HomeMy WebLinkAboutTB Study Session 2013-03-12
Town of Estes Park, Larimer County, Colorado, March 12, 2013
Minutes of a Study Session meeting of the TOWN BOARD of the Town
of Estes Park, Larimer County, Colorado. Meeting held in Rooms 202
& 203 in said Town of Estes Park on the 12th day of March, 2013.
Board: Mayor Pinkham, Mayor Pro Tem Blackhurst, Trustees, Elrod,
Ericson, Koenig, Norris and Phipps
Attending: All
Also Attending: Town Administrator Lancaster, Assistant Town Administrator
Richardson, Attorney White, Finance Officer McFarland and
Town Clerk Williamson
Absent: None
Mayor Pinkham called the meeting to order at 4:34 p.m. with Mayor Pro Tem Blackhurst
joining the meeting at 5:00 p.m.
FUTURE AGENDA ITEMS
The revisions to the Stanley Historic District agreement scheduled for the March 26th
meeting has been removed and would remain unscheduled until the Technical Review
of the new Pavilion has been completed by the Stanley. The next meeting would
include a discussion on Board procedures such as motions, communication with
citizens, involvement with outside groups representing the Board, meeting
management, and the process for limiting speaker time and limiting them to the topic at
hand.
Trustee Ericson requested a capital planning and management plan be in place prior to
the budgeting process for 2014. Trustee Norris concurred on the importance of having
the plan in place for planning and budgeting. The capital asset management plan would
be moved to the May 14th meeting.
Trustee Ericson stated a review of the Town’s support for the Highland festival should
include a comprehensive review of all special events to determine their benefit to the
Town. He suggested there may be events that should be eliminated because they are
not bringing in sales tax. The Highland Festival review would be expanded to include a
review of all events at the May 14th meeting.
TOWN’S ROLE IN ECONOMIC DEVELOPMENT
The main questions to be discussed centers around what is the Town Board’s role in
economic development and where would it fit within the development of the Board’s
strategic plan and the components of the plan, such as Vision, Mission, Goals and
Objectives as it relates to economic development.
Trustee Norris stated the Town has a policy basis to guide the Board with a Town
Vision, Mission, Guiding Principles and 2013 Objectives. The goal is to translate the
general guidance/objectives adopted by the Board into specific roles the Town should or
should not play in economic development. He stated to enhance our position as a
premier mountain community the economic health of the community must improve. The
2013 Objectives included the development of an economic strategy through the
development and adoption of policy defining the Town’s role in economic development;
review the impact of Town regulations on business attraction and expansion; improve
transportation; improve and maintain infrastructure; continue redevelopment of Stanley
Park and Bond Park and adopt a comprehensive capital improvement plan. In addition,
the Town needs to collaborate with other government agencies and support the
community economic development efforts.
Board discussion followed and has been summarized: the Town should be involved in a
local Economic Council with a seat at the table but should not manage it; the Town
should not take the lead on economic development; the Economic Council needs to
take the lead for the community; Trustee Elrod suggested the Local Marketing District
could expand its scope and take the lead in Economic Development rather than
developing a separate entity; the major players involved in the council need to be
identified; and a recommended format for the council should be brought forward for the
Board’s consideration.
Administrator Lancaster stated there is an advantage to having a separate non-
governmental entity because businesses are more comfortable discussing options with
a neutral entity; however, an all private entity does not work well either. All parties need
to be represented.
The Economic Development Task Force would come before the Town Board in April
with a final report and form the Economic Development Council in May.
FINAL COSTS AND FINANCING FOR MPEC AND STALL BARN
Finance Officer McFarland stated the project has a estimated cost of $7.5 million,
including construction costs, IT, FF&E, project management, start up, landscaping,
parking lot, UTSD taps, Town taps, Town electric and contingency. Staff has reviewed
financing options as well as cash available for the projects and recommends the Town
use Certificates of Participation (COPs) for $6 million with a 14-year repayment at an
all-inclusive rate of 2.97%. This would equate to annual repayments of $530,000. A
10-year COP would have annual payments of $680,000. The proposed COPs would
allow the Town to use a bank rather than a public offering which is simpler, faster and
cheaper. The collateral for COPs would likely be the Town Hall. The Town would use
approximately $1.5 million in cash to complete the project and decrease the Town’s
General Fund reserves to 25%. The Community Reinvestment fund would have a fund
balance of $800,000 to complete other projects.
Discussion followed on the advantages of seeking callable COPs at a slightly higher
interest rate. Callable COPs would allow the Town in the future to pay off the loan early
in order to pursue other options with Town Hall. The consensus was to move forward
with callable options at five, eight and ten years.
The timetable would include the posting of RFPs for potential bank purchasers on
March 15th, identify preferred purchaser by April 10th, approval of leasing ordinance at
the April 23rd Board meeting, and closing and delivery of proceeds on May 23rd. A
supplemental budget appropriation would need to be approved prior to the contract
approval by the Board.
There being no further business, Mayor Pinkham adjourned the meeting at 6:30 p.m.
Jackie Williamson, Town Clerk