City Council Minutes 2007 12 04 - Laserfiche WebLink

Home Browse Search

City Council Meeting Minutes December 4, 2007 Page 4 of 10 Mr. Jeff Sheets, Koebel & Coimpany Vice President presented the redevelopment proposal. He explained they propose to redevelop the former State Farm building at 410 Centennial Parkway by converting the building from office to speculative retail space. They request assistance based upon the significant financial investment they will iincur to redevelop the property for retail. He presented slides of the proposed renovations to the building. Ms. Hogan reviewed the Business Assistance Package for Centennial Valley Properties VII, LLC. The assistance will be funded by new sales tax generated only from the successful redevelopment and lease of the existing office building for retail sales tax generating uses. Staff recommended approval of the BAP comprised of 40% sales tax rebate (excluding the .375% open space tax), to be awarded in years 3, 4, 5, 6 and 7 of operation of the project (beginning 24 months following the issuancc; of the 1St certificate of occupancy). The BAP would not exceed a total of 5 years and the 5-year term would not be extended or suspended in the event of an absence of leasing to retail tenants. Staff recommended no cap in the amount of assistance, but does recommend imposing a time limit so the assistance would expire following the 7th year after the 1St certificate of occupancy. COUNCIL COMMENT Councilor Muckle supported tlhe Business Assistance Package and stated the proposal will make better use of the site and provide connectivity to the north. Councilor Clabots asked how long the building had been vacant. Planning Director Wood estimated over two years. Councilor Clabots supported the Business Assistance PackagE;. Mayor Sisk stated office space does not generate sales tax, however retail stores will generate sales tax on the redeveloped property. PUBLIC COMMENT Annie Hughes, 1425 Garfield Court, Louisville, CO agreed this development will bring more retail to the City and provide connectivity to the north. She noted there are access problems with the site. She stressed the importance of knowing what the citizens and the commuters traveling along McCaslin Boulevard want. Mr. Sheets explained a traffic study was completed at the site and a new right-in access will be added to the north, and there is a full access point to the south. Councilor Yarnell thanked Ms. Hogan and Mr. Sheets for a thorough presentation.