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RESOLUTION: LRA 2008-2
SUBJECT: A resolution authorizing the Lakewood Reinvestment Authority to designate the Wadsworth Station and Oak Street Station Betterments as a West Colfax Avenue Corridor Reinvestment Project, known as the Betterment Project, which will be eligible for construction and utilizing the proceeds of Tax Increment Financing.
ADDRESS: Generally described as: 1) the Wadsworth Light Rail Station located over the intersection of 13th Avenue and Wadsworth Boulevard, 2) and the Oak Street Station located on the northwest corner of 13th Avenue and Oak Street.
RECOMMENDATION: Approval by the Lakewood Reinvestment Authority to authorize the Resolution designating the Betterment Project as an urban renewal project and designate the project eligible for funding from the proceeds of the Tax Increment Revenue Bonds.
FUNDING SOURCE: Funds will come from a loan in order to fund the project in advance, pursuant to the terms of the Intergovernmental Agreement (IGA) with RTD. The revenue bond will be paid off with property tax increment financing.
SUMMARY AND BACKGROUND OF SUBJECT MATTER: In 2005, the Regional Transportation District (RTD) presented Lakewood city staff with conceptual drawings of planned station designs for the West Corridor light rail line. RTD's budget only allows for construction of very basic standard light rail stations and has therefore included enhancement ("betterment") opportunity of the light rail stations.
Lakewood staff hired Urban Land Institute to work with the public to analyze the RTD plans to determine if the City should consider a betterment design. The resulting report is titled "Technical Assistance Panel: Lakewood Central Station" (TAP Study) which states that, at the Wadsworth Station, "the existing platform and bridge structure (is) not acceptable" and recommended an "open structure to protect light, views and increase development opportunities (that would) announce arrival into Lakewood and establish an identity for Lakewood." The TAP study is the defining study that prompted staff to consider station betterments at both the Wadsworth and the Oak Street Stations.
City staff consulted with Mr. Al Colussy of klipp architecture (sic) to design
an upgraded station design to be placed on RTD's existing Wadsworth Station
platform design, along with additional safety elements. For the Oak Street Station,
city staff consulted with Mr. Mark Bowers of Architectural Workshop to design
an upgraded hardscape, along with bettered landscaping and seating elements.
An Advisory Committee was convened, pursuant to the West Colfax Avenue Corridor
Reinvestment Plan, comprised of local property owners and business owners with
an interest in the success of the Colfax corridor. They determined that the
betterment designs would result in an increase in Lakewood's visibility, notoriety,
quality of life and overall aesthetics. They agreed that the betterments would
strengthen the stations' safety, comfort and contribution to high quality reinvestment
in our Transit Mixed Use areas. The Advisory Committee agreed that the betterment
designs support the objectives of the West Colfax Avenue Corridor Reinvestment
Plan and that success of the light rail, surrounding properties, the area businesses
and nearby primary employers is contingent upon design that supports increased
ridership and activity within the stations.
It is recommended that the LRA identify the Betterment Project as an urban renewal project to be undertaken to accomplish the purposes and goals of the West Colfax Avenue Corridor Reinvestment Plan. It is further recommended that the design and construction of the betterments be based upon and consistent with the designs of klipp architecture and Architectural Workshop as proposed. Finally, it is recommended that the LRA borrow funds to be supported by incremental property tax financing revenues in an amount sufficient to generate the budgeted $2,800,000 in project funds.
RESOLUTION ADOPTION DATE: September 22, 2008
ORIGINATED BY: Lakewood Reinvestment Authority
STAFF PERSON RESPONSIBLE: Rebecca P. Clark, LRA Director, 303-987-7731
DOCUMENTS ATTACHED: Resolution LRA 2008-2
Board
Packet
SUBMITTED BY:
Rebecca P. Clark, LRA Director
Larry Dorr, LRA Treasurer
REVIEWED BY:
Michael J. Rock, Executive Director
LRA 2008-2
A RESOLUTION
OF THE BOARD OF COMMISSIONERS OF THE LAKEWOOD REINVESTMENT AUTHORITY AUTHORIZING THE WADSWORTH STATION AND OAK STREET STATION BETTERMENTS AS A WEST COLFAX AVENUE CORRIDOR REINVESTMENT PROJECT, KNOWN AS THE BETTERMENT PROJECT, AND DESIGNATING CONSTRUCTION IMPROVEMENTS TO BE INCLUDED THEREIN
WHEREAS, the Lakewood Reinvestment Authority (the "Authority") is a public body corporate and politic, and has been duly created, organized, established and authorized by the City of Lakewood, Colorado (the "City"), to transact business and exercise its powers as an urban renewal authority, all under and pursuant to the Colorado Urban Renewal Law, constituting Part 1 of Article 25 of Title 31, Colorado Revised Statutes, as amended (the "Act"); and
WHEREAS, an urban renewal plan, known as the "West Colfax Avenue Corridor Reinvestment Plan" (the "Plan"), was duly and regularly approved by the City Council of the City on December 12, 2005, for urban renewal projects in the Plan Area under the Act; and
WHEREAS, the Regional Transportation District ("RTD") is constructing the West Corridor Light Rail Line through the City; and
WHEREAS, RTD has determined to build stations for the West Corridor Light Rail Line at Wadsworth Boulevard ("Wadsworth Station") and Oak Street ("Oak Street Station") to serve riders of the West Corridor Light Rail Line and residents of the City; and
WHEREAS, RTD has presented to the City and the public preliminary designs for the Wadsworth and Oak Street Stations; and
WHEREAS, the City believes that enhancements to the Wadsworth and Oak Street Stations would improve the appearance and the functionality of the Wadsworth and Oak Street Stations; and
WHEREAS, a design for the enhancements to the Wadsworth Station has been prepared
by klipp architecture and the design is outlined in the attached Betterment
Project packet hereto ("Wadsworth Station Betterments"); and
WHEREAS, a design for the enhancements to the Oak Street Station has been prepared
by Architectural Workshop and the design is outlined in the attached Betterment
Project packet hereto ("Oak Street Station Betterments"); and
WHEREAS, RTD is willing to build the Wadsworth and Oak Street Stations with the Wadsworth Station Betterments and the Oak Street Betterments if the City will reimburse RTD for the costs of the betterments; and
WHEREAS, the City has entered into intergovernmental agreements with RTD to fund betterments for the Wadsworth and Oak Street Stations; and
WHEREAS, it is estimated that the Wadsworth Station Betterments will cost $2,600,000; and
WHEREAS, it is estimated that the Oak Street Station Betterments will cost $200,000; and
WHEREAS, the Authority formed the Colfax Corridor Citizens' Plan Advisory Group for 2008 Reinvestment Project Identification ("Advisory Group") to advise the Board on the Wadsworth and Oak Street Stations and the betterments to the stations; and
WHEREAS, the Advisory Group has recommended that the Authority designate the Wadsworth Station Betterments and the Oak Street Betterments as an urban renewal project, to be referred to as the Betterment Project, pursuant to the Plan; and
WHEREAS, the Advisory Group has recommended that the Authority issue bonds, to be repaid from tax increment revenues, the proceeds of which will be transferred to the City which will then reimburse RTD for the Wadsworth Station Betterments and the Oak Street Betterments; and
WHEREAS, the Authority intends to issue Tax Increment Revenue Bonds, Series 2008, in an amount sufficient to fund $2,800,000 in improvements; and
WHEREAS, the proceeds of said Tax Increment Revenue Bonds will be used to fund the construction of Wadsworth Station Betterments and the Oak Street Betterments; and
WHEREAS, the Board of Commissioners of the Authority now finds it necessary
to designate the Wadsworth Station Betterments and the Oak Street Station Betterments
as the Betterment Project which will be eligible for construction utilizing
the proceeds of the Tax Increment Revenue Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Lakewood
Reinvestment Authority, Colorado, that:
SECTION 1. The Betterment Project is designated as an urban renewal project of the Authority pursuant to C.R.S. § 31-25-103(10).
SECTION 2. The completion of the RTD Station Betterment Project will serve to accomplish the goals of the Plan.
SECTION 3. The Betterment Project is an urban renewal project eligible for funding from the proceeds of the Tax Increment Revenue Bonds, Series 2008.
SECTION 4. The Betterment Project shall include the betterments to the Wadsworth and Oak Street Stations as conceptually described in the Betterment Project packet attached hereto.
SECTION 5. The Tax Increment Revenue Bonds, Series 208, shall be repaid by the tax increment revenues of the Authority.
INTRODUCED, READ AND ADOPTED by a vote of 10 For and 1 Against at a regular meeting of the Board of Commissioners of the Lakewood Reinvestment Authority on September 22, 2008, at 6:00 p.m. at Lakewood Civic Center, 480 South Allison Parkway, Lakewood, Colorado.
Bob Murphy, Chair
ATTEST:
Michael J. Rock, Executive Director
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