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MEETING CALLED TO ORDER
Chairman Steve Burkholder called the meeting to order at 9:07 p.m. in the Council Chambers of the Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.
ITEM 1 - ROLL CALL
Members in attendance: Steve Burkholder, Bob Murphy, Cheryl Wise, Ray Elliott, Mike Stevens, Barbara Martin, Debbie Koop, Jackie Herbst, and Jean Saum, Carol Kesselman.
Member(s) absent: Tom Booher
ITEM 2 - PUBLIC HEARING - FOR THE PURPOSE OF CONSIDERING THE REVISED BUDGET FOR THE YEAR 2002 FOR THE LAKEWOOD REINVESTMENT AUTHORITY AND FURTHER CONSIDERING ADOPTION OF THE ANNUAL BUDGET FOR THE LAKEWOOD REINVESTMENT AUTHORITY FOR THE FISCAL YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2003, AND ENDING ON DECEMBER 31, 2003, ESTIMATING THE AMOUNT OF MONEY TO BE DERIVED FROM TAX INCREMENT FINANCING AND SETTING FORTH THE APPROPRIATIONS FOR EACH FUND
Chairman Burkholder opened the public hearing.
Public Comments: None.
Chairman Burkholder closed the public hearing.
ITEM 3 - RESOLUTION LRA 2002-9 - AUTHORIZING A REVISED BUDGET FOR THE YEAR 2002 FOR THE LAKEWOOD REINVESTMENT AUTHORITY AND FURTHER ADOPTING THE ANNUAL BUDGET FOR THE LAKEWOOD REINVESTMENT AUTHORITY FOR THE FISCAL YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2003, AND ENDING ON DECEMBER 31, 2003, ESTIMATING THE AMOUNT OF MONEY TO BE DERIVED FROM TAX INCREMENT FINANCING AND SETTING FORTH THE APPROPRIATIONS FOR EACH FUND
Vice Chair Barbara Martin made a motion to adopt Resolution LRA 2002-9. It
was seconded by Ray Elliott.
Director Frank Gray stated that each year the Lakewood Reinvestment Authority
(LRA) borrows money from the City for both of the urban renewal areas in the
City. At the end of the year, the LRA pays back the City, if possible, through
tax increment financing. If the money cannot be paid back at the end of a year,
it carries forward to the next year. At the time the urban renewal areas start
generating dollars, the loan is then paid back to the City. There are instances
in which the dollars will not or could not be paid back. They will be minor
amounts. In the creation of the urban renewal agreements in both areas, the
intent is to recover 100% of expenses incurred in that urban renewal area.
Debbie Koop asked for an explanation regarding the change in the number of personnel from 2002 to 2003. Mr. Gray stated that the majority of his time is spent on these projects. Once the projects are built and producing revenue, less of his time will be spent on urban renewal.
Executive Director Mike Rock stated that since LRA does not have a separate agency with a separate staff, which is currently more cost effective, Frank Gray ends up being both the Director of Community Planning & Development and being responsible for LRA activities. The budget more accurately reflects how his time is split out between those two responsibilities. There is much more going on in with the urban renewal activities than two years ago.
Barbara Martin asked what the increase to sales tax was based on.
Frank Gray explained that one of the urban renewal areas which is the Alameda Corridor Area have created significant revenues and increases to sales tax. The second urban renewal area at Wadsworth and Colfax has not increased in sales tax revenues.
Bob Murphy asked if fund balances for an urban renewal authority fall under the Tabor 3% mandate, or Council's 5% directed.
Frank Gray stated that the Court of Appeals and Supreme Court that state urban renewal authorities do not fall under the Tabor limitations.
Vote: All Ayes. No Nays. The motion carried.
ITEM 4 - APPROVAL OF MINUTES
Barbara Martin made a motion to approve the minutes of the Regular Meeting of the Lakewood Reinvestment Authority of July 22, 2002. It was seconded by Ray Elliott. Vote: 11 Ayes. 0 Nays. The motion carried.
ITEM 5 - GENERAL BUSINESS
None.
ITEM 6 - ADJOURNMENT
There being no further business to come before the Authority, Chairman Burkholder adjourned the meeting at 9:23 p.m.
Submitted by
Margy Greer, City Clerk
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