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05/29/1990 - Packet SPECIAL ECONOMIC DEVELOPMENT COMOSITlER MEETING AGENDA ECONOMIC DEVELOPMENT COMMITTEE MEETING TUESDAY, May 29, 1990, 7:30 A.M. DAVIDSON'S RESTAURANT - 12830 SW PACIFIC HIGHWAY, TIGARD, OR 1. CALL TO ORDER 2. ROLL CALL: SAVORY CORLISS DE BERNARDIS ETCHEMENDY ORLANDINI MOORE PULLIAM 3. APPROVE MINUTES 4. COMMITTEE FOCUS • Choose Tasks • Prioritize Tasks • Discuss Means to Accomplish Tasks ECONOMIC DEVELOPMENT COMMITTEE MEETING MINUTES Tuesday, May 15, 1990 MEMBERS PRESENT: Jim Corliss, John Savory, Brian Moore, Ron Pulliam, Tony Orlandini OTHERS PRESENT: John Acker The meeting started at 7:30 a.m. and the minutes of the March meeting were approved as written. There was a general discussion concerning the recent notoriety of the President's Parkway urban renewal proposal. The general feeling was that there hasn't been a good citizen education campaign to counteract the misinformation being spread. There are currently two vacancies on this committee that need to be filled. Since there is no applications pending at this time, the committee requested that there be an announcement in the community newsletter requesting citizen participation. Each member also took an application form to give to someone who might be interested. Other discussions centered around the past and future focus of this committee. Members first listed past accomplishments such as starting the city center redevelopment effort and the ambassador program. Committee members discussed the possibility of becoming more task driven and talked broadly about possible tasks to be undertaken. It was agreed to meet again in two weeks (May 29) at which time members will identify and prioritize a few tasks and discuss strategies to accomplish the chosen tasks. The meeting was adjourned at 9:00. Vols Used to Implement A :the Thornton, Colorado City Center The City of Thornton is a northern suburb in the Denver metropolitan area For the past several years,the City has undertaken a multi-faceted program to create a new City Center area in an area along both sides of Interstate 25. The following is a list of the major techniques and tools used to implement the Thomson,Colorado City Center project: o urban Rene Drax Increment Financing In 1981,the City Council created the Thornton Development Authority,an urban renewal authority which in 1982 adopted an urban renewal plan for the City Center area Since 1982,tax increment funds have been collected from the area These funds have been used to partially or completely finance several key public improvements including constriction of the 1-25frhomton Parkway interchange and over five miles of collector streets. o S1 a al Improvement Districts Special improvement districts were created by the City as a means to assess most of the costs of several street and utility construction projects to benefiting property owners. Over the past eight years,the City has leveraged about$15 of private money to build public improvements for each$1 spent by the City. Assessments are paid annually for a period of 10-15 years to repaid bonds sold to finance the construction projects. o Sales Tax Rebates In Colorado,sales tax revenues rather than property tax revenues are usually the most significant revenue source for municipalities. The City utilized a sales-tax rebate agreement to attract two major retail projects to the City. In each case,the project must generate a significant amount of new retail sales taxes for the City prior to being eligible for a rebate of sales taxes. This guarantees that the City will experience a net increase in retail sales in spite of possible cannibalization of sales from other Thornton retail stores. - 0 1-25 ROW Landscape Fund Any developer of a project abutting Interstate 25 must contribute a fee to the City which is used to landscape the 1-25 ROW area owned by the Colorado Department of Highways. The City prepared an 1-25 ROW Landscape Master Plan which established a design concept and cost estimates for landscaping over five miles of 1-25 frontage within Thornton. The City's 1-25 Thornton Parkway landscaping project received the national highway beautification award in 1988 from the National Arbor Day Foundation. o Powerline Burial Fund Concurrent with development,the City requires burial of all existing overhead power lines and burial of any new Ones. The City's franchise agreement with Public Service Company,the local gas and electric utility, requires that 1%of the Company's revenues from Thornton utility customers be made available to the City to finance burial of existing overhead power Ones. About $200,000 is collected per year. o Performance Sign Code The City's sign code has resulted in the reduction of"sign blight"in City Center area. For example,the number of billboards along Interstate 25 has been reduced from over 30 in the 1970's to only three billboards today. The Code's performance criteria to encourage the use of individually illuminated letters and discourages"can'signs. - o Public Land Dedication F direment At the time of subdivision, commercial,industrial and residential project must dedicate and improve a portion of their land as a park site or pay to the City a cash-in-lieu of public land dedication fee. Land is dedicated at the rate of 8%for non-residential properties and four acres per 1000 residents for residential projects. A cash-in-liieu fee of$43,631 is paid for each acre to be dedicated. This fee is the average cost per acre to acquire and develop park land within Thornton. As a result,several acres of park land have been developed with the City Center area. o StMftic Investments of City CWital Improvement Funds The City has targeted its City Capital Improvement Funds to projects which enhance the desirability of the City Center area for private investment. o Landscape Ordinance The City's Landscape Code has extensive requirements to assure high quality landscaping for all multi-family residential,commercial,industrial and institutional uses. For example,at least 20% of the site must be landscaped and a 25 foot landscape setback from street rights-of-way must be maintained. o Consistent City Canter StreeZoW Design Standards _ The City is implementing a program for distinctive,consistent streetscape design throughout the 1000 acre City Center area Medians are being installed along several arterial and collector streets to create a business park environment A consistent median streetlight and traffic signal design is being used throughout the City Center. o Stmiegic Plans Several implementation-oriented plans have been prepared to guide development within the City Center area including: o Urban Renewal Plan o City Center Plan o 1-25 Right-of-way Landscape Master Plan o 84th AvenueMashington Revitalization Study o Architectural Design Review Ordinance Thornton has an architectural design review ordinance which requires that the architectural design of all new buildings and major remodelings be approved by the Thornton Planning Commission. The City Council has adopted design review guidelines for use by the Commission in making its deliberations. These guidelines have given the staff the ability to negotiate for a higher quality of design than would otherwise be provided. o Park and Trail Plan- The City Centers rolling topographyand several water features provide the ingredients for an - excellent open space system. Over six miles of creeks and irrigation canals meander through the City Center and are being developed as parks and trail corridors. Two small lakes which abut 1-25 will be developed as urban parks. A large 65 acre city-owned storm water detention facility along 1-25 will be developed as a major park facility. With Thornton's mild climate,these facilities can be used year-round. These amenities are being designed to attract higher quality office, hotel, and residential uses. . ., o Civic Center Relocation In 1984,the City relocated its City administrative offices to an eight acre site at the highest point of the City Center. The building was one of the first building projects in the area and helped to set a high standard of quality in the City Center. o Special Zoning In 1984,the City Council completely rezoned the City Center consistent with the City Center Plan. New zoning districts were created to encourage more intensive development and redevelopment in various areas. Performance zoning standards were created to encourage higher quality multi-family residential projects in exchange for allowing a higher number of units per acre. o CU Marketing Efforts _ The City's Economic Development Division has an aggressive program to market the City Center area to prospective businesses and developers. A business newsletter is distributed to all Thornton businesses as well as Denver areadevelopers,commercial real estate brokers,financial institutions and major businesses. Laventhol and Horwath prepared a City-wide retail market study for the City to identify unmet retailing demands at key retail intersections in Thornton. o Thornton City Center Association _ The City's 84th Avenue/Washington Revitalization Study recommended the creation of a business ' organization with a paid full-time professional staff to help implement to the revitalization of the City's older strip commercial area. The City's business advisory committee created to help direct the revitalization study evolved into the Thornton City Center Association,an independent non-profit organization. The City has allocated$30,000 per year to the group to pay for a salary of a full-time executive director. Office space for the Association is being provided free by the North Valley Mall. o Mass Transit Facilities A major high occupancy vehicle and bus lane system is being constructed from downtown Denver to 120th Avenue along 1-25. This corridor can eventually be converted to incorporate a rail line. The Regional Transportation District already has a major park-n-ride facility along 1-25 at 88th Avenue which is being expanded this summer. A new bus transfer point will be built in the heart of the City Center. o Enterprise Zone The State of Colorado recently expanded its Adams County enterprise zone boundaries to include the southern half of the City Center area. This provides an additional incentive for businesses to relocate or expand within the City Center area through the use of state income tax credits and other means. - Thornton Small Business Economic Development Improvement Program To encourage physical upgrade of Thornton's older strip commercial district,Thornton has used City funds to create a small business forgiveable loan program. The program was created in 1989 and is focused on providing monies for small businesses in the Thornton redevelopment area to physically upgrade the site and exterior of the building. o Thornton Revolving Loan Fund To provide for major business attraction,Thornton has established a revolving loan pool fund. Loan monies can be used to facilitate physical expansion and purchase equipment Loan rates are established based upon the percent of the additional jobs which will be filled by local residents.