HomeMy WebLinkAboutAgenda - Mail Packet - 10/13/2020 - Urban Renewal Authority Finance Committee Agenda - October 8, 2020
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
October 8, 2020
3:00 pm – 4:00 pm
1. June 11, 2020 Meeting Minutes
2. North College Community Investment Plan
3. 2021 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
AGENDA
URA Finance Committee
June 11, 2020
3:00 pm – 4:00 pm
Meeting stated: 3:06pm by Wade
Present: Joe Wise, Christophe Febvre, Wade Troxell, Ross Cunniff, Ken Summers
Staff: Darin Atteberry, Josh Birks, Clay Frickey, Jennifer Shagin, Travis Storin
Others: Patrick Rowe
1. Approval of March 4, 2020 minutes
Motion: Joe Wise. Second: Christophe. Passed 4-0-0
2. Prospect South Marriot Hotel
Clay overviewed the project, showed map of the project and a brief overview of the proposed
development. Project is proposed to be a 6-story hotel with 149 rooms and amenities such as a
lounge, restaurant and bar. It is located in the general commercial zone with a transit overlay
zone, across the street from the Prospect South Max Station. The total project cost is between
$38 and $39million dollars, according to Larimer County property accessor the current value is
$2million and upon redevelopment the property will be valued at roughly $17million. This will
generate roughly $413,000 in incremental property tax revenue annually. The applicant is
asking for $4million or 65% of the tax increment revenue generated by this project. The eligible
expenses in the application include, public improvements, environmental sustainability, design
enhancements, city required enhancements, site specific and redevelopment challenges, which
brings the total reimbursement request to $4million in reimbursement expenses. EPS found
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
there is a $9million dollar financial gap, without assistance the project is infeasible. Terms
proposed by applicant is that they would receive 100% of the incremental revenue for 10 years,
then 100% of the increment will be given back to the URA thereafter.
Questions:
1. If the committee agrees with the reimbursement terms proposed by the applicant?
2. What questions or concerns does the URA Finance Committee have that we need to
address before this goes before the URA Board?
Ross: What is URA policy on TIF percentage that we share?
Clay: Generally, the URA only grants 50% of incremental revenue for a project. However there
have been instances where the URA has granted more, such as for the Lyric project in North
College.
Ross: I think this is an existing policy that we would have to waive. I think some follow up to this
offline could be very helpful.
Josh: Sure, we can follow up with this. Technically these are viewed as guidelines, but we can
certainly provide added detail on where this came from. Another point is that the 50% was
offered when we did up front incentives, now that we have a pay overtime structure this policy
may need to be revisited to better reflect how deals are structured now.
Ross: My understanding was that the 50% TIF share was for the other taxing entities? That is my
perspective but I will leave it up to discussion.
Joe: For me, I am having a hard time understanding, why we should go beyond our guidelines
for a hotel? This does not meet any of the critical or community needs that we set for
ourselves. I do not think you can make a case that we need to go beyond our guidelines to
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
create this project. I think this project will develop regardless of if the URA helps or not, from
my point of view, it is just taking money out of the taxing entities. If I were to support this
project at all, I would not support going beyond the 50% and I think the developer needs to
make a stronger case that this deserves the TIF.
Clay: The application included a number of public benefits identified by the applicant, and it
mostly dealt with redeveloping underutilized parcels in a key portion of the city. It would
helpful for us to hear from the committee what needs to be addressed here before the
applicant goes to the board? That way we can adequately address the issue before this goes to
the Board.
Joe: I think there’s a real question as to whether this deserves TIF at all, let alone 65%. I think
the applicant is going to have to be prepared to justify a reasonable ask for the Board.
Christophe: I have similar questions, but I am also trying to think through the distinction
between the Finance Committee and The URA Board? Has this project been looked at with the
COVID 19 overlay impact? I guess I have to assume that all of our previous work and
agreements that we have at Drake and College will hold true for this as well, correct?
Josh: One of the challenges that I think we will have, is that there are plan areas that predate
the most recent legislative changes. This is one of those plan areas that was formed before the
most recent legislative changes and so it is also an area where all the increment flows into the
plan area. Because this plan area was formed prior to the state legislative changes, there are
slightly different rules to the road that must be followed here. Drake and College was the first
project that we created after the state legislative changes. The board has shared in the past
that they want to have a strategic plan in place for this area and I know that is challenging for
the URA because each of our plan areas that we have brought forward have a different context
that the Board has to think threw in a different mannor.
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
Christophe: I would call this awkward; we’ve invited different taxing entity members into a
conversation where they really don’t have a say. I’m struggling to see what benefit there is for
the school district here. It is far from neighborhoods, schools, parks, and roads that serve our
schools, I am struggling to find a benefit for the school district here.
Josh: To clarify, we are asking you to be a URA Board member, not a liaison, that is probably the
most awkward part of all of this.
Christophe: We are still asked to bring the perspective of our boards to this and from there I
have to work hard to think through this project.
Josh: Again, this is an important distinction. Right now, legally this plan area is entitled to collect
all of the increment to achieve the purposes for which the plan was created. What we do with
the funds and how we invest, is a very important question. Are we achieving the right
objectives here? I just want to make sure we are all grounded in this.
Christophe: This brings us back to all of the work we did in the retreats, if we apply that as an
overlay, it may help the conversation move forward for this project.
Wade: That’s a great perspective and this plan area was formed long before other taxing
entities were brought to the table. This conversation does provide important context for the
project. Other Board members?
Joe: I distinctly recall at the retreat, talking about the hotel at Drake and College and some of
our board members were upset with tax dollars going to a hotel. We need to be aware that
there will be opposition to incentivizing a new hotel when small businesses are suffering so
much now.
Wade: Josh, can you address the public benefits here? This is a dangerous traffic area because
cars are accelerating and decelerating, there are huge potholes and the parking area traffic flow
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
can be dangerous. This project is not just about a hotel, it is a project that has a number of
community improvements.
Josh: There will be improvements to the sidewalks, roads and beyond traffic other public
benefits include addressing stormwater issues, I will let Clay breakdown the public
improvements.
Clay: There would not be improvements along Prospect since this area was recently redone
including the landscape medians, intersection, and sidewalk. Improvements from this project
will include, addressing the parkway, landscaping along College, detached sidewalk that is in
line with the Mid Town in Motion plan, parking lot, stormwater improvements and realignment
of the stormwater outfall.
Joe: It appears that the public improvements and environmental sustainability components will
only be about half of the request. I am wondering if the applicant has interest in scaling back
the TIF request to only include the public improvements? I understand the hotel require a
return on costs of 7.5% which is a pretty good return, I am wonder if the applicant would have
any interest in scaling back their request, return on cost and only using TIF for public
improvements?
Josh: To provide some background on how determination of cost is made, we do not make a
determination of this as staff on what the Return on Investment (ROI) should be, we contract
that out to EPS. EPS does a full and detailed analysis of what can be included as a financial gap,
project risk and what cost of the project is. It can be challenging to understand what a
reasonable rate of return is verses the risk of real estate development. Real estate development
is not a liquid investment; it has a lot of risks, construction risks and it takes longer for the
return to be realized which is often the reason why the rate of return is higher. Staff does not
make a determination of what is a reasonable TIF ask or target of return. EPS looks at current
market conditions, what projects are trading for etc.. and use that to evaluate what a
reasonable rate of return will be. This is how the number is determined for financial gaps.
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
Wade: What about the catalytic impact that this project can have? It sits between two strip
malls at a key intersection in Fort Collins? We use the word accelerate, enhance, create, how
would this project do this? And what would this project do for the area?
Josh: Historically, we have tied projects to create, accelerate and enhance all in the service to
prevent the spread of blight. The land here is that the current uses are not the highest and best
use, the question then becomes is this project catalytic? We have seen that investment in
underutilized property increases investment in the surrounding properties without any tax
increment assistance. We would view an investment here as something that would likely
increase investment in the surrounding properties, but we have not had this analyzed by a 3rd
party. We can say that when we see investment occur in areas such as this, it tends to have a
spill over affect.
Ross: Have we tried to analyze the impacts of property tax evaluations of the next few years?
Clay: We really do not know what the impact will be to property tax evaluations over the next
few years. I have been talking with the County offline about property taxes and they are unclear
what will happen with property tax evaluations because of the pandemic. The lucky thing for us
is that Larimer County did do a property assessment last year, which sets the value for the next
two years. With the URA collecting year in arrears essentially, we are projecting for the
revenues to be somewhat stable over the next three years but we will know until the assessor
goes back and evaluates.
Josh: I would also like to add that we are extremely conservative in our financial projections, if I
remember correctly, we tend to keep this flat over time. This way when and if there is a
downturn, we are still within the range of what we have projected. Clay will take a look at this
and confirm what our assumptions are.
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
Christophe: Would the URA have the ability to use the same financial TIF share numbers that
we agreed upon at Drake and College for this project or plan area?
Josh: The URA has the ability to direct the funds to deliver on the mission for which the plan
was created. Mechanically, there are a number of different ways as to how this can be
achieved. Thinking off the top of my head, I think we as staff have recognized that this plan area
does not have the benefit of the detail of work done at Drake and College and in the North
College area. For me, I think looking at this here can be a great conversation, and part of the
bigger conversation of what do we do with it for the next 20years? Do we want to retain the
funds or handing the funds back to our taxing entities? Do we want to stay the course? These
conversations are all work to come and could be done at Prospect South. If we did this for each
project as we move along if would be difficult because it would require more ongoing
calculation and maintenance of available increment for each parcel. This is all feasible, but it
could lead to us investing a lot of time and money into a project that in the end will be a
modest return.
Clay: Real quick, I did take a look at the analysis from EPS and EPS assumed a flat evaluation for
the redevelopment, it did not assume that property value will increase with the new project
and keeps the financial projections very conservative.
Ross: So basically, it assumes the property evaluations of the improvements is all the increment
we ever get?
Clay: Yes.
Wade: Do we agree with the reimbursement terms? What other questions do we have?
Joe: I do not agree going beyond 50% investment share. I might be convinced to shorten the
term a little bit, but I do not see this as a mission critical project that we should bend our
guidelines for or the amount of the investment.
Urban Renewal Authority
222 LaPorte Avenue
PO Box 580
Fort Collins, CO 80522
970.416.4349
970.224.6107 – fax
fcgov.com
Ross: I agree with Joe, I don’t think we should go beyond the 50%. I think the rest of the
discussion is for the full URA Board.
Ken: That intersection can be a nice improvement there, but with the way the economy is right
now, everything is up in the air. Thinking long term, I think it can be of value to the community
and the URA.
Wade: I think the project has some good projects and good application of those elements for
the tool of the URA used in the community.
Clay: What I have heard is that, we’ll have the applicant bring back why they are asking for 65%,
not 50% and fleshing out the community benefits this project will bring from the perspectives
of the other taxing entities as well.
Josh: I would like to run this through the filter set that the board put together the end of last
year and beginning of this year as another way of framing the context.
Christophe: I would like to know why the applicant wants the allocation they are asking for. I
think the project itself looks good. I think the project looks worthwhile to the City; I just have to
think through the school district end of it.
Other business: N/A
Next URA board meeting will be 6/25/2020
Meeting ended 3:55pm by Wade Troxell
Other business:
URA FINANCE COMMITTEE
AGENDA ITEM SUMMARY
Staff: Clay Frickey, Redevelopment Program Manager
Date: October 8, 2020
SUBJECT FOR DISCUSSION: North College Community Investment Plan
EXECUTIVE SUMMARY
Staff collaborated with Institute for the Built Environment (IBE) and The Family Center/La
Familia (TFC/LF) on a series of public workshops asking the North College community how
they would like to see the Urban Renewal Authority (URA) invest its money in the North
College plan area over the next 10 years. IBE produced a report summarizing this outreach that
the URA Board considered in August 2020. To achieve the outcomes desired by the community,
URA staff have been developing an investment plan that will guide the URA’s decision making
process for how to allocate its remaining money in the North College plan area. The investment
plan will be organized by outcome area similar to those identified in the IBE report. These
outcomes are:
• Complete, vibrant neighborhood
• Community hub
• Infrastructure improvements
The investment plan will contain short, medium, and long-term strategies by outcome area. Staff
have proposed a set of strategies for each outcome area by timeframe. These strategies will guide
the URA’s investment decisions. The plan area should accrue $13.8 million in cash by 2030 that
the URA Board can invest. The URA Board will consider a final investment plan in November
that will contain recommended financial allocations, alignment with other plans, and
metrics/indicators.
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
Do you agree with the strategies presented?
What other strategies would help the URA achieve the objectives outlined in the IBE report?
What additional information would be helpful for presenting this to the Urban Renewal
Authority Board?
BACKGROUND/DISCUSSION
The North College Urban Renewal Plan Area will generate tax increment revenue until 2029.
With 10 years remaining in the North College plan area’s revenue generation period, staff sought
direction from the Urban Renewal Authority (URA) Board and the community on how best to
invest in the North College community. In partnership with Institute for the Built Environment
(IBE) and The Family Center/La Familia (TFC/LF), staff held a series of public workshops on
how the URA could best invest in the community over the next 10 years. IBE produced a report
summarizing the findings of these workshops. URA staff presented this report to the Board on
August 27, 2020. The Board expressed its appreciation for the findings of the workshop series
and gave staff direction to create an investment plan. This investment plan would guide the
actions of the URA for the North College Plan Area over the next 10 years. The URA’s
investment plan would align with the desires of the community, the URA strategic plan, and
goals and objectives of all taxing entities (the City of Fort Collins, Larimer County, Poudre
School District, etc.).
Investment Plan Overview
The investment plan is organized around the major themes identified by the community and
articulated in the IBE report. These themes are:
• Complete, Vibrant Neighborhood
• Community Hub
• Infrastructure Improvements
The IBE report also identifies a community priority around Recreation & Connectivity.
Recreation projects would support the creation of a complete, vibrant neighborhood and are
incorporated into that theme. Connectivity opportunities would require investment in
infrastructure and folds neatly into the priority for infrastructure improvements.
Complete, Vibrant Neighborhood
A complete, vibrant neighborhood is one where community members can accomplish most of
their day-to-day tasks within their neighborhood. Community members identified many vital
components to a complete, vibrant North College neighborhood through the workshop series.
Some of these components include:
• Support and encourage small businesses
• Affordable housing, including preservation of mobile home parks
• Assets reflective of, supporting, and attuned to Latinx culture, businesses, and families
o Food and entertainment
o Health services
o Additional affordable child chare
o Library/community college branch
o Highlight local art / artist throughout corridor
o Spanish language / Latinx movies
Short Term Strategies
• Cultivate partnerships - Staff proposes acting as a convener of community members,
developers, representatives from all taxing entities (City, County, School District, Library
District, etc.), and others. This will be an opportunity for all stakeholders to develop a
shared vision for specific kinds of development that will help make North College a more
complete, vibrant neighborhood. Staff will look to other communities that have had
success in community led development and apply lessons these communities have
learned to the work on North College.
• Small business support – Many small businesses are struggling amidst the COVID-19
pandemic. The URA could support the grant programs offered by the City as part of the
CARES Act. This would allow the URA to help stabilize small businesses until the end
of the pandemic.
Medium Term Strategy
• Pilot community hub programs – In the medium term, community partners can work
with the URA on piloting programs that would be integrated into the community hub.
This would provide services desired by the community and present an opportunity to test
services in a cost-effective way.
Long Term Strategies
• Acquire property for mixed-use development – Acquiring property would allow the
URA to issue a RFP and find qualified development partners that could deliver a
development program the community desires.
• Repayments fund community objectives - As development occurs and taps into
stormwater infrastructure and takes access from Mason Street, the URA and City will
seek repayment from developers. Repayments to the URA can go into a fund that helps
fulfill other community objectives. If a development meets objectives identified by the
community, such as affordable housing, the URA could waive its repayment to
incentivize the type of development desired by the community. This system would help
achieve legacy projects for the plan area and incentivize the kind of development desired
by the community in the North College plan area.
Community Hub
Community members galvanized around the idea of a community hub that could support the
needs of the neighborhood. The concept of the community hub is that it could serve many
purposes for the broader North College community and have culturally attuned services and
amenities for the Latinx community. Some of the amenities community members would like to
see in a community hub include:
• A library branch
• Workforce development and job training
• Indoor community and recreation space
• Multi-purpose space for youth activities, seniors, cultural celebrations, etc.
• Small business incubator space
• Family and community health support services
Short Term Strategy
• Begin community-based design process - For a community space such as this to be
successful, the community must buy-in and feel a sense of ownership over the space. The
URA could act as a convener for facilitating a community-based design process. The first
year would focus on developing relationships and building a shared vision for the
community hub while identifying opportunities to improve existing services in the
interim. This will provide the foundation to find the appropriate partners that can help
develop the community hub in year two.
Medium Term Strategy
• Forge development partnerships - The URA will not have all the funds necessary to
develop a community hub on its own. Community and development partners will help
bring capital and expertise to the community hub to help make the community hub a
reality.
Long Term Strategy
• Develop community hub – Continue work with community and development partners to
develop community hub that aligns with the needs and vision established by the
community. Community members will continue to drive the design and programming of
the community hub.
Infrastructure Improvements
One of the focus areas of the North College Corridor Plan from 2007 and adoption of the North
College Urban Renewal Plan was addressing infrastructure deficiencies throughout the North
College corridor. In 2010, City Council adopted the North College Infrastructure Funding Plan to
guide implementation of the North College Corridor Plan. This plan identified infrastructure
improvements within the plan area, estimated costs, funding sources, and priority levels for each
project. This document has successfully guided tens of millions of dollars in public infrastructure
investment in the corridor. A handful of projects identified in the Infrastructure Funding Plan
remain unbuilt that help inform the investment plan and can form the foundation of the Board’s
investment in infrastructure.
Short Term Strategy
• Continue support of existing projects - The City’s Stormwater and Engineering
departments have begun work on stormwater improvements and establishing the Mason
Street corridor west of College Ave. Stormwater completed 10% design of the
stormwater improvements earlier in 2020. Engineering staff are in the process of
acquiring right-of-way for the Mason Street corridor. The URA contributed $300,000 to
the combined stormwater and Mason Street project in 2019 with the City contributing
$467,800. Stormwater submitted a budget offer as part of the City’s Budgeting for
Outcomes process to continue this project in 2021. The budget offer requests $1.5 million
for final design of the stormwater system south of Hickory Street as well as construction
of the outfall into the Poudre River. The budget offer also states that this project will only
remain a priority if the URA contributes to the project financially.
Medium Term Investment Strategies
• Complete existing projects - Depending on funding levels, the west side stormwater and
Mason Street project will likely extend into 2023-2024. Completing this project would
create an asset that could spur additional private investment and tax increment
generation.
• Support outcomes of plan updates – Planning efforts underway today will likely finish
in the next two years. Agencies conducting planning efforts that impact North College
include Transfort and Parks Planning. The URA can collaborate on implementation items
articulated in completed plans in the medium term.
Long Term Investment Strategy
• Invest in legacy projects – At the end of the plan area’s tax increment generation, the
Board can consider infrastructure projects that will leave a lasting legacy on the North
College community. These projects could also provide repayment opportunities that will
give the URA a revenue source that lasts beyond the tax increment generation period of
the plan area.
Financial Overview
The North College plan area is generating surplus tax increment revenue every year. After
servicing debt and contributing to overhead costs, the North College plan area will generate
around $650,000 in net proceeds annually from 2020 – 2022. In 2022 and 2023, the plan area
will generate around $750,000 annually as the URA makes its final payments for Aspen Heights.
From 2024 until 2030, the plan area will generate over $1 million annually leaving an anticipated
final cash balance of $13.7 million in 2030. Below is an estimate of money the URA will have
available by phase of the investment plan. Please note the money available from 2021-2022
includes current cash reserves generated in 2019 and 2020.
Timeframe Cash Available
Short Term – 2021-2022 $2,388,489
Medium Term – 2023-2024 $1,697,922
Long Term – 2025-2030 $9,713,546
Total $13,799,957
NEXT STEPS
The URA Board will consider the strategies for the investment plan at their regular meeting in
October. Staff will take the feedback from the Finance Committee and Board and incorporate it
into a final investment plan. The final investment plan will contain recommended financial
allocations and metrics/indicators. The URA Board will consider the final investment plan at its
regular meeting in November.
ATTACHMENTS (numbered Attachment 1, 2, 3,…)
1. North College Revenue Forecast
North College Urban Renewal Area
Base year 2005 TIF Rev through 2031
Financial Forecast
Revenue is recd year following assessment 2018 TIF 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 15 16 17 18 19 20 21 22 23 24 25 26
ACT Budget Budget Budget Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Cash Inflows 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Total
Property Tax Increment (cash basis)1,989,781 2,420,433 2,443,842 2,492,719 2,492,719 2,542,573 2,542,573 2,593,425 2,593,425 2,645,293 2,645,293 2,698,199 41,271,023
TOTAL Property Tax Increment 1,989,781 2,420,433 2,443,842 2,492,719 2,492,719 2,542,573 2,542,573 2,593,425 2,593,425 2,645,293 2,645,293 2,698,199 41,271,023
Other Revenue
Interest 62,701 22,662 21,079 18,444 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 565,789
Other 233,833
Total Other Revenue 62,701 22,662 21,079 18,444 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 799,622
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
Total Cash Inflows 2,052,482 2,443,095 2,464,921 2,511,163 2,512,719 2,562,573 2,562,573 2,613,425 2,613,425 2,665,293 2,665,293 2,718,199 73,632,925
15 16 17 18 19 20 21 22 23 24 25 26 Cumulative
Cash Outflows 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Total
Operating
Personnel (224,802) (307,429) (313,578) (319,849) (326,246) (332,771) (339,426) (346,215) (353,139) (360,202) (367,406) (5,142,492)
Goods & Services (178,330) (66,768) (80,826) (78,724) (82,660) (86,793) (91,133) (95,690) (100,474) (105,498) (110,773) (1,637,728)
Reimbursement from Other URAs 310,017 64,723 100,897 102,915 103,764 104,630 106,722 107,624 109,776 110,713 112,928 1,489,301
County Fee (39,796) (48,409) (48,877) (49,854) (49,854) (50,851) (50,851) (51,868) (51,868) (52,906) (52,906) (53,964) (747,801)
Insurance (37,500) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (25,000) (287,500)
Debt Service Banking Fee (2,750) (2,500) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (2,750) (245,643)
Pedestrian Bridge (125,000)
Total Operating (173,161) (385,383) (370,133) (373,263) (382,747) (393,536) (402,438) (413,899) (423,456) (435,642) (445,907) (53,964) (6,696,863)
Developer Project Costs (funds released to projects)
Project 9 - Aspen Heights Principal - (143,033) (147,682) (144,471) - - - - - - - - (435,186)
Project 9 - Aspen Heights Interest - (14,144) (9,495) (4,695) - - - - - - - - (28,334)
Project 10- Feeders Supply - (25,175) (25,175) (25,679) (25,679) (26,192) (26,192) (26,716) (26,716) (27,250) (27,250) (27,795) (289,819)
Project 11-Hickory Commons - - - - - - - - - - -
Project 12- Lyric (first $43,650 payable to URA for ROW)- - - - - - - - - - -
Project 13- Whitewater Park (303,000)
Project 14- Stormwater (300,000) (300,000)
Total Developer Project Costs (300,000) (182,352) (182,352) (174,844) (25,679) (26,192) (26,192) (26,716) (26,716) (27,250) (27,250) (27,795) (12,364,323)
Debt 3 Principal (RMI2)(266,692) (273,360) (288,567) (295,781) (311,884) (319,681) (4,512,216)
Debt 3 Principal (RMI2)(764,810)
Debt 3 Interest (44,928) (37,905) (31,071) (23,856) (16,462) (8,665) (673) (1,229,816)
Sub-Total General Fund (311,620) (311,265) (319,638) (319,637) (328,346) (328,346) (673) - - - - - (15,738,926)
2013 Bonds - Debt Service
2013 Bond Principal (615,000) (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 (333,963) (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 (948,963) (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 (1,733,744) (1,823,362) (1,821,086) (1,815,107) (1,681,534) (1,694,236) (1,375,666) (1,385,978) (1,398,334) (1,407,455) (1,421,832) (81,759) (59,832,968)
Non-paid commitments (Aspen Heights)- -
Net Change in Cash 318,738 619,733 643,835 696,056 831,185 868,337 1,186,907 1,227,447 1,215,090 1,257,838 1,243,461 2,636,440 13,799,957
Ending Cash & Investments 1,373,628 1,993,360 2,637,196 3,333,252 4,164,437 5,032,773 6,219,681 7,447,127 8,662,218 9,920,056 11,163,517 13,799,957
Restricted Cash (944,363) (948,963) (947,363) (944,763) (946,163) (946,363) (945,363) (948,163) (944,563) (948,675)
Net Available Cash 429,265 1,044,398 1,689,833 2,388,489 3,218,274 4,086,411 5,274,318 6,498,965 7,717,655 8,971,381 11,163,517 13,799,957
Oustanding Debt 9,166,186 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 9/30/2020
October 8, 2020
North College Community
Investment Plan
Community Engagement Process
2
Introduction to URA & Community Informed Planning
Historical Context of Plan Area
Asset Mapping
Intro to Urban Design & Project Ideation
Refine Project Concepts
Participatory Budgeting Activity
Community Asset Mapping Identify Improvement Projects Participatory Budgeting Activity
The Family Center / La Familia led Workshops
Institute for the Built Environment led Workshops
Proposed Structure of
Community Investment Plan
•Overview of engagement report
•Define four community priorities
•Alignment with plans
•Identify investments by timeframe
•Short, medium, long term
•Recommend allocation of money
3
Outcomes in Community Investment Plan
4
COMPLETE & VIBRANT
NEIGHBORHOOD
COMMUNITY HUB INFRASTRUCTURE
IMPROVEMENTS
Complete, Vibrant Neighborhood
Short Term Strategies
•Cultivate partnerships
•Small business support
Medium Term Strategies
•Pilot community hub programs
Long Term Strategies
•Acquire property for mixed-use
development
•Repayments fund community
objectives
5
Community Hub
Short Term Strategy
•Begin community-based design process
Medium Term Strategy
•Forge development partnerships
Long Term Strategy
•Develop community hub
6
Infrastructure Improvements
Short Term Strategy
•Continue supporting existing
projects
Medium Term Strategies
•Complete existing projects
•Support outcomes of plan
updates
Long Term Strategy
•Invest in legacy projects
7
Financial Snapshot
Timeframe Cash Available
Short Term –2021-2022 $2,388,489
Medium Term –2023-2024 $1,697,922
Long Term –2025-2030 $9,713,546
Total $13,799,957
8
Community Investment Plan Process and Timeline
9
October
2020
August
2020
September
2020
Discussed
Engagement
Report
Review initial
Community
Investment
Plan
framework
Discuss
Community
Investment
Plan
strategies
November
2020
Consider
adoption of
Community
Investment
Plan
January
2020
Consider
adoption of
budget
appropriation
for short term
outcomes
Questions for the Finance Committee
Do you agree with the strategies presented?
What other strategies would help the URA achieve the objectives
outlined in the IBE report?
What additional information would be helpful for presenting this to the
Urban Renewal Authority Board?
10
URA FINANCE COMMITTEE
AGENDA ITEM SUMMARY
Staff: Clay Frickey, Redevelopment Program Manager
Date: September 28, 2020
SUBJECT FOR DISCUSSION 2021 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 in early July. 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 2021 URA budget would be $6,684,310. After these expenses,
both the North College and Prospect South plan areas would generate excess revenues. Staff
forecasts just under $2 million in available cash in the North College plan area and $1.1 million
in available cash in the Prospect South plan area by the end of 2021.
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. The 2021-2022 BFO cycle is the first
time the URA Board has participated in BFO since expanding to 11 members. Considering this,
URA staff collaborated with Budget staff from the City on a budget process that allowed the four
non-City Council members of the URA Board to have equal say in the URA’s budget. This
meant that the URA would adopt its budget in October 2020, one month ahead of the City
adopting its budget. The URA’s adopted budget would then fold into the final budget adopted by
the City in November 2020.
Due to COVID-19, the City truncated the BFO process. Instead of adopting a budget for 2021
and 2022, the City moved forward with adopting a budget for 2021 only. COVID-19 struck at
the beginning of the BFO process, delaying the beginning of the budgeting process from April to
June. As such, URA staff submitted a preliminary budget offer as part of the BFO process in
June. Since submitting this offer, staff have checked with the URA Board monthly to confirm the
direction and contents of the URA’s budget offer. No Board member has requested a change to
the URA budget as submitted in June. Similarly, the City has not requested any changes to the
URA’s budget offer. The City Manager’s Recommended Budget contains the same budget offer
as staff submitted in June for the URA’s budget. No comments came up during the City Council
work session discussing the portion of the budget in which the URA’s budget offer is contained.
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:
Offer Name 2021 Budget Request
Offer 66.1 – URA Core Offer $736,704
Offer 66.2 – URA Debt Service $5,947,606
Total 2021 Budget $6,684,310
Attachment 1 contains an itemized list of expenses for each budget offer. The 2021 URA budget
contains small changes compared to previous version of the URA budget. Changes in the 2021
URA budget compared to the 2020 budget include:
• Costs of providing service to expanded board incorporated into URA Core Offer
• All non-debt service costs placed into URA Operations budget offer
• Larimer County Fee included in budget as an expense
In the 2019-2020 budget, staff put forward a budget offer to provide service to the expanded
board. This was considered an enhancement offer as part of the previous BFO process since it
was a new practice for the URA. Since the URA Board will continue to have 11 members with
non-City Council members, staff decided to roll the costs of providing service to the expanded
board into the URA’s core offer. Staff also placed all non-debt service expenses into the core
offer. This makes both offers clearer as to what they fund. Similarly, the Larimer County Fee
was not a part of previous budget offers. This is a fee Larimer County assesses for managing the
collections and remittance process for incremental property tax revenues. Staff netted out the
Larimer County Fee rather than include it in the URA’s budget offer in previous BFO cycles.
Staff has included the Larimer County Fee in the 2021 budget for increased transparency and
clarity.
North College Prospect South Foothills Mall
Cash Inflows $2,464,921 $754,202 $4,452,580
Cash Outflows $1,821,086 $437,891 $4,447,766
Net Change in Cash $643,835 $316,311 $4,814
Restricted Cash $947,363 $368,544 -
Net Available Cash $1,689,831 $908,288 -
Attachment 2 provides a detailed revenue forecast for each plan area. Both the North College and
Prospect South plan areas will generate excess revenues with the current proposed budget. By
the end of 2021, North College will have nearly $1.7 million in cash available while Prospect
South will have just over $900,000 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.
Staff will continue to monitor the impacts of COVID-19 on URA revenues. Collections of TIF
revenue are on track for 2020. The County Treasurer has collected 93% of expected property
taxes for 2019 taxes payable in 2020 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.
ATTACHMENTS
1. URA budget offers
2. 2021 revenue forecasts
3. TIF revenue summary
City of Fort Collins
2021 - 2022 Offer Narratives
Economic Health
Offer 66.1: Urban Renewal Authority
Offer Type: Ongoing
2022: $763,439 and 2.00 FTE, 0.00 Hourly FTE
2021: $760,887 and 2.00 FTE, 0.00 Hourly FTE
Offer Summary
This offer funds the administration and operation of the Urban Renewal Authority (URA). The URA’s
mission is to leverage private capital investment & stimulate sustainable development & public
improvement projects in areas of the community where reinvestment and redevelopment is
significantly impaired. The URA currently has 4 active tax increment financing (TIF) districts.
The URA program makes important contributions to the City’s vibrancy with an emphasis on
triple-bottom-line benefits and placemaking. URA’s revitalization objectives include:
•Transform blighted areas into vibrant neighborhoods
•Catalyze projects & accelerate investments that would not otherwise happen, thereby creating
improvements with lasting value
•Encourage development projects that enhance the local character, culture, economy, & quality of
life
•Improve public infrastructure (streets, storm drainage, sewer, utilities, etc.) in areas where
deficiencies exist
•Incentivize high efficiency buildings & development projects in support of the City’s Climate
Acton Plan
•Retain, expand or 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, e.g., lack of infrastructure, environmental
contamination, presence of floodplain, or unsuitable soils
•Encourage development that is consistent with City Plan, subarea plans, & approved Urban
Renewal Plans
•Create, accelerate & enhance projects that meet broader community objectives including those
of our taxing entities
The URA is not dependent on the General Fund. URA funding comes from incremental property &
Data As Of: 7/6/20 at 3:57:2 Page 1 of 82.2.03 Offer Detail by Outcome - 66.1: Urban Renewal Authority
Economic Health
Offer 66.1: Urban Renewal Authority
Offer Type: Ongoing
sales 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
-
ENV 4.1 - Intensify efforts to improve resilience and to meet 2030 climate, energy and 100%
renewable electricity goals
-
Additional Information
Existing Areas: (1) North College - centered on College Avenue from Vine Drive north to the City
boundary and east/west to encompass the commercial development; (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: 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.
-
Data As Of: 7/6/20 at 3:57:2 Page 2 of 82.2.03 Offer Detail by Outcome - 66.1: Urban Renewal Authority
Economic Health
Offer 66.1: Urban Renewal Authority
Offer Type: Ongoing
ENV 4.1 - Intensify efforts to improve resilience and to meet 2030 climate, energy and 100%
renewable electricity goals: This offer supports the City’s climate action goals by having established
policy and procedures incentivizing projects that achieve green building outcomes. Buildings are
approximately 60% of emissions in Fort Collins, and this offer provides more efficient and
comfortable buildings for those projects that leverage the URA.
-
Improvements & Efficiencies
The URA refinanced a loan with the City in December 2019. This refinance freed up $5 million of
General Fund money for other budget priorities while lowering debt service payments for the URA.
-
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.
-
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: TBD
Personnel Changes
N/A-
Differences from Prior Budget Cycles
Rolls in expenses from an approved enhancement in 2019/20 which expanded the URA board to 11
members- adding part time staff for logistics, a MinuteTraq license, and FCTV support. Also
modified to include Larimer County Fee as an expense (previously netted out) to promote
transparency and clearer accounting of the URA’s costs.
-
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: WBricher
Lead Department: Urban Renewal Authority
Data As Of: 7/6/20 at 3:57:2 Page 3 of 82.2.03 Offer Detail by Outcome - 66.1: Urban Renewal Authority
Economic Health
2021 Projected
Budget
2022 Projected
Budget
66.1: Urban Renewal Authority
2021 to 2022
Change
Ongoing Programs and Services
Full Time Equivalent (FTE) Staffing 2.00 2.00 - %
Hourly (FTE) - - - %
Expenses
237,766 232,587 2.2%511000 - Salaries & Wages
58,178 55,596 4.6%512000 - Benefits
(4,723)(4,604) 2.6%519000 - Other Personnel Costs
291,221 283,579 510000 - Personnel Services 2.7%
249,007 247,339 0.7%521000 - Professional & Technical
- - - %529000 - Other Prof & Tech Services
249,007 247,339 520000 - Purchased Prof & Tech Services 0.7%
186,606 194,114 -3.9%535000 - Construction Services
186,606 194,114 530000 - Purchased Property Services -3.9%
25,000 25,000 - %541000 - Insurance
1,280 1,240 3.2%542000 - Communication Services
450 430 4.7%543000 - Internal Admin Services
1,405 1,365 2.9%544000 - Employee Travel
2,710 2,625 3.2%549000 - Other Purchased Services
30,845 30,660 540000 - Other Purchased Services 0.6%
2,050 1,690 21.3%555000 - Office & Related Supplies
3,710 3,505 5.8%559000 - Other Supplies
5,760 5,195 550000 - Supplies 10.9%
763,439 760,887 Total Expenses 0.3%
Funding Sources
800-URA N. College District:
Ongoing Revenue
Ongoing Restricted 554,235 552,889 -0.2%
801-URA Prospect South TIF Dist:
Ongoing Revenue
Ongoing Restricted 68,347 69,479 1.7%
803-URA Mall Fund: Ongoing
Revenue
Ongoing Restricted 138,305 141,071 2.0%
763,439 760,887 Funding Source Total 0.3%
Data As Of: 7/6/20 at 3:57:2 Page 4 of 82.2.03 Offer Detail by Outcome - 66.1: Urban Renewal Authority
Economic Health
Offer 66.2: URA Debt Service
Offer Type: Ongoing
2022: $6,031,195 and 0.00 FTE, 0.00 Hourly FTE
2021: $5,947,606 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
2021 Principal $953,567 2022 Principal $985,781
2021 Interest $315,034 2022 Interest $281,219
Market Bonds
2021 Principal $665,000 2022 Principal $690,000
2021 Interest $283,963 2022 Interest $257,363
RMI2 Loan (from General Fund)
2021 Principal $288,567 2022 Principal $295,781
2021 Interest $31,071 2022 Interest $23,856
Prospect South TIF Debt/Obligation Payments:
2021 Principal $220,000 2022 Principal $230,000
2021 Interest $149,544 2022 Interest $138,544
Foothills TIF Debt/Obligation Payments:
Total 2021 $4,309,461 Total 2022 $4,395,651
2021 Property Tax Increment Payments $3,813,265
2022 Property Tax Increment Payments $3,889,530
2021 Sales Tax Increment $ 496,196
2022 Sales Tax Increment $506,120
Note: North College Repayment derived from fixed URA 1.5% administration charge on property tax
increment.
Data As Of: 7/6/20 at 3:57:2 Page 5 of 82.2.03 Offer Detail by Outcome - 66.2: URA Debt Service
Economic Health
Offer 66.2: URA 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
-
ENV 4.1 - Intensify efforts to improve resilience and to meet 2030 climate, energy and 100%
renewable electricity goals
-
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.
-
ENV 4.1 - Intensify efforts to improve resilience and to meet 2030 climate, energy and 100%
renewable electricity goals: This offer supports the City’s climate action goals by having established
policy and procedures incentivizing projects that achieve green building outcomes. Buildings are
approximately 60% of emissions in Fort Collins, and this offer provides more efficient and
comfortable buildings for those projects that leverage the URA.
-
Improvements & Efficiencies
TBD-
Performance Metrics
-ECON 41. Trained Observer Program - Percentage of Downtown Area And Downtown City Facility
Grounds Ratings With No Problems
https://publish.clearpointstrategy.com/594/Measures/scorecardId=6286&object=measure&objectId=91331.
html
Data As Of: 7/6/20 at 3:57:2 Page 6 of 82.2.03 Offer Detail by Outcome - 66.2: URA Debt Service
Economic Health
Offer 66.2: URA Debt Service
Offer Type: Ongoing
Performance Measure Reason: TBD
Personnel Changes
N/A-
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: WBricher
Lead Department: Urban Renewal Authority
Data As Of: 7/6/20 at 3:57:2 Page 7 of 82.2.03 Offer Detail by Outcome - 66.2: URA Debt Service
Economic Health
2021 Projected
Budget
2022 Projected
Budget
66.2: URA Debt Service
2021 to 2022
Change
Ongoing Programs and Services
Full Time Equivalent (FTE) Staffing - - - %
Hourly (FTE) - - - %
Expenses
4,395,651 4,309,461 2.0%535000 - Construction Services
4,395,651 4,309,461 530000 - Purchased Property Services 2.0%
1,635,544 1,638,145 -0.2%581000 - Debt Service
1,635,544 1,638,145 580000 - Debt & Other Uses -0.2%
6,031,195 5,947,606 Total Expenses 1.4%
Funding Sources
800-URA N. College District:
Ongoing Revenue
Ongoing Restricted 1,268,601 1,267,000 -0.1%
801-URA Prospect South TIF Dist:
Ongoing Revenue
Ongoing Restricted 369,544 368,544 -0.3%
803-URA Mall Fund: Ongoing
Revenue
Ongoing Restricted 4,309,461 4,395,651 2.0%
6,031,195 5,947,606 Funding Source Total 1.4%
Data As Of: 7/6/20 at 3:57:2 Page 8 of 82.2.03 Offer Detail by Outcome - 66.2: URA Debt Service
2019 Actual 2020 Budget 2021 Budget 2022 Forecast
2020-2021 %
Change
2021-2022 %
Change
Revenue:
Property Tax Increment Collections $1,989,781 $2,420,433 $2,443,842 $2,492,719 1%2%
Interest on Investments 62,701 22,662 21,079 18,444 -7%-13%
Total Revenue for the URA $2,052,482 $2,443,095 $2,464,921 $2,511,163 1%2%
Expenses:
Operations
General Operations/Admin $133,365 $336,974 $321,257 $324,595 -5%1%
Reimbursement from other URAs
Larimer County Fee 39,796 48,409 48,877 49,854 1%2%
Developer Payment 0 182,352 182,352 174,844
Operational Costs $173,161 $567,735 $552,486 $549,293 -3%-1%
Transfers (to Stormwater)300,000
Debt Service - Bonds
Principal $615,000 $635,000 $665,000 $690,000 5%4%
Interest 333,963 309,363 283,963 257,363 -8%-9%
Debt Service Costs $948,963 $944,363 $948,963 $947,363 0%0%
Debt Service - RMI2
Principal $266,692 $273,360 $288,567 $295,781 6%2%
Interest 44,929 37,905 31,071 23,856 -18%-23%
Debt Service Costs $311,621 $311,265 $319,638 $319,637 3%0%
Total Expense $1,733,744 $1,823,363 $1,821,086 $1,816,293 0%0%
Net Change in Fund Balance $318,738 $619,733 $643,835 $694,870 4%8%
Prior Year Fund Balance $1,054,889 $1,373,627 $1,993,359 $2,637,194 45%32%
Current Year Projected Fund Balance $1,373,627 $1,993,359 $2,637,194 $3,332,064
Restricted Cash ($944,363)($948,963)($947,363)($944,763)
Available Cash Balance $429,264 $1,044,397 $1,689,831 $2,387,301
Notes
2020 Property Tax based on Intial Larimer County Assessors Office 2019 TIF Warrant.
2021 Property Tax based on Final Larimer County Assessors Office 2019 TIF Warrant.
2022 Property Tax based on 2% increase on 2019 assessment (bi-annual assessment).
2020 and out include insurance costs of $25k. 2019 was prorated at $37.5k
Oustanding debt at the end of 2022 is:
Market Bonds: $5.66M
RMI2 GF Debt: $658,478
Developer Payments are currently under review.
URBAN RENEWAL AUTHORITY
NORTH COLLEGE DISTRICT - FUND 800
2021-2022 BUDGET
In 2019 General Operations/Admin was trued-up for administrative expenses owed to the North College URA Fund through 2018. 2020
includes true-up for 2019 expenses.
2019 Actual 2020 Budget 2021 Budget
2022
Forecast
2020-2021 %
Change
2021-2022 %
Change
Revenue:
Property Tax Increment Collections $603,023 $726,802 $748,110 $763,072 3%2%
Interest on Investments 22,542 10,200 6,092 5,331 -40%-12%
Total Revenue for the URA $625,565 $737,002 $754,202 $768,403 2%2%
Proceeds from Revenue Bonds 5,328,863
Total Revenue $5,954,428 $737,002 $754,202 $768,403 2%2%
Expenses:
Operations
General Operations/Admin $226,139 $40,807 $41,623 $42,456 2%2%
Larimer County Fee 12,060 14,962 14,962 15,261 0%2%
Financial Consulting Services 173,567
Developer Payment 11,762 11,762 11,762 11,762 0%0%
Operational Costs $423,528 $67,531 $68,347 $69,479 1%2%
Debt Service - Bonds
Principal $4,720,111 $220,000 $220,000 $230,000 0%5%
Interest 450,046 149,395 149,544 138,544 0%-7%
Debt Service Costs $5,170,157 $369,395 $369,544 $368,544 0%0%
Total Expense $5,593,685 $436,926 $437,891 $438,023 0%0%
Net Change in Fund Balance $360,743 $300,076 $316,311 $330,380
Prior Year Fund Balance $299,702 $660,445 $960,521 $1,276,832
Current Year Projected Fund Balance $660,445 $960,521 $1,276,832 $1,607,212
Restricted Cash $0 ($369,544)($368,544)($367,044)
Available Cash Balance $660,445 $590,977 $908,288 $1,240,168
Notes
2020 Property Tax based on Intial Larimer County Assessors Office 2019 TIF Warrant.
2021 Property Tax based on Final Larimer County Assessors Office 2019 TIF Warrant.
2022 Property Tax based on 2% increase on 2019 assessment (bi-annual assessment).
Oustanding debt at the end of 2022 is:
Market Bonds: $4.32M
In 2019 General Operations/Admin was trued-up for administrative expenses owed to the North College URA Fund through 2018. 2020
includes true-up for 2019 expenses.
Debt Service is from the refinancing schedule
URBAN RENEWAL AUTHORITY
PROSPECT SOUTH DISTRICT - FUND 801
2021-2022 BUDGET
2019 Actual 2020 Budget 2021 Budget
2022
Forecast
2020-2021 %
Change
2021-2022 %
Change
Revenue:
Property Tax Increment Collections $3,060,698 $3,688,601 $3,951,570 $4,030,602 7%2%
Sales Tax Increment 476,928 572,313 496,196 506,120 -13%2%
Interest on Investments 10,083 5,368 4,814 4,212 -10%-13%
Total Revenue for the URA $3,547,709 $4,266,282 $4,452,580 $4,540,934 4%2%
Expenses:
Operations
General Operations/Admin $83,878 $47,604 $59,274 $60,459 25%2%
Larimer County Fee 61,614 73,772 79,031 80,612 7%2%
Developer Payment 3,455,652 4,131,813 4,309,461 4,395,651 4%2%
Total Operational Costs $3,601,144 $4,253,189 $4,447,766 $4,536,722 5%2%
Total Expense $3,601,144 $4,253,189 $4,447,766 $4,536,722 5%2%
Net Change in Fund Balance ($53,436)$13,093 $4,814 $4,212
Prior Year Fund Balance $55,129 $1,693 $14,787 $19,601
Current Year Projected Fund Balance $1,693 $14,787 $19,601 $23,813
Notes
2020 Property Tax based on Larimer County Assessors Office 2019 TIF Warrant.
2022 Property Tax based on 2% increase on 2019 assessment (bi-annual assessment).
The 2022 ending fund balance is the result of cumulative interest earnings on balances in the fund and payment of admin charges
one year in arrears.
URBAN RENEWAL AUTHORITY
FOOTHILLS DISTRICT - FUND 803
2021-2022 BUDGET
2020-2022 Sales Tax Increment is 2% higher year over year based on 2019 actual and store closures.
In 2019 General Operations/Admin was trued-up for administrative expenses owed to the North College URA Fund through 2018.
2020 includes true-up for 2019 expenses.
North College URA
Forecast 2020-
2030 (11 years)TOTAL
Total TIF % of Total
006 Poudre R-1 School District $9,098,576 58.0%$14,888,447 $23,987,022
025 Larimer County $3,831,448 24.4%$6,269,587 $10,101,035
032 City of Fort Collins $1,685,290 10.7%$2,757,723 $4,443,013
054 Health District of N. Lar Co.$372,770 2.4%$609,981 $982,751
064 Lar Co. Pest Control $22,091 0.1%$36,149 $58,240
112 FC Regional Library District $517,425 3.3%$846,688 $1,364,113
117 N CO Water Conservation District $172,021 1.1%$281,486 $453,507
Total $15,699,620 $25,690,061 $41,389,681
Midtown Prospect South URA
Forecast 2020-
2037 (18 years)TOTAL
Total TIF % of Total
006 Poudre R-1 School District $1,869,237 58.2%$7,894,793 $9,764,030
028 Larimer County $776,349 24.2%$3,278,940 $4,055,289
032 City of Fort Collins $342,939 10.7%$1,448,415 $1,791,354
054 Health District of N. Lar Co.$75,855 2.4%$320,375 $396,230
064 Lar Co. Pest Control $4,596 0.1%$19,412 $24,008
112 FC Regional Library District $105,363 3.3%$445,005 $550,368
117 N CO Water Conservation District $35,004 1.1%$147,843 $182,847
Total $3,209,343 $13,554,783 $16,764,126
LTD (2013-2019)
TIF Revenue
LTD (2006-2019)
October 8, 2020
2021 URA Budget
Overview
•Budgeting for Outcomes (BFO) process changed
•One-year budget for 2021
•2020 budget reductions
•Timeline changed due to COVID-19
2
BFO and URA Board Timelines
Budget offers due
City Manager’s Recommended Budget
City Council Public Hearing
City Council Public Hearing
First Reading of Budget Ordinance
Second Reading of Budget Ordinance
3
July 6 Sept. 1 Sept. 15 Oct. 6 Nov. 3 Nov. 17
Present 2021 Budget Amended 2021 Budget
Update on City Manager’s Recommended Budget
Adopt 2021 Budget
July 23 Aug. 27 Sept. 24 Oct. 22
BFO Milestones
URA Board Milestones
URA Core Offer
Expenses Budget Amount
Personnel $283,579
Prof. & Tech.
Services
$247,339
Property Services $194,114
Other $30,660
Supplies $5,195
Total $760,887
Funding Source Budget Amount
N. College $554,235
Prospect South $68,347
Foothills Mall $138,305
Total $760,887
4
Ongoing Programs and Services
Funding Source
URA Debt Service Offer
Expenses Budget Amount
Construction
Services
$4,309,461
Debt Service $1,638,145
Total $5,947,606
Funding Source Budget Amount
N. College $1,268,601
Prospect South $369,544
Foothills Mall $4,309,461
Total $5,947,606
5
Ongoing Programs and Services Funding Source
Changes from 2020 Budget
•Costs of serving expanded Board
•Enhancement offer in 2020
•Core offer all non-debt service costs
•Larimer County Fee included as expense
6
2021 Revenue Forecasts
North College Prospect South Foothills Mall
Cash Inflows $2,464,921 $754,202 $4,453,242
Cash Outflows $1,821,086 $437,891 $4,447,766
Net Change in Cash $643,835 $316,311 $5,476
Restricted Cash $947,363 $368,544 -
Net Available Cash $1,689,831 $908,288 -
7
URA 6-MONTH PLANNING CALENDAR
October 2020 – April 2021
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:
Wade Troxell, Chair Julie Pignataro
Ross Cunniff, Vice Chair Andy Smith
Christophe Febvre Kristin Stephens
Emily Gorgol Ken Summers
Susan Gutowsky Joe Wise
Steve Johnson
(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: 10/2/2020 4:00 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…
October 8
Time: 3:00pm
Location: TBD
URA Finance Committee Agenda: Approval of the June 11, 2020 Finance Committee meeting minutes
North College Community
Investment Plan
Discuss strategies related to North College Community Investment Plan
2021 URA Budget Discuss proposed 2021 URA budgetd
October 22
Time: 5:00pm
Location: TBD
URA Board Meeting Agenda: Approval of the September 24, 2020 URA Board meeting minutes
2021 URA Budget Public hearing to consider adoption of 2021 URA Budget
North College Community
Investment Plan
Discuss strategies related to North College Community Investment Plan
November 12
Time: 8:30 AM
Location: TBD
URA Finance Committee Agenda: Approval of the October 8, 2020 Finance Committee meeting minutes
North College Community
Investment Plan
Discussion finance options related to North College Community Investment Plan
November 30
Time: 5:00 PM
Location: TBD
URA Board Meeting Agenda: Approval of the October 22, 2020 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…
North College Community
Investment Plan
Consider resolution adopting North College Community Investment Plan
December 10
Time: 3:00 PM
Location: TBD
URA Finance Committee Agenda: Approval of the November 12, 2020 Finance Committee meeting minutes
December 17
Time: 5:00 PM
Location: TBD
URA Board Meeting Agenda: Approval of the November 30, 2020 URA Board meeting minutes
Prospect South community
engagement update
Update on the progress of Prospect South community workshop series
January 14,
2021
Time: 3:00 PM
Location: TBD
URA Finance Committee Agenda: Approval of the December 10, 2020 Finance Committee meeting minutes
January 28,
2021
Time: 5:00 PM
Location: TBD
URA Board Meeting Agenda: Approval of the December 17, 2020 URA Board meeting minutes
North College Community
Investment Plan implementation
Consider short term action items to fulfill North College Community Investment Plan
February 11,
2021
Time: 3:00 PM
Location: TBD
URA Finance Committee Agenda: Approval of the January 14, 2021 Finance Committee 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…
February 25,
2021
Time: 5:00 PM
Location: TBD
URA Board Meeting Agenda: Approval of the January 28, 2021 URA Board meeting minutes
Prospect South Engagement Report Discuss findings from Prospect South community engagement workshops
March 11, 2021
Time: 3:00 PM
Location: TBD
URA Finance Committee Agenda: Approval of the February 11, 2021 Finance Committee meeting minutes
March 25, 2021
Time: 5:00 PM
Location: TBD
URA Board Meeting Agenda: Approval of the February 25, 2021 URA Board meeting minutes
Prospect South Community
Investment Plan
Consider resolution adopting Community Investment Plan for the Prospect South plan
area
April 8, 2021
Time: 3:00 PM
Location: TBD
URA Finance Committee Agenda: Approval of the March 11, 2021 Finance Committee meeting minutes
April 22, 2021
Time: 5:00 PM
Location: TBD
URA Board Meeting Agenda: Approval of the March 25, 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
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