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HomeMy WebLinkAboutEPURA RESOLUTION 264*0000RESOLUTIONNO.264ARESOLUTIONOFTHEESTESPARKURBANRENEWALAUTHORITYADOPTINGTHE1999-2000BUDGETWHEREAS,theBoardofCommissionersoftheEstesParkUrbanRenewalAuthorityhasbeenpresentedaproposedbudgetforfiscalyears1999and2000;andWHEREAS,theproposedbudgethasbeenreviewedbytheBoard;andWHEREAS,alllegalrequirementsrelatedtoconsiderationandapprovalofthebudgethavebeencompliedwith.NOW,THEREFORE,BEITRESOLVEDBYTHEESTESPARKURBANRENEWALAUTHORITYTHAT:Section1.TheestimatedexpendituresfortheUrbanRenewalfundsareasfollows:19992000GeneralFund$2,196,100$2,477,000DebtServiceFund$3,064,263$4,064,03$Section2.Theestimatedresourcesforeachfundareasfollows:19992000GeneralFund$2,376,097$3,317497DebtServicefund$5,281,165$5,516,902Section3.TheamountssetforthfortheGeneralandDebtServicefundsareherebyappropriatedforexpenditures.Section4.TheExecutiveDirectorisauthorizedtocertifythebudgetinaccordancewithapplicablelegalrequirements.ADOPTEDthis2dayofDecember1998.ESTESPARKURBANRENEWALAUTHORITY—//ChairmanATTT%/Secretary ESTES PARK URBAN RENEWAL AUTHORITY 3 1999-2000 BUDGET Polly Garrett Gunn,Chairman Carl Henderson Gerry W.Swank Richard S.Putney Al Wasson Paula Steige Rich Widmer December 2,199$ 0 “PLANNED PROGRESS”0 December 2,1998 TO:EPURA Chairman and Board of Commissioners “Make No Little Plans —They Have no Magic to Stir Men’s Blood” Daniel Burnham,ChIcago Architect BACKGROUND The Estes Park Urban Renewal Authority (EPURA)was created by the Estes Park Town Board in 1983 to carry out the purposes set forth in the Estes Park Downtown Redevelopment Program (the “Plan”).These purposes are: 1.To elimination the existing conditions of both economic and physical blight which occur in various forms throughout the project area.These conditions,among other adverse consequences,constitute a serious and growing problem and are injurious to the well being of the entire community.Without immediate attention and correction,these conditions constitute economic and social liabilities for the Town and inhibit the sound growth of the Town’s downtown area.These conditions aggrevate existing traffic problems and in many instances impair the improvement of traffic circulation and facilities. 2.Through new commercial development and redevelopment,new opportunities will be provided to strengthen Estes Park’s economic base and allow for the full economic development potential of the redevelopment area. 3.To develop implementation plans and stragegies for the downtown area to guide,enhance,and encourage the development and redevelopment of the area by joint private/public partnerships. 4.To insure that development and redevelopment will be sensitive to,and protect surrounding areas,and that where necessary,relocation of existing residents and businesses be fair and equitable. 5.To develop a pedestrian-oriented Activity Center,which will create a visually strong and attractive downtown,and which will enhance and reinforce the magnificent natural setting of Estes Park. 6.To develop a plan that will encourage the use of alternative transportation modes into and throughout the downtown area.These should include shuttle transit,pedestrian,equestrian,and bicycle uses. 7.To effectively develop and enhance the natural beauty of the streams and rivers flowing through the downtown Estes Park area,while at the same time,providing for more effective flood protection measures. 8.To encourage the conservation of energy resources at all levels of use. 9.To implement the adopted Estes Park Comprehensive Plan to assist in the orderly growth of the Estes Park area. To achieve these purposes,a wide range of redevelopment projects have been undertaken,which include: improved existing streets;improved and added parking facilities;expanded park and public facilities;and improved the economic condition of the Town. Incremental sales and property taxes provide financing for EPURA activities.A portion of these revenues is used to make repayments on bonds issued to finance capital construction projects.The balance of the tax increment revenues is used to fund current operations,projects,capital construction,transfer to the Town,and the Town of Estes Park Capital Reinvestment Fund. The management and control of EPURA are vested in a Board of Commissioners.The Commissioners are appointed by the Mayor of Estes Park with the approval of Town Trustees.The Commissioners control the employment of personnel and adopt their own bylaws and operating policies.They are responsible for all contractual arrangements for the design and construction of urban renewal projects. The Commissioners independently review,approve,and revise EPURA’s annual budget.The Authority is solely responsible for financing deficits and for-disposition of surplus funds.Debt issued by the Authority is secured solely by its revenues.This debt does not constitute indebtedness of the Town.The Town has no control, involvement or authority in the fiscal management of EPURA. 1 BUDGET ANALYSIS This two year (1999-2000)budget consists of two funds;General and Debt Service.The basis of budgetary accounting is a modified accrual basis of accounts.A definition of each fund follows. General Fund —1999 and 2000 The General fund budget is for those costs associated with the administration of EPURA,property purchase payments,administrative activities,intergovernmental transfers,economic development projects,and capital projects. Administration includes the Executive Director’s salary,benefits,legal counsel,audit/financial services, professional development,office supplies,and miscellaneous operating expenses. The Community Reinvestment fund transfers are subject to final determination after the auditing of the final incremental tax numbers for 199$and 1999. Capital projects are approved by the Board and are related to economic development and projects that improve the infrastructure of the downtown.These projects may include opportunities that arise during the year. Debt Service fund —1999 and 2000 This fund provides for payment of principal and interest on the outstanding bonds which paid for physical improvements to the downtown and building of the Estes Park Conference Center. This fund is under control of the bond trustee,the Bank of Cherry Creek,who invests the money and pays the bondholders. CONCLUSION The 1999-2000 budget represents the Authority’s commitment to further economic revitalization of the Urban Renewal area.The Authority will continue to anticipate change and invest in those projects that produce year around economic stability for the community. Arthur L.Anderson EPURA Executive Director Estes Park Urban Renewal Authority 1999 /2000 Budget GENERAL FUND 1997 Actual 1998 Budget 199$Estimate 1999 Budget 2000 Budget REVENUES Interest $37,737 $50,000 $44,000 $50,000 $50,000 Miscellaneous Revenue 49,325 1,000 250 0 0 Debt Service Transfer 1,422,386 1,450,000 1,525,000 2,000,000 3,087,500 Capital Lease 575,000 0 0 0 0 TOTAL $2,084,448 $1,501,000 $1,569,250 $2,050,000 $3,137,500 EXPENDITURES Administration $117,796 $100,000 $180,000 $140,000 $100,000 Intergovernmental Transfer 759,109 903,000 1,277,563 1,486,100 1,847,000 Library Transfer 10,000 10,000 10,000 10,000 10,000 Property Lease Purchase 400,000 120,000 120,000 120,000 120,000 Land Lease Purchase Expense 575,000 0 0 0 0 Projects 481,773 370000 80,000 440,000 400,000 TOTAL $2,343,678 $1,503,000 $1,667,563 $2,196,100 $2,477,000 © Estes Park Urban Renewal Authority 1999 I 2000 Budget GENERAL FUND FUND BALANCE 1997 Actual 199$Budget 199$Estimate 1999 Budget 2000 Budget 0 Beginning Fund Balance $683,640 $706,966 $424,410 $326,097 $179,997 Revenue 2,084,448 1,501,000 1,569,250 2,050,000 3,137,500 Total $2,768,088 $2,207,966 $1,993,660 $2,376,097 $3,317,497 Expenditures 2,343,678 1,503,000 1,667,563 2,196,100 2,477,000 Ending Fund Balance $424,410 $704,966 $326,097 $179,997 $$40,497 Ca Estes Park Urban Renewal Authority 1999 /2000 Budget DEBT SERVICE FUND 1997 Actual 199$Budget 1998 Estimate 1999 Budget 2000 Budget ‘) REVENUE Incremental Sales Tax $1,773,386 $1,950,000 $2,144,000 $2,354,000 $2,585,000 Incremental Propery Tax 329,138 310,000 350,000 350,000 350,000 Interest Earned 106,131 75,000 96,000 100,000 100,000 Conference Center Rental 250,000 255,000 255,000 260,000 265,000 TOTAL $2,458,655 $2,590,000 $2,845,000 $3,064,000 $3,300,000 EXPENDITURES Bond P&I $962,054 $1,011,735 $1,011,735 $1,061,163 $973,438 Transfer to General Fund 1,422,386 1,450,000 1,525,000 2,000,000 3,087,500 Bond Trustee Fees 3,036 3,000 3,100 3,100 3,100 Contigency 0 10,000 0 0 0 TOTAL $2,387,476 $2,474,735 $2,539,835 $3,064,263 $4,064,038 Estes Park Urban Renewal Authority 1999 I 2000 Budget DEBT SERVICE FUND. FUND BALANCE 1997 Actual 1998 Budget 199$Estimate 1999 Budget 2000 Budget Beginning Fund Balance $1,840,413 $1,892,523 $1,912,000 $2,217,165 $2,216,902 Revenue 2,458,655 2,590,000 2,845,000 3,064,000 3,300,000 Total $4,299,058 $4,482,523 $4,757,000 $5,281,165 $5,516,902 Expenditures 2,387,476 3,474,735 2,539,835 3,064,263 4,064,038 Ending Fund Balance $1,911,592 $2,007,781 $2,217,165 $2,216,902 $1,452,864 C 0