AURA Annual Report

2009 Board of Commissioners John Carpenter, Chairman David Kribs, Vice Chairman Tony Cline, Treasurer

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

Page Bolin Michelle DeLauria Tim Geisler Lorraine Anderson, Arvada City Council Representative* *Note: Lorraine Anderson went off the Board in November and was replaced with Councilmember Shelley Cook

Staff: Timothy Steinhaus, Executive Director Maureen Phair, Deputy Director Mike Polk, Legal Counsel Pat Connelly, AURA Coordinator

2009 ANNUAL REPORT

AURA Mission Statement # To redevelop properties within the urban renewal boundaries; # 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 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;

H. Media and PR: 1. AURA staff participated in the KATV program regarding the Triangle Area Concept Plan this program ran on Channel 8 for a month.

2. Staff coordinated front page articles on AURA projects for Arvada Press and The Denver Post Your Hub. 3. Staff gave presentations to civic groups, professional organizations, community groups, workshops, and governmental agencies regarding AURA projects.

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

About AURA 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 five-year 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.

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Trainagle Advisory Committee Celebration Cake

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VI. Miscellaneous

Message from the Chairman

A. City Promissory Note – Through the hard work of AURA Board members and staff perseverance, AURA was able to negotiate an agreement with the City to consider the $5.2 million note held by the City to be paid in full. This obligation has been removed from the Authority’s books.

B. 3880 Oak Street – AURA negotiated an agreement with a private party to sell the property at 3880 Oak Street for $175,000. This was a house that AURA acquired through relocation for the Water Tower project. The project was unique in that AURA and the City of Wheat Ridge entered into a joint venture to rehabilitate the house and share the profits.

C. Retreat – The AURA Board of Commissioners held its annual retreat in Greeley, Colorado.

It is with pride that the Arvada Urban Renewal Authority Board of Commissioners and staff present our 2009 Annual Report. Even with the slowdown in the economy, we were able to move our projects forward, secure some exciting new tenants and strategically plan for the future.

The year 2009 was an exciting year of growth for the Authority, as the Arvada City Council approved our fifth urban renewal area – Olde Town Station district. This new district surrounds the future Gold Line’s transit station in Olde Town. As the premier station along the Gold Line corridor, with over 100,000 riders estimated a month, we recognize what an incredible opportunity the City of Arvada has to redevelop some of the underutilized properties in the area. We also recognize that any new development has to preserve and build upon the historic character and charm that makes Olde Town the attraction that it is today.

We made significant progress in the Ralston Fields Urban Renewal Area with our Arvada Ridge developer securing City approval to build a 382-unit apartment village just south of the Gold Line transit station on Kipling. And after a nine month public process, the Triangle Advisory Committee completed their work to develop a conceptual master plan for the redevelopment of the Triangle Area. We are looking to have the concept plan adopted by the City in 2010.

D. Audit – AURA received a satisfactory report from its auditors Swanhorst & Company.

E. 2009 Budget – The AURA Board of Commissioners and City Council unanimously approved AURA’s recommendation for a $763,719 operating budget for the year 2009.

We worked with the City of Arvada and the master developer of the 1,451-acre mixed-use Candelas project to reconfigure the Jefferson Center Urban Renewal area to allow for additional financing to construct the next phase of infrastructure.

And last but not least, we helped bring two new and exciting restaurants into the heart of Olde Town – Udi’s Bread Bistro and The Archive Room.

Trainagle Advisory Committee

F. Community Involvement – AURA contributed to various community events within the City of Arvada; Historic Olde Town Arvada; Arvada Economic Development Association; Chamber of Commerce; RTD, etc. AURA was also the major sponsor for National Night Out held in the Olde Town Square.

G. New Commissioners – Commissioners Michelle DeLaria and Shelley Cook were appointed to the AURA Board.

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 2009 activities. We hope you will take a few minutes to review the report.

John Carpenter, Chairman Arvada Urban Renewal Authority

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Financial Management

V. Jefferson Center & Northwest Arvada Districts

Redevelopment activities within the urban renewal districts have increased the amount of sales and property taxes generated from the properties, the 2009 incremental tax amounts are:

AURA worked to create their sixth urban renewal area. The developers of the existing Jefferson Center urban renewal area asked the City and AURA to amend their plan, they needed to restart the 25-year TIF clock to obtain more time to issue bonds to finance the next phase of infrastructure. As a result, the Jefferson Center urban renewal area was split into two separate urban renewal districts with different termination dates – Modified Jefferson Center terminates in 2028 and Northwest Arvada in 2035.

# Jefferson Center: % Property Tax Increment - $1,924,107 # Ralston Fields: % Property Tax Increment - $961,074 % Sales Tax Increment - $2,059,304 # Village Commons: % There was no sales or property tax increment

PROJECT AREAS The following is a list of AURA’s accomplishments for 2009. This list could not have been achieved without the hard work of the Board of Commissioners, the commitment of staff, and the continued support of both City Council and City staff.

I. City Center District Even though the City Center District ended in 2006, AURA has been busy finishing up projects in Olde Town and New Town.

Candelas, the exciting 1,451-acre mixed-use master planned community, remains unchanged and the developer will be able to issue bonds to finance the necessary infrastructure.

A. The Authority retained the consulting firm of URS to prepare a blight study, urban renewal plan and county impact report for the new districts. The plans were adopted by City Council in January 2010.

B. AURA negotiated a new administrative fee of $75,000 annually for the Northwest Arvada district and left in place the annual $75,000 fee for the Jefferson Center District.

A. Udi’s Restaurant – AURA negotiated a development agreement with UDI’s Restaurant to locate on the southwest corner of Olde Wadsworth and Grandview.

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2. Ralston Road Vacation – AURA worked with CDOT to vacate the old right-of-way for former Highway 72.

CDOT deeded the property to the City, and the City turned around and deeded it to AURA. This piece of property is adjacent to the property AURA owns and will be helpful in redeveloping the Arvada Square.

B. The Archive Room – AURA assisted the developer in attracting The Archive Room restaurant and bar to the northwest corner of Olde Wadsworth and Grandview. This business replaced the Arvada Grill, which vacated the space in December 2008.

C. A. L. Davis Building (Stationery Store) – AURA staff was instrumental in finding a qualified buyer for the Stationery Store.

The new owners plan to put retail on the ground floor and a combination of office and residential on the second floor.

Triangle Area Concept Plan

3. Independence Center – AURA owns the small shopping center at 58th and Independence and renegotiated three tenant leases.

C. Arvada Ridge 1. The Arvada Ridge developer submitted his final plans for the development a 382-unit apartment village on the south side of Ridge Road. The plans were approved by City Council in January 2010.

2. AURA testified on behalf of Arvada Ridge before the PUC to keep the Lee Street crossing open. The final ruling was to close the crossing.

3. AURA staff continued to play a role in the transit station planning process to develop the framework plans for Arvada’s three transit stations, including the Kipling Ridge Station.

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II. Village Commons District A. Hotel Study – The Hotel Market Demand Study was updated and concluded that the Village Commons site was still an excellent location for a Courtyard by Marriott hotel. AURA worked with a number of developers to find financing for the hotel. This process is on-going.

A. L. Davis Building

B. Former Brooklyn’s Building - AURA has continued to perform property management on the building and property, including landscaping, maintenance, vandalism repair, as well as showing the building to numerous parties interested in either leasing or purchasing the building.

C. Promissory Note – AURA renegotiated the loan for the Brooklyn’s property, the City has become the note holder.

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III. Olde Town Station District

encourage walking within Olde Town and the transit station. At the same time, maintaining the existing scale of buildings along Grandview and Olde Wadsworth will ensure that the historic character of Olde Town is preserved.

A. In December, the Arvada City Council voted unanimously to adopt a new urban renewal area. The Olde Town Station urban renewal area surrounds FasTracks’ future transit stop in Olde Town and will enable AURA to plan and prepare for the arrival of the commuter rail in 2016. AURA’s focus will be on implementing the existing Arvada Transit Station Framework Plan, which was developed by the community and adopted by the Arvada City Council.

The Olde Town Station will be the “heart” of the Gold Line stations, providing the full range of land uses imagined in a Transit Oriented District (TOD). The plan creates a defined center with two distinct downtown mixeduse development districts: Olde Town and New Town. The two districts provide an increased mix and variety of uses to attract more people to the Olde Town area. Selectively intensifying and diversifying land uses in the immediate vicinity of the station, along with pedestrian friendly street improvements will

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B. AURA contracted with URS to produce the Blight Study, Urban Renewal Plan and County Impact Report.

C. AURA Staff is an active member in the following committees: 1. Olde Town Parking Study 2. Olde Town Arvada Market Demand and Public Financing Strategy 3. Olde Town Design Guidelines Update 4. Ralston Road Corridor Plan

IV. Ralston Fields District

Arvada Transit Station Framework Plan

A. Stenger/Lutz Sports Complex 1. AURA negotiated an agreement with the City to contribute $125,000 towards the construction of the much needed restroom facilities at Stenger/Lutz Sports Complex.

B. Triangle Area

Restrooms at Stenger/Lutz

1. AURA created the Triangle Advisory Committee, a 20 member group made up of homeowners, business and property owners, and stakeholders from the area. The purpose of the committee was to develop a vision for the eventual redevelopment of the Triangle Area. The committee met numerous times over the course of nine months to develop a concept plan that represents their vision for the old shopping district. In May 2009, the committee sponsored an open house for the entire Arvada community to view the plan and provide feedback.

Olde Town Station Urban Renewal Area

In July 2009, AURA took the proposed Concept Plan to the Arvada Planning Commission and City Council to receive their comments and feedback. AURA continues to work on creating an Outline Development Plan, which will incorporate the citizen’s concept plan, for adoption

by City Council.

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III. Olde Town Station District

encourage walking within Olde Town and the transit station. At the same time, maintaining the existing scale of buildings along Grandview and Olde Wadsworth will ensure that the historic character of Olde Town is preserved.

A. In December, the Arvada City Council voted unanimously to adopt a new urban renewal area. The Olde Town Station urban renewal area surrounds FasTracks’ future transit stop in Olde Town and will enable AURA to plan and prepare for the arrival of the commuter rail in 2016. AURA’s focus will be on implementing the existing Arvada Transit Station Framework Plan, which was developed by the community and adopted by the Arvada City Council.

The Olde Town Station will be the “heart” of the Gold Line stations, providing the full range of land uses imagined in a Transit Oriented District (TOD). The plan creates a defined center with two distinct downtown mixeduse development districts: Olde Town and New Town. The two districts provide an increased mix and variety of uses to attract more people to the Olde Town area. Selectively intensifying and diversifying land uses in the immediate vicinity of the station, along with pedestrian friendly street improvements will

6

B. AURA contracted with URS to produce the Blight Study, Urban Renewal Plan and County Impact Report.

C. AURA Staff is an active member in the following committees: 1. Olde Town Parking Study 2. Olde Town Arvada Market Demand and Public Financing Strategy 3. Olde Town Design Guidelines Update 4. Ralston Road Corridor Plan

IV. Ralston Fields District

Arvada Transit Station Framework Plan

A. Stenger/Lutz Sports Complex 1. AURA negotiated an agreement with the City to contribute $125,000 towards the construction of the much needed restroom facilities at Stenger/Lutz Sports Complex.

B. Triangle Area

Restrooms at Stenger/Lutz

1. AURA created the Triangle Advisory Committee, a 20 member group made up of homeowners, business and property owners, and stakeholders from the area. The purpose of the committee was to develop a vision for the eventual redevelopment of the Triangle Area. The committee met numerous times over the course of nine months to develop a concept plan that represents their vision for the old shopping district. In May 2009, the committee sponsored an open house for the entire Arvada community to view the plan and provide feedback.

Olde Town Station Urban Renewal Area

In July 2009, AURA took the proposed Concept Plan to the Arvada Planning Commission and City Council to receive their comments and feedback. AURA continues to work on creating an Outline Development Plan, which will incorporate the citizen’s concept plan, for adoption

by City Council.

7

2. Ralston Road Vacation – AURA worked with CDOT to vacate the old right-of-way for former Highway 72.

CDOT deeded the property to the City, and the City turned around and deeded it to AURA. This piece of property is adjacent to the property AURA owns and will be helpful in redeveloping the Arvada Square.

B. The Archive Room – AURA assisted the developer in attracting The Archive Room restaurant and bar to the northwest corner of Olde Wadsworth and Grandview. This business replaced the Arvada Grill, which vacated the space in December 2008.

C. A. L. Davis Building (Stationery Store) – AURA staff was instrumental in finding a qualified buyer for the Stationery Store.

The new owners plan to put retail on the ground floor and a combination of office and residential on the second floor.

Triangle Area Concept Plan

3. Independence Center – AURA owns the small shopping center at 58th and Independence and renegotiated three tenant leases.

C. Arvada Ridge 1. The Arvada Ridge developer submitted his final plans for the development a 382-unit apartment village on the south side of Ridge Road. The plans were approved by City Council in January 2010.

2. AURA testified on behalf of Arvada Ridge before the PUC to keep the Lee Street crossing open. The final ruling was to close the crossing.

3. AURA staff continued to play a role in the transit station planning process to develop the framework plans for Arvada’s three transit stations, including the Kipling Ridge Station.

8

II. Village Commons District A. Hotel Study – The Hotel Market Demand Study was updated and concluded that the Village Commons site was still an excellent location for a Courtyard by Marriott hotel. AURA worked with a number of developers to find financing for the hotel. This process is on-going.

A. L. Davis Building

B. Former Brooklyn’s Building - AURA has continued to perform property management on the building and property, including landscaping, maintenance, vandalism repair, as well as showing the building to numerous parties interested in either leasing or purchasing the building.

C. Promissory Note – AURA renegotiated the loan for the Brooklyn’s property, the City has become the note holder.

5

Financial Management

V. Jefferson Center & Northwest Arvada Districts

Redevelopment activities within the urban renewal districts have increased the amount of sales and property taxes generated from the properties, the 2009 incremental tax amounts are:

AURA worked to create their sixth urban renewal area. The developers of the existing Jefferson Center urban renewal area asked the City and AURA to amend their plan, they needed to restart the 25-year TIF clock to obtain more time to issue bonds to finance the next phase of infrastructure. As a result, the Jefferson Center urban renewal area was split into two separate urban renewal districts with different termination dates – Modified Jefferson Center terminates in 2028 and Northwest Arvada in 2035.

# Jefferson Center: % Property Tax Increment - $1,924,107 # Ralston Fields: % Property Tax Increment - $961,074 % Sales Tax Increment - $2,059,304 # Village Commons: % There was no sales or property tax increment

PROJECT AREAS The following is a list of AURA’s accomplishments for 2009. This list could not have been achieved without the hard work of the Board of Commissioners, the commitment of staff, and the continued support of both City Council and City staff.

I. City Center District Even though the City Center District ended in 2006, AURA has been busy finishing up projects in Olde Town and New Town.

Candelas, the exciting 1,451-acre mixed-use master planned community, remains unchanged and the developer will be able to issue bonds to finance the necessary infrastructure.

A. The Authority retained the consulting firm of URS to prepare a blight study, urban renewal plan and county impact report for the new districts. The plans were adopted by City Council in January 2010.

B. AURA negotiated a new administrative fee of $75,000 annually for the Northwest Arvada district and left in place the annual $75,000 fee for the Jefferson Center District.

A. Udi’s Restaurant – AURA negotiated a development agreement with UDI’s Restaurant to locate on the southwest corner of Olde Wadsworth and Grandview.

4

9

VI. Miscellaneous

Message from the Chairman

A. City Promissory Note – Through the hard work of AURA Board members and staff perseverance, AURA was able to negotiate an agreement with the City to consider the $5.2 million note held by the City to be paid in full. This obligation has been removed from the Authority’s books.

B. 3880 Oak Street – AURA negotiated an agreement with a private party to sell the property at 3880 Oak Street for $175,000. This was a house that AURA acquired through relocation for the Water Tower project. The project was unique in that AURA and the City of Wheat Ridge entered into a joint venture to rehabilitate the house and share the profits.

C. Retreat – The AURA Board of Commissioners held its annual retreat in Greeley, Colorado.

It is with pride that the Arvada Urban Renewal Authority Board of Commissioners and staff present our 2009 Annual Report. Even with the slowdown in the economy, we were able to move our projects forward, secure some exciting new tenants and strategically plan for the future.

The year 2009 was an exciting year of growth for the Authority, as the Arvada City Council approved our fifth urban renewal area – Olde Town Station district. This new district surrounds the future Gold Line’s transit station in Olde Town. As the premier station along the Gold Line corridor, with over 100,000 riders estimated a month, we recognize what an incredible opportunity the City of Arvada has to redevelop some of the underutilized properties in the area. We also recognize that any new development has to preserve and build upon the historic character and charm that makes Olde Town the attraction that it is today.

We made significant progress in the Ralston Fields Urban Renewal Area with our Arvada Ridge developer securing City approval to build a 382-unit apartment village just south of the Gold Line transit station on Kipling. And after a nine month public process, the Triangle Advisory Committee completed their work to develop a conceptual master plan for the redevelopment of the Triangle Area. We are looking to have the concept plan adopted by the City in 2010.

D. Audit – AURA received a satisfactory report from its auditors Swanhorst & Company.

E. 2009 Budget – The AURA Board of Commissioners and City Council unanimously approved AURA’s recommendation for a $763,719 operating budget for the year 2009.

We worked with the City of Arvada and the master developer of the 1,451-acre mixed-use Candelas project to reconfigure the Jefferson Center Urban Renewal area to allow for additional financing to construct the next phase of infrastructure.

And last but not least, we helped bring two new and exciting restaurants into the heart of Olde Town – Udi’s Bread Bistro and The Archive Room.

Trainagle Advisory Committee

F. Community Involvement – AURA contributed to various community events within the City of Arvada; Historic Olde Town Arvada; Arvada Economic Development Association; Chamber of Commerce; RTD, etc. AURA was also the major sponsor for National Night Out held in the Olde Town Square.

G. New Commissioners – Commissioners Michelle DeLaria and Shelley Cook were appointed to the AURA Board.

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 2009 activities. We hope you will take a few minutes to review the report.

John Carpenter, Chairman Arvada Urban Renewal Authority

10

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AURA Mission Statement # To redevelop properties within the urban renewal boundaries; # 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 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;

H. Media and PR: 1. AURA staff participated in the KATV program regarding the Triangle Area Concept Plan this program ran on Channel 8 for a month.

2. Staff coordinated front page articles on AURA projects for Arvada Press and The Denver Post Your Hub. 3. Staff gave presentations to civic groups, professional organizations, community groups, workshops, and governmental agencies regarding AURA projects.

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

About AURA 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 five-year 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.

2

Trainagle Advisory Committee Celebration Cake

11

2009 Board of Commissioners John Carpenter, Chairman David Kribs, Vice Chairman Tony Cline, Treasurer

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

Page Bolin Michelle DeLauria Tim Geisler Lorraine Anderson, Arvada City Council Representative* *Note: Lorraine Anderson went off the Board in November and was replaced with Councilmember Shelley Cook

Staff: Timothy Steinhaus, Executive Director Maureen Phair, Deputy Director Mike Polk, Legal Counsel Pat Connelly, AURA Coordinator

2009 ANNUAL REPORT