Business Retention and Development Committee Agenda and Packet 2012 09 04

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SUBJECT:ECONOMIC DEVELOPMENTUPDATE DATE:AUGUST 29, 2012 PRESENTED BY:AARON M. DEJONG, ECONOMIC DEVELOPMENT Below are short updates on some key projects for the months of June and July. Colorado Technology Center–The Colorado Tech Center Metro District, after a successful refinancing of their bonds, has the funding capability to make improvements to the area. A process will begin to brainstorm ideas for improving the area that will make the area more viable andencourage additional development. New Scrapbooking Store on McCaslin–A new scrapbooking store “The Scrapbook Shack” will be going into the former Checker Auto Parts store at 525 McCaslin. A 5- year lease was executed for the 13,000 sf store. Steel RanchSouth Development–Confluence Builders will be starting the luxury apartment project at Steel Ranch South soon. Estimated construction cost is $36 million to create 228 new units. The complex will have 108 one-bedroom units with an average price of about $1,200, 108 two-bedroom units with an average price of about $1,400 and 12 three-bedroom units with an average price of about $1,600. Downtown Updates–Altan Alma has constructed the smallbuildings on their leased property on Front Street. Six buildings were installed where local produce and products will be sold. Grain Elevator–The City has taken over the purchase contract for the Historic Grain Elevator property. A referendum petition filed against the funding of the Grant Agreement with Amterre Property Group caused Amterre to walk away. The City taking over the purchase agreement keeps the building from being demolished until the end of November. Safeway Redevelopment Plan Submitted–Loftus Development has submitted new plans for the former Safeway property on South Boulder Road. The plan calls for approximately 100 apartments and 30,000 sf of retail space. Alfalfa’s Market is the main interested tenant for a majority of the retail space.