December 1st Retail Meeting
The City Council has cancelled the last two regular meetings and scheduled one for the 1st. At that meeting they will be discussing a new direction for the retail area. As the Mayor and Manager have repeatedly stated, they want retail facilities that will be unique. Small big box stores and up-scale restaurants are now in the mix.
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In allocating future revenues the City has established a precedent of keeping future sales taxes and allowing the Urban Renewal Authority to receive the property tax increment. The increment is the amount of new revenue from property taxes that exceeds the property taxes that previously existed. At the time that the Project was established the area was receiving property taxes from the Days’ Inn. Even though that revenue has been lost since the City acquired the property and demolished it, NURA will only receive the property tax revenue that exceeds the amount previously received.
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This fact brings up an interesting question. The proposed theater will generate property taxes that result from the building itself. The City owned land remains tax exempt since the theater is a lessee only. The same scenario will exist if the City becomes the developer and leases space to the future retail businesses. If a private developer acquires the land, it will no longer be tax exempt. Will the Manager be successful in convincing the Council to reject using a private developer? Will the General and Water funds ever see a return on the property?
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If he is successful in his quest, the key person on the staff is Katy Press. She developed her expertise in the real estate development area from 1983 through 1989 with two firms as a real estate representative. From 1990 till 2000 she lists herself as Real Estate Manager for the Denver Division of Safeway. From June of 2000 until October of 2001 she worked for a commercial development group. Starting that November she formed a corporation with another lady in the retail land consulting business. On August 15th of this year she came to work for the City as a full-time temporary employee with a starting wage of $43.22 per hour. I have included these details for the benefit of the Council as well as you. The Council only knows Katy as a former VIP with Safeway.
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In allocating future revenues the City has established a precedent of keeping future sales taxes and allowing the Urban Renewal Authority to receive the property tax increment. The increment is the amount of new revenue from property taxes that exceeds the property taxes that previously existed. At the time that the Project was established the area was receiving property taxes from the Days’ Inn. Even though that revenue has been lost since the City acquired the property and demolished it, NURA will only receive the property tax revenue that exceeds the amount previously received.
-
This fact brings up an interesting question. The proposed theater will generate property taxes that result from the building itself. The City owned land remains tax exempt since the theater is a lessee only. The same scenario will exist if the City becomes the developer and leases space to the future retail businesses. If a private developer acquires the land, it will no longer be tax exempt. Will the Manager be successful in convincing the Council to reject using a private developer? Will the General and Water funds ever see a return on the property?
-
If he is successful in his quest, the key person on the staff is Katy Press. She developed her expertise in the real estate development area from 1983 through 1989 with two firms as a real estate representative. From 1990 till 2000 she lists herself as Real Estate Manager for the Denver Division of Safeway. From June of 2000 until October of 2001 she worked for a commercial development group. Starting that November she formed a corporation with another lady in the retail land consulting business. On August 15th of this year she came to work for the City as a full-time temporary employee with a starting wage of $43.22 per hour. I have included these details for the benefit of the Council as well as you. The Council only knows Katy as a former VIP with Safeway.
posted by Gene Wieneke at
12:58 PM
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