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HomeMy WebLinkAboutAgenda - Mail Packet - 09/24/2024 - Urban Renewal Authority Board (URA) Meeting Agenda – September 26, 2024City of Fort Collins Page 1 of 2 Urban Renewal Authority Board Agenda September 26, 2024 at 5:00 PM Jeni Arndt, Chair Kristin Stephens, Vice Chair in City Hall, 300 Laporte Ave, Fort Collins, CO and via Zoom at https://zoom.us/j/98687657267 Cablecast on FCTV Channel 14 on Connexion Channel 14 and 881 on Comcast URBAN RENEWAL AUTHORITY BOARD MEETING 5:00 PM A) CALL MEETING TO ORDER B) ROLL CALL C) AGENDA REVIEW Executive Director's Review of Agenda. D) PUBLIC PARTICIPATION E) PUBLIC PARTICIPATION FOLLOW-UP F) ADOPTION OF CONSENT CALENDAR G) COMMISSIONER REPORTS H) 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 public comment on the item (three minute limit for each person) • Board questions of staff on the item • Board motion on the item • Board discussion • Final Board comments • Board vote on the item City of Fort Collins Page 2 of 2 Note: Time limits for individual agenda items may be revised, at the discretion of the Chair, to ensure all have an opportunity to speak. If attending in person, 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. Consideration and Approval of the Minutes for the June 27, 2024 Urban Renewal Authority Board Meeting. The purpose of this item is to approve the minutes of the June 27, 2024 Urban Renewal Authority Board meeting. 2. North College Plan Area Finance Strategy. The North College Urban Renewal Plan (“Plan”) revenue stream from tax increment financing (“TIF”) will end in 2030. Several potential projects seeking financial investment may be considered by the URA Board in that timeframe, and to better prepare for those discussions, URA staff seeks strategic direction from the URA Board regarding priorities. I) OTHER BUSINESS 3. Consideration of a motion to go into executive session to discuss the potential purchase or acquisition of real property interests, to receive legal advice on specific legal questions, and to determine positions relative to matters that may be subject to negotiations related to property in the North College Urban Renewal Plan Area. “I move that the Fort Collins Urban Renewal Authority go into executive session pursuant to: C.R.S. § 24-6-402(4)(a), (b) and (e) for the purpose of discussing with the Authority’s attorneys and appropriate management staff the following items, all related to property in the North College Urban Renewal Plan Area: • Potential Purchase or Acquisition of Real Property Interests, • Specific Legal Advice on Specific Legal Questions, and • Determine Positions Relative to Matters that may be Subject to Negotiations, Develop Strategy for Negotiations and Instruct Negotiators.” J) ADJOURNMENT 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 970.221.6515 (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 970.221.6515 (V/TDD: Marque 711 para Relay Colorado). Por favor proporcione 48 horas de aviso previo cuando sea posible. City of Fort Collins Page 1 of 2 Urban Renewal Authority Board Agenda September 26, 2024 at 5:00 PM Jeni Arndt, Chair Kristin Stephens, Vice Chair Susan Gutowsky Julie Pignataro Tricia Canonico Melanie Potyondy Kelly Ohlson Emily Francis Kristen Draper Dan Sapienza Matt Schild Council Information Center (CIC) in City Hall, 300 Laporte Ave, Fort Collins, CO and via Zoom at https://zoom.us/j/98687657267 Cablecast on FCTV Channel 14 on Connexion Channel 14 and 881 on Comcast Caitlin Quander Josh Birks Amani Chamberlin Attorney Acting Executive Director Secretary URBAN RENEWAL AUTHORITY BOARD MEETING 5:00 PM A) CALL MEETING TO ORDER B) ROLL CALL C) AGENDA REVIEW Executive Director's Review of Agenda. D) PUBLIC PARTICIPATION E) PUBLIC PARTICIPATION FOLLOW-UP F) ADOPTION OF CONSENT CALENDAR G) COMMISSIONER REPORTS H) 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 public comment on the item (three minute limit for each person) • Board questions of staff on the item • Board motion on the item • Board discussion • Final Board comments • Board vote on the item 1 City of Fort Collins Page 2 of 2 Note: Time limits for individual agenda items may be revised, at the discretion of the Chair, to ensure all have an opportunity to speak. If attending in person, 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. Consideration and Approval of the Minutes for the June 27, 2024 Urban Renewal Authority Board Meeting. The purpose of this item is to approve the minutes of the June 27, 2024 Urban Renewal Authority Board meeting. 2. North College Plan Area Finance Strategy. The North College Urban Renewal Plan (“Plan”) revenue stream from t ax increment financing (“TIF”) will end in 2030. Several potential projects seeking financial investment may be considered by the URA Board in that timeframe, and to better prepare for those discussions, URA staff seeks strategic direction from the URA Board regarding priorities. I) OTHER BUSINESS 3. Consideration of a motion to go into executive session to discuss the potential purchase or acquisition of real property interests, to receive legal advice on specific legal questions, and to determine positions relative to matters that may be subject to negotiations related to property in the North College Urban Renewal Plan Area. “I move that the Fort Collins Urban Renewal Authority go into executive session pursuant to: C.R.S. § 24-6-402(4)(a), (b) and (e) for the purpose of discussing with the Authority’s attorneys and appropriate management staff the following items, all related to property in the North College Urban Renewal Plan Area: • Potential Purchase or Acquisition of Real Property Interests, • Specific Legal Advice on Specific Legal Questions, and • Determine Positions Relative to Matters that may be Subject to Negotiations, Develop Strategy for Negotiations and Instruct Negotiators.” J) ADJOURNMENT 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 970.221.6515 (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 970.221.6515 (V/TDD: Marque 711 para Relay Colorado). Por favor proporcione 48 horas de aviso previo cuando sea posible. 2 Urban Renewal Authority Agenda Item Summary – Page 1 of 1 April 25, 2024 AGENDA ITEM SUMMARY Urban Renewal Authority STAFF Amani Chamberlin, Assistant City Clerk SUBJECT Consideration and Approval of the Minutes for the June 27, 2024 Urban Renewal Authority Board Meeting. EXECUTIVE SUMMARY The purpose of this item is to approve the minutes of the June 27, 2024 Urban Renewal Authority Board meeting. ATTACHMENTS 1. Draft Minutes, June 27, 2024 3 Section H, Item 1. City of Fort Collins Page 498 URBAN RENEWAL AUTHORITY BOARD June 27, 2024 5:00 PM  CALL MEETING TO ORDER Vice Chair Stephens called the meeting to order at 5:03 p.m.  ROLL CALL PRESENT: Stephens, Gutowsky, Canonico, Potyondy, Francis, Draper, Ohlson, Sapienza, and Schild ABSENT: Arndt, and Pignataro  AGENDA REVIEW Acting Executive Director Andy Smith reviewed the agenda noting there were no changes to the published agenda. Vice Chair Stephens outlined the public participation options.  PUBLIC PARTICIPATION – No public in attendance. None.  PUBLIC PARTICIPATION FOLLOW–UP None. CONSENT CALENDAR 1. Consideration and Approval of the Minutes of the May 23, 2024 Urban Renewal Authority Board Meeting. The purpose of this item is to approve the minutes of the May 23, 2024 regular meeting. 2. Motion to accept corrections made to the titling of the Resolutions Nos. 130, 131, and 132, from the April 25, 2024 board meeting. This is an administrative matter, “housekeeping” in nature. At the April 25, 2024, URA Board meeting, three resolutions were passed that were later determined to contain minor, immaterial errors. The motion approves corrections to each of the previously passed resolutions. END OF CONSENT CALENDAR  ADOPTION OF CONSENT CALENDAR Commissioner Ohlson made a motion, seconded by Commissioner Francis, to adopt the consent calendar as presented. 4 Section H, Item 1. City of Fort Collins Page 499 RESULT: Consent Calendar Items 1-2 APPROVED (UNANIMOUS: 9-0) MOVER: Kelly Ohlson SECONDER: Emily Francis AYES: Stephens, Gutowsky, Canonico, Potyondy, Ohlson, Francis, Draper, Sapienza, and Schild NAYS: None. EXCUSED: Arndt and Pignataro  COMMISSIONER REPORTS None.  DISCUSSION ITEMS 3. Consideration of a motion to go into executive session to discuss the potential purchase or acquisition of real property interests, including eminent domain, to receive legal advice on specific legal questions, and to determine positions relative to matters that may be subject to negotiations related to the former Albertsons’ site and nearby properties. Commissioner Potyondy made a motion, seconded by Commissioner Gutowsky, that the Fort Collins Urban Renewal Authority go into Executive Session pursuant to: C.R.S. § 24-6-402(4)(a), (b) and (e) For the purpose of discussing with the Authority’s attorneys and appropriate management staff the following items, all related to the former Albertsons’ site and nearby properties: • Potential Purchase or Acquisition of Real Property Interests, including Eminent Domain, • Specific Legal Advice on Specific Legal Questions, and • Determine Positions Relative to Matters that may be Subject to Negotiations, Develop Strategy for Negotiations, and Instruct Negotiators. RESULT: MOTION APPROVED (UNANIMOUS: 9-0) MOVER: Melanie Potyondy SECONDER: Susan Gutowsky AYES: Stephens, Gutowsky, Canonico, Potyondy, Ohlson, Francis, Draper, Sapienza, and Schild NAYS: None. EXCUSED: Arndt and Pignataro (**Secretary’s Note: The Board adjourned into Executive Session at this point in the meeting.) 4. Resolution No. 135 Authorizing Negotiations for the Acquisition of Property and the Use of Eminent Domain. The purpose of this item is to authorize Urban Renewal Authority (URA) staff and legal counsel to use eminent domain to acquire the vacant former Albertsons’ store at 1636 North College Avenue. Acting Executive Director Andy Smith noted this process started in 2018 when an analysis of North College was completed related to the North College Urban Renewal Plan Area, followed by a public process in 2019, and adoption of the community investment plan in 2020, which identified objectives including the 5 Section H, Item 1. City of Fort Collins Page 500 formation of a complete and vibrant neighborhood, a community hub, and infrastructure improvements. Smith discussed the former Albertson’s site and noted staff started discussion with the property owner in 2022 for a potential sale between a willing seller and a willing buyer, and in 2023, the URA Board authorized the URA staff to undertake negotiations to acquire the property, which culminated in in September of 2023 with a non -binding letter of intent signed by both parties. Since that time, the discussions between the owner and the tenant have taken considerably longer than anticipated and blight conditions at the property have not improved. Caitlin Quander, counsel to the URA, discussed the power for Urban Renewal Authorities to acquire property, and to do so my eminent domain. Quander stated the first step an Authority would take is not condemnation ; there are a number of steps that would happen before that action is actually filed with a court. She stated this action would authorize all of those steps, though staff will be checking in with the Board along the way. Additionally, she reiterated that eminent domain is used as a last resort in rare and exceptional circumstances where reasonable efforts to acquire the private property consensually have failed. If eminent domain is used, the property owner must be paid fair market value for the property. Quander further detailed the necessary steps that must occur in order for an Authority to utilize eminent domain. Rich Rodriguez, special counsel to the URA related to eminent domain, stated this resolution would be just the beginning of the process to authorize eminent domain and give staff the ability to move the eminent domain process along if efforts to acquire the property cannot be done consensually. Rodriguez noted there are many steps that the Board can take through the process to either end it or modify it. Additionally, he noted a written offer made to the property owner also requires reimbursement to the property owner should they want to get an appraisal for use in negotiations. PUBLIC INPUT None. COMMISSION QUESTIONS/DISCUSSION Commissioner Draper asked if renovation work could begin as soon as the title was handed over or if that work would need to wait until the trial is complete if it were to go to trial. Quander replied renovation and repair work could begin as soon as the title is received. Rodriguez concurred. Commissioner Francis made a motion, seconded by Commissioner Sapienza, to adopt Resolution No. 135 Authorizing Negotiations for the Acquisition of Property and the Use of Eminent Domain. Commissioner Francis stated she would support the item as much due diligence has been done to purchase the property. Additionally, she noted the property has been vacant for many years and is blighted. 6 Section H, Item 1. City of Fort Collins Page 501 Commissioner Draper concurred and reiterated there are many options that could occur besides the use of eminent domain. Commissioner Sapienza stated this resolution would allow acquisition of the property by any means necessary and will allow for more negotiations. Vice Chair Stephens stated she would support the motion as a way to get things moving for the property’s purchase. RESULT: RESOLUTION NO. 135 APPROVED (UNANIMOUS: 9-0) MOVER: Emily Francis SECONDER: Dan Sapienza AYES: Gutowsky, Canonico, Potyondy, Francis, Draper, Sapienza, Schild, and Stephens NAYS: Ohlson EXCUSED: Arndt and Pignataro  ADJOURNMENT The meeting adjourned at 6:07 p.m. ___________________________________ Chair ATTEST: ___________________________________ Secretary 7 Section H, Item 1. Urban Renewal Authority Agenda Item Summary – Page 1 of 7 September 26, 2024 AGENDA ITEM SUMMARY Urban Renewal Authority STAFF Andy Smith, Redevelopment Manager Josh Birks, Acting Executive Director SUBJECT North College Plan Area Finance Strategy EXECUTIVE SUMMARY The North College Urban Renewal Plan (“Plan”) revenue stream from tax increment financing (“TIF”) will end in 2030. Several potential projects seeking financial investment may be considered by the URA Board in that timeframe, and to better prepare for those discussions, URA staff seeks strategic direction from the URA Board regarding priorities. STAFF RECOMMENDATION None. BACKGROUND / DISCUSSION In 2018, the Fort Collins URA commissioned a professional third-party analysis of opportunities for potential investment within the Plan Area. The analysis culminated in a report, and in 2019, the report was followed and considered by key community stakeholders in two series of workshops facilitated by CSU’s Institute for the Built Environment (IBE) and The Family Center/La Familia (TFC/LF). Nearly sixty community members participated in the workshop process between the two groups. Overarching themes both groups identified included:  Increase vibrancy through maintaining and adding services and amenities that the community wants.  Enhance and celebrate cultural needs and opportunities, including artistic expression.  Increase access to a variety of recreation options. From there, IBE produced a report synthesizing the findings of both series of workshops. The report highlights four key areas of investment. These four categories of investment are: 1. Complete, vibrant neighborhood 2. Latinx community hub 3. Stormwater improvements 8 Section H, Item 2. Urban Renewal Authority Agenda Item Summary – Page 2 of 7 4. Recreation and connectivity The final steps in the process consolidated those four categories into three summary categories that were then analyzed in terms of targeted allocation levels during the short-term, medium-term, and long- term time horizons (see exhibits from the 2020 Community Investment Plan below) Recommended Revenue Allocation Complete, Vibrant Neighborhood Community Hub Infrastructure Improvements Short Term 2021 - 2022 Cultivate partnerships Small business support Community based design process Continue existing projects Medium Term 2023 - 2024 Pilot community hub programs Forge development partnerships Complete existing projects Long Term 2025 and beyond Acquire property Repayments fund community objectives Develop community hub Fund legacy projects Total Allocation 25% 50% 25% Recommended Revenue Allocation by Timeframe Short Term 2021 - 2022 Medium Term 2023 - 2024 Long Term 2025 and beyond Total Complete, Vibrant Neighborhood 10% $238,849 25% $424,480 30% $2,914,064 $3,577,393 Community Hub 10% $238,849 25% $424,481 60% $5,828,127 $6,491,457 Infrastructure Improvements 80% $1,910,791 50% $848,961 10% $971,355 $3,731,107 Total $2,388,489 $1,697,922 $9,713,546 $13,799,957 The Community Investment Plan recommended that 50% of forecasted future TIF revenue be dedicated to the “Community Hub”, 25% go toward “Complete, Vibrant Neighborhood” initiatives, and the remaining 25% go toward “Infrastructure Improvements”. It should be noted that approximately 70% of the recommended allocations were assigned to the “long term” of the year 2025 and beyond. 9 Section H, Item 2. Urban Renewal Authority Agenda Item Summary – Page 3 of 7 FINANCIAL UPDATE Since 2020, much has changed in terms of factors relied upon for the financial forecast used for the Community Investment Plan. Specifically, property values and associated tax revenues have increased more rapidly than anticipated, and tax assessment rates have been dynamic. As such URA staff have updated the model used to forecast revenues that are expected to be collected before the sunset of the TIF collection period. At this time, staff is forecasting that approximately $27 million in unencumbered TIF revenue will be collected and available to the URA for selected undertakings. MISCELLANEOUS POLICY & OPPORTUNITY UPDATE Since the Community Investment Plan was completed, an assortment of new opportunities, challenges, and policy objectives have emerged. Below are a few examples the URA Finance Committee and Board may consider. Albertsons When the Community Investment Plan was completed, acquisition of the vacant former Albertsons was only a concept. Now that it is probable, a unique opportunity to replace blight with a vibrant community hub, neighborhood focal point, and potentially much more is suddenly possible. Does the URA want to make more resources available to ensure that the opportunity is fully explored and maximized? Affordable & Middle-Income Housing The housing crisis has led the URA to consider additional affordable housing supply as a critical element to be included in supported projects whenever possible. Additionally, several middle-income housing projects have been proposed in the North College Plan Area and are beginning to explore potential assistance from the URA, which would be relatively unusual. Does the URA want to make more resources available to support affordable and middle-income housing. 24/7 Shelter Impacts If built, the Fort Collins Rescue Mission’s proposed new 24/7 shelter may create a series of undetermined impacts on the neighborhood and URA plans, such as stormwater improvements and urban design. Does the URA want to be in a position to make more resources available as opportunities emerge? 15 Minute City Both the City and the URA are committed to advancing a “15-Minute City”, and the Albertsons property may present a rare opportunity for a demonstration project to inform other neighborhood shopping center redevelopments. Nuisance Properties URA Staff has become aware of several properties along North College that have been plagued with ongoing and significant criminal activity and are now subject to the City’s Public Nuisance Ordinance program. Because these properties have also been identified as environmental liabilities, would the URA be interested in making more resources available for environmental remediation, demolition, and potential redevelopment? 10 Section H, Item 2. Urban Renewal Authority Agenda Item Summary – Page 4 of 7 Infrastructure: West Side of College Ave and North College Mobility Hub City efforts to improve the stormwater infrastructure on the west side of College Ave have moved slower than anticipated and as a result will likely cost more to complete due to more sophisticated solutions and inflation. The URA has historically been a champion and financial supporter of these improvements in order to make that side of College Ave more suitable for redevelopment activity. Additionally, a mobility hub is planned for an area near the vacant, former Albertsons. Does the URA remain committed to these efforts, even if they cost more and take longer than originally anticipated? Does the mobility hub present a new opportunity for the URA? Powerhouse 2 The URA was interested in providing financial support to the expansion of the CSU Powerhouse campus across Vine Drive into the North College Plan Area. That expansion, known as Powerhouse 2, stalled at the end of the pandemic due to rapid major cost increases, but their leadership has recently indicated they will soon restart the effort. Would the URA be interested in making resources available for this major project? Property Tax Volatility Property values have increased significantly since the Community Investment Report was completed, which has led to proportional increases in property tax and TIF revenues. While the URA has benefited directly from the increase in TIF, many property owners, small business tenants, and potential redevelopment/renovation projects have been challenged. In response, the State of Colorado continues to consider both temporary and permanent changes to the property tax system, making revenue forecasting more challenging and less reliable. SCENARIOS FOR DISCUSSION To stimulate a high-level discussion that is both strategic and philosophical, URA staff have prepared three simple conceptual scenarios for URA Finance Committee and Board consideration. Based on the discussion, questions, and concerns expressed by the Finance Committee and Board, staff will prepare a draft recommendation to reaffirm and/or update the financial allocation strategies originally described in the Community Investment Plan. That recommendation will be presented to the URA Finance Committee and Board very soon, prior to anticipated project support requests coming to the Board for consideration. SCENARIO 1: Stay the Course SUMMARY No change. Follow the strategy, allocations, and priorities identified in the Community Investment Plan. PROJECT EXAMPLES 50% of forecasted future TIF revenue be dedicated to the “Community Hub”, 25% goes toward “Complete, Vibrant Neighborhood” initiatives, and the remaining 25% go toward “Infrastructure Improvements”. 11 Section H, Item 2. Urban Renewal Authority Agenda Item Summary – Page 5 of 7 SAMPLE QUESTIONS  Will we need more money for North Mason infrastructure projects?  What is meant with “Complete, Vibrant Neighborhood” and can that category serve as a “catch-all” for initiatives that do not fit well in “infrastructure” or “community hub” SCENARIO 2: Shift Focus to Albertsons Center SUMMARY As mentioned in the Community Investment Plan, catalyze a vibrant cultural “focal point” for the North College neighborhood by creating a cohesive mixed-use “15-minute” village. PROJECT EXAMPLES  Leverage and support planned North College Mobility Hub  TBD assemblage for vertical and horizontal mixed-use program, with housing emphasis  Central gathering place anchored by the community hub and expressed with authentic music, art, and food  Conversion of heat island to greenspace  Enhanced pedestrian and bike connectivity  Civic partnerships  High performance buildings SAMPLE QUESTIONS  What will ownership cost during the hold period?  Can we offset costs by leasing out a portion or all of the building(s)?  Do we want to pay all cash or use some leverage?  Who are the partners, and how do these concepts translate to a future development RFP and partnership agreement? SCENARIO 3: Shift Focus to Acquisition of Key Properties SUMMARY By seeking and mitigating blight throughout the plan area, the URA may create potential future redevelopment and land banking opportunities for affordable housing and/or other desired uses. May also serve unique governmental function for environmental remediation. PROJECT EXAMPLES  Nuisance motels (emergent)  Properties with underground storage tanks (UST)  Properties that hinder desired access  Logical assemblage for housing 12 Section H, Item 2. Urban Renewal Authority Agenda Item Summary – Page 6 of 7 SAMPLE QUESTIONS  How many properties are there?  Beyond blight, what other criteria is important to evaluate opportunities?  And are there willing Sellers?  What is the exit strategy? GENERAL QUESTIONS TO BE FURTHER EXPLORED  What happens to the URA general budget when we stop collecting TIF from North College TIF?  Can/should we explore renewal of the North College Plan?  Can the URA own, maintain, operate (lease) real estate after the sunset?  Should the URA target a specific contingency/savings goal, and if so, how much?  What happens to cash on-hand upon sunset?  Can the URA make commitments and obligations that survive the sunset?  Should we consider refinancing our current bond to get cash now rather than later?  Is the URA willing to provide financial support to desired projects in unusual ways? For instance, the URA has normally provided annual reimbursement payments to approved projects as TIF revenue is actually collected; would the URA be willing to provide “up-front” support to housing projects that will never be fully recovered due to the sunset and limited residential property tax revenue? BOARD / COMMISSION / COMMITTEE RECOMMENDATION The URA Finance Committee discussed this strategy at their meeting on September 12, 2024 and recommended consideration by the full URA Board. Their questions and comments include, but are not limited to, the following:  Are Scenarios 1 and 2 much different?  Provide an update and more detail regarding the community hub, its programming, and history.  Is the community hub a blight mitigator?  Remain committed to what we heard from the community when we conducted the Community Investment Plan outreach, especially the need for a Latinx community hub open to everyone.  The “Complete, Vibrant Neighborhood” investment category may function well as a “catch-all” for opportunities that arise.  Additional (or extra) revenue should be prioritized for affordable housing.  Investments should be considered in a holistic manner and approach. 13 Section H, Item 2. Urban Renewal Authority Agenda Item Summary – Page 7 of 7 AUTHORITY FINANCIAL IMPACTS None. PUBLIC OUTREACH None. ATTACHMENTS 1. Community Investment Plan for North College (2020) 2. Presentation 14 Section H, Item 2. Introduction The Community Investment Plan for North College is the culmination of years’ worth of study and engagement on the North College Urban Renewal Plan Area. This plan unites a data driven, analytical approach to redevelopment and the lived experience of community members and what they would like to see the plan area become in the future. This document is a guide for the Urban Renewal Authority Board’s investment decisions in the plan area. Analysis and Engagement In 2018, staff worked with Economic Planning Systems (EPS) on identifying the best opportunities for investment within the plan area. EPS analyzed the real estate market for the plan area to determine what kinds of development are most likely in the plan area. EPS then also analyzed the development potential of six districts within the plan area. Three focus areas for investment emerged based on EPS’s analysis of market demand and development potential. EPS’s report provides guidance for each focus area. The EPS report concludes with three overarching recommendations for the plan area: 1. The URA should take a more proactive role in land assembly of vacant and underutilized parcels into larger and more efficient development sites. 2. The City should consider land banking property suitable for affordable housing within the North College Plan Area. 3. The URA should consider establishing and funding a retail building improvement program. A series of community workshops followed EPS’s analysis to gain a better understanding of what the North College community would like to see the URA invest in over the next ten years. 2018 •Economic Planning Systems analysis 2019 •Economic Planning Systems report •Community workshop series begins 2020 •Workshop series completed •Engagement report completed •Adoption of Community Investment Plan 15 Section H, Item 2. Over the course of a year, staff worked with the Institute for the Built Environment (IBE) and The Family Center/La Familia (TFC/LF) on a series of workshops to better understand how the URA can invest in ways to better the North College community. IBE’s engagement consisted of six workshops with participants representing neighborhoods, businesses, service providers, City staff, and others. TFC/LF engaged with mobile home park residents and consisted of three workshops. Nearly 60 community members participated in this process between the two groups. Overarching themes both groups identified included: • Increase vibrancy through maintaining and adding services and amenities that the community wants. • Enhance and celebrate cultural needs and opportunities, including artistic expression. • Increase access to a variety of recreation options. From this, IBE produced a report synthesizing the findings of both series of workshops. The report highlights four key areas of investment. These four categories of investment are: 1. Complete, vibrant neighborhood 2. Latinx community hub 3. Stormwater improvements 4. Recreation and connectivity Appendix A contains a detailed overview of IBE’s findings and recommendations. Equitable Development Framework North College is the one of the most diverse areas of Fort Collins. Since the beginning, immigrants have called the neighborhoods north of the Poudre River home. Immigrants flocked to the area north of the river to work on sugar beet farms and at the Great Western Sugar Beet Company factory. Today, North College is home to a large Latinx community. According to the American Community Survey, 5,188 people live in the North College corridor. 2,288 of these people identify as being Hispanic/Latino, making up 44% of the population in the North College corridor. People who identify as being Latinx make up 13% of the City's population. This high concentration of Latinx households is unique in Fort Collins and thus requires an approach to community building and investment that is uniquely tailored to this community. Communities north of the river were the last to receive services from the City. The industrial heritage of the North College community has also led to inequitable health outcomes. Our highest priority areas in Fort Collins for increased health equity are North College and the East Mulberry corridor according to the City Plan Trends & Forces Report. Hispanic/Latino households earn less money and are more likely to be in poverty than the average household in Fort Collins according to American Community Survey data. This confluence of factors means investment must also focus on equitably building community so that race ceases to be a predictor of economic and health outcomes. The URA has guiding principles of inclusion and co-creating plans with the community. The Government Alliance on Race & Equity (GARE) developed a framework for equitable development to address situations like the one on North College. The GARE Equitable Development Framework consists of the following elements: 1. Advance economic opportunity 16 Section H, Item 2. 2. Prevent displacement 3. Preserve and expand affordable housing options 4. Understand and respond to local context 5. Promote broader mobility and connectivity 6. Practice meaningful community engagement 7. Develop healthy and safe communities 8. Promote environmental justice 9. Achieve full accessibility This framework serves as a guide for this investment plan and ensures the work of the URA is rooted in equity, leading with race. 17 Section H, Item 2. Investment Plan Complete, Vibrant Neighborhood A complete, vibrant neighborhood is one where community members can complete most of their day-to-day tasks without having to leave the neighborhood. Workshop participants identified several amenities that would make North College a more complete neighborhood. Some of these amenities include: • More small business opportunities • Affordable housing • Food and entertainment • Professional development and education opportunities • Affordable childcare • A library branch By investing in these amenities, the URA will promote context sensitive investment and economic opportunities for businesses and residents of the plan area. Short Term Strategies Cultivate partnerships The URA will act as a convener of community members, developers, representatives from all taxing entities (City, County, School District, Library District, etc.), and others. This will be an opportunity for all stakeholders to develop a shared vision for specific kinds of development that will help make North College a more complete, vibrant neighborhood. Staff will look to other communities that have had success in community led development and apply lessons these communities have learned to the work on North College. Small business support Many small businesses are struggling amidst the COVID-19 pandemic. The URA could build upon the grant programs offered by the City as part of the CARES Act. This would allow the URA to help stabilize small businesses until the end of the pandemic. 18 Section H, Item 2. Medium Term Strategy Identify & Pilot community hub programs In the medium term, community partners can work with the URA on identifying and piloting programs that would be integrated into a future community hub. This would provide services desired by the community and present an opportunity to test services in a cost-effective way. Pilot programs would also provide an indication of the cost to provide these services on an ongoing basis. Long Term Strategies Acquire property for re-development Acquiring property would allow the URA to issue a RFP and find and work with qualified development partners that could deliver a development program consistent with community desires and opportunities. Repayments fund community objectives As development occurs and taps into stormwater infrastructure and takes access from Mason Street, the URA and City will seek repayment from developers. Repayments to the URA can go into a fund that helps fulfill other community objectives. If a development meets objectives identified by the community, such as affordable housing, the URA could waive its repayment to incentivize the type of development desired by the community. Any projects seeking a waiver for a repayment would request a waiver from the URA Board. The URA Board would decide on any waiver in a similar fashion to a TIF assistance request. This system would help achieve legacy projects for the plan area and incentivize the kind of development desired by the community in the North College plan area. Community Hub Various community members have noted that North College lacks a focal point. Latinx community members feel an acute need for a community gathering place. Outside of the Northside Aztlan Community Center, there are few locations on the northside of Fort Collins that provide a space for community members to get together. There are also few cultural and educational amenities in the plan area. Workshop participants developed the idea of a community hub that could bring these amenities together in one location potentially along with other forms of development that would then act as the focal point of North College. The community hub would be something available and open to all. While the community hub would serve anyone, the community hub should also address unmet needs of the Latinx community. 19 Section H, Item 2. For the community hub to be successful, the community must lead in designing the hub, with a particular focus on elevating the voices of the Latinx community. The URA will act as a convener at first to bring together stakeholders. Once the community has designed the community hub, the URA can act as a financial partner to help bring the community hub to fruition. Short Term Strategy Begin community-based design process For a community space such as this to be successful, the community must buy-in and feel a sense of ownership over the space. The URA could act as a convener for facilitating a community-based design process. The first year would focus on developing relationships and building a shared vision for the community hub while identifying opportunities to improve existing services in the interim. This will provide the foundation to find the appropriate partners that can help develop the community hub in year two. Medium Term Strategy Forge development partnerships The URA will not have all the funds necessary to develop a community hub on its own. Community and development partners will help bring capital and expertise to the community hub to help make the community hub a reality. Long Term Strategy Develop community hub Continue work with community and development partners to develop community hub that aligns with the needs and vision established by the community. Community members will continue to drive the design and programming of the community hub. Infrastructure Improvements One of the focus areas of the North College Corridor Plan from 2007 and adoption of the North College Urban Renewal Plan was addressing infrastructure deficiencies throughout the North College corridor. In 2010, City Council adopted the North College Infrastructure Funding Plan to guide implementation of the North College Corridor Plan. This plan identified infrastructure improvements within the plan area, estimated costs, funding sources, and priority levels for 20 Section H, Item 2. each project. This document has successfully guided tens of millions of dollars in public infrastructure investment in the corridor. A handful of projects identified in the Infrastructure Funding Plan remain unbuilt that help inform the investment plan and can form the foundation of the Board’s investment in infrastructure. Short Term Strategy Continue support of existing projects The City’s Stormwater and Engineering departments have begun work on stormwater improvements and establishing the Mason Street corridor west of College Ave. Stormwater completed 10% design of the stormwater improvements earlier in 2020. Engineering staff are in the process of acquiring right-of-way for the Mason Street corridor. The URA contributed $300,000 to the combined stormwater and Mason Street project in 2019 with the City contributing $467,800. Stormwater submitted a budget offer as part of the City’s Budgeting for Outcomes process to continue this project in 2021. The budget offer requests $1.5 million for final design of the stormwater system south of Hickory Street as well as construction of the outfall into the Poudre River. The budget offer also states that this project will only remain a priority if the URA contributes to the project financially. Medium Term Investment Strategies Complete existing projects Depending on funding levels, the west side stormwater and Mason Street project will likely extend into 2023-2024. Completing this project would create an asset that could spur additional private investment and tax increment generation. Support outcomes of plan updates Planning efforts underway today will likely finish in the next two years. Agencies conducting planning efforts that impact North College include Transfort and Parks Planning. The URA can collaborate on implementation items articulated in completed plans that align with the Urban Renewal Authority’s strategic plan in the medium term. Long Term Investment Strategy Invest in legacy projects At the end of the plan area’s tax increment generation, the Board can consider infrastructure projects that will leave an enduring legacy on the North College community. These projects could also provide repayment opportunities that will give the URA a revenue source that lasts 21 Section H, Item 2. beyond the tax increment generation period of the plan area and enable investment in other community priorities. Recommended Revenue Allocation Complete, Vibrant Neighborhood Community Hub 2021 - 2022 partnerships Small business support design process projects Medium Term 2023 - 2024 programs partnerships projects Long Term 2025 and beyond Repayments fund hub Total Allocation 25% 50% 25% The allocations presented above represent a balanced approach to investment. All three objectives will act in concert to achieve the objectives from our community engagement and the GARE Equitable Development Framework while meeting statutory requirements to remediate blight and prevent its further spread. Infrastructure improvements will honor previous investments made by the URA, help generate economic opportunity for area residents and businesses, and enhance mobility and connectivity for all community members. Developing a complete, vibrant neighborhood and a community hub will support development that addresses the unique needs of the North College area in a culturally attuned way. Recommended Revenue Allocation by Timeframe The allocations above indicate the rough proportion of the URA’s revenues that should go to each community objective. Another important consideration is when to invest in each objective. Infrastructure investment could lead to redevelopment that increases the tax base and provides additional revenue for the URA to spend on its objectives. It is also important to retain enough tax increment revenue to support potential redevelopment and the community hub. The table below provides guidance on how to spend tax increment within each timeframe. Short Term 2021 - 2022 Medium Term 2023 - 2024 Long Term 2025 and beyond Total Complete, Vibrant Neighborhood 10% $238,849 25% $424,480 30% $2,914,064 $3,577,393 $238,849 $424,481 $5,828,127 $6,491,457 $1,910,791 $848,961 $971,355 $3,731,107 22 Section H, Item 2. Finance Options The URA may fund improvements as it generates tax increment or issue debt to fund projects. This investment plan does not provide guidance on how to finance the improvements in this plan. Rather, financing decisions are at the discretion of the URA Board. The URA Board will have the opportunity to discuss financing options when these projects and others go before the URA Board for discussion. At that time, the Board may decide the best mechanism for financing these projects. 23 Section H, Item 2. Metrics and Indicators As stated earlier, this investment plan aims to invest the URA’s remaining tax increment revenue into projects that improve the North College corridor for all. Often times, investment by government can inadvertently lead to displacement of people, businesses, and culture. For this investment plan to be a success, investment must lead to all members of the North College community sharing in the growth in prosperity from the URA’s investments. The following metrics and indicators will provide signs of how well the URA’s investments are supporting the goal of developing in an equitable way. Staff will monitor the following data: Metric/Indicator Data Source Target leverage rate properties owned by LLCs that own 3+ properties Survey households that are cost issued community needs Latinx community This suite of metrics and indicators will provide a strong overview of the economic vitality and the composition of businesses and residents in the plan area. Early signs of significant change in any of the metrics will send a signal to the URA to act before the issue becomes too difficult to address. Many of these metrics are not within the URA’s control. While the URA cannot control things like rent or who chooses to live in the plan area, the URA can influence factors that would result in change or potential displacement of people, businesses, and culture. 24 Section H, Item 2. Plan Alignment Beyond fulfilling the objectives identified by the community during our engagement process, this investment plan will support the objectives of all entities collecting property tax in the plan area. This section identifies relevant policies and goals of each taxing entity with which this investment plan aligns. City of Fort Collins The City of Fort Collins has a comprehensive plan called City Plan that provides an overall vision for the development of the community. Sub-area plans then clarify that vision for different parts of town. The North College Corridor Plan (NCCP) provides finer grain detail and specific goals for how North College will develop over time. City Plan Principle LIV 2 – Promote infill and redevelopment Policy LIV 3.6 – Context-sensitive development Policy LIV 4.4 – Culturally relevant gathering places Principle LIV 7 – Promote a more inclusive and equitable community that encourages and celebrates diversity North College Corridor Plan Goal STN 2 - Adapt the pattern and details of new streets to fit circumstances and facilitate development projects consistent with the vision and goals Goal CAD 2 - Build up a distinct image and city character in evolving places along the corridor Goal CAD 4 - Promote the positive attributes of the whole North College corridor area with a unique image and identity program Goal FAD 1 - Solve drainage system needs where required to allow street and development projects Goal FAD 2 - Leverage and stimulate further investment with infrastructure projects Goal FAD 3 - Leverage City investments with additional financing derived from land value, as needed to make necessary infrastructure feasible Goal FAD 4 - Foster a positive investment climate for projects that contribute to the vision and goals Goal COM 1 - Continue the broad public support which prompted this plan and much of the progress in the corridor since 1992 will continue Goal COM 2 - Increase collaboration and mutual understanding among multiple owners and City Departments 25 Section H, Item 2. Goal COM 3 - Public support, civic discussions, and citizen initiative will continue to lead to financing solutions and other property agreements to implement goals. Larimer County Larimer County utilizes a Strategic Plan to guide its operations in the short term. Larimer County’s Comprehensive Plan provides policy direction over the long term. Below are policies from the Strategic Plan and Comprehensive Plan with which this investment plan aligns. Strategic Plan Goal 2 - Everyone in Larimer County has access to economic opportunities and a vibrant quality of life. We work together to remove barriers. Comprehensive Plan Policy E1.3 - Support investments in workforce development, training, technology, and education for the evolving needs of a diverse workforce and changing economy. Policy E1.4 - Encourage small-business development and entrepreneurship in non-residential locations. Policy I1.7 - Collaborate with state, regional, and local entities to develop a more efficient, connected trail, transit, rail and multi-modal transportation system. Poudre School District Poudre School District uses the concept of District Ends to define success. District Ends are aspirational goals that help the district achieve its vision and drives policy. The District Ends this investment plan will help the school district achieve are: Success in a Changing World: PSD students are prepared for college and workforce success. PSD ensures access and encourages participation in a wide range of experiences that reflect expectations of a changing world. Connections: PSD students are academically and socially connected to their school and community. PSD provides engaging opportunities to support students' individual pursuits and interests. Poudre River Library District Meet & Collaborate - We are a catalyst for positive, social interactions. We provide inclusive, welcoming spaces to bring together a growing and diverse community. Our libraries are trusted destinations that anchor the community. We build collaborative partnerships with local organizations, businesses, and nonprofits that allow us to provide service in alternative ways. Reimagine the Future - We foster a culture of possibility and stewardship. We anticipate the needs of our growing community and align our resources to those needs. We recognize that the current demand for library services in our District exceeds our available public spaces. We look for opportunities to expand and build efficiency, sustainability, and creativity in our operations. 26 Section H, Item 2. Appendix A: Engagement Overview Community members who participated in the workshops had the opportunity to better understand the URA’s function, and to explore the context and desired future in and around the North College Plan Area. The Family Center/La Familia (TFC/LF) conducted three community workshops with an average of 30 participants—primarily from the Latinx community—who included members of Mi Voz (a civic engagement leadership program organized by TFC/LF), North College Latinx residents, business owners, advocates, and parents. IBE conducted six workshops that included an average of approximately 25 participants who included residents, City of Fort Collins and Larimer County staff, Fort Collins Police Department representatives, members of the North College Plan Area Citizen Advisory Group, North Fort Collins business owners, and non-profit and community organizations. Within each of the two workshop tracks (IBE and TFC/LF), attendance was relatively consistent across all workshops. Overarching themes between the two groups were as follows: • Increase vibrancy through maintaining and adding services and amenities that the community wants. • Enhance and celebrate cultural needs and opportunities, including artistic expression. • Increase access to a variety of recreation options. Complete & Vibrant Neighborhood • Support and encourage small businesses • Affordable housing, including preservation of mobile home parks • Assets reflective of, supporting, and attuned to Latinx culture, businesses, and families o Food and entertainment o Health services o Additional affordable child chare o Library/community college branch o Highlight local art / artist throughout corridor o Spanish language / Latinx movies Approach A: Proactively encourage mixed-use (re)development through issuing an RFP. Approach B: Distribute resources to support small businesses and target community-prioritized amenities. Latinx Community Hub • Indoor community and recreation space • Space for seniors to gather, and for quinceañeras and other cultural celebrations • Economic stability and job training opportunities • Space for youth activities • Family and community health support services • Possible incubator space • Community skills and asset sharing 27 Section H, Item 2. Approach: Facilitate and support a community-driven design process with potential funding from non-profit, philanthropic, and possibly grants or an angel investor. Stormwater Improvements • Continue to invest in stormwater improvements on the west side of College Avenue to enable real estate development Approach: Continue to partner with City of Fort Collins Engineering Services to help deliver improvements. Leverage stormwater improvements to help support bike/pedestrian connectivity. Potentially explore stormwater improvements serving as a source for future revenues through repayments as development occurs along Mason Street. Recreation & Connectivity • Increase access, connectivity, and community-desired activities • Improve connection between parks and neighborhoods • Outdoor recreation spaces (e.g. soccer, outdoor grilling) • Additional outdoor grilling areas • Indoor soccer fields • Plaza and mercado Approach: Relatively low-cost investment can provide impact improvements in residents’ quality of life and will help support multimodal transportation in the corridor. Work with City of Fort Collins Parks and Recreation, as appropriate. 28 Section H, Item 2. September 26, 2024 North College Plan Area Finance Strategy 29 Section H, Item 2. Purpose 2 GOALS: 1.High-level discussion about policy objectives and investment priorities. 2.Revisit, reaffirm, and/or revise strategy from 2020. 3.Explore concepts and scenarios to provide direction to URA staff. 30 Section H, Item 2. Agenda 1.Background: where have we been, what have we done? 2.Background: what has changed? 3.Scenarios: what might we do going forward? 4.Discussion: what we intend to pursue 331 Section H, Item 2. Background: North College North College Urban Renewal Plan adopted in 2004 Tax Increment Revenue (TIF) ends in 2029 (final payment in 2030) 432 Section H, Item 2. Background: URA Strategic Plan The Fort Collins Urban Renewal Authority brings together local, tax collecting organizations to collaborate and remediate blight to create a better community for everyone. Our residents feel greater civic pride and sense of belonging when reinvestment helps transform blighted areas into vibrant neighborhoods and amenities which enhance the local character, culture, economy, and quality of life. Eliminate blight by catalyzing projects and accelerating investments that would not otherwise happen, thereby creating improvements with lasting value through tax increment financing. 5 Who What Why 33 Section H, Item 2. Background: Community Investment Plan 634 Section H, Item 2. Community Investment Plan (2020) 7 Data driven, analytical approach to redevelopment (EPS Report) The lived experience, needs, and desires of community members (IBE/La Familia Engagement) Community Investment Plan 35 Section H, Item 2. Community Investment Plan (2020) 8 COMPLETE & VIBRANT NEIGHBORHOOD COMMUNITY HUB INFRASTRUCTURE IMPROVEMENTS 36 Section H, Item 2. Complete, Vibrant Neighborhood FROM THE PLAN: •Support and encourage small businesses •Affordable housing, including preservation of mobile home parks •Assets reflective of, supporting, and attuned to Latinx culture, businesses, and families •Food and entertainment •Health services •Additional affordable child chare •Library/community college branch •Highlight local art / artist throughout corridor •Spanish language / Latinx movies 937 Section H, Item 2. Infrastructure Improvements FROM THE PLAN: •Stormwater improvements west of College Ave •Right-of-way acquisitions (streets, trails, utilities) •Transfort/MAX •Parks & recreation •Indoor soccer fields •Plaza and mercado •Miscellaneous TBD “legacy” investments 1038 Section H, Item 2. Community Hub FROM THE PLAN: •“Focal point” of North College •Cultural gathering place •Open to everyone, though focused on needs of Latinx community •Community-based design and programming •Partnerships 1139 Section H, Item 2. Community Hub FROM THE PLAN (more): •Indoor community and recreation space •Space for seniors to gather, and for quinceañeras and other cultural celebrations •Economic stability and job training opportunities •Space for youth activities •Family and community health support services •Possible incubator space (commissary kitchen?) •Community skills and asset sharing 1240 Section H, Item 2. FROM THE PLAN: Recommended Allocations ​Complete, Vibrant Neighborhood ​Community Hub ​Infrastructure Improvements ​Short Term 2021 - 2022 ​Cultivate partnerships ​Small business support ​Community based design process ​Continue existing projects ​Medium Term 2023 - 2024 ​Pilot community hub programs ​Forge development partnerships ​Complete existing projects ​Long Term 2025 and beyond ​Acquire property ​Repayments fund community objectives ​Develop community hub ​Fund legacy projects ​Total Allocation ​25%​50%​25%1341 Section H, Item 2. FROM THE PLAN: Recommended Timeframe 14 ​Short Term 2021 - 2022 ​Medium Term 2023 - 2024 ​Long Term 2025 and beyond ​Total ​Complete, Vibrant Neighborhood ​10% $238,849 ​25% $424,480 ​30% $2,914,064 ​$3,577,393 ​Community Hub ​10% $238,849 ​25% $424,481 ​60% $5,828,127 ​$6,491,457 ​Infrastructure Improvements ​80% $1,910,791 ​50% $848,961 ​10% $971,355 ​$3,731,107 ​Total ​$2,388,489 ​$1,697,922 ​$9,713,546 ​$13,799,957 42 Section H, Item 2. What has changed? Albertsons 1543 Section H, Item 2. What has changed? Affordable Housing 1644 Section H, Item 2. What has changed? 24/7 Shelter 1745 Section H, Item 2. What has changed? 15-Minute City 1846 Section H, Item 2. What has changed? Nuisance Properties 1947 Section H, Item 2. What has changed? Infrastructure Plans &Timing 2048 Section H, Item 2. What has changed? Powerhouse 2 2149 Section H, Item 2. SCENARIO 1: Stay the Course No change. Follow the strategy, allocations, and priorities identified in the Community Investment Plan. 2250 Section H, Item 2. SCENARIO 1: Stay the Course PROJECT EXAMPLES 50% of forecasted future TIF revenue be dedicated to the “Community Hub”, 25% goes toward “Complete, Vibrant Neighborhood” initiatives, and the remaining 25% go toward “Infrastructure Improvements”. SAMPLE QUESTIONS •​Will we need more money for North Mason infrastructure projects? •​What is meant with “Complete, Vibrant Neighborhood” and can that category serve as a “catch-all” for initiatives that do not fit well in “infrastructure” or “community hub” 2351 Section H, Item 2. SCENARIO 2: Focus on Albertsons With Albertsons at the core, catalyze a vibrant cultural “focal point” for the North College neighborhood by creating a cohesive mixed-use “15-minute” village 2452 Section H, Item 2. SCENARIO 2: Focus on Albertsons PROJECT EXAMPLES •​Leverage and support planned North College Mobility Hub •​TBD assemblage for vertical and horizontal mixed-use program, with housing emphasis •​Central gathering place anchored by the community hub and expressed with authentic music, art, and food •​Conversion of heat island to greenspace •​Enhanced pedestrian and bike connectivity •​Civic partnerships •​High performance buildings 2553 Section H, Item 2. SCENARIO 2: Focus on Albertsons SAMPLE QUESTIONS •​What will ownership cost during the hold period? •​Can we offset costs by leasing out a portion or all of the building(s)? •​Do we want to pay all cash or use some leverage? •​Who are the partners, and how do these concepts translate to a future development RPF and partnership agreement? 2654 Section H, Item 2. SCENARIO 3: Acquisition of Key Properties Seek and mitigate blight throughout the plan area. Create potential future redevelopment and land banking opportunities. 2755 Section H, Item 2. SCENARIO 3: Acquisition of Key Properties PROJECT EXAMPLES •Nuisance motels (emergent) •Properties with underground storage tanks (UST) •Properties that hinder desired access •Logical assemblage for housing SAMPLE QUESTIONS •How many properties are there? •Beyond blight, what other criteria is important to evaluate opportunities? •And are there willing Sellers? •What is the exit strategy? 2856 Section H, Item 2. Discussion Questions Should the revenue allocations and priorities recommended by the Community Investment Plan for North College from 2020 remain the same or should they be modified? If they should be modified, how? Do new investment opportunities exist now that may have not been considered in 2020, or perhaps were not as high of policy priorities (like housing)? What additional information does the URA Board want? Should a certain amount of revenue be set aside as uncommitted in order to respond to unanticipated opportunities as they arise? 2957 Section H, Item 2. Discussion Questions What happens to cash on-hand upon sunset? Can the URA make commitments and obligations that survive the sunset? Should we consider refinancing our current bond to get cash now rather than later? ​Is the URA willing to provide financial support to desired projects in unusual ways? 3058 Section H, Item 2. Discussion Questions What happens to the URA general budget when we stop collecting revenue from North College TIF? ​Can/should we explore renewal of the North College Plan? ​Can the URA own, maintain, operate (lease) real estate after the sunset? Should the URA target a specific contingency/savings goal, and if so, how much? 3159 Section H, Item 2. Finance Committee Thoughts Are Scenarios 1 and 2 much different? ​Provide an update and more detail regarding the community hub, its programming, and history. Is the community hub a blight mitigator?​ ​Remain committed to what we heard from the community when we conducted the Community Investment Plan outreach, especially the need for a Latinx community hub open to everyone. 3260 Section H, Item 2. Finance Committee Thoughts The “Complete, Vibrant Neighborhood” investment category may function well as a “catch-all” for opportunities that arise. ​Additional (or extra) revenue should be prioritized for affordable housing. ​Investments should be considered in a holistic manner and approach. 3361 Section H, Item 2. Conclusion 3462 Section H, Item 2.