STUDY SESSION AGENDA

CITY COUNCIL MEETING CITY OF WHEAT RIDGE, COLORADO

7500 W. 29th Ave. Wheat Ridge CO

July 21, 2014

6:30p.m.

Individuals with disabilities are encouraged to participate in all public meetings sponsored by the City of Wheat Ridge. Call Heather Geyer, Administrative Services Director at 303-235-2826 at least one week in advance of a meeting if you are interested in participating and need inclusion assistance.

PUBLIC COMMENT ON AGENDA ITEMS

APPROVALOFAGENDA

.L Urban Renewal Report b City Council Tablets

~ Financial Update

4. Staff Report(s)

~ Elected Officials' Report(s)

ADJOURNMENT r+c:Jv\ i ~~~ ...~ ~ ., City of • ...~ Wheat&_dge ~OFFICE OF THE CllY MANAGER

Memorandum TO: Mayor and City Council ()A THROUGH: Patrick Goff, City ManagerW

FROM: Steve Art, Economic Development and Urban Renewal Manager

DATE: July21 ,2014

SUBJECT: Renewal Wheat Ridge 2013 Annual Report and project update

ISSUE: Renewal Wheat Ridge (RWR), the Urban Renewal Authority for the City of Wheat Ridge has prepared its first Almual Report. Board member Jessie Hill will make a presentation on the 2013 accomplishments and current R WR undertakings.

BACKGROUND: The RWR Board requested that staff produce an annual report that could be distributed as a hard copy or via the City's website. This request was made due to the proposed actions of a group of State legislators who felt that Urban Renewal in Colorado was not transparent.

The attached report was approved by R WR on July 15, 2014 and has been placed on the City' website and is available for distribution upon request.

RECOMMENDATIONS: This item is infonnational only. No further action required.

Attachments 1. 2013 Annual Report Progress Through Partnership

2013 Annual Report

Attachment 1 The Wheat Ridge Urban Renewal Authority dba Renewal Wheat Ridge was formed by City Council in 1977.

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 l/) • Sue and be sued . • Enter property and building, with the consent of the owner, to undertake _J surveys or appraisals. • Condemn property or leases. <( • Borrow money. • Make appropriations and expenditures of its funds ; invest its funds subject to 0 certain restrictions. • Make reasonable relocation payments. l9 • 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 • 38th Avenue Corridor • West 44th Avenue/Ward Road z • 170/Kipling Corridors 0 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"). ~ 2013 Goals N • Marketing and blight removal at Town Center North...... • Complete TIF for Wheat Ridge Cyclery. • Remove blight on key corridors including 38th and Wadsworth and 38th and z Kipling . • Land sales at Town Center North. <( • Initiate loan restructuring with First Bank of Wheat Ridge for Town Center l9 North . ~

2013 Renewal Wheat Ridge Board 0 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 Ill

Executive Director: Patrick Goff. Manager: Steve Art 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.

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 2013.

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 2014.

Perrin's Row- In November, 2012 RWR received a request from Crosswire Invest­ ment 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 2013.

Commercial Projects:

Wheat Ridge Cyclery -The final TIF payment to the cyclery was made in 2013. 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 2013. Project proceeds will continue to be received by RWR for an additional 19 years.

38th 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.

38th 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 of2014. Fund Balances:

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 s1 06,662 . u.J Total revenues for 2013 were s1 ,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 s1 ,594,593. Expenses for 2013 totaled s434, 701 ** Wheat Ridge Cyclery- The 2014 approved budget estimates that at 2013 year end the project will have revenues of s25,762 with matching expenses. The actual revenue I­ 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 s350,000 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 s1 ,425,000. Neither of these transactions occurred and have been car­ z ried over to 2014. Long Term Fiscal Commitments: 0 • First Bank of Wheat Ridge Loan- s2,271 ,000 1 • Installation of a traffic signal at 44 h Avenue and Vance Street- $285,000 • Annual maintenance of detention pond- $33,000 z • Loan repayment with City - Sanitary Sewer Line - s350,000 • Loan repayment with City - Yukon Court- s340,000 ::J • Perrin's Row TIF- 20 years- s467,000 I...L. • 'o'Vt'leat Ridge Cyelery Completed M r-1 0 N For more information contact Steve Art, Urban Renewal Manager at 303-235-2806. *This includes non-cash va luations such as land and holdings. ''Year end. non-audited financial completed in March 2014. Town Center . r-n Cone .. F....t V11Z01Z 813V2012 V11Z013 V11Z013 Aatu_, Adiustecl Actual · E-10 -AGtu.l AcloDtecl Adiustecl

;FUC *425.37' .. 052.88C t 'I3S3ST t'I3S:IBT tl38'1 n>r.S3· t1S7,S31

P,operty t376. 1400.0 t2:12 a3!!: &411' *40( *40( I! t17 15.0 112 ~ 126. tS. t5 .aB'I.O 1730, t73( rlncorM t1862 tt4 $2( ·=· .-. llUJIIL ft ~ It

37-lZIH tc $( *II til tO t'O tt m:s.a.··iFJ: -==-tc $(; t'O -==-t(J tO tc t'O .. • c ...... ls.....lle - 37· OIC. Su!>oliH t{ tllll t{ t{ !'IJC t1l0 · Prindna t( t1!Jlll If' If' t( ttOOC tUlOO' i Post .a. I( t(J tC -t( t( I( tc - .. -,::.- I!'! ..... AUI

.e.r Hllna• tSO a1Jll t.: a11011 tt tt U.S. Books• .II> t275 t5l a: t5 t5 so t23SS3B t55J t15B t250 t17 ass. tsS. t3.0S2 t12. ~[) m. t12. t12. --Lltliti $2.433 t15. tt t3.0 t2: •&Maint .. .. lobe t'i.:34: a1 t3( tf.o a· I' ns -- nDIIIU' .and o'w'.t t292.6l t292.6 1195. t2S2. $232. --1292..67 t292. t33C.'IIl -t'1.335. ffi2B 11.335 13511 w t35{ p_,.,. to Fre Chlrlct tl rr .... to' $1 :.. ""'""' Lo.o ll.o.a .,_,. tl t351l 00 t35ll llrl2JIII2- -- IUJD.H' .WJJ.-.n -·'Ill'

Wheat Ridge Cyclery

Wheat Ridge Cyclery Project Fund 12131120U 11112012 11/3112012 1213112012 11112013 Budget Actual Esdmata ~· Plopoo:ed BEGINNING FUND BAlANCE $ s $ $ s

Revenue• 37-580-00-501 Property Tax lnc,.ment $ 1.C.964 $ 15,000 $ 16,383 s 16,383 $ 17 .000 37-580-00-584 Sales Tax Increment s .4J• .C29 $ .C5.000 $ 26,600 $ 52,000 $ 15.900 37-580-00-581 Interest $ $ s $ s 37-580-02-588 Sale of Property $ s s $ $

Servlc- 37-122-700-702 Confe,.nce & Meetings s $ $ s s 37-122-700-706 Dues. Books. Sub $ s s s s 137-122-700-740 Mileage $ s s s s r 7-122-700-750 Professional Services $ $ $ s s 37-122-700-758 City Reimbursement s $ s s s 37-122-700-799 Mise $ s s s s

CepiUol 37-122-800-$01 Acquisition & Relocate $ $ $ $ s 37-122-$00-$72 Site Improvements s 62,393 s 40,000 $ 16,291 $ 68,383 s 32.900 37-122-900-901 loan Payment $ $ s s s 61,313 ' TAL s ' RWR Long Term Projects

340,000.00 • Perrin's Row

Yukon Court City loan

Sewer line- City loan

• Detention Pond

• Signa I -44th/Vance

FirstBank loan

3,000.00

EWAL ~ '~ - _ ~ City of • ~rPr' Wheat&_dge ~ADMINISTRATIVE SERVICES

TO: Patrick Goff, C~M:~~~~::dministrative Services Director FROM: Michael Steinke, Information Technology Manager

DATE: July 16, 2014

SUBJECT: Council Tablet Devices

ISSUE: The adoption of City issued tablets for Council members.

RECOMMENDATION: The IT Division recommends issuing to each Council member a Pro 3 tablet. The expected life expectancy of the Microsoft is 3-5 years before a replacement is issued.

RECOMMENDED SOFTWARE: 2013 (Cost is included in the City's Microsoft Enterprise Agreement) Microsoft .1 Pro (Cost is included with Surface Pro 3) Adobe Touch Screen Reader (Free from Adobe)

Data Use Considerations (no reoccurring costs for Wi-Fi access)

The Surface Pro 3 uses Wi-Fi and in most public places, it is now free. City Public WI-Fi infrastructure is available at City Hall, PO, Active Adult Center Lobby and the Recreation Center Lobby. There are no plans at this time to enhance or expand the current Public access Comcast wireless network at the City of Wheat Ridge.

JUSTIFICATION FOR SURFACE TABLET: Council has had the desire to become more paperless and connected to email. To this end, the Pro 3 is the best solution because it is manageable, supported and compatible with all software that currently runs on and desktops at the City of Wheat Ridge. There is also the new feature that allows email to be accessible via a full Outlook 2013 client via a free Wi-Fi connection anywhere in the world. This tablet has all the functionality of a desktop but in a much more portable and smaller form factor than a . Councilors can now download agendas and other documents from the City's web site and have them readily available. Council Tablet Devices July 16, 2014 Page2

MICROSOFT SURFACE PRO 3 COST: Microsoft Surface Pro; total cost per user: $1,208.98

Note: Comparable laptop is $1 ,500

Product Name: Surface Pro 3 - 128GB Unit Price: $999.00

Product Name: Type Cover 2 (Charcoal) Unit Price: $129.99

Product Name: Surface 48W Power Supply with USB Charging Port Unit Price: $79.99

CONCLUSION: In summary, due to the Councilor's responsibilities and the type of work that is entailed, I recommend we proceed with deploying this technology to those Councilors that desire it. The IT Division will support these devices and can control this asset via our internal servers and systems.

/mss .... ~~4' - ~ r City of • ..~ Wheat&_dge ~OFFICE OF THE CnY MANAGER

Memorandum

TO: Mayor and City Council ()\

FROM: Patrick Goff, City Manager 1J:}-

DATE: July 17, 2014

SUBJECT: Financial Update

Section 10.11 of the City Charter requires that the administration shall present a budget status report to City Council during the month of July. At the July 21 st study session, I will present and distribute the 2014 6-Month Budget Report. This report will include my analysis of General Fund revenues and expenditures.

The City's annual financial audit was conducted during the week of May 5th. The 2013 Comprehensive Annual Financial Report (CAFR) is being finalized this week and is due to the State of Colorado by July 31 st. The City's auditing firm, Swanhorst & Company LLC, is scheduled to present the CAFR to City Council at the July 28th City Council meeting.

Attached to the memorandum is an Investment Status Report from the Office of the City Treasurer. Larry Schulz, City Treasurer, will present the report to City Council at the July 21 51 study session.

ATTACHMENT: 1. Investment Status Report OFFICE OF THE CITY TREASURER INVESTMENT STATUS REPORT

AVERAGE AVERAGE YEAR OF EARNING $AGENCY EARNING ANNUAL MATURITY $CD'S % BONDS % %

2014 $ 662,328 0.65% $ 25o,ooo 1 1.50% 10.61%

2015 $1,993,096 1.19% $ 700,000 2.00% 31.31%

2016 $1,504,344 1.37% $ - 0.00% 17.49%

2017 $1,253,478 0.86% $ 500,000 0.00% 20.39%

2018 $ 737,000 1.48% $1 .ooo.ooo I 0.00% 20.20% TOTALS: $6,150,246 1.11% $2,450,000 0.58% 100.00%

Subtotal CO's and Bonds: $ 8,600,246

Liquid Savings: $ 2,059,610

TOTAL INVESTED FUNDS: $ 10,659,857

Notes: This report provides a snapshot of investment status at any one time.

It is continuously updated as transactions occur.

Maturities are "laddered" to ensure funds are available during each year.

Attachment 1