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Home My WebLink AboutAgenda - Mail Packet - 7/20/2021 - Urban Renewal Authority Board Meeting Agenda - July 22, 2021City of Fort Collins Page 1 Jeni Arndt, Chair Joe Wise, Vice-chair Susan Gutowsky Julie Pignataro Tricia Canonico Shirley Peel Kelly Ohlson Emily Gorgol Kristin Stephens Christophe Febvre Andy Smith City Council Chambers City Hall West 300 LaPorte Avenue Fort Collins, Colorado Cablecast on FCTV Channel 14 on Connexion Channel 14 and 881 on Comcast Caitlin Quander Darin Atteberry Tammi Pusheck Brownstein Hyatt Farber Schreck Executive Director Interim Secretary Upon request, the City of Fort Collins will provide language access services for individuals who have limited English proficiency, or auxiliary aids and services for individuals with disabilities, to access City services, programs and activities. Contact 221-6515 (V/TDD: Dial 711 for Relay Colorado) for assistance. Please provide 48 hours advance notice when possible. A petición, la Ciudad de Fort Collins proporcionará servicios de acceso a idiomas para personas que no dominan el idioma inglés, o ayudas y servicios auxiliares para personas con discapacidad, para que puedan acceder a los servicios, programas y actividades de la Ciudad. Para asistencia, llame al 221-6515 (V/TDD: Marque 711 para Relay Colorado). Por favor proporcione 48 horas de aviso previo cuando sea posible. URBAN RENEWAL AUTHORITY BOARD MEETING July 22, 2021 ● 5:00 PM PLEDGE OF ALLEGIANCE  CALL MEETING TO ORDER  ROLL CALL  AGENDA REVIEW  Executive Director’s Review of Agenda.  CITIZEN PARTICIPATION  CITIZEN PARTICIPATION FOLLOW-UP  STAFF REPORTS  COMMISSIONER REPORTS City of Fort Collins Page 2 Discussion Items The method of debate for discussion items is as follows: ● Chair introduces the item number and subject; asks if formal presentation will be made by staff ● Staff and/or Applicant presentation (optional) ● Chair requests citizen comment on the item (three-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 Chair, 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. 1. 2022 Urban Renewal Authority Budget. (staff: Clay Frickey; 10 minute presentation; 20 minute discussion) Staff submitted two budget offers for the Urban Renewal Authority (URA) as part of the City’s Budgeting for Outcomes (BFO) process earlier in 2021. One offer covers the costs of performing core functions of the URA. The second offer is for the URA’s debt service payments. Combined, the total appropriation for the 2022 URA budget would be $5,799,914. After these expenses, both the North College and Prospect South plan areas would generate excess revenues. Staff forecasts $3.3 million in available cash in the North College plan area and $1.3 million in available cash in the Prospect South plan area by the end of 2022. 2. Discuss a return to in-person meetings. (staff: Clay Frickey; no presentation; 15 minute discussion) 3. Powerhouse II Overview (staff: Darin Atteberry; 15 minute presentation; 20 minute discussion)  OTHER BUSINESS A. Consider entering into an Executive Session to discuss acquisition of property related to Powerhouse II: “I move that the urban renewal authority go into executive session for the purpose of meeting with the authority’s attorney and authority staff to discuss the following matters as permitted under Colorado Revised Statutes Section 24-6-402(4)(a), (b) and (e), specifically: ‐ The potential purchase and acquisition of real property; ‐ To Receive Legal Advice on Specific Legal Questions; and ‐ To Determine Positions Relative to Matters that are Subject to Negotiation, Develop Strategy for Negotiations and to Instruct Negotiators.”  ADJOURNMENT Agenda Item 1 Item # 1 Page 1 AGENDA ITEM SUMMARY July 22, 2021 Urban Renewal Authority Board STAFF Clay Frickey, Redevelopment Program Manager SUBJECT 2022 Urban Renewal Authority Budget. EXECUTIVE SUMMARY Staff submitted two budget offers for the Urban Ren ewal Authority (URA) as part of the City’s Budgeting for Outcomes (BFO) process earlier in 2021. One offer covers the costs of performing core functions of the URA. The second offer is for the URA’s debt service payments. Combined, the total appropriation for the 2022 URA budget would be $5,799,914. After these expenses, both the North College and Prospect South plan areas would generate excess revenues. Staff forecasts $3.3 million in available cash in the North College plan area and $1.3 million in available cash in the Prospect South plan area by the end of 2022. BACKGROUND / DISCUSSION The Urban Renewal Authority (URA) participates in the City’s biennial Budgeting For Outcomes (BFO) process when establishing its budget. Due to COVID -19, the City chose to adopt annual budgets for 2021 and 2022. The 2021 budget cycle was the first since the URA Board expanded to 11 members. For the 2021 budget, staff developed a budget process that incorporated the feedback of all URA Board members while still participati ng in the BFO process. Staff proposes following a similar process for the 2022 budget. Staff submitted initial budget offers as part of BFO in April. At the July Board meeting, staff will provide an overview of the budget offers presented in this AIS. Staff will incorporate the feedback of all Board members into its final budget offers. The final budget offers will be presented for adoption by the URA Board in October and subsequently included in the final City budget adopted by Council in November. Overview of Budget Offers The budget offer consists of two elements: operational costs and debt service. Both elements are ongoing budget offers, meaning they are essential to running the day -to-day operations of the URA. Operational costs cover the costs of staffing, insurance, and retaining legal counsel, among other costs. The debt service budget offer covers payments of all outstanding debt for all plan areas. The table below summarizes the amount of money staff seeks for appropriation to fund these budget offers and a comparison to the 2021 budget: Offer Name 2022 Budget Request 2021 Budget Offer 66.1 - URA Core Offer $575,148 $736,704 Offer 66.2 - URA Debt Service $5,224,766 $5,947,606 Total $5,799,914 $6,684,310 The 2022 URA budget contains changes compared to the 2021 budget. (Attachment 1) Changes in the 2022 URA budget compared to the 2021 budget include: • Reduction in developer repayment for Aspen Heights project in North College. • Reduced sales tax and property tax TIF revenue and developer r epayment for Foothills Mall. • No hourly personnel support. 1 Packet Pg. 4 Agenda Item 1 Item # 1 Page 2 Both the North College and Prospect South plan areas will generate excess revenues with the current proposed budget. By the end of 2022, North College is anticipated to have $3.3 million in cash available while Prospect South will have $1.3 million in cash available. The Foothills Mall plan area passes TIF revenues to the Foothills Metro District, leaving the URA with no excess revenues to invest in other priorities. (Attachment 2) North College Prospect South Foothills Mall Cash Inflows 2022 $2,668,418 $743,583 $3,711,446 Cash Outflows 2022 ($1,651,239)($277,971)($3,711,114) Net Change in Cash 2022 $1,017,179 $465,612 $332 Projected Ending Cash Balance 2021 $3,286,200 $1,259,128 $27,809 Projected Ending Cash Balance 2022 $4,303,379 $1,724,740 $28,141 Restricted Cash Balance 2022 ($944,763)($370,194)$0 Net Available Cash Balance 2022 $3,358,616 $1,354,546 $28,141 Staff will continue to monitor the impacts of COVID-19 on URA revenues. Collections of TIF revenue are on track for 2021. The County Treasurer has collected about 80% of expected property taxes for 2020 taxes payable in 2021 as of June. With the County Assessor re-assessing property values in 2021 and the URA collecting property taxes a year in arrears, staff expect stable revenues through 2022. (Attachment 3) URA FINANCIAL IMPACTS The overall budget request for 2022 is $5,799,914. This will allow the URA to continu e operating and meet its debt service requirements. As development projects come forward seeking financial assistance from the Authority, staff will bring these requests to the Finance Committee and the URA Board. Similarly, staff will bring forward appropriations to fulfill components of the North College and Prospect South Community Investment Plans as needed. ATTACHMENTS 1. URA Budget Offers (PDF) 2. 2022 Revenue Forecast (PDF) 3. TIF Revenue Summary (PDF) 4. Powerpoint Presentation (PDF) 1 Packet Pg. 5 City of Fort Collins 2022 - 2023 Offer Narratives Economic Health Offer 50.1: Urban Renewal Authority Offer Type: Ongoing 2023: $231,370 and 2.00 FTE, 0.00 Hourly FTE 2022: $575,148 and 2.00 FTE, 0.00 Hourly FTE Offer Summary This offer funds Urban Renewal Authority (URA) administration and operations. The URA’s mission is to leverage private capital investment and stimulate sustainable development and public improvement projects in areas of the community where reinvestment and redevelopment is significantly impaired. The URA currently has four active tax increment financing (TIF) districts. The URA program makes important contributions to the City’s vibrancy with an emphasis on triple-bottomline benefits and placemaking. URA’s revitalization objectives include: • Transform blighted areas into vibrant neighborhoods • Support projects that achieve objectives outlined in Community Investment Plans • Catalyze projects and accelerate investments that would not otherwise happen, thereby creating improvements with lasting value • Encourage development projects that enhance local character, culture, economy and quality of life • Improve public infrastructure (streets, storm drainage, sewer, utilities, etc.) in areas where deficiencies exist • Incentivize high efficiency buildings and development projects in support of the City’s Climate Acton Plan • Retain, expand and attract businesses for the purpose of improving the City’s economic base as demonstrated by projects that retain/create jobs, increase the manufacturing base, etc. • Create destination locations, including mixed-use projects, that will capture additional revenue to the area • Support a spectrum of housing affordability options • Protect natural habitats and features • Remove impediments to desired development • Encourage development that is consistent with City Plan, subarea plans and approved Urban Renewal Plans • Create, accelerate and enhance projects that meet broader community objectives including those of taxing entities The URA is not dependent on the General Fund; funding comes from incremental property and sales Data As Of: 6/24/21 at 3:24 Page 1 of 82.2.03 Offer Detail by Outcome - 50.1: Urban Renewal Authority ATTACHMENT 1 1.1 Packet Pg. 6 Attachment: URA Budget Offers (10469 : 2022 URA Budget) Economic Health Offer 50.1: Urban Renewal Authority Offer Type: Ongoing tax revenues resulting from new activity enabled and catalyzed by URA investments. This Offer supports the following Strategic Objectives (the primary objective is marked with a ü): ECON 3.4 - Foster infill and redevelopment opportunities consistent with City Plan policies.ü TM 6.5 - Maintain existing and aging transportation infrastructure and address missing facilities to meet community needs and expectations - NLSH 1.4 - Advance equity for all, leading with race, so that a person’s identity or identities is not a predictor of outcomes. - Additional Information Existing Areas: (1) North College - centered on College Avenue from Vine Drive north to the City boundary and 1/4 mile either side of College; (2) Prospect South - centered on College Avenue from Prospect Road south to just north of Whole Foods and east/west to encompass the commercial development; (3) Foothills - Encompasses the mall property and some public right-of-way - Existing Areas, continued: (4) College and Drake – contains Spradley Barr Mazda and former Kmart sites along with the intersections of College and Drake, Drake and railroad tracks, and Drake and Redwing. - Links to Further Details: - Not applicable Linkage to Strategic Objectives (the primary objective is marked with a ü) ECON 3.4 - Foster infill and redevelopment opportunities consistent with City Plan policies.: The Urban Renewal Authority is a partner in helping achieve the goals for infill and redevelopment outlined in City Plan. The core mission of the URA is to foster sustainable infill and redevelopment outcomes for the betterment of the community within targeted redevelopment areas where development constraints are significantly impeding these outcomes. ü TM 6.5 - Maintain existing and aging transportation infrastructure and address missing facilities to meet community needs and expectations: One of the major impediments to infill development in the community is aging transportation infrastructure. Tax increment financing is an important tool that can make intersection upgrades feasible upon redevelopment. - NLSH 1.4 - Advance equity for all, leading with race, so that a person’s identity or identities is not a predictor of outcomes.: The Urban Renewal Authority Board has adopted Community Investment Plans for North College and Prospect South that utilize the GARE Equitable Development Framework as their basis supported by a series of metrics and indicators. These tools will help ensure the URA's investments advance equity for all, leading with race. - Improvements & Efficiencies Data As Of: 6/24/21 at 3:24 Page 2 of 82.2.03 Offer Detail by Outcome - 50.1: Urban Renewal Authority 1.1 Packet Pg. 7 Attachment: URA Budget Offers (10469 : 2022 URA Budget) Economic Health Offer 50.1: Urban Renewal Authority Offer Type: Ongoing The URA has worked with the Stormwater and Engineering Departments to identify a unified approach to managing stormwater detention and water quality on the west side of College Avenue in the North College Plan Area with an outfall into the Poudre River. These stormwater facilities will be integrated with an ultimate alignment and design for Mason Street from Willox to Alpine. - The URA Board has adopted investment plans for the North College and Prospect South plan areas. These plans provide greater clarity on the types of projects the Authority intends to support. These investment plans utilize the GARE Equitable Development Framework as their basis supported by a series of metrics and indicators. This will help ensure the URA advances equity for all, leading with race. - The URA adopted its first Strategic Plan in 2020. The Strategic Plan establishes how the Urban Renewal Authority supports redevelopment while also supporting the communities in which it operates. The Strategic Plan has a series of guiding principles and tactics that keep ensure the Urban Renewal Authority acts to build community through redevelopment. - Performance Metrics -ECON 60. Survey - Percent of businesses rating a positive performance of economic health initiatives https://publish.clearpointstrategy.com/594/Measures/scorecardId=6280&object=measure&objectId=55807 8.html Performance Measure Reason: Tax Increment Financing (TIF) provides an incentive for developers to remediate blighted property and create development that would otherwise be infeasible Differences from Prior Budget Cycles N/A- Explanation of Any Adjustments to Personnel Costs using object 519999 Not applicable- Summary of Changes Requested by BFO Teams or the Budget Lead Team - Not applicable Offer Profile Offer Owner: cfrickey Lead Department: Urban Renewal Authority Financial Lead: wbricher Data As Of: 6/24/21 at 3:24 Page 3 of 82.2.03 Offer Detail by Outcome - 50.1: Urban Renewal Authority 1.1 Packet Pg. 8 Attachment: URA Budget Offers (10469 : 2022 URA Budget) Economic Health 2022 Projected Budget 2023 Projected Budget 50.1: Urban Renewal Authority 2022 to 2023 Change Ongoing Programs and Services Full Time Equivalent (FTE) Staffing 2.00 2.00 - % Hourly (FTE) - - - % Expenses 185,305 185,305 - %511000 - Salaries & Wages 50,787 50,769 - %512000 - Benefits (4,722)(4,721) - %519000 - Other Personnel Costs 231,370 231,353 510000 - Personnel Services - % - 261,142 - %521000 - Professional & Technical - 16,829 - %529000 - Other Prof & Tech Services - 277,971 520000 - Purchased Prof & Tech Services - % - 30,334 - %535000 - Construction Services - 30,334 530000 - Purchased Property Services - % - 25,000 - %541000 - Insurance - 2,180 - %542000 - Communication Services - 410 - %543000 - Internal Admin Services - 1,000 - %544000 - Employee Travel - 1,700 - %549000 - Other Purchased Services - 30,290 540000 - Other Purchased Services - % - 1,850 - %555000 - Office & Related Supplies - 3,350 - %559000 - Other Supplies - 5,200 550000 - Supplies - % 231,370 575,148 Total Expenses -59.8% Funding Sources 800-URA N. College District: Ongoing Revenue Ongoing Restricted 384,239 231,370 -39.8% 801-URA Prospect South TIF Dist: Ongoing Revenue Ongoing Restricted 69,017 - - % 803-URA Mall Fund: Ongoing Revenue Ongoing Restricted 121,892 - - % 231,370 575,148 Funding Source Total -59.8% Data As Of: 6/24/21 at 3:24 Page 4 of 82.2.03 Offer Detail by Outcome - 50.1: Urban Renewal Authority 1.1 Packet Pg. 9 Attachment: URA Budget Offers (10469 : 2022 URA Budget) Economic Health Offer 50.2: Urban Renewal Authority Debt Service Offer Type: Ongoing 2023: $0 and 0.00 FTE, 0.00 Hourly FTE 2022: $5,224,766 and 0.00 FTE, 0.00 Hourly FTE Offer Summary This offer funds the payment of Urban Renewal Authority (URA) debt and obligation payments across three tax increment financing (TIF) districts. The College and Drake URA does not have obligation payments since it was established in 2020. These debts and obligations include bond payments (North College and Foothills Mall), Redevelopment/Project Agreements, and City loan agreements. The URA uses tax increment funding for all debt and obligation payments; the URA is not dependent on the General Fund. North College TIF Debt/Obligation Payments: Total Debt 2022 Principal $985,781 2022 Interest $281,219 Market Bonds: 2022 Principal $690,000 2022 Interest $257,363 RMI2 Loan (from General Fund): 2022 Principal $295,781 2022 Interest $23,856 Prospect South TIF Debt/Obligation Payments: 2022 Principal $230,000 2022 Interest $138,544 Foothills TIF Debt/Obligation Payments: Total 2022 $4,395,651 2022 Property Tax Increment Payments $3,389,222 2022 Sales Tax Increment $200,000 Note: North College Repayment derived from fixed URA 1.5% administration charge on property tax increment. Data As Of: 6/24/21 at 3:24 Page 5 of 82.2.03 Offer Detail by Outcome - 50.2: Urban Renewal Authority Debt Service 1.1 Packet Pg. 10 Attachment: URA Budget Offers (10469 : 2022 URA Budget) Economic Health Offer 50.2: Urban Renewal Authority Debt Service Offer Type: Ongoing This Offer supports the following Strategic Objectives (the primary objective is marked with a ü): ECON 3.4 - Foster infill and redevelopment opportunities consistent with City Plan policies.ü TM 6.5 - Maintain existing and aging transportation infrastructure and address missing facilities to meet community needs and expectations - NLSH 1.4 - Advance equity for all, leading with race, so that a person’s identity or identities is not a predictor of outcomes. - Additional Information Not applicable- Links to Further Details: - Not applicable Linkage to Strategic Objectives (the primary objective is marked with a ü) ECON 3.4 - Foster infill and redevelopment opportunities consistent with City Plan policies.: The Urban Renewal Authority is a partner in helping achieve the goals for infill and redevelopment outlined in City Plan. The core mission of the URA is to foster sustainable infill and redevelopment outcomes for the betterment of the community within targeted redevelopment areas where development constraints are significantly impeding these outcomes. ü TM 6.5 - Maintain existing and aging transportation infrastructure and address missing facilities to meet community needs and expectations: One of the major impediments to infill development in the community is aging transportation infrastructure. Tax increment financing is an important tool that can make intersection upgrades feasible upon redevelopment. - NLSH 1.4 - Advance equity for all, leading with race, so that a person’s identity or identities is not a predictor of outcomes.: The Urban Renewal Authority Board has adopted Community Investment Plans for North College and Prospect South that utilize the GARE Equitable Development Framework as their basis supported by a series of metrics and indicators. These tools will help ensure the URA's investments advance equity for all, leading with race. - Improvements & Efficiencies N/A- Performance Metrics -ECON 60. Survey - Percent of businesses rating a positive performance of economic health initiatives https://publish.clearpointstrategy.com/594/Measures/scorecardId=6280&object=measure&objectId=55807 8.html Data As Of: 6/24/21 at 3:24 Page 6 of 82.2.03 Offer Detail by Outcome - 50.2: Urban Renewal Authority Debt Service 1.1 Packet Pg. 11 Attachment: URA Budget Offers (10469 : 2022 URA Budget) Economic Health Offer 50.2: Urban Renewal Authority Debt Service Offer Type: Ongoing Performance Measure Reason: The URA pledges TIF to pay for debt it issues . The success of the URA's debt service offer is, therefore, linked to the effectiveness of TIF as an incentive for development. Differences from Prior Budget Cycles Not applicable- Explanation of Any Adjustments to Personnel Costs using object 519999 Not applicable- Summary of Changes Requested by BFO Teams or the Budget Lead Team - Not applicable Offer Profile Offer Owner: cfrickey Lead Department: Urban Renewal Authority Financial Lead: wbricher Data As Of: 6/24/21 at 3:24 Page 7 of 82.2.03 Offer Detail by Outcome - 50.2: Urban Renewal Authority Debt Service 1.1 Packet Pg. 12 Attachment: URA Budget Offers (10469 : 2022 URA Budget) Economic Health 2022 Projected Budget 2023 Projected Budget 50.2: Urban Renewal Authority Debt Service 2022 to 2023 Change Ongoing Programs and Services Full Time Equivalent (FTE) Staffing - - - % Hourly (FTE) - - - % Expenses - 3,589,222 - %535000 - Construction Services - 3,589,222 530000 - Purchased Property Services - % - 1,635,544 - %581000 - Debt Service - 1,635,544 580000 - Debt & Other Uses - % - 5,224,766 Total Expenses - % Funding Sources 800-URA N. College District: Ongoing Revenue Ongoing Restricted 1,267,000 - - % 801-URA Prospect South TIF Dist: Ongoing Revenue Ongoing Restricted 368,544 - - % 803-URA Mall Fund: Ongoing Revenue Ongoing Restricted 3,589,222 - - % - 5,224,766 Funding Source Total - % Data As Of: 6/24/21 at 3:24 Page 8 of 82.2.03 Offer Detail by Outcome - 50.2: Urban Renewal Authority Debt Service 1.1 Packet Pg. 13 Attachment: URA Budget Offers (10469 : 2022 URA Budget) North College Urban Renewal AreaBase year 2020 TIF Rev through 2031Financial ForecastRevenue is recd year following assessment2019 TIF 2020 TIF 2021 TIF 2022 TIF 2023 TIF 2024 TIF 2025 TIF 2026 TIF 2027 TIF 2028 TIF 2029 TIFTIF revenue year16 17 18 19 20 21 22 23 24 25 26ACT Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj CumulativeCash Inflows 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 TotalProperty Tax Increment (cash basis)2,432,071 2,605,359 2,657,467 2,657,467 2,710,616 2,710,616 2,764,828 2,764,828 2,820,125 2,820,125 2,876,527 42,980,559 TOTAL Property Tax Increment2,432,071 2,605,359 2,657,467 2,657,467 2,710,616 2,710,616 2,764,828 2,764,828 2,820,125 2,820,125 2,876,527 - 42,980,559Other RevenueInterest33,994 21,079 10,951 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 569,629 Other233,833 Total Other Revenue33,994 21,079 10,951 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 - 803,462Principal and Interest from LoansInterest from loans- - - - - - - --- - 560,495 Loan 3 - RMI2 principal repayments- - - - - - - --- - 2,503,918 Total Principal and Interest Revenue- - - - - - - - - - - - 3,064,413 Bond ProceedsTotal Bond Proceeds11,401,806 Intra-City Loan ProceedsSub-Total Stormwater- - - - - - - - - - - -6,176,472 Sub-Total General Fund- - - - - - - -----10,669,588 Unknown250,000 Total Intra-City Loan Proceeds- - - - - - - - - - - - 17,096,060 Total Cash Inflows 2,466,065 2,626,438 2,668,418 2,677,467 2,730,616 2,730,616 2,784,828 2,784,828 2,840,125 2,840,125 2,896,527 - 75,346,29916 17 18 19 20 21 2223242526CumulativeCash Outflows2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030TotalOperatingPersonnel(222,427) (226,109) (231,353) (235,980) (240,700) (245,514) (250,424) (255,432) (260,541) (265,752) (4,210,462) Goods & Services(106,412) (112,209) (130,690) (133,304) (135,970) (138,689) (141,463) (144,292) (147,178) (150,122) (2,078,719) Reimbursement from Other URAs81,992 100,897 77,275 95,976 96,842 98,779 99,680 101,674 102,611 104,664 105,639 1,530,639 County Fee(48,641) (48,877) (53,149) (53,149) (54,212) (54,212) (55,297) (55,297) (56,402) (56,402) (57,531) (778,761) Insurance(20,555) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (283,055) Debt Service Banking Fee(2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (245,893) Pedestrian Bridge(125,000) Total Operating(318,793) (314,048) (365,667) (354,207) (361,790) (367,386) (375,253) (381,097) (389,260) (395,363) 48,108 - (6,191,250) Developer Project Costs (funds released to projects)Total Developer Project Costs- (43,650)(18,572) (19,243) (19,933) (20,645) (21,378) (22,132) (22,910) (23,711) (24,535) - (11,847,694)City Project Costs (funds transferred to Capital Projects Fund)N.College/E.Willox Lane Imp.(2,778,684) Project 6 - North College.:Vine-Conifer(2,700,000) Total City Projects- - - - - - - - - - - - (5,478,684) Intra-City Loan PaymentsSub-Total Stormwater- - - - - - - - - - - -(3,514,697) Sub-Total General Fund(311,568) (319,638) (319,637) (328,346) (328,346) (673) - - - - - - (15,739,229) Unknown(758,614) - 2013 Bonds - Debt Service2013 Bond Principal(635,000) (665,000) (690,000) (715,000) (745,000) (775,000) (805,000) (840,000) (870,000) (910,000) - (11,085,000) 2013 Bond Interest(309,363) (283,963) (257,363) (229,763) (201,163) (171,363) (140,363) (108,163) (74,563) (38,675) - (4,195,860) Total Bond Debt Service(944,363) (948,963) (947,363) (944,763) (946,163) (946,363) (945,363) (948,163) (944,563) (948,675) - - (15,280,860) Total Cash Outflows (1,574,724) (1,626,299) (1,651,239) (1,646,558) (1,656,231) (1,335,066) (1,341,993) (1,351,392) (1,356,733) (1,367,748) 23,573 - (58,811,028)Non-paid commitments (Aspen Heights)- - - - --- - - Net Change in Cash 891,342 1,000,140 1,017,179 1,030,909 1,074,385 1,395,550 1,442,835 1,433,436 1,483,392 1,472,377 2,920,100 -16,535,271 Ending Cash & Investments 2,264,969 3,265,109 4,282,288 5,313,197 6,387,581 7,783,131 9,225,966 10,659,402 12,142,794 13,615,171 16,535,271 16,535,271 Restricted Cash (948,963) (947,363) (944,763) (946,163) (946,363) (945,363) (948,163) (944,563) (948,675) - - Net Available Cash 1,316,007 2,317,747 3,337,526 4,367,034 5,441,219 6,837,768 8,277,803 9,714,839 11,194,119 13,615,171 16,535,271 16,535,271 Oustanding Debt 8,257,826 7,304,259 6,318,478 5,291,594 4,200,000 3,425,000 2,620,000 1,780,000 910,000 - Page 1Printed 6/30/2021ATTACHMENT 21.2Packet Pg. 14Attachment: 2022 Revenue Forecast (10469 : 2022 URA Budget) Urban Renewal Authority / Midtown Plan AreaProspect South TIF DistrictBase year 2020 TIF Rev through 2037Financial ForecastRevenue is recd year following assessment2019 TIF 2020 TIF 2021 TIF 2022 TIF 2023 TIF 2024 TIF 2025 TIF 2026 TIF 2027 TIF 2028 TIF 2029 TIF 2030 TIF 2031 TIF 2032 TIF 2033 TIF 2034 TIF 2035 TIF 2036 TIFTIF revenue year9 10111213141516171819202122232425ACTCumulativeCash Inflows 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 TotalProperty Tax Increment (cash basis)729,062 724,942 740,000 740,000 754,800 754,800 769,896 769,896 785,294 785,294 801,000 801,000 817,020 817,020 833,360 833,360 850,027 566,685 16,353,567 TOTAL Property Tax Increment 729,062 724,942 740,000 740,000 754,800 754,800 769,896 769,896 785,294 785,294 801,000 801,000 817,020 817,020 833,360 833,360 850,027 566,685 16,353,567 Other RevenueInterest on Investments 11,065 6,092 3,583 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 165,932 Intra-City Loan Proceeds- from General Fund for:- from Water Fund for:247,000 Total Intra-City Loans5,247,000 2019 Bonds - RefinancingBond proceeds5,328,863 Total Cash Inflows 740,127 731,034 743,583 745,000 759,800 759,800 774,896 774,896 790,294 790,294 806,000 806,000 822,020 822,020 838,360 838,360 855,027 571,685 27,095,362 9 10111213141516171819202122232425CumulativeCash Outflows 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 TotalOperatingAdmin Charge (pd by N College and reimbursed - 3 (43,764) (41,623) (42,455) (43,305) (44,171) (45,054) (45,955) (46,874) (47,812) (48,768) (49,743) (50,738) (51,753) (52,788) (53,844) (54,921) (56,019) (57,139) (1,102,865) Goods & Services (18,253) - - - - - - - - - (191,820) County Fee (14,581) (14,962) (14,800) (14,800) (15,096) (15,096) (15,398) (15,398) (15,706) (15,706) (16,020) (16,020) (16,340) (16,340) (16,667) (16,667) (17,001) (11,334) (327,534) Total Operating (76,598) (56,585) (57,255) (58,105) (59,267) (60,150) (61,353) (62,272) (63,518) (64,474) (65,763) (66,758) (68,093) (69,128) (70,511) (71,588) (73,020) (68,473) (1,622,220) Developer Project Costs (funds released to projects)Project 1 - Capstone(4,972,000) Project 2 - Prospect Station (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) - (494,002) Total Developer Project Costs (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) - (5,466,002) Principal and Interest from LoansDebt 1 Principal Capstone(5,075,732) Debt 1 Interest(699,124) Debt 2 Principal (Prospect Station)(247,000) Debt 2 Interest(52,452) Total Principal and Interest Expense - - (6,074,308) Revenue Sharing (Capstone)Sharing Actual/Calc(354,699) 2019 RefinancingPrincipal (220,000) (220,000) (230,000) (240,000) (250,000) (265,000) (280,000) (290,000) (305,000) (315,000) (320,000) (325,000) (330,000) (340,000) (345,000) (355,000) (360,000) (4,990,000) Interest (149,395) (149,544) (138,544) (127,044) (115,044) (102,544) (89,294) (75,294) (60,794) (54,694) (48,394) (41,994) (35,494) (28,894) (22,094) (15,194) (7,650) (1,583,259) Total Principal and Interest Expense(369,395) (369,544) (368,544) (367,044) (365,044) (367,544) (369,294) (365,294) (365,794) (369,694) (368,394) (366,994) (365,494) (368,894) (367,094) (370,194) (367,650) (6,573,259) Total Cash Outflows (457,755) (437,891) (437,561) (436,910) (436,072) (439,456) (442,409) (439,328) (441,073) (445,930) (445,919) (445,514) (445,349) (449,784) (449,367) (453,544) (452,432) (68,473) (20,090,488) Net Change in Cash 282,373 293,143 306,022 308,090 323,728 320,344 332,487 335,568 349,221 344,364 360,081 360,486 376,671 372,236 388,993 384,817 402,596 503,212 7,004,875 Ending Cash & Investments 942,818 1,235,961 1,541,983 1,850,073 2,173,800 2,494,144 2,826,632 3,162,200 3,511,420 3,855,784 4,215,865 4,576,351 4,953,022 5,325,257 5,714,251 6,099,067 6,501,663 7,004,875 Restricted Cash (370,194) (370,194) (370,194) (370,194) (370,194) (356,500) (328,500) (299,500) (269,000) (237,500) (205,500) (173,000) (140,000) (106,000) (71,500) (36,000) - Net Available Cash 572,624 865,767 1,171,789 1,479,879 1,803,606 2,137,644 2,498,132 2,862,700 3,242,420 3,618,284 4,010,365 4,403,351 4,813,022 5,219,257 5,642,751 6,063,067 6,501,663 7,004,875 Oustanding Debt4,770,000 4,550,000 4,320,000 4,080,000 3,830,000 3,565,000 3,285,000 2,995,000 2,690,000 2,375,000 2,055,000 1,730,000 1,400,000 1,060,000 715,000 360,000 Page 2Printed 6/30/20211.2Packet Pg. 15Attachment: 2022 Revenue Forecast (10469 : 2022 URA Budget) North College URA Forecast 2021- 2030 (10 years)TOTAL Total TIF % of Total Poudre R-1 School District $10,651,349 58.2%$14,420,547 $25,071,896 Larimer County $4,437,667 24.2%$6,008,027 $10,445,694 City of Fort Collins $1,956,942 10.7%$2,649,446 $4,606,388 Health District of N. Lar Co.$432,856 2.4%$586,031 $1,018,888 Lar Co. Pest Control $25,826 0.1%$34,966 $60,792 FC Regional Library District $600,609 3.3%$813,147 $1,413,756 N CO Water Conservation District $199,749 1.1%$270,434 $470,184 Total $18,304,999 $24,782,599 $43,087,598 Prospect South URA Forecast 2021- 2037 (17 years)TOTAL Total TIF % of Total Poudre R-1 School District $2,301,307 58.5%$7,264,591 $9,565,898 Larimer County $945,034 24.0%$2,983,211 $3,928,245 City of Fort Collins $418,528 10.6%$1,321,177 $1,739,705 Health District of N. Lar Co.$92,574 2.4%$292,231 $384,806 Lar Co. Pest Control $5,612 0.1%$17,715 $23,327 FC Regional Library District $128,510 3.3%$405,669 $534,179 N CO Water Conservation District $42,720 1.1%$134,855 $177,575 Total $3,934,284 $12,419,452 $16,353,736 LTD (2006-2020) LTD (2013-2020) TIF Revenue ATTACHMENT 3 1.3 Packet Pg. 16 Attachment: TIF Revenue Summary (10469 : 2022 URA Budget) July 8, 2021 2022 URA Budget ATTACHMENT 4 1.4 Packet Pg. 17 Attachment: Powerpoint Presentation (10469 : 2022 URA Budget) Budgeting for Outcome (BFO) process changed for 2021 and 2022 •One-year budget done for each year •Ti meline adjusted for COVID-19 BFO Milestones Final Budget Offers Due June 4th City Council Public Hearings City Manager’s Recommended Budget to Council Sept. 21st, Oct. 5thSept. 1st Nov. 16th First Reading Nov. 2nd Second Reading Present 2022 Budget July 8th Amended 2022 Budget July 22nd Oct. 28th Update on City Manager’s Budget Oct. 14th Adopt 2022 Budget URA Milestones BFO and URA Board Timelines 1.4 Packet Pg. 18 Attachment: Powerpoint Presentation (10469 : 2022 URA Budget) URA Core Offer Ongoing Programs and Services Funding Source Expense Type Budget Personne l $231,353 Prof. and Te ch. S ervices $277,971 Insurance $25,000 Property Servi ces $30,334 Offi ce Expense $10,490 Total $575,148 Funding Soucrce Budget No rth Colle ge $384,239 Prospect South $69,017 Foothi lls Ma ll $121,892 Total $575,148 1.4 Packet Pg. 19 Attachment: Powerpoint Presentation (10469 : 2022 URA Budget) URA Debt Service Offer Debt Service Payments Funding Source Expense Type Budget Construction Servi ces $3,589,222 Debt Servi ce $1,635,544 Total $5,224,766 Funding Soucrce Budget No rth Colle ge $1,267,000 Prospect South $368,544 Foothi lls Mall $3,589,222 Total $5,224,766 1.4 Packet Pg. 20 Attachment: Powerpoint Presentation (10469 : 2022 URA Budget) North College URA •Developer Repayments o Aspen Heights -2021 Budget assumed developer repayment obligation for Aspen Heights. 2022 Budget eliminates that repayment ($182k) obligation due to developer non-compliance with agreement. o The Lyric -2021 Actual includes repayment of ROW obligation to City from Lyric TIF funds ($43,650). 2022 Budget includes repayments to the Lyric based on their agreement (about $20k per year). •Other Expense o Hourly personal support eliminated in 2021 and forward. o Additional expense for Larimer County fees (due to increased TIF collection). Changes to 2022 Budget 1.4 Packet Pg. 21 Attachment: Powerpoint Presentation (10469 : 2022 URA Budget) Prospect South URA •No significant expense changes in 2022. Foothills Mall URA •Reduction in Developer Repayment due to decreased Property and Sales Ta x TIF to be collected. Changes to 2022 Budget 1.4 Packet Pg. 22 Attachment: Powerpoint Presentation (10469 : 2022 URA Budget) URA Operating Expense History General Operating Expenses: •Salaries & Benefits •Office-related expenses Professional & Technical Services Expenses: •Banking Fees •Consulting Services •Larimer County Fees •Legal Services •2014 –Foothills Mall URA reimbursable expenses paid to developer. •2017-2019 –EPS consulting services for Drake & College URA analysis. •2017 forward –Increase in Larimer County fees as Foothills Mall URA starts generating TIF. •2019 –Consulting, legal and banking fees related to Prospect South URA refinancing. •2019 forward –Utilization of non-City legal representation for URA. •2019 forward –Purchase of non-City liability insurance for the URA. •2020 –North College URA outreach and visioning expenses. 1.4 Packet Pg. 23 Attachment: Powerpoint Presentation (10469 : 2022 URA Budget) 2022 Cashflow Forecast North College Prospect South Foothills Mall Cash In flows 2022 $2,668,418 $743,583 $3,711,446 Cash Outflo ws 2022 ($1,651,239)($437,561)($3,711,114) Ne t C ha ng e in C ash 2022 $1,017,179 $306,022 $332 Projected Ending Cash Balance 2021 $3,265,109 $1,235,960 $11,042 Projected Ending Cash Balance 2022 $4,282,288 $1,541,982 $11,374 Re stricted Cash Balance 2022 ($944,763)($370,194)$0 Net Available Cash Balance 2022 $3,337,525 $1,171,788 $11,374 1.4 Packet Pg. 24 Attachment: Powerpoint Presentation (10469 : 2022 URA Budget) TIF Through 2020 Assessments 1.4 Packet Pg. 25 Attachment: Powerpoint Presentation (10469 : 2022 URA Budget) What additional information would be helpful prior to adoption of the budget? 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aPacket Pg. 35Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation) "!$& ! *( """"!#!!"% #!"% !"!'!'#"' ! !!"#"!!" # !( '#"!"#"! !'( ''"!!!"!" ""'! &"'! " "")$" !" ")aPacket Pg. 36Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation) %! !$!)$!'% aPacket Pg. 37Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation) aPacket Pg. 38Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation) )490J+ J><1? ,.aPacket Pg. 39Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation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aPacket Pg. 40Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation) $! $% # aPacket Pg. 41Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation) $%) +&# &+ FD/=:7:2D:1070A,?492>4?0?:D0,=17::/70A07D/=:7:2D:1070A,?492>4?0?:0,=17::/70A070D0C,.0=-,?0?30/4114.@7?D:1-@47/492,=:@9/ )490F H74;;492I?30;=:50.??:8:A0;,=6492?::77020B:@7/9:?800?4?D.:/0:=/0A07:;809?2:,7>:1?304?D(%aPacket Pg. 42Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation) aPacket Pg. 43Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation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aPacket Pg. 44Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation) "&$%* $#% % % %%%#% (# &$ %% '% !&$%"'F $:B0=3:@>0 4>;=:;:>0/,>,;@-74.2::/,//=0>>492?3027:-,7900/1:=.748,?0>:7@?4:9>B3470;=:A4/4927:.,7-09014?-D,/A,9.492?3009?=0;=090@=4,7.:88@94?D,9/;=:A4/492;,?3B,D>1:=4?>.4?4E09>?:5:49?30.70,9090=2D /0.,=-:94E,?4:9B:=61:=.0F $ B:@7/-0/0A07:;0/-D,..:=;:=,?4:9?:.:9?49@0?30/0A07:;809?:1?30499:A,?4:90.:9:8D49?304?DF $ 4>.:884??0/?:,/A,9.492?302:,7>:1/4A0=>4?D0<@4?D,9/49.7@>4:9/@=492?30/0>429.:9>?=@.?4:9,9/:;0=,?4:9:1?301,.474?DF 84909?/:8,494>,?::7;=:A4/0/?:?30(%494?>.3,=?0=?:800??302:,7>:1?30/4>?=4.?4?4>@9/0=>?::/?3,??34>?::7>3:@7/9:?-0/0;7:D0/1:=80=0.:9A09409.0F !@7?4;70@9>@..0>>1@7,??08;?>3,A0-0098,/0?:;@=.3,>0?30;=:;0=?D:A0=, D0,=;0=4:/G ,77,?1,=,-:A08,=60?A,7@0F 1,;,?3B,D?:,.<@4>4?4:9:1?30149,7><1?;=:;0=?D.,99:?-0=0,.30/49?480?:.:8;0?049?30&0;? "!'=:@9/011:=?>?:.=0,?0$ B477.0,>0aPacket Pg. 45Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation) %'%%! aPacket Pg. 46Attachment: Powerhouse Presentation (10481 : Powerhouse Presentation)