HomeMy WebLinkAboutAgenda - Mail Packet - 10/26/2021 - Urban Renewal Authority Board Agenda - October 28, 2021City of Fort Collins Page 1
Jeni Arndt, Chair
Joe Wise, Vice-chair
Susan Gutowsky
Julie Pignataro
Tricia Canonico
Shirley Peel
Kelly Ohlson
Emily Francis
Kristin Stephens
Christophe Febvre
Andy Smith
Remote Meeting
City Hall West
300 LaPorte Avenue
Fort Collins, Colorado
Cablecast on FCTV
Channel 14 on Connexion
Channel 14 and 881 on Comcast
Caitlin Quander Kelly DiMartino Tammi Pusheck
Brownstein Hyatt Farber Schreck Interim Executive Director Interim Secretary
Upon request, the City of Fort Collins will provide language access services for individuals who have limited English
proficiency, or auxiliary aids and services for individuals with disabilities, to access City services, programs and
activities. Contact 221-6515 (V/TDD: Dial 711 for Relay Colorado) for assistance. Please provide 48 hours advance
notice when possible.
A petición, la Ciudad de Fort Collins proporcionará servicios de acceso a idiomas para personas que no dominan el
idioma inglés, o ayudas y servicios auxiliares para personas con discapacidad, para que puedan acceder a los
servicios, programas y actividades de la Ciudad. Para asistencia, llame al 221-6515 (V/TDD: Marque 711 para Relay
Colorado). Por favor proporcione 48 horas de aviso previo cuando sea posible.
URBAN RENEWAL AUTHORITY
BOARD MEETING
October 28, 2021 ● 5:00 PM
PUBLIC PARTICIPATION OPTIONS
There will be three options for people who would like to participate in the meeting:
• Live via the Zoom online meeting,
• Live via the telephone,
• By submitting emails to cfrickey@fcgov.com
All options will be available for those wishing to provide general public comment, as well as public comment
during individual discussion items.
PUBLIC PARTICIPATION (ONLINE VIA ZOOM)
Individuals who wish to address the Board via remote public participation can do so through Zoom at
https://zoom.us/j/98687657267. Individuals participating in the Zoom session should watch the meeting
through that site, and not via FCTV, due to the streaming delay and possible audio interference.
The Zoom meeting will be available beginning at 4:30 p.m. on the day of the meeting. Participants wanting
to ensure their equipment setup is working should join prior to 5:00 p.m. For public comments, the Chair
City of Fort Collins Page 2
will ask participants to click the “Raise Hand” button to indicate you would like to speak at that time. Staff
will moderate the Zoom session to ensure all participants have an opportunity to address the Board.
In order to participate, you must:
• Have an internet-enabled smartphone, laptop or computer. Using earphones with a microphone will
greatly improve your audio experience.
• Join the Zoom meeting using the link on the front page of the agenda or on the URA webpage at:
http://www.renewfortcollins.com/meeting-agendas.
PUBLIC PARTICIPATION (VIA PHONE)
• Dial public participation phone number, 1-346-248-7799.
• Enter the Meeting ID for the October 28 meeting: 986 8765 7267 followed by the pound sign (#).
• The meeting will be available beginning at 4:15 p.m. Please call in to the meeting prior to 5:00 p.m., if
possible. For public comments, the Chair will ask participants to indicate if you would like to speak at
that time – phone participants will need to press *9 to do this . Staff will be moderating the Zoom
session to ensure all participants have an opportunity to address the Board.
PUBLIC PARTICIPATION (VIA EMAIL):
Individuals not comfortable or able to access the Zoom platform or able to participate by phone are
encouraged to participate by emailing general public comments you may have to cfrickey@fcgov.com. If
you have specific comments on any of the discussion items scheduled, please make that clear in the subject
line of the email and send prior to the meeting Thursday evening.
WATCH THE MEETING:
● Anyone can view the Council meeting live on Channels 14 and 881 or online at www.fcgov.com/fctv
and will be replayed the following morning at 10 am.
Documents to Share: If residents wish to speak to a document or presentation, email those materials to
URA at cfrickey@fcgov.com no later than 3 p.m. the day of the meeting.
PLEDGE OF ALLEGIANCE
• CALL MEETING TO ORDER
• ROLL CALL
• AGENDA REVIEW
• Executive Director’s Review of Agenda.
• Consent Calendar Review.
This Review provides an opportunity for the Board and citizens to pull items from the Consent
Calendar. Anyone may request an item on this Calendar be “pulled” off the Consent Calendar and
considered separately.
◦ Board-pulled Consent Calendar items will be considered before the Discussion items.
◦ Citizen-pulled Consent Calendar items will be considered after the Discussion items.
• CITIZEN PARTICIPATION
• CITIZEN PARTICIPATION FOLLOW-UP
• COMMISSIONER REPORTS
City of Fort Collins Page 3
Discussion Items
The method of debate for discussion items is as follows:
● Chair introduces the item number and subject; asks if formal presentation will be made by staff
● Staff and/or Applicant presentation (optional)
● Chair requests citizen comment on the item (three-minute limit for each citizen)
● Board questions of staff on the item
● Board motion on the item
● Board discussion
● Final Board comments
● Board vote on the item
Note: Time limits for individual agenda items may be revised, at the discretion of the Chair , to ensure all
citizens have an opportunity to speak. Please sign in at the table in the back of the room. The
timer will buzz when there are 30 seconds left and the light will turn yellow. It will buzz again at
the end of the speaker’s time.
1. Consideration and Approval of the Minutes for the September 23, 2021 Urban Renewal Authority
Board Meeting.
The purpose of this item is to approve the minutes of the September 23, 2021 Urban Re newal Authority
Board meeting.
2. 2022 Recommended Budget. (staff: Clay Frickey; 5 minute presentation; 20 minute discussion)
The purpose of this item is to consider adoption of the 2022 budget for the Urban Renewal Authority.
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.
• OTHER BUSINESS
• ADJOURNMENT
Agenda Item 1
Item # 1 Page 1
AGENDA ITEM SUMMARY October 28, 2021
Urban Renewal Authority Board
STAFF
Tammi Pusheck, Interim City Clerk
SUBJECT
Consideration and Approval of the Minutes for the September 23, 2021 Urban Renewal Authority Board
Meeting.
EXECUTIVE SUMMARY
The purpose of this item is to approve the minutes of the September 23, 2021 Urban Renewal Authority Board
meeting.
ATTACHMENTS
1. September 23, 2021 (PDF)
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City of Fort Collins Page 1
URBAN RENEWAL AUTHORITY BOARD
September 23, 2021
5:00 PM
• ROLL CALL
PRESENT: Smith, Stephens, Wise, Febvre, Pignataro, Francis, Ohlson
ABSENT: Gutowsky, Arndt, Canonico, Peel
STAFF: Birks, Frickey, Walls
• AGENDA REVIEW
Acting Executive Director Josh Birks stated there were no changes to the published agenda.
• CITIZEN PARTICIPATION
Vice Chair Wise outlined the public participation options.
Eric Sutherland stated 5.5% of all tax dollars attributable to Poudre School District’s mill levies,
including all voter-approved tax increases, will not go to the School District next year but instead
to two URA’s and the DDA. He stated the public benefits that have been derived from those
dollars and all other tax diversions cannot possibly be justified. He opposed the public financing
of the Rocky Mountain Innosphere project.
1. Consideration and Approval of the Minutes for the July 22, 2021 Urban Renewal Authority Board
Meeting. (Adopted)
The purpose of this item is to approve the minutes of the July 22, 2021 Urban Renewal Authority Board
meeting.
Commissioner Francis made a motion, seconded by Commissioner Pignataro, to approve the
minutes of the July 22, 2021 URA Board Meeting.
RESULT: ADOPTED [6 TO 0]
MOVER: Emily Francis, District 6
SECONDER: Julie Pignataro, District 2
AYES: Stephens, Wise, Febvre, Pignataro, Francis, Ohlson
ABSTAIN: Smith
ABSENT: Gutowsky, Arndt, Canonico, Peel
2. Estimate of Value Process. (Adopted)
The Authority’s application for seeking tax increment assistance requires the applicant to provide an
estimate of the assessed value of the project which allows the Authority to estimate how much
increment the project will generate. Previously, the Assessor’s Office provid ed this estimate of value,
but is no longer able to provide this analysis. Staff have developed a process to obtain an accurate
estimate of value. Staff proposes the following process for obtaining an estimate of value:
1. Develop scope of work
2. Contract with appraiser
3. Appraiser conducts analysis
4. Appraiser submits report for review
5. Developer uses estimate of value to complete tax increment assistance application
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This process yields an accurate estimate of value with more analysis on how the appraiser arrived at
this value when compared to the previous process. Staff proposes issuing a request for proposal in
accordance with the City’s purchasing process to select an on-call appraiser for the Authority. Staff
will bring forward the winning proposal to the Board for their consideration.
Clay Frickey, Redevelopment Program Director, stated this item relates to an element of the
application for developers seeking tax increment assistance from the URA. He stated two financial
elements are required, one being the existing value of the property and the other being the
estimated value of the property upon redevelopment which allows staff to estimate the amount of
tax increment the property would generate upon redevelopment. Frickey stated the estimate of
value had historically been provided by the Larimer County Assessor’s Office; however, their
policy has changed, and they no longer provide that information to developers and applicants,
which has necessitated a change in process for applicants seeking URA assistance.
Frickey outlined the proposed process change that will allow staff to accurately evaluate the
projected amount of tax increment a project would generate once it is developed. The process
would involve work with an appraiser contracted by the URA to develop the estimate of value.
Frickey outlined the advantages of the proposed process, including allowing the URA to look at
the analysis of the estimated value, and the disadvantages, which include the fact that the developer
seeking tax increment assistance from the URA would need to bear the cost of the appraisal
analysis. He noted the contract for the services would be with the URA, however.
Frickey discussed the comments on this proposed process from the URA Finance Commit tee,
including a request for assurance the URA holds the contract with the appraiser to ensure the
analysis is objective and a question about how an appraiser would be selected. He stated the City’s
purchasing policy would be followed; therefore, a request for proposal would be initiated,
applications would be evaluated, a winning proposal would be selected, and the proposal would
be brought before the URA Board for consideration.
Commissioner Smith asked why the County Assessor stopped providing this information. Frickey
replied the Assessor’s staff does not have ample time and capacity to provide this service.
Smith asked if staff has looked at previous valuations done by the Assessor’s Office to see how
closely they matched to reality. Frickey replied the estimates were generally close; however, there
were some instances wherein the estimate of value in the application was higher than the actual
tax increment proceeds received. He stated those instances have somewhat influenced the policy
with respect to the maximum amount and timing of tax increment the URA would consider
contributing to a project. Acting Executive Director Birks noted this will be the third way the
URA will go about estimating value as the URA often relied on estimated construction costs prior
to utilizing the Assessor data. He stated the proposed appraisal method seems to be the best option
at this point.
Frickey clarified the current estimate of value is based on Assessor data and the appraiser would
use one of three common appraisal methodologies to estimate the value of the property, either
income generation, replacement value, or the comparable property evaluation method.
Commissioner Febvre asked if the general cost of these appraisals is $2,000-$5,000. Frickey
replied in the affirmative.
Commissioner Febvre asked if that expense to the URA would be up front and ongoing. Frickey
replied the URA will contract with the appraiser and invoice the developer to pay for the analysis;
therefore, it does not have an impact on the URA’s budget. Vice Chair Wise noted the contract
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between the URA and appraiser would help to reduce conflicts and allow the URA to own the
appraisals.
Frickey asked if Commissioners could weigh in on the proposed process to go through a
competitive process to select an appraiser.
Commissioner Ohlson made a motion, seconded by Commissioner Smith, to accept and support
the estimate of value process as presented by staff.
RESULT: MOTION ADOPTED [UNANIMOUS]
MOVER: Kelly Ohlson, District 5
SECONDER: Andy Smith
AYES: Smith, Stephens, Wise, Febvre, Pignataro, Francis, Ohlson
ABSENT: Gutowsky, Arndt, Canonico, Peel
3. Strategic Plan Update. (No Action Taken)
The purpose of this item is to update the Urban Renewal Authority Board on progress to date
implementing the Authority’s Strategic Plan. The Urban Renewal Authority adopted a final Strategic
Plan guiding its operations on November 30, 2020. The Strategic Plan contains guiding statements
for the operations and purpose of the Authority along with 8 implementation strategies to guide the
Authority’s operations in the short and medium term. All strategies are on-track with a number of
strategies completed. Staff continues to make progress on the strategies that are not complete and
move forward strategies that are on-going.
Clay Frickey, Redevelopment Program Director, stated the URA’s Strategic Plan was adopted in
2020 and it guides the short and medium-term actions of the Authority. He outlined the
components of the Strategic Plan, including the three broad statements that describe what the
Urban Renewal Authority is, why it exists, and what it does as an organization. He stated the main
focus of this presentation, and the potential focus of a future retreat are the eight strategies adopted
to help implement the Strategic Plan.
Frickey detailed the eight strategies and noted three of them have already been completed by staff,
and three are in progress, including developing evaluation criteria for tax increment financing
requests, discussing amending the intergovernmental agreement with the City, and improving the
usability of the URA website. The two remaining strategies deal with aligning the URA’s activities
with the capital investments and the goals, objectives, and plans of other taxing entities.
Commissioner Pignataro stated it is difficult to find the website for the Urban Renewal Authority
when not going through the City of Fort Collins website. She also asked if the three broad
statements will be placed on the website. Frickey replied he has been working to add that in an
appealing fashion.
Commissioner Pignataro requested staff provide additional options for retreat dates.
Vice Chair Wise commented on the importance of keeping the Strategic Plan in the forefront of
decisions moving forward.
Commissioner Febvre commented on the need to provide retreat date options to all members
simultaneously rather than to Council first and stated he will no longer be on the URA Board after
the November School Board election. Vice Chair Wise stated the URA Board could benefit from
both Commissioner Febvre’s and the new School Board representative’s participation during the
transition.
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Commissioner Smith asked about the sources of information that are going to be used to build the
evaluation criteria. Frickey replied they will include an existing scorecard for one of the plan
areas, looking at information from the community outreach, and examining requests from other
taxing entities. He stated he will examine best practices of other communities.
RESULT: NO ACTION TAKEN
• OTHER BUSINESS
Acting Executive Director Birks noted the City Manager’s Office is operating with fewer staff
members than it has historically given the transition from former City Manager Atteberry to
Interim City Manager DiMartino and ultimately to hiring a new City Manager. He stated he has
been named the Acting Executive Director of the URA during this transition and once the City
Manager position is filled permanently, the URA’s bylaws will place the City Manager or a
designee into the role of Executive Director.
• ADJOURNMENT
The meeting adjourned at 5:50 PM.
________________________________
Chair
ATTEST:
________________________________
Secretary
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Agenda Item 2
Item # 2 Page 1
AGENDA ITEM SUMMARY October 28, 2021
Urban Renewal Authority Board
STAFF
Clay Frickey, Redevelopment Program Manager
SUBJECT
2022 Recommended Budget.
EXECUTIVE SUMMARY
The purpose of this item is to consider adoption of the 2022 budget for the Urban Renewal Authority. 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 $6,163,502. 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.
STAFF RECOMMENDATION
Staff recommends adoption of the Resolution.
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 eleven 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. Staff presented the initial budget to the Finance
Committee and Authority Board in July. Staff received comments from the URA Finance Committee earlier in
October. A later section of this agenda item summary addresses the comments from the Finance Committee.
Staff will then take the budget adopted by the URA Board and include it in the final City budget adopted by
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 ot her costs. The debt service
budget offer covers payments of all outstanding debt for all plan areas. The table below summarizes the
amounts 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 $5,588,354 $5,947,606
Total $6,163,502 $6,684,310
Attachment 1 contains an itemized list of expenses for each budget offer. The 2022 URA budget contains
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Agenda Item 2
Item # 2 Page 2
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 (Tax Increment Fin ancing) 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 anticipate d 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)
North College Prospect South Foothills Mall
Cash Inflows 2022 $2,668,418 $743,583 $4,088,922
Cash Outflows 2022 ($1,651,239) ($437,561) ($4,074,702)
Net Change in Cash 2022 $1,017,179 $306,022 $14,220
Projected Ending Cash Balance 2021 $3,265,109 $1,235,960 $11,042
Projected Ending Cash Balance 2022 $4,282,288 $1,541,982 $25,262
Restricted Cash Balance 2022 ($944,763) ($370,194) $0
Net Available Cash Balance 2022 $3,337,525 $1,171,788 $25,262
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 confirmed that tax collections are on-track with no major
delinquencies. With the County Assessor re-assessing property values in 2021 and the U RA collecting
property taxes a year in arrears, staff expect stable revenues through 2022. (Attachment 3)
BOARD / COMMISSION RECOMMENDATION
The URA Finance Committee provided input on the proposed budget at its regular meeting on October 14. The
Finance Committee supported the budget as proposed. One Commissioner requested more information about
why the projected revenue for Foothills is lower in 2022 than 2021. The Commissioner then asked what
implications lower revenue has for the URA. The URA passes al l tax increment from the Foothills Plan Area to
the Foothills Metro District. The URA is only obligated to pass along the tax increment generated in the
Foothills Plan Area. If revenues go down in the plan area, the Metro District receives less money and t he URA
is under no obligation to provide any additional financial resources.
Staff have also updated the URA's budget to reflect updated information from the County Assessor along with
more detailed information about the changes in the Foothills budget. In response to a request for revaluation of
a property in 2020 and subsequent refund of revenue to Larimer County, the Metro District levied additional
mills to pay for this refund in 2021. This has resulted in a change to the amount of increment the URA w ill
collect and the updated budget for 2022 reflects this change.
The last piece of feedback from the Finance Committee concerned the process for adopting the URA’s budget.
One Finance Committee member expressed concern that City Council could amend the U RA’s budget when
the City adopts its budget in November. Staff reiterated that the URA Board adopts its own budget and that
City Council has no ability to modify the URA Budget once adopted. The URA Budget is merely an element of
the City’s budget. URA staff passes the URA’s budget along to the City and then the City incorporates the final
URA Budget into the City’s final budget.
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Agenda Item 2
Item # 2 Page 3
ATTACHMENTS
1. 2022 Budget Details (PDF)
2. Budget Offers (PDF)
3. Revenue Forecast (PDF)
4. TIF Revenue YTD (PDF)
5. 2022 Budget Presentation (PPTX)
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2020 Actual
(Preliminary) 2021 Budget 2021 Forecast 2022 Budget
2021-2022 $
Budget
Change
2021-2022
% Change
Revenue:
Property Tax Increment Collections $2,432,071 $2,443,842 $2,605,359 $2,657,467 $213,625 9%
Interest on Investments 33,994 21,079 21,079 10,951 (10,128) -48%
Total Revenue for the URA $2,466,065 $2,464,921 $2,626,438 $2,668,418 $203,497 8%
Expenses:
Operations
General Operations/Admin $270,152 $321,257 $265,171 $312,518 ($8,739) -17%
Larimer County Fee 48,641 48,877 48,877 53,149 $4,272 0%
Developer Payment 0 182,352 43,650 18,572 (163,780) -90%
Operational Costs $318,793 $552,486 $357,698 $384,239 ($159,508)-35%
Debt Service - Bonds
Principal $635,000 $665,000 $665,000 $690,000 $25,000
Interest 309,363 283,963 283,963 257,363 (26,600)
Debt Service Costs $944,363 $948,963 $948,963 $947,363 ($1,600)
Debt Service - RMI2
Principal $273,360 $288,567 $288,567 $295,781 $7,214 2%
Interest 38,208 31,071 31,071 23,856 (7,215) -23%
Debt Service Costs $311,568 $319,638 $319,638 $319,637 ($1)
Total Expense $1,574,724 $1,821,087 $1,626,299 $1,651,239 ($161,109)-11%
Net Change in Fund Balance $891,341 $643,835 $1,000,140 $1,017,180 $373,345
Prior Year Fund Balance $1,373,628 $2,264,969 $2,264,969 $3,265,109 $1,000,140
Current Year Projected Fund Balance $2,264,969 $2,908,804 $3,265,109 $4,282,288 $1,373,485
Notes
z 2021 Forecast Property Tax based on Final Larimer County Assessors Office 2020 TIF Warrant.
z 2022 Property Tax based on 2% increase on 2021 assessment (bi-annual assessment).
z
z In 2021, URA decided not to replace hourly emolyee.
z Oustanding debt at the end of 2022 is:
Market Bonds: $5.66M
RMI2 GF Debt: $658,478
For 2022 and forward, URA will dismiss the Aspen Heights redeveloper payments due to non-compliance and will have payment
to the Lyric.
URBAN RENEWAL AUTHORITY
NORTH COLLEGE DISTRICT - FUND 800
2022 BUDGET
Developer repayments:
In 2021, URA repaid TCEF the ROW payment due on the Lyric project.
ATTACHMENT 1
2020 Actual
(Preliminary) 2021 Budget
2021
Forecast 2022 Budget
2021-2022 $
Change
2021-2022
% Change
Revenue:
Property Tax Increment Collections $729,062 $748,110 $724,942 $740,000 ($8,110) -1%
Interest on Investments 11,065 6,092 6,092 3,583 (2,509) -41%
Total Revenue for the URA $740,127 $754,202 $731,034 $743,583 ($10,619)-1%
Expenses:
Operations
General Operations/Admin $62,017 $41,623 $41,623 $42,455 $832 2%
Larimer County Fee 14,581 14,962 14,962 14,800 (162) -1%
Developer Payment 11,762 11,762 11,762 11,762 00%
Operational Costs $88,360 $68,347 $68,347 $69,017 $670 1%
Debt Service - Bonds
Principal $220,000 $220,000 $220,000 $230,000 $10,000 5%
Interest 149,395 149,544 149,544 138,544 (11,000) -7%
Debt Service Costs $369,395 $369,544 $369,544 $368,544 ($1,000)0%
Total Expense $457,755 $437,891 $437,891 $437,561 ($330)0%
Net Change in Fund Balance $282,372 $316,311 $293,143 $306,022 ($10,289)
Prior Year Fund Balance $660,445 $942,817 $942,817 $1,235,960 $293,143
Current Year Projected Fund Balance $942,817 $1,259,128 $1,235,960 $1,541,982 $282,854
Notes
z 2021 Forecast Property Tax based on Final Larimer County Assessors Office 2020 TIF Warrant.
z 2022 Property Tax based on 2% increase on 2021 assessment (bi-annual assessment).
z
z
z Oustanding debt at the end of 2022 is:
Market Bonds: $4.32M
Debt Service is from the refinancing schedule
URBAN RENEWAL AUTHORITY
PROSPECT SOUTH DISTRICT - FUND 801
2022 BUDGET
2020 actual expense includes banking fees related to the bond refinancing.
2020 Actual
(Preliminary) 2021 Budget
2021
Forecast 2022 Budget
2021-2022 $
Change
2021-2022
% Change
Revenue:
Property Tax Increment Collections $2,858,801 $3,951,570 $3,940,869 $3,888,922 ($62,648) -2%
Sales Tax Increment 421,281 496,196 0 200,000 (296,196) -60%
Interest on Investments 10,470 4,814 4,814 0 (4,814) -100%
Total Revenue for the URA $3,290,552 $4,452,580 $3,945,683 $4,088,922 ($363,658)-8%
Expenses:
Operations
General Operations/Admin $45,910 $59,274 $59,274 $51,649 ($7,625) -13%
Larimer County Fee 67,132 79,031 79,031 70,243 (8,788) -11%
Developer Payment 3,172,600 4,309,461 3,802,939 3,952,810 (356,651) -8%
Total Operational Costs $3,285,642 $4,447,766 $3,941,244 $4,074,702 ($373,064)-8%
Total Expense $3,285,642 $4,447,766 $3,941,244 $4,074,702 ($373,064)-8%
Net Change in Fund Balance $4,910 $4,814 $4,439 $14,220 $9,406
Prior Year Fund Balance $1,693 $6,603 $6,603 $11,042 $25,262
Current Year Projected Fund Balance $6,603 $11,417 $11,042 $25,262 $34,669
Notes
z 2021 Forecast Property Tax based on Final Larimer County Assessors Office 2020 TIF Warrant.
z 2022 Property Tax based on reduction from 2021 assessment (bi-annual assessment) due to uncertainty of the impact of the Mall sale.
z
z
one year in arrears.
The 2022 ending fund balance is the result of cumulative interest earnings on balances in the fund and payment of admin charges
URBAN RENEWAL AUTHORITY
FOOTHILLS DISTRICT - FUND 803
2022 BUDGET
2021 Sales Tax Increment is $0 due to COVID store closures. 2022 budget is an estimate.
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
ATTACHMENT 2 2.2
Packet Pg. 15 Attachment: Budget Offers (10799 : 2022 Budget)
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
2.2
Packet Pg. 16 Attachment: Budget Offers (10799 : 2022 Budget)
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
2.2
Packet Pg. 17 Attachment: Budget Offers (10799 : 2022 Budget)
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
2.2
Packet Pg. 18 Attachment: Budget Offers (10799 : 2022 Budget)
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
2.2
Packet Pg. 19 Attachment: Budget Offers (10799 : 2022 Budget)
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
2.2
Packet Pg. 20 Attachment: Budget Offers (10799 : 2022 Budget)
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
2.2
Packet Pg. 21 Attachment: Budget Offers (10799 : 2022 Budget)
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
2.2
Packet Pg. 22 Attachment: Budget Offers (10799 : 2022 Budget)
North College Urban Renewal AreaBase year 2020 TIF Rev through 2031Financial ForecastRevenue is recd year following assessment2019 TIF 2020 TIF 2021 TIF 2022 TIF 2023 TIF 2024 TIF 2025 TIF 2026 TIF 2027 TIF 2028 TIF 2029 TIFTIF revenue year16 17 18 19 20 21 22 23 24 25 26ACT Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj Proj CumulativeCash Inflows 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 TotalProperty 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 RevenueInterest 33,994 21,079 10,951 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 569,629 Other233,833 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 LoansInterest from loans - - - - - - - - - - - 560,495 Loan 3 - RMI2 principal repayments - - - - - - - - - - - 2,503,918 Total Principal and Interest Revenue - - - - - - - - - - - - 3,064,413 Bond ProceedsTotal Bond Proceeds11,401,806 Intra-City Loan ProceedsSub-Total Stormwater- - - - - - - - - - - - 6,176,472 Sub-Total General Fund - - - - - - - - - - - - 10,669,588 Unknown250,000 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 CumulativeCash Outflows 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 TotalOperatingPersonnel (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 PaymentsSub-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 Service2013 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 1Printed 6/30/2021ATTACHMENT 32.3
Packet Pg. 23 Attachment: Revenue Forecast (10799 : 2022 Budget)
Urban Renewal Authority / Midtown Plan AreaProspect South TIF DistrictBase year 2020 TIF Rev through 2037Financial ForecastRevenue is recd year following assessment2019 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 TIFTIF revenue year9 10111213141516171819202122232425ACTCumulativeCash Inflows 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 TotalProperty 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 RevenueInterest 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 Loans5,247,000 2019 Bonds - RefinancingBond proceeds5,328,863 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 10111213141516171819202122232425CumulativeCash Outflows 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 TotalOperatingAdmin 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 LoansDebt 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 RefinancingPrincipal (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 Debt4,770,000 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 2Printed 6/30/20212.3
Packet Pg. 24 Attachment: Revenue Forecast (10799 : 2022 Budget)
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
ATTACHMENT 4 2.4
Packet Pg. 25 Attachment: TIF Revenue YTD (10799 : 2022 Budget)
October 28, 2021
2022 URA Budget
2.5
Packet Pg. 26 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)
Budgeting for Outcome (BFO) process changed for 2021 and 2022
•One-year budget done for each year
•Ti meline 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
2022 Budget
July 8th
Amended 2022
Budget
July 22nd Oct. 28th
Update on City
Manager’s
Budget
Oct. 14th
Adopt 2022
Budget
URA Milestones
BFO and URA Board Timelines
2.5
Packet Pg. 27 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)
URA Core Offer
Ongoing Programs and Services Funding Source
Funding Source Budget
North College $384,239
Prospect South $69,017
Foothills Mall $121,892
To tal $575,148
Funding Source Budget
Personnel $231,353
Prof. and Te ch. Services $277,971
Insurance $25,000
Property Services $30,334
Office Expense $10,490
To tal $575,148
2.5
Packet Pg. 28 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)
URA Debt Service Offer
Debt Service Payments Funding Source
Funding Source Budget
North College $1,267,000
Prospect South $368,544
Foothills Mall $3,952,810
To tal $5,588,354
Funding Source Budget
Construction Services $3,952,810
Debt Service $1,635,544
To tal $5,588,354
2.5
Packet Pg. 29 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)
North College URA
•Developer Repayments
o Aspen Heights -2021 Budget assumed developer repayment obligation for Aspen
Heights. 2022 Budget eliminates that repayment ($182k) obligation due to developer
non-compliance with agreement.
o The Lyric -2021 Actual includes repayment of ROW obligation to City from Lyric TIF
funds ($43,650). 2022 Budget includes repayments to the Lyric based on their
agreement (about $20k per year).
•Other Expense
o Hourly personal support eliminated in 2021 and forward.
o Additional expense for Larimer County fees (due to increased TIF collection).
Changes to 2022 Budget
2.5
Packet Pg. 30 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)
Prospect South URA
•No significant expense changes in 2022.
Foothills Mall URA
•Decreased property tax values;
•Decrease in PSD mills from 56 in 2019 to 55 in 2022 and 2021;
•Increase in Larimer County mills from 21.863 in 2019 to 22.458 in 2020 and
2021;
•Increase in Metro District mills from 67.512 in 2019 to 91.328 in 2020 and
2021.
Changes to 2022 Budget
2.5
Packet Pg. 31 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)
2019 2020
Diffe re nce
2019 to 2020 2021
Diffe re nce
2020 to 2021
Diffe rence
2019 to 2021
Total Value 38,521,956 33,114,128 (5,407,828)32,590,322 (523,806)(5,931,634)
Base Va lue 13,643,245 11,739,344 (1,903,901)11,555,003 (184,341)(2,088,242)
In crem ent Value 24,878,711 21,374,784 (3,503,927)21,035,319 (339,465)(3,843,392)
Foothills Mall URA
Changes in Property Va lues
2.5
Packet Pg. 32 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)
Foothills Mall URA
Impact of Al l Changes on URA Revenue
Re venue
County Fee
2%
City Fee
1.5%
Expe nse
back to
2019 Asse ssment/2020 Actual T IF Revenue 3,951,570 (79,031)(59,274)3,813,265
Va rianc e due to c hange in propery value (508,288)10,166 7,624 (490,498)
Va rianc e due to c hange in Me tro Dis tric t m ills 506,244 (10,125)(7,594)488,526
Ne t varianc e of other m ill c hanges (8,657)173 130 (8,354)
2020 Asse ssment/2021 Actual T IF Revenue 3,940,870 (78,817)(59,113)3,802,939
Va rianc e due to additional change in propery value (51,948)1,039 779 (50,130)
2021 Asse ssment/2022 Proje cted TIF Re venue 3,888,922 (77,778)(58,334)3,752,810
Plus Sales Tax inc em ent 200,000
Construction Se rv ice s Expe nse 2022 3,952,810
2.5
Packet Pg. 33 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)
URA Operating Expense History
General Operating Expenses:
•Salaries & Benefits
•Office-related expenses
Professional & Technical Services Expenses:
•Banking Fees
•Consulting Services
•Larimer County Fees
•Legal Services
•2014 –Foothills Mall URA reimbursable
expenses paid to developer.
•2017-2019 –EPS consulting services for
Drake & College URA analysis.
•2017 forward –Increase in Larimer County
fees as Foothills Mall URA starts generating
TIF.
•2019 –Consulting, legal and banking fees
related to Prospect South URA refinancing.
•2019 forward –Utilization of non-City legal
representation for URA.
•2019 forward –Purchase of non-City
liability insurance for the URA.
•2020 –North College URA outreach and
visioning expenses.
2.5
Packet Pg. 34 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)
2022 Cashflow Forecast
North College Prospect South Foothills Mall
Cash Inflows 2022 $2,668,418 $743,583 $4,088,922
Cash Outflows 2022 ($1,651,239)($437,561)($4,074,702)
Net Change in Cash 2022 $1,017,179 $306,022 $14,220
Projected Ending Cash Balance 2021 $3,265,109 $1,235,960 $11,042
Projected Ending Cash Balance 2022 $4,282,288 $1,541,982 $25,262
Restricted Cash Balance 2022 ($944,763)($370,194)$0
Net Available Cash Balance 2022 $3,337,525 $1,171,788 $25,262
2.5
Packet Pg. 35 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)
TIF Through 2020 Assessments
2.5
Packet Pg. 36 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)
Staff recommends adoption of the Resolution.
Recommendation
2.5
Packet Pg. 37 Attachment: 2022 Budget Presentation (10799 : 2022 Budget)