HomeMy WebLinkAboutReport - Mail Packet - 4/7/2015 - Memorandum From Darin Atteberry Re: 2014 Urban Renewal Authority Year In Review2014 YEAR IN REVIEW
2
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. 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.
3
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.
CREATE
ACCELERATE
ENHANCE
URA Urban
Renewal
Authority
4
Executed a Redevelopment Agreement with Northern
Colorado Feeders Supply, Inc. in the North College
TIF District. The URA assistance will be provided
to assist the owner with a new 2,100 sq. ft. retail/
office building that will replace an existing, severely
deteriorated office building, as well as the installation
of a new fence and improved public sidewalk and
landscaping.
NORTHERN COLORADO
FEEDERS SUPPLY, INC.
REDEVELOPMENT
ENHANCE
5
Provided assistance to the completed Prospect
Station project in the Prospect South TIF District.
The recently completed mixed-use development
with 27 apartments, two live work units and a small
retail space replaced a former gas station with
hazardous environmental contamination. The URA
assistance was used for environmental mitigation,
infrastructure upgrades, public amenities and façade
enhancements.
PROSPECT STATION
REDEVELOPMENT
CREATE ACCELERATE
6
Monitored and ensured compliance with the
Approved Redevelopment agreement for the
ongoing redevelopment of the Foothills Mall. The
redevelopment of the aging mall will include a
mixed use development with a commercial/retail
component, a commercial parking structure and up to
800 multi-family dwelling units. The URA assistance
(as well as multiple other financial sources) will assist
with blight remediation associated with inadequate
drainage systems, poor and hazardous pedestrian
circulation, as well as deteriorating structures.
FOOTHILLS MALL
REDEVELOPMENT
CREATE ACCELERATE ENHANCE
7
8
Adopted a set of Financial Parameters to provide a set of operating norms for TIF commitments to be used by
URA staff. The financing parameters presented represent a range of preferred methods.
FINANCIAL PARAMETERS
POLICIES
Established a set of Process Checklists to formalize processes utilized
by URA staff to ensure consistency and transparency.
Developed URA Operations Manual to describe how each aspect of the
URA procedures and operations must be executed.
PROCESS CHECKLISTS
URA OPERATIONS MANUAL
ADMINISTRATIVE
BY THE NUMBERS
REVENUES
REVENUES
EXPENDITURES
EXPENDITURES
TIF $ 1,138,567 92.85%
Other $ 6,967 0.57%
Interest $ 80,664 6.58%
TIF $ 81,490 24.40%
Other $ 247,000 73.97%
Interest $ 5,447 1.63%
Operating $ 344,161 14.04%
Project Costs $ 495,907 20.24%
Interest $ 662,992 27.05%
Debt Service Principal $ 540,000 22.03%
Debt Service Interest $ 407,663 16.63%
Operating $ 1,630 .51%
Project Cost $ 247,000 76.89%
Debt Service Principal $ (75,732) -23.58%
Debt Service Interest $ 134,000 41.71%
City Revenue Sharing $ 14,335 4.46%
$ 1,226,198
$ 333,937
$ 2,450,723
$ 321,233
NORTH COLLEGE
PROSPECT SOUTH
10
STAFF
BOARD OF
COMMISSIONERS
CONTACT THE URA
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
11
www.renewfortcollins.com