The Wheat Ridge Urban Renewal Authority dba Renewal Wheat Ridge was formed by City Council in 1977.

Transcription

1 2013 Annual Report

2 The Wheat Ridge Urban Renewal Authority dba Renewal Wheat Ridge was formed by City Council in Organization/Goals Renewal Wheat Ridge (RWR) was created by the City Council and granted authority under the Urban Renewal Law to perform the following: Undertake urban renewal projects and execute contracts connected therewith. Buy and sell property; dedicate property it owns for public projects Sue and be sued. Enter property and building, with the consent of the owner, to undertake surveys or appraisals. Condemn property or leases. Borrow money. Make appropriations and expenditures of its funds; invest its funds subject to certain restrictions. Make reasonable relocation payments. Contract with consultants or advisors to accomplish URA duties. Current Urban Renewal Plans are approved for the following areas: Wheat Ridge Town Center Wadsworth Boulevard Corridor 38 th Avenue Corridor West 44 th Avenue/Ward Road I70/Kipling Corridors The plans can be amended by RWR with Council providing sole authority to approve all amendments. The amendments are reviewed by the Planning Commission for consistency with the Wheat Ridge Comprehensive Plan ( Envision Wheat Ridge ) Goals Marketing and blight removal at Town Center North. Complete TIF for Wheat Ridge Cyclery. Remove blight on key corridors including 38 th and Wadsworth and 38 th and Kipling. Land sales at Town Center North. Initiate loan restructuring with First Bank of Wheat Ridge for Town Center North Renewal Wheat Ridge Board Chair - Kristi Davis/Council Representative Vice Chair - Walt Pettit, At Large Member Members James Bahrenberg, District II; Jesse Hill, District I; Janet Leo, District IV, Shane Nicolson, At Large Member; Tim Rogers, District III Executive Director: Patrick Goff. Manager: Steve Art

3 Residential: Town Center North - Town Center North is a 7.6 acre parcel owned by RWR. In 2011 the site was platted and a new subdivision was formed which created 3 new lots P r o j e c t s That same year, lot 1 was sold to Wazee Partners. In the Spring they broke ground on the Town Center Apartments. By the time the 88 unit project opened in October, there was a 600 person waiting list. On May 11, 2012, RWR entered into a sales and purchase agreement with Wazee for the purchase lot 3 which was to contain 92 residential rental units and up to 6,000 sq. ft. of retail space. The sale was contingent upon Wazee s ability to obtain tax credits by the Colorado Housing & Finance Authority. The project was denied funding in September Shortly thereafter, Wazee coordinated with RWR staff to downsize the project and move the project from lot 3 to lot 1. Wazee will make this formal application to RWR in early Commercial Projects: Perrin s Row - In November, 2012 RWR received a request from Crosswire Investment LLC for Tax Increment Financing for the construction of 26 townhouses on 1.4 acres at 38th and Depew. Upon full build-out, this project will add up to 35,000 sq. ft. of new construction. The townhouses will vary in size form 1166 sq. ft. to 1479 sq. ft. RWR finalized negotiations and a TIF agreement with Crosswire Investments in early Wheat Ridge Cyclery - The final TIF payment to the cyclery was made in The agreement, initiated in 2007 for a period of 10 years, was fully paid 4 years earlier than anticipated. The agreement was terminated in December Project proceeds will continue to be received by RWR for an additional 19 years. 38 th and Wadsworth - No formal TIF application was submitted for this project in 2013, the developer, MQ Partners began obtaining purchase options on the various parcels for future development. In October 2013, RWR purchased a single parcel at the development site from the Bank of Denver. RWR will remediate the site that has been identified as containing contaminants from a previous use. 38 th and Kipling - RWR entered into negotiations with MVG Development for the redevelopment of a blighted shopping center at the southwest corner of 38th Avenue and Kipling Street. RWR anticipates completing the project financing in the first quarter of 2014.

4 Fund Balances: 2013 Fund Narrat i v e Town Center - The approved adjusted 2013 budget estimated that RWR would end the 2013 fiscal year with a fund balance of $ 417,157. This estimate included a land sale of Lot 3 in Town Center North for $925,000. Because the land sale did not occur, this affected the actual year end fund balance of $ 106,662. Total revenues for 2013 were $ 1,594,593.27*. This included a little over $ 439,244 in property and sales tax and interest earnings, miscellaneous income, and a fund balance carryover of totaling $ 1,594,593. Expenses for 2013 totaled $ 434,701** Wheat Ridge Cyclery - The 2014 approved budget estimates that at 2013 year end the project will have revenues of $ 25,762 with matching expenses. The actual revenue for the project is $72,975 and expenditures of $25,853.** 2013 Expenses: Town Center - RWR incurred additional debt in 2012/13 due to required installation of a sanitary sewer line. This additional $ 350,000 debt was secured through a loan provided by the City of Wheat Ridge and should be repaid through future property sales and sales tax increment of the Town Center project. RWR anticipated the sale of lots 1 & 3 at Town Center North in 2013 totaling approximately $ 1,425,000. Neither of these transactions occurred and have been carried over to Long Term Fiscal Commitments: First Bank of Wheat Ridge Loan - $ 2,271,000 Installation of a traffic signal at 44 th Avenue and Vance Street - $ 285,000 Annual maintenance of detention pond - $ 33,000 Loan repayment with City - Sanitary Sewer Line - $ 350,000 Loan repayment with City - Yukon Court - $ 340,000 Perrin s Row TIF - 20 years - $ 467,000 Wheat Ridge Cyclery - Completed For more information contact Steve Art, Urban Renewal Manager at *This includes non-cash valuations such as land and holdings. **Year end, non-audited financial completed in March 2014.

5 Town Center B u d g e t Wheat Ridge Cyclery

6 RWR Long Term Projects $467, $2,271, $350, $340, Perrin's Row Yukon Court City Loan Sewer Line - City Loan Detention Pond Signal - 44th/Vance FirstBank Loan $33, $285,000.00