HomeMy WebLinkAbout2007-053-05/15/2007-MAKING FINDINGS AND APPROVING THE URBAN RENEWAL PLAN FOR THE FOOTHILLS MALL RESOLUTION 2007-053
OF THE COUNCIL OF THE CITY OF FORT COLLINS
MAKING FINDINGS AND APPROVING THE URBAN RENEWAL PLAN
FOR THE FOOTHILLS MALL
WHEREAS, by Resolution 2007-052, the City Council has found and declared the area
described in said Resolution (the "Area") to be a blighted area as defined in the Colorado Urban
Renewal Law, Sections 31-25-101, et sea., C.R.S. (the "Law"), and appropriate for inclusion in an
urban renewal project; and
WHEREAS,it is desirable and in the public interest that the City's Urban Renewal Authority
(the "Authority") undertake the urban renewal activities described in the Foothills Mall Urban
Renewal Plan(the'Plan"),which Plan is attached hereto as Exhibit "A"and by this reference made
a part hereof; and
WHEREAS, approval of the Plan will facilitate the elimination and prevention of blighted
areas and promote the redevelopment, conservation, and rehabilitation of the Area; and
WHEREAS, on May 15, 2007, the City Council conducted a public hearing and reviewed
the Plan pursuant to the procedural and notice requirements of the Law; and
WHEREAS, notice of the public hearing on the Plan was published as required by Section
31-25-107(3), C.R.S., at least thirty days prior to the public hearing; and
WHEREAS, reasonable efforts have been taken to provide written notice of the public
hearing to each property owner, business, and resident of the Area included in the Plan informing
them of the public hearing at least thirty days prior to the public hearing; and
WHEREAS, the Planning and Zoning Board has considered the Plan and made its
recommendation as required by the Law; and
WHEREAS, the City Council has considered the evidence presented in support of and in
opposition to the Plan,the Conditions Survey,the Planning and Zoning Board recommendation and
staffs recommendation and has considered the legislative record and given appropriate weight to
the evidence and has determined to approve the Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the Area described in the Plan is hereby found,determined and declared
to be a blighted area as defined in the Law. This is a finding by the City Council based upon the
Conditions Survey and other evidence presented to City Council at a public hearing.
Section 2. That the boundaries of the Area described in the Plan have been drawn as
narrowly as is feasible to accomplish the planning and development objectives of the Plan.
Section 3. That the Plan has been submitted to the Board of County Commissioners of
Larimer County,Colorado,together with the information required by Section 31-25-107(3.5)of the
Law.
Section 4. That the Poudre School District has been permitted to participate in an
advisory capacity with respect to the inclusion in the Plan of the tax allocation provisions authorized
by Section 31-25-107(9)of the Law.
Section 5. That the Plan meets the requirements of Section 31-25-105.5(2)of the Law,
and that the Authority is authorized to acquire any interest in property by any manner available,
including,without limitation,by exercise of the power of eminent domain under the following terms
and conditions and any other requirements of any applicable law. The decision by the City Council
to authorize the use of eminent domain is based on its finding that the Area is a blighted area as
defined in the Law.
(a) The activities and undertakings that constitute the Project described in the
Plan shall be commenced no later than seven years from the effective date of
this Resolution.
(b) Not later than the commencement of the negotiation of an agreement for
redevelopment or rehabilitation of property acquired or to be acquired by
eminent domain, the Authority must provide notice and invite proposals for
redevelopment or rehabilitation from all property owners, residents, and
owners of business concerns located on the property acquired or to be
acquired by eminent domain in the Area by mailing notice to their last known
address of record. The Authority may also at the same time invite proposals
for redevelopment or rehabilitation from other interested persons who may
not be property owners,owners of business concerns,or residents within the
Area, and may provide notice thereof by publication in a newspaper having
a general circulation within the City.
(c) In the case of a set of parcels to be acquired by the Authority in connection
with the Project, at least one of which is owned by an owner refusing or
rejecting an agreement for the acquisition of the entire set of parcels, the
Authority must make a determination that the redevelopment or rehabilitation
of the remaining parcels is not viable under the Plan without the parcel at
issue.
(d) Acquisition of any property by eminent domain shall be for the purpose of
preventing or eliminating conditions ofblight without regard to the economic
performance of the property to be acquired.
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(e) Prior to exercising the power of eminent domain to transfer acquired property
to a private party as authorized in accordance with the Law, the Authority
shall adopt relocation assistance and land acquisition policies to benefit
displaced persons that are consistent with those set forth in Article 56 ofTitle
24,C.R.S.,to the extent applicable to the facts of each specific property,and,
at the time of the relocation of the owner or the occupant, shall provide
compensation or other forms of assistance to any displaced person in
accordance with such policies. In addition,in the case of a business concern
displaced by the acquisition of property by eminent domain, the Authority
shall make a business interruption payment to the business concern not to
exceed the lesser of$10,000 or one-fourth of the average annual taxable
income shown on the three most recent federal income tax returns of the
business concern.
(f) In any case where the acquisition of property by eminent domain by the
Authority displaces individuals,families,orbusiness concerns,the Authority
shall make reasonable efforts to relocate such individuals, families, or
business concerns within the Area, where such relocation is consistent with
the uses provided in the Plan, or in areas within reasonable proximity of, or
comparable to,the original location of such individuals,families,or business
concerns.
Section 6. That the Plan meets the requirements of the Law and the principal public
purpose for adoption of the Plan is to facilitate redevelopment of the Area in order to eliminate or
prevent the spread of a physically blighted area as defined in the Law.
Section 7. That to the extent that any relocation of individuals and families will be
required in connection with the Plan, a feasible method exists for the relocation of individuals and
families in decent, safe, and sanitary dwelling accommodations within their means and without
undue hardship to such individuals and families.
Section 8. That to the extent that any relocation of business concerns will be required
in connection with the Plan,a feasible method exists for the relocation of such business concerns in
the Area or in other areas that are not generally less desirable with respect to public utilities and
public and commercial facilities.
Section 9. That the City Council has taken reasonable efforts to provide written notice
of the public hearing prescribed by Section 31-25-107(3) of the Law to all property owners,
residents, and owners of business concerns in the Area at their last known addresses at least thirty
days prior to the public hearing on the Plan.
Section 10. That Section 31-25-107(4)(d)of the Law does not applybecause no more than
120 days have passed since the commencement of the only public hearing on the Plan.
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Section 11. That Section 31-25-107(4)(e) of the Law does not apply because the City
Council did not fail to previously approve the Plan.
Section 12. That the Plan conforms with "City Plan", which is the general plan for the
development of the City as a whole, and that the Council expressly adopts the provisions contained
in Section 6 of the Plan,pertaining to conformance with"City Plan"and particularly,the"City Plan"
principles and policies contained in said Section 6.
Section 13. That the Plan will afford maximum opportunity, consistent with the sound
needs of the municipality as a whole, for the rehabilitation or redevelopment of the Area described
in the Plan by private enterprise.
Passed and adopted at a regular meeting of the City C it held this 15th day of A.D.
2007. ✓
J
Mayor
ATTEST:
i
City Clerk
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FOOTHILLS MALL
Urban Renewal Plan
City of Fort Collins
Prepared for :
City of Fort Collins and
Fort Collins Urban Renewal Authority
May 15 , 2007
Foothills Mall Urban Renewal Plan 1
Table of Contents
1 . Preface and Intent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
2 . Finding of " Blight " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 . Plan Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Foothills Mall Redevelopment Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05
4 . Renewal Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
5 . Development Standards and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
6 . Conformance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
UrbanRenewal Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
CityPlan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
IN
ve
7 . Project Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Property Tax Increment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 10
SalesTax Increment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Tax Increment Reimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
8 . Modifications to the Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
9 . Reasonable Variations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Appendix A - Legal Descriptions
Foothills Mall Urban Renewal Plan 2
1 . Preface and Intent
The Foothills Mall Urban Renewal Plan ( Plan ) is an Urban Renewal Plan prepared
for the Fort Collins Urban Renewal Authority ( Authority ) and the City of Fort Collins
( the City ) , pursuant to the provisions of the Urban Renewal Law , Colo . Rev . Stat .
§ § 31 - 25 - 101 et seq . ( Urban Renewal Law ) . Terms used in the Plan have the
same meaning as in the Urban Renewal Law .
The jurisdictional boundaries of the Authority are the same as the boundaries of
the City . Within the City boundaries there may be one or more urban renewal
areas . This Plan describes the framework for certain public undertakings
constituting urban renewal projects and other authorized activities under the
Urban Renewal Law in the Foothills Mall area , located in the City of Fort Collins ,
Larimer County , Colorado .
The boundary of the area to which this Plan applies generally includes those
properties located within the area generally bounded by :
■ East Swallow Road residences ( rear property lines ) on the north ,
■ East Monroe Drive on the south ,
■ Stanford Road on the east , and
■ South College Avenue on the west .
The plan area is depicted on the Boundary Map located at the end of this
document . The legal descriptions of the perimeter boundary and the twelve parcels
within the Plan area are attached hereto as Appendix A .
This Plan was prepared for adoption by the City Council in recognition that this
Renewal Area requires a coordinated , cooperative strategy , with financing
possibilities , to eliminate blight and prevent the spread of blight , and accomplish
the City 's development objectives for improving the continued viability of the mall
and surrounding retail areas .
The Plan effort was originated in response to a request by the current owner of the
Foothills Mall , General Growth Properties . The mall originally opened in the fall of
1973 and has undergone expansions in 1980 and again in 1989 , but has
experienced declining sales and increasing vacancies in recent years with
increasing competition from larger and newer retail ventures in Northern Colorado .
The recent loss of two major anchor stores , Mervyn 's and JCPenney , at the mall
has left larger areas of un - and under- utilized retail space , parking areas , and
other areas that are contributing to the escalating blight on the mall properties .
Foothills Mall Urban Renewal Plan 3
The driving interest in the establishment of this Plan is to offer tax increment
financing as a tool to stimulate and leverage private sector development and
redevelopment , to help eliminate blight , and to prevent the spread of blight .
Development and redevelopment in the area is anticipated to occur in the near
future , with the potential for URA financing to provide the impetus and means to
undertake this redevelopment at a faster pace than might occur otherwise .
2 . Finding of " Blight "I
Based on the evidence presented at a public hearing , and in the Foothills Mall
Existing Conditions Survey , dated May 15 , 2007 , the City Council , by Resolution
2007 - , made a finding that the Renewal Area was " blighted " as defined by the
Urban Renewal Law , by the existence of the following six factors :
■ Slum , deteriorated , or deteriorating structures ;
■ unsanitary or unsafe conditions ;
■ deterioration of site or other improvements ;
■ unusual topography or inadequate public improvements or utilities
■ buildings that are unsafe or unhealthy ;
■ the existence of health , safety , or welfare factors requiring high levels of
municipal services or substantial physical underutilization or vacancy of
sites , buildings , or other improvements
The City Council also found that these factors , taken together, substantially impair
the sound growth of the City , constitute an economic and social liability , and are a
menace to the public heath , safety and welfare of the community . Based on
evidence of the " blighted " factors , the Renewal Area is appropriate for authorized
activities of the Authority pursuant to the Urban Renewal Law .
3 . Plan Objectives
The overall objective of this Plan is to remedy blight and prevent the spread of
blight by assisting implementation of the relevant provisions contained in the
following documents :
■ City Plan (The City of Fort Collins Comprehensive Plan)
■ Fort Collins Infill Infrastructure Report
■ City of Fort Collins Master Transportation Plan
■ City of Fort Collins Economic Action Plan
To do this , this Plan is intended to stimulate private sector development in and
around the Renewal Area . A combination of private investment and Urban
Foothills Mall Urban Renewal Plan 4
Renewal Authority financing will assist progress toward the following additional
objectives :
■ To address and remedy conditions in the area that impair or arrest the
sound growth of the city
■ To implement the Comprehensive Plan and its related elements
■ To redevelop and rehabilitate the area in a manner which is compatible with
and complementary to unique circumstances in the area
■ To effectively utilize undeveloped and underdeveloped land
■ To improve pedestrian , bicycle , vehicular, and transit - related circulation and
safety
■ To ultimately contribute to increased revenues for all taxing entities
■ To encourage the voluntary rehabilitation of buildings , improvements , and
conditions
■ To watch for market and / or project opportunities to eliminate blight , and
when such opportunities exist , to take action within the financial , legal and
political limits of the Authority to acquire land , demolish and remove
structures , provide relocation benefits , and pursue redevelopment ,
improvement and rehabilitation projects .
Foothills Mall Redevelopment Objectives
The primary focus of the redevelopment efforts at Foothills Mall will be to replace
the two vacant anchor tenants , update the common areas of the mall , and provide
new offerings that are more in line with the demands of today 's consumers . The
redevelopment efforts can be broken into seven distinct areas that will be
completed as obstacles to the program are overcome and market forces dictate .
The seven areas can be roughly described as follows :
1 , replacement of Mervyn 's with a future anchor tenant ,
2m replacement of JC Penney with a future mini - anchor tenant ,
I an update of the interior common area of the mall ,
4n addition of an exterior facing streetscape along Foothills Parkway ,
5 . redevelopment of the Shops at Foothills ,
6 . redevelopment of the former Perkins site , and
7 . redevelopment of The Plaza at Foothills .
The existing Mervyn 's building is contemplated to be replaced by a 2 - story
150 , 000 square foot Anchor tenant in roughly the same location as the former
Mervyn 's . This will allow Foothills Mall to attract a higher end anchor than the
current single - story 75 , 000 square foot building allows for . The Current JC Penney
location will be replaced with a single - story mini - anchor of approximately 50 , 000
square feet in a significantly different configuration than the current JC Penney
store . This will again allow Foothills Mall to attract the best possible tenant for this
Foothills Mall Urban Renewal Plan 5
location and also allow for improved parking and traffic circulation by eliminating a
pinch point between the corner of the existing JC Penney building and the ring
road .
The existing interior common areas of the mall will also be upgraded to reflect
current standards for a first class shopping center . The final piece of the mall
itself will be the addition of a two - story 40 , 000 square foot mini - anchor and
26 , 500 square feet of exterior facing restaurants and retail shops in a streetscape
facing Foothills Parkway . This will allow Foothills Mall to accommodate those
tenants who will only accept exterior locations with immediate access to parking .
The former Perkins building will be demolished and rebuilt in a configuration to
provide both better access and visibility for future tenants . This location will be
marketed to both single use and multi - tenant food offerings . Both the Shops at
Foothills to the north and the Plaza at Foothills to the south will be the subjects of
future redevelopment plans with a focus on providing the best possible retail
offerings and improving connectivity to the central core of Foothills Mall .
The overall vision for Foothill Mall , upon completion of all redevelopment activities ,
is to create a first class shopping and dining destination that will function as one
cohesive , pedestrian friendly site .
4 . Renewal Activities
To support progress toward the objectives , the Authority may undertake any of
the following renewal activities , as deemed appropriate for the elimination or
prevention of blight factors within the renewal area , pursuant to the Urban
Renewal Law :
a . Public Improvements . The Authority may cause , finance , or facilitate the
design , installation , construction , and reconstruction of public improvements
in the Renewal Area . In order to promote the effective utilization of
undeveloped and underdeveloped land in the Renewal Area , the Authority
may , among other things , enter into financial or other agreements with the
City of Fort Collins to provide the City with financial or other support in order
to encourage or cause the City to invest funds for the improvement of storm
drainage and street conditions and deficiencies in the Renewal Area .
b . Purchase of Property . In the event that the Authority finds it necessary to
purchase any real property for an urban renewal project to remedy blight
factors pursuant to the Urban Renewal Law and this Plan , the Authority may
do so by any legal means available , including the exercise of the power of
eminent domain , pursuant to the Urban Renewal Law . If the power of
eminent domain is to be exercised for the purpose of transfer of property to
another private person or entity , the Authority 's decision whether to acquire
Foothills Mall Urban Renewal Plan 6
the property through eminent domain shall be guided by the following
criteria , with the understanding that these guidelines shall not be construed
to constrain the Authority 's legal ability to exercise the power of eminent
domain :
■ all requirements of the Urban Renewal Law , including eminent
domain procedures , have been met ;
■ other possible alternatives have been thoroughly considered by
the Authority ;
■ good faith negotiations by the Authority and / or the project
developer have been rejected by the property owner ;
■ reasonable efforts have been undertaken to : ( a ) understand and
address the property owner' s position and his or her desires for
the property and for any existing business on the site , and ( b )
work with the owner to either include the owner in project
planning or purchase the property and relocate the owner in
accordance with the Urban Renewal Law on terms and conditions
acceptable to the owner .
c . Demolition . The Authority may provide for the demolition of existing
development and clearance of sites as part of specific projects .
d . Participation Agreements . The Authority may enter into participation
agreements with property owners or developers in the renewal area to
facilitate participation and assistance that the Authority may choose to
provide to such owners or developers . These may include provisions
regarding project planning , public improvements , financing , design , and any
other matters allowed pursuant to the Urban Renewal Law .
e . Relocation Assistance . It is not expected that the activities of the Authority
will displace any person , family , or business . However , to the extent that in
the future the Authority may purchase property causing displacement of any
person , family , or business , it shall develop a relocation program to assist
any such party in finding another location pursuant to the Urban Renewal
Law , and provide relocation benefits consistent with the Urban Renewal Law .
There shall be no displacement of any person or business without there
being in place a relocation program , which program shall become a part of
this Plan when adopted .
f . Hiring . The Authority may employ consultants , agents , and employees ,
permanent and temporary , and it shall determine their qualifications , duties ,
and compensation .
g . Legal Authority . The Authority may also exercise all other powers given to it
under the Urban Renewal Law .
Foothills Mall Urban Renewal Plan 7
5 . Development Standards and
Procedures
Development within the Renewal Area shall be designed and processed in
accordance with the City of Fort Collins Land Use Code and other applicable
standards , in the City 's standard development review procedures .
6 . Conformance
URBAN RENEWAL LAW
This Plan is in conformity with and subject to the applicable statutory requirements
of the Urban Renewal Law .
CITY PLAN
The City 's adopted Comprehensive Plan , known as City Plan , describes desirable
land use and transportation patterns , with goals and policies for those topics along
with community appearance and design , the environment , open lands , housing ,
the economy , and growth management .
Briefly summarized , the land use pattern envisioned by these plans for the
Renewal Area is a retail and commercial hub , providing major shopping and
service opportunities to the residents and visitors of the City of Fort Collins . The
redevelopment envisioned includes a safe , efficient , and logical circulation pattern ,
including options for alternative modes of transportation as well are passenger
vehicles ; significant exterior upgrades .
This Plan is intended to provide mechanisms to facilitate implementation of City
Plan , and therefore it is in direct conformance with City Plan .
The following excerpts from City Plan highlight the linkage between City Plan and
this Urban Renewal Plan . These are representative excerpts , and not an all -
inclusive listing of relevant statements :
■ PRINCIPLE GM - 8 : The City will promote compatible infill and
redevelopment in areas within the Growth Management Area boundary .
■ Policy GW8 . 1 Targeted Redevelopment / Infill . Redevelopment and infill
development will be encouraged in targeted locations . The purpose of these areas
is to channel growth where it will be beneficial and can best improve access to
jobs , housing and services with fewer and shorter auto trips . These targeted areas
Foothills Mall Urban Renewal Plan 8
are parts of the city where general agreement exists that development or
redevelopment is beneficial . A major goal is to increase economic activity in the
area to benefit existing residents and businesses and , where necessary , provide
the stimulus to redevelop . These areas should be defined from City Plan , Subarea
Plans , Zoning and locational criteria such as :
a . Underutilized land
b . Areas already undergoing positive change , which is expected to
continue
c . Areas where infrastructure capacity exists
d . Areas where public investment is warranted from a policy
perspective
e . Areas with special opportunities , such as where major public or
private investment is already planned
f . Transportation opportunities :
• Along travel corridors
• Along enhanced travel corridors
■ Policy GM - 8 . 4 Remedy Infrastructure Deficiencies . The City will
consider opportunities to selectively correct infrastructure deficiencies in targeted
areas , such as storm drainage and streets , so that infill development or
redevelopment does not pay an infrastructure " penalty " to remedy past problems
in existing developed areas .
■ Policy GM - 8 . 5 Public Investment . The City will consider opportunities ,
and the costs and benefits for targeted public investment in order to encourage
redevelopment and infill development in appropriate locations .
■ Policy ECON - 1 . 5 Maintain and Expand City Revenue Base . The City will
ensure that commercial uses that generate the sales and use tax revenues which
support the City 's financial base are maintained and expanded . The City will also
explore other options to expand and diversify its revenue base , including targeted
annexations of existing commercial corridors , such as the Mulberry Corridor, as
well as revenue sharing agreements with other communities .
a . The City will assist in identifying and preserving key undeveloped
parcels in appropriate locations for additional commercial
activity .
b . The City will seek to strengthen existing commercial districts ,
such as the Downtown , North College , Campus West , and the
Foothills Mall .
c . The City will seek to maintain and enhance its attractiveness as
a place to do business in order to maintain its share of the
region 's sales and use tax base .
Foothills Mall Urban Renewal Plan 9
7 . Project Financing
Specific projects may be financed in whole or in part by the Authority , under the
tax increment financing ( TIF ) provisions of CRS § 31 - 25 - 107 ( 9 ) ( a ) of the Urban
Renewal Law , or by any other available source of financing authorized to be
undertaken by the Authority pursuant to CRS § 31 - 25 - 105 of the Urban Renewal
Law .
The Authority is authorized to :
( a ) finance urban renewal projects within the Renewal Area with revenues from
property tax increments , sales tax increments , interest income , federal loans or
grants , agreements with public , quasi - public or private parties and entities , loans
or advances from any other available source , and any other available sources of
revenue ;
( b ) issue bonds and incur other obligations contemplated by the Urban Renewal
Law in an amount sufficient to finance all or any part of a project within the
Renewal Area ; and
( c ) borrow funds and create indebtedness in any authorized form in carrying out
this Plan .
Any principal and interest on such indebtedness may be paid from property tax
increments , sales tax increments or any other funds , revenues , assets or
properties legally available to the Authority . Such methods may be combined to
finance all or part of the Plan activities .
PROPERTY TAX INCREMENT
A fund for financing projects may be accrued and used by the Authority under the
property tax allocation financing provisions of the Urban Renewal Law . Under this
method , property taxes levied after the effective date of the approval of this Plan
upon taxable property in the Renewal Area each year by or for the benefit of any
public body shall be divided for a period not to exceed twenty - five ( 25 ) years after
the effective date of the adoption of the tax allocation provision , as follows :
Base Amount - That portion of the taxes which are produced by the levy at the
rate fixed each year by or for such public body upon the valuation for assessment
of taxable property in the Renewal Area last certified prior to the effective date of
approval of the Plan or , as to an area later added to the Renewal Area , the
effective date of the modification of the Plan , shall be paid into the funds of each
such public body as are all other taxes collected by or for said public body .
Foothills Mall Urban Renewal Plan 10
Increment amount - That portion of said property taxes in excess of such base
amount shall be allocated to and , when collected , paid into a special fund of the
Authority to pay the principal of, the interest on , and any premiums due in
connection with the bonds of, loans or advances to , or indebtedness incurred by
( whether funded , refunded , assumed or otherwise ) the Authority for financing or
refinancing , in whole or in part , a specific project . Such increment amount shall
also be used to pay for the Authority ' s financial obligations incurred in the
implementation of this Plan .
Unless and until the total valuation for assessment of the taxable property in the
Renewal Area exceeds the base valuation for assessment of the taxable property
in the Renewal Area , all of the taxes levied upon taxable property in the Renewal
Area shall be paid in to the funds of the respective public bodies .
In the event that there is a general reassessment of taxable property valuations in
Larimer County , which are subject to division of valuation for assessment between
base and increment , as provided above , the portions of valuations for assessment
to be allocated as provided above shall be proportionately adjusted in accordance
with such reassessment . Note that at the time of this Plan adoption , such a
general reassessment occurs every two years , in the odd - numbered years .
When such bonds , loans , advances , indebtedness , and financial obligations ,
including interest thereon and any premiums due in connection therewith , have
been paid , all taxes upon the taxable property in the Renewal Area shall be paid
into the funds of the respective public bodies .
SALES TAX INCREMENT
The project may also be financed by the Authority under the sales tax allocation
financing provisions of the Urban Renewal law . The act allows that upon the
adoption or amendment of an Urban Renewal Plan , sales taxes flowing to the City
may be " frozen " at their current level . The current level is established based on
the previous twelve months prior to the adoption of this Plan . Thereafter, the City
can continue to receive this fixed sales tax revenue . The Urban Renewal Authority
thereafter may receive all , or an agreed upon portion of the additional sales taxes
( the increment ) which are generated above the base . The Authority may use
these incremental revenues to finance the issuance of bonds , reimburse
developers for public improvement costs , reimburse the City for public
improvement costs and pay off financial obligations and other debts incurred in the
administration of the Urban Renewal Plan . This increment is not an additional
sales tax , but rather is a portion of the established tax collected by the City , and
the sales tax increment resulting from redevelopment efforts and activities
contemplated in this Plan .
Foothills Mall Urban Renewal Plan 11
TAX INCREMENT REIMBURSEMENT
Tax increment revenues may be used to reimburse the City and / or developer ( s )
for costs incurred for improvements related to a project to pay the debt incurred
by the Authority with such entities for urban renewal activities and purposes . Tax
increment revenues may also be used to pay bonded indebtedness , financial
obligations , and debts of the Authority related to urban renewal activities under
this Plan .
S . Modifications to the Plan
This Plan may be modified pursuant to requirements and procedures set forth in
CRS § 31 - 25 - 107 of the Urban Renewal Law governing such modifications .
9 . Reasonable Variations
The Board shall have the ability to approve reasonable variations ( as determined
by the Board ) from the strict application of these Plan provisions , so long as such
variations reasonably accommodate the intent and purpose of this Plan and the
Urban Renewal Law . Plan provisions may be altered by market conditions ,
redevelopment opportunities and / or the needs of the community affected by the
Plan .
Foothills Mall Urban Renewal Plan 12
Appendix A - Legal Description
LEGAL DESCRIPTION OF THE FOOTHILLS MALL URBAN RENEWAL AREA BOUNDARY
The perimeter boundary of the Foothill Mall Urban Renewal Area is depicted on the map
following page 14 , The legal description of the boundary is as follows :
The Foothills Mall Urban Renewal Area is located in Section 25 of Township 7 North Range
69 West of the Sixth Principal Meridian , City of Fort Collins , Larimer County , Colorado ,
being more particularly described as follows ;
Commencing at the northwest corner of Lot 1 of the Plat of A Replat Of Tracts F, G , And J ,
And Vacated Service Road Southmoor Village , Fifth Filing , the said northwest corner being
the TRUE POINT OF BEGINNING OF THIS DESCRIPTION ;
THENCE easterly , along the northerly line of the said Lot 1 and its easterly
extension to the easterly Right of Way of Mathews Street ;
THENCE southerly along the said easterly Right of Way to the northerly line of Tract
Seven of the Plat The Foothills Fashion Mall Expansion ;
Thence easterly along the said northerly line to the westerly line of Tract B of the
Plat of The Foothills Fashion Mall Foley 's Expansion ;
THENCE northerly along the said westerly line to the northerly line of the said Tract
B ;
Thence easterly along the said northerly line and along the northerly line of Tract A
of the said Plat of The Foothills Fashion Mall Foley 's Expansion to the westerly Right of
Way of Stanford Road ;
THENCE southerly along the said Right of Way to the northerly line of Tract Nine of
the said Plat of The Foothills Fashion Mall Expansion ;
THENCE westerly along the said northerly line to the easterly Right of Way of
Monroe Drive ;
THENCE northerly along the said easterly Right of Way to the northerly Right of
Way of the said Monroe Drive ;
THENCE westerly along the said northerly right of Way to the easterly Right of Way
of South College Avenue ;
THENCE northerly along the said easterly Right of Way to the westerly extension of
the southerly line of Tract D of the Plat of Southmoor Village 5tn ;
THENCE easterly along the said extended line and along the southerly line to the
easterly line of the said Tract D ;
THENCE northerly along the said easterly line to the northerly line of the said Tract
D ;
THENCE westerly along the said northerly line and its westerly extension to the said
easterly Right of Way of South College Avenue ;
THENCE northerly along the said easterly Right of Way to the Point of Beginning ;
Foothills Mall Urban Renewal Plan 13
The Foothill Mall Urban Renewal Area is comprised of twelve ( 12 ) separate parcels . The
legal descriptions for the twelve separate parcels were derived from the Larimer County
Assessor 's Office and are presented below :
LOT 1 , REPLAT TR ' F ' , ' G ' & ' J ' , AND VACATED SERVICE ROAD , SOUTHMOOR VILLAGE
5TH , FTC ; LESS ROW PER 2001090658 & 2001090659
TR 1 , THE FOOTHILLS FASHION MALL EXPANSION , FTC
TR 2 , THE FOOTHILLS FASHION MALL EXPANSION , FTC
TR 3 , THE FOOTHILLS FASHION MALL EXPANSION , FTC
TR 7 , THE FOOTHILLS FASHION MALL EXPANSION , FTC
TR 8 , THE FOOTHILLS FASHION MALL EXPANSION , FTC
TR 10 , THE FOOTHILLS FASHION MALL EXPANSION , FTC
TR A . FOOTHILLS FASHION MALL FOLEY' S EXPANSION , FTC
TR B . FOOTHILLS FASHION MALL FOLEY' S EXPANSION , FTC
TR ' E ' , ALSO POR VAC ST PER 1580 - 897 , SOUTHMOOR VILLAGE STH , FTC
Part of Tract T and Tract U and Part of the vacated road adjacent to said Tract U, Southmoor Village 5tn Fort
Collins, Described: Beginning at a point on the west line of the said Tract T, which bears South 01 degree 57
minutes 00 seconds East 7. 19 feet, and again South 12 degrees 17 minutes 30 seconds West 180. 10 feet from the
Northwest corner of Tract T; Thence North 89 degrees 45 minutes 30 seconds East 243 . 55 feet to a point on the
northerly line of East Monroe Drive; Thence South 51 degrees 45 minutes 00 seconds West 231 .73 feet; Thence
along the arc of a 193 .41 feet radius curve to the right, 127.73 feet, the long chord bears South 70 degrees 40
minutes 07 seconds West 125 .42 feet; Thence South 89 degrees 35 minutes 15 seconds West 137 .00 feet; Thence
along the arc of a 15 . 00 feet radius curve to the right 23 . 56 feet the long chord bears North 45 degrees 24 minutes
45 seconds West 21 .21 feet; Thence North 00 degrees 24 minutes 45 seconds West 169. 17 feet; Thence North 89
degrees 45 minutes 30 seconds East 2 10 . 10 feet to the point of beginning.
Part of Tract T, Southmoor Village 5tn Fort Collins, Beginning at the Northwest corner of Tract T; Thence North
89 degrees 45 minutes 30 seconds East 227 .00 feet; Thence South 74 degrees 54 minutes 00seconds East 170. 06
feet; Thence South 00 degrees 14 minutes 30 seconds East 24 .45 feet to a point on the north line of Monroe
Drive; Thence along the said north line along the arc of a 301 .32 feet radius curve to the left 124 .25 feet, the long
chord bears South 63 degrees 33 minutes 47 seconds West 123 . 37 feet; Thence South 51 degrees 45 minutes 00
seconds West 95 . 97 feet; Thence South 89 degrees 45 minutes 30 seconds West 243 . 55 feet; Thence North 12
degrees 17 minutes 30 seconds East 180. 10 feet; Thence North 01 degrees 57 minutes 00 seconds West 7 . 19 feet
to the point of beginning; Also a part of Tract U and a part of the vacated Frontage Road adjacent to Tract U
whence beginning at the Northeast corner of Tract U; Thence South 01 degrees 57 minutes 00 seconds East 7 . 19
feet; Thence South 12 degrees 17 minutes 30 seconds West 180. 10 feet; South 89 degrees 45 minutes 30 seconds
West 210. 10 feet to a point on the East right of way of South College Avenue; Thence North 00 degrees 24
minutes 45 seconds West 183 .00 feet; Thence North 89 degrees 45 minutes 30 seconds East 249 .52 feet to the
Point of Beginning, Southmoor Village 5t'; Less the Foothills Fashion Mall Expansion, Fort Collins.
Foothills Mall Urban Renewal Plan 14
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Foothills Mall Urban Renewal Plan 15