HomeMy WebLinkAboutAgenda - Mail Packet - 7/6/2021 - Ura Finance Committee Agenda – July 8, 2021 And Six Month Planning Calendar July 2021 - January 2022
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
AGENDA
URA Finance Committee
July 8, 2021
3:00 pm – 4:00 pm
1. March 12 Meeting Minutes
2. 2022 Budget
This meeting will be held digitally via Microsoft Teams. To join this meeting, please use the link
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Other business:
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
MINUTES
URA Finance Committee
March 12, 2021
10:30 am – 11:30 am
Meeting started: 10:30 am by Chair Troxell
Present: Joe Wise, Wade Troxell, Ross Cunniff, Ken Summers, Christophe Febvre (arrived late)
Staff: Josh Birks, Clay Frickey
Others: None
1. Approval of January 14, 2021 minutes
Motion: Joe Wise. Second: Ross Cunniff. Passed 4-0
2. Revenue Sharing Options for the Prospect South Community Investment Plan
Frickey noted this item is a response to a few Commissioners who wanted to discuss
options for sharing back unpledged tax increment revenues with the taxing entities for
Prospect South and is in advance of the Urban Renewal Authority Board’s discussion on
adopting a community investment plan for the area later this month. He discussed the
engagement series and community outreach conducted related to Prospect South and
how the URA might invest its funds to support community objectives within the plan
area. He stated that outreach culminated in the Board adopting the engagement report
last month.
Frickey detailed the pros and cons of three options staff has formulated: first, that the
URA continues to receive 100% of the tax increment, second, 100% of unpledged
revenues are returned to the taxing entities, and third, an option where a portion of
unpledged revenues is returned to the taxing entities.
Vice Chair Cunniff suggested some language changes to the cons. Frickey replied he
would reword them to be clearer.
Caitlin Quander, legal counsel, noted the idea of returning tax increment to the taxing
entities is uncharted territory and has not occurred with any other authorities within the
state.
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
(**Secretary’s Note: Commissioner Febvre arrived at this point in the meeting.)
Quander discussed the importance of the Board considering its fiduciary duties and legal
obligations to the Authority. She also recommended retaining additional reserves and a
certain amount of funds to approve funding of potential projects as consistent with the
investment plan, or the investment plan as modified.
Vice Chair Cunniff asked if property tax designated to a specific purpose for a taxing
district should continue to be remitted to the taxing entities for this plan area, or just for
newer plan areas that were formed since the state statute changed. Quander replied
historically, if it is determined by the County Assessor and Treasurer to be increment, it
is remitted in plan areas that were formed prior to the state statute changing.
Vice Chair Cunniff agreed the Board has a fiduciary responsibility to the URA and stated
it is required to provide bond repayments and meet other obligations, and meet the
mission of the organization as directed in the statute. Quander agreed and added the
URA is also obligated to meet the mission and goals of the plan.
Commissioner Wise noted there is a mechanism in place that anticipates leaving some
funds with the taxing districts and he stated that is more likely to set a precedent than
anything that is done with this plan area. He stated that while the Board has a fiduciary
responsibility, it also has an obligation to the community at large. He noted the special
districts have no other revenue source and suggested a decision on this does not need
to be made today as the funds would get returned by definition if worthy projects are
not funded. He noted each project or set of projects will be vetted by the Board for
their compliance.
Mayor Troxell supported option one stating the Board has a fiduciary responsibility and
commitment to the community. He also stated the special districts could seek
additional revenue sources.
Vice Chair Cunniff agreed option one should be presented to the entire Board; however,
he supported option three and suggested the URA Board should annually contemplate,
as part of its budget, a refund of a portion of the funds based on an analysis of the
current plans and whether the tax increment received has greatly exceeded
expectations or not, and considering whether the URA is able to meet its bond
repayment obligations and continue the mission of the URA. He commented on the
importance of factoring in the fact that the basic operation of the school district, for
example, relies on mill levy dollars coming in a continuous stream. He stated he does
not see this option as violating fiduciary responsibility and stated the health of the
special districts is very important to the health of the overall community, which matches
the URA’s fiduciary responsibility.
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
Vice Chair Cunniff also commented on how looking at things differently could help
influence a broader statewide discussion on URAs. He stated that could show
leadership and show a way to maintain the mission of URAs while sustaining community
support for the concept of a URA. He suggested option two does not need to be
presented to the entire Board, other than perhaps as a footnote.
Commissioner Febvre requested more details about Ms. Quander’s explanation of the
URA mission asked if the investigation done by the Institute for the Built Environment
was done with an overlay of blight or with the idea of urban planning. Quander replied
she was referencing the statutory duties and scope of power for the Authority being
focused on the mission of curing and preventing blight. She noted the URA’s goals are
all in the furtherance of eliminating and preventing the spread of blight. Frickey replied
the engagement undertaken with the Institute for the Built Environment involved
discussions about community assets and identified opportunities for how to aid things
that may not be working well, and many of those line up with the blight findings and the
state statute.
Commissioner Febvre asked if money being returned to taxing entities would go to the
budget of the special districts or back to taxpayers. Birks replied the dollars would be
returned to the taxing entities, not the taxpayers; however, it could be treated
differently by each entity from an accounting and budgetary perspective.
Commissioner Febvre stated it behooves the Board to honor the mission of the URA
while maintaining a focus on community building. He expressed support for either
option one or three.
Commissioner Wise clarified he is not advocating for shutting off URA projects in the
plan area; however, he noted any time the Board opts to fund a project with URA
dollars, it is making a judgement that that project is more valuable to the community
than allowing the special districts to have those funds to help meet the needs of the
community. He also stated a significant portion of any funds returned to the taxing
entities will go back to the City.
Quander noted questions remain regarding property values and assessments as well as
the economy as a whole for the coming years and that should be considered when
thinking about bonds and reserve funds.
Chair Troxell noted there may not be any funds to go back to the taxing entities if it
were not for the URA and the tax increment resulting from the added value to the
community of the project itself.
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
Commissioner Wise agreed with Chair Troxell and acknowledged a revenue stream
exists that would not otherwise be there without improvements made by the URA.
However, he stated the new mechanism recognizes there is a cost to the taxing districts
and shares a portion of that TIF revenue with the taxing districts to at least cover their
costs. He stated the old mechanism had no means of covering the increased costs of
the taxing districts due to higher population density in the area, for example.
Commissioner Febvre commented on the value of partnering among the entities.
Quander stated a decision or recommendation does not need to be fully made to apply
broadly.
Mayor Troxell agreed partnerships are the critical part of this.
Frickey summarized the discussion stating there is no appetite for option two, but
perhaps for one or three. He suggested continuing to assess how revenues are shared
back as projects are developed over time and including that language in the investment
plan.
Vice Chair Cunniff suggested an annual cycle wherein the URA considers returning some
of the money to the individual taxing entities based on the knowledge of current facts
and plans. He encouraged a recommendation that the URA’s bond obligations and
intergovernmental agreements need to continue to be a primary focus.
Other business: None.
Meeting ended 11:21 pm by Wade Troxell
URA FINANCE COMMITTEE
AGENDA ITEM SUMMARY
Staff: Clay Frickey, Redevelopment Program Manager
Date: July 8, 2021
SUBJECT FOR DISCUSSION 2022 Urban Renewal Authority Budget
EXECUTIVE SUMMARY
Staff submitted two budget offers for the Urban Renewal Authority (URA) as part of the City’s
Budgeting for Outcomes (BFO) process earlier in 2021. One offer covers the costs of performing
core functions of the URA. The second offer is for the URA’s debt service payments. Combined,
the total appropriation for the 2022 URA budget would be $5,799,914. After these expenses,
both the North College and Prospect South plan areas would generate excess revenues. Staff
forecasts $3.3 million in available cash in the North College plan area and $1.3 million in
available cash in the Prospect South plan area by the end of 2022.
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
What additional information would be helpful prior to adoption of the budget?
BACKGROUND/DISCUSSION
The Urban Renewal Authority (URA) participates in the City’s biennial Budgeting For
Outcomes (BFO) process when establishing its budget. Due to COVID-19, the City chose to
adopt annual budgets for 2021 and 2022. The 2021 budget cycle was the first since the URA
Board expanded to 11 members. For the 2021 budget, staff developed a budget process that
incorporated the feedback of all URA Board members while still participating in the BFO
process. Staff proposes following a similar process for the 2022 budget. Staff submitted initial
budget offers as part of BFO in April. At the July Board meeting, staff will provide an overview
of the budget offers presented in this AIS. Staff will incorporate the feedback of all Board
members into its final budget offers. Staff will bring forth the final budget offers for adoption by
the URA Board in October. Staff will then take the budget adopted by the URA Board and
include it in the final City budget adopted by City Council in November.
Overview of Budget Offers
The budget offer consists of two elements: operational costs and debt service. Both elements are
ongoing budget offers, meaning they are essential to running the day-to-day operations of the
URA. Operational costs cover the costs of staffing, insurance, and retaining legal counsel,
amongst other costs. The debt service budget offer covers payments of all outstanding debt for
all plan areas. The table below summarize the amount of money staff seeks for appropriation to
fund these budget offers and a comparison to the 2021 budget:
Offer Name 2022 Budget Request 2021 Budget
Offer 66.1 – URA Core Offer $575,148 $736,704
Offer 66.2 – URA Debt
Service
$5,224,766 $5,947,606
Total $5,799,914 $6,684,310
Attachment 1 contains an itemized list of expenses for each budget offer. The 2022 URA budget
contains changes compared to the 2021 budget. Changes in the 2022 URA budget compared to
the 2021 budget include:
• Reduction in developer repayment obligation for Aspen Heights project in North College.
• Reduced sales tax and property tax TIF revenue and developer repayment for Foothills
Mall.
• No hourly personnel support.
Both the North College and Prospect South plan areas will generate excess revenues with the
current proposed budget. By the end of 2022, North College is anticipated to have $3.3 million in
cash available while Prospect South will have $1.3 million in cash available. The Foothills Mall
plan area passes TIF revenues to the Foothills Metro District, leaving the URA with no excess
revenues to invest in other priorities. (Attachment 2)
Staff will continue to monitor the impacts of COVID-19 on URA revenues. Collections of TIF
revenue are on track for 2021. The County Treasurer has collected about 80% of expected
property taxes for 2020 taxes payable in 2021 as of June. With the County Assessor re-assessing
property values in 2021 and the URA collecting property taxes a year in arrears, staff expect
stable revenues through 2022. (Attachment 3)
ATTACHMENTS
1. URA budget offers
2. 2022 revenue forecast
3. TIF revenue summary
North College Prospect South Foothills Mall
Cash Inflows 2022 $2,668,418 $743,583 $3,711,446
Cash Outflows 2022 ($1,651,239)($277,971)($3,711,114)
Net Change in Cash 2022 $1,017,179 $465,612 $332
Projected Ending Cash Balance 2021 $3,286,200 $1,259,128 $27,809
Projected Ending Cash Balance 2022 $4,303,379 $1,724,740 $28,141
Restricted Cash Balance 2022 ($944,763)($370,194)$0
Net Available Cash Balance 2022 $3,358,616 $1,354,546 $28,141
City of Fort Collins
2022 - 2023 Offer Narratives
Economic Health
Offer 50.1: Urban Renewal Authority
Offer Type: Ongoing
2023: $231,370 and 2.00 FTE, 0.00 Hourly FTE
2022: $575,148 and 2.00 FTE, 0.00 Hourly FTE
Offer Summary
This offer funds Urban Renewal Authority (URA) administration and operations. The URA’s mission is
to leverage private capital investment and stimulate sustainable development and public
improvement projects in areas of the community where reinvestment and redevelopment is
significantly impaired. The URA currently has four active tax increment financing (TIF) districts.
The URA program makes important contributions to the City’s vibrancy with an emphasis on
triple-bottomline benefits and placemaking. URA’s revitalization objectives include:
•Transform blighted areas into vibrant neighborhoods
•Support projects that achieve objectives outlined in Community Investment Plans
•Catalyze projects and accelerate investments that would not otherwise happen, thereby creating
improvements with lasting value
•Encourage development projects that enhance local character, culture, economy and quality of
life
•Improve public infrastructure (streets, storm drainage, sewer, utilities, etc.) in areas where
deficiencies exist
•Incentivize high efficiency buildings and development projects in support of the City’s Climate
Acton Plan
•Retain, expand and attract businesses for the purpose of improving the City’s economic base as
demonstrated by projects that retain/create jobs, increase the manufacturing base, etc.
•Create destination locations, including mixed-use projects, that will capture additional revenue to
the area
•Support a spectrum of housing affordability options
•Protect natural habitats and features
•Remove impediments to desired development
•Encourage development that is consistent with City Plan, subarea plans and approved Urban
Renewal Plans
•Create, accelerate and enhance projects that meet broader community objectives including
those of taxing entities
The URA is not dependent on the General Fund; funding comes from incremental property and sales
Data As Of: 6/24/21 at 3:24 Page 1 of 82.2.03 Offer Detail by Outcome - 50.1: Urban Renewal Authority
Economic Health
Offer 50.1: Urban Renewal Authority
Offer Type: Ongoing
tax revenues resulting from new activity enabled and catalyzed by URA investments.
This Offer supports the following Strategic Objectives (the primary objective is marked with a ü):
ECON 3.4 - Foster infill and redevelopment opportunities consistent with City Plan policies.ü
TM 6.5 - Maintain existing and aging transportation infrastructure and address missing facilities to
meet community needs and expectations
-
NLSH 1.4 - Advance equity for all, leading with race, so that a person’s identity or identities is not a
predictor of outcomes.
-
Additional Information
Existing Areas: (1) North College - centered on College Avenue from Vine Drive north to the City
boundary and 1/4 mile either side of College; (2) Prospect South - centered on College Avenue from
Prospect Road south to just north of Whole Foods and east/west to encompass the commercial
development; (3) Foothills - Encompasses the mall property and some public right-of-way
-
Existing Areas, continued: (4) College and Drake – contains Spradley Barr Mazda and former Kmart
sites along with the intersections of College and Drake, Drake and railroad tracks, and Drake and
Redwing.
-
Links to Further Details:
- Not applicable
Linkage to Strategic Objectives
(the primary objective is marked with a ü)
ECON 3.4 - Foster infill and redevelopment opportunities consistent with City Plan policies.: The
Urban Renewal Authority is a partner in helping achieve the goals for infill and redevelopment
outlined in City Plan. The core mission of the URA is to foster sustainable infill and redevelopment
outcomes for the betterment of the community within targeted redevelopment areas where
development constraints are significantly impeding these outcomes.
ü
TM 6.5 - Maintain existing and aging transportation infrastructure and address missing facilities to
meet community needs and expectations: One of the major impediments to infill development in
the community is aging transportation infrastructure. Tax increment financing is an important tool
that can make intersection upgrades feasible upon redevelopment.
-
NLSH 1.4 - Advance equity for all, leading with race, so that a person’s identity or identities is not a
predictor of outcomes.: The Urban Renewal Authority Board has adopted Community Investment
Plans for North College and Prospect South that utilize the GARE Equitable Development
Framework as their basis supported by a series of metrics and indicators. These tools will help
ensure the URA's investments advance equity for all, leading with race.
-
Improvements & Efficiencies
Data As Of: 6/24/21 at 3:24 Page 2 of 82.2.03 Offer Detail by Outcome - 50.1: Urban Renewal Authority
Economic Health
Offer 50.1: Urban Renewal Authority
Offer Type: Ongoing
The URA has worked with the Stormwater and Engineering Departments to identify a unified
approach to managing stormwater detention and water quality on the west side of College Avenue
in the North College Plan Area with an outfall into the Poudre River. These stormwater facilities will
be integrated with an ultimate alignment and design for Mason Street from Willox to Alpine.
-
The URA Board has adopted investment plans for the North College and Prospect South plan areas.
These plans provide greater clarity on the types of projects the Authority intends to support. These
investment plans utilize the GARE Equitable Development Framework as their basis supported by a
series of metrics and indicators. This will help ensure the URA advances equity for all, leading with
race.
-
The URA adopted its first Strategic Plan in 2020. The Strategic Plan establishes how the Urban
Renewal Authority supports redevelopment while also supporting the communities in which it
operates. The Strategic Plan has a series of guiding principles and tactics that keep ensure the
Urban Renewal Authority acts to build community through redevelopment.
-
Performance Metrics
-ECON 60. Survey - Percent of businesses rating a positive performance of economic health
initiatives
https://publish.clearpointstrategy.com/594/Measures/scorecardId=6280&object=measure&objectId=55807
8.html
Performance Measure Reason: Tax Increment Financing (TIF) provides an incentive for developers to
remediate blighted property and create development that would otherwise be infeasible
Differences from Prior Budget Cycles
N/A-
Explanation of Any Adjustments to Personnel Costs using object 519999
Not applicable-
Summary of Changes Requested by BFO Teams or the Budget Lead Team
- Not applicable
Offer Profile
Offer Owner: cfrickey
Lead Department: Urban Renewal Authority
Financial Lead: wbricher
Data As Of: 6/24/21 at 3:24 Page 3 of 82.2.03 Offer Detail by Outcome - 50.1: Urban Renewal Authority
Economic Health
2022 Projected
Budget
2023 Projected
Budget
50.1: Urban Renewal Authority
2022 to 2023
Change
Ongoing Programs and Services
Full Time Equivalent (FTE) Staffing 2.00 2.00 - %
Hourly (FTE) - - - %
Expenses
185,305 185,305 - %511000 - Salaries & Wages
50,787 50,769 - %512000 - Benefits
(4,722)(4,721) - %519000 - Other Personnel Costs
231,370 231,353 510000 - Personnel Services - %
- 261,142 - %521000 - Professional & Technical
- 16,829 - %529000 - Other Prof & Tech Services
- 277,971 520000 - Purchased Prof & Tech Services - %
- 30,334 - %535000 - Construction Services
- 30,334 530000 - Purchased Property Services - %
- 25,000 - %541000 - Insurance
- 2,180 - %542000 - Communication Services
- 410 - %543000 - Internal Admin Services
- 1,000 - %544000 - Employee Travel
- 1,700 - %549000 - Other Purchased Services
- 30,290 540000 - Other Purchased Services - %
- 1,850 - %555000 - Office & Related Supplies
- 3,350 - %559000 - Other Supplies
- 5,200 550000 - Supplies - %
231,370 575,148 Total Expenses -59.8%
Funding Sources
800-URA N. College District:
Ongoing Revenue
Ongoing Restricted 384,239 231,370 -39.8%
801-URA Prospect South TIF Dist:
Ongoing Revenue
Ongoing Restricted 69,017 - - %
803-URA Mall Fund: Ongoing
Revenue
Ongoing Restricted 121,892 - - %
231,370 575,148 Funding Source Total -59.8%
Data As Of: 6/24/21 at 3:24 Page 4 of 82.2.03 Offer Detail by Outcome - 50.1: Urban Renewal Authority
Economic Health
Offer 50.2: Urban Renewal Authority Debt Service
Offer Type: Ongoing
2023: $0 and 0.00 FTE, 0.00 Hourly FTE
2022: $5,224,766 and 0.00 FTE, 0.00 Hourly FTE
Offer Summary
This offer funds the payment of Urban Renewal Authority (URA) debt and obligation payments
across three tax increment financing (TIF) districts. The College and Drake URA does not have
obligation payments since it was established in 2020. These debts and obligations include bond
payments (North College and Foothills Mall), Redevelopment/Project Agreements, and City loan
agreements.
The URA uses tax increment funding for all debt and obligation payments; the URA is not dependent
on the General Fund.
North College TIF Debt/Obligation Payments:
Total Debt
2022 Principal $985,781
2022 Interest $281,219
Market Bonds:
2022 Principal $690,000
2022 Interest $257,363
RMI2 Loan (from General Fund):
2022 Principal $295,781
2022 Interest $23,856
Prospect South TIF Debt/Obligation Payments:
2022 Principal $230,000
2022 Interest $138,544
Foothills TIF Debt/Obligation Payments:
Total 2022 $4,395,651
2022 Property Tax Increment Payments $3,389,222
2022 Sales Tax Increment $200,000
Note: North College Repayment derived from fixed URA 1.5% administration charge on property tax
increment.
Data As Of: 6/24/21 at 3:24 Page 5 of 82.2.03 Offer Detail by Outcome - 50.2: Urban Renewal Authority Debt Service
Economic Health
Offer 50.2: Urban Renewal Authority Debt Service
Offer Type: Ongoing
This Offer supports the following Strategic Objectives (the primary objective is marked with a ü):
ECON 3.4 - Foster infill and redevelopment opportunities consistent with City Plan policies.ü
TM 6.5 - Maintain existing and aging transportation infrastructure and address missing facilities to
meet community needs and expectations
-
NLSH 1.4 - Advance equity for all, leading with race, so that a person’s identity or identities is not a
predictor of outcomes.
-
Additional Information
Not applicable-
Links to Further Details:
- Not applicable
Linkage to Strategic Objectives
(the primary objective is marked with a ü)
ECON 3.4 - Foster infill and redevelopment opportunities consistent with City Plan policies.: The
Urban Renewal Authority is a partner in helping achieve the goals for infill and redevelopment
outlined in City Plan. The core mission of the URA is to foster sustainable infill and redevelopment
outcomes for the betterment of the community within targeted redevelopment areas where
development constraints are significantly impeding these outcomes.
ü
TM 6.5 - Maintain existing and aging transportation infrastructure and address missing facilities to
meet community needs and expectations: One of the major impediments to infill development in
the community is aging transportation infrastructure. Tax increment financing is an important tool
that can make intersection upgrades feasible upon redevelopment.
-
NLSH 1.4 - Advance equity for all, leading with race, so that a person’s identity or identities is not a
predictor of outcomes.: The Urban Renewal Authority Board has adopted Community Investment
Plans for North College and Prospect South that utilize the GARE Equitable Development
Framework as their basis supported by a series of metrics and indicators. These tools will help
ensure the URA's investments advance equity for all, leading with race.
-
Improvements & Efficiencies
N/A-
Performance Metrics
-ECON 60. Survey - Percent of businesses rating a positive performance of economic health
initiatives
https://publish.clearpointstrategy.com/594/Measures/scorecardId=6280&object=measure&objectId=55807
8.html
Data As Of: 6/24/21 at 3:24 Page 6 of 82.2.03 Offer Detail by Outcome - 50.2: Urban Renewal Authority Debt Service
Economic Health
Offer 50.2: Urban Renewal Authority Debt Service
Offer Type: Ongoing
Performance Measure Reason: The URA pledges TIF to pay for debt it issues . The success of the URA's debt
service offer is, therefore, linked to the effectiveness of TIF as an incentive for development.
Differences from Prior Budget Cycles
Not applicable-
Explanation of Any Adjustments to Personnel Costs using object 519999
Not applicable-
Summary of Changes Requested by BFO Teams or the Budget Lead Team
- Not applicable
Offer Profile
Offer Owner: cfrickey
Lead Department: Urban Renewal Authority
Financial Lead: wbricher
Data As Of: 6/24/21 at 3:24 Page 7 of 82.2.03 Offer Detail by Outcome - 50.2: Urban Renewal Authority Debt Service
Economic Health
2022 Projected
Budget
2023 Projected
Budget
50.2: Urban Renewal Authority Debt Service
2022 to 2023
Change
Ongoing Programs and Services
Full Time Equivalent (FTE) Staffing - - - %
Hourly (FTE) - - - %
Expenses
- 3,589,222 - %535000 - Construction Services
- 3,589,222 530000 - Purchased Property Services - %
- 1,635,544 - %581000 - Debt Service
- 1,635,544 580000 - Debt & Other Uses - %
- 5,224,766 Total Expenses - %
Funding Sources
800-URA N. College District:
Ongoing Revenue
Ongoing Restricted 1,267,000 - - %
801-URA Prospect South TIF Dist:
Ongoing Revenue
Ongoing Restricted 368,544 - - %
803-URA Mall Fund: Ongoing
Revenue
Ongoing Restricted 3,589,222 - - %
- 5,224,766 Funding Source Total - %
Data As Of: 6/24/21 at 3:24 Page 8 of 82.2.03 Offer Detail by Outcome - 50.2: Urban Renewal Authority Debt Service
North College Urban Renewal Area
Base year 2020 TIF Rev through 2031
Financial Forecast
Revenue is recd year following assessment 2019 TIF 2020 TIF 2021 TIF 2022 TIF 2023 TIF 2024 TIF 2025 TIF 2026 TIF 2027 TIF 2028 TIF 2029 TIF
TIF revenue year 16 17 18 19 20 21 22 23 24 25 26
ACT Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj Cumulative
Cash Inflows 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Total
Property Tax Increment (cash basis)2,432,071 2,605,359 2,657,467 2,657,467 2,710,616 2,710,616 2,764,828 2,764,828 2,820,125 2,820,125 2,876,527 42,980,559
TOTAL Property Tax Increment 2,432,071 2,605,359 2,657,467 2,657,467 2,710,616 2,710,616 2,764,828 2,764,828 2,820,125 2,820,125 2,876,527 - 42,980,559
Other Revenue
Interest 33,994 21,079 10,951 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 569,629
Other 233,833
Total Other Revenue 33,994 21,079 10,951 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 - 803,462
Principal and Interest from Loans
Interest from loans - - - - - - - - - - - 560,495
Loan 3 - RMI2 principal repayments - - - - - - - - - - - 2,503,918
Total Principal and Interest Revenue - - - - - - - - - - - - 3,064,413
Bond Proceeds
Total Bond Proceeds 11,401,806
Intra-City Loan Proceeds
Sub-Total Stormwater - - - - - - - - - - - - 6,176,472
Sub-Total General Fund - - - - - - - - - - - - 10,669,588
Unknown 250,000
Total Intra-City Loan Proceeds - - - - - - - - - - - - 17,096,060
Total Cash Inflows 2,466,065 2,626,438 2,668,418 2,677,467 2,730,616 2,730,616 2,784,828 2,784,828 2,840,125 2,840,125 2,896,527 - 75,346,299
16 17 18 19 20 21 22 23 24 25 26 Cumulative
Cash Outflows 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Total
Operating
Personnel (222,427) (226,109) (231,353) (235,980) (240,700) (245,514) (250,424) (255,432) (260,541) (265,752) (4,210,462)
Goods & Services (106,412) (112,209) (130,690) (133,304) (135,970) (138,689) (141,463) (144,292) (147,178) (150,122) (2,078,719)
Reimbursement from Other URAs 81,992 100,897 77,275 95,976 96,842 98,779 99,680 101,674 102,611 104,664 105,639 1,530,639
County Fee (48,641) (48,877) (53,149) (53,149) (54,212) (54,212) (55,297) (55,297) (56,402) (56,402) (57,531) (778,761)
Insurance (20,555) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (283,055)
Debt Service Banking Fee (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (245,893)
Pedestrian Bridge (125,000)
Total Operating (318,793) (314,048) (365,667) (354,207) (361,790) (367,386) (375,253) (381,097) (389,260) (395,363) 48,108 - (6,191,250)
Developer Project Costs (funds released to projects)
Total Developer Project Costs - (43,650) (18,572) (19,243) (19,933) (20,645) (21,378) (22,132) (22,910) (23,711) (24,535) - (11,847,694)
City Project Costs (funds transferred to Capital Projects Fund)
N.College/E.Willox Lane Imp.(2,778,684)
Project 6 - North College.:Vine-Conifer (2,700,000)
Total City Projects - - - - - - - - - - - - (5,478,684)
Intra-City Loan Payments
Sub-Total Stormwater - - - - - - - - - - - - (3,514,697)
Sub-Total General Fund (311,568) (319,638) (319,637) (328,346) (328,346) (673) - - - - - - (15,739,229)
Unknown (758,614)
-
2013 Bonds - Debt Service
2013 Bond Principal (635,000) (665,000) (690,000) (715,000) (745,000) (775,000) (805,000) (840,000) (870,000) (910,000) - (11,085,000)
2013 Bond Interest (309,363) (283,963) (257,363) (229,763) (201,163) (171,363) (140,363) (108,163) (74,563) (38,675) - (4,195,860)
Total Bond Debt Service (944,363) (948,963) (947,363) (944,763) (946,163) (946,363) (945,363) (948,163) (944,563) (948,675) - - (15,280,860)
Total Cash Outflows (1,574,724) (1,626,299) (1,651,239) (1,646,558) (1,656,231) (1,335,066) (1,341,993) (1,351,392) (1,356,733) (1,367,748) 23,573 - (58,811,028)
Non-paid commitments (Aspen Heights)- - - - - - - - -
Net Change in Cash 891,342 1,000,140 1,017,179 1,030,909 1,074,385 1,395,550 1,442,835 1,433,436 1,483,392 1,472,377 2,920,100 - 16,535,271
Ending Cash & Investments 2,264,969 3,265,109 4,282,288 5,313,197 6,387,581 7,783,131 9,225,966 10,659,402 12,142,794 13,615,171 16,535,271 16,535,271
Restricted Cash (948,963) (947,363) (944,763) (946,163) (946,363) (945,363) (948,163) (944,563) (948,675) - -
Net Available Cash 1,316,007 2,317,747 3,337,526 4,367,034 5,441,219 6,837,768 8,277,803 9,714,839 11,194,119 13,615,171 16,535,271 16,535,271
Oustanding Debt 8,257,826 7,304,259 6,318,478 5,291,594 4,200,000 3,425,000 2,620,000 1,780,000 910,000 -
Page 1 Printed 6/30/2021
Urban Renewal Authority / Midtown Plan Area
Prospect South TIF District
Base year 2020 TIF Rev through 2037
Financial Forecast
Revenue is recd year following assessment 2019 TIF 2020 TIF 2021 TIF 2022 TIF 2023 TIF 2024 TIF 2025 TIF 2026 TIF 2027 TIF 2028 TIF 2029 TIF 2030 TIF 2031 TIF 2032 TIF 2033 TIF 2034 TIF 2035 TIF 2036 TIF
TIF revenue year 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
ACT Cumulative
Cash Inflows 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Total
Property Tax Increment (cash basis)729,062 724,942 740,000 740,000 754,800 754,800 769,896 769,896 785,294 785,294 801,000 801,000 817,020 817,020 833,360 833,360 850,027 566,685 16,353,567
TOTAL Property Tax Increment 729,062 724,942 740,000 740,000 754,800 754,800 769,896 769,896 785,294 785,294 801,000 801,000 817,020 817,020 833,360 833,360 850,027 566,685 16,353,567
Other Revenue
Interest on Investments 11,065 6,092 3,583 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 165,932
Intra-City Loan Proceeds -
from General Fund for:-
from Water Fund for:247,000
Total Intra-City Loans 5,247,000
2019 Bonds - Refinancing
Bond proceeds 5,328,863
Total Cash Inflows 740,127 731,034 743,583 745,000 759,800 759,800 774,896 774,896 790,294 790,294 806,000 806,000 822,020 822,020 838,360 838,360 855,027 571,685 27,095,362
9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Cumulative
Cash Outflows 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Total
Operating
Admin Charge (pd by N College and reimbursed - 3 (43,764) (41,623) (42,455) (43,305) (44,171) (45,054) (45,955) (46,874) (47,812) (48,768) (49,743) (50,738) (51,753) (52,788) (53,844) (54,921) (56,019) (57,139) (1,102,865)
Goods & Services (18,253) - - - - - - - - - (191,820)
County Fee (14,581) (14,962) (14,800) (14,800) (15,096) (15,096) (15,398) (15,398) (15,706) (15,706) (16,020) (16,020) (16,340) (16,340) (16,667) (16,667) (17,001) (11,334) (327,534)
Total Operating (76,598) (56,585) (57,255) (58,105) (59,267) (60,150) (61,353) (62,272) (63,518) (64,474) (65,763) (66,758) (68,093) (69,128) (70,511) (71,588) (73,020) (68,473) (1,622,220)
Developer Project Costs (funds released to projects)
Project 1 - Capstone (4,972,000)
Project 2 - Prospect Station (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) - (494,002)
Total Developer Project Costs (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) (11,762) - (5,466,002)
Principal and Interest from Loans
Debt 1 Principal Capstone (5,075,732)
Debt 1 Interest (699,124)
Debt 2 Principal (Prospect Station)(247,000)
Debt 2 Interest (52,452)
Total Principal and Interest Expense - - (6,074,308)
Revenue Sharing (Capstone)
Sharing Actual/Calc (354,699)
2019 Refinancing
Principal (220,000) (220,000) (230,000) (240,000) (250,000) (265,000) (280,000) (290,000) (305,000) (315,000) (320,000) (325,000) (330,000) (340,000) (345,000) (355,000) (360,000) (4,990,000)
Interest (149,395) (149,544) (138,544) (127,044) (115,044) (102,544) (89,294) (75,294) (60,794) (54,694) (48,394) (41,994) (35,494) (28,894) (22,094) (15,194) (7,650) (1,583,259)
Total Principal and Interest Expense (369,395) (369,544) (368,544) (367,044) (365,044) (367,544) (369,294) (365,294) (365,794) (369,694) (368,394) (366,994) (365,494) (368,894) (367,094) (370,194) (367,650) (6,573,259)
Total Cash Outflows (457,755) (437,891) (437,561) (436,910) (436,072) (439,456) (442,409) (439,328) (441,073) (445,930) (445,919) (445,514) (445,349) (449,784) (449,367) (453,544) (452,432) (68,473) (20,090,488)
Net Change in Cash 282,373 293,143 306,022 308,090 323,728 320,344 332,487 335,568 349,221 344,364 360,081 360,486 376,671 372,236 388,993 384,817 402,596 503,212 7,004,875
Ending Cash & Investments 942,818 1,235,961 1,541,983 1,850,073 2,173,800 2,494,144 2,826,632 3,162,200 3,511,420 3,855,784 4,215,865 4,576,351 4,953,022 5,325,257 5,714,251 6,099,067 6,501,663 7,004,875
Restricted Cash (370,194) (370,194) (370,194) (370,194) (370,194) (356,500) (328,500) (299,500) (269,000) (237,500) (205,500) (173,000) (140,000) (106,000) (71,500) (36,000) -
Net Available Cash 572,624 865,767 1,171,789 1,479,879 1,803,606 2,137,644 2,498,132 2,862,700 3,242,420 3,618,284 4,010,365 4,403,351 4,813,022 5,219,257 5,642,751 6,063,067 6,501,663 7,004,875
Oustanding Debt 4,770,000 4,550,000 4,320,000 4,080,000 3,830,000 3,565,000 3,285,000 2,995,000 2,690,000 2,375,000 2,055,000 1,730,000 1,400,000 1,060,000 715,000 360,000
Page 2 Printed 6/30/2021
North College URA
Forecast 2021-
2030 (10 years)TOTAL
Total TIF % of Total
Poudre R-1 School District $10,651,349 58.2%$14,420,547 $25,071,896
Larimer County $4,437,667 24.2%$6,008,027 $10,445,694
City of Fort Collins $1,956,942 10.7%$2,649,446 $4,606,388
Health District of N. Lar Co.$432,856 2.4%$586,031 $1,018,888
Lar Co. Pest Control $25,826 0.1%$34,966 $60,792
FC Regional Library District $600,609 3.3%$813,147 $1,413,756
N CO Water Conservation District $199,749 1.1%$270,434 $470,184
Total $18,304,999 $24,782,599 $43,087,598
Prospect South URA
Forecast 2021-
2037 (17 years)TOTAL
Total TIF % of Total
Poudre R-1 School District $2,301,307 58.5%$7,264,591 $9,565,898
Larimer County $945,034 24.0%$2,983,211 $3,928,245
City of Fort Collins $418,528 10.6%$1,321,177 $1,739,705
Health District of N. Lar Co.$92,574 2.4%$292,231 $384,806
Lar Co. Pest Control $5,612 0.1%$17,715 $23,327
FC Regional Library District $128,510 3.3%$405,669 $534,179
N CO Water Conservation District $42,720 1.1%$134,855 $177,575
Total $3,934,284 $12,419,452 $16,353,736
LTD (2006-2020)
LTD (2013-2020)
TIF Revenue
July 8, 2021
2022 URA Budget
Budgeting for Outcome (BFO) process changed for 2021 and 2022
•One-year budget done for each year
•Timeline adjusted for COVID-19
BFO Milestones
Final Budget
Offers Due
June 4th
City Council Public
Hearings
City Manager’s
Recommended
Budget to Council
Sept. 21st, Oct. 5thSept. 1st Nov. 16th
First
Reading
Nov. 2nd
Second
Reading
Present
budget to
URA Finance
July 8th
Present budget to
URA Board
July 22nd Oct. 28th
Present final
budget to URA
Finance
Oct. 14th
Adopt 2022
Budget
URA Milestones
BFO and URA Board Timelines
URA Core Offer
Ongoing Programs and Services Funding Source
Expense Type Budget
Personnel $231,353
Prof. and Tech. Services $277,971
Insurance $25,000
Property Services $30,334
Office Expense $10,490
Total $575,148
Funding Soucrce Budget
North College $384,239
Prospect South $69,017
Foothills Mall $121,892
Total $575,148
URA Debt Service Offer
Debt Service Payments Funding Source
Expense Type Budget
Construction Services $3,589,222
Debt Service $1,635,544
Total $5,224,766
Funding Soucrce Budget
North College $1,267,000
Prospect South $368,544
Foothills Mall $3,589,222
Total $5,224,766
•Reduction in developer repayment obligation for Aspen Heights
project in North College.
•Reduced sales tax and property tax TIF revenue and developer
repayment for Foothills Mall.
•No hourly personnel support.
Changes from 2021 Budget
2022 Cashflow Forecast
North College Prospect South Foothills Mall
Cash Inflows 2022 $2,668,418 $743,583 $3,711,446
Cash Outflows 2022 ($1,651,239)($437,561)($3,711,114)
Net Change in Cash 2022 $1,017,179 $306,022 $332
Projected Ending Cash Balance 2021 $3,265,109 $1,235,960 $11,042
Projected Ending Cash Balance 2022 $4,282,288 $1,541,982 $11,374
Restricted Cash Balance 2022 ($944,763)($370,194)$0
Net Available Cash Balance 2022 $3,337,525 $1,171,788 $11,374
TIF Through 2020 Assessments
What additional information would be helpful prior to
adoption of the budget?
Question for Finance Committee
URA 6-MONTH PLANNING CALENDAR
July 2021 – January 2022
CALENDAR SUBJECT TO FREQUENT CHANGES
Email URA Staff for up-to-date information: URABoardInfo@fcgov.com
“The mission of the Urban Renewal Authority is to remedy blight, using Tax Increment Financing, to leverage private
capital investment, and stimulate sustainable development and public improvement projects.”
BOARD OF COMMISSIONERS:
Jeni Arndt, Chair Julie Pignataro
Joe Wise, Vice Chair Andy Smith
Christophe Febvre Kristin Stephens
Emily Gorgol Tricia Canonico
Susan Gutowsky Kelly Ohlson
Shirley Peel
(Items are listed in no particular order)
URA Board Meeting
Selection Committee
Planning & Zoning Board
Plan Area Review Committee
URA Finance Committee
City Council Meeting
Public Open House
City Council Finance Committee
Legal Contract Review Committee
Created: 7/1/2021 4:02 PM
URA Board Meeting Selection Committee Planning and Zoning Board
Plan Area Review Committee URA Finance Committee City Council Meeting
Public Open House City Council Finance Committee URA Legal Contract Review Committee
Meeting Info Agenda Item The purpose of this item is to…
July 8, 2021
Time: 3:00 PM
Location:
Microsoft
Teams
URA Finance Committee Agenda: Approval of the March 12, 2021 Finance Committee meeting minutes
2022 URA Budget Discuss budget offers for 2022 URA Budget
July 22, 2021
Time: 5:00 PM
Location:
Zoom
URA Board Meeting Agenda: Approval of the May 27, 2021 URA Board meeting minutes
2022 URA Budget Discuss budget offers for 2022 URA Budget
Aug. 12, 2021
Time: 3:00 PM
Location: TBD
URA Finance Committee MEETING CANCELED
Aug. 26, 2021
Time: 5:00 PM
Location: TBD
URA Board Meeting
MEETING CANCELED
Sept. 9, 2021
Time: 3:00 PM
Location: TBD
URA Finance Committee Agenda: Approval of the July 8, 2021 Finance Committee meeting minutes
Sept. 23, 2021
Time: 5:00 PM
Location: TBD
URA Board Meeting Agenda: Approval of the July 22, 2021 URA Board meeting minutes
URA Board Meeting Selection Committee Planning and Zoning Board
Plan Area Review Committee URA Finance Committee City Council Meeting
Public Open House City Council Finance Committee URA Legal Contract Review Committee
Meeting Info Agenda Item The purpose of this item is to…
Oct. 14, 2021
Time: 3:00 PM
Location: TBD
URA Finance Committee Agenda: Approval of the September 9, 2021 Finance Committee meeting minutes
2022 Budget Discuss final budget offers for 2022 URA Budget
Oct. 28, 2021
Time: 5:00 PM
Location: TBD
URA Board Meeting Agenda: Approval of the September 23, 2021 URA Board meeting minutes
2022 Budget Adoption Consider adoption of the 2022 URA Budget
Nov. 12, 2021
Time: 8:00 AM
Location: TBD
URA Finance Committee Agenda: Approval of the October 14, 2021 Finance Committee meeting minutes
Nov. 29, 2021
Time: 5:00 PM
Location: TBD
URA Board Meeting Agenda: Approval of the October 28, 2021 URA Board meeting minutes
Dec. 9, 2021
Time: 3:00 PM
Location: TBD
URA Finance Committee Agenda: Approval of the November 12, 2021 Finance Committee meeting minutes
Dec. 23, 2021
Time: 5:00 PM
Location: TBD
URA Board Meeting MEETING CANCELED
URA Board Meeting Selection Committee Planning and Zoning Board
Plan Area Review Committee URA Finance Committee City Council Meeting
Public Open House City Council Finance Committee URA Legal Contract Review Committee
Meeting Info Agenda Item The purpose of this item is to…
Jan. 13, 2021
Time: 3:00 PM
Location: TBD
URA Finance Committee Agenda: Approval of the December 9, 2021 Finance Committee meeting minutes
Jan. 27, 2021
Time: 5:00 PM
Location: TBD
URA Board Meeting Agenda: Approval of the November 29, 2021 URA Board meeting minutes
UNSCHEDULED OR UPCOMING ITEMS
Item Purpose of Item
North College
Prospect South
College and Drake
King Soopers Project
Foothills Mall
Misc.
URA IGA and City
URA insurance and Purchasing Power
URA Purchasing Policies
Mulberry Corridor Update
URA Plan Areas and City Plan
Update Board on project status and projected impacts to TIF revenue
Update URA IGA with the City
Direction on URA insurance and purchasing power
Recommendation on URA purchasing policies
Update on Mulberry Corridor Plan, future annexation, and alignment with URA
strategic objectives
Discussion of URA Plan Areas and their relation to City Plan