HomeMy WebLinkAboutCOUNCIL - COMPLETE AGENDA - 03/27/2013 - COMPLETE AGENDACITY COUNCIL AGENDA
Karen Weitkunat, Mayor Council Chambers
Kelly Ohlson, District 5, Mayor Pro Tem City Hall West
Ben Manvel, District 1 300 LaPorte Avenue
Lisa Poppaw, District 2 Fort Collins, Colorado
Aislinn Kottwitz, District 3
Wade Troxell, District 4 Cablecast on City Cable Channel 14
Gerry Horak, District 6 on the Comcast cable system
Darin Atteberry, City Manager
Steve Roy, City Attorney
Wanda Nelson, City Clerk
The City of Fort Collins will make reasonable accommodations for access to City services, programs, and activities
and will make special communication arrangements for persons with disabilities. Please call 221-6515 (TDD 224-
6001) for assistance.
ADJOURNED MEETING
Wednesday, March 27, 2013
6 p.m.
1. Call Meeting to Order.
2. Roll Call.
3. The meeting of March 26, 2013, was adjourned to this date and time to allow the Council to
consider adjourning into Executive Session under Section 2-31(a)(2) of the City Code, for the
purpose of discussing potential litigation and related legal matters.
4. Other Business.
5. Adjournment.
u r b a n r e n e w a l a u t h o r i t y
Karen Weitkunat, Chairperson City Council Chambers
Kelly Ohlson, Vice-Chairperson City Hall West
Ben Manvel 300 LaPorte Avenue
Lisa Poppaw Fort Collins, Colorado
Aislinn Kottwitz
Wade Troxell
Gerry Horak Cablecast on City Cable Channel 14
on the Comcast cable system
Darin Atteberry, Executive Director
Steve Roy, City Attorney
Wanda Nelson, Secretary
The City of Fort Collins will make reasonable accommodations for access to City services, programs, and activities and
will make special communication arrangements for persons with disabilities. Please call 221-6515 (TDD 224-6001) for
assistance.
URBAN RENEWAL AUTHORITY
BOARD OF COMMISSIONERS MEETING
Wednesday, March 27, 2013
after the Adjourned Council Meeting
1. Call Meeting to Order.
2. Roll Call.
3. Agenda Review:
• Executive Director’s Review of Agenda.
4. CITIZEN PARTICIPATION
Individuals who wish to address the Board on items not specifically scheduled on the agenda must first
be recognized by the Chairperson or Vice Chair. Before speaking, please sign in at the table in the
back of the room. The timer will buzz once when there are 30 seconds left and the light will turn yellow.
The timer will buzz again at the end of the speaker’s time. Each speaker is allowed 5 minutes. If there
are more than 6 individuals who wish to speak, the Chairperson may reduce the time allowed for each
individual.
! State your name and address for the record.
! Applause, outbursts or other demonstrations by the audience are not allowed
! Keep comments brief; if available, provide a written copy of statement to Secretary
March 27, 2013
5. CITIZEN PARTICIPATION FOLLOW-UP
This is an opportunity for the Chairperson and Commissioners to follow-up on issues raised during
Citizen Participation.
DISCUSSION ITEMS
The method of debate for discussion items is as follows:
! Chairperson introduces the item number and subject; asks if formal presentation will be
made by staff
! Staff presentation (optional)
! Chairperson requests citizen comment on the item (five-minute limit for each citizen)
! Board questions of staff on the item
! Board motion on the item
! Board discussion
! Final Board comments
! Board vote on the item
Note: Time limits for individual agenda items may be revised, at the discretion of the Chairperson, to
ensure all citizens have an opportunity to speak. Please sign in at the table in the back of the
room. The timer will buzz when there are 30 seconds left and the light will turn yellow. It will buzz
again at the end of the speaker’s time.
6. Consideration and Approval of the Minutes of the January 15 and February 28, 2013 Urban Renewal
Authority Meeting.
7. Resolution No. 052 Approving a Redevelopment Agreement Between the Fort Collins Urban Renewal
Authority and Breckenridge Group Fort Collins Colorado for the Aspen Heights Project. (staff: Bruce
Hendee, Josh Birks, Megan Bolin; 15 minute staff presentation; 90 minute discussion)
This Resolution would adopt a Redevelopment Agreement between Breckenridge Land Acquisition,
LP (Developer) and the Fort Collins Urban Renewal Authority (URA) for Aspen Heights, a 220-unit
student-oriented housing development in the North College Urban Renewal Plan area. The
Developer requests $792,166 in tax increment financing to construct off-site street improvements.
The total project cost is $46.5 million and is estimated to generate $174,641 in annual tax increment
revenue.
8. Resolution No. 053 Adopting Revised Policies and Procedures for the Urban Renewal Authority.
(staff: Tom Leeson, Bruce Hendee, Josh Birks; 10 minute staff presentation; 1 hour discussion)
As a follow up to the February 28, 2013 URA Board work session, this Resolution amends the
adopted 2012 URA Policies and Procedures. As an alternative to required participation in IDAP, the
amended Policies require participation in the EPA’s Energy Star program and the Target Finder
system to set energy targets for new buildings and major renovations. Additionally, in an effort to meet
the City of Fort Collins established goal of diverting 50% of the community waste from landfills, the
amended Policies also requires URA funded projects to demonstrate that at least 50% of the waste
materials by weight (excluding waste containing lead, asbestos or other hazardous material)
generated by a construction or demolition project be diverted from the landfill through waste
management options, such as reuse or recycling. The Resolution also delegates the authority to
March 27, 2013
approve Administrative Procedures with the Executive Director, and includes some minor language
changes for clarification purposes.
9 Other Business.
10. Adjournment.
DATE: March 27, 2013
STAFF: Wanda Nelson
AGENDA ITEM SUMMARY
URBAN RENEWAL AUTHORITY 6
SUBJECT
Consideration and Approval of the Minutes of the January 15 and February 28, 2013 Urban Renewal Authority
Meeting.
January 15, 2013
Urban Renewal Authority
A meeting of the Fort Collins Urban Renewal Authority was held on Tuesday, January 15, 2013,
at 9:40 p.m. in the Council Chambers of the City of Fort Collins City Hall. Roll call was answered
by the following Boardmembers: Horak, Kottwitz, Manvel, Ohlson, Poppaw, Troxell and
Weitkunat.
Staff Members Present: Atteberry, Nelson, Roy.
Vice-President Ohlson withdrew Item No. 7, Resolution No. 049, Ratifying and Confirming the
Redevelopment Agreement between the Fort Collins Urban Renewal Authority and RMI2 Properties,
LLC, As Signed by the Executive Director on October 1, 2012, from the Consent Calendar.
Citizen Participation
Eric Sutherland, 3520 Golden Currant, discussed deficiencies in the 2013 URA budget. He stated
it does not account for certain expenses which should be part of the budget.
Consideration and Approval of the Minutes of the
November 8 and November 20, 2012 Urban Renewal Authority Meetings, Approved
Boardmember Manvel made a motion, seconded by Boardmember Poppaw, to adopt and approve
all items not withdrawn from the Consent Calendar. Yeas: Weitkunat, Manvel, Kottwitz, Ohlson,
Poppaw, Horak and Troxell. Nays: none.
THE MOTION CARRIED.
Resolution No. 049
Ratifying and Confirming the Redevelopment Agreement between the
Fort Collins Urban Renewal Authority and RMI2 Properties, LLC, As
Signed by the Executive Director on October 1, 2012, Adopted
The following is staff’s memorandum for this item.
“EXECUTIVE SUMMARY
The Urban Renewal Authority (Authority) Board is being asked to ratify and confirm changes to the
Redevelopment Agreement between the Authority and and RMI2 Properties, LLC, for the Rocky
Mountain Innosphere project, as approved by the Executive Director and City Attorney and signed
and executed on October 1, 2012.
182
January 15, 2013
BACKGROUND / DISCUSSION
Background:
The Authority Board adopted Resolution No. 020, approving a Redevelopment Agreement (the
“Agreement”) between the Authority and RMI2 Properties, L.L.C. (“RMI2”) for the Rocky
Mountain Innosphere (RMI) project on October 6, 2009, so as to authorize $2.8 million of tax
increment financing (“TIF”) assistance for construction of a new business incubator facility.
Although it was staff’s intent to finalize and sign the Agreement upon adoption of the Resolution,
staff determined in early 2012 that no signed document could be located. In the course of preparing
the Agreement document for signatures, staff identified provisions in the Agreement that did not
accurately reflect the intent of the parties, were ambiguous, or did not address matters of
implementation that would ultimately require clarification. Accordingly, staff prepared a modified
version of the Redevelopment Agreement, reviewed it with RMI2, the Colorado Housing Finance
Authority, and other stakeholders in the New Market Tax Credit Financing for the RMI project, and
then proceeded to circulate the Agreement document for signing. The Agreement is dated “nunc
pro tunc” October 7, 2009, meaning that it is understood and intended by the parties to be effective
as of the date of October 7, 2009. See Exhibit A to the Resolution.
Authority Resolution No. 020, authorized the Authority Executive Director to sign a Redevelopment
Agreement “in substantially the form [of the Exhibit to the Resolution] . . . subject to minor
modifications in form or substance consistent with this Resolution that the Executive Director, in
consultation with legal counsel, may determine to be necessary in order to further the purposes of
the Agreement.” See Attachment 1.
The following summarizes key changes:
• Revised the concept of “special fund” to instead use a “dedicated account” in order to
avoid unintended accounting issues with the former;
• Clarified that the “related documents” include the City to Authority loan documents so that
funds received by the Authority from the owner can be used to pay debt service on the City’s
loan to the Authority;
• Modified references language to more clearly explain the relationship between the funds
loaned and/or granted by the Authority and the costs of the improvements to be constructed
by the owner;
• Revised language regarding the payments to be made by the Authority to specify quarterly
payments and to conform to the other changes noted above;
• Added bookkeeping and inspection provisions to assist the Authority in enforcing the terms
of the Agreement’
• Modified language regarding how funds will be received and managed;
• Modified the way “pledged revenues” are described to be more consistent with the way the
transaction was described and presented to the Board; and
• Added language conditioning the credit of the “pledged revenues” of $2.8 million toward
the owner’s obligations so that the credit only happens if the owner refinances its
obligations to the Authority; this originally was described as part of the transaction but was
not embodied in the Agreement document presented to the Board.
183
January 15, 2013
After review and discussion of whether the modifications that had been made to the Agreement fall
within the scope of the authorization in Resolution 020 (quoted above), it was concluded that the
agreement as modified could reasonably be interpreted to fall within the scope of the authorization.
This was largely because many of the revisions serve to better describe the terms of the
arrangements as they were envisioned to be implemented and as they were presented to the
Authority Board. In addition, the changes are beneficial to the Authority and protect the interests
of the Authority, and eliminate some agreement language that may have been difficult to implement
or administer.
The Agreement provides only for a credit of up to $2.8 million or such amount as represents the
actual reimbursable project expenses (if less than $2.8 million) to RMI2 in the event that RMI2
refinances the obligations incurred in connection with the New Market Tax Credit Financing for the
RMI project prior to March 31, 2017. The repayment obligation to the Authority under the New
Market Tax Credit Financing is a promissory note payable at the end of the full term of twenty
years. This twenty-year loan commitment was part of the structure of the New Market Tax Credit
Financing authorized by the Authority Board on October 6, 2009, in Resolution No. 019. By
requiring that RMI2 refinance the twenty-year loan after seven years in order to obtain the
approved reimbursement from TIF revenues, the Agreement substantially increases the likelihood
that the Authority will be repaid early or on better terms than had been previously made clear in the
earlier version of the Agreement.
The Agreement does include a specific reference, in Section 4.1, Authority Financing, as follows:
The Authority will use its reasonable best efforts to cooperate with and assist Owner
in Owner’s efforts to obtain financing sufficient to meet its obligations hereunder.
In connection therewith, the Authority may advance funds in the amount of up to
Five Million Three Hundred and Three Thousand, Nine Hundred and Thirty Nine
Dollars ($5,303,939), in exchange for the commitments and undertakings of the
Owner and entities affiliated with the Owner hereunder and pursuant to the Related
Documents or such other agreements as may be approved by the Authority.
(Emphasis added.)
In the original form of the Agreement, as presented to the Board, Section 4.1 was more general,
stating only that the Authority “will use its reasonable best efforts to obtain financing sufficient to
meet its obligations under Related Documents.” However, the term “Related Documents” was
defined to mean “those documents the Board of the Authority approved, by Resolution No. 020, on
October 6, 2009, including, without limitation, a Loan Agreement, a Promissory Note, and a Pledge,
Assignment and Security Agreement between the Authority and CGRF Investor Fund Five, LLC.”
And, as with the revised Agreement, the amount of loan authorized in Resolution No. 019 on October
6, 2009, was Five Million Three Hundred and Three Thousand, Nine Hundred and Thirty Nine
Dollars ($5,303,939).
Consequently, the Agreement does not in any way increase the obligation of the Authority to RMI2,
but rather limits and conditions the Authority’s obligations as they relate to reimbursement of RMI
project costs from TIF revenues.
184
January 15, 2013
FINANCIAL / ECONOMIC IMPACTS
The revised agreement does not change the contributions made by the Authority to the RMI project.
Therefore, this resolution has no financial or economic impact on the City or Authority greater than
the original agreement.”
Josh Birks, Economic Health Director, reviewed the primary differences between the original and
revised agreements, discussed the tax increment financing pledge, and described the twenty-year
obligation between the Rocky Mountain Innosphere and the Urban Renewal Authority.
Eric Sutherland, 3520 Golden Currant, opposed the financing and cost to taxpayers. He stated that
the building was gifted to a private entity at the cost of taxpayers.
Chairperson Weitkunat asked Mr. Sutherland to which building and entity he was referring. Mr.
Sutherland replied the loan to RMI2 was set up in a manner such that payments are being made by
the URA. He stated there was no down payment made by RMI2.
Boardmember Horak asked Mr. Sutherland what his suggestion would be for a course of action. Mr.
Sutherland replied Council should bring in an impartial negotiator with financial expertise.
Vice-Chair Ohlson requested an explanation of the financial projection and reality variance. He
asked if the $1.5 million would have been used to pay for other improvements in the URA if the
projections had been correct. Birks replied there were three items that contributed to the variance,
including the 2010 versus the 2012 timing, a change in the assumed rate, and, the most significant
contributor to the variance, the change in approach of project valuations. The $1.5 million would
have been available to the rest of the district to do other projects.
Mike Beckstead, Chief Financial Officer, stated the URA is financially solvent and stated that there
were several bits of misinformation in Mr. Sutherland’s statements.
Boardmember Horak requested clarification about the timing of the full TIF payment being due to
an oversight. Birks replied there was a hope the building would be completed earlier and the
original preliminary estimate did not include the two-year delay.
Boardmember Horak asked about the original valuation methodology and why it was selected over
the DDA method. Birks replied there was consultation with the County; however, the County was
not asked for an estimate. The original valuation methodology took into account project costs.
Boardmember Manvel made a motion, seconded by Vice-President Ohlson, to adopt Resolution No.
049.
Vice-Chair Ohlson asked if this agreement is, in any way, worse for the citizens and taxpayers of
Fort Collins. Birks replied it is not, in his opinion. Beckstead replied this agreement is an
improvement for the citizens of Fort Collins.
The vote on the motion was as follows: Yeas: Weitkunat, Manvel, Kottwitz, Ohlson, Poppaw and
Troxell. Nays: Horak.
185
January 15, 2013
THE MOTION CARRIED.
Adjournment
The meeting adjourned at 10:18 p.m.
_________________________________
Chairperson
ATTEST:
_____________________________
Secretary
186
February 28, 2013
Urban Renewal Authority
A meeting of the Fort Collins Urban Renewal Authority was held on Thursday, February 28, 2013,
at 8:35 p.m. in the Council Chambers of the City of Fort Collins City Hall. Roll Call was answered
by the following Boardmembers: Horak, Kottwitz, Manvel, Ohlson, Poppaw, Troxell, and
Weitkunat.
Staff Members Present: Atteberry, Nelson, Roy.
Citizen Participation
Eric Sutherland, 3520 Golden Currant, questioned whether governments should be able to take tax
payer dollars and put them at risk.
Resolution No. 051
Adopting a Revised Relocation Assistance and Land Acquisition
Policy for the Fort Collins Urban Renewal Authority, Adopted
The following is the staff memorandum for this item.
“EXECUTIVE SUMMARY
The URA adopted a Relocation Assistance and Land Acquisition Policy in October, 2012 that makes
eligible for relocation assistance persons to whom the URA is not required to provide assistance
under the URA statute. The amended policy limits the URA’s financial obligations to only those
required under the URA statute by requiring financial assistance only where the URA uses eminent
domain to acquire real property. The Resolution also authorizes the Executive Director to negotiate
relocation assistance in connection with voluntary acquisitions by the URA.
BACKGROUND / DISCUSSION
The URA adopted a Relocation Assistance and Land Acquisition Policy in October, 2012, to govern
activities when relocating individuals, families, businesses, non-profit organizations and personal
property displaced by projects funded, in whole or in part, by the URA. The adopted Policy would
limit eligibility for financial relocation assistance to persons who are required to relocate as a result
of the acquisition of real property by the URA using eminent domain. Providing financial assistance
for relocations beyond the minimum required in the statute could have significant financial
ramifications for the URA and redevelopment projects eligible for URA assistance, and could
substantially reduce the effectiveness of the URA in promoting eradication of blight and
redevelopment of blighted areas. For example, persons who relocate when a redevelopment project
moves forward would become eligible for assistance once that project receives URA financial
support.
187
February 28, 2013
The URA is required to have a Relocation Policy in connection with the use of eminent domain to
transfer acquired property to another private party. The amended policy limits the URA’s financial
obligations under the Relocation Assistance and Land Acquisition Policy to the level required in the
URA statute (Redlined version of policy included as Attachment 1).
Additionally, there may be times the URA chooses to acquire property through a negotiated process
without utilizing the power of eminent domain. These types of acquisitions may also result in the
displacement of individuals, families, businesses, and/or non-profit organizations. The URA is not
required to provide assistance by the State in these circumstances; however, the amended policy
provides for possible negotiation of relocation assistance in these circumstances. The Resolution
authorizes the URA Executive Director to negotiate terms of relocation assistance and financial
support in connection with the negotiation of a voluntary acquisition of real property.
FINANCIAL / ECONOMIC IMPACTS
This proposal will decrease the potential economic impact to the URA. Limiting the relocation
policy to provide financial relocation assistance only when the URA uses its power of eminent
domain to transfer acquired property to another private party reduces the number of persons
entitled to financial assistance; thereby, protecting the URA and those redeveloping with assistance
from the URA from incurring uncontrollably high costs that are not directly associated with
remediating blight.”
Tom Leeson, Urban Renewal Authority Director, stated this Resolution is more consistent with the
state statute and limits the relocation policy to only those cases where eminent domain is used.
Boardmember Horak made a motion, seconded by Boardmember Troxell, to adopt Resolution No.
051. Yeas: Weitkunat, Manvel, Kottwitz, Ohlson, Poppaw, Horak and Troxell. Nays: none.
THE MOTION CARRIED.
Adjournment
The meeting adjourned at 8:43 p.m.
_________________________________
Chair
ATTEST:
_____________________________
Secretary
188
DATE: March 27, 2013
STAFF: Bruce Hendee, Josh Birks
Megan Bolin
AGENDA ITEM SUMMARY
URBAN RENEWAL AUTHORITY 7
SUBJECT
Resolution No. 052 Approving a Redevelopment Agreement Between the Fort Collins Urban Renewal Authority and
Breckenridge Group Fort Collins Colorado for the Aspen Heights Project.
EXECUTIVE SUMMARY
This Resolution would adopt a Redevelopment Agreement between Breckenridge Land Acquisition, LP (Developer)
and the Fort Collins Urban Renewal Authority (URA) for Aspen Heights, a 220-unit student-oriented housing
development in the North College Urban Renewal Plan area. The Developer requests $792,166 in tax increment
financing to construct off-site street improvements. The total project cost is $46.5 million and is estimated to generate
$174,641 in annual tax increment revenue.
BACKGROUND / DISCUSSION
Aspen Heights is a new residential development proposed within the North College Urban Renewal Plan area. The
Fort Collins Urban Renewal Authority (URA) received a formal application from Breckenridge Land Acquisition, LP
(Developer) requesting a total of $1,329,576 in financial assistance (see URA Application, Attachment 1). This
assistance would take two forms: $792,166 would be reimbursed using tax increment financing (TIF) for off-site public
infrastructure; the remaining $537,410 would be in the form of a bridge loan to allow City Stormwater to reimburse the
Developer for regional detention improvements in a timely manner. The URA has worked with the Developer since
summer 2012 to refine the financial request with input from the North College Citizen Advisory Group (CAG), the URA
Board Finance Committee, and other City departments.
Project Description
Aspen Heights is a 220-unit student-oriented rental housing project located to the east of North College Avenue,
between Conifer Street and re-aligned Vine Drive. The site is approximately 31 acres and will include 62 duplexes,
76 multi-family units, and 82 single family homes for a total of 567 bedrooms available for individual leasing. The
single family homes are proposed for conversion to extra occupancy rental houses after construction, increasing the
total number of bedrooms to 712 (see Site Plan, Attachment 2).
In addition to the on-site improvements, Aspen Heights will construct public street and stormwater infrastructure,
including:
• Northeast College Corridor Outfall (NECCO) - In 2010, the City purchased approximately 9.4 acres
immediately adjacent to the Aspen Heights property to function as a regional detention pond for NECCO. If
fully excavated, this site has the potential capacity of 40 acre feet of drainage. As part of the construction of
the project, Aspen Heights will excavate 5.4 acre feet of the pond to serve its development. In addition to the
excavation work, the project will install regional-sized stormwater pipes, including three inflow pipes and one
outflow pipe, which provides important infrastructure for the broader NECCO project (see Stormwater
Improvement Map, Attachment 3).
• Re-aligned Vine Drive – this project will build a portion of re-aligned Vine Drive, a new east-west street that
will ultimately connect North College Avenue to I-25. While a portion of the northern segment of re-aligned
Vine Drive frontage abuts Aspen Heights’ property, the majority of frontage abuts the City-owned NECCO
pond. To the south, re-aligned Vine Drive frontage abuts Old Town North, a partially-finished residential
development, and the remaining portion abuts an undevelopable portion of Aspen Heights’ property (see
Street Improvements Map, Attachment 4). A developer is typically required to pay for the local portion of the
street that fronts his/her property; the developer of the other side of the road pays his/her portion as well, and
street oversizing will pay the difference of bringing the road to its ultimate planned size.
• Redwood Street – Redwood Street is currently a north-south road that ends at The Meadows at Redwood,
a development immediately to the east of Aspen Heights, but then begins again to the south of Aspen Heights
at Cajetan Street. This project will complete Redwood Street, providing a new alternative route from the north
to Downtown, serving as a critical travel alternative to North College Avenue.
March 27, 2013 -2- ITEM 7
• Dry Creek Conditional Letter of Map Revision (CLOMR/LOMR) – a portion of Redwood Street is within
the Dry Creek floodplain, and this project will be required to obtain a CLOMR/LOMR from the Federal
Emergency Management Agency (FEMA).
Public Benefits
Public benefit is measured by the extent to which the project aligns and achieves City policies and remediates blight.
By adding housing and building regional public infrastructure in the North College area, Aspen Heights achieves a
variety of City goals, explained in detail below.
Aspen Heights supports a number of City Plan policies, including:
• EH 4.1 – Prioritize Targeted Redevelopment and Infill. Create and utilize strategies and plans, as described
in the Community and Neighborhood Livability chapter’s Infill and Redevelopment section, to support
redevelopment areas and prevent areas from becoming blighted. The Targeted Infill and Redevelopment
Areas shall be a priority for future development, capital investment, and public incentives.
• LIV 5.1 – Encourage Targeted Redevelopment and Infill. Encourage redevelopment and infill in Activity
Centers and Targeted Infill and Redevelopment Areas identified on the Targeted Infill and Redevelopment
Areas Map.
• LIV 7.7 – Accommodate the Student Population. Plan for and incorporate new housing for the student
population on campuses and in areas near educational campuses and/or that are well-served by public
transportation.
• LIV 22.3 – Offer Multi-Family Variation. Offer variation among individual buildings within multi-building
projects, yet stay within a coordinated overall “design theme.” Achieve variation among buildings through a
combination of different footprints, façade treatment, roof forms, entrance features, and, in specialized cases,
building orientation. Avoid monotonous complexes of identical buildings, although there may be ways to
achieve visual interest among substantially identical buildings with a high degree of articulation on each
building, combined with variation in massing on the site.
• ENV 20.4 – Develop Public/Private Partnerships. Employ public/private partnerships to optimize the balance
between stormwater management and compact development. Take advantage of opportunities to combine
stormwater management needs from both public and private lands.
The North College Infrastructure Funding Plan was created to prioritize key infrastructure in the area. The missing
segment of Redwood Drive that Aspen Heights will build is listed as a high priority in the Plan. Furthermore, building
the portion of re-aligned Vine Drive and installing the stormwater piping for NECCO, although considered to have lower
priority, are identified as necessary infrastructure. All of these improvements were identified in the Plan as helping
solve for adequate public facility issues and supporting economic development.
Several blight factors as defined in Colorado Urban Renewal Law and cited in the North College Avenue Existing
Conditions Study will be mitigated by this project, including:
• Defective or inadequate street layout – Aspen Heights will add essential regional street infrastructure to
remedy the lack of street connections in the area. The project will build the very first segment of the long-
envisioned re-aligned Vine Drive, which will likely catalyze additional development within the area.
• Deteriorated site or other public infrastructure – this area lacks an adequate, coordinated drainage system;
Aspen Heights is making progress to correct this issue by installing drainage infrastructure that will provide
a regional benefit to existing and future development in the North College area.
• Inadequate public improvements or utilities – as mentioned in the previous two bullets, Aspen Heights will
contribute to the creation of an adequate drainage system and functional street network.
• Substantial physical underutilization or vacancy of sites – the fact that this site remains undeveloped in an
otherwise urban area qualifies as helping to remediate this issue.
Furthermore, several goals and policies articulated in the North College Corridor Plan are advanced by Aspen Heights:
• Goal STN 1. Evolve a more complete pattern of streets, drives, and alleyways forming interconnected blocks
of development, serviced by public access and utilities, behind highway (U.S. 287) frontage.
• Policy LU 1.1 – Synergy. Zoning, City actions, URA, and business association efforts will assist “high
multiplier” uses that bring people and economic activity, and add synergy with surrounding properties.
Examples include 1) dwellings, 2) stable living-wage jobs, 3) retail sales and 4) attractions.
March 27, 2013 -3- ITEM 7
• Policy FAD 2.1 – Seek Leverage Opportunities. Continuously seek and find ways to improve exceptional,
image-changing locations by making transportation and drainage improvements; this sets the stage for
additional development and public improvement projects to fill in gaps. Seek out transportation and drainage
projects that combine multiple funding sources to create multi-functional benefits.
TIF Reimbursement
Tax Increment Generation
The Larimer County Assessor’s Office (County) provided an estimate of future value, which was used to develop an
estimate of potential tax increment generated by the project (see Attachment 1-G). Based on this analysis, the County
estimates the stabilized value of the property to be $34 million at completion, generating $174,641 per year in tax
increment. Assuming construction is completed in 2014, there is 15 years of annual increment potentially available
to the project; conservatively estimating property values will not appreciate during that timeframe, the resulting total
increment is $2,532,295.
Eligible Costs
The Developer requests $792,166 in tax increment financing (TIF) from the URA, which represents 30% of the total
increment generated by the project. The Developer will receive interest on the eligible costs at a rate of 3.25% per
year. This adds an additional $101,121 to the TIF reimbursement, bringing the total URA commitment to $894,287
or 35% of the total increment generated by the project. TIF will be used to reimburse eligible costs associated with
public infrastructure improvements that benefit the entire North College region.
Typically, when a new street is required to be built, a development is required to build the local portion of the street
that directly abuts their property. If the land on the other side of the street has a different property owner, that owner
is required to build the local portion of street that abuts his/her property. Normally, a full improvement includes the
street, curb, gutter, landscaped parkway, and sidewalk. In cases where the City requires a higher level street
classification, e.g., arterial, the Street Oversizing Program contributes the differential to build the street to its ultimate
design.
In Aspen Heights’ case, the Developer is building the entire street section for portions of re-aligned Vine Drive and the
missing Redwood Street connection. It is important to note, however, that not all street segments will have full
improvements. For example, the east side of Redwood Street will not have a landscaped parkway or sidewalk; only
the street, curb and gutter will be constructed. Attachment 4 provides details of the level of improvements associated
with each segment of Redwood and Vine.
The development to the south of Aspen Heights, Old Town North, would be responsible for repaying the Developer
for its portion of re-aligned Vine Drive. The property owners to the east of Aspen Heights would be responsible for
repaying the Developer for their portions of Redwood Street. However, development of Old Town North has stalled
and the properties to the east are undeveloped, making the timing of reimbursement to Aspen Heights uncertain.
Additionally, significant portions of Redwood and Vine abut the City-owned NECCO pond, and the City does not
typically reimburse a Developer for street improvements that abut its property.
Since the timing of street improvement repayments from adjacent property owners is unknown and, in the case of the
City property, repayment will not be made, the Developer requested the URA provide TIF to assist with these costs.
The URA would then become the recipient of repayment obligations from adjacent property owners at such time when
those properties develop. Table 1 below provides the cost allocation for the street improvements.
March 27, 2013 -4- ITEM 7
Table 1: Cost Allocation for Street Improvements
Off-site Street Improvements
Redwood and Re-aligned Vine Drive
(Physical street and utility improvements, street landscaping, Dry Creek
CLOMR/LOMR)
Developer $135,139 8.7%
City (Street Oversizing) $643,959 41.3%
URA TIF $778,666¹ 50%
Total $1,557,764 100%
¹ Based on City Engineering estimates for street improvement costs, preliminary calculations
estimate approximately $290,000 would ultimately be repaid to the URA for Redwood, and
approximately $145,800 would be repaid to the URA for re-aligned Vine.
In addition to the street improvements, the Developer requests TIF assistance to remove and replace trees that are
in the pathway of re-aligned Vine Drive and Redwood Street. Attachment 5 is an illustration of the tree removal and
other environmental mitigation. The allocation for this cost is shown in Table 2 below.
Table 2: Cost Allocation for Tree Removal and Replacement
Tree Removal and Replacement Tree Upsizing Associated with
Redwood and Re-aligned Vine Drive
Developer $1,500 10%
City $0 0%
URA TIF $13,500 90%
Total $15,000 100%
Reimbursement Structure
In the past, the URA has provided developers a one-time reimbursement for eligible costs once the project is complete
and invoices are received and approved. Since the URA does not have sufficient fund balance to pay these
reimbursements outright, it has had to borrow money from the City of Fort Collins to fulfill its reimbursement
obligations. In order to relieve the City from this role as lender, a different reimbursement structure is being proposed
for Aspen Heights.
Rather than receiving one lump-sum reimbursement, the Developer will receive annual reimbursement payments from
the URA based upon actual tax increment revenue generated by the project. The reimbursement process will
generally occur as follows:
1. The Developer completes all improvements and submits receipts to the URA for eligible costs as defined in
the Redevelopment Agreement.
2. The Developer completes the project.
3. The Larimer County Assessor establishes a value for the property and completed improvements.
4. The URA collects tax increment revenue based on the Assessor’s valuation.
a. 10% of the increment collected is retained by the URA.
b. 90% of the increment is available to reimburse the Developer.
5. The Developer will receive an annual reimbursement for principal (verified eligible costs, up to $792,166) plus
interest (3.25% per year) based upon an amortization schedule. It is anticipated the URA will be able to fulfill
its obligation to the developer within 7 years. After the 8th year, the URA would retain 100% of the increment
generated by the project.
6. If more or less increment is collected, the amortization schedule will be adjusted accordingly and would impact
the actual financing cost.
7. The URA retains the ability to pre-pay the reimbursement obligation at any time, which would lower the
financing cost.
March 27, 2013 -5- ITEM 7
Benefits of this structure include:
• A loan is not needed from the City for the URA to pay its reimbursement obligation.
• Reduces risk to the URA and City because reimbursements are based upon actual tax increment revenue.
• The URA retains 10% of the annual increment as soon as the project is completed until the reimbursement
is fully paid (anticipated being 7 years)and retains 100% of the increment thereafter.
Bridge Loan
As mentioned previously, Aspen Heights will install three inflow pipes and one outflow pipe for the Northeast College
Corridor Outfall (NECCO) project that will ultimately provide significant regional benefit. Earthwork and piping
associated with this project has a total cost of $1,046,636. The City Stormwater Division (Stormwater) typically
reimburses a Developer for the portion of these costs that are regional in nature; Aspen Heights’ reimbursement has
been estimated at $537,410. Table 3 shows the allocation of cost.
Table 3: Allocation of Cost for Stormwater Detention Improvements
Stormwater Detention Improvements
(NECCO piping and detention basin)
Developer $509,226 48.6%
City (Stormwater Utility) $537,410² 51.4%
URA TIF $0 0%
Total $1,046,636 100%
² If Stormwater has insufficient funds at the time Aspen Heights seeks reimbursement,
the URA would provide a bridge loan to Stormwater to ensure a timely reimbursement.
Stormwater’s process for reimbursement is based upon when a project executes a Development Agreement. Upon
execution of the Development Agreement, the project becomes entitled to a reimbursement based upon the amount
of funding Stormwater has available at that particular time. The reimbursement is on a first-come, first-served basis;
if the available funding is committed to certain projects, subsequent projects must wait until the following year, or until
such time as sufficient funding is available, to receive reimbursement.
In Aspen Heights’ case, it seems likely that Stormwater will have sufficient funds to provide the project a timely
reimbursement. However, if other projects needing reimbursement get their Development Agreements executed
before Aspen Heights, it may take 1-3 years or longer before the Developer will be fully reimbursed. The uncertainty
of when the Developer would be reimbursed by Stormwater and the regional nature of these improvements has led
to the request that the URA provide a bridge loan so this project can be reimbursed upon completion of the
improvements.
The bridge loan would be available to the Developer only if Stormwater is unable to substantially reimburse the project
within one year after the improvements are completed. If Stormwater is able to commit a portion of the reimbursement
to Aspen Heights, e.g., 50%, the URA bridge loan would be reduced accordingly. Execution of the bridge loan, if
needed, would require a separate action by Council and the URA Board, which will be coordinated after the Developer
executes a Development Agreement.
FINANCIAL / ECONOMIC IMPACTS
Currently, the project site generates approximately $71,040 in annual property tax revenue. After the Developer’s
$46.5 million investment, the site will generate approximately $174,641 in annual tax increment. Based upon a
conservative estimate assuming no appreciation, the site will generate approximately $2.5 million over the remaining
life of the North College Urban Renewal Plan area. The Developer’s request for $792,166 represents 30% of the total
increment
Although the URA will not have to borrow funds from the City to cover the reimbursement obligation, the
Redevelopment Agreement commits the URA to repay the Developer principle and interest from the annual increment.
Currently, the amortization schedule assumes an interest rate of 3.25%, which is likely lower than the actual interest
rate the Developer will be paying on the construction loan. However, when taken into consideration, the total tax
increment provided to Aspen Heights would be $894,287 ($792,166 principle + $101,121 interest), or 35% of the total
increment.
March 27, 2013 -6- ITEM 7
ENVIRONMENTAL IMPACTS
Approximately 12,943 square feet of wetland area will be disturbed by Aspen Heights, primarily due to the Northeast
College Corridor Outfall (NECCO) project. The Developer will replace this wetland area on-site for a new total of
14,810 square feet, or 15% larger than the original square footage.
Although the Developer will only excavate a small portion of the NECCO pond for the project’s detention purposes,
installation of the inflow and outfall pipes will make important progress towards the broader NECCO project. The
NECCO project will provide a much-needed stormwater management system for the area east of College Avenue from
Vine Drive north to the City Limits. Aspen Heights’ contribution will provide future development access to the regional
detention pond.
STAFF RECOMMENDATION
Staff recommends adoption of the Resolution.
BOARD / COMMISSION RECOMMENDATION
The North College Citizen Advisory Group (CAG) met on November 1 and December 13, 2012 to consider the
Developer’s request for TIF (meeting minutes provided in Attachment 6 and 7). At the December 13 meeting, the CAG
voted unanimously to recommend funding.
ATTACHMENTS
1. URA Application
2. Aspen Heights Site Plan
3. Stormwater Improvement Map
4. Off-Site Street Improvement Map
5. Tree Mitigation Map
6. November 1, 2012 CAG Meeting Notes
7. December 13, 2012 CAG Meeting Notes
8. Staff Presentation
ATTACHMENT 1
ATTACHMENT 1, URBAN RENEWAL AUTHORITY APPLICATION
TABLE OF CONTENTS
A. URA APPLICATION FORM
B. FINANCIAL REQUEST LETTER
C. SUMMARY ALLOCATION OF OFF‐SITE IMPROVEMENT COSTS
D. PHOTO OF EXISTING SITE
E. NEIGHBORHOOD CHARACTER PHOTOS
F. ELEVATIONS
G. ESTIMATION OF LARIMER COUNTY FUTURE VALUATION
H. ASPEN HEIGHTS COMPANY PROFILE
Date modified 08/10
Tax Increment Financing (TIF) Assistance
A P P L I C A T I ON
_________________________________________________________________________________________________________________________________
PROJECT NAME: ASPEN HEIGHTS DATE: SEPTEMBER 17, 2012
REVISED DECEMBER 6, 2012
REVISED JANUARY 28, 2013
PROJECT ADDRESS / LOCATION: SW CORNER OF CONIFER AND REDWOOD
APPLICANT / DEVELOPER / PROPERTY OWNER INFORMATION:
APPLICANT DEVELOPER PROPERTY-OWNER
Company
Name
BRECKENRIDGE LAND ACQUISITION,
LP
Breckenridge
Group Fort
Collins Colorado,
LLC d/b/a Aspen
Heights
FIRSTBANK
Company
Owner/CEO
GREG HENRY SAME
Contact Person
CHARLIE VATTEROTT SAME JEFF KING
Title
EVP DEVELOPMENT SAME
Complete
Address
1301 S. CAPITAL OF TX HWY
BLDG B, SUITE 201
AUSTIN, TX 78746
SAME 1707 N. MAIN STREET
LONGMONT, CO 80501
Phone
512-369-3030 X 330 SAME 303-684-6948
FAX
512-369-3454 SAME 303-684-6885
Email
CVATTEROTT@MYASPENHEIGHTS.COM SAME JEFF.KING@EFIRSTBANK.COM
TYPE OF LAND USE DEVELOPMENT / REDEVELOPMENT ACTIVITY
X Residential Mixed-Use (Residential/Non-Residential)
Commercial/Retail Mixed-Use (Commercial/Industrial)
Industrial/Warehouse Other (please explain)
PROJECT ELEMENTS
X New Construction X Site Clearance
X Infrastructure Improvement Building Rehabilitation
X Land Acquisition Other (please explain)
NEW OR EXISTING BUSINESSES (NON-RESIDENTIAL PROJECTS ONLY)
New Business for URA Plan Area? Yes X No
Existing Business in URA Plan Area? Yes X No Years in Business years
FINANCIAL / FUNDING SUMMARY INFORMATION
Total Project Cost $ 46,441,297
Current Actual Value
(Larimer County Assessor) $ 2,698,540
Projected Actual Value $ 34,000,000
ATTACHMENT 1-A
Date modified 08/10
(Larimer County Assessor)
Projected Annual Property Tax $ 245,681
Total Property Tax Increment Expected $ 174,640/yr
Total TIF Assistance Requested $ see attached
TYPE OF TIF REQUESTED (include general terms & conditions)
X Grant
Loan (incl. methods of payback in description)
SUMMARY OF FUNDING SOURCES AND USE OF FUNDS (for the entire project)
Amount Source Use
$ 792,166 URA Tax Increment Financing (TIF) Regional street improvements- see attached
$ 537,410 URA/Stormwater Utility bridge loan NECCO pipes- see attached
$ 643,959 Street Oversizing See attached
$ 35,568,799 Loan- National financing institution
$ 8,898,963 Equity-private individuals
ddddddddd
$ 46,441,297 Project Total
INFORMATION REQUESTED FOR APPLICATION
Please include:
1. A location map. See attached
2. Site plans or project drawings (please include photos of site currently). See attached site
plan, a sample of the elevation drawings, picture of the existing site and pictures of housing projects
completed by the company in other cities.
3. Project Proforma. Attached
4. Owner/Business resume. Attached
5. Executive Summary with the following questions answered:
a. What is the nature of the project? Aspen Heights is a residential development consisting
of 220 units on approximately 31 acres serving the student population and leased by the
bedroom. The development includes 62 two-family units, 76 multi-family units and 82 single
family homes for a total of 597 bedrooms available for individual leasing. The single family
homes are proposed for conversion to extra occupancy rental houses after construction
which will increase the total number of leasable bedrooms in the development to 712.
b. Why is TIF assistance needed; how will the funds be used? The majority of the funding
request is based on the impact on the property as a result of the city purchasing a portion of
the property for a regional detention pond. This pond is a component of the Northeast
College Corridor Outfall (NECCO) Drainage Improvement Project. The detention pond has
significant frontage on New Vine Drive and along Redwood Street. However, the
Stormwater Utility has indicated they are not able to pay for the cost of the roads bordering
their property. Also, the location of the detention pond generated a 1.84 acre undevelopable
piece of property. This sliver of land also has significant frontage along New Vine Drive and
Redwood but no capacity to help with the funding of those improvements. In brief, the
majority of off -site public improvements are not needed to serve the development. The
improvements total over $2.5 million and are being required by the City as a condition of
ATTACHMENT 1-A
Date modified 08/10
development approval to support the regional detention and transportation needs of the
area.
c. What other sources of financing will the project secure other than TIF? Street
Oversizing will reimburse some of the Vine Drive and Redwood Street improvements. Equity
is being provided by private individuals. A loan will be secured from a national financial
institution.
d. How will the project help improve/upgrade public infrastructure (streets, utilities,
drainage, etc.)? Redwood Street will be connected from existing Vine Drive to Conifer
Street. Redwood also becomes Linden at Vine providing an alternate route to downtown to
help minimize traffic on College Ave. The first section of New Vine Drive will be constructed.
The first phase of the North East College Corridor Outfall (NECCO ) will be constructed
consisting of 4 large pipes leading to the future regional pond.
e. How will the project enhance the property tax base (and sales tax base, if applicable)
of the area? The property is currently vacant land. Larimer County estimates the future tax
value at $34 million generating an additional $174,640 (total of $245,681) in taxes per year
upon completion.
f. How will the project help achieve the goals of North College Urban Renewal Plan and
City Plan? The project supports the City Plan policies and North College Infrastructure
Funding Plan in the following areas:
o City Plan policies:
EH 4.1 – Prioritize Targeted Redevelopment Areas
LIV 5.1 – Encourage Targeted Redevelopment and Infill
LIV 7.7 – Accommodate the Student Population
LIV 22.3 – Offer Multi-Family Variation
ENV 20.4 – Develop Public/Private Partnerships
o North College Infrastructure Funding Plan:
#16 – Realigned Vine Dr – Blue Spruce to Redwood
#17 – Redwood St – missing southern segment Cajetan to Realigned Vine Dr
#18 – Redwood St – missing northern segment Realigned Vine to current
terminus
#21 – NECCO – primary “backbone” section from Pond to Vine Drive
#22 – NECCO – redevelopment system (upstream of Pond)
Note these are all Adequate Public Facility issues
More detail can be found in the attached portion of the City of Fort Collins staff report dated
August 7, 2012 for the Administrative Hearing listing the specific ways the Aspen Heights
project supports the North College Corridor Sub-area Plan.
The NECCO and transportation improvements will directly support both the URA Plan and
City Plan. Residential and employment growth are necessary in urban renewal before
retail/sales tax revenues can increase. Aspen Heights brings an immediate and large
increase in residents and future shoppers (potentially a total of 712) to the area.
Specifically, the project fulfills the vision of the North College Corridor Plan, an adopted
element of City Plan, by being located within the Targeted Redevelopment Area and by
adding housing units to the benefit of the trade area. In addition, the extensions of
Redwood Street, Blue Spruce Drive and Lupine Drive as public streets contribute to a more
complete street network, and the inclusion of housing along Conifer Street promotes the
viability of its designation as an Enhanced Travel Corridor. Construction of the first phase of
the NECCO also directly supports the Corridor Plan by installing major stormwater pipes
that can be utilized by other properties in the tributary area (see attached Storm Drainage
exhibit).
ATTACHMENT 1-A
Date modified 08/10
g. How will the project help eliminate slum and blight conditions? Improvements to public
infrastructure are a critical element at the front end of urban renewal efforts. Aspen Heights
will provide significant improvements to the stormwater and transportation systems serving
the North College area and help spark economic development in an area of the City that has
not kept pace with the City as a whole. Specifically the project will address the following:
o Defective or inadequate street layout – the project will add connections to remedy this
issue
o Deteriorated site or other public infrastructure – the plan notes the lack of an adequate,
coordinated drainage system, which this project will help to correct
o Inadequate public improvements or utilities – the project contributes to the creation of
an adequate drainage system and functional street network
o Substantial physical underutilization or vacancy of sites – the fact that this site remains
vacant in an otherwise urban area qualifies as helping to remediate this issue.
h. How will this project help achieve the URA goals of sustainability through green
building techniques? Please be specific how this project uses energy efficiency,
renewable resources, natural resource conservation techniques, stormwater low
impact design methods, or any other methods not listed. The project will comply with
the recently adopted Green Building Code. Only 8,856 sf of wetland area will need to be
disturbed. Because of the small size, city staff and the developer are discussing whether it
is better to replace the wetland on site or enhance another city related wetland project.
Much of the existing wetland is a narrow channel with limited wildlife habitat value. The
configuration of the replacement wetland will be a significant improvement with desirable
shrubs and grasses. The applicant is also proposing a dedication of the 1.84 acres of land
south of New Vine Drive to the city or the Old Town North HOA to enhance the habitat and
urban forest in the area. This vegetation will complement the plantings included in the
detention pond.
i. Please provide documentation and quantifiable results stating the proven methods or
effectiveness of the proposed sustainable features within the project. N/A
j. 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 Hearing
Officer issued a decision approving the PDP on August 16, 2012. The decision has been
appealed and will be heard by the City Council on October 30, 2012. Upon final PDP
approval, the developer will proceed immediately with a FDP, final plat and development
agreement. Private financing is being provided by a national financing institution and will be
completed by spring of 2013. Construction is anticipated to begin immediately upon final
approval and the provision of security. The first buildings are projected to be completed by
late 2013 and all buildings by the summer of 2014. Following the construction of the single
family homes and issuance of certificates of occupancy therefor, each will be eligible for
conversion to an extra occupancy rental house with increased tenant capacity.
Please provide any additional information that would be helpful to your application.
-------------------------------------AREA BELOW FOR URA STAFF USE ONLY--------------------------------------------
Date Received Project Number Project Manager
ATTACHMENT 1-A
Aspen Heights
URA Financial Request
09-14-2012
Revised 12-6-12
Revised 01-28-13
Breckenridge Land Acquisition, LP is the applicant for the proposed Aspen Heights residential
development on 31 acres at the southwest corner of Conifer and Redwood Streets. The PDP includes a
total of 220 dwelling units: 62 two-family units, 76 multi-family units and 82 single family homes for a
total of 597 bedrooms available for individual leasing. The single family homes are proposed for
conversion to extra occupancy rental houses after construction which will increase the total number of
leasable bedrooms in the development to 712. Total floor area of the buildings is approximately
428,000 square feet (not including the clubhouse).
A significant portion of the off- site public improvements are required to support regional transportation
and stormwater improvements being requested by the City. The off -site street improvements and
NECCO stormwater pipes also trigger tree removal and replacement and other environmental costs.
Street oversizing is also a component of the required financing for the project to be viable. That cost is
referenced in the attached drawings and summary tables along with the URA and stormwater
reimbursement amounts. Two key factors help explain the regional nature of the improvements and the
basis for URA support: many of the costs would not be needed “but for” the following:
The location of the City’s regional detention pond which serves much of the Northeast
College Corridor Outfall (NECCO) area ; and
The city’s chosen alignment of New Vine Drive which creates a 1.84 acre remnant that is
not economically viable to develop.
The specific improvements for which URA support is being requested are listed below and are reflected
on the enclosed drawings.
1. New Vine Drive- URA. The development could function with the existing access to Conifer and
Redwood Streets. However, the City is also requiring this project to build the initial phase of
New Vine Drive. Much of the New Vine Drive frontage being constructed by the project is
adjacent to the regional detention pond site owned by the City or the uneconomic remainder of
land. Another portion is adjacent to the Old Town North property which is in foreclosure and
not likely to make a third party reimbursement for several years. The applicant is seeking URA
support for those portions of New Vine Drive. The street improvements will also trigger tree
removal, upsizing and replacement costs for trees, plus prairie dog removal and mitigation costs.
2. Redwood Street-URA. The development itself does not trigger the need for the extension of
Redwood Street. A significant portion of Redwood Street is adjacent to the regional detention
ATTACHMENT 1-B
pond site. Another portion of Redwood Street is adjacent to the uneconomic remainder parcel.
Thirdly, a portion of Redwood Street is being constructed to complete the connection to existing
Redwood Street considerably south of the development. This completion of Redwood Street
(which becomes Linden at existing Vine Drive) is an important expansion of the regional
transportation system. It provides an alternate route to downtown and thus helps keep vehicles
off College Avenue. The construction of Redwood Street also triggers tree removal, upsizing and
replacement tree costs, plus prairie dog costs. The URA can seek third party reimbursement for
a portion of the street improvements from adjacent properties when they develop.
3. Northeast College Corridor Outfall (NECCO) URA- Stormwater Bridge Loan. The City has
purchased property to function as a regional detention pond which will eventually have a
capacity of 40 acre feet. Aspen Heights will build the first phase of the pond creating
approximately 5.4 acre feet of detention and a temporary outfall pipe. The outfall pipe being
installed by Aspen Heights can be used for a future interim expansion of the pond prior to the
major outfall pipe being installed. Much of the NECCO cost being incurred is for the installation
of stormwater pipes (up to 66 inches in diameter) that are not be needed by Aspen Heights. The
pipes are being installed at the time of the Aspen Heights development in order to minimize
future costs to the City. The Stormwater Utility staff and the applicant’s engineer have
developed a cost sharing allocation which is enclosed with this application. The NECCO
improvements also trigger tree removal, upsizing and replacement tree costs, the installation of
landscape plantings plus prairie dog removal and mitigation costs.
The NECCO costs not needed for Aspen Heights should ultimately be borne by the Stormwater
Utility and future development. However, the Utility cannot guarantee when Aspen Heights will
be reimbursed. The applicant is suggesting the URA commit to provide interim funding of the
NECCO related costs. This can be viewed as a bridge loan from the URA to the Stormwater
Utility. The language in the URA Redevelopment Agreement would also acknowledge that the
URA responsibility for the NECCO costs would be reduced or terminated when the Stormwater
Utility reimburses Aspen Heights. It is not possible for the development to proceed without a
clear understanding of the timing for reimbursement of the NECCO costs. The URA would
eventually be reimbursed by the Utility.
Summary. The applicant is requesting $792,166 in support from the URA for regional street
improvements and an additional $537,410 of support in the event the Stormwater Utility is not able to
reimbursement Aspen Heights for the NECCO improvements at the end of construction. The preliminary
calculations by the County (see attached) shows the tax increment to be $174,640. Assuming 15 years of
collection, the total Tax Increment would be approximately $2,619,600. The URA support for street
improvements represents approximately 30% of the TI. The temporary funding for NECCO
improvements represents approximately 20% of the TI but is expected to be much less if the
Stormwater Utility can reimburse some or all of the amount at the end of construction.
ATTACHMENT 1-B
Developer Third Party Reimb. Street Oversizing Fund Urban Renewal Auth. Stormwater Utility Dept. Totals
Road Improvements and Streetscape
- Physical Street & Utility Improvements $121,501 $0 $514,611 $699,910 $0 $1,336,022
- Street Landscaping $13,638 $0 $129,348 $63,756 $0 $206,742
- Dry Creek CLOMR / LOMR $0 $0 $0 $15,000 $0 $15,000
$135,139 $0 $643,959 $778,666 $0 $1,557,764
Stormwater Management Improvements
- NECCO Piping and Detention Basin $509,226 $0 $0 $0 $537,410 $1,046,636
$509,226 $0 $0 $0 $537,410 $1,046,636
Tree Removal and Replacement
- Tree Removal $300 $0 $0 $8,100 $0 $8,400
- Replacement Tree Upsizing $1,200 $0 $0 $5,400 $0 $6,600
$1,500 $0 $0 $13,500 $0 $15,000
Environmental Mitigation
- Prairie Dog Removal $15,827 $0 $0 $0 Included above $15,827
- Habitat Loss Compensation $28,110 $0 $0 $0 Included above $28,110
$43,936 $0 $0 $0 $0 $43,936
Totals $689,802 $0 $643,959 $792,166 $537,410 $2,663,337
Revisions from 12/06/12 Allocation Summary
1. "Local" portion of cost of sidewalk along south side of New Vine Drive, adjacent to Old Town North frontage, added to Urban Renewal Authority share of Road Improvement and
Streetscape costs.
2. "Street Oversizing" portion of cost of sidewalk along south side of New Vine Drive, adjacent to Old Town North frontage, added to Street Oversizing Fund share of Road Improvement
and Streetscape costs.
3. Costs of prairie dog removal and habitatloss compensation, within off-site street ROW, previously allocated to URA, transferred to Developer.
ALLOCATION SUMMARY OF OFF-SITE IMPROVEMENTS COSTS AND ENVIRONMENTAL MITIGATION COSTS
January 23, 2013
ASPEN HEIGHTS STUDENT HOUSING
ATTACHMENT 1-C
ATTACHMENT 1-C
ATTACHMENT 1-D
ATTACHMENT 1D
Neighborhood Character
Aspen Heights has the look and feel
of a residential neighborhood.
ATTACHMENT 1-E
ATTACHMENT 1F
ASPEN HEIGHTS TIF *2012/13 Mill levy subject to change, Approx values based on preliminary figures.
2013 TAX YEAR 2014 PAYABLE MILL LEVY* *
EXISTING PARCELS 90.778
2011/12 value PORTIONS LAND SIZE LAND VALUE IMP VAL TTL IMP $/SF LAND VALUE 2014 ASSMT RATE 2011 taxes 2012 taxes
EAST OF JAX SURPLUSVACANT LND 1,349,270 $2,698,540 $0 $2,698,540 $2.00 $8,770,255 29% $71,040.74 $71,040.74
*
TIF: ESTIMATED VALUE: tax increment
2013/2014 PORTIONS LAND SIZE LAND VALUE IMP VAL $/SF LAND VALUE 2014 ASSMT RATE TAX GUESTIMATE DIFFERENCE
ASPEN HGHTS multi family 1,349,270 $7,420,985 $26,579,015 $5.50 $34,000,000 7.96% $245,681.58 $174,640.84
$153,846 per unit
ASSESSMENT RATE CHANGES FROM VACANT LAND TO RESIDENTIAL USE
ATTACHMENT 1-G
ATTACHMENT 1-G
Company Profile
Aspen Heights is a national full service real estate development and management company headquartered in Austin, Texas.
Aspen Heights was founded in 2006 with the vision of revolutionizing student housing by creating an all-student
neighborhood of craftsman style homes with the convenience and amenities of a luxury apartment complex. With a staff of
over one hundred twenty employees, Aspen Heights is active in over a dozen markets across the country.
Product Overview
Aspen Heights’ product consists of four and five bedroom craftsman style
cottages, two and three bedroom duplexes, and three to six unit townhome
buildings. The product far exceeds the prevailing standard in the student
housing industry in attention to detail, luxury finishes, and bedroom size.
All bedrooms come with walk-in closets, attached bathrooms, and individual
leases. Aspen Heights is constantly in the process of designing new
concepts to diversify its offerings and improve the student living experience.
Current and Past Projects
Since 2008, Aspen Heights has financed fifteen projects totaling over $430
million in cost. This has been possible by raising of over $100 million in
equity funding, an ongoing process that continues to fuel future growth. As
shown below, Aspen Heights has ten projects currently under construction
or development, four of which will deliver in the Summer of 2012. The
remaining projects are slated to deliver in the Summer of 2013. All projects
have been 100% preleased upon delivery.
Year Market Entered Project Size
2007/2008 Baylor University 475 beds
2009 Texas A&M University 476 beds
2010 UT – San Antonio 288 beds
2011 Louisiana State University 308 beds
Texas State University 608 beds
2012 UT – San Antonio Phase 2 844 beds
Texas State University Phase 2 508 beds
University of Georgia 372 beds
Auburn University 600 beds
2013 Middle Tennessee State 750 beds
Georgia Southern University 1,087 beds
Clemson University 598 beds
University of Missouri 972 beds
James Madison University 600 beds
Oklahoma State University 756 beds
9,242 beds
ATTACHMENT 1-H
CONIFER STREET
“NEW VINE” DRIVE
SITE PLAN
ASPEN HEIGHTS
EVERGREEN
PARK
UNDEVELOPED
REMNANT
PARCEL
REGIONAL
DETENTION POND
AREA
DEVELOPABLE
AREA
DEVELOPABLE
AREA
CLUBHOUSE
AMENITY
AREA
CLUBHOUSE
AMENITY
AREA
CLUBHOUSE AMENITY AREA DEVELOPABLE AREA (ASPEN HEIGHTS)
- POOL
- SPORT COURT (BASKETBALL COURT)
- CLUBHOUSE
A - UNITS: TWO-FAMILY DETACHED UNIT
(2 BEDROOMS PER UNIT)
B - UNITS: TWO-FAMILY DETACHED UNIT
(3 BEDROOMS PER UNIT)
C - UNITS: 3, 4, 5 & 6 UNIT ROW HOMES
(2-3 BEDROOMS PER UNIT)
D - UNITS: SINGLE FAMILY DETACHED UNIT
(4 BEDROOMS)
E - UNITS: SINGLE FAMILY DETACHED UNIT
(4-5 BEDROOMS)
REGIONAL DETENTION POND AREA
UNDEVELOPED REMNANT PARCEL
LEGEND
ATTACHMENT 2
ATTACHMENT 2
ATTACHMENT 3
ATTACHMENT 3
ATTACHMENT 4
ATTACHMENT 4
ATTACHMENT 5
ATTACHMENT 5
ATTACHMENT 6
CAG Meeting
Clerk’s Conference Room
November 11, 2012
7:30‐8:30 am
Members Present: Neil, Don, Clark Mapes, Tim, Megan, Grant, Bridget, Mike Bello, Dean Hoag
Guests: Rich Shannon, 3 Company Representatives
9 Members present, 4 guests
Agenda Item #1: Aspen Heights Overview
An Aspen Heights Representative gave an overview of their company and the style of homes that they
intend to build. The Management Company is “in house”. The Aspen Heights project strives to keep
low density Land Use.
The representative gave an overview of the Aspen Heights project:
Location has a residential feel to it
Project site: all houses will face towards street or public ways, parking will be to the rear of
buildings
Pedestrian oriented
Neighborhood feel
31 total acres, developed 27.45 acres
Total number of dwellings 220, 597 total residents (712 with extra occupancy approval)
Parking – 759 off street parking (about 3 ½ per dwelling)
Consist of: Clubhouse, sports court and swimming pool
Improvements: reference (off site street improvements) URA assistance – asking for the
road/maintenance around the detention pond – which is un‐usable – potential of 3rd party
reimbursement. 26% of tax
Regional ponds, majority of detention will be in the detention pond. Some will have to have their own
smaller one, but one major. Pipes will be laid underneath. It is proposed that Storm Water utility would
reimburse URA through a bridge loan for this. Storm water might have more in the budget to help out.
Each area is paid for by certain departments – NECO ponds. Storm drainage is a bigger cost to the
developer than the benefit. URA is looking at full build out.
Q&A –
This is majority student housing: will not turn one away, but students living here want that
quieter feel and it’s a more residential feel that makes parents comfortable having their kids
here within the controlled environment
ATTACHMENT 6
Have not had problems filling with other locations, locations have been further out than this
location
Have arranged for bus stop
Accessible to downtown, shuttle service will be provided
Based on bedrooms and square foot. They are geared more to students because you pay per
bedroom
Agenda Item #2: Update on URA Budget: 2012
Tax Increment Revenue:
Budgeted: $913,815
Anticipated: $925,521
Interest: $109,500
A: $110,513
Loan Agreements:
NECCO Loan Agreements: $326,742 – NC Road $2.7 M
No redevelopment agreements
Bcc: building community
2013 Revenues:
$1,355,034
Expenses
$1,038,683
Reviewed: Existing loans
ACTION: Megan to bring financial forecast (or distribute)
Next Steps:
Question:
Midtown:
Capstone:
End date of URA – 2029
Cost be tracked for the mall – revenue will come; agreement will come to recover costs.
N. College Plan
ATTACHMENT 7
1
CAG Meeting
Clerk’s Conference Room
December 13th
7:30 – 8:30 am
Members Present:
Neil Mcaffrey, Andy Smith, Brigitte Schmidt, Larry Owen, Grant Sherwood, Don, Megan Bolin, Jim, Tim
Kenney, Mike Bellow, Dean Hoag, Bob Brown, Ben Manvel
Guests: Josh Birks, Chris Donegon
Aspen Heights Representatives: Rich Shannon, Deanne
Agenda Item 1: Aspen Heights and Overview of Financial Summary
Goal: To get a formal recommendation from CAG
Financial Request Summary
Project description: student housing project, 712 total bedrooms
1. Off‐site street improvements , URA to pay $764,156
Question: Is any of this reimbursable back to City when future development comes into play?
Answer: Yes: When Old Town North and the East Side are developed, we would get reimbursed.
There is concern over the open space area, what will happen with that? Will city take it on or will it
become a blighted area?
Dollars, in either case, the developer is coming in with the first dollars
2. Stormwater Detention Improvement, URA to pay & 558,187
a. Developer to pay: $547,385
3. Financial Request
a. Total Project Cost: $46,538,171
i. Projected actual value: $34,000,000
ii. Projected Annual Tax Increment: $174,641
b. Total Property Tax Increment Expected: TIF : $2,794,253
c. Total TIF Requested: $784,934
i. 28% of tax increment request
d. Potential Bridge Loan for NECCO Improvements: $537,410
(Does not include cost to finance)
ATTACHMENT 7
2
Tim expressed concern over the 28%, if reimbursement does not come through is this percentage going
to rise, and if so, is everyone comfortable with that? Josh gave an explanation of this process.
Rich Shannon gave the explanation of how the reimbursement is done; it is when your development
agreement is signed, not when the work is done. This agreement should be done within the next five
months, there is currently no other project in line of this scale to ask for reimbursement. The risk is very
low. There is writing in the code (land use code) that specifies how this is reimbursed.
There was a suggestion of having someone do a study of the Midtown Capstone Project and see what
the revenue increase was.
Comments:
Dean: Like the development, not asking to high of percentage, comfortable with the project.
Bob: Expressed concern about the increased traffic load and creating more rental properties.
o Response: Aspen Heights owns and maintains their properties, so the property is taken
care of and maintained.
Grant: Exciting project for this area, this can have only a positive effect on North College.
Mike: This project adds rooftops, will be good for North College, the scorecard does not seem
to be in favor, ownership is not Larimer County, but overall in favor, YES.
CSU: Students should be able to afford the asking price; this is no different than a 2 bedroom
apartment within Fort Collins.
Don: This land will be used, it has been sitting empty for years, a good project for North Fort
Collins and also a positive for North Fort Collins
Bridget: Vine and Lemay Intersection will be impacted
o Traffic impacts: majority will go to campus, 5% distribution was not significant enough
to warrant any improvements.
o Concern was on the cut through traffic, but the street is not being finished at this time,
so that is not relevant.
Don: Is this project going to contribute for an overpass on new vine?
Jim: Commitment for a Shuttle came up at last the CAG, it is in the proposal
Tim: Supports project
Bypass scorecard? The scorecard does not look as good as the project; do we bypass and just vote?
Voted to Bypass Scorecard: unanimous
Grant moved for approval, Tim second.
All in favor: Approved!
ACTION ITEM: Financial Report for next month
1
Aspen Heights
Redevelopment Agreement
URA Board
March 26, 2013
ATTACHMENT 8
2
Tonight’s Action
• Resolution to adopt a Redevelopment Agreement
between Breckenridge Land Acquisition, LP
(Developer) and the Fort Collins Urban Renewal
Authority (URA).
3
Project Description
• NW corner of Redwood
Street and re-aligned Vine
Drive
• 220 units, student-oriented
housing
• 62 duplexes
• 76 multi-family units
• 82 single-family units
• 712 bedrooms for
individual leasing
• Approved Project
Development Plan (PDP)
4
Off-site Street
Improvements
Completing
Building first Redwood Street
segment of re-
aligned Vine
Drive
5
Stormwater
Detention
Improvements
Northeast College
Corridor Outfall
(NECCO) Project
• Excavating 5.4
acre feet of pond
• Installing 4 pipes
6
Public Benefits
• Housing
– Accommodates student population
– Desired use for North College
– Housing type variety
• Public infrastructure
– Regional-serving
– Complete street network
– Priority, adequate public facility improvements
– Coordinated drainage system
City Plan
North College Corridor
Plan
North College
Infrastructure Funding
Plan
North College Existing
Conditions Survey
7
Financial Request
Total Project Cost $46,538,171
Projected Actual Value $34,000,000
Projected Annual Tax Increment $174,641
Total Property Tax Increment Expected $2,532,295*
TIF Requested $792,166**
% of Total Tax Increment Requested 30%
* Assumes 15 years of increment with zero growth.
** Does not include cost to finance.
8
Eligible Costs
Physical Street and Utility Improvements $699,910
Street Landscaping $63,756
Dry Creek CLOMR/LOMR $15,000
Tree Removal $8,100
Replacement Tree Upsizing $5,400
Total Eligible Costs $792,166
• TIF request = $792,166
• Road and streetscape improvements for re-aligned Vine
Drive and Redwood Street
9
TIF Reimbursement Structure
• Developer receives annual reimbursement
payments from actual tax increment revenue
• 10% increment retained by URA
• 90% increment reimbursed to Developer
– Eligible costs + 3.25% interest/year
Example: $170,000 annual increment collected
10% = $17,000 to URA
90% = $153,000 to Developer for eligible costs + interest
10
Key Reimbursement Points
• Developer must obtain C.O.s for at least 50% of
buildings before URA will make 1st
payment.
• URA may pre-pay the reimbursement at any time.
• If tax increment projection is accurate, would take
URA 7 years to fulfill reimbursement obligation.
• 10-year cap on reimbursement payments.
11
Financial Summary
Total Project Cost $46.5 Million
• Private Debt $35 Million
• Developer Equity $8.9 Million
• City Street Oversizing $639 K
• City Stormwater $537 K *
• URA TIF $894 K (35% of total increment)
($792 K eligible costs)
($101 K interest)
* URA may provide a loan to facilitate timely reimbursement
12
Bridge Loan
• Developer is eligible for $537,410 reimbursement
from Stormwater for NECCO piping.
• Timing of the reimbursement is uncertain.
• If needed, URA would provide a loan to ensure
timely reimbursement.
• Not addressed in the Redevelopment Agreement
and would require a separate action.
13
Recommendations
• North College Citizen Advisory Group (CAG)
unanimously recommends providing TIF.
• Staff recommends adoption of the Resolution.
14
Thank you
RESOLUTION NO. 052
OF THE BOARD OF COMMISSIONERS OF THE
FORT COLLINS URBAN RENEWAL AUTHORITY
APPROVING A REDEVELOPMENT AGREEMENT BETWEEN
THE FORT COLLINS URBAN RENEWAL AUTHORITY AND
BRECKENRIDGE GROUP FORT COLLINS COLORADO
FOR THE ASPEN HEIGHTS PROJECT
WHEREAS, Breckenridge Group Fort Collins Colorado (the “Applicant”) desires to
construct a new residential development with approximately 220 rental units for student-oriented
housing east of College Avenue, between Conifer Street and re-aligned Vine Drive (the “Project”);
and
WHEREAS, the Project is located within the boundaries of the Urban Renewal Plan Area
described in the Urban Renewal Plan for the North College Avenue Corridor (the “Urban Renewal
Plan”); and
WHEREAS, the Fort Collins Urban Renewal Authority (the “Authority”) is authorized
pursuant to Section 32-25-107(9), Colorado Revised Statutes, to fund projects utilizing property tax
increment generated by redevelopment within the Urban Renewal Plan Area; and
WHEREAS, in order to proceed with the Project certain public street and stormwater
infrastructure must be constructed; and
WHEREAS, Authority staff has worked with the Applicant to identify appropriate financial
assistance from the Authority that would enhance the likelihood that the Project will be built; and
WHEREAS, the Applicant estimates that the total private investment in the Project will be
approximately $46.5 million; and
WHEREAS, the Applicant has requested that the Authority provide a total of $1,329,576 in
assistance for public improvements that will not only address the impacts of the Project but will also
benefit the community at large; and
WHEREAS, the Authority calculates that the Project will generate approximately $174,641
annually in property tax increment; and
WHEREAS, Authority staff and the Applicant have discussed a financial assistance package
that includes reimbursing the Applicant for constructing public improvements that would normally
be the sole responsibility of the Applicant, with the potential for partial repayments from other
benefitted properties and partial reimbursements from the City for costs associated with regional
stormwater facilities; and
WHEREAS, Authority staff has prepared for the Board of Commissioners of the Authority
(the “Board”) a proposed agreement between the Authority and the Applicant that sets forth the
terms and conditions upon which financial assistance will be provided to the Applicant by the
Authority (the “Agreement”); and
WHEREAS, the Agreement is attached hereto as Exhibit “A” and incorporated herein by this
reference; and
WHEREAS, the Board believes that the Agreement is in the best interests of the Authority.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE FORT COLLINS URBAN RENEWAL AUTHORITY as follows:
Section 1. That the Board hereby finds that it is in the best interests of the Authority to
provide financial assistance to the Applicant pursuant to the terms and conditions contained in the
Agreement because the Project will, within the Urban Renewal Plan Area, improve the property and
sales tax base, enhance and build public infrastructure, eliminate blight and otherwise further the
purposes, goals, and objectives of the Urban Renewal Plan for the North College Avenue Corridor.
Section 2. That the Agreement is hereby approved, and the Executive Director is
authorized to execute the Agreement, subject to such modifications in form or substance as the
Executive Director may, in consultation with the Authority Attorney, deem desirable and necessary
to protect the Authority’s interests, or to further the purposes of the Urban Renewal Plan and this
Resolution.
Passed and adopted at a regular meeting of the Board of Commissioners of the City of Fort
Collins Urban Renewal Authority this 27th day of March A.D. 2013.
Chairperson
ATTEST:
Secretary
2‐22‐2012 – Redlined by JAM
REDEVELOPMENT AGREEMENT
ASPEN HEIGHTS
This Agreement is made and entered into effective as of the ___ day of _________, 2013,
by and between the Fort Collins Urban Renewal Authority, a body corporate and politic of the
State of Colorado (the “Authority”), and Breckenridge Group Fort Collins Colorado, a Texas
limited liability company (the “Developer”).
RECITALS
WHEREAS, on June 6, 1978, the City Council of the City adopted Resolution 78‐49,
adopting findings and establishing an urban renewal authority; and
WHEREAS, on December 21, 2004, the City Council of the City adopted Resolution
2004‐152, making findings and approving the Urban Renewal Plan for the North College
Avenue Corridor (the “Plan”); and
WHEREAS, the purpose of this Agreement is to eliminate blight and otherwise
implement and further the above‐referenced Resolutions, and the purposes, policies, goals, and
objectives of the Authority and the Plan, pursuant to the Colorado Urban Renewal Law, Part I
of Article 25 of Title 31, C.R.S. (the “Act”); and
WHEREAS, the Developer is under contract to acquire the Property as hereinafter
described; and
WHEREAS, the Property is within the Urban Renewal Area described in the Plan, and is
within the area in which property taxes have been divided pursuant to the Act and the Plan, in
order to create property tax increment to fund redevelopment and public improvement projects
of the Authority; and
WHEREAS, the Authority and the Developer wish to cooperate in the redevelopment of
the Property in furtherance of the Plan by entering into this Agreement.
AGREEMENT
NOW THEREFORE, in consideration of the promises and the mutual obligations of the
Parties and other good and valuable consideration, the receipt and adequacy of which are
acknowledged, the Parties agree as follows.
SECTION 1. DEFINITIONS
In this Agreement, unless a different meaning clearly appears from the context:
2
Act means the Colorado Urban Renewal Law, Part I of Article 25 of Title 31, C.R.S.
Agreement means this Agreement, as it may be amended or supplemented in writing.
References to Sections or Exhibits are to this Agreement unless otherwise qualified.
Building or Buildings mean one or more of the buildings identified in Exhibit A.
Certificate of Occupancy shall have the same meaning as set forth in the City Code.
Certificate of Valuation means the certification by the Larimer County Assessor’s Office to
determine predicted valuation of the Project once complete that is attached as Exhibit D.
Charter means the Municipal Charter of the City of Fort Collins.
City means the City of Fort Collins, Colorado.
City Code means the Municipal Code of the City of Fort Collins.
Commence Construction and Commencement of Construction mean the obtaining of a
development construction permit for the construction of the Public Improvements for the
Project, if the Developer diligently pursues the construction of the Public Improvements under
the permit in a manner necessary to Complete Construction of the Project.
Complete Construction and Completion of Construction with respect to the Public
Improvements mean acceptance by the City of the Public Improvements. With respect to any
Building, Complete Construction and Completion of Construction mean that: 1) construction of
the Building is complete in accordance with applicable laws, ordinances and regulations; and 2)
Certificate of Occupancy has been issued for the Building for its intended permitted use without
restrictions. With respect to the Project, Complete Construction and Completion of
Construction means that: 1) the Larimer County Assessor has certified that the real property
valuation for the Property has changed from vacant land to residential; and 2) construction of
all, or substantially all, Buildings that are part of the Project have been completed.
Control or Controlled by, with respect to any entity, means possession of the power to direct or
cause the direction of the management and policies of the entity, whether through the ownership
of the majority of voting securities, by contract, or otherwise.
Covenant Not to Protest means the Covenant Not to Protest the valuation of the Property for
real property tax purposes by the Larimer County Assessor required under Section 2.11.
3
Developer means Breckenridge Group Fort Collins Colorado, a Texas limited liability company,
and any successors and assigns as may be permitted under Section 2.9 of this Agreement or as
may be approved by the Authority.
Developer Financing means the financing described in Section 2.1.
Development Agreement means the Development Agreement for the Project, once the same has
been approved by the City.
Eligible Costs means the reasonable and necessary expenditures to design and construct the
Public Improvements as identified on Exhibit B incurred by the Developer subsequent to the
date of this Agreement, as certified by the Developer and, at the Authority’s option, verified by
an appropriate expert. Eligible Costs shall not include interest paid or accrued on any such
expenditures.
Eligible Costs Cap means the maximum amount of Eligible Costs reimbursable to the Developer
for the Public Improvements, in the amount of Seven Hundred and Ninety‐Two Thousand, One
Hundred and Sixty‐Six Dollars ($792,166.00), excluding interest to the extent the same is
reimbursable hereunder.
Final Development Plan means the Final Development Plan for the Project, once the same has
been approved by the City.
Land Use Code means the Land Use Code of the City of Fort Collins.
Party or Parties means a party or the parties to this Agreement, as first identified above.
Plan and Urban Renewal Plan mean the North College Urban Renewal Plan described in the
Recitals.
Pre‐Project Tax Base Amount means the amount deemed for the purposes of this Agreement to
be the taxes paid on the Property in 2012 before the construction of the Project, and certified as
such by the Larimer County Assessor’s Office as shown on Exhibit D, which the Parties agree
shall be $71,040.74.
Project means the design, construction and reconstruction of all improvements, infrastructure,
parking, streets, rights‐of‐way, buildings, structures, signage, and landscaping to be constructed
on the Property pursuant to the Final Development Plan and Development Agreement, and
includes, but is not limited to, the Public Improvements and Buildings.
Property means the real property legally described as follows:
4
A TRACT OF LAND LOCATED IN THE SOUTH HALF (S1/2) OF SECTION
ONE (1), TOWNSHIP SEVEN NORTH (T.7N.), RANGE SIXTY‐NINE WEST
(R.69W.) OF THE SIXTH PRINCIPAL MERIDIAN (6TH P.M.), CITY OF FORT
COLLINS, COUNTY OF LARIMER, STATE OF COLORADO, AND BEING
MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTH QUARTER CORNER OF SAID SECTION ONE
(1) AND ASSUMING THE SOUTH LINE OF SOUTHWEST QUARTER OF SAID
SECTION ONE (1) AS BEARING SOUTH 89°39ʹ23ʺ EAST BEING A GRID
BEARING OF THE COLORADO STATE PLANE COORDINATE SYSTEM,
NORTH ZONE, NORTH AMERICAN DATUM 1983/2007, A DISTANCE OF
2646.37 FEET WITH ALL OTHER BEARINGS CONTAINED HEREIN
RELATIVE THERETO;
THENCE ALONG THE CENTERLINE OF SAID SECTION ONE (1) NORTH
00°19ʹ18ʺ EAST A DISTANCE OF 719.83 FEET;
THENCE NORTH 56°45ʹ36ʺ WEST 79.29 FEET TO THE POINT OF BEGINNING,
SAID POINT OF BEGINNING LYING ON THE WEST RIGHT‐OF‐WAY LINE
OF REDWOOD STREET AS PLATTED IN THE REPLAT NO. 1 OF EVERGREEN
PARK FOUND AT RECEPTION NUMBER 85405, BOOK 1597, PAGE 128 IN
THE RECORDS OF THE LARIMER COUNTY CLERK AND RECORDER;
THENCE ALONG SAID WEST RIGHT‐OF‐WAY LINE NORTH 01°27ʹ22ʺ EAST
A DISTANCE OF 427.21 FEET TO THE BEGINNING POINT OF A CURVE,
NON‐TANGENT TO THE AFORESAID LINE ON THE PROPOSED NORTH
RIGHT‐OF‐WAY LINE OF EAST VINE DRIVE;
THENCE ALONG SAID PROPOSED RIGHT‐OF‐WAY LINE AND ALONG
THE ARC OF A CURVE CONCAVE TO THE NORTHWEST A DISTANCE OF
24.18 FEET, SAID CURVE HAS A RADIUS OF 15.00 FEET, A DELTA OF
92°22ʹ32ʺ AND IS SUBTENDED BY A CHORD THAT BEARS SOUTH 47°38ʹ38ʺ
WEST A DISTANCE OF 21.65 FEET TO A POINT OF TANGENCY (PT);
THENCE CONTINUING ALONG SAID PROPOSED RIGHT‐OF‐WAY LINE
NORTH 86°10ʹ06ʺ WEST A DISTANCE OF 196.14 FEET TO A POINT OF
CURVATURE (PC);
THENCE CONTINUING ALONG SAID PROPOSED RIGHT‐OF‐WAY LINE
AND ALONG THE ARC OF A CURVE CONCAVE TO THE NORTHEAST A
DISTANCE OF 425.84 FEET, SAID CURVE HAS A RADIUS OF 1442.50 FEET, A
DELTA OF 16°54ʹ52ʺ AND IS SUBTENDED BY A CHORD THAT BEARS
5
NORTH 77°42ʹ40ʺ WEST A DISTANCE OF 424.30 FEET TO A POINT OF
TANGENCY (PT);
THENCE CONTINUING ALONG SAID PROPOSED RIGHT‐OF‐WAY LINE
NORTH 69°15ʹ14ʺ WEST A DISTANCE OF 236.07 FEET TO A POINT OF
CURVATURE (PC);
THENCE CONTINUING ALONG SAID PROPOSED RIGHT‐OF‐WAY LINE
AND ALONG THE ARC OF A CURVE CONCAVE TO THE SOUTHWEST A
DISTANCE OF 31.99 FEET, SAID CURVE HAS A RADIUS OF 1132.50 FEET, A
DELTA OF 01°37ʹ07ʺ AND IS SUBTENDED BY A CHORD THAT BEARS
NORTH 70°03ʹ18ʺ WEST A DISTANCE OF 31.99 FEET;
THENCE NORTH 00°05ʹ41ʺ WEST ALONG A LINE NON‐TANGENT TO THE
AFORESAID CURVE A DISTANCE OF 333.30 FEET;
THENCE NORTH 90°00ʹ00ʺ EAST A DISTANCE OF 890.80 FEET TO
AFORESAID WEST RIGHT‐OF‐WAY LINE OF REDWOOD STREET;
THENCE ALONG SAID RIGHT‐OF‐WAY LINE NORTH 01°27ʹ22ʺ EAST A
DISTANCE OF 403.16 FEET TO A POINT OF CURVATURE (PC);
THENCE CONTINUING ALONG SAID RIGHT‐OF‐WAY LINE ALONG THE
ARC OF A CURVE CONCAVE TO THE SOUTHWEST A DISTANCE OF 194.93
FEET, SAID CURVE HAS A RADIUS OF 358.85 FEET, A DELTA OF 31°07ʹ26ʺ
AND IS SUBTENDED BY A CHORD THAT BEARS NORTH 14°06ʹ21ʺ WEST A
DISTANCE OF 192.54 FEET TO A POINT OF TANGENCY (PT);
THENCE CONTINUING ALONG SAID RIGHT‐OF‐WAY LINE NORTH
29°40ʹ04ʺ WEST A DISTANCE OF 62.81 FEET TO A POINT OF CURVATURE
(PC);
THENCE CONTINUING ALONG SAID RIGHT‐OF‐WAY LINE AND ALONG
THE ARC OF A CURVE CONCAVE TO THE NORTHEAST A DISTANCE OF
230.03 FEET, SAID CURVE HAS A RADIUS OF 439.09 FEET, A DELTA OF
30°01ʹ03ʺ AND IS SUBTENDED BY A CHORD THAT BEARS NORTH 14°39ʹ33ʺ
WEST A DISTANCE OF 227.42 FEET TO A POINT OF REVERSE CURVATURE
(PRC);
THENCE ALONG SAID RIGHT‐OF‐WAY LINE OF REDWOOD STREET
TURNING INTO THE RIGHT‐OF‐WAY LINE OF CONIFER STREET AS
PLATTED IN THE AFORESAID REPLAT NO. 1 OF EVERGREEN PARK AND
ALONG THE ARC OF A CURVE CONCAVE TO THE SOUTHWEST A
6
DISTANCE OF 23.49 FEET, SAID CURVE HAS A RADIUS OF 15.00 FEET, A
DELTA OF 89°43ʹ59ʺ AND IS SUBTENDED BY A CHORD THAT BEARS
NORTH 44°31ʹ01ʺ WES T A DISTANCE OF 21.16 FEET TO A POINT OF
TANGENCY (PT);
THENCE CONTINUING ALONG SAID RIGHT‐OF‐WAY LINE OF CONIFER
STREET NORTH 89°23ʹ00ʺ WEST A DISTANCE OF 0.52 FEET TO A POINT OF
CURVATURE (PC);
THENCE CONTINUING ALONG SAID RIGHT‐OF‐WAY LINE AND ALONG
THE ARC OF A CURVE CONCAVE TO THE SOUTHEAST A DISTANCE OF
77.86 FEET, SAID CURVE HAS A RADIUS OF 185.87 FEET, A DELTA OF
24°00ʹ00ʺ AND IS SUBTENDED BY A CHORD THAT BEARS SOUTH 78°37ʹ00ʺ
WEST A DISTANCE OF 77.29 FEET TO A POINT OF TANGENCY (PT);
THENCE CONTINUING ALONG SAID RIGHT‐OF‐WAY LINE SOUTH
66°37ʹ00ʺ WEST A DISTANCE OF 325.35 FEET TO A POINT OF CURVATURE
(PC);
THENCE CONTINUING ALONG SAID RIGHT‐OF‐WAY LINE AND ALONG
THE ARC OF A CURVE CONCAVE TO THE NORTHWEST A DISTANCE OF
223.74 FEET, SAID CURVE HAS A RADIUS OF 540.00 FEET, A DELTA OF
23°44ʹ22ʺ AND IS SUBTENDED BY A CHORD THAT BEARS SOUTH 78°29ʹ11ʺ
WEST A DISTANCE OF 222.14 FEET TO A POINT OF TANGENCY (PT);
THENCE CONTINUING ALONG SAID RIGHT‐OF‐WAY LINE NORTH
89°38ʹ38ʺ WEST A DISTANCE OF 635.41 FEET;
THENCE SOUTH 00°21ʹ22ʺ WEST A DISTANCE OF 1067.73 FEET;
THENCE SOUTH 89°31ʹ07ʺ EAST A DISTANCE OF 486.23 FEET;
THENCE SOUTH 56°45ʹ36ʺ EAST A DISTANCE OF 1033.71 FEET TO THE
POINT OF BEGINNING.
Public Improvements means the improvements or activities and undertakings listed in Exhibit
B that the Developer will construct in accordance with this Agreement, for design and
construction of which the Eligible Costs will be incurred. The Parties acknowledge that some or
all of the Public Improvements will be constructed by the Developer on land outside the
boundaries of the Property.
7
Reimbursement Cap means the maximum Reimbursement Obligation of Eight Hundred and
Ninety‐Four Thousand, Two Hundred and Eighty‐Seven Dollars ($894,287.00), subject to the
conditions and limitations as provided in Section 3.1.
Reimbursement Obligation means the obligation of the Authority to reimburse the Developer
for the Eligible Costs in accordance with Section 3.1.
Related Entity means any entity that is wholly owned or Controlled by the Developer. For
purposes of this definition, the term “owned” means the ownership of 100% of the ownership
interests in the entity; and the term “Controlled” shall have the meaning hereinabove set forth.
Schedule of Performance means the schedule that governs the times for the performance by the
Developer and the Authority attached hereto as Exhibit C.
Urban Renewal Area means all of the area of real property, including public rights of way
within the boundaries of the Urban Renewal Project as described and delineated in the Plan.
SECTION 2. DEVELOPER OBLIGATIONS
2.1 Developer Financing. The Developer agrees to provide the Developer Financing
currently expected to consist of approximately $8.9 million of Developer equity and $37.5
million in construction loans. The terms of the Developer Financing must be consistent with the
requirements of this Agreement and adequate to Complete Construction of the Project in
accordance with this Agreement and by the date specified in the Schedule of Performance.
Subject to obtaining Developer Financing, the Developer represents and agrees that it has the
financial and legal ability and can bear the economic risk of financing and achieving
Completion of Construction of the Project, the costs of which are to be paid in accordance with
the terms and conditions of this Agreement and the approved construction documents. The
Authority acknowledges that the terms and conditions of the Developer Financing will be
determined by separate agreements and instruments to which the Authority will not be a party,
which agreements and instruments shall not alter or affect the respective rights and obligations
of the Developer and the Authority under this Agreement. Accordingly, the Authority
acknowledges, subject to the foregoing, that the Developer and other parties to the Developer
Financing are entitled to establish, modify or amend the terms of the Developer Financing,
without the consent of the Authority.
2.2 Demolition, Clearance and Preparation of the Property. The Developer will demolish
and clear any existing improvements from the Property and prepare the Property for
construction of the Project. This work shall be performed in accordance with the requirements
of all applicable laws, rules, and regulations, including those of the City.
2.3 Design and Construction of the Project. The Developer is responsible for obtaining and
reviewing all information that the Developer believes is necessary or desirable to fulfill its
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obligations under this Agreement. Subject to obtaining the Developer Financing, the Developer
agrees to construct the Project in accordance with this Agreement. The Schedule of Performance
sets forth the inside and outside dates for obtaining Developer Financing and Completion of
Construction of the Public Improvements, Buildings, and the Project. The Developer, subject to
the approval of the Authority, which approval shall not be unreasonably withheld, conditioned
or delayed, shall have sole responsibility for the design, development and construction of the
Public Improvements, the Buildings, and the Project, including without limitation, design,
construction, selection, and supervision of any architects, engineers, and consultants. For
construction of the Project, the Developer agrees to select contractors that the Developer’s
architect deems qualified by experience to construct a Project of this quality and caliber.
Regardless of the costs incurred by the Developer for the Project, the Authority’s
Reimbursement Obligation shall not exceed the Reimbursement Cap.
2.4 Approval of the Construction Documents and Modifications to the Final Development
Plan. The Developer shall prepare and obtain the approval of the City and the Authority,
including, but not limited to, the City’s development review process and independent review
by the Authority, of all construction documents related to construction of the Project and the
Final Development Plan. Approval by the Authority shall not be unreasonably withheld,
conditioned or delayed.
2.5 Construction of the Public Improvements. Subject to obtaining the Developer Financing,
the Developer shall Commence Construction and Complete Construction of the Public
Improvements in accordance with the City’s reasonable and applicable standards and
requirements. These activities will occur on or before the dates specified in the Schedule of
Performance. All construction activities shall conform to all applicable laws, codes, ordinances,
and policies, including, but not limited to, those of the City.
2.6 Property Ownership. Developer agrees to have the Property purchased and titled in its
name as Owner, or in the name of a Related Entity as Owner, no later than the date set forth in
the Schedule of Performance, and specifically acknowledges that the failure to do so will result
in the immediate and automatic termination of this Agreement. In the event of such
termination, the parties shall have no further right or obligations hereunder, and each shall bear
any costs incurred in performance of this Agreement.
2.7 Books and Accounts; Financial Statement. The Developer will keep, or cause to be kept,
proper and current books and accounts in which complete and accurate entries shall be made of
amounts paid out, and such other calculations, allocations and payments as are necessary to
construct the Project.
2.8 Inspection of Records. All books, records and reports in the possession of the Developer
relating to the Project shall at all reasonable times and subject to twenty‐four (24) hours advance
notice be open to inspection (at Authority expense) by such accountants or other agents as the
Authority may from time to time designate.
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2.9 Restrictions on Assignment and Transfer. Except as hereinafter permitted, prior to
Completion of Construction of the Project the Developer shall not assign or transfer all or any
part of or any interest in this Agreement or the Property without the prior written approval of
the Authority, which approval shall not be unreasonably withheld, conditioned or delayed. For
the purposes of this Agreement (a) an assignment or transfer shall include a change in the
identity of the parties in Control of the Developer, and (b) unreasonably withheld, conditioned
or delayed shall mean failing to approve within ten business days without identifying
legitimate concerns of the Authority related to, but not limited to, the generation of tax
increment, the capacity of the assignee or transferee to Complete Construction, and the
preservation and promotion of the Plan. The Developer shall, upon the Developer’s gaining of
knowledge thereof, promptly notify the Authority of any and all changes whatsoever in the
identity of the parties in Control of the Developer, or the degree thereof. No voluntary or
involuntary successor in interest of the Developer shall acquire any rights or powers under this
Agreement except as expressly set forth herein. Approval of an assignment or transfer by the
Authority shall not relieve the Developer of its obligations hereunder to Complete Construction
of the entire Project, unless the Authority agrees in writing. The foregoing Restriction on
Assignment and Transfer shall terminate upon Completion of Construction of the Project.
Notwithstanding the foregoing, subject to receipt and approval of all relevant
documents confirming such transfer or assignment, the Developer may: (i) assign this
Agreement and transfer the Property to a Related Entity of the Developer; (ii) collaterally assign
its right to receive reimbursement under this Agreement to any lender that provides all or any
portion of the Developer Financing, provided that any document assigning the Developer’s
right to receive reimbursement hereunder shall specifically provide that no reimbursement will
be made by the Authority unless and until Completion of Construction of the entire Project by
the Developer in accordance with the terms of this Agreement; (iii) enter into a contract to sell
all or a portion of the Project upon Completion of Construction of the entire Project, provided
that a closing of any such sale may not occur prior to Completion of Construction of the entire
Project by the Developer without the Authority’s consent. Except when a permitted assignee
expressly assumes such obligation, any permitted assignment of this Agreement or transfer of
the Property shall not relieve the Developer of its obligation to complete Construction of the
entire Project pursuant to the terms of this Agreement.
2.10 Progress Reports. Until Completion of Construction of the Project the Developer shall
make reports in such detail and at such times as the Authority may reasonably request as to
Developer’s progress with respect to the Commencement of Construction, the progress of
construction and the Completion of Construction as described in the Schedule of Performance.
2.11 Protesting the Actual Value Determined by the Larimer County Assessor/Condition
Precedent. The Developer, including any assignees and successors, agrees and acknowledges
that the Reimbursement Obligation is funded by the Larimer County Assessor’s collection of
property taxes. Consequently, Developer, and any assignees or successors, agrees that from the
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date of this Agreement through December 31, 2029, if the Actual Value determined by the
Larimer County Assessor is at or below the value set forth in the Certificate of Valuation (the
“Valuation”) relied on by the Authority, and attached to this Agreement as Exhibit D, it will not
protest the Actual Valuation of the Property determined by the Larimer County Assessor in an
effort to reduce the property tax for the Property. If Developer, or any assignee or successor,
either (i) protests the Actual Value when it is at or below the value set forth in the Valuation, or
(ii) protests the Actual Valuation and succeeds in reducing it to an amount less than the
Valuation, the Authority’s Reimbursement Obligation will be reduced proportionally
commensurate with the reduction in Actual Value. The Developer will file a covenant with the
Larimer County Clerk and Recorder reflecting this representation and agreement (“the
Covenant Not to Protest”) upon the execution of this Agreement. The Authority shall have no
obligation arising under this Agreement until the Covenant Not to Protest has been so recorded.
In the event this Agreement is terminated for any reason whatsoever, the Covenant Not
to Protest shall immediately and automatically terminate, become null and void, and be of no
further force or effect. Upon termination of this Agreement, the Authority shall execute,
acknowledge and deliver to the Developer such documents or instruments as may be necessary
or reasonably required by a title company to delete and remove the Covenant Not to Protest
from the chain of title to the Property.
SECTION 3. AUTHORITY OBLIGATIONS
3.1 Reimbursement Obligation/Reimbursement Cap. The Authority agrees to reimburse the
Developer for the Eligible Costs incurred and certified by the Developer, as more specifically
provided herein, together with interest on such Eligible Costs, to the extent specifically
provided herein (the “Reimbursement Obligation”). If, as presently contemplated by the parties,
the contingencies and requirements described in this Agreement are satisfied, the Authority will
reimburse to the Developer One Hundred Percent (100%) of the Eligible Costs incurred, up to
the total amount of Seven Hundred Ninety‐Two Thousand, One Hundred and Sixty‐Six Dollars
($792,166.00) (the “Eligible Costs Cap”), together with interest thereupon, as provided below,
up to a total maximum payment to the Developer of Eight Hundred Ninety‐Four Thousand,
Two Hundred and Eighty‐Seven Dollars ($894,287.00) (the “Reimbursement Cap”).
3.2 Conditions for Reimbursement.
3.2.1 The Reimbursement Obligation is contingent upon Completion by the Developer
of the Public Improvements. If this requirement is not met by the Outside Date
specified in the Schedule of Performance attached hereto as Exhibit C, the
Authority shall have no Reimbursement Obligation to the Developer and this
Agreement shall be deemed null and void.
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3.2.2 The Reimbursement Obligation is further contingent upon Completion by the
Developer of Fifty Percent (50%) of the Buildings comprising the Project, which
shall be deemed, for the purpose of this Agreement, to mean obtaining
Certificates of Occupancy for no fewer than sixty‐six (66) residential Buildings
within the Project. If this requirement is not met by the Outside Date specified in
the Schedule of Performance attached hereto as Exhibit C, the Authority shall
have no Reimbursement Obligation to the Developer and this Agreement shall
be deemed null and void.
3.2.3 The Reimbursement Obligation is further contingent upon verification by the
Authority that all insurance requirements set forth in Section 4, below, have been
met and kept current. The Authority may delay payment of any Reimbursement
Payment (as defined below) due, without accruing additional interest on the
amount of such Payment, until the Developer provides reasonable evidence of
full compliance with the insurance requirements.
3.2.4 The Reimbursement Obligation is limited to reimbursement for Eligible Costs for
the specified Public Improvements, as set forth in Exhibit B, together with
interest as provided below. The Developer shall provide documentation of the
Eligible Costs using forms provided by the Authority. If this requirement is not
met by the Outside Date specified in the Schedule of Performance attached
hereto as Exhibit C, the Authority shall have no Reimbursement Obligation to
the Developer and this Agreement shall be deemed null and void. After the
Developer has submitted all required documentation of the Eligible Costs, the
Authority shall review the documentation, and may arrange for verification and
review of costs by an appropriate expert. In order for final documentation of
Eligible Costs to be considered complete, the Developer must provide to the
Authority lien waivers and releases for labor and materials provided for the
Project. Upon completion of such review and verification, the Authority shall
notify the Developer of the Authority’s determination of eligibility, and the costs
determined to be Eligible Costs shall be considered reimbursable hereunder.
3.3 Payment of Reimbursement. After the Developer has completed performance of the
Conditions for Reimbursement as described in Section 3.2, the Authority shall pay to the
Developer the Reimbursement Obligation, as follows:
3.3.1 No later than January 31st of each calendar year after the Conditions for
Reimbursement have been met, the Authority shall pay to the Developer Ninety
Percent (90%) of the property tax increment determined by the Authority to have
been generated by the Project on the Property and paid during the preceding
calendar year (the “Reimbursement Payment”). The tax increment generated by
the Project on the Property and paid in the preceding calendar year shall be
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calculated by subtracting the Pre‐Project Tax Base Amount from the total amount
of property taxes paid in that year.
3.3.2 A portion of the Reimbursement Payment shall constitute interest on the Eligible
Costs. Such interest shall be paid at a rate of Three and One‐Quarter Percent
(3.25%) per annum. The first Reimbursement Payment shall include interest on
the Eligible Costs from the date on which the Conditions for Reimbursement
have been met. All subsequent payments shall include interest for the preceding
year on the principal amount of Eligible Costs then unpaid. A schedule
illustrating estimated Reimbursement Payments is provided as Exhibit E, for
illustration purposes only.
3.3.3 The total of all Reimbursement Payments shall not exceed the Reimbursement
Cap. The Authority shall continue to annually pay to the Developer a
Reimbursement Payment until the earlier of either: 1) the full payment of the
Reimbursement Obligation up to the Reimbursement Cap; or 2) February 1, 2025.
Upon the occurrence of either of these events, the Authority shall have no further
obligation to the Developer for reimbursement hereunder.
3.4 Authority Right to Pre‐Pay. The Authority reserves the right to pre‐pay any amount
due hereunder without penalty, in its discretion.
3.5 Possible Authority Temporary Loan. The Authority acknowledges that the Developer is
required by the City, as a condition of approval of the Project, to install the first phase of the
City’s regional drainage improvement project for the Northeast College Corridor Outfall
(“NECCO”), and that in accordance with the City Code the City’s Stormwater Utility will
reimburse the Developer for certain costs incurred in constructing such NECCO improvements.
The Authority further acknowledges that such City Stormwater reimbursements are subject to
the appropriation of funds sufficient and intended therefor by the City Council and that, in the
event that the City Stormwater reimbursements are not fully appropriated and paid to the
Developer upon Developer’s completion of the required NECCO improvements, the Authority
agrees to work in good faith with the City to arrange a temporary Authority loan for the
purpose of expediting the payment of Stormwater reimbursements to the Developer, subject to
applicable legal constraints and requirements and subject to the approval of the City Council in
its sole discretion.
3.6 Limitation. The Authority shall not enter into any agreement or transaction that impairs
the rights of Developer under this Agreement, including, without limitation, the right to receive
reimbursement for the Eligible Costs allocated to it in accordance with the procedures
established in this Agreement; provided, however, nothing herein shall preclude the Authority
from entering into other financial obligations, or other financial obligations with regard to the
Project, so long as the Authority in its reasonable discretion concludes that its actions do not
and will not in the future interfere with its obligations hereunder.
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SECTION 4. INSURANCE AND INDEMNIFICATION
4.1 Insurance. At all times while the Developer is engaged in preliminary work on the
Property or adjacent streets and during the period from the Commencement of Construction
until Completion of Construction of the Project, the Developer shall carry, or cause its general
contractor to carry, and, upon request, will provide to the Authority certificates of insurance as
follows:
a. Builder’s risk insurance (with a deductible not to exceed $5,000) in an
amount equal to 100% of the projected replacement value of the Improvements at
the date of Completion of Construction;
b. Comprehensive general liability insurance (including operations,
contingent liability, operations of subcontractors, completed operations, and
contractual liability insurance) and umbrella liability insurance with a combined
single limit for both bodily injury and property damage of not less than
$1,000,000. Such insurance may carry a deductible in an amount not to exceed
$10,000 per claim for property damage and $5,000 per claim for employee
benefits; and
c. Worker’s compensation insurance, with statutory coverage, including the
amount of deductible permitted by statute.
All such insurance policies shall be issued by responsible companies selected or approved by
the Developer, subject to the reasonable Approval of the Authority and the City. Prior to
Commencement of Construction, the Developer shall deliver to the Authority and the City
policies or certificates evidencing or stating that such insurance is in force and effect. Each
policy shall contain a provision that the insurer shall not cancel or modify it without giving
written notice to the Developer and to the Authority and the City at least 30 days before the
date the cancellation or modification becomes effective and shall name the Authority and the
City as additional insureds, specifying that the insurance shall be treated as primary insurance.
4.2 Indemnification. The Developer shall defend, indemnify, assume all responsibility for
and hold the Authority, the Authority’s commissioners, the City, the City’s council members,
and the officers and employees of the City and the Authority harmless (including, without
limitation, for attorneys’ fees and costs) from all claims or suits for and damages to property
and injuries to persons, including accidental death, that may be caused by acts or omissions of
the Developer under this Agreement or in connection with the Project, whether such activities
are undertaken by the Developer or anyone directly or indirectly employed by or under
contract to the Developer and whether such damage shall accrue or be discovered before or
after termination of this Agreement.
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SECTION 5. REPRESENTATIONS AND WARRANTIES
5.1 The Developer represents and warrants as follows:
a. The Developer is a limited liability company under no disability that is
qualified to do business in the State of Colorado, and has the legal capacity and
the authority to enter into and perform its obligations under this Agreement. The
Developer has duly authorized the execution, delivery and performance of this
Agreement;
b. The execution and delivery of this Agreement and such documents and
the performance and observance of their terms, conditions and obligations have
been duly and validly authorized by all necessary action to make this Agreement
and such documents and such performance and observance are valid and
binding upon the Developer;
c. To the Developer’s current, actual knowledge, after reasonable inquiry,
the execution and delivery of this Agreement and the documents required
hereunder and the consummation of the transactions contemplated by this
Agreement will not:
i. conflict with or contravene any law, order, rule or regulation applicable
to the Developer or to its governing documents,
ii. result in the breach of any of the terms or provisions or constitute a
default under any agreement or other instrument to which the Developer is a
party or by which the Developer may be bound or affected, or
iii. permit any party to terminate any such agreement or instruments or to
accelerate the maturity of any indebtedness or other obligation of the
Developer;
d. To the Developer’s current, actual knowledge, after reasonable inquiry,
there is no litigation, proceeding, initiative, referendum, or investigation or
threat or any of the same contesting the powers of the Authority, the City, the
Developer with respect to this Agreement that has not been disclosed in writing
to the Authority; and
e. The Developer has the necessary legal ability to perform its obligations
under this Agreement and has the necessary financial ability, through borrowing
or otherwise, to construct the Public Improvements, the Buildings and the
Project, subject to the terms and conditions of this Agreement. This Agreement
constitutes a valid and binding obligation of the Developer, enforceable
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according to its terms, except to the extent limited by bankruptcy, insolvency and
other laws of general application affecting creditors’ rights and by equitable
principles, whether considered at law or in equity.
5.2 The Authority represents and warrants as follows:
a. The Authority is an urban renewal authority duly organized and existing
under applicable law and has the right, power, legal capacity, and the authority
to enter into the Agreement and has authorized the execution, delivery and
performance of this Agreement by proper action of its Board of Commissioners;
b. To the Authority’s current, actual knowledge, after reasonable inquiry,
the Authority knows of no litigation or threatened litigation, proceeding or
investigation contesting the powers of the Authority or its officials with respect
to the Project, this Agreement, or the Public Improvements that has not been
disclosed to the Developer;
c. To the Authority’s current, actual knowledge, after reasonable inquiry,
the execution and delivery of this Agreement and the documents required
hereunder and the consummation of the transactions contemplated by this
Agreement will not:
i. conflict with or contravene any law, order, rule or regulation applicable
to the Authority or to its governing documents,
ii. result in the breach of any of the terms or provisions or constitute a
default under any agreement or other instrument to which the Authority
is a party or by which it may be bound or affected, or
iii. permit any party to terminate any such agreement or instruments or to
accelerate the maturity of any indebtedness or other obligation of the
Authority; and
d. This Agreement constitutes a valid and binding obligation of the
Authority, enforceable according to its terms, except to the extent limited by
bankruptcy, insolvency and other laws of general application affecting creditors’
rights and by equitable principles, whether considered at law or in equity. The
Authority will defend the validity of this Agreement in the event of any litigation
arising hereunder that names the Authority as a party or which challenges the
authority of the Authority to enter into or perform its obligations hereunder.
SECTION 6. DEFAULT AND REMEDIES
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6.1 Default by Developer. Default by Developer under the Agreement shall mean one or
more of the following events:
a. The Developer fails to obtain the Developer Financing as required and set
forth in the Schedule of Performance;
b. The Developer, in violation of Section 2.9 of this Agreement, assigns this
Agreement or transfers any part of the Property, or any rights in the same;
c. There is any change in Control of the Developer or in the identity of the
parties in Control of the Developer that violates this Agreement;
d. The Developer fails to provide the approved construction documents in
accordance with this Agreement;
e. The Developer fails to Commence Construction within a reasonable
period of time after: (i) approval of the Final Development Plan, final
construction drawings and issuance of permits by the City; (ii) funding of the
Developer Financing and (iii) approval of revisions to the flood plain maps by
FEMA; but in no event shall Developer fail to Commence Construction later than
the Outside Deadline required by the Schedule of Performance;
f. The Developer fails to purchase the Property by the Outside Deadline
required in the Schedule of Performance;
g. The Developer fails to complete its obligations by the Outside Deadlines
that are contained in the Schedule of Performance;
h. The Developer fails to materially observe or perform any other covenant,
obligation or agreement required of it under this Agreement; or
i. The Developer attempts to protest the actual value of the Property with
the Larimer County Assessor in violation of this Agreement or the terms of the
Covenant Not to Protest required under Section 2.11.
If any Default is not cured within the time provided in Section 6.3 then the Authority may
exercise any remedy available under this Agreement.
6.2 Default by the Authority under the Agreement shall mean one or more of the following
events:
a. The Authority fails to pay the Eligible Costs in violation of this
Agreement; or
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b. The Authority fails to materially observe or perform any covenant,
obligation or agreement required of it under the Agreement.
6.3 Grace Periods. Upon a Default by either Party, that Party shall, upon written notice from
the non‐defaulting Party, proceed diligently to cure or remedy the Default and, in any event,
the Default shall be cured within 30 days (60 days if the Default relates to the Outside Deadline
for Completion of Construction) after receipt of such notice, or the cure shall be commenced
and diligently pursued to completion within a reasonable time if curing cannot be reasonably
accomplished within 30 days, or 60 days if the Default relates to the Outside Deadline for
Completion of Construction.
6.4 Remedies on Default. Whenever any Default occurs and is not cured under Section 6.3,
the non‐defaulting Party may take any one or more of the following actions:
a. Suspend performance under this Agreement until it receives assurances
from the defaulting Party, deemed reasonably adequate by the non‐defaulting
Party, that the defaulting Party will cure its default and continue its performance
under this Agreement;
b. Cancel and rescind the Agreement; provided, however, that if the default
is related to Developer failing to meet an Outside Deadline in the Schedule of
Performance, Developer will have an additional 30 days (60 days if the Default
relates to an Outside Deadline for Completion of Construction) to cure prior to
the Authority seeking this remedy; or
c. Take whatever legal or administrative action or institute such
proceedings as may be necessary or desirable in its opinion to enforce observance
or performance of this Agreement, including, without limitation, specific
performance or to seek any other right or remedy at law or in equity, including
damages.
6.5 Delays; Waivers. Any delay by either Party in instituting or prosecuting any actions or
proceedings or otherwise asserting its rights under the Agreement shall not operate as a waiver
of such rights or deprive it of or limit such rights in any way. No waiver in fact made by a Party
with respect to any specific default by the other Party under the Agreement shall be considered
or treated as a waiver of the rights with respect to any other defaults by the other Party under
the Agreement or with respect to the particular default except to the extent specifically waived
in writing. It is the intent of the Parties that this provision will enable each Party to avoid the
risk of being limited in the exercise of the remedy provided in the Agreement by waiver, laches
or otherwise in the exercise of such remedy at a time when it may still hope to resolve the
problems created by the default involved.
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6.6 Enforced Delays. Any delays in or failure of performance by any Party of its obligations
under this Agreement shall be excused if such delays or failure are a result of acts of God, fires,
floods, strikes, labor disputes, accidents, regulations, order of civil or military authorities,
shortages of labor or materials, or other causes, similar or dissimilar, that are beyond the control
of such Party.
6.7 Rights and Remedies Cumulative. The rights and remedies of the Parties to the
Agreement are cumulative, and the exercise by either Party of any one or more of such remedies
shall not preclude the exercise by it, at the same or different times, of any other such remedies
for any other default or breach by any other Party.
SECTION 7. MISCELLANEOUS
7.1 Conflicts of Interest. None of the following shall have any personal interest, direct or
indirect, in the Agreement: A member of the governing body of the Authority or of the City; an
employee of the Authority or of the City who exercises responsibility concerning the Project, or
an individual or firm retained by the City or the Authority who has performed consulting
services in connection with the Project. None of the above persons or entities shall participate in
any decision relating to the Agreement that affects his or her personal interests or the interests
of any corporation, partnership or association in which he or she is directly or indirectly
interested.
7.2 Antidiscrimination. The Developer, for itself and its successors and assigns, agrees that
in the construction of the Public Improvements, the Buildings and the Project provided for in
the Agreement and in the use and occupancy of the Property, the Developer will not
discriminate against any employee or applicant for employment otherwise qualified because of
race, color, creed, religion, sex, sexual orientation, age, disability (subject to the availability of a
reasonable accommodation of the disability), marital status, ancestry, or national origin.
7.3 Title of Sections. Any titles of the several parts and sections of the Agreement are
inserted for convenience of reference only and shall be disregarded in construing or interpreting
any of its provisions.
7.4 No Third‐Party Beneficiaries. No third‐party beneficiary rights are created in favor of
any person not a party to the Agreement. The parties acknowledge that rights hereunder may
be assigned or transferred pursuant to Authority‐approved full or partial assignments of this
Agreement.
7.5 Venue and Applicable Law. Any action arising out of the Agreement shall be brought in
the Larimer County District Court and the laws of the State of Colorado shall govern the
interpretation and enforcement of the Agreement, without giving effect to its conflicts of laws
provisions.
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7.6 Non‐liability of Officials, Agents and Employees. No council member, board member,
commissioner, official, employee, consultant, attorney or agent of the Authority or the City shall
be personally liable to the Developer under the Agreement or in the event of any default or
breach by the City or Authority or for any amount that may become due to the Developer under
the Agreement. No official, employee, consultant, attorney or agent of the Developer shall be
personally liable to the Authority or the City under the Agreement or in the event of any default
or breach by the Developer or for any amount that may become due to the Authority or the City
under the Agreement.
7.7 Authority or City Not a Partner. Notwithstanding any language in this Agreement or
any other agreement, representation, or warranty to the contrary, neither the Authority nor the
City shall be deemed or represented as a partner or joint venturer of the Developer or any
contractor or subcontractor performing work on the Property or the Public Improvements, the
Buildings or the Project. Neither the Authority nor the City shall be responsible for any debt or
liability of the Developer, or its managers or members, or such contractor or subcontractor.
7.8 Integrated Contract. This Agreement is an integrated contract and invalidation of any of
its provisions by judgment or court order shall in no way affect any of the other provisions,
which shall remain in full force and effect unless the Parties otherwise agree to an amendment.
7.9 Counterparts. The Agreement may be executed in counterparts, each of which shall
constitute one and the same instrument.
7.10 Notices. A notice, demand, or other communication under the Agreement by any party
to the other shall be in writing and sufficiently given if delivered in person or if it is delivered
by overnight courier service with guaranteed next‐day delivery or by certified mail, return
receipt requested, postage prepaid, and:
a. In the case of the Developer, is addressed to or delivered to the Developer,
with a copy to First Bank, as follows:
Breckenridge Group Fort Collins Colorado, LLC
Attn: Charlie Vatterott
1301 S. Capital of TX Hwy.
Bldg. B, Suite 201
Austin, TX 78746
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And
First Bank
Attn: Jeff King
1707 N. Main Street
Longmont, CO 80501
b. In the case of the Authority, is addressed to or delivered to the Authority as
follows:
Executive Director
Fort Collins Urban Renewal Authority
300 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
And
City Attorney
City of Fort Collins
300 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
or at such other substituted address as the affected party may, from time to time, designate in
writing and forward to the other as provided in this Section. Notice provided by in‐person
delivery or by overnight courier shall be considered delivered as of the verified date of delivery.
Notice provided by regular U.S. Mail shall be considered delivered three (3) days after the date
of deposit with the U.S. Postal Service.
7.11 Good Faith of Parties. In performance of the Agreement or in considering any requested
extension of time or in the giving of any approval, the Parties agree that each will act in good
faith and will not act unreasonably, arbitrarily, capriciously or unreasonably withhold,
condition or delay any approval required by the Agreement.
7.12 Exhibits Merged. All Exhibits attached to the Agreement are expressly integrated
herein.
7.13 Days. If the day for any performance or event provided for herein is a Saturday, Sunday
or other day on which either national banks or the office of the Clerk and Recorder of Larimer
County, Colorado, is not open for the regular transaction of business, the day for performance
21
shall be deemed to be the next day on which the banks or Clerk and Recorder are open for the
transaction of business.
7.14 Further Assurances. Each Party agrees to execute such documents and take such action
as shall be reasonably requested by the other Party to confirm, clarify or effectuate the
provisions of this Agreement.
7.15 Certifications. Each Party agrees to execute such documents as the other Party may
reasonably request to verify or confirm the status of this Agreement and of the performance of
the obligations hereunder and such other matters as the requesting Party may reasonably
request.
7.16 Amendments. This Agreement shall not be amended except by written instrument.
Each amendment, which shall be in writing and signed and delivered by the Parties, shall be
effective to amend the provisions hereof.
7.17 Survival of Representations, Warranties and Covenants. No representations or
warranties whatever are made by any Party except as specifically set forth in this Agreement.
The representations, warranties and indemnities made by the Parties and the covenants and
agreements to be performed or complied with by the respective Parties shall be deemed to be
continuing. Nothing in this Section shall affect the obligations and indemnities of the Parties
with respect to covenants and agreements contained in this Agreement that are permitted or
required to be performed in whole or in part after issuance of a Certificate of Occupancy.
7.18 Minor Changes. This Agreement has been approved in substantially the form submitted
to the governing bodies of the Parties. The officers executing the Agreement have been
authorized to make, and may have made, minor changes in the Agreement and the attached
Exhibits as they have considered necessary. So long as such changes were consistent with the
intent and understanding of the Parties at the time of Approval by the governing bodies, the
execution of the Agreement shall constitute conclusive evidence of the approval of such changes
by the respective Parties.
7.19 Joint Draft. The parties agree they drafted this Agreement jointly with each having the
advice of legal counsel and an equal opportunity to contribute to its content.
22
IN WITNESS WHEREOF, the Authority and the Developer have caused the Agreement
to be duly executed as of the day first above written.
DEVELOPER:
BRECKENRIDGE GROUP FORT COLLINS COLORADO, LLC,
A Texas limited liability company
By: BGFCC, LLC, a Delaware limited liability company,
Its managing member
By: ______________________________________
Name: _____________________________________
Title: _______________________________________
AUTHORITY:
THE FORT COLLINS URBAN RENEWAL AUTHORITY
By:_____________________________________________
Darin Atteberry, Executive Director
ATTESTED: APPROVED AS TO FORM:
By: __________________________ By: ____________________________
City Clerk Authority Legal Counsel
EXHIBIT A
Road Improvements and Streetscape
Physical Street and Utility Improvements $ 699,910
Street Landscaping $ 63,756
Dry Creek CLOMR/LOMR $ 15,000
Tree Removal $ 8,100
Replacement Tree Upsizing $ 5,400
Total Eligible Costs $ 792,166
EXHIBIT B
ELIGIBLE COSTS
Action Responsible Party Target Date Outside Date
Developer Financing Developer 31-May-13 31-Jul-14
Execution of Development Agreement Developer 31-May-13 31-May-14
Final Plan Approval Developer 31-May-13 31-May-14
Property Acquisition Developer 31-May-13 31-May-14
Deliver Proof of Insurance Developer 7-Jun-13 7-Jun-14
Development Construction Permit Developer 7-Jun-13 7-Jun-14
Commence Construction of Public Improvements Developer 10-Jun-13 10-Jun-14
Commence Construction of Buildings Developer 1-Oct-13 1-Oct-14
Obtain Certificates of Occupancy for 50% of Buildings Developer 3-Feb-14 3-Mar-15
Submit Documentation for Eligible Costs to URA Developer 3-Feb-14 3-Aug-14
Complete Project Developer 27-Jun-14 27-Jun-15
Repayment #1 URA 31-Jan-15 31-Jan-16
Repayment #2 URA 31-Jan-16 31-Jan-17
Repayment #3 URA 31-Jan-17 31-Jan-18
Repayment #4 URA 31-Jan-18 31-Jan-19
Repayment #5 URA 31-Jan-19 31-Jan-20
Repayment #6 URA 31-Jan-20 31-Jan-21
Repayment #7 URA 31-Jan-21 31-Jan-22
EXHIBIT C
SCHEDULE OF PERFORMANCE
ASPEN HEIGHTS TIF *2012/13 Mill levy subject to change, Approx values based on preliminary figures.
2013 TAX YEAR 2014 PAYABLE MILL LEVY* *
EXISTING PARCELS 90.778
2011/12 value PORTIONS LAND SIZE LAND VALUE IMP VAL TTL IMP $/SF LAND VALUE 2014 ASSMT RATE 2011 taxes 2012 taxes
EAST OF JAX SURPLUSVACANT LND 1,349,270 $2,698,540 $0 $2,698,540 $2.00 $8,770,255 29% $71,040.74 $71,040.74
*
TIF: ESTIMATED VALUE: tax increment
2013/2014 PORTIONS LAND SIZE LAND VALUE IMP VAL $/SF LAND VALUE 2014 ASSMT RATE TAX GUESTIMATE DIFFERENCE
ASPEN HGHTS multi family 1,349,270 $7,420,985 $26,579,015 $5.50 $34,000,000 7.96% $245,681.58 $174,640.84
$153,846 per unit
ASSESSMENT RATE CHANGES FROM VACANT LAND TO RESIDENTIAL USE
EXHIBIT D
CERTIFICATE OF VALUATION
Urban Renewal Authority
Aspen Heights
TIF Assistance Amount 792,166.00
#
Annual Interest Rate 3.250%
Annual TIF 174,641.00
First Year TIF (50%) 87,320.50
Developer Percentage 90%
URA Percentage 10%
Payment
#
Payment to
Developer (Principal)
Payment to
Developer
(Interest)
Payment to
Developer
(Total)* Balance
URA Retained
TIF
1.00 52,843.06 25,745.40 78,588.45 739,322.95 8,732.05
2.00 133,148.90 24,028.00 157,176.90 606,174.04 $17,464.10
3.00 137,476.24 19,700.66 157,176.90 468,697.80 $17,464.10
4.00 141,944.22 15,232.68 157,176.90 326,753.58 $17,464.10
5.00 146,557.41 10,619.49 157,176.90 180,196.17 $17,464.10
6.00 151,320.52 5,856.38 157,176.90 28,875.64 $17,464.10
7.00 28,875.64 938.46 29,814.10 0.00 $17,464.10
792,166.00 102,121.05 894,287.05 113,516.65
# This is the max TIF rebate, actual amount will be based on actual costs paid by developer
* No more than 90% of the collected TIF returned in a given year
EXHIBIT E
EXAMPLE REIMBURSEMENT PAYMENT SCHEDULE
DATE: March 27, 2013
STAFF: Tom Leeson, Bruce Hendee
Josh Birks
AGENDA ITEM SUMMARY
URBAN RENEWAL AUTHORITY 8
SUBJECT
Resolution No. 053 Adopting Revised Policies and Procedures for the Urban Renewal Authority.
EXECUTIVE SUMMARY
As a follow up to the February 28, 2013 URA Board work session, this Resolution amends the adopted 2012 URA
Policies and Procedures. As an alternative to required participation in IDAP, the amended Policies require participation
in the EPA’s Energy Star program and the Target Finder system to set energy targets for new buildings and major
renovations. Additionally, in an effort to meet the City of Fort Collins established goal of diverting 50% of the community
waste from landfills, the amended Policies also requires URA funded projects to demonstrate that at least 50% of the
waste materials by weight (excluding waste containing lead, asbestos or other hazardous material) generated by a
construction or demolition project be diverted from the landfill through waste management options, such as reuse or
recycling. The Resolution also delegates the authority to approve Administrative Procedures with the Executive
Director, and includes some minor language changes for clarification purposes.
BACKGROUND / DISCUSSION
Energy Efficiency Requirements
During the October 23, 2012 URA Board meeting, it was recommended that URA projects be required to participate
in the Fort Collins Utilities Integrated Design Assistance Program (IDAP) as an alternative to requiring buildings to
meet a LEED certification. Since that time, City Utilities has moved forward to redesign IDAP as a performance-based
program in alignment with the Architecture 2030 Challenge, a program with a path to carbon neutral buildings by 2030.
The new IDAP will require a significant commitment from property owners in terms of monitoring and program
compliance and would be very difficult to achieve without willing property owners that are dedicated to the outcome.
As an alternative to required participation in IDAP, it is recommended the Board consider requiring participation in the
EPA’s Energy Star program and the Target Finder system to set energy targets for new buildings and major
renovations (more than 50% of square footage affected). The Target Finder is an online tool that enables architects
and building owners to set energy targets and receive an EPA energy performance score for projects during the design
process (See Attachment 3 for program details). The program utilizes energy use targets based on actual building
energy consumption data for more than a dozen building types. EPA’s Energy Star energy performance scale assigns
a score between 1 and 100 for the corresponding energy use intensity for the specified project. Projects that earn a
score of 75 or higher are eligible for Designed to Earn the Energy Star certification. A score of 75 means the building
performs 35 percent better than typical, comparable buildings and represents the top 25 percent of existing buildings.
The Target Finder is a comprehensive look at a building’s potential energy use as it takes into account building size,
climate, operating hours, number of occupants, computer use, and occupant behavior.
As a policy decision, the Board could choose to require URA projects that include new buildings, or major renovations
to meet the Designed to Earn the Energy Star certification. While this requirement would be a major step in bringing
energy use and efficiency to the forefront during the design phase, this level of participation does not require that new
buildings actually perform at the designed target levels. The Board could choose to require that new buildings achieve
the Energy Star label. Closing the loop between the design's intended energy use and the building's actual
performance requires the commitment of the owner to earn the Energy Star label after the project is built and
operating. An operating building that earns an EPA rating of 75 or higher for 12 consecutive months of energy bills
and receives verification by a professional engineer or registered architect that the building meets indoor environmental
standards qualifies to earn the Energy Star label. This step solidifies that the design intent has been translated into
the building's actual performance. The following flow chart demonstrates the necessary process to obtain Design to
Earn Energy Star versus obtaining and Energy Star label.
March 27, 2013 -2- ITEM 8
Source: EnergyStar.gov
It is recommended that URA projects that do not include new construction or major renovations (more than 50% of
square footage affected) meet the current energy code, except for the building envelope requirements, which could
be cost prohibitive. It is also recommended that energy use be monitored through the Energy Star program but not
require any target energy performance level. The current code requires energy assessments prior to building
alterations with valuations of $30,000 or greater, and requiring energy performance to be monitored will go a long way
in bringing awareness of energy use and efficiencies to building owners.
It should be noted that requiring new buildings and major renovations to achieve an Energy Star label will add cost to
the design phase of a project. The design phase is considered a soft cost and represents a small percentage of
overall project costs. Given the requirements in current building codes, meeting Energy Star label should not add any
additional costs to overall hard costs. The advantage of the program is that it is focused on ensuring building systems
are designed correctly and appropriately for the intended users, that system commissioning is carried out (currently
a code requirement) and that monitoring take place over an extended period of time.
Based on the discussion above, staff is recommending the following URA Policy:
All URA projects that include new construction or major renovations of existing buildings (more than
50% of square footage affected) shall be required to meet the Energy Star label. Such projects shall
be required to design buildings in such a manner as to be eligible for Designed to Earn the Energy
Star (DEES) certification. Once buildings are completed, the energy use shall be monitored for 12
consecutive months to demonstrate the operating building earns an EPA rating of 75 or higher in
Portfolio Manager and verification shall be received by a professional engineer or registered architect
that the building meets indoor environmental standards and qualifies to earn the Energy Star label.
Additionally, all URA projects that include renovations that affect less than 50% of existing square
footage shall be required to meet the current energy code, except for the building envelope
requirements, and energy use shall be monitored through the Energy Star program for 12-consecutive
months in an effort to raise energy use awareness.
Deconstruction/Construction Waste Recycling Requirements
With the adoption of the green building amendments, all new construction is required to submit a construction waste
recycling plan with the intent of diverting construction waste from the landfill. The program focuses on the materials
in which the City has capacity to receive, which includes wood, metal, concrete, and cardboard. The current program
does not apply to alterations.
The requirement for a construction waste recycling plan addresses the waste material generated during the
construction process, but does not address materials associated with the demolition of existing structures. As
articulated in both City Plan and the Fort Collins Climate Action Plan, the City of Fort Collins established a goal to divert
50% of the community waste from landfills. As redevelopment occurs through the City of Fort Collins, a significant
amount of material from demolished structures can be diverted from the landfills by ensuring structures are
deconstructed, as opposed to demolished.
Deconstruction is the process of systematically dismantling a structure in an environmentally, economically and socially
responsible manner, aiming to maximize the recovery of materials for reuse and recycling. Deconstruction is
commonly separated into two categories; "non-structural" and "structural". Non-structural deconstruction, also known
as “soft-stripping”, consists of reclaiming non-structural components including appliances, doors, windows, and finish
March 27, 2013 -3- ITEM 8
or trim materials. Structural deconstruction involves dismantling the structural components of a building; removing
the entire building down to or including the foundation.
Deconstruction, as a process, is more time consuming than standard demolition, and is generally more expensive.
However, many of the additional costs associated with deconstruction can be reduced when taking into account
reduced disposal costs, avoided purchases of new materials (if materials are re-used on site), revenue earned from
material sales and potential tax incentives. Tax benefits can be obtained when materials are donated to a 501(c)(3),
such as ReSource Fort Collins.
Therefore, staff is recommending that all URA funded projects demonstrate that at least 50% of the waste materials
by weight (excluding waste containing lead, asbestos or other hazardous material) generated by a construction or
demolition project be diverted from the landfill through waste management options, such as reuse or recycling.
Approval Process of Administrative Procedures
The URA Administrative Procedures, which were most recently revised in October, 2012, have historically been
approved by a URA Board Resolution. The Administrative Procedures were adopted as part of the Policies and
Procedures, yet they serve a very different purpose. The Administrative Procedures are intended to provide both
minimum procedural requirements for URA applicants and an operating framework for staff to implement the Policy
and Procedures established by the URA Board.
In an effort to allow staff the ability and flexibility to respond quickly to issues that arise when implementing the URA
Policies, it is recommended that the Board delegate the authority to approve Administrative Procedures to the
Executive Director. Any revisions to the Administrative Procedures will be presented to the URA Board.
October 2012 URA Board Recommended Amendments
During the October 23, 2012 URA Board meeting in which the Policy and Procedures were adopted, the Board
requested staff to look at several sections and recommend possible language changes. The amendments, which are
included within the attached redlined version of the policies, address the following policy sections:
Section 2- Objectives
• Presence of Floodplain language
Section 4 – Evaluation Criteria
• Financial Feasibility of Projects language
Section 4 – Public Benefit
• Affordable Housing as Public Benefit language.
FINANCIAL / ECONOMIC IMPACTS
The requirement for participation in the Energy Star program, as well as the required deconstruction/recycling of waste
material may result in some additional costs to URA projects. While the additional costs may be eligible for
reimbursement by tax increment financing, the additional costs could impact the financial feasibility of certain projects.
Tax increment financing represents gap financing, meaning financing that covers the gap between a financially feasible
project and non-financially feasible project. When Code requirements add costs to a project, in essence the gap
becomes larger. This becomes a policy decision related to trade-offs for URA financing. As more of the tax increment
is necessary to offset costs associated with Code requirements, less of the increment will be available for other
improvements, such as required public infrastructure, that also contribute to the gap.
ENVIRONMENTAL IMPACTS
Ultimately, the benefit will be positive to the environment as each project will increase the level of quality and
sustainability of all publicly funded URA projects. Benefits will include reduced energy use, increased diversion from
the landfill and subsequently a lower carbon impact.
March 27, 2013 -4- ITEM 8
STAFF RECOMMENDATION
Staff recommends adoption of the Resolution.
PUBLIC OUTREACH
Given the relatively short period of time between the February work session and the Resolution adoption date, there
has been less public outreach than is typical of similar policy changes. The following outreach effort shave been made:
• URA Board Worksession - February 28 (Attachment 4)
• Presentation to the Fort Collins Area Chamber of Commerce Local Legislative Affairs Committee – March 22
• Presentation to the Air Quality Advisory Board - March 18
• Agenda Item Summary provided to the Natural Resources Advisory Board and the Energy Board
• Copies of proposed amendments sent to the North Fort Collins Business Association and the South Fort
Collins Business Association.
ATTACHMENTS
1. 2012 URA Policies and Procedures
2. 2013 Redlined URA Policies
3. Energy Star Target Finder Brochure
4. Work Session Summary, February 28, 2013
5. Power Point Presentation
FORT COLLINS URBAN RENEWAL AUTHORITY POLICIES
Revised October 2012
“The mission of the Urban Renewal Authority is to remedy blight, using Tax Increment
Financing, to leverage private capital investment, and stimulate sustainable
development and public improvement projects.”
SECTION 1 – PURPOSE
The purpose of this document is to provide guidance for the Fort Collins Urban Renewal
Authority (URA) staff, recommending bodies, and URA Board (Board) in considering, reviewing
and processing applications that seek to use Tax Increment Financing (TIF) for development
activities within established TIF Districts. Policies are in accordance with Colorado Urban
Renewal Law (C.R.S. § 31‐25‐101 et seq.) but have been adapted to further the City’s own vision
and goals for the URA. The Board may, in its discretion, amend or waive sections of this
document when determined necessary or appropriate.
The fundamental purpose for application to the URA for TIF assistance is to facilitate desirable
development/redevelopment projects within the URA TIF District that would not otherwise
occur “but for” the assistance provided through TIF. The Board intends to provide the
minimum amount of TIF assistance needed to make the project viable in order to preserve
unencumbered TIF for District‐wide public improvements. The provision of financial assistance
is at the sole discretion of the Board which shall, in its discretion, reject or approve projects on
a case‐by‐case basis taking into account established policies, specific project criteria, and
demands on City services versus potential public benefits received from the proposed project.
Meeting policy guidelines and other criteria does not guarantee the award of TIF assistance.
Furthermore, approval or denial of one project is not intended to set a precedent for approval
or denial of any other project.
SECTION 2 - OBJECTIVES
The URA was established to accomplish the following objectives:
Eliminate blight.
Improve public infrastructure (streets, storm drainage, sewer, utilities, etc.) in areas
where deficiencies exist.
Remove impediments to desired development, e.g., lack of infrastructure,
environmental contamination, presence of floodplain, and/or unsuitable soils.
Retain, expand or attract businesses for the purpose of improving the City’s economic
base as demonstrated by projects that retain jobs, create primary jobs, increase the
manufacturing base, etc.
Create destination locations, including mixed‐use projects, which will capture additional
revenue to the area.
1
ATTACHMENT 1
Encourage development projects that enhance the streetscapes and pedestrian
experience and improve the vitality of commercial corridors by adding interest and
activity.
Provide a variety of quality housing choices.
Encourage development that is consistent with City Plan, subarea plans, and approved
Urban Renewal Plans.
Promote energy and water efficiencies within buildings and developments.
Protect natural habitats and features.
SECTION 3 – ELIGIBLE COSTS
The following are eligible costs that may be considered for TIF assistance:
Removal of hazardous materials or conditions (sites where remediation or mitigation is
required).
Site clearance or site acquisition.
Land assemblage.
Parking/structured parking for the public.
Infrastructure that is extraordinarily costly to the project and/or serves other
development and redevelopment facilitating further improvements in the area.
Sustainable and renewable energy features that reduce the environmental impact of the
project.
Public amenities such as parks, plazas, community gathering areas and streetscapes to
enhance the aesthetics of the area.
Capital Improvement Projects (CIP) as identified by the City of Fort Collins.
Projects listed in Infrastructure Plans related to the Plan area, e.g., North College
Infrastructure Funding Plan.
Other qualifying expenses as permitted by Colorado Revised Statutes (C.R.S.) §
31‐25‐101 et seq.
SECTION 4 – EVALUATION CRITERIA
The following evaluation criteria will be used to review applications seeking TIF. Since every
project is unique, additional evaluation criteria may become necessary and will be determined
individually based on the merits of the project.
Financial feasibility:
TIF assistance will not be considered for projects that have the financial feasibility to
proceed without TIF assistance, except where exceptional circumstances warrant
support for the project.
Individuals requesting TIF must demonstrate, to the satisfaction of the URA, sufficient
equity investment in the project prior to seeking TIF. Equity is defined as cash or un‐
leveraged value in land or prepaid costs attributable to the project. Examples of equity
may include personal cash, letter of credit, personal investment, awarded grant monies,
etc.
2
Assistance will not be provided solely to increase the developer’s profit margin on the
project. Prior to consideration of a TIF request, the URA will undertake a financial
analysis of the project costs to ensure that the developer’s internal rate of return (IRR) is
reasonable based on the characteristics of the project.
For projects that will generate more than $1 million in TIF or create a project that is
more than 10,000 sq. ft. in size there may be an independent financial analysis. The
independent analysis will be contracted for by the URA and the cost will be paid for by
the applicant. Additionally, if the project is seeking more than 50% of the property tax
increment generated from the project, or if the applicant is asking for requesting more
than $150,000 in financial assistance, an independent financial analysis of the project
may be required by the URA.
Public Benefit:
A qualitative and/or quantitative analysis should be completed in order to identify the
public benefits achieved by the project. Analysis of the benefits of the project will be
measured against the expectations set in the relevant plans that may include, but not be
limited by, City Plan (the City’s Comprehensive Plan), an Urban Renewal Plan, a
community subarea plan, or an adopted policy, ordinance, or resolution of the City
Council.
Public benefits that garner additional consideration by the URA Board include:
- Affordable housing projects that exceed the minimum City Land Use Code
definition of an “affordable housing project”.
- Projects that have local ownership, which is defined to mean any home location,
business, or developer located within a 40 mile radius from the City of Fort
Collins Growth Management boundary.
- Projects that achieve or exceed LEED Silver certification.
- Projects that include early childhood care and/or education centers.
- Historic preservation and/or adaptive reuse of historic structures.
Projects that do not provide sufficient public benefits may, after review, be provided
feedback and allowed to submit a revised application. Revisions may lead to approval
or final denial of the URA applicant and may include, but are not limited to:
- Greater developer contribution;
- Reduced TIF participation; and/or
- Redefinition of the scope of the project.
Section 5 – Other General Policies
If substantial URA expense may be involved during screening, reviewing, and/or
negotiating, a party requesting assistance from the URA may be asked to pay a deposit
in order to fund URA staff or contractual work in advance of the URA incurring
significant costs; furthermore, contractual commitments to fund appropriate work or
other expenses may be required in advance of, or in connection with, a formal
application or other request for assistance.
3
The applicant must be able to demonstrate to the Board’s satisfaction an ability to
construct, operate, and maintain the proposed project based upon past experience,
general reputation, and credit history.
TIF assistance for land/property purchase costs will not be provided in an amount
exceeding the fair market value of the property. Fair market value will be determined
by an independent appraiser hired by URA staff. The cost of the appraisal will be paid
for by the applicant.
There will be no interest paid on any portion of the applicant’s reimbursable expenses.
TIF will not be used to retroactively reimburse projects or make payments to cover costs
associated with any actions incurred by a development/redevelopment prior to
execution of the Redevelopment Agreement, except for eligible hard costs associated
with public improvements required of the project as approved by the Board.
4
FORT COLLINS URBAN RENEWAL AUTHORITY
ADMINISTRATIVE PROCEDURES
Revised October 2012
SECTION 1 - APPLICATION REQUIREMENTS
The applicant must complete the TIF application in its entirety, including the following
documentation:
A location map
Site plans or project drawings/perspectives/elevations
Project pro-forma included, but not limited to:
- Estimate of construction costs from licensed general contractor
- Breakdown of public verses private improvements
- Projected rents with vacancy assumption
- Project schedule
Owner/Business resume
A proposed project timetable indicating 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).
Executive Summary with answers to the following questions:
– What is the nature of the project?
– Why is TIF assistance needed and how will the funds be used?
– What sources of financing will the project secure other than TIF?
– How will the project help improve/upgrade public infrastructure (streets, utilities,
drainage, etc.)?
– How will the project enhance the property tax base (and sales tax base, if applicable)
of the area?
– How will the project help achieve the goals of the Urban Renewal Plan and City Plan?
– How will the project help eliminate slum and blight conditions?
– How will this project help achieve the URA goals of sustainability through green
building techniques? Please be specific how this project uses energy and water
efficiency exceeding code requirements, renewable resources, natural resource
conservation techniques, or stormwater low impact design methods.
SECTION 2 – APPLICATION PROCESS
Applications may be submitted to URA staff at any time during regular business hours.
After URA staff has done a preliminary analysis and made suggested edits or
modifications to the application, there will be a final submittal.
After the final submittal, the financial analysis will take place. If the analysis is
completed by an independent consultant, additional time may be required depending
on availability.
5
Additional community-based input from affected groups may be required.
– Feedback from community-based input (e.g., North Fort Collins Business
Association, South Fort Collins Business Association) may require modifications
that delay approval and even require additional financial analysis.
– If the application is for a project within the North College Urban Renewal Plan
Area, the North College Citizen Advisory Group (CAG) must make a
recommendation by a majority vote. The CAG meets on a monthly basis and the
proposed project/TIF application will be scheduled on the agenda once the
financial analyses are completed and the URA staff has adequate information
and achieved a staff recommendation to present.
The final application will be reviewed by the URA Team, which includes staff
representatives from the following Departments:
- Economic Health
- Engineering
- Utilities
- Planning
- Legal
- Finance
If the fundamental objectives of the URA are not clearly met, the application will be
denied by staff and will not move forward to the Board for approval. The applicant may
re-apply if there is a significant financial change affecting the project’s financial
feasibility, or if the project changes extensively from the original application and should
be considered on its own merit.
If the URA Team recommends the application, staff will work with the applicant to
create a project specific Redevelopment Agreement (RA) that will define the terms of
URA participation and TIF assistance for the project.
Once a final RA is agreed to, URA staff will schedule the application for consideration at
a hearing before the Board. The Board typically meets bimonthly on Tuesday evenings.
The Board will consider the application at the scheduled meeting. The Board will decide
whether or not to support the application. The Board’s action may include:
– Adoption of the RA;
– Continuation or delay of decision;
– Denial of the application; or
– Conditional approval of the RA with clear direction on suggested terms. The
Board will also clearly indicate if the conditions are mandatory for approval or
optional enhancements. If denied, the URA Board will not allow re-application to
the URA for TIF unless there are significant changes from the original denied
application.
An approved Redevelopment Agreement will remain valid for 12 months and will expire
if not properly executed within that timeframe.
Until such time as a RA has been finalized and executed, no applicant will have any
entitlement to TIF assistance.
Except as otherwise approved by the URA Board, TIF assistance will be on a
reimbursement basis and only after the project valuation is verified by the Larimer
6
County Assessor’s Office and the Certificate of Occupancy (CO) or Letter of Completion
(LOC) is issued at completion of construction. The funds will be paid upon actual costs,
without interest, with verifiable receipts.
7
FORT COLLINS URBAN RENEWAL AUTHORITY POLICIES
Revised October 2012March 2013
“The mission of the Urban Renewal Authority is to remedy blight, using Tax Increment
Financing, to leverage private capital investment, and stimulate sustainable
development and public improvement projects.”
SECTION 1 – PURPOSE
The purpose of this document is to provide guidance for the Fort Collins Urban Renewal
Authority (URA) staff, recommending bodies, and URA Board (Board) in considering, reviewing
and processing applications that seek to use Tax Increment Financing (TIF) for development
activities within established TIF Districts. Policies are in accordance with Colorado Urban
Renewal Law (C.R.S. § 31‐25‐101 et seq.) but have been adapted to further the City’s own vision
and goals for the URA. The Board may, in its discretion, amend or waive sections of this
document when determined necessary or appropriate.
The fundamental purpose for application to the URA for TIF assistance is to facilitate desirable
development/redevelopment projects within the URA TIF District that would not otherwise
occur “but for” the assistance provided through TIF. The Board intends to provide the
minimum amount of TIF assistance needed to make the project viable in order to preserve
unencumbered TIF for District‐wide public improvements. The provision of financial assistance
is at the sole discretion of the Board which shall, in its discretion, reject or approve projects on
a case‐by‐case basis taking into account established policies, specific project criteria, and
demands on City services versus potential public benefits received from the proposed project.
Meeting policy guidelines and other criteria does not guarantee the award of TIF assistance.
Furthermore, approval or denial of one project is not intended to set a precedent for approval
or denial of any other project.
SECTION 2 ‐ OBJECTIVES
The URA was established to accomplish the following objectives:
Eliminate blight.
Improve public infrastructure (streets, storm drainage, sewer, utilities, etc.) in areas
where deficiencies exist.
Remove impediments to desired development, e.g., lack of infrastructure,
environmental contamination, presence of floodplaindrainage/storm water deficiencies,
and/or unsuitable soils.
Retain, expand or attract businesses for the purpose of improving the City’s economic
base as demonstrated by projects that retain jobs, create primary jobs, increase the
manufacturing base, etc.
Create destination locations, including mixed‐use projects, which will capture additional
revenue to the area.
ATTACHMENT 2
1
Encourage development projects that enhance the streetscapes and pedestrian
experience and improve the vitality of commercial corridors by adding interest and
activity.
Provide a variety of quality housing choices.
Encourage development that is consistent with City Plan, subarea plans, and approved
Urban Renewal Plans.
Promote energy and water efficiencies within buildings and developments.
Protect natural habitats and features.
SECTION 3 – ELIGIBLE COSTS
The following are eligible costs that may be considered for TIF assistance:
Removal of hazardous materials or conditions (sites where remediation or mitigation is
required).
Site clearance or site acquisition.
Land assemblage.
Parking/structured parking for the public.
Infrastructure that is extraordinarily costly to the project and/or serves other
development and redevelopment facilitating further improvements in the area.
Sustainable and renewable energy features that reduce the environmental impact of the
project.
Public amenities such as parks, plazas, community gathering areas and streetscapes to
enhance the aesthetics of the area.
Capital Improvement Projects (CIP) as identified by the City of Fort Collins.
Projects listed in Infrastructure Plans related to the Plan area, e.g., North College
Infrastructure Funding Plan.
Other qualifying expenses as permitted by Colorado Revised Statutes (C.R.S.) §
31‐25‐101 et seq.
SECTION 4 – EVALUATION CRITERIA
The following evaluation criteria will be used to review applications seeking TIF. Since every
project is unique, additional evaluation criteria may become necessary and will be determined
individually based on the merits of the project.
Construction Practices:
All URA projects that include new construction or major renovations of existing buildings
(more than 50% of square footage affected) shall be required to meet the Energy Star
label. Such projects shall be required to design buildings in such a manner as to be
eligible for Designed to Earn the Energy Star (DEES) certification. Once buildings are
completed, the energy use shall be monitored for 12 consecutive months to
demonstrate the operating building earns an EPA rating of 75 or higher in Portfolio
Manager and verification shall be received by a professional engineer or registered
architect that the building meets indoor environmental standards qualifies to earn the
ENERGY STAR label.
Formatted: Bulleted + Level: 1 + Aligned at:
0.25" + Indent at: 0.5"
All URA projects that include renovations that affect less than 50% of existing square
footage shall be required to meet the current energy code, except for the building
envelope requirements, and energy use shall be monitored through the Energy Star
program for 12‐consecutive months in an effort to raise energy use awareness.
All URA projects demonstrate that at least 50% of the waste materials by weight
(excluding wastes containing lead, asbestos or other hazardous material) generated by a
construction or demolition project be diverted from the landfill through waste
management options, such as reuse or recycling.
Financial feasibility:
TIF assistance will not be considered for projects that have the financial feasibility to
proceed without TIF assistance, except when TIF assistance allows a project to conform
with, or exceed identified objectives in City Plan.where exceptional circumstances
warrant support for the project.
Individuals requesting TIF must demonstrate, to the satisfaction of the URA, sufficient
equity investment in the project prior to seeking TIF. Equity is defined as cash or un‐
leveraged value in land or prepaid costs attributable to the project. Examples of equity
may include personal cash, letter of credit, personal investment, awarded grant monies,
etc.
Assistance will not be provided solely to increase the developer’s profit margin on the
project. Prior to consideration of a TIF request, the URA will undertake a financial
analysis of the project costs to ensure that the developer’s internal rate of return (IRR) is
reasonable based on the characteristics of the project.
For projects that will generate more than $1 million in TIF or create a project that is
more than 10,000 sq. ft. in size there may be an independent financial analysis. The
independent analysis will be contracted for by the URA and the cost will be paid for by
the applicant. Additionally, if the project is seeking more than 50% of the property tax
increment generated from the project, or if the applicant is asking for requesting more
than $150,000 in financial assistance, an independent financial analysis of the project
may be required by the URA.
Public Benefit:
A qualitative and/or quantitative analysis should be completed in order to identify the
public benefits achieved by the project. Analysis of the benefits of the project will be
measured against the expectations set in the relevant plans that may include, but not be
limited by, City Plan (the City’s Comprehensive Plan), an Urban Renewal Plan, a
community subarea plan, or an adopted policy, ordinance, or resolution of the City
Council.
Public benefits that garner additional consideration by the URA Board include:
- Affordable housing projects, using varying measures, that exceed the minimum
City Land Use Code definition of an “affordable housing project”, with higher
perceived public benefit resulting from greater levels of affordable housing
offered.
Formatted: Bulleted + Level: 1 + Aligned at:
0.25" + Indent at: 0.5"
Formatted: Font: Bold
Formatted: Font: Not Bold
Formatted: Font: Italic
- Projects that have local ownership, which is defined to mean any home location,
business, or developer located within a 40 mile radius from the City of Fort
Collins Growth Management boundary.
- Projects that achieve or exceed LEED Silver certification.
- Projects that include early childhood care and/or education centers.
- Historic preservation and/or adaptive reuse of historic structures.
Projects that do not provide sufficient public benefits may, after review, be provided
feedback and allowed to submit a revised application. Revisions may lead to approval
or final denial of the URA applicant and may include, but are not limited to:
- Greater developer contribution;
- Reduced TIF participation; and/or
- Redefinition of the scope of the project.
Section 5 – Other General Policies
If substantial URA expense may be involved during screening, reviewing, and/or
negotiating, a party requesting assistance from the URA may be asked to pay a deposit
in order to fund URA staff or contractual work in advance of the URA incurring
significant costs; furthermore, contractual commitments to fund appropriate work or
other expenses may be required in advance of, or in connection with, a formal
application or other request for assistance.
The applicant must be able to demonstrate to the Board’s satisfaction an ability to
construct, operate, and maintain the proposed project based upon past experience,
general reputation, and credit history.
TIF assistance for land/property purchase costs will not be provided in an amount
exceeding the fair market value of the property. Fair market value will be determined
by an independent appraiser hired by URA staff. The cost of the appraisal will be paid
for by the applicant.
There will be no interest paid on any portion of the applicant’s reimbursable expenses.
TIF will not be used to retroactively reimburse projects or make payments to cover costs
associated with any actions incurred by a development/redevelopment prior to
execution of the Redevelopment Agreement, except for eligible hard costs associated
with public improvements required of the project as approved by the Board.
1U.S. Department of Energy Energy Information Agency’s 2003 Commercial Buildings Energy Consumption Survey (CBECS), a national sample survey
that collects information on the stock of U.S. commercial buildings, their energy-related building characteristics, and their energy consumption and
expenditures.
Designed to Earn the ENERGY STAR is the U.S. Environmental
Protection Agency’s designation for energy-efficient design
projects that reduce greenhouse gas emissions.
TARGET FINDER:
SET GOALS FOR
ENERGY SAVINGS
ACHIEVE DESIGNED TO EARN
THE ENERGY STAR®
DESIGNING ENERGY-EFFICIENT BUILDINGS
Generating the energy to power America’s commercial
and industrial buildings causes almost half of our
nation’s greenhouse gas emissions. You can help
the U.S. Environmental Protection Agency (EPA) by
designing buildings to use less fossil fuel energy—the
first step in committing to energy and cost savings over
the life of your building.
SET YOUR ENERGY TARGET
Architects, engineers, and building owners who want
to set energy targets to achieve Designed to Earn the
ENERGY STAR and meet government and industry goals
can use Target Finder. It provides easy to understand
energy use targets based on actual building energy
consumption data1 for more than a dozen building
types in the United States. EPA’s ENERGY STAR energy
performance scale assigns a score between 1 and
100 for the corresponding energy use intensity for the
specified project.
RATE YOUR DESIGN
You can use Target Finder throughout the design
process to rate estimated energy use for design
alternatives and trade-offs. The EPA score is an
“apples-to-apples” comparison of your project’s
estimated energy use to that of similar U.S. building
types. The tool adjusts for primary drivers of energy
such as building size, climate, operating hours, number
of occupants, and computers. It also provides a rating
for projects using Building Information Modeling
through a Web-based energy analysis service.
RECEIVE EPA RECOGNITION
Architects use Target Finder to receive Designed
to Earn the ENERGY STAR certification for projects
and to participate in the ENERGY STAR Challenge.
EPA recognizes these architecture firms and design
projects in publications, on the ENERGY STAR website,
and at events.
The EPA energy performance rating uses a 1-100 scale and makes it easy
to set energy targets and evaluate energy use intent. Lower energy use
yields a higher performance rating. A 75 or higher design score achieves
the ENERGY STAR.
100
EPA ENERGY PERFOMANCE RATING
75
Site
Energy
1 50
Low
High
Pre-Design: Set Energy Use Goal
Complete all required fields, indicated by a red
asterisk (*), and Target Finder will calculate the
energy use target for the project.
1. FACILITY INFORMATION
Enter the ZIP code where the project will be built.
Target Finder selects the appropriate climate data
and determines the energy fuel mix (electricity,
NG, etc.) typical of the specified location. The tool
can be used only for projects in U.S. cities, states,
and territories.
2. FACILITY CHARACTERISTICS
Select the applicable space type2 from the
drop down menu. Provide requested attribute
information for the design project.
3. TARGET RATING
Choose “Target Rating” or “Energy Reduction
Target,” and the tool provides the total annual
energy use for the selected target. An EPA score
of 75 or higher achieves ENERGY STAR.
Select “View Results” to see Target Energy
Performance Results
Schematic and Design Development
As the design develops, enter results from energy
analysis calculations.
4. DESIGN ENERGY
Enter your project’s estimated results for the
energy sources, annual energy usage, and costs.
Target Finder will provide an ENERGY STAR score
for the design project’s estimated energy.
Select “View Results” to see Target Energy
Performance Results.
SET ENERGY USE TARGETS AND RATE YOUR DESIGN
Use Target Finder throughout the design process from pre-design to establish design target; and on through design
development to determine if energy efficiency goals are being achieved on the project.
2Performance ratings are available for about 60 percent of the commercial building square footage across the United States. If your building is a
space type other than those listed in Target Finder, you can compare its energy use with the national median source and site energy use for many
additional spaces using the 2003 CBECS National Median Source Energy Use and Performance Comparisons.
HELP BUTTON
The HELP section includes space
type definitions, default values, and
information about using the tool.
APPLY FOR DESIGNED TO EARN
THE ENERGY STAR
Design projects that score 75 or higher
are eligible for Designed to Earn the
ENERGY STAR certification. Click on
the APPLY button and complete the
Statement of Energy Design Intent.
THE DESIGN RATING
In the example, the office building
design score is 92, and the project
achieves an estimated 48% reduction
in energy use compared to the median
building. Use this comparison to
determine which design strategies
will best achieve your goal for energy
efficiency.
EDIT BUTTON
Use the EDIT button located at the top
of each table to change your entries.
(Note: Using the “Back” button on your
browser may delete your data.)
Note: An incomplete energy use profile could
result in a high but inaccurate rating. Total
annual estimated energy use should include
plug, process, and all non-regulated loads;
equipment loads specified on drawings; and all
energy sources.4
TARGET FINDER RESULTS SCREEN
Target Finder displays the annual source3 and site energy results for the Design, Target, and Median Building, which
provide a reference for comparing energy design strategies and alternatives for achieving your energy use goal.
3Source energy represents the total amount of raw fuel that is required to operate the building. It incorporates all transmission, delivery, and
production losses, thereby enabling a complete assessment of energy efficiency in a building.
4The EPA energy performance rating used in Target Finder is derived from fuel consumption data of existing commercial buildings, which include the
total energy use associated with the building. Therefore, design energy use should include all fuel sources and total estimated energy use for the
building design. Gaps in energy analysis should be addressed in order for the rating to be a useful indicator of the design’s energy intent.
APPLY for “Designed to
Earn the ENERGY STAR”
ENERGY STAR
COMMERCIAL BUILDING DESIGN
ENERGY STAR is a U.S. Environmental Protection Agency
program helping businesses and individuals fight global
warming through superior energy efficiency.
COMMERCIAL BUILDING DESIGN ON THE WEB
Find links to A/E projects and firms that are using Target
Finder and participating in the ENERGY STAR Challenge,
while designing buildings that achieve the superior
energy efficiency criteria set by EPA.
DESIGNED TO EARN THE ENERGY STAR GUIDE
Use the online Designed to Earn the ENERGY STAR Guide
as a start-to-finish framework for architects and owners
to show commitment to energy-efficient building design.
OMB No.2060-0347
STATEMENT OF ENERGY DESIGN INTENT
March 6, 2012
FACILITY INFORMATION & CHARACTERISTICS
Facility Name:
Capital Towers
Location:
Washington, DC 20005
United States Design Energy (kBtu)
1
Electricity - Grid Purchase 2,000,000
Space Type: Total Floor Area: Natural Gas 900,000
Office 50,000 sq. ft.
Total Gross Floor Area: 50,000 Sq. Ft.
RESULTS FOR ESTIMATED ENERGY USE DESIGN MEDIAN BUILDING ESTIMATED SAVINGS
EPA Energy Performance Rating (1-100)1 92 50 42
Percent Energy Reduction (%)2 48 0 N/A
Site Energy Use Intensity (kBtu/sf/yr) 58 112 54
Source Energy Use Intensity (kBtu/sf/yr) 152 294 142
Total Annual Site Energy Use (kBtu/yr) 2,900,000 5,596,414 2,696,414
Total Annual Source Energy Use (kBtu/yr) 7,622,300 14,709,499 7,087,199
Total Annual Energy Costs ($) $ 92,564 $ 178,630 $ 86,066
Pollution Emissions (metric tons/yr) 3
CO2-eq 331 639 308
CONTACT INFORMATION
Building Owner/Company Name
Address
City, State, Zip Code
Contact Name
Phone Email
Professional Verification (Licensed Architect/Engineer)
Prepared By
Firm Name
Address
City, State, Zip Code
Phone
Email
Architect of Record Firm (if different from verifier)
Name
Firm Name
Phone
Email
Professional Stamp
Signature & Date
This project was specified and executed to achieve Designed
to Earn the ENERGY STAR certification.
ATTACHMENT 4
1
1
Policy Amendments
URA Board Meeting
March 26, 2013
2
AGENDA
• Green Building Construction Background
• Energy Efficiency Requirements
• Deconstruction/Recycling Requirements
• Administrative Procedures Approval Process
• Minor Language Amendments
ATTACHMENT 5
2
3
GREEN CONSTRUCTION
BACKGROUND
• LEED Silver requirement
• Integrated Design Assistance Program (IDAP)
• Construction Waste Management Plan
4
Energy Efficiency Requirements
• EPAs Energy Star Program
• Target Finder system (online tool) during design
phase
• Set energy targets and receive energy
performance score (1-100)
• 75+ are eligible for Designed to Earn the Energy
Star certification
• 35% better than comparable buildings and
represents the top 25% of existing buildings
3
5
Energy Efficiency Requirements
• Designed to Earn the Energy Star certification
• Energy Star label
• Close the loop between design and actual
performance
• Monitor energy use for 12 consecutive months
6
Energy Efficiency Requirements
• Designed to Earn the Energy Star versus Energy
Star label
Source: EnergyStar.org
4
7
Energy Efficiency Requirements
Applicability:
New buildings and major renovations (more than
50% of square footage affected)
• Energy Star Label
Minor Renovations (Less 50% square footage
affected)
• Current Energy Code (except building envelope)
• Monitor Energy Use for 12 months
8
Deconstruction/Recycling
• City of Fort Collins goal: Divert 50% of the
community waste from landfills
• Demolition resulting from redevelopment
is major contributor to landfill
5
9
Deconstruction/Recycling
Deconstruction is the process of
systematically dismantling a structure in an
environmentally, economically and socially
responsible manner, aiming to maximize the
recovery of materials for reuse and recycling.
Non-structural & Structural
10
Deconstruction/Recycling
Greater expense and more time
Cost reduction:
• Reduced disposal cost
• Material sales
• Tax benefits
6
11
Deconstruction/Recycling
URA funded projects demonstrate that at
least 50% of the waste materials by weight
(excluding wastes containing lead, asbestos
or other hazardous material) generated by a
construction or demolition project be diverted
from the landfill through waste management
options, such as reuse or recycling.
12
Administrative Procedures Approval
• Allows staff flexibility to implement policies
• Respond quickly to issues
Delegate the authority to approve Administrative
Procedures with the Executive Director
7
13
October Worksession Amendments
Section 2- Objectives
• Presence of Floodplain language
Section 4 – Evaluation Criteria
• Financial Feasibility of Projects language
Section 4 – Public Benefit
• Affordable Housing as Public Benefit language
14
Questions?
RESOLUTION NO. 053
OF THE BOARD OF COMMISSIONERS OF THE
FORT COLLINS URBAN RENEWAL AUTHORITY
ADOPTING UPDATED POLICIES FOR THE
FORT COLLINS URBAN RENEWAL AUTHORITY
WHEREAS, on October 23, 2012, the Board of Commissioners of the Fort Collins Urban
Renewal Authority (the “Board”) adopted Resolution No. 45, approving and adopting new and
extensive policies and procedures in order to better describe the priorities and expectations for the
processing of applications for financial assistance from the Urban Renewal Authority (the “Authority”);
and
WHEREAS, on October 23, 2012, the Board deferred any decision regarding requiring green
building practices and/or sustainability measures to allow additional time for research and policy
formation; and
WHEREAS, in response to Board input, Authority staff initiated review of Authority policies, as
well as City of Fort Collins building code requirements to ensure consistency between City policies and
City Code requirements as they relate to green building practices and energy efficiency; and
WHEREAS, in reviewing the Authority policies and procedures, Authority staff has
recommended certain amendments that require Authority projects to be designed and constructed in
such a manner that achieves the Environmental Protection Agency’s Energy Star label, as well as to
achieve a certain level of recycling/deconstruction; and
WHEREAS, in reviewing the Authority policies and procedures, Authority staff has
recommended certain amendments that delegate the authority to approve Administrative Procedures
with the Authority Executive Director; and
WHEREAS, in response to Board input during the October 23, 2012, Board hearing, as well as
the February 28, 2013, Board Work Session, Authority staff has recommended certain minor language
changes in the policy to clarify the policy intent.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
FORT COLLINS URBAN RENEWAL AUTHORITY as follows:
Section 1. That the Board hereby finds and determines that the Fort Collins Renewal
Authority Policies attached hereto as Exhibit “A” and incorporated herein by this reference accurately
reflect the Board’s expectations to require Authority projects to be designed and constructed in such a
manner that achieves the Environmental Protection Agency’s Energy Star label, as well as to achieve a
certain level of recycling/deconstruction.
Section 2. That the Board hereby authorizes the Authority Executive Director to approve
Administrative Procedures for the implementation of the Authority’s Policies.
Section 3. That the Board hereby adopts the Fort Collins Urban Renewal Authority Policies
attached hereto as Exhibit “A” and incorporated herein by this reference, to replace and supersede the
Authority Policies previously adopted on October 23, 2012.
Passed and adopted at a regular meeting of the Board of Commissioners of the Fort Collins
Urban Renewal Authority this 27th day of March A.D. 2013.
Chairperson
ATTEST:
Secretary
FORT COLLINS URBAN RENEWAL AUTHORITY POLICIES
Revised March 2013
“The mission of the Urban Renewal Authority is to remedy blight, using Tax Increment
Financing, to leverage private capital investment, and stimulate sustainable
development and public improvement projects.”
SECTION 1 – PURPOSE
The purpose of this document is to provide guidance for the Fort Collins Urban Renewal
Authority (URA) staff, recommending bodies, and URA Board (Board) in considering, reviewing
and processing applications that seek to use Tax Increment Financing (TIF) for development
activities within established TIF Districts. Policies are in accordance with Colorado Urban
Renewal Law (C.R.S. § 31‐25‐101 et seq.) but have been adapted to further the City’s own vision
and goals for the URA. The Board may, in its discretion, amend or waive sections of this
document when determined necessary or appropriate.
The fundamental purpose for application to the URA for TIF assistance is to facilitate desirable
development/redevelopment projects within the URA TIF District that would not otherwise
occur “but for” the assistance provided through TIF. The Board intends to provide the
minimum amount of TIF assistance needed to make the project viable in order to preserve
unencumbered TIF for District‐wide public improvements. The provision of financial assistance
is at the sole discretion of the Board which shall, in its discretion, reject or approve projects on
a case‐by‐case basis taking into account established policies, specific project criteria, and
demands on City services versus potential public benefits received from the proposed project.
Meeting policy guidelines and other criteria does not guarantee the award of TIF assistance.
Furthermore, approval or denial of one project is not intended to set a precedent for approval
or denial of any other project.
SECTION 2 ‐ OBJECTIVES
The URA was established to accomplish the following objectives:
Eliminate blight.
Improve public infrastructure (streets, storm drainage, sewer, utilities, etc.) in areas
where deficiencies exist.
Remove impediments to desired development, e.g., lack of infrastructure,
environmental contamination, drainage/storm water deficiencies, and/or unsuitable
soils.
Retain, expand or attract businesses for the purpose of improving the City’s economic
base as demonstrated by projects that retain jobs, create primary jobs, increase the
manufacturing base, etc.
Create destination locations, including mixed‐use projects, which will capture additional
revenue to the area.
EXHIBIT A
1
Encourage development projects that enhance the streetscapes and pedestrian
experience and improve the vitality of commercial corridors by adding interest and
activity.
Provide a variety of quality housing choices.
Encourage development that is consistent with City Plan, subarea plans, and approved
Urban Renewal Plans.
Promote energy and water efficiencies within buildings and developments.
Protect natural habitats and features.
SECTION 3 – ELIGIBLE COSTS
The following are eligible costs that may be considered for TIF assistance:
Removal of hazardous materials or conditions (sites where remediation or mitigation is
required).
Site clearance or site acquisition.
Land assemblage.
Parking/structured parking for the public.
Infrastructure that is extraordinarily costly to the project and/or serves other
development and redevelopment facilitating further improvements in the area.
Sustainable and renewable energy features that reduce the environmental impact of the
project.
Public amenities such as parks, plazas, community gathering areas and streetscapes to
enhance the aesthetics of the area.
Capital Improvement Projects (CIP) as identified by the City of Fort Collins.
Projects listed in Infrastructure Plans related to the Plan area, e.g., North College
Infrastructure Funding Plan.
Other qualifying expenses as permitted by Colorado Revised Statutes (C.R.S.) §
31‐25‐101 et seq.
SECTION 4 – EVALUATION CRITERIA
The following evaluation criteria will be used to review applications seeking TIF. Since every
project is unique, additional evaluation criteria may become necessary and will be determined
individually based on the merits of the project.
Construction Practices:
All URA projects that include new construction or major renovations of existing buildings
(more than 50% of square footage affected) shall be required to meet the Energy Star
label. Such projects shall be required to design buildings in such a manner as to be
eligible for Designed to Earn the Energy Star (DEES) certification. Once buildings are
completed, the energy use shall be monitored for 12 consecutive months to
demonstrate the operating building earns an EPA rating of 75 or higher in Portfolio
Manager and verification shall be received by a professional engineer or registered
architect that the building meets indoor environmental standards and qualifies to earn
the ENERGY STAR label.
All URA projects that include renovations that affect less than 50% of existing square
footage shall be required to meet the current energy code, except for the building
envelope requirements, and energy use shall be monitored through the Energy Star
program for 12‐consecutive months in an effort to raise energy use awareness.
All URA projects shall demonstrate that at least 50% of the waste materials by weight
(excluding wastes containing lead, asbestos or other hazardous material) generated by a
construction or demolition project be diverted from the landfill through waste
management options, such as reuse or recycling.
Financial feasibility:
TIF assistance will not be considered for projects that have the financial feasibility to
proceed without TIF assistance, except when TIF assistance allows a project to conform
with, or exceed identified objectives in City Plan..
Individuals requesting TIF must demonstrate, to the satisfaction of the URA, sufficient
equity investment in the project prior to seeking TIF. Equity is defined as cash or un‐
leveraged value in land or prepaid costs attributable to the project. Examples of equity
may include personal cash, letter of credit, personal investment, awarded grant monies,
etc.
Assistance will not be provided solely to increase the developer’s profit margin on the
project. Prior to consideration of a TIF request, the URA will undertake a financial
analysis of the project costs to ensure that the developer’s internal rate of return (IRR) is
reasonable based on the characteristics of the project.
For projects that will generate more than $1 million in TIF or create a project that is
more than 10,000 sq. ft. in size there may be an independent financial analysis. The
independent analysis will be contracted for by the URA and the cost will be paid for by
the applicant. Additionally, if the project is seeking more than 50% of the property tax
increment generated from the project, or if the applicant is asking for requesting more
than $150,000 in financial assistance, an independent financial analysis of the project
may be required by the URA.
Public Benefit:
A qualitative and/or quantitative analysis should be completed in order to identify the
public benefits achieved by the project. Analysis of the benefits of the project will be
measured against the expectations set in the relevant plans that may include, but not be
limited by, City Plan (the City’s Comprehensive Plan), an Urban Renewal Plan, a
community subarea plan, or an adopted policy, ordinance, or resolution of the City
Council.
Public benefits that garner additional consideration by the URA Board include:
- Affordable housing projects, using varying measures, that exceed the minimum
City Land Use Code definition of an “affordable housing project”, with higher
perceived public benefit resulting from greater levels of affordable housing
offered.
- Projects that have local ownership, which is defined to mean any home location,
business, or developer located within a 40 mile radius from the City of Fort
Collins Growth Management boundary.
- Projects that achieve or exceed LEED Silver certification.
- Projects that include early childhood care and/or education centers.
- Historic preservation and/or adaptive reuse of historic structures.
Projects that do not provide sufficient public benefits may, after review, be provided
feedback and allowed to submit a revised application. Revisions may lead to approval
or final denial of the URA applicant and may include, but are not limited to:
- Greater developer contribution;
- Reduced TIF participation; and/or
- Redefinition of the scope of the project.
Section 5 – Other General Policies
If substantial URA expense may be involved during screening, reviewing, and/or
negotiating, a party requesting assistance from the URA may be asked to pay a deposit
in order to fund URA staff or contractual work in advance of the URA incurring
significant costs; furthermore, contractual commitments to fund appropriate work or
other expenses may be required in advance of, or in connection with, a formal
application or other request for assistance.
The applicant must be able to demonstrate to the Board’s satisfaction an ability to
construct, operate, and maintain the proposed project based upon past experience,
general reputation, and credit history.
TIF assistance for land/property purchase costs will not be provided in an amount
exceeding the fair market value of the property. Fair market value will be determined
by an independent appraiser hired by URA staff. The cost of the appraisal will be paid
for by the applicant.
There will be no interest paid on any portion of the applicant’s reimbursable expenses.
TIF will not be used to retroactively reimburse projects or make payments to cover costs
associated with any actions incurred by a development/redevelopment prior to
execution of the Redevelopment Agreement, except for eligible hard costs associated
with public improvements required of the project as approved by the Board.
1 Target Finder determines an EPA energy performance rating by comparing estimated total annual source energy use to source energy use of an existing
building from CBECS database (DOE-EIA). Note: An incomplete energy design profile could result in a high but inaccurate performance score for your project.
2 "Percent Energy Reduction" is the percent reduction from the median energy consumption of a similar building and the equivalent of a Rating of 50.
3 The amount of carbon dioxide equivalent gases emitted from the facility’s estimated energy consumption.
This document was generated from Target Finder, an EPA tool located on the ENERGY STAR Web site, www.energystar.gov. Page 1 of 2
OMB No.2060-0347
STATEMENT OF ENERGY DESIGN INTENT
March 6, 2012
CILITY INFORMATION & CHARACTERISTICS
acility Name:
Capital Towers
Location:
Washington, DC 20005
United States Design Energy (kBtu)
1
Electricity - Grid Purchase 2,000,000
Space Type: Total Floor Area: Natural Gas 900,000
Office 50,000 sq. ft.
Total Gross Floor Area: 50,000 Sq. Ft.
ESULTS FOR ESTIMATED ENERGY USE DESIGN MEDIAN BUILDING ESTIMATED SAVINGS
EPA Energy Performance Rating (1-100)1 92 50 42
Percent Energy Reduction (%)2 48 0 N/A
Site Energy Use Intensity (kBtu/sf/yr) 58 112 54
Source Energy Use Intensity (kBtu/sf/yr) 152 294 142
Total Annual Site Energy Use (kBtu/yr) 2,900,000 5,596,414 2,696,414
Total Annual Source Energy Use (kBtu/yr) 7,622,300 14,709,499 7,087,199
Total Annual Energy Costs ($) $ 92,564 $ 178,630 $ 86,066
ollution Emissions (metric tons/yr) 3
CO2-eq 331 639 308
ONTACT INFORMATION
uilding Owner/Company Name
ddress
ty, State, Zip Code
ontact Name
hone Email
ofessional Verification (Licensed Architect/Engineer)
epared By
rm Name
ddress
ty, State, Zip Code
hone
mail
chitect of Record Firm (if different from verifier)
ame
rm Name
hone
mail
Professional Stamp
Signature & Date
This project was specified and executed to achieve Designed
to Earn the ENERGY STAR certification.
arget Finder determines an EPA energy performance rating by comparing estimated total annual source energy use to source energy use of an existing
ding from CBECS database (DOE-EIA). Note: An incomplete energy design profile could result in a high but inaccurate performance score for your project.
Percent Energy Reduction" is the percent reduction from the median energy consumption of a similar building and the equivalent of a Rating of 50.
he amount of carbon dioxide equivalent gases emitted from the facility’s estimated energy consumption.
STATEMENT OF ENERGY DESIGN INTENT
The Statement of Energy Design Intent (SEDI) summarizes all inputs and results data from Target Finder. The SEDI
can be included in Contract Documents and Requests for Proposal to help ensure that your intended energy goal for
the design project is clearly articulated to the owner and design team. Use the SEDI to apply for Designed to Earn the
ENERGY STAR.
WEB TRAINING
Attend no-cost online presentations about Target Finder
and earn AIA/CES credits.
CONTACT ENERGY STAR
www.energystar.gov/commercialbuildingdesign
Hotline: 1.888.STAR.YES (1.888.782.7937)
E-mail: spp@energystar.gov
Karen P. Butler
U.S. EPA—ENERGY STAR
Commercial Building Design
ENERGY COSTS SAVINGS
The SEDI shows an annual savings of $86,066
compared to the median building. The anticipated
cost savings could be used to invest in more
aggressive energy efficiency measures.
RESOURCES
Annual Energy Use Intensity
(kBtu / ft2
/ year)
Designed to Earn
the ENERGY STAR
ATTACHMENT 3