URBAN RENEWAL AUTHORITY BOARD MEETING
5:00 PM
Executive Director's Review of Agenda.
The method of debate for discussion items is as follows:
• Chair introduces the item number and subject; asks if formal presentation will be
made by staff
• Staff and/or Applicant presentation (optional)
• Chair requests public comment on the item (three minute limit for each person)
• Board questions of staff on the item
• Board motion on the item
• Board discussion
• Final Board comments
• Board vote on the item
Note: Time limits for individual agenda items may be revised, at the discretion of the Chair, to ensure all have an opportunity to speak. If attending in person, please sign in at the table in the back of the room. The timer will buzz when there are 30 seconds left and the light will turn yellow. It will buzz again at the end of the speaker’s time.
The purpose of this item is to consider approval of a final term sheet and a resolution authorizing the URA Executive Director and Counsel to execute legal documents consistent with the term sheet. Bristlecone Affordable (Project) is a proposed 112-unit multi-family community located within the North College Urban Renewal Plan Area boundaries. The Project will be restricted to household income-averaging to 60% or less of Area Median Income (AMI). The Project developer (Developer) has applied to Colorado Housing and Finance Authority (CHFA) for competitive 4% Federal LIHTC and State Tax Credits; however, a financial gap remains. The Borrower has submitted a request for financial support from the URA in the form of a $2 million loan as a reimbursement at Project completion. URA staff and the Borrower have been negotiating a non-binding “term sheet” for the proposed loan, which is ready for consideration or revision.
The purpose of this item is to request ratification of a Purchase and Sale Agreement (“PSA”) executed between the Fort Collins Urban Renewal Authority (“FCURA”) and JT Enterprises (the “Owner”) and approval of a supplemental budget resolution authorizing $250,000 for the acquisition and maintenance of property located at 1630 North College Avenue (the “Property”), within the North College Urban Renewal Plan Area (the “Plan Area”). The funding will satisfy terms agreed to in the PSA.
Ratifying the PSA and approving this supplemental appropriation will allow the Authority to complete the property acquisition process and provide funding for insurance, security, and other maintenance activities, thereby enabling the Authority to secure possession of the property for redevelopment purposes.
The purpose of this item is to adopt the 2027 Budget for the Fort Collins Urban Renewal Authority. Staff submitted two budget requests for the Urban Renewal Authority (URA) as part of the City’s Budgeting process in June, 2026. The first request covered the costs of performing core functions of the URA plus two 1x projects approved in 2026 (Stormwater & NRP). The second offer was for the URA’s debt service payments. Combined, the total original appropriation for the 2027 URA budget was $10,241,297. Staff forecasted $3.9 million in available cash in the North College plan area and $3.6 million in available cash for the Prospect South plan area by the end of 2027.
The available cash balance in North College assumes that two one-time approved projects will be paid out ($2.5 million for Stormwater, and $200,000 for the Neighborhood Revitalization Partner) in 2027. Additionally, approximately $203k for temporary North College maintenance costs and an increase of $250,000 for North College legal needs was also included. Any additional support for new and/or earmarked projects will need to be appropriated separately in 2027.
** In addition, the URA is submitting a revision request to the 2027 Budget for $700,000. This amendment is intended to cover the additional costs associated with the approved Stormwater project. $1.4 million was originally earmarked and put into the budget by the June deadline, a final amount of $2.5 million for 2027 was later confirmed (difference of $700,000).
Upon request, the City of Fort Collins will provide language access services for individuals who have limited English proficiency, or auxiliary aids and services for individuals with disabilities, to access City services, programs and activities. Contact 970.221.6515 (V/TDD: Dial 711 for Relay Colorado) for assistance. Please provide 48 hours advance notice when possible.
A petición, la Ciudad de Fort Collins proporcionará servicios de acceso a idiomas para personas que no dominan el idioma inglés, o ayudas y servicios auxiliares para personas con discapacidad, para que puedan acceder a los servicios, programas y actividades de la Ciudad. Para asistencia, llame al 970.221.6515 (V/TDD: Marque 711 para Relay Colorado). Por favor proporcione 48 horas de aviso previo cuando sea posible.