HomeMy WebLinkAboutNews Release - Read Before Packet - 12/17/2013 - Article From Coloradoan Dated December 17, 2013 Titled, Foothills Mall Financing Agreement Delayed AgainFoothills Mall financing agreement
delayed again
Dec. 17, 2013 3:00 PM |
Rendering of the new Foothills Mall looking southwest. / Courtesy Alberta Development Partners LLC
Written by
Kevin Duggan
The oft-delayed Foothills Mall redevelopment project has been delayed again.
Consideration of a $53 million financing agreement between Fort Collins officials
and the mall’s owner, Alberta Development Partners, is expected to be put off
until at least Jan. 14, said City Manager Darin Atteberry.
The City Council was scheduled to consider the agreement during its Tuesday
night meeting. Atteberry said he plans to remove the item from the council’s
agenda.
City staff members want more time to answer questions raised by council
members about the complex financial package agreement, Atteberry said. Some
details of the contract are still being worked out.
“I think it’s important that the council have a finalized set of documents in front of
them and they have questions answered,” he said.
Dec. 17, 2013
Agenda Item #24
Council members have asked for details on how plans for the mall have changed
since the redevelopment project was initially approved in May, he said.
The mall’s owner, Alberta Development Partners, has submitted revised
developments plans that describe a project that is about 10 percent smaller than
originally proposed.
The revised plans have been approved by the city’s Planning and Zoning Board.
“We understand the council requires a little more time to discuss the issues at
hand,” said Don Provost, founding principal of Alberta Development Partners in
an email. “We believe in the project and the community and stand ready to
deliver this great project upon approval, and we look forward to meeting with
council Jan.14.”
The financial package calls for $53 million in public funding, including tax
revenue shared by the city’s Urban Renewal Authority.
As part of the deal, the developer would build the Foothills Activity Center and a
pedestrian underpass of College Avenue connecting the mall to the MAX bus
rapid transit system.
Some minor details of the agreement, such as the size of the activity center and
an agreement on its operations and maintenance, still have to be worked out,
Atteberry said.
“I know that the mall is a very important item to the community and I know some
will be frustrated by this several week delay,” he said. “But I believe it’s an
important delay.”