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City Council Meeting Minutes January 6, 2015 Page 13 of 18 DISCUSSION /DIRECTION /ACTION PREPARATION OF AN URBAN RENEWAL PLAN FOR 550 S. MCCASLIN BOULEVARD Mayor Muckle requested a staff presentation Economic Development Director DeJong explained the staff is requesting City Council direction to begin preparation of an Urban Renewal Plan for 550 S. McCaslin Boulevard, the former Sam's Club property, which closed in 2010. The 13 -acre property includes a 128,000 sf building, which is sitting mostly vacant today. Centennial Valley Investment, LLC (Centennial Valley) purchased the property in January 2014. Several concerns arose from the vacancy including: reduced viability of adjacent properties; potential to contribute to neighborhood decline and weakening the McCaslin Corridor. The City Council directed staff on May 6, 2014 to commission a Conditions Survey. An Urban Revitalization Consultant looked at defined blight factors in State Urban Renewal Law and a Conditions Survey was completed in July of 2014. The survey identified 4 blighting factors on the property. 1) Faulty lot layout; 2) Deterioration of site or other improvements; 3) Defective or unusual conditions of title rendering the title nonmarketable and 4) Existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings or other improvements. The City Council made a blight determination on October 7th by approving Resolution No. 60, Series 2014 but did not direct staff to begin preparation of an Urban Renewal Plan to address the blighting factors. The blighting factors continue to limit potential for redevelopment or re- tenanting the building. An Urban Renewal Plan would outline the steps and actions necessary to address the blighting factors. Approving a plan must follow rules in State Statutes. Staff proposed to develop an Urban Renewal Plan outlining the steps and actions necessary to address the identified blighting factors. The main steps in the process outlined in the Colorado Revised Statutes to approve an Urban Renewal Plan include a Planning Commission recommendation as to its conformity with the Comprehensive Plan. Fiscal impact: Staff believes the plan can be prepared internally with assistance from the City's urban renewal attorney Malcolm Murray at a cost of less than $5,000, which is available in the Economic Development budget. If an outside consultant is required to prepare the Plan, it is estimated the cost could be as much as $30,000. Staff recommendation: Staff recommended City Council direction to begin preparation of an Urban Renewal plan for the former Sam's Club building. PUBLIC COMMENTS