HomeMy WebLinkAboutMemo - Mail Packet - 1/12/2021 - Memorandum From Clay Frickey Re: Overview Of Urban Renewal Authority Investments In North College Plan AreaUrban Renewal Authority
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MEMORANDUM
DATE: January 5, 2021
TO: Urban Renewal Authority Board
THRU: Darin Atteberry, Executive Director
Jackie Kozak-Thiel, Chief Sustainability Officer
Josh Birks, Economic Health Office Director
FROM: Clay Frickey, Redevelopment Program Manager
RE: Overview of Urban Renewal Authority Investments in North College Plan Area
The purpose of this memo is to provide an overview of the investments the Urban Renewal Authority
(URA) has made in the North College Plan Area to date.
At the November URA Board meeting, commissioners requested a memo providing an overview of the
URA’s investments to date in the North College Plan Area. The attached chart shows the investments
made by the URA by project along with investment made by the City and private sources, the overall
project cost, and what activities the URA money funded.
In total, the URA has invested $18.4 million since 2004. This $18.4 million of URA investment has
leveraged $134.6 million of investment from others in the North College plan area. This means that
every dollar invested by the URA has leveraged $7.31 of investment from other sources.
Since 2004, the City has also made investments within the North College plan area without TIF
assistance. These projects have addressed infrastructure deficiencies. These projects were:
Dry Creek Drainage Improvements - $6 million
North College Streetscape, Conifer to Willox - $5 million ($12 million total project cost)
Attachments:
1.North College plan area investment overview
DocuSign Envelope ID: 787CB227-A201-497E-8212-273276F423DA
Project Total Project Cost URA Investment Private/City Investment Leverage Ratio What URA FundedAspen Heights $46,500,000 $792,166 $45,707,834 57.70 StreetsFeeder Supply$1,119,318 $72,472 $1,046,846 14.44 Site work, landscaping, sidewalk, fencingJax $1,300,000 $244,460 $1,055,540 4.32 Street and sewerKaufman & Robinson $1,582,289 $269,000 $1,313,289 4.88 Green building techniques, stormwater, streetsLyric Cinema Café $3,600,000 $252,650 $3,347,350 13.25 Stormwater, street, landscapingNECCO $1,545,527 $326,472 $1,219,055 3.73 Property acquisitionNorth College Marketplace $40,000,000 $8,000,000 $32,000,000 4.00 Utilities, streets, wetland mitigation, relocation assistanceNorth College Streetscape $11,190,000 $2,700,000 $8,490,000 3.14 Curb, gutter, sidewalk, tree lawnRocky Mountain Innosphere $7,303,939 $2,800,000 $4,503,939 1.61 Site prep, LEED, off‐site improvements, architectural enhancementsUnion Place (Revive)$27,600,000 $2,200,000 $25,400,000 11.55 Streets, landscape upgrades, energy efficiency improvements, LEED, low impact developmentValley Steel $900,000 $150,000 $750,000 5.00 SewerWhitewater Park$9,647,000 $300,000 $9,347,000 31.16 Vine Drive improvementsNCDID ‐ 10% Design $767,800 $300,000 $467,800 1.56 10% design of stormwater systemTotal $153,055,873 $18,407,220 $134,648,653 7.31North College URA Investment through 2020DocuSign Envelope ID: 787CB227-A201-497E-8212-273276F423DA