2008 ARUA Annual Report

2008 ANNUAL REPORT

5601 Olde Wadsworth Blvd., Suite 210 • Arvada, Colorado 80002 Phone: 720.898.7060 • Fax: 720.898. 7061 • www.ArvadaUrbanRenewal.org

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The Arvada Urban Renewal Authority (AURA) is an independent body, corporate and politic of the State of Colorado law. Seven volunteer board members are appointed by the Mayor and approved by City Council for fiveyear terms to oversee the operations of the organization. Functioning as a legally separate entity from the City of Arvada, the AURA Board works under a common vision dictated by the legally approved Urban Renewal Plan.

The board typically meets twice per month to review projects, consider proposals and take appropriate action to meet the goals of the organization. AURA’s success is based on the ability to attract appropriate businesses and residential users, develop the best approach to revitalize the area, and take necessary action.

About AURA

# To further stabilize and provide for additional commercial, office, retail and residential development opportunities to serve the needs of the City of Arvada and the regional area.

# To safeguard and prudently expend funds in its control; and,

# To maximize return to the City of Arvada through sales and property tax collections, by optimizing the fiscal assets and the real estate assets, both AURA-owned and privately owned, and by the orderly and total payment of all liabilities during the remaining life of the Arvada Urban Renewal Authority;

# To afford maximum opportunity, consistent with the sound needs of the municipality as a whole, for the rehabilitation or development of the urban renewal area by private enterprise;

# To redevelop properties within the urban renewal boundaries;

AURA Mission Statement

Arvada Urban Renewal Authority

David Kribs, Chairman

On behalf of the Arvada Urban Renewal Authority Board of Commissioners and staff, we want to acknowledge the vision and cooperation of the City of Arvada, our real estate partners, and the community. It is only with the support of these many partners that we have been able to achieve so much. The following reflects a summary of our 2008 activities. We hope you will take a few minutes to review the report.

We made significant progress in Ralston Fields by working with the community to develop a conceptual master plan for the redevelopment of the Triangle Area; this plan should be completed in 2009.

In 2008, the Arvada City Council approved our fourth urban renewal area – Village Commons. The three-acre site is our smallest project area but is strategically located just south of Olde Town. AURA continues to research the possibility of creating another urban renewal area; this one would encompass the Gold Line’s transit station in Olde Town.

It is with pleasure that the Arvada Urban Renewal Authority Board of Commissioners and staff present our 2008 Annual Report.

Message from the Chairman

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In November 2008, the Arvada City Council approved the formation of a new urban renewal project area named Village Commons. Village Commons is AURA’s smallest project area at only three acres. It is located on the southwest corner of Olde Wadsworth Blvd. and 55th Avenue and is just blocks from the future Gold Line Transit Station.

AURA is exploring bringing a hotel and small conference center to the site.

Village Commons

PROJECT AREAS

% There was no sales or property tax increment

# Village Commons:

% Sales Tax Increment - $1,960,431

% Property Tax Increment - $922,255

# Ralston Fields:

% Property Tax Increment - $1,617,515

# Jefferson Center:

Redevelopment activities within the urban renewal districts have increased the amount of sales and property taxes generated from the properties, the 2008 incremental tax amounts are:

Financial Management

# Grandview Plaza & Reno Place Grandview Plaza’s signature building was completed at the corner of Olde Wadsworth Blvd. and Grandview Avenue. AURA partnered with Landon Enterprises, LLC to develop the three two-story brick buildings in the heart of Olde Town. The project has over 38,000 square feet of retail and office space and 110 parking spaces.

# Jehn Center AURA sold the property located at 57th and Webster to Jehn Engineering. The engineering firm built their 28,000 square foot corporate headquarters on the site and is relocating their employees into the heart of Olde Town.

AURA completed the final two projects from the former City Center district, which expired in 2006 and is widely regarded as one of the most successful examples of urban renewal in the state.

City Center

Beginning in 2007, AURA began exploring the concept of creating a new urban renewal area. The new district would surround FasTracks’ future transit stop in Olde Town and would enable AURA to plan and prepare for the arrival of the commuter rail in 2015. AURA will focus on implementing the existing Arvada Transit Station Framework Plan, which was developed after numerous public workshops and steering committee meetings and adopted by the City of Arvada. AURA will be working on the creation of this district in 2009.

Olde Town Station - Proposed Urban Renewal Area

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# Arvada Ridge The developers, Peregrine Group Development and Embrey Partners, Ltd., submitted an application to the City of Arvada to construct a 382 unit multi-family apartment neighborhood on 15 acres.

The site is located just north of the Super Target Center. This development is located right next to the Gold Line’s transit stop – future residents will be able to walk out their door and catch the commuter train.

The proposed three story buildings are designed to provide rich detailing and a variety of materials and color and enliven the treelined streets.

Ralston Fields

The community was eager for quality office space and the property was quickly leased.

One of the exciting new office tenants is the training center for the State of Colorado Judicial Branch. This facility will bring hundreds of people from all over Colorado to Olde Town Arvada for multi-day training seminars where they will enjoy our restaurants and shops.

% 269 acres of Town Center and Regional Commercial

# Retail

% 388 acres of Office Business Park

% 37 acres of Industrial

# Commercial

% 2,227 – 3,185 single family attached homes

% 1,489 single family detached homes

# Residential – 622 acres

Candelas is a 1,451 acre mixed-use master planned community, consisting of:

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The developers are now referring to this large project, located in the northwest quadrant of Arvada, as Candelas. In 2008 the installation of the first phase of infrastructure was completed; water and sewer lines were installed along with drainage and roads. This work is financed through a $40 million bond issued by the developers.

Jefferson Center

Once a proposed Concept Plan is agreed upon, the Committee will present the Plan to the public for their comment. The Plan will then proceed through the City of Arvada for approval as an Outline Development Plan.

The Committee has met several times and participated in the master planning process of the three centers and continues to work with the developer, architect and AURA to craft a vision for the area that will incorporate retail, office, multi-family housing and an urban plaza.

# Triangle Area The revitalization of the three aging shopping centers located at Independence and 58th Avenue is a key component of the Ralston Field’s Urban Renewal Plan. In order to ensure the neighborhood had an active voice in the revitalization plans, AURA established the Triangle Advisory Committee which consists of homeowners, property owners, businesses and stakeholders from the area.

Connie Olinger, Administrative Assistant

Pat Connelly, AURA Coordinator

Mike Polk, Legal Counsel

Maureen Phair, Deputy Director

Timothy Steinhaus, Executive Director

Staff:

Lorraine Anderson, Arvada City Council Representative

Page Bolin

Tony Cline

Tim Geisler

John Boettiger, Secretary

John Carpenter, Vice Chairman

David Kribs, Chairman

2008 Board of Commissioners