nelson, City Clerk
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**REVISED AGENDA**
WORK SESSION
April 23, 2013
6 p.m.
1. Call Meeting to Order.
2. Foothills Mall Public Financing. (staff: Darin Atteberry, Mike Beckstead)
Objectives/Summary:
a. Community vision and expectation. Over the last 10 years, the consistent
theme of request from citizens has been the revitalization of the mall. While there
were hopes that the previous owner - General Growth Properties - would achieve
that vision, sales tax revenue from the mall has deteriorated each year since the
peak in 2000.
b. Catalytic opportunity in Midtown. City staff believes the redevelopment of the
mall with an underpass that links the area to the Mason BRT system combined
with residential housing will be a catalyst for growth and development within the
Midtown corridor – creating a sense of place and destination for the community.
c. Revenue opportunity. The mall and surrounding area that will be redeveloped
generated approximately $3.1M of sales tax revenue for the City in 2012. It is
anticipated that when the mall opens approximately $1.7M of sales tax revenue
will transfer from other existing retail to the mall for a combined $4.8M of
existing current revenue. By 2018, the third full year of mall operations, it is
anticipated the mall will generate $8.8M of sales tax revenue. Net new revenue is
estimated to be $4.0M.
d. Minimize risk to the City’s balance sheet, credit rating and revenue. All of
the revenue generated to support the public improvement costs and associated
financing are anticipated new revenues to the City through Metro District
Property Tax mills, Develop Public Improvement Fees (PIF), URA Property Tax
Increment and a Sales Tax Pledge and Shareback.
3. Discussion of the Operating Agreement Between the City and Prospect Energy, Inc. and
the Extent to Which Prospect Energy’s Oil and Gas Operations Should Be Exempted
from the Moratorium on Such Activities and the Ban on Hydraulic Fracturing. (Staff:
Laurie Kadrich, Lindsey Ex, Dan Weinheimer; 90 minute discussion)
Council is considering whether to approve on Second Reading, an Ordinance that would
exempt Prospect Energy from a moratorium prohibiting new oil and gas drilling and a
ban on the use of hydraulic fracturing in the drilling process. Second Reading was
scheduled on April 16, 2013. After considerable discussion and public testimony,
Council continued the item to April 23, 2013 to consider the issue during a work session,
followed by continuation of the April 16, 2013 Adjourned Meeting. Council asked staff
to provide more information regarding the inclusion of Undeveloped Acreage (UDA) in
the Operator Agreement and whether Prospect Energy would remove the UDA from the
Operator Agreement. Council also requested the following information:
• How does the Operator Agreement apply to the UDA?
• A summary of current oil and gas legislation,
• A timeline of the moratorium, ban and agreement, and
• Information regarding the existing Fort Collins Field, well locations and
expansion plans.
To be exempt from the hydraulic fracturing ban, there must be a Council-approved
Operator Agreement in place. Council stipulated Operator Agreements must ensure
stringent public health and safety measures are in place and provide strict controls on the
release of methane gases and other volatile organic compounds (VOCs). Council asked
that a comparison table be developed illustrating parts of the Agreement that exceed
federal or state guidelines or regulation.
4. Other Business.
5. Adjournment.