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Home My WebLink AboutMemo - Mail Packet - 8/19/2014 - Memorandum From Darin Atteberry Re: 2013 Urban Renewal Authority Year In Review1 2 3 FORT COLLINS is a community with a strong sense of place. It has gained accolades as one of the best places for jobseekers in Colorado, one of the best towns in America and among the healthiest and most bicycle friendly. As part of the City’s mission to provide exceptional service for an exceptional community, the Fort Collins Urban Renewal Authority is committed to placemaking. That means creating a long-term strategy that meets – and even exceeds – the community’s goals for redevelopment within the City. Ultimately, the City is physically restricted, so the bulk of major new development and redevelopment will occur within City limits. The Urban Renewal Authority focuses on redeveloping the urban core, with particular attention paid to areas with aging infrastructure and unsafe conditions. Through financial incentives and strategic partnerships, the URA attracts private sector investment to the urban core to achieve the community’s desired land-use pattern. URAUrban Renewal Authority The Urban Renewal Authority takes a systematic approach to achieve the community’s long-range vision and encourages sustainable development and public improvement projects with a triple bottom line perspective. The URA acts in accordance with policies contained within the City’s adopted comprehensive plan related to redevelopment and infill development, and attempts to eliminate many of the negative impacts of a sprawling development pattern. The URA helps to create sources of long-term value for the community, largely by cleaning up unsafe conditions caused by blight. 4 5 COLORADO’S URBAN RENEWAL LAW REDUCE IMPROVE ESTABLISH SUSTAINABLE DEVELOPMENT OCCURS WHEN PROJECTS: (CRS 31 - 25 -101) Colorado’s Urban Renewal Law (CRS 31- 25-101) provides communities with a mechanism to close the financing gap between the costs of redevelopment and the cost of new, green-field development. This state law is the only mechanism the state provides to communities to finance redevelopment and the removal of slum and blight conditions in urban core areas. Reduce sprawl (the city grows up instead of out) Improve transportation options Establish a more efficient and sustainable land use pattern. TIFTAX INCREMENT FINANCING THE URA INVESTS TAX INCREMENT FINANCING AND FORMS STRATEGIC PARTNERSHIPS WITH THE AIM TO: • Create a project that would not otherwise happen when site conditions make private, market-rate redevelopment impractical. • Accelerate the timing of a project when conditions on the site make the timing of market rate redevelopment uncertain, and perhaps slower than the community would like to see. • Enhance a project so that it conforms, or exceeds identified objectives in the City’s comprehensive plan when conditions on the site are such that the likely market rate redevelopment outcome is not desirable. ACCELERATE CREATE ENHANCE 6 7 FOOTHILLS MALL WHAT IT WAS: The original Foothills Fashion Mall opened in 1973. For the first decades of operation, the Mall was a major regional retail center that attracted shoppers from northern Colorado, southeastern Wyoming, and southwestern Nebraska. The mall expanded in the 1980s and 1990s, but nevertheless has experienced declining sales and increasing vacancies, partly due to increasing competition from newer retail centers in northern Colorado. The loss of two major anchor stores, Mervyn’s and J.C. Penney, only further contributed to the mall’s decline and solidified the revitalization of the mall as a top City priority. Over time, the property has experienced physical deterioration as well, revealing a lack of pedestrian/bicycle access, poor circulation, deficient stormwater facilities, and unsafe conditions. WHAT IT IS: Alberta Development Partners in partnership with Walton Street Capital is undertaking a comprehensive redevelopment of the Foothills Fashion Mall. The redevelopment will include a mixed use redevelopment with a commercial/ retail component, a commercial parking structure and up to 800 multi-family dwelling units. The project will incorporate numerous “green” components including high performing building systems to reduce energy use, a waste diversion program to divert construction and demolition materials from the landfill, as well as other enhanced design features to decrease the project’s carbon impact. The project, to be completed in late 2015, is expected to be a catalyst for future mixed-use projects in the critical Midtown area with an emphasis on improved pedestrian access, public outdoor spaces, and more urban streetscapes. TOTAL PROJECT COST: Of that total project cost, a $53 million public assistance package includes: A $45 million base financial assistance package to assist with blight remediation associated with inadequate drainage systems, poor and hazardous pedestrian circulation, as well as deteriorating structures. An $8 million investment in City infrastructure, including a new Foothills Activity Center and an underpass for pedestrians and bicycles under College Avenue that connects the mall to the Mason Street Corridor and MAX Bus Rapid Transit. PROJECT HIGHLIGHTS $313 MILLION ACCELERATE 8 9 PROSPECT STATION WHAT IT WAS: The site is the former location of a gas station and was considered to be a brownfield, meaning there were hazardous environmental contaminants that required remediation. The property had been vacant and underutilized since, and was acquired by the developer in 2006. WHAT IT IS: The partners of Prospect Station LLC are building a mixed-use development with 27 apartments, two live-work units and a small retail space at 223 W. Prospect Road. Rayno Seaser, who built the original The Egg & I franchise, has teamed with Fort Collins partners Steve and Barb Spanjer, Doug and Connie Dohn (who built most of Seaser’s restaurants) and Alex Schuman on the development. TOTAL PROJECT COST: Of that total project cost, $494,000 is provided in URA assistance for: ENVIRONMENTAL MITIGATION INFRASTRUCTURE UPGRADES PUBLIC AMENITIES FAÇADE ENHANCEMENTS PROJECT HIGHLIGHTS $6 MILLION ACCELERATE CREATE 10 11 ASPEN HEIGHTS WHAT IT WAS: A piece of vacant land missing critical connections to stormwater and transportation systems serving the North College area – an area that has not kept pace with the City as a whole in terms of economic development. WHAT IT IS: Breckenridge Land Acquisition LP is building 220 dwelling units on 31 acres including 62 two-family, 76 multi-family and 82 single- family homes for leasing. Total floor area of the buildings is about 482,000 square feet. A regional detention pond and transportation improvements will directly support the URA Plan and City Plan, which will help residential and employment growth. TOTAL PROJECT COST: Public infrastructure costs funded by the URA include: $784,933 REGIONAL STREET IMPROVEMENTS $537,410 STORMWATER UTILITIES PROJECT HIGHLIGHTS $44 MILLION CREATE 12 13 THE SUMMIT ON COLLEGE WHAT IT WAS: The location, next to the railroad tracks and close to the very busy intersection of Prospect Road and College Avenue near Colorado State University, has had numerous challenges including a catastrophic flood in 1997 that led to loss of life and structures. The site sat in the floodplain and lacked modern stormwater systems and other infrastructure. WHAT IT IS: Alabama-based Capstone Companies, with financial assistance from the Fort Collins Urban Renewal Authority, removed the site from the floodplain and built The Summit on College, a 676-bed apartment building with 8,000-square-foot retail space. The URA contributed $5 million of the total $44 million project cost to help bring the infrastructure up to current standards. The new buildings are built to be LEED certified. They are adjacent to the City’s new MAX Bus Rapid Transit project that opened in May 2014. This is the first URA project in the Prospect South Tax Increment Finance District, catalyzing redevelopment in the area and filling a community need for student housing. TOTAL PROJECT COST: Public infrastructure costs funded by the URA include: $5,000,000 INFRASTRUCTURE IMPROVEMENTS Improvements to stormwater and floodplain infrastructure, land acquisition and demolition costs, utilities and public infrastructure improvements, and energy efficiency improvements. PROJECT HIGHLIGHTS $44 MILLION ACCELERATE CREATE ENHANCE 14 15 A CLOSER LOOK BY THE NUMBERS NORTH COLLEGE REVENUES STAFF BOARD OF COMMISSIONERS CONTACT THE URA MIDTOWN REVENUES EXPENDITURES EXPENDITURES TIF $ 1,284,690 9.88% Bond Proceeds $ 11,401,806 87.72% Other $ 233,833 1.80% Interest $ 77,285 0.59% Loan from City $ 5,000,000 Loan to Developer $ 4,273,719 Operating $ 437,011 3.38% Bond Costs $ 1,146,245 8.87% Debt Service Principal $ 10,938,090 84.66% Debt Service Interest $ 339,210 3.09% $ 12,997,614 $ 12,920,556 URA PROJECT MAP North College Marketplace: King Soopers grocery store-anchored shopping center. Kaufman & Robinson, Inc.: New 10,000 sq. ft. building for business expansion. Aspen Heights: 220-unit student-oriented housing project. Northeast College Corridor Outfall (NECCO) Detention Pond: Future regional detention pond purchased by the City of Fort Collins. Jax Mercantile: Expansion of existing store to increase retail capacity by 25%. North College Avenue Road Improvements: Asphalt overlay, urban design elements, on-street bike lane, updated stormwater system, and safety improvements. Innosphere: New 31,000 sq. ft. LEED Platinum building for the regional technology incubator. Valley Steel & Wire Company: 19,000 sq. ft. expansion of existing facility; URA funded the associated sewer expansion. Prospect Station: 32-unit housing project with 1,000 sq. ft. commercial space, located adjacent to MAX BRT and Mason Trail. The Summit: 676-bed student housing project with 8,000 sq. ft. commercial space, located adjacent to MAX BRT. Foothills Mall: A mixed use redevelopment with a commercial/retail component, a commercial parking structure and up to 800 multi-family dwelling units. 11 9 8 7 5 16 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established Urban Renewal Plan Area Tax Increment Financing (TIF) District Streets 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Fin 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established 11 9 8 7 5 4 3 2 1 10 6 1 2 3 4 5 7 8 9 10 11 COLLEGE DRAKE WILLOX VINE PROSPECT HARMONY MASON REMINGTON HOWES HORSETOOTH LAUREL MOUNTAIN RIVERSIDE BOARDWALK LAPORTE LINCOLN JOHN F KENNEDY LANDINGS JEFFERSON MASON STOVER SWALLOW LAKE PITKIN STUART LAUREL CONIFER CENTRE REDWOOD CHERRY LINDEN ELIZABETH COLUMBIA LOOMIS HICKORY MEADOWLARK BOARDWALK STANFORD MANHATTAN HINSDALE TROUTMAN WABASH BUCKINGHAM RESEARCH JEROME MONROE STOVER 6 * Final financing cost not yet established KAREN WEITKUNAT GERRY HORAK BOB OVERBECK LISA POPPAW GINO CAMPANA WADE TROXELL ROSS CUNNIFF 300 Laporte Avenue Fort Collins CO 80521 970.416.2231 tleeson@fcgov.com DARIN ATTEBERRY Executive Director JEFF MIHELICH Deputy City Manager BRUCE HENDEE Chief Sustainability Officer JOSH BIRKS Economic Health Director TOM LEESON Redevelopment Program Manager MEGAN BOLIN Economic Health Analyst CREATE ENHANCE