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HomeMy WebLinkAboutMemo - Mail Packet - 6/29/2021 - Memorandum From Clay Frickey Re: College And Drake Urban Renewal Authority 222 Laporte Avenue PO Box 580 Fort Collins, CO 80522 970.416.2231 970.224.6107 - fax fcgov.com MEMORANDUM DATE: June 21, 2021 TO: City Council Finance Committee THRU: Darin Atteberry, Executive Director Kyle Stannert, Deputy City Manager Jackie Kozak Thiel, Chief Sustainability Officer Josh Birks, Economic Health Office Director FROM: Clay Frickey, Redevelopment Program Manager CC: Fort Collins City Council Urban Renewal Authority Board Bottom Line: City and URA staff have been working together closely on improving the intersection of College Ave. and Drake Rd l is to complete all intersection improvements and improvements associated with the King Soopers redevelopment concurrently. This will minimize the impact to the community and deliver a fully improved intersection earlier. Staff is working through scoping and funding options to ensure we can meet the goals of the project. Background: URA and City staff have been collaborating on improvements to the College and Drake intersection over ake intersection improvements as well as the improvements associated with King Soopers as part of the same project. This will minimize disruption to the community, deliver an improved intersection earlier, and fulfill strategic objectives for both the URA and City. Representatives from Engineering, Economic Health, URA, and Finance have met at least 3 times to discuss the following: Scope of improvements Aligning timing of project with King Soopers redevelopment Funding sources and contributions URA staff have also engaged bond counsel to explore the possibility of issuing bonds to cover the entire cost of the College and Drake intersection. The URA and City could then enter into an agreement so that lege and Drake Urban Renewal Plan. At this time, however, the King Soopers redevelopment will not provide the URA enough revenue to bond against to cover the cost of the entire project. Staff will continue to collaborate and explore ideas to improve the College and Drake intersection as expeditiously as possible.