Foothills Mall
Redevelopment
Redevelopment and Reimbursement
Agreement
14 January 2014
1
Objectives & Challenges
• Objectives:
•
•
•
•
Realize Community Vision & Expectations
Launch a Catalytic Opportunity in Midtown
Realize a Significant Revenue Opportunity
Minimize Risk to Balance Sheet, Credit Rating & Revenue
• Challenges
•
•
•
•
2
Build a Competitive Design & Create a Sense of Place
Resolve Tenant Issues
Create a Connection with Mason BRT
Replace the Youth Activity Center
College Avenue Perspective
Previous PDP
Proposed Major
Amendment
3
East Green – Theater Renderings
Previous PDP
Major Amendment
86,754 sq. ft.
theater/entertainment
43,655 sq. ft. theater
4
West Green – Main Mall Rendering
Previous PDP
Proposed Major
Amendment
5
Parking Structure Elevations
Major Amendment Parking Structure
Elevations, Dec. 12, 2013
6
Parking
structure
entitlement
changed to
4 levels (978 spaces).
Entitlement is
now consistent
with financial
modeling.
Mall Configuration
7
Historical Mall Sales Net Taxable Sales
Estimated Net Taxable Sales at the Mall Began to Decline in 2001….
Data is Not Adjusted for Inflation – Actual Deterioration is Worse
8
Additional Related Actions
City Council –
• 1st Reading: Vacating Foothills Parkway Right-of-Way Between
College Avenue and Mathews Street
• 1st Reading: Authorizing the Conveyance of a Permanent Irrigation
Ditch Easement and Right-of-Way to the Larimer County Canal No. 2
• Resolution: Extending the previously adopted Resolution directing
staff to collaborate with Larimer County on TIF impact analysis
Urban Renewal Authority Board –
• Resolution: Approving and Authorizing Execution and Delivery of the
Revised Redevelopment and Reimbursement Agreement
• Resolution: Extending the previously adopted Resolution directing
staff to collaborate with Larimer County on TIF impact analysis
9
Location of ROW Vacation & Ditch Easement
1st Reading: Vacating
Foothills Parkway Right-ofWay Between College
Avenue and Mathews
Street
1st Reading: Authorizing
the Conveyance of a
Permanent Irrigation Ditch
Easement and Right-ofWay to the Larimer County
Canal No. 2
10
Swallow Road
College Avenue
Portion of Mathews Street
right-of-way vacation
Mathews Street
Right-of-Way Vacation Context Map – Close Up
Foothills Parkway
(existing private drive)
Foothills Parkway
right-of-way vacation
N
11
Existing Ditch Alignment
New Alignment and
Easement Location
12
Summary of Changes
• Change in Mall Configuration
• Commercial square footage down by 10%
• 6% second floor of theater – low value square footage
• 4% from retail space
• Grand opening delayed approximately 1 year – phased opening
• P&Z reviews and approval scheduled
• Financial Incentive Deal is Largely Unchanged
• $53M Public Improvements
• Maintained cap on maximum bond payments at $180M
• New – Early bond pay down from upside revenue potential
• Financial Return to the City Equal To / Slightly Better
• Sales per square foot increased based on known tenant mix
• Net new sales tax (net of remittance to support bonds)
• Flat at $108M - $111M – excluding additional transfer sales
• Increased slightly to $114M - $117M including additional transfer
13
Foothill Mall Project Summary Comparison
($ millions – Except Sales per Square Foot)
May 7th
GLA
Sales Per Sq Ft
Total Cost Retail Project
Open Assumption
711K + 24K
$350
$237
Nov ’14
Jan 14th
@7.00% Bond
641K + 24K
$378
$231
Phases ‘14-’15
Jan 14th
@7.25% Bond
Same
Bonds at Par Value
Cum Bond Payments
$ 73
$165
$ 71
$159
$ 72
$163
First Three Revenue Sources
Dedicated Sales Tax Rev
Core Sales Tax Revenue
$170
$105
$147
$151
$106
$149
$151
$106
$149
Est Sales Tax Increment Remitted $ 8.8
Net New Sales Tax Revenue
$108
Net New without Addtl Transfer
$9.0
$117
$111
$12.0
$114
$108
$9 - $12 of URA Sales Tax Increment Remitted Depending on Rates…..
$108 to $117 Net New Sales Tax Revenue (Rates & Transfer)
14
Public Improvement Costs
($ millions)
Land Acquisition
Parking Structure
Deconstruction / Abatement
Fixture & Amenities
Ditch Relocation
Site Work
Utilities
Soft Costs
Foothills Activity Center
Pedestrian Crossing / Culvert
TOTAL
Blight Removal
City
Infrastructure Infrastructure
$
$
5.5
9.6
3.9
1.4
2.8
12.9
4.5
4.6
45.2
4.8
3.0
$
7.8
No Change to Public Improvement Costs
15
$
$
Total
Public
5.5
9.6
3.9
1.4
2.8
12.9
4.5
4.6
4.8
3.0
53.0
Bond Details
7.00% Bond
• Bond Issue Spring of 2014
less Capitalized Interest
less Reserve Fund
less Issuance Cost
• Net Proceeds
$71M
7.25% Bond
$72M
8M
7M
3M
$53M
9M
7M
3M
$53M
• Additional Supplemental Reserve of $7.1M - $7.2M from Pledged
Revenue
• Senior Lien on Pledged Revenue in order of seniority:
1.
2.
3.
4.
Metro District 50 mills of property tax – paid by mall property owners
URA Property Tax Increment – paid by mall property owners
Developer 1% Public Improvement Fee (PIF) – paid by mall customers
URA Sales Tax Increment Revenue Pledge on 2.25% Core rate
Slight Reduction in Bond Par Value…
Anticipate 7% - 7.25% Interest Rate…
No Change to the Seniority of Pledged Revenue
16
Early Bond Pay Down
• Opportunity of higher sales per square foot:
•
•
•
•
Model assumes $378 per sq ft.
National Average - $455 in 2012
Colorado Mall 2012 average ranges from $548 to $721
Sales per sq ft of $478 generates additional $18M of PIF revenue
• Agreement modified to direct any excess PIF revenue towards additional
principal payment. Previously it was direct to the Foothills Mall fund
where it would be used to refresh the developers asset.
• Bond term could be reduced by 4 years via early principal payment
• Benefits:
•
•
•
•
Metro District 50 mills for debt service terminates – Developer benefits
TIF revenue “could” be eliminated – Taxing district benefits from early revenue
PIF terminates – Community savings
City benefits from additional sales tax revenue
Additional Revenue Opportunity Redirected to Retire Bonds Early...
Creates Win for the Community, Taxing Districts, Developer & City
17
7% Scenario Including Dedicated Taxes
Sales Tax by Year Summary
$14,000,000
$12,000,000
$255M Cumulative Sales
Tax Generated by Mall
$117M
$10,000,000
$8,000,000
$9M
$6,000,000
$53M
$4,000,000
$2,000,000
$76M
$0
3.85% Sales Tax (Baseline)
18
3.85% Sales Tax (Transfer)
Annual Remit of Sales Tax
3.85% Sales Tax (New)
7% Scenario Sunsetting Dedicated Taxes
Sales Tax by Year Summary
$10,000,000
$9,000,000
$171M Cumulative Sales
Tax Generated by Mall
$8,000,000
$7,000,000
$6,000,000
$74M
$5,000,000
$4,000,000
$9M
$3,000,000
$35M
$2,000,000
$1,000,000
$52M
$0
3.85% Sales Tax (Baseline)
19
3.85% Sales Tax (Transfer)
Annual Remit of Sales Tax
3.85% Sales Tax (New)
Risk Analysis
($ millions)
7% Interest
Base Case
Assumptions
Sales per square foot
Property Tax
Cum Bond Pmts & Supp Res
7% Interest
Base Case
7.25% Interest
May 7th
Jan 14th
Jan 14th
$350 Sq Ft
$378 Sq Ft
$378 Sq Ft
Estimate Value Estimate Value Estimate Value
$165
$159
$163
8% Interest
8% Interest
-10% Sales
Jan 14th
Jan 14th
$378 Sq Ft
$340 Sq Ft
Base less 10% Estimate Value
$177
$177
Risk Sensitivity
First 3 Revenue Sources
Remitted URA Sales Tax increment
Net New Revenue
170
9
$
108
151
9
$
117
151
12
$
114
151
26
$
100
145
32
$
Note: 2012 Sales per Square Foot at Foothills = $185 sq ft
A Rate Increase Or Sales Decline Are The Two Primary Risks
1% Increase in Bond Rate = $17M Reduction in Net New Revenue.
20
76
Redevelopment Agreement
• Critical Dates and Elements included in Agreement:
• Major Amendment to PDP is consistent with Feb 2013 approved PDP
• All commitments of May 7th within Exhibit C
• Bonds Issued by June 30th 2014
• Bonds mature no later than 25 years from issuance
• URA pledged sales & property tax increment ends in 2038 or when bonds
are paid off
• Public Improvement Fee ends when Bonds are paid off
• Residential Construction
• 200 units completed by Dec 2016, 246 by Dec 2018
• If not completed, Developer pays 50% of lost revenue starting 2020
• Alberta to pay affordable housing fees enacted prior to December 1, 2014
21
Summary of Changes
• Change in Mall Configuration
• Commercial square footage down by 10%
• 6% second floor of theater – low value square footage
• 4% from retail space
• Grand opening delayed approximately 1 year – phased opening
• P&Z reviews and approval scheduled
• Financial Incentive Deal is Largely Unchanged
• $53M Public Improvements
• Maintained cap on maximum bond payments at $180M
• New – Early bond pay down from upside revenue potential
• Financial Return to the City Equal To / Slightly Better
• Sales per square foot increased based on known tenant mix
• Net new sales tax (net of remittance to support bonds)
• Flat at $108M - $111M – excluding additional transfer sales
• Increased slightly to $114M - $117M including additional transfer
22
Back-Up
23
Acquire & More Retail
More Retail
Eliminate Entrance
Less Retail
Foothills Activity Center
More Retail
No D&B Above Theater
Reconfigure Shops
Along College
24
Project Assumptions
• Project Timing
May 7th
• Mall except Sears
– Ground breaking June 2013
– Completion Nov 2014
• Sears & Residential – Summer 2015
• Economics:
• Annual Sales per square foot - $350
• Occupancy – 80% 2015, 95% thereafter
• Growth – 2% year sales,
1% year property assessed value
• Project Costs - $319M:
• Mall - $237M
• Residential 446 units - $82M
• Public Improvement Costs - $53M
• Blight Removal & Infrastructure - $45M
• Public Benefits - $8M
Mall Open for 2014 Holidays, Fully
Completed by Summer 2015…
Total Cost $319M Including $53M of
Public Improvement Costs
25
• Project Timing
Jan 14th
• Mall
– Ground breaking Winter 2013
– Partial Completion Spring 2015
• Majority completed Winter 2015
• Economics:
• Annual Sales per square foot - $378
• Occupancy – 50-75% 2015, 95% 2016
• Growth – 2% year sales,
1% year property assessed value
• Project Costs - $313M:
• Mall - $231M
• Residential 446 units - $82M
• Public Improvement Costs - $53M
• Blight Removal & Infrastructure - $45M
• Public Benefits - $8M
Partial Mall Open in Spring 2015,
Majority Completed Winter 2015.
Total Cost $313M Including $53M of
Public Improvement Costs
Mall Financing
7% Bond Including Dedicated Taxes
26
First Three Revenue Sources
($ millions)
May 7th
Cumulative
First Three Revenue Sources
District Property Tax
URA Property Tax Increment
Developer Sales PIF
Bond Funding
Today's Value
25 Years
$
50.0
55.2
64.7
$
169.9
$
62.5
Jan 14th
Annual
Funding 2020
$
$
2.1
2.3
2.3
6.7
Cumulative
Funding
25 Years
$
43.1
42.7
65.6
$
151.4
$
55.3
Annual
Funding 2020
$
$
• First 3 Revenue Sources:
• Releases URA Sales Tax Increment if First 3 Revenue Sources covers debt
• Revenue above debt service assigned to pay down debt principal
3 Pledged Revenue Sources with Higher Priority than
URA Sales Tax Increment
27
1.8
1.9
2.4
6.1
Sales Tax Revenue
($ millions)
Base = existing revenue from the existing mall
Transfer = revenue from other areas of the city that will transfer to the mall
New = net new revenue associated with the redeveloped mall
Jan 14th
May 7th
Cumulative
Sales Tax Revenue
25 Years
Dedicated Base / Transfer / New $
104.6
Core Base
44.4
Core Transfer & New
102.7
Sales Tax
$
251.7
Today's Value
$
94.7
Annual
Cumulative
Funding 2016
Funding
First Full Year
25 Years
106.0
$
3.5 $
44.5
1.8
104.6
3.1
255.1
$
8.4 $
$
94.8
Annual
Funding 2016
First Full Year
$
3.6
1.8
3.3
$
8.7
Total of Sales Tax Revenue Expected over 25 years $252M………………….$255M
Annual Sales Tax Revenue in the First Full Year
$8.4M………………….$8.7M
28
New and Pledged Sales Tax Revenue
($ millions)
May
New
Revenue
7th
Sales Tax over 25 years
Base Transfer New
Sales Tax over 25 years
Base Transfer New
Core Tax - 2.25%
44
35
Dedicated Tax 1.6%
32
76 $
24
49 $ 105
59 $ 117 $ 252 $
$
Jan 14th
68 $ 147
44
31
32
76 $
22
52 $ 106
53 $ 126 $ 255
Remitted Revenue:
$9M
$9M
Sales Tax Revenue retained by the City
$149M
$151M
URA Sales Tax Increment pledged towards debt = $103M
74 $ 149
$105M
May 7th = $108M of Net New Sales Tax Revenue Anticipated
Dec 17th = $117M of Net New Sales Tax Revenue Anticipated
29
Sales Tax Revenue – First 5 Years
($ millions)
May 7th
YEAR
2012
2015
2016
2017
2018
2019
Jan 14th
YEAR
2012
2015
2016
2017
2018
2019
First 3
Revenue
Sources
Pledged
Sales Tax
Increment
2.1
2.3
6.5
6.5
6.7
2.5
3.1
3.2
3.3
3.4
First 3
Revenue
Sources
1.8
2.4
4.9
5.5
5.5
Pledged
Sales Tax
Increment
0.8
3.2
3.3
3.4
3.5
Bond
Payments Sales Tax
& Reserve Returned
4.6
5.4
9.7
6.0
3.3
5.7
3.4
Base &
Dedicated
Sales Tax
Bond
Payments Sales Tax
& Reserve Returned
2.7
5.6
0.2
8.1
5.3
3.4
5.4
3.5
Base &
Dedicated
Sales Tax
+
+
+
+
5.0
5.3
5.4
5.5
5.6
3.8
5.5
5.5
5.6
5.7
Sales Tax
Revenue
4.8
5.0
5.3
5.4
= 8.8
= 9.0
Sales Tax
Revenue
4.8
3.8
5.5
5.7
= 9.0
= 9.2
Sales Tax Revenue in 2016 Exceeds 2012 Current Revenue.
Net New Sales Tax Revenue Exceeds May 7th Estimate.
30
Sales Tax Revenue
($ millions)
Jan 14th
May 7th
Sales Tax in 2016
Base Transfer New
Core Tax - 2.25%
1.8
1.0
2.1
Dedicated Tax 1.6%
1.3
0.7
1.5
$ 3.1 $ 1.7 $ 3.6
Sales Tax in 2018
Base Transfer New
Core Tax - 2.25%
1.8
1.1
2.2
Dedicated Tax 1.6%
1.3
0.8
1.6
$ 3.1 $ 1.9 $ 3.8
Sales Tax in 2016
Base Transfer New
1.8
1.0
2.3
$ 4.9
1.3
0.7
1.6
$ 3.5
$ 8.4 $ 3.1 $ 1.7 $ 3.9
Sales Tax in 2018
Base Transfer New
1.8
1.0
2.4
$ 5.1
1.3
0.7
1.7
$ 3.7
$ 8.8 $ 3.2 $ 1.8 $ 4.2
Sales Tax Revenue retained by the City
URA Sales Tax Increment pledged towards debt service
Illustration of Revenue Retained and Revenue Pledged
31
$ 5.1
$ 3.6
$ 8.6
$ 5.3
$ 3.8
$ 9.1
Mall Financing
7% Bond Excluding Dedicated Taxes
32
Foothill Mall Project Summary Comparison
($ millions – Except Sales per Square Foot)
Excluding Dedicated Taxes
GLA
Sales Per Sq Ft
Total Cost Retail Project
Open Assumption
May 7th
711K + 24K
$350
$237
Nov ’14
Jan 14th
641K + 18K
$378
$231
Phases ‘14-’15
Jan 14th
@7.25% Bond
Same
Bonds at Par Value
Cum Bond Payments
$ 73
$165
$ 71
$159
$ 72
$163
First 3 Revenue Sources
Dedicated Sales Tax Rev
Core Sales Tax Revenue
$170
$ 22
$147
$151
$ 22
$149
$151
$ 22
$149
Est URA ST Increment Remitted
Net New ST Revenue
$8.8
$69
$9.0
$74
$12.0
$71
$9 - $12 of URA Sales Tax Increment Remitted Depending on Rates…..
Net New Sales Tax Revenue Increase from $69 to $71 - $74
33
Sales Tax Revenue
($ millions)
Base = existing revenue from the existing mall
Transfer = revenue from other areas of the city that will transfer to the mall
New = net new revenue associated with the redeveloped mall
Jan 14th
May 7th
Excluding Dedicated Taxes
Sales Tax Revenue
Dedicated Base / Transfer / New $
Core Base
Core Transfer & New
Sales Tax
$
Today's Value
$
Cumulative
Funding
22.3
44.4
102.7
169.4
69.1
Annual
Funding 2016
$
$
2.4
1.8
3.1
7.3
Cumulative
Funding
25 Years
$
21.7
44.5
104.6
$
170.8
$
55.4
Annual
Funding 2016
First Full Year
$
2.5
1.9
3.2
$
7.6
Total of Sales Tax Revenue Expected over 25 years $169M………………….$171M
Annual Sales Tax Revenue in the First Full Year
$7.3M………………….$7.6M
34
New and Pledged Sales Tax Revenue
($ millions)
Excluding Dedicated Taxes
May
New
Revenue
7th
Jan 14th
Sales Tax over 25 years
Base Transfer New
Sales Tax over 25 years
Base Transfer New
Core Tax - 2.25%
44
35
68 $ 147
45
31
74 $ 149
Dedicated Tax 1.6%
8
52 $
5
40 $
10 $ 23
78 $ 170 $
8
52 $
4
35 $
10 $ 22
83 $ 171
$
Remitted Revenue:
$9M
$9M
Sales Tax Revenue retained by the City =
$67M
$67M
URA Sales Tax Increment pledged towards debt =$103M
$105M
May 7th = $69M of Net New Sales Tax Revenue Anticipated
Dec 17th = $74M of Net New Sales Tax Revenue Anticipated
35
Risk Analysis
($ millions)
Excluding Dedicated Taxes
7% Interest
Base Case
Assumptions
Sales per square foot
Property Tax
Cum Bond Pmts & Supp Res
7% Interest
Base Case
7.25% Interest
8% Interest
8% Interest
-10% Sales
May 7th
Jan 14th
Jan 14th
$350 Sq Ft
$378 Sq Ft
$378 Sq Ft
Estimate Value Estimate Value Estimate Value
$165
$159
$163
Jan 14th
$378 Sq Ft
Base less 10%
$177
Jan 14th
$340 Sq Ft
Estimate Value
$177
151
26
145
32
Risk Sensitivity
First 3 Revenue Sources
Remitted URA Sales Tax increment
Net New Revenue
170
9
$
69
151
9
$
74
151
12
$
71
$
58
$
Note: 2012 Sales per Square Foot at Foothills = $185 sq ft
A Rate Increase Or Sales Decline Are The Two Significant Risks
1% Increase in Bond Rate = $16M Reduction in Net New Revenue.
36
39
($ millions) Excluding Dedicated Taxes
First 3
Pledged
May 7th
Revenue
Sales Tax
YEAR
Increment
Sources
2012
2.5
2015
2.1
3.1
2016
2.3
3.2
2017
6.5
3.3
2018
6.5
2019
6.7
3.4
Jan 14th
YEAR
2012
2015
2016
2017
2018
2019
First 3
Revenue
Sources
1.8
2.4
4.9
5.5
5.5
Pledged
Sales Tax
Increment
0.8
3.2
3.3
3.4
3.5
Sales Tax Revenue – First 5 Years
Bond
Payments Sales Tax
& Reserve Returned
4.6
5.4
9.7
3.3
6.0
3.4
5.7
Base &
Dedicated
Sales Tax
Bond
Payments Sales Tax
& Reserve Returned
2.7
5.6
8.1
0.2
5.3
3.4
5.4
3.5
Base &
Dedicated
Sales Tax
+
+
+
+
5.0
4.3
4.3
4.4
4.4
3.8
4.3
4.4
4.4
4.5
Sales Tax
Revenue
4.8
5.0
4.3
4.3
= 7.7
= 7.8
Sales Tax
Revenue
4.8
3.8
4.3
4.6
= 7.8
= 8.0
Sales Tax Revenue in 2018 Exceeds 2012 Current Revenue.
Net New Sales Tax Revenue Exceeds May 7th Estimate.
37
($ millions)
Sales Tax Revenue
Excluding Dedicated Taxes
May 7th
Sales Tax in 2016
Base Transfer New
Core Tax - 2.25%
1.8
1.0
2.1
Dedicated Tax 1.6%
0.9
0.5
1.0
$ 2.7 $ 1.5 $ 3.1
Sales Tax in 2018
Base Transfer New
Core Tax - 2.25%
1.8
1.1
2.2
Dedicated Tax 1.6%
0.9
0.5
1.1
$ 2.7 $ 1.6 $ 3.3
Jan 14th
Sales Tax in 2016
Base Transfer New
1.8
1.0
2.3
$ 4.9
0.9
0.5
1.1
$ 2.4
$ 7.3 $ 2.7 $ 1.5 $ 3.4
Sales Tax in 2018
Base Transfer New
1.8
1.0
2.4
$ 5.1
0.9
0.5
1.2
$ 2.5
$ 7.6 $ 2.7 $ 1.5 $ 3.6
Sales Tax Revenue retained by the City
URA Sales Tax Increment pledged towards debt service
Illustration of Revenue Retained and Revenue Pledged
38
$ 5.1
$ 2.5
$ 7.6
$ 5.2
$ 2.6
$ 7.8
Mall Financing
7.25% Bond Including Dedicated Taxes
39
New and Pledged Sales Tax Revenue
($ millions)
May
7.25% Scenario
New
Revenue
7th
Sales Tax over 25 years
Base Transfer New
Sales Tax over 25 years
Base Transfer New
Core Tax - 2.25%
44
35
Dedicated Tax 1.6%
32
76 $
24
49 $ 105
59 $ 117 $ 252 $
$
Remitted Revenue:
Jan 14th
68 $ 147
31
32
76 $
22
52 $ 106
53 $ 126 $ 255
$9M
$12M
$149M
$151M
URA Sales Tax Increment pledged towards debt = $103M
$105M
Sales Tax Revenue retained by the City =
74 $ 149
44
May 7th = $108M of Net New Sales Tax Revenue Anticipated
Dec 17th = $114M of Net New Sales Tax Revenue Anticipated
40
Sales Tax Revenue
($ millions)
7.25% Scenario
Jan 14th
May 7th
Sales Tax in 2016
Base Transfer New
Core Tax - 2.25%
1.8
1.0
2.1
Dedicated Tax 1.6%
1.3
0.7
1.5
$ 3.1 $ 1.7 $ 3.6
Sales Tax in 2018
Base Transfer New
Core Tax - 2.25%
1.8
1.1
2.2
Dedicated Tax 1.6%
1.3
0.8
1.6
$ 3.1 $ 1.9 $ 3.8
Sales Tax in 2016
Base Transfer New
0.9
2.3
1.8
$ 4.9
1.6
0.7
1.3
$ 3.5
$ 8.4 $ 3.2 $ 1.6 $ 3.9
Sales Tax in 2018
Base Transfer New
2.4
1.8
1.0
$ 5.1
0.7
1.7
1.3
$ 3.7
$ 8.8 $ 3.2 $ 1.7 $ 4.1
Sales Tax Revenue retained by the City
URA Sales Tax Increment pledged towards debt service
Illustration of Revenue Retained and Revenue Pledged
41
$ 5.1
$ 3.6
$ 8.7
$ 5.3
$ 3.7
$ 9.0
Mall Financing
7.25% Bond Excluding Dedicated Taxes
42
($ millions)
New and Pledged Sales Tax Revenue
7.25% Scenario
Excluding Dedicated Taxes
May 7th
Sales Tax over 25 years
Base Transfer New
New
Revenue
Jan 14th
Sales Tax over 25 years
Base Transfer New
Core Tax - 2.25%
44
35
68 $ 147
44
31
74 $ 149
Dedicated Tax 1.6%
8
52 $
5
40 $
10 $ 23
78 $ 170 $
8
52 $
4
35 $
10 $ 22
83 $ 171
$
Remitted Revenue:
$9M
$12M
Sales Tax Revenue retained by the City =
$67M
$66M
URA Sales Tax Increment pledged towards debt =$103M
$105M
May 7th = $69M of Net New Sales Tax Revenue Anticipated
Dec 17th = $71M of Net New Sales Tax Revenue Anticipated
43
Ordinance No. 008, 2014
Vacating Foothills Parkway Right-of-way
Between College Avenue and
Mathews Street, and Vacating a Portion of
Mathews Street
44
Area Map
Proposed
Vacation
N
N
45
Swallow Road
College Avenue
Portion of Mathews Street
right-of-way vacation
Mathews Street
Context Map – Close Up
Foothills Parkway
(existing private drive)
Foothills Parkway
right-of-way vacation
N
46
Overview
• Plat for Southmoor Village Fifth Filing (approved in
1972) dedicated Foothills Parkway from College
Avenue to Stanford Road
• In 1988 as part of the expansion of Foley’s (now
Macy’s), Foothills Parkway was vacated from Mathews
Street to Stanford Road (Ordinance No. 116, 1987)
• Walton Foothills Holdings VI, LLC submitted a request
to vacate the remaining Foothills Parkway right-of-way
47
Overview
• Abutting property owners & City Utilities report no
objection
• Easement for access, emergency access, drainage,
utilities and transit is retained
• If approved, Ordinance is not effective until approval of
the final plan for the Foothills Mall Redevelopment
Subdivision
48
Conveyance of a Permanent
Irrigation Ditch Easement
49
Irrigation Ditch Easement
Needed to accommodate the realignment of the Larimer No. 2 Ditch
Easement granted to Larimer Canal No. 2 Irrigating Company
Ditch Realignment Agreement (Intergovernmental Agreement to be
reviewed January 7)
50
Existing Ditch Alignment
New Alignment and
Easement Location
51