GOLDEN URBAN RENEWAL AUTHORITY BUSINESS ... - cityofgolden.net · Executive Session For the purpose of discussing the purchase, acquisition, lease, transfer, or sale of real, personal,

GURA Mission Statement: To implement urban renewal projects, consistent with community values, that:

• Improve the community’s physical presence within each project;

• Promote each project’s desired character, and • Contribute to the economic stability and vitality of each project.

GOLDEN URBAN RENEWAL AUTHORITY

BUSINESS MEETING

Golden City Hall

911 Tenth Street

November 10, 2014

6:30 p.m.

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I. Call to Order

II. Roll Call

III. Approval of Minutes – Business Meeting of October 13, 2014

IV. Public Comment

V. New Business 1. Resolution 135 Conveyance of Units A and D, Clear Creek Square Parking Structure

Condo Association and Temporary Lease of Unit C

2. Board Retreat

VI. Reports of Committees/Matters for the Authority

1. Finance Committee

a. 2015 Budget

2. Human Resources Committee

3. Communications Committee

4. Development and Operations

a. Lots 2 and 4

b. 150 Capital Drive

VII. Commissioners Concerns

VIII. Staff Report

IX. Executive Session For the purpose of discussing the purchase, acquisition, lease, transfer, or sale

of real, personal, or other property interest under C.R.S. 24-6-402(4)(a) regarding the real

property known as “Lots 2 and 4 Golden Gateway Station Minor Replat #2” which are

bounded by 12th and 13th Streets and Prospectors Alley, all located in Golden, CO 80401.

X. Potential Action on Lots 2 and 4

XI. Public Comment

XII. Adjourn

1

Memorandum

To: GURA Board of Commissioners

From: Steve Glueck, Executive Director and Aleah Menefee, Redevelopment

Specialist

Date: November 5, 2014

RE: Meeting Memo for November 10, 2014 meeting

This memo will provide background information on selected items to be discussed at the upcoming

GURA meeting.

Resolution 135 Conveyance of Units A and D, Clear Creek Square Parking

Structure Condo Association and Temporary Lease of Unit C

As GURA’s downtown project comes to a close, the real property GURA owns in the downtown

area will need to be disposed of properly to avoid any legal entanglements. GURA’s legal counsel,

Carolynne White was consulted about the most ideal method to resolve this matter. The best solution

is to convey the portion of GURA’s ownership of the Clear Creek Parking Structure to the City, as

well as the remaining portion of the additional leased spaces, which runs through the end of 2017.

Based on White’s guidance staff has drafted a resolution to convey the specific condo ownership and

lease to the City. The resolution is in compliance with all Colorado Urban Renewal Authority

Statues. The ownership will be transferred from GURA to the City at a rate determined by GURA.

After thoroughly reading the resolution that allows GURA to convey land to the City, as a board

please either have a discussion on suggested changes to the resolution or take action on the

resolution presented.

Board Retreat Based on feedback from the board, staff is in the process of organizing a

board retreat. The Doodle poll results indicate that Friday, January 23, 2015 from 9:00 a.m. to 3 p.m.

would be the best time to have the retreat. The retreat will take place at Rolling Hills Country Club,

and a light breakfast and lunch will be provided. At the last GURA meeting some commissioners

offered ideas for agenda topics. Enclosed in your packet is a draft agenda. Staff would like all

commissioners to offer suggestions for how the retreat should be organized and what topics will be

covered.

2015 Budget Finalization On Thursday, November 13th

, City Council will review and may

comment on the GURA 2015 budget. Prior to that meeting the GURA board should again review the

revised budget structure. At the October GURA meeting staff introduced the budget to the board.

Included in your meeting packet is the draft budget, as well as the projected 2014 expenditures in the

prior budget format. After Council’s review, the board can take formal action at your December

meeting.

2

Lots 2 and 4. Following the board’s direction at the October meeting, staff and legal counsel

transmitted the board’s requirements regarding acceptable contract provisions to the ARES team.

On October 20th

, a meeting with the parties and legal counsel for the lender was held and resulted in

a recommended structure whereby the lender and GURA would work cooperatively in the event of

default. Ms. White prepared amended documents to that effect which have been reviewed by the

ARES team, and discussions continue as of November 5th. There may be a need for an executive

session and/or updated packet transmittal if a final draft of the agreements becomes available for

Board review. In the event that agreements for review and potential action become available, a

GURA board resolution will also be transmitted.

150 Capital Drive. The board will recall that Steve Rasmussen from MIE Properties attended a

prior board meeting regarding Area 4 of the West Colfax URA Plan and his proposal to construct

110,000 square feet of light industrial flex space at the south end of Corporate Center. Mr.

Rasmussen recently provided preliminary cost and revenue estimates to staff along with a request for

Tax Increment Financing (TIF) participation by GURA. The initial information is under review by

GURA’s consultant Jesse Silverstein. Initial evaluation of the project information reveals the

following:

As predicted by City staff, project site costs related to grading, export of fill material,

utilities, and retaining walls are very high. (This was the main reason for including the parcel

in the URA plan).

In addition, estimated project construction costs (based upon actual bids) are also very high,

compared to recent years, as the Board has seen with other projects.

The combination of high costs and somewhat flat light industrial rents appear to be

preventing any such “speculative” multi tenant light industrial projects from starting

anywhere in the metro area.

With the significant benefit to our local economy of the primary employer growth and

expansions currently occurring in Corporate Center, this project (if determined to be feasible)

would be a great benefit to the community, probably accommodating 300 plus jobs and many

small businesses.

The project has received Planning Commission site plan approval, including exceeding the

minimum sustainability menu provisions.

As the board is aware, staff is a proponent of this project as very beneficial to Golden’s overall

economic development goals. Upon a complete review of the submitted information, staff will

request a meeting of the development and operations committee and (if the numbers warrant) seek to

present a fairly standard TIF contract to the board in December.

Staff Report: Staff will report on other activities where the board has questions at the meeting. In

addition, please note the following:

A new tenant has moved into the prior GURA office. The full damage deposit was recently

returned.

Sales tax collections were again strong in October 9for September sales).

3

City staff still intend to schedule the Miners Alley repaving pending weather and the current

construction of the Kimball at Heritage Road roundabout. If it becomes too close to the

holiday season, it will not occur this year.

Design for both sidewalk phases on the north side of Colfax have been submitted to CDOT

for permit. Staff hopes to have an updated cost estimate by the November 10th

meeting.

Both the Equity Ventures and 8th

Street apartment projects are in the process of certifying

their costs and completion of required improvements in anticipation of the start of their

owner participation agreements next year.

New signage on the 1250 Jackson Street garage is being considered based on the

recommendations from the recent downtown parking study.

Denver Urban Gardens is now accepting plot reservations for the community garden next to

Natural Grocers.

Golden Urban Renewal Authority City of Golden, Colorado

Business Meeting October 13, 2014

The Golden Urban Renewal Authority of the City of Golden, County of Jefferson, State of Colorado, met on the above date in the Golden City Hall – 911 10

th Street, Golden, Colorado, at the hour of 6:30 p.m.

Commissioners present were:

John Eakes Rob Reed Pamela Gould Doug Miller Patrick Story

Josephine Colacci Jenny Halsor

Commissioner Colacci participated remotely via videoconference. Executive Director Steve Glueck and Redevelopment Specialist Aleah Menefee were present. Also in attendance were citizens, Don Marcotte, Carolynne White, MaryAnn McGeady, Jason Marcotte, Dean Valdez, Eileen Banks, Bobby Banks, and Roy Banks

GURA Chair Miller called the meeting to order at 6:33 p.m.

Approval of Business Meeting Minutes – Miller called for a motion to approve the business meeting minutes of September 8, 2014. Story MOVED to approve the business meeting minutes. Eakes SECONDED. All Commissioners present agreed.

Approval of Special Meeting Minutes – Miller called for a motion to approve the special meeting minutes of September 22, 2014. Story MOVED to approve the business meeting minutes. Reed SECONDED. All Commissioners present agreed.

Public Comment – Dean Valdez is the owner of the Loveland Coors Building where the Old Capitol

Grill is located. Valdez is coming to board to get suggestions for repairing the brick and exterior of the building. The brick is deteriorating. He got a quote for $125,000, but got a second quote for slightly under $25,000 for the same services. These repairs need to happen in the near future and would like to get the building services before the winter.

New Business –

RFP for Natural Grocers Banner—Staff presented the board with an RFP for a banner to be hung from the Natural Grocers’ façade facing East Street. Included in the RFP were an overall project timeline, a description of the ideal project, application and submittal criteria. Miller mentioned that artistic fee should say, “a maximum of $6,000 will be given to the artist or group of artists.” Gould wants the RFP to be distributed far and wide. Gould also suggested that it would be an excellent idea to get Golden High School to submit a proposal. Staff will ensure the RFP gets distributed through a variety of means to ensure the community is aware of this opportunity. Finance Committee Report Draft 2015 Budget—Beginning on January 1, 2015 the City of Golden will be overseeing the GURA financials. There are five accounts to help keep track of revenues and expenditures for each urban renewal area, and operations and administration. The Jefferson County Assessor will provide tax increment revenues to each specific urban renewal area. The operating account includes general legal fees and staff support. The downtown account will have some revenues in 2015 as some of the urban

renewal areas have had to borrow funds from the downtown URA. There will be around $23,000 in tax increment within the 8

th Street URA. The budget will be presented to City Council on December 4 and at

the time there will be a better understanding of how much money will be in the downtown legacy fund. The GURA board has the opportunity to change the budget until December when the finalized budget must be present to City Council. 2014 Budget to Date—Thus far in 2014 expenditures are lower than expected and revenues are higher than expected. The third quarter sales tax increment is more than anticipated. The board thought is would be a good idea to include the year end projected as some contracts are executed in 2014 but may not be paid until 2015. Having this information will be helpful so that it is clear how much money should be allocated to cover expenses in the upcoming year. Human Resources Committee Report No Report Development and Operation Committee Report Lots 2 and 4-GURA legal counsel, Carolynne White will be present during the executive session to discuss the proposed contract between the potential developer and GURA. Clear Creek Condo Association Meeting Update— Staff reported on the recent condo association meeting. At this meeting Gina Crow of Standard Parking provided attendees the 2015 budget and maintenance for the Clear Creek parking structure. One repair that GURA should consider contributing to would enclose the stairs so that the rain, snow and ice do not create a safety risk and/or further deterioration of the structure. Crow is in the process of getting estimates. The board thought that this project could have funding from the downtown legacy fund. Resolution 133 Gateway Village Metro District Cooperation Agreement—The Dinosaur Ridge Metro District was created in 2008 to fund infrastructure in the area. Once development occurs in Gateway Village there is likely to be an increase in tax increment. GURA would receive all of the increment, however the metro district is requesting its’ 50 mils to help pay for the public infrastructure near the development. Miller called for a motion to accept Resolution 133. Eakes MOVED to accept Resolution 133. Reed SECONDED. All commissioners present agreed. Resolution 134 Gateway Village TIF Request—The potential developer of Gateway Village is requesting property tax increment financing. GURA’s independent consultant reviewed the TIF request and thought the stated developer’s gap in funding is legitimate. This TIF request is different than what the GURA board has seen in the past. One reason is that the site plan is only conceptual and the architecture might change based on costs and uses. The City of Golden Planning Commission will have the final say in what gets approved in Gateway Village. Discussion ensured about the potential uses and the difficulties of developing on this site. Because a lot of the information regarding this proposed development is proprietary, the board will be able to discuss this request in executive session. Commissioner’s Concerns Reed-He would like the names and emails of all board members to be listed clearly on the GURA home page of the website. Halsor-She has heard some complaints of the traffic calming along 8

th Street. People have commented

that back in parking greatly reduces adequate sight lines. Story-None Gould-She would like to have a GURA board retreat to get to know everyone better, discuss the GURA mission statement, what other organizations have done, and guiding documents to help make future decisions. On October 21 at 4:30 p.m. there will be a better triangle meeting near the Natural Grocers site. Eakes-He thought that maybe someone from the DDA might like to go to the GURA retreat. Miller-None Colacci-None

Staff Report Community Garden Update-Denver Urban Gardens (DUG) will be managing the garden once it has been completed. Shannon Spurlock from DUG is the community outreach coordinator that will help educate people about the garden. Gould thought that maybe Golden High School might want to have a plot and perhaps Spurlock could attend the better triangle party. Community Mosaic Mural-Staff has been in communication with Fine Line to install the mural. Included in the meeting packet was a sample contract from Tower Optical Company. The tower viewer will be located on the corner of 9

th Street and Washington Avenue. The cost to rent it is $450 per year and Tower

Optical is responsible for the liability. It would be free for people to use. Gould asked to put a limit on the rotation of the viewer to stop inappropriate usage. Eakes suggested that perhaps a price break could be given if we rented the machine if GURA paid up front. Miller called for a motion for staff to work with Tower Optical Company to prepare a contract. Gould MOVED to allow staff to work with Tower Optical Company to create a contract. Eakes MOVED to make an amendment to include that the annual rental fee for the machine is not to exceed $450 and to include funds for shipping and installation. Halsor SECONDED. All commissioners present agreed. Miners Alley-The paving project in Miners Alley might still happen this year, however a more realistic timeline for the project would be next year. Staff will notify all businesses in the area to make sure they are aware of the project. Colfax Sidewalks-The sidewalk between Violet Street and Rooney Road is nearly complete except for a small portion that has some drainage issues. The sidewalk is an asset for nearby workers that ride their bikes to and from work. Another sidewalk that could be developed is Phase 2A which could be completed for around $20,000 plans for this project have been submitted to CDOT. ADJOURN TO EXECUTIVE SESSION RECONVENE THE REGULAR MEETING Board Direction on Lots 2 and 4-Carolynne White and Steve Glueck have been given board direction on how to proceed with the potential developer and contract. Gateway Village TIF Request- Miller called for a motion to adopt Resolution 134. Eakes MOVED to adopt Resolution 134. Gould SECONDED. All commissioners present agreed.

Public Comment – Bobby Banks asked the board about the gate into the 1250 Jackson Street

Parking Garage. The board mentioned that the engineer working on the project is busy and needs additional feedback. The Banks will need to decide if they still want the gate and the parking spaces, or use the parking spaces for cash in lieu for any new development on their property.

Adjourn –

There being no further business, Miller called for a motion to adjourn the meeting. Story MOVED to adjourn the meeting. Reed SECONDED. All Commissioners present agreed. Miller adjourned the meeting at 10:17 p.m. __________________________________ _______________________________ Steve Glueck Doug Miller Executive Director Chair

RESOULTION 135

A RESOLUTION OF GOLDEN URBAN RENEWAL

AUTHORITY AUTHORIZING THE CONVEYANCE OF

CERTAIN PROPERTY KNOWN AS UNITS A AND D, CLEAR

CREEK PARKING CONDOMINIUM, AND A LEASE OF UNIT C

TO THE CITY OF GOLDEN

WHEREAS, the Golden Urban Renewal Authority (“GURA”) is the owner of Units A & D,

Clear Creek Square Parking Condominium (the “Property”) which has been used for public use. The

Property presently consists metal and concrete; and

WHEREAS, GURA also possesses a leasehold interest in Unit C of the Property until December

12, 2017; and

GURA’s authority to receive incremental tax revenues pursuant to the Golden Downtown

Redevelopment Plan (the “Downtown Plan”) will expire on December 31, 2014; and

WHEREAS, pursuant to Colorado Revised Statutes §31-25-101 et. seq. (“Colorado Urban

Renewal Law”), GURA may sell, lease, or otherwise transfer real property or any interest therein

acquired by it as a part of an urban renewal project for residential, recreational, commercial, industrial, or

other uses or for public use in accordance with the urban renewal plan, subject to such covenants,

conditions, and restrictions, including covenants running with the land (and including the incorporation

by reference therein of the provisions of an urban renewal plan or any part thereof), as it deems to be in

the public interest or necessary to carry out the purposes of the urban renewal plan; and

WHEREAS, the City of Golden is obligated to devote such real property only to the land uses,

designs, building requirements, timing, or procedure specified in the urban renewal plan and may be

obligated to comply with such other requirements as the authority may determine to be in the public

interest, including the obligation to begin within a reasonable time any improvements on such real

property required by the urban renewal plan; and

WHEREAS, such real property or interest shall be sold, leased, or otherwise transferred at not

less than its fair value (as determined by GURA) for uses in accordance with the urban renewal plan. In

determining the fair value of real property for uses in accordance with the urban renewal plan, an

authority shall take into account and give consideration to the uses provided in such plan; the restrictions

upon and the covenants, conditions, and obligations assumed by the City of Golden; and the objectives of

such plan for the prevention of the recurrence of slum or blighted areas; and

WHEREAS, real property acquired by an authority which, in accordance with the provisions of

the urban renewal plan, is to be transferred shall be transferred as rapidly as feasible in the public interest

consistent with the carrying out of the provisions of the urban renewal plan, and any contract for such

transfer and the urban renewal plan (or such part of such contract or plan as the authority may determine)

may be recorded in the land records of the county in such manner as to afford actual or constructive

notice thereof; and

WHEREAS, real property may be set aside, dedicated, and devoted by GURA to public uses

which are in accordance with the urban renewal plan or set aside, dedicated, and transferred by GURA to

the City of Golden or to any other appropriate public body for public uses which are in accordance with

such urban renewal plan, with or without compensation for such property and with or without regard to

the fair value; and

WHEREAS, GURA desires that the Property should be transferred to the City of Golden, to be

used as it historically has been, or for other purposes which are consistent with the authority of the City

and the Downtown Plan; and

WHEREAS, the City of Golden desires to accept ownership, including responsibility for

operations, maintenance and liability associated with the Property;

NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE

GOLDEN URBAN RENEWAL AUTHORITY THAT:

1. GURA hereby determines that the conveyance of the Property to the City for the purposes set

forth in this resolution is in furtherance of the Downtown Plan and the Colorado Urban Renewal Law.

2. Units A & D, and the Leasehold interest in Unit C of Clear Creek Square Parking

Condominium shall be conveyed to the City for the purposes listed above. A deed substantially in the

form of Exhibit A shall be recorded in the real property records of Jefferson County upon execution and

approval by both the City and the Board of Commissioners of GURA.

3. GURA Staff is hereby directed to take such actions as may be necessary in furtherance of this

Resolution.

Adopted this __________ day of __________, 2014.

______________________________ ______________________________

Doug Miller, Chair Steve Glueck, Executive Director

Golden Urban Renewal Authority Golden Urban Renewal Authority

Units A & D, Clear Creek Square Parking Condominium

Exhibit A to GURA Resolution 135

QUIT CLAIM DEED

THIS DEED, is made this ____ day of _________________, 2014, by the

GOLDEN URBAN RENEWAL AUTHORITY (“Grantor”) to the CITY OF GOLDEN,

COLORADO, a Colorado municipal corporation, whose address is 911 Tenth Street,

Golden, CO 80401 (“Grantee”).

Grantor, for the consideration of Ten Dollars and No/100 ($10.00) in hand paid

and other good and valuable consideration, hereby sells and quitclaims to Grantee all real

property interest owned or held by Grantor what-so-ever in the following described real

property located in the City of Golden, County of Jefferson, State of Colorado; to wit:

Units A & D, Clear Creek Square Parking Condominium, County of Jefferson,

State of Colorado according to the Declaration of Covenants, Conditions and Restrictions

for Clear Creek Square Parking Condominium, recorded December 13, 2002 at

Reception No. F1631171, and the Condominium Map recorded December 13, 2002 at

Reception No. F1631172, all in the records of the Clerk and Recorder of Jefferson

County, Colorado.

The Leasehold interest in Unit C, Clear Creek Square Parking Condominium,

County of Jefferson, State of Colorado according to the lease dated December 12, 2002,

and attached hereto as Exhibit 1, is also hereby conveyed transferred and assigned to the

Grantee.

IN WITNESS WHEREOF the Grantor has executed this deed on the date set

forth above.


By: ________________________________

Doug Miller, Chair

STATE OF COLORADO )

) ss.

COUNTY OF JEFFERSON )

The within and foregoing instrument was acknowledged before me this ____ day of

_________________, 2014, by Doug Miller, Chair of the Golden Urban Renewal Authority.

Witness my hand and official seal.

My commission expires:

Notary Public

ACCEPTANCE:

The CITY OF GOLDEN hereby accepts the conveyance of real property and the

assignment of Leasehold interest as provided above.

CITY OF GOLDEN, COLORADO

By: __________________________________

Marjorie N. Sloan, Mayor of the City of Golden


BOARD RETREAT

Rolling Hills Country Club

15707 W. 26th Avenue

Golden, CO 80401

Friday, January 23, 2015

9:00 a.m.

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9:00 a.m. to 9:30 a.m.

Introductions and Continental Breakfast

9:30 a.m. to 10:00 a.m.

History of GURA

Overview of Current Projects

10:00 a.m. to 10:30 a.m.

Guiding Documents and Overview of Urban Renewal in Colorado

10:30 a.m. to 11:30 a.m.

Case Studies: Other Urban Renewal Authority Projects

11:30 a.m. to 11:45 a.m.

Break

11:45 a.m. to 1:00 p.m.

Working Lunch

Commissioner’s Concerns for Improving GURA

1:00 p.m. to 2:00 p.m.

Setting Goals for the Future

2:00 p.m. to 2:30 p.m.

Revaluating GURA’s Mission Statement

2:30 p.m. to 3:00 p.m.

Closing Remarks

COMPARATIVE BUDGET CHANGES 2012 - 2016

GURA OPERATING

DESCRIPTION

ACTUAL

2012

ACTUAL

2013

ADOPTED

BUDGET

2014

YTD

ACTUAL

2014

PROJECTED

ACTUAL

2014

PROPOSED

BUDGET

2015

PROPOSED

BUDGET

2016

REVENUES:

Transfers from Downtown - - - - 40,000 6,000

Transfers from Central 2,500

Transfers from Colfax - - - - 21,875

Transfers from 8th Street - - - - 6,500 15,625

TOTAL REVENUES 0 0 0 0 0 46,500 46,000

OPERATING EXPENDITURES:

City Fee for Administration - - - - 35,000 35,000

Legal Counsel - - - - 10,000 10,000

Equipment and Supplies - - - - 1,000 1,000

TOTAL EXPENDITURES 0 0 0 0 0 46,000 46,000

(Use)/Accumulation of Surplus Funds 0 0 0 0 0 500 0

ENDING FUND BALANCE 0 0 0 0 0 500 500


GURA DOWNTOWN

DESCRIPTION

ACTUAL

2012

ACTUAL

2013

ADOPTED

BUDGET

2014

YTD

ACTUAL

2014

PROJECTED

ACTUAL

2014

PROPOSED

BUDGET

2015

PROPOSED

BUDGET

2016

REVENUES:

Property Tax Increment - - - - 1,525,000 -

Loan Repayments from other URAs - - - - 15,500 92,625

Miscellaneous

Interest

TOTAL REVENUES 0 0 0 0 0 1,540,500 92,625


Debt Service - - - - 480,000

City Fee for Fiscal Management - - - - 6,500 0

Transfer to Operating - - - - 40,000 6,000

Transfer to DDA - - - - 300,000 50,000

Loan to Colfax - - - - 25,000 -

Projects - - - - 100,000 500,000

Condo parking structure repairs reserve 50,000

Banks properrty gate resolution reserve 40,000

TOTAL EXPENDITURES 0 0 0 0 0 1,041,500 556,000

(Use)/Accumulation of Surplus Funds 0 0 0 0 0 499,000 (463,375)

ENDING FUND BALANCE 0 0 0 0 1,800,000 2,299,000 1,835,625


GURA CENTRAL

DESCRIPTION

ACTUAL

2012

ACTUAL

2013

ADOPTED

BUDGET

2014

YTD

ACTUAL

2014

PROJECTED

ACTUAL

2014

PROPOSED

BUDGET

2015

PROPOSED

BUDGET

2016

REVENUES:

Property Tax Increment - - - - 30,000

Sales Tax Increment - - - - 30,000 40,000

Miscellaneous - - - -

Interest

TOTAL REVENUES 0 0 0 0 0 30,000 70,000


Loan Repayment to Downtown Project - - - - 3,500

City Fee for Fiscal Management - - - - 300 700

Transfer to Operating - - - - 3,750

Owner Participation Agreements - - - - 29,700 61,800





GURA 8TH STREET

DESCRIPTION

ACTUAL

2012

ACTUAL

2013

ADOPTED

BUDGET

2014

YTD

ACTUAL

2014

PROJECTED

ACTUAL

2014

PROPOSED

BUDGET

2015

PROPOSED

BUDGET

2016

REVENUES:

Property Tax Increment - - - - 23,000 125,000

Miscellaneous - - - -

Interest

TOTAL REVENUES 0 0 0 0 0 23,000 125,000


Loan Repayment to Downtown Project - - - - 15,500 8,000

City Fee for Fiscal Management - - - - 230 1,250

Transfer to Operating - - - - 6,500 15,625

Owner Participation Agreement 92,500

Projects - - - - 7,500





GURA COLFAX

DESCRIPTION

ACTUAL

2012

ACTUAL

2013

ADOPTED

BUDGET

2014

YTD

ACTUAL

2014

PROJECTED

ACTUAL

2014

PROPOSED

BUDGET

2015

PROPOSED

BUDGET

2016

REVENUES:

Property Tax Increment - - - - 175,000

Sales Tax Increment - - -

Gateway Village Metro District Increment

Miscellaneous - - - - 25,000

Interest

TOTAL REVENUES 0 0 0 0 0 25,000 175,000


Loan Repayment to Downtown Project - - - - 75,000

City Fee for Fiscal management - - - - 1,750

Transfer to Operating - - - - 21,875

Projects - - - - 25,000 50,000

Gateway Metro District PassThru

Owner Participation Agreements


(Use)/Accumulation of Surplus Funds 0 0 0 0 0 0 26,375

ENDING FUND BALANCE 0 0 0 0 0 0 26,375

DRAFT 2014 GURA Budget updates DRAFT

GURA BUDGET 2012 2013 2013 2014 2014

LINE ITEM DESCRIPTION Actual Budget Actual Budget Projected

Year End

REVENUES:

Tax Increment Revenue

Sales Tax Increment 759,643 630,000 834,794 700,000 880,000

Property Tax Increment 1,375,056 1,335,639 1,364,015 1,501,042 1,525,000

Sub Total Tax Increment Revenue 2,134,699 1,965,639 2,198,809 2,201,042 2,405,000

Other Revenue

Memorial Purchases 300 500 1,350 500 500

Misc Revenue 36,984 - 1,980 35,000 2,500

Resricted Funds Received - - - 105,000 -

GDGID Transfer - 1,560 2,320 1,000 1,000

Sub Total Other Revenue 37,284 2,360 5,650 141,500 4,000

Interest Earnings 7,941 7,927 7,166 5,000 6,000

TOTAL REVENUES 2,179,924 1,975,926 2,211,625 2,347,542 2,415,000

EXPENDITURES:

Personnel Expenditures

Salaries & Benefits 120,747 134,348 123,115 138,378 40,000

Office Wages 42,938 47,250 39,070 49,613 32,000

Office Payroll Taxes 3,483 4,631 2,888 4,863 2,500

Benefits 740 500 10 500 500

Insurance 527 382 1,345 401 2,000

Total Personnel Expenditures 168,435 187,111 166,428 193,755 77,000

Operating Expenditures

Dues & Publications 1,752 1,500 2,117 1,500 100

General Legal 12,947 15,000 16,724 15,000 10,000

Lobbying 2,500 2,500 2,500 -

General Administration 4,529 4,000 2,661 4,000 1,500

Office Supplies 3,105 4,000 4,241 4,000 1,000

Office Postage 278 1,000 461 750 250

Bank Charges - 517 - 500 200

Web Design & Maintenance 2,400 2,000 1,885 2,000 1,600

Office Professional Services 16,604 16,000 16,857 16,000 22,000

Meals & Entertainment 1,085 1,500 785 1,500 400

Commissioner Mtgs - 1,000 - 1,000 -

Rent 20,880 21,180 21,180 21,480 16,500

Telephone 1,916 1,701 1,949 2,144 1,500

Utilities 4,677 4,168 3,351 3,190 3,400

Travel & Training 2,070 3,000 4,596 4,000 1,000

Total Operating Expenditures 72,243 79,066 79,307 79,564 59,450

Downtown Services

Memorial Engraving 125 250 350 300 300

Downtown Directories updates 2,000 - 2,000 -

Banners Labor 4,861 6,000 5,087 6,000 6,000

Holiday Lights 64,522 59,890 64,619 85,000 70,000

Power Washing 10,552 10,000 10,000 10,000 11,000

Parking Enforcement 16,972 15,450 9,391 15,500 17,000

City Services 25,671 65,000 26,239 65,000 35,000

Parking Structure Operations

Clear Creek 20,744 25,906 25,336 35,000 35,000

Gateway Station 50,375 58,846 62,162 75,000 65,000

Other Downtown Services 5,438 2,500 920 2,500 2,500

Total Downtown Services 128,141 245,842 204,104 296,300 241,800

GURA Projects

Public Art 1,918 10,000 59 10,000 15,000

Website/Mobile Marketing Program 11,646 15,000 12,890 15,000 15,000

GURA Web Site Redesign - 3,500 - 3,500 -

Other CoBiz Projects TBD 9,135 400,000 43,584 340,000 -

Garage lighting retrofit 87,655 - - -

DDA 208 5,000 18,973 500,000 1,000

Central Neighborhood URP 6,325 10,000 14,032 - 5,000

West Colfax Avenue URP - 15,000 - 10,000 80,000

11/5/2014 Page 1 of 2 DRAFT

DRAFT 2014 GURA Budget updates DRAFT

GURA BUDGET 2012 2013 2013 2014 2014

LINE ITEM DESCRIPTION Actual Budget Actual Budget Projected

Year End

Gateway Villlage URP - - - 5,000 -

South Golden Road URP - - - 20,000 -

Confluence/8th Street URP - 5,000 22,736 - -

Lot 2 & 4 Redevelopment 21,820 - 1,747 - 10,000

Cinema 20 - 36 - -

Recycling/Side Street Signage 1,442 - 4,362 500 2,200

East Downtown Urban Design Study 10,917 - - - -

USAPCC 10,154 10,000 10 10,000 5,000

Coors Video - 1,000 - 1,000 -

Merchant Training - 4,000 - - -

Plug-in charging stations in garages - 12,000 - 12,000 12,000

Buy Golden Week 2,500 5,000 5,000 - -

Loveland Gardens 289 250 198 250 250

Blue directory sign repainting - - - 25,000 4,500

Miners Alley Improvements - - - 75,000 166,000

Screen/art around WF facility - - - 10,000 -

Awning brace program - - - 75,000 -

Jackson streetscape - - - 250,000 -

Other streetscape items - - - 500,000 40,000

Other 897 - 2,015 500,000 -

Total GURA Projects 164,926 495,750 125,642 2,362,250 355,950

Outreach Expenditures

Community & Promo Activities 2,053 2,000 3,248 2,000 -

Outreach - Other 430 - - - -

Annual Report - 10,000 - 10,000 -

Newsletter - 10,000 - 10,000 -

Total Outreach Expenditures 2,483 22,000 3,248 22,000 -

Community Grants

Miner's Alley Playhouse 10,000 10,000 9,167 10,000 10,000

Foothills Art Center 10,000 50,000 60,000 10,000 10,000

Cowboy Poetry - - - 10,000 10,000

Visit Golden 15,000 15,000 - 15,000 15,000

Façade & Alley renovations 13,691 12,000 8,928 12,000 12,000

General Improvement Grant 24,394 30,000 39,083 30,000 35,000

Energy & Water Audit Implementation 5,764 7,500 6,300 7,500 5,000

Total Community Grants 78,849 124,500 123,478 94,500 97,000

Owner Participation

Thai Gold 2,919 7,000 4,060 3,500 5,000

Goozell 2,718 3,000 2,794 1,000 3,100

Grappa 6,021 5,000 2,133 - -

St. Clair Properties loan 12,000

tonebones 386 4,000 1,626 2,000

Total Owner Participation 12,044 19,000 10,613 6,500 20,100

Debt Service Expenditures

CoBiz Loan Principal 1,560,981 1,103,146 1,103,038 1,142,611 1,842,611

CoBiz Loan Interest 190,163 113,214 113,322 73,749 73,749

CoBiz Loan Adjustment Fees and Costs 17,500 - - - -

CO Brownfield Revolving Principal 50,000 50,000 51,555 50,000 125,000

CO Brownfield Revolving Interest 4,332 4,571 1,855 2,307 3,500

Total Debt Service Expenditures 1,822,976 1,270,931 1,269,770 1,268,667 2,044,860

Contingency - 35,000 - 35,000 -

TOTAL EXPENDITURES 2,450,097 2,479,200 1,982,590 4,358,535 2,896,160

Revenues over/(under) Expenditures (270,174) (503,274) 229,035 (2,010,993) (481,160)

11/5/2014 Page 2 of 2 DRAFT