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ITEM 1 - CALL TO ORDER
Chairman Steve Burkholder called the meeting to order at 6:15 p.m. in the Council Chambers of the Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.
ITEM 2 - 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 3 - RESOLUTION LRA 2002-10 - AUTHORIZING THE SECRETARY/EXECUTIVE DIRECTOR
TO ENTER INTO AGREEMENTS NECESSARY TO SECURE FUNDS FOR DEPOSIT WITH THE COURT
IN CASE
NO. 01CV1482
Executive Director Mike Rock stated that the Lakewood Reinvestment Authority has a redevelopment agreement with Continuum Partners for the property at Alameda and Wadsworth. Through voluntary acquisition, Continuum has acquired the Bonfils-Stanton Foundation land, the shopping center from a subsidiary of Equitable, and many of the leases that went with the property. Mr. Rock explained that the Reinvestment Authority went through a court process to acquire the residual leasehold interests so that it could provide property ready for redevelopment. The court determined that the Reinvestment Authority had the right to acquire the leasehold interests and made a preliminary deposit determination pending further assessment by the court of the actual value of the leasehold interests. That preliminary deposit was made by the Reinvestment Authority and reimbursed by Continuum.
Mr. Rock continued, saying the next step is for the court to assess the value of the leasehold interests. In this case, much of the value is already held by Continuum. There are three remaining plaintiffs: World Savings, The May Company, and Target, which acquired the former Montgomery Ward's interests. The judge has ordered that the deposit with the court be increased an additional $5,000,000. The Reinvestment Authority will request that this amount be lowered based on settlements already reached between Continuum and one of the parties. Until such a reduction happens, the Reinvestment Authority will need to make an additional deposit, which will be reimbursed later by Continuum, Rock said.
Mr. Rock requested that Resolution LRA 2002-10 be approved to authorize him as Executive Director of the Reinvestment Authority to enter into reimbursement agreements with Continuum and to take steps necessary to provide the deposit required by the court. One step might include entering into an agreement with the Lakewood Housing Authority to borrow funds currently on deposit and earning a very low interest rate. Continuum has agreed to a reimbursement rate of 8%, significantly higher than the current earnings rate for these Housing Authority funds.
Public Comment: None
Director Murphy asked about safeguards for Housing Authority funds. Mr. Rock explained that the Reinvestment Authority would enter into a reimbursement agreement with Continuum and require a note to protect the Reinvestment Authority's and Housing Authority's interests.
Vice Chair Barbara Martin made a motion to adopt Resolution LRA 2002-10. It was seconded by Ray Elliott.
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 October 28, 2002. It was seconded by Ray Elliott. Vote: 10 Ayes. 0 Nays. The motion carried.
ITEM 5 - ADJOURNMENT
There being no further business to come before the Authority, Chairman Burkholder adjourned the meeting at 6:25 p.m.
Submitted by,
Sharon Blackstock, Acting City Clerk
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