HomeMy WebLinkAbout6238RESOLUTION NO. 6238
A RESOLUTION APPROVING AN APPLICATION TO THE
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
FOR URBAN DEVELOPMENT ACTION GRANT FUNDING,
AUTHORIZING THE CITY MANAGER TO EXECUTE AND
SUBMIT SAME AND TO ACCEPT FUNDING ON BEHALF
OF THE CITY OF PUEBLO IF APPROVED, AND
DESIGNATING THE CITY MANAGER AS THE CITY'S
REPRESENTATIVE TO ACT IN CONNECTION WITH THE
APPLICATION.
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that:
Section 1.
The Application to the Department of Housing and Urban Development
for Urban Development Action Grant funding, a copy of which is attached
hereto and made a part hereof by reference, including all the understand-
ings and assurances contained therein, is hereby approved and the City
Manger of the City of Pueblo be and he hereby is authorized to execute
and submit said Application on behalf of the City. The City Manager is
hereby designated as the City's representative to act in connection with
the Application, to provide such additional information as may be
required, and, if the Application is approved, to accept on behalf of the
City said Urban Development Action Grant funding.
INTRODUCED JULY 25 ,1988
BY MIKE SALARDIM
COUNCILMAN
APPROVED:
ATTEST:
RESIDE T F THE COUNCIL
4tv�.4 j A41 Lei,
CITY CLER
.r
1)"Tpr I -w -as
Urban Development Action Grant
Submittal for the
"PUEBLO CENTER" PROJECT
a Mixed Use Hotel, Convention Center and Office Project
Submited by the City of Pueblo, Colorado
July 29, 1988
TABLE OF CONTENTS
PART I: LETTER OF TRANSMITTAL
PART II: STANDARD FORM 424
PART III: DESCRIPTION OF PROJECT
SEC. A: STATEMENT OF PROBLEMS AND OBJECTIVES
SEC. B: PROJECT DESCRIPTION
1. Brief Project Description
2. Preliminary Information
UDAG FORM 1
3. Project Description by Transaction
UDAG FORM 2A
UDAG FORM 2B
a. Description of the Proposed Site
b. Development Summary
i. Developers
ii. Sources of Funds and amounts to complete
project
iii. Consultants
iv. Sources and uses of Funds for Projects
UDAG Form 3A
V. Other Public Financial Assistance
UDAG Form 3B
C. UDAG Repayment Summary
d. Project Schedule
SEC. C: STATEMENT OF "BUT FOR"
SEC. D: MARKET FEASIBILITY
SEC. E: EVIDENCE OF DEVELOPER, PRIVATE INVESTOR, AND
OTHER PUBLIC COMMITMENTS
1. Documentation from Developers, Equity Investors, Employers,
Major Tenants
2. Evidence of Commitments from Private Lenders
3. Debt Securities (bonds)
4. Evidence of Commitments other Public Sources
5. Loan Application to Private Lenders
6. Financial Statements of Each Private Entity
SEC. F: EVIDENCE OF MEETING PROGRAM OBJECTIVES
1. Alleviation of Economic Distress
a. Jobs
UDAG FORM 4
b. Taxes
UDAG FORM 5
PART IV: ASSURANCES
PART V: EXHIBITS AND APPENDICES
Part I
Letter Of Transmittal
"PUEBLO CENTER" PROJECT
Part II
Standard Form 424
"PUEBLO CENTER" PROJECT
' PART I 1
OMB Approval No. 29 -ROQIB
.00
FEDERAL ASSISTANCE
L APPU-
`
a. STATE
a• f1i111SER
e. OTHER
CANT'S
�N CJ4
N/A
.00
APPU.
ID ES
L TYPE ❑ I'REANUGTION
a OAT[
L OATE Year ,tong ay
ACTION ® APPLICATION
CATION
MOWA sl
1988 07 Z�
n�
ASSIGNED 19
f Wart op. ❑ mannCATION OF INTENT (OPQ
L
C17" ❑ KPONT OF FEDMLL ACTION
Blank
L LEGAL APPLICANT /RECIPIENT
L FEDERAL EMPLOYER IDENTIFICATION NO.
a Ay MoRuss City of Pueblo, Colorado
84- 6000615W
h. aquiatwo Ualt
e. Sbad/P•O• Not One City Hall Place
PRO. a INM 1 4 • 14121 1
L Gb Pueblo a Caws1lr : Pueblo
GRAM L TITLE
Colorado s )OrDad.: 81003
(Fronk Urban Development
Federal Action Grant
L Gestalt Farkas (Name
Catalor)
`
d! telephone No.) ;
7. TITLE AND DESCRIPTION OF APPLICANTS PROJECT
L TYPE OF APPLICANT /RECIPIENT
DOWNTOWN PUEBLO HOTEL /CONVENTION CENTER:
A w H- 4orwwity Action Agency
The project is composed of a mixed use Hotel,
Fft hwu' N Nrthm 141WA .enal lastrtrtka
FWoosTr
Convention, and Office complex designed and
Dowel R -OWsr (Specify):
D
constructed as an intergrated project for purpose
F - ieNSl Did"
of architectural, construction, and usage
S-Saanal Pe"We
District Enter 6ppropriou later 1 7771 E
compatibility. The location under concern in thi
9. TYPE OF ASSISTANCE
project encompasses an area of approximately
A-Smie G""f 04 mo r eics ,
Continuted on page 2, Note 1, Section IV
c4st -sw@ nnw•mr oval E-oa« E P rint. ~(s/ M
1D. AREA OF PROJECT IMPACT Wames of cities. eoaotice.
1L ESTIMATED NUM-
IL TYPE Of APPLICATION
slat". Ste.)
BER OF PERSONS
BENEFITING
A-Nsw G.Rafsion E- &I Rmlat+«
City and County of Pueblo, Colorado
106,000
B'vel..d+u Enter appropriate letter IJ
M PROPOSED FLAMING
14. CONGRESSIONAL DISTRICTS OF:
IL TYPE OF CHANGE (For its or Ile)
"stress, Dolls" F -Olher (SpseNy):
Tr-0SVam Dallas
a. FEDERAL
$ N .00
a. AFFLICANT
L PROJECT
L APPLICANT
v eta
3rd of Colorado
3rd of Colorad
o -Ile so, D., N/A
L STATE
N ,00
lie PROJECT START
17. PROJECT
E- Otaedlatisa
_
DATE Yar!'g+� fur
19.89 U4 01
DURATION
M"9
Enter appro-
ter:sb Ltto(s!
d. LOCAL
ti 00
e. OTHER
qj
r✓ 00
IL ESTIMATED DATE TO You► men" fay
BE ( AGENCY
19. EXISTING FEDERAL IDENTIFICATION NUMBER
f. TvTAt
i -2 .00
► 1988 07 29
2L FEDERAL AGENCY TO RECEIVE REQUEST (Name. City, Smils. Sit oak) 2L REMARKS ADDED
Dept. of Housing and Urban Development, Washington, D.C. 20410 Y" O N•
2L a. To IM hmt of lag knowledge and hdid. L H toisind by Otsi Cimoler A45 this 40imil o ace arhmRbd, te"rs"e to is. No ra• �
Mh In Yis prwapylcetioi /sWiation an 810"bo n Slams. fa aysrelowle slowmaboams aM all nsMn an Gambol: open
THE Vat and mrnct, the dwrnteet has hq N/A
APPLICANT dry sotaerind y the rereralag heft M
CERTIFIES the Opplited and the aset!itlnt will awry (1) ❑ ❑
THAT 0. with the stbebN aawranem N be amid- OD ❑ ❑
sane Is approad. 0) ❑ ❑
ZL
a. TYPED NAPE AND TITLE
L SIGNATURE
t DATE SIGNED
CERTIFYING
Lew Quigley
You w
r ont by
RE►RE•
City Manag
y g
19 88 07 26
SENTATTVE
24. AGENCY NAME
26. ARPLICA- Tow a"" day
RECEIVED 19
2L ORGANIZATIONAL UNIT
27. ADMINISTRATIVE OFFICE
2B. FEDERAL APPLICATION
IDENTIFICATION
2L ADDRESS
SL FEDERAL GRANT
IDENTIFICATION
23. ACTION TAKEN
O a NUMED
0 L REJECTED
p a RETURRED FOR
ti AMENDMENT
0 d. DEFERRED
C) a WTMORAWN
SL FUNDING
Year mes'" day 1541.
Your moo" gar
i
19
Yaw seen" day
SL
FEDERAL AGENCY
t A-95 ACTION
424 -101
a. FEDERAL I S .00 S3. ACTION DATE ► 19 1 DA'
L APPLICANT 00 35. CONTACT FOR ADDITIONAL INFOPAA. SL
TION (Name and &ski somber) I rw
e. STATE
.00
d. LO"JLL
.00
e. OTHER
AO
I. TOTAL
S
.00
•. in tahins above action, my p wAnb remind Imp dearinig one Sao.
dtkred. If ststicY rosao w is doo nadw ynriaiaaa of KK 1. CUB Cuwlar A43,
It has bas or Is b+nas ands.
37. REMARKS ADDED
Q Y«
L FEDERAL AGENCY A.SS OMCIAL
(Name and sawphow eve.)
STANDARD FORM 424 PADS I (10 -76)
Pvnwiied M "A. Pader•l AlasaC-54=8 GYroslar y4-F
lWT= ff-49MANS (P& r n /woma W proW lbw wuwbw /rm Soodeme 1,11 or Ul. {l appUmbV)
Note 1 - Section I -7 (Continued)
6.5 acres in the downtown Pueblo area. The major components are as follows:
1. Hotel to consist of 200 rooms and would contain
approximately 130,000 square feet of floor area.
2. Convention center to contain approximately 34,000
square feet of floor area.
3. Two office complexes, each to consist of approximately
30,000 square feet of floor area.
Note 2 - Section I -13
ITEM: 13
a. UDAG
b. Tax Increment Bonds
c. N/A
d. N/A
e. Other- Private
Investment
$4,000,000
5,000,000
-0-
-0-
14,500,000
$ 23,500,000
STANOiMW FO M1 4K PME 2 (10-M
Part III
Description of Project
"PUEBLO CENTER" PROJECT
A. STATEMENT OF PROBLEMS AND OBJECTIVES
The City of Pueblo is located approximately 110 miles south of Denver
and according to the 1980 census, is the fifth largest city in the state. The
estimated 1985 population of Pueblo was 101,510, the 1960 population was
91,181. Pueblo's average unemployment rate for the year 1986 was 12.0%.
The percent of persons with income below the poverty level according to the
1980 census stood at 14.3%. As of July, 1988, the number of families who
received assistance from the Pueblo County Social Services Department
numbered 1600. Pueblo County is second only to Denver in the number of
welfare recipients. Based on these figures entry -level jobs are needed in
Pueblo.
The Downtown Pueblo Hotel /Convention Center and Office Project will
be located in the core of the downtown area. Over the years the downtown
area has experienced a decline similar to the decline which has occurred in
many other cities. Retail outlets migrated to the peripheral areas, medical
offices began to relocate near major hospitals, wholesaling and warehousing
uses dispersed throughout the urban area, and the downtown area became
less attractive as a residential center. There is an urgent need for renewed
economic and social reinvestment in Downtown Pueblo. In response to these
and other factor, the City of Pueblo has undertaken plans, including the
designation of the proposed project site as a slum /blight area under the
Colorado Urban Renewal Law. In addition, the city has created the Urban
Renewal Authority to undertake renewal and revitalization activities directly
intended to increase the tax base of the entire community and implement the
goals and policies of the adopted Pueblo Regional Comprehensive
Development Plan.
The Downtown Pueblo Hotel /Convention Center and Office Project will
create approximately 220 permanent jobs for the Hotel, convention and
restaurant facilities. Additionally, 200 jobs will be created in the Office
Project. It is expected that the largest percentage of the permanent jobs at
the Hotel will be filled by low- and moderate- income persons due to the
nature of the jobs being entry -level positions. A total of 150 of the 200
jobs are expected to be of this nature. To assure these jobs will be filled
with low- and moderate - income persons, the City will use the services of the
Pueblo County Job Training Administration, which administers the Joint
Training Partnership Act programs. This agency has income qualification
criteria, at least as restrictive as the CDBG definition of "low and moderate -
income person." To assure local minority businesses and contractors in the
procurement process, the City of Pueblo will follow affirmative steps such as
including such businesses on solicitation lists, acquiring prime contractors to
ensure subcontractors take affirmative action steps to include affirmative
language in all bid documents and monitor the same as required by federal
law.
B. PROJECT DESCRIPTION
B.1 BRIEF PROJECT DESCRIPTION
The Pueblo Center Project is a mixed -use development combining an
approximate 130,000 sq. ft. 200 -room hotel, 34,000 sq. ft. convention center,
and two office buildings of 60,000 sq. ft. total on 8 acres of land at the
intersection of First and Santa Fe in Pueblo, Colorado. The project is
located in the center of the Pueblo Urban Renewal Area, and will be the
focal point for the rejuvenation of the Pueblo Central Business District. The
Project has been undertaken to meet the hotel room, convention meeting
space, and office market needs in the Pueblo market. The project will also
serve to prevent the spread and development of blight, will stimulate
economic development, promote private commercial development and
reinvestment in a strategic area, and will provide permanent jobs for persons
of lower income.
On August 25, 1986, the Pueblo Urban Renewal Authority (PURA) and
the City of Pueblo entered into a cooperation agreement whereby the PURA
agreed to purchase the project site consisting of approximately 8 acres and,
as agent for the City, to finance and construct a convention center and its
required parking area within the project area. The PURA has further issued
bonds sufficient to finance the project and has entered into an agreement
with Ross Investment Group - Pueblo, LTD., a Colorado limited partnership to
build the private improvements consisting of a hotel and two office buildings.
The City Council adopted the Amended Urban Renewal Plan for the
project site on August 25, 1986. The plan encompasses an area of
approximately 8 acres in the downtown portion of the City. Pursuant to the
Downtown Pueblo Amended Urban Renewal Plan, the City has acquired
title to the property in the proposed project area and has demolished and
cleared buildings that formerly occupied the property, with the exception of
three abandoned buildings which have yet to be demolished. Consequently,
all of the project area is vacant, undeveloped land which the PURA intends
to expend public funds to aid in the completion of the redevelopment.
The colored site plans on the following two pages represent the
preliminary layout of the 8 acres of land, and the final layouts are in
process now. Please note on the second graphic the strong pedestrian
orientation. This project will become the hub of pedestrian activity in
downtown Pueblo, anchoring the Sangre De Cristo Arts Center, City Hall, the
Union Avenue Historic District, the Ice Arena, and Main Street. The goal of
the plan is to be the start of the rejuvenation of the Pueblo Central
Business District while meeting local market needs.
The following is a brief description of project activities set out by the
proposed project:
Property Acquisition - The real property to be encompassed includes
the 8 acres currently owned by the City, which will be transferred to the
PURA pursuant to the above mentioned cooperation agreement. The City has
vacated certain streets and all alleys abutting the project site that are
required for the project.
Property Management Properties - Purchased by the PURA and may be
temporarily managed and operated by the PURA until such time as these
properties are conveyed or dedicated for uses for the project.
Relocation Plan - Pursuant to its authority under the urban Renewal
Law and its own previously adopted relocation plan, the PURA and the City
have assisted in the relocation of businesses and persons from the proposed
site to new sites. Relocation activities have been complete.
Buildina Demolition. Clearance
and Site Preparation
- The City has
complete demolition and removal
of all but three
structures that it has
determined, necessary for the
redevelopment of the
Proposed site. Except
for the remaining structures,
the
PURA will not
undertake any further
demolition or clearance, but
may
be involved in further site preparation
activities.
Zoning and Subdivision - If required, the PURA, in cooperation with
the City will cause the real property within the project area to be re -zoned
and subdivided for the development of the project in compliance with the
overall project plans. PURA has committed to this re- zoning if required as
part of the Disposition and Development Agreement contract.
Public Improvements and Public Facilities - The PURA in cooperation
with the City will provide for the extension of utilities to the property lines
of parcels to be sold for private redevelopment. The PURA will also
construct public facilities necessary to carry out the project to include a
convention center containing approximately 34,000 sq. ft. and a related
parking structure or lot of appropriate size, as well as landscaping and
adjacent street and right -of -way improvements.
The parties involved in this project are:
1) Applicant - The City of Pueblo
Mr. Ken Hunter - President of the City Council
Mr. Lewis Quigley - City Manager
Mr. Tony Berumen - Director of Community Development
2) Developers - Pueblo Center Hotel Associates;
Gaelic Management (or assignee) - General Partner
Mr. J. Lynn Bock - President
Ross Investment Group, Inc. (or assignee) - General Partner
Mr. Richard G. McClintock - President
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B.2 PRELIMINARY INFORMATION
Yes No
(a) Have citizen participation hearing been held? X
First public hearing took place July 11, 1988
Second public hearing took place July 25, 1988
(b) Is the environmental level of clearance finding
complete? X
Date of Clearance Finding July 26, 1988
(c) Does the project require an Environmental Impact
Statement? X
(d) Is an environmental review complete? X
Date
Necessary notices, including intent and explanation
notices to do work in a floodplain, will be published
if application is accepted. No historic properties
are involved - MOA with State Historic Society to
be followed.
(e) Is the project in a designated flood hazard area? X
Section 108 Fountain Floodcreek Project has begun
and will, on completion, eliminate flood hazard to area.
(f) Will historic properties be affected?
X
(g) Will the proposed project result in the relocation of
industrial or commercial facilities from one jurisdiction
to another? X
(h) Does the applicant have any unresolved issues arising
from civil rights compliance reviews or previous CDBG
conditions relating to fair housing issues, citizen
participation allegations, lawsuits, or other allegations
against the proposed or any other federally assisted
project (or funding) administered by the applicant? X
See attached letter from City Attorney's office.
(i) Will the project for which the assistance is requested
directly cause the displacement of individuals, families,
businesses or farms? X
The site is cleared and all businesses have vacated. Therefore UDAG Form 1 is
not applicable.
UDAG FORM 1
RELOCATION EFFECTS
Low and Moderate Other Income Total
Income Categories
Minority Non - Minority Minority Non - Minority Minority Non - Minority
1. Displaced
Families
N/A
N/A
N/A
N/A
N/A
N/A
2. Unrelated
Individuals
Displaced
N/A
N/A
N/A
N/A
N/A
N/A
3. Farms
Lost
N/A
N/A
N/A
N/A
N/A
N/A
4. Businesses
Displaced
N/A
N/A
N/A
N/A
N/A
N/A
5. Jobs Lost
From Businesses
in Line 4
N/A
N/A
N/A
N/A
N/A
N/A
D ED
City of Pueblo
THOMAS E. JAGGER
City Attorney
127 West, First National Bank Bldg.
MEMORANDUM PUEBLO, COLORADO 81003
TO: Tony Berumen, Director of Housing and Community Services
FROM: John G. Scorgie, Assistant City Attorney
DATE: July 14, 1988
RE: Information Regarding Lawsuits For UDAG Application
The City of Pueblo, like any other city of comparable size, is
continually involved in lawsuits, most of which deal with personal
injury claims or contract disputes. However, the only lawsuit I
am aware of which involves civil rights or fair housing issues,
currently pending against the City of Pueblo is Kachel v. City of
Pueblo Case No. 88 -C -743, in the United States District Court for
the District of Colorado. As you are aware, the plaintiff in this
case claims sex discrimination by the City of Pueblo because of
her failure to obtain the appointment as City of Pueblo Housing
Director.
The matters mentioned in my June 1, 1983 memo which was attached
to your request have long since been resolved. Both Tim Boies and
Rick Lancendorfer were hired on as City of Pueblo police officers
on October 3, 1983 and remain so employed today.
If HUD requires any further information or documentation on these
matters, please let me know.
JUL 14 988
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UDAG FORM 2A
ALLEVIATION OF PHYSICAL DISTRESS
RESIDENTIAL TRANSACTIONS OR COMPONENTS
INFRASTRUCTURE FOR RESIDENTIAL PROJECTS
WHERE APPLICABLE
Linear Feet Linear Feet of Capacity Added (Units Served)
of New Pipe Pipe Replaced
A. Water N/A N/A N/A
B. Sewer N/A N/A N/A
C. Sanitary N/A N/A N/A
(A)
(B)
(C)
(D)
New Construction
Rehabilitation
Demolished
Historic
Single
Multi-
Single
Multi-
Family
Family
Family
Family
(%Substandard)
Restoration
Number of Units
N/A
N/A
N/A
N/A
N/A
N/A
Number of Occumpants
Before Project
Completed
N/A
N/A
N/A
N/A
N/A
N/A
Number of Occumpants
After Project
Completed
N/A
N/A
N/A
N/A
N/A
N/A
INFRASTRUCTURE FOR RESIDENTIAL PROJECTS
WHERE APPLICABLE
Linear Feet Linear Feet of Capacity Added (Units Served)
of New Pipe Pipe Replaced
A. Water N/A N/A N/A
B. Sewer N/A N/A N/A
C. Sanitary N/A N/A N/A
UDAG FORM 2B
ALLEVIATION OF PHYSICAL DISTRESS
COMMERCIAL /INDUSTRIAL PROJECTS
New Rehabilitation Historic Restoration
Construction
Number of Buildings 4
Total Square Footage 200,000
N/A N/A
N/A N/A
INFRASTRUCTURE FOR COMMERCIAL /INDUSTRIAL PROJECTS
Linear Feet Linear Feet of Capacity Added
of New Pipe Pipe Replaced
A. Water N/A N/A N/A
B. Sewer N/A N/A N/A
C. Sanitary N/A N/A N/A
B.3 PROJECT DESCRIPTION BY TRANSACTION
This project is one transaction for purposes of the UDAG.
See UDAG Form 2A
See UDAG Form 2B
a. Description of the proposed site.
i. Location and physical characteristics - The Project site is
located at the intersection of First Street and Santa Fe Avenue in the
southern Central Business District of Pueblo. The property, which
consists of 8 acres in two parcels (the hotel /convention center parcel
of 5.123 acres and the office parcel of 2.768 acres) is bounded by First
Street, Santa Fe Avenue, Mechanic Street, Richmond Avenue, and Union
Avenue. Central Main Street bisects the two pieces of land. Please
see the following aerial for location of the project and the following
survey for parcel size and layout. Physically the site slopes from
Northwest to Southeast, changing grade of approximately 8 feet across
the site. All of the office parcel (Parcel A) and some of the hotel
parcel (Parcel B) are clear of any buildings as the Urban Renewal
Authority has removed them in anticipation of this project. The
remaining buildings on Parcel B are all dilapidated and are scheduled to
be demolished by the Urban Renewal Authority. Utilities are in the
surrounding streets, and these are currently in good condition and carry
sufficient capacity to service the contemplated development.
ii. Acreage - Parcel A; the office parcel is 2.768 acres and is
planned to include 2 office buildings, each 30,000 square feet in size.
This land is owned by the Urban Renewal Authority andis committed
by the Disposition and Development Agreement contract (DDA) to be
sold to the developer. The north 63,000 square feet will be sold to the
developer during the week of August 1, 1988 for construction of the
first office building, for which commitments are within this application.
The first and second floors of this building will be occupied by the
Centel Corporation which has signed a 20 year lease. The remainder of
Parcel A will be sold to the developer on the time line presented in
the DDA.
The Urban Renewal Authority and the City of Pueblo own from
Hobson Avenue north to First Street, on Parcel B, and are in the
process of acquiring the balance of the land. The Authority is
committed by the DDA contract to assemble the property and to sell it
to the developer prior to development of the hotel according to the
schedule of performance.
iii. Aggregate cost of the acreage and information verifying cost
The City of Pueblo, by resolution, acquired the project site by
acquisition and relocation at a total cost of $1.779.058 Parcels I
through 5 of the proposed project site are already owned by the
City of Pueblo and will be transferred to the PURA under an
appropriate cooperation agreement. (See Appendix * *).
iv. Cost per square foot or acre of property, and comparable land
costs in local vicinity of transaction
Cost per square foot of some sections of proposed project site
ranged from as low as $3.88 to $26.52. Comparable land cost in
the vicinity range from $1.16 to $20.26 per square foot. See
tables attached to Appendix * *.
V. Proof of present ownership and public or private developer's
control of site:
The City of Pueblo, by resolution, has authorized the purchase of
the parcels. Resolutions are available in the office of the City
Clerk. (See Appendix * *).
vi. Zoning of the site; is it appropriate for intended uses? Is re-
zoning required? What is the status?
The majority of the land withing the project area is zoned B -4,
the highest business use designation for retail use. Existing
zoning in the project area generalkly permits the land uses
contianed for the Hotel /Convention Center. (See Map 10 attached
to Appendix * *).
vii. If the transaction involves the rehabilitation of historic
structures, briefly describe how structures will be restored or
adapted to new uses.
The City has completed demolition and removal of all but one
structure that it has determined necessary for the redevelopment.
Except for the remainign structure, the City of Pueblo will not
undertake any further demolition clearance orsite preparation
activities. See attached letter to Colorado State Historical
Preservation Officer. (See Appendix * *).
Worksheet for Part III
Section
83 a. (3) -(6)
Hotel /Convention
Center Project
Site
Information
Street
Land Use
Current
legal
Acquisition
Square
Cost
R M!UtlGn
Est',Tiated
Address
Classification
'coning
Descrip.
Costs Paid
Footage
Square
To
Acquisition
Pu cha wd by City
'Hap 14
Block
Foot
Acquire
most
-------------------------------------------------------
1`11 S. Santa Fe
Industrial
I -2
------------------------------------------------------------------
'lock
57
106 W. First
Industrial
I -2
Block
57
135,000
12672
10.65
5243/5322
1:4 W. first
Industrial
B -4
Block
57
41,000
10560
3.88
5595
116 'W, First
Industrial
B -4
Block
57
70
2640
26.52
5672
1.8 W. First
Commercial
B -4
Block
57
125
10560
11.84
5187
120 W. First
Commercial
B -4
Block
57
0
8250
0.00
5557
236 -246 W. First
Commercial
F -4
Block
57
80,000
5220
15.33
5518
240 -246 W. First
Commercial /Res.
B -4
Block
57
49
4040
12.25
5261
161 Central Main
Industriil
B -4
Block
59
35
8250
4.24
5230/5326
'63 Central Main
Residential
B -4
Block
59
31,000
4138
7.49
5463
165 -169 Central Main
Vacant Lots
9-4
Block
59
Still There
11467
0.00
N/A
46
101 Central Main
Commercial
I -2
Block
60
Still There
3500
0.00
N/A
3
175 -191 Central Main
lidustrail
9-4
Block
59
358.000
3570
102.29
5242
At{#►s
4665
' - Saota -f-e Railroad
Vacant
B -4/I -2
319
y
302 -306' N. !anion
Commercial
B -4
74,500
5176
110 -112 N. Mechanic
Industrial
I -2
Block
I
Still there
4356
0.00
N/A
8
114 -120 N. Mechanic
Industrial
I -2
Block
1
Still there
2963
0.00
N/A
5
312 -314 N. Union
Commercial
B -4
Block
59
70.000
5337
318 N. Union
Commercial
B -4
Block
59
35,000
5UV5132
316 N. Union
Commercial
B -4
Block
59
35,000
5364
308 % Union
Commercial
B -4
Block
59
35,000
5364
320 % Union
Commercial
B -4
Block
59
35
5364
32/324 N. Union
Commercial
B -4
Block
59
55.500
4829
310 N. Union
Commercial
9-4
Block
59
24,800
4669/5326
326 N. !anion
Commercial
B -4
Block
59
55,000
5661
152 -158 Hobson Av
Industrial
1/2
115
5557
-------------------------------------------------------------------------------------------------------------------------
$1,779,05B
641395
Fart III Section B3 a. (4)
Table o+ Comparable Land Costs In Project Area
Comparative Deed Date Raw Land Sale Parcel Zone
Location Price Price Size Sq.Ft.
--------------------------------------------------------------------------
1st & Albany 8/16/84 $5.30 $225,000 42453 I -3 60;.
403 w. 7th 2/8/84 $4.34 $25,000 5760 _ B -4 +
515 N Gra d 1/22/86 $5.21 $62,500 11996 B -4 �-
330 W St. 8/31/87 :1.16 $83,500 71983 I -3
500 W. 3rd 4/11/89 $1.63 $8,600 5276 1/2 (�
604 w. 8TH 3/11/88 $1.52 68,000 5263 I -2
701 -709 n. Main 6/1/87 $5.68 :60,000 10563 B -4
403 W. 7th 6/11/87 $4.29 :24,700 5758 B -4
100 S. Main 1213/86 $1.17 $166,905 142654 I -2
SOURCE: PUEBLO COUNTY ASSESSOR'S OFFICE 1
J
�
PJ- a ,4 S
r � -
T-3
b. Development Summary
i. Developers: The development group "Pueblo Center Hotel Associates" is
a joint venture of Gaelic Management, Inc., (or assignee) and the Ross
Investment Group, Inc., (or assignee). The Gaelic /Ross team will be jointly
responsible for development of the hotel /convention center project, and Ross
will be responsible for the office development.
Gaelic Management, Inc. is a full service management /development
company for hotel /motels and restaurants. The corporate office in
Wichita, Kansas has 12 officers and employees and is responsible for
overseeing .approximately 550 employees in company owned /managed
properties and field operations. Comparable hotel project developments
undertaken by Gaelic Management, Inc. include two Embassy Suite hotels of
444 rooms in Denver, Colorado and a 234 -suite Embassy Suite hotel under
development in Seattle, Washington.
In addition, Gaelic Management, Inc. has development and management
interests in several restaurant chains, namely Amarillo Grill (mesquite -style
steakhouse), a 6- restaurant chain in England recently sold, Restaurants Les
Pres (french style restaurants as franchisee with license rights in England
and the U.S.) and a license agreement for development of Le Peep
restaurants in Florida.
Other business interests which Gaelic Management, Inc. and /or Dan
Carney (sole owner of Gaelic Management, Inc.) are involved include
COMCOA (traded over - the - counter and a franchisee of Rent -A- Center stores
in Florida) and ownership interest as franchisee of various Pizza Hut stores.
The contact person is: J. Lynn Bock
President
Gaelic Management, Inc.
2024 N. Woodlawn #402
Wichita, Kansas 67208
(316) 683 -5150
The Ross Investment Group, Inc. is the development arm of the
Frederick Ross Company, a 100 -year old commercial real estate firm. The
company's expertise in public - private partnerships is unparalleled in the
region, having redeveloped 200 acres of property in four Denver Urban
renewal projects with over 2,000,000 square feet of construction underway or
completed. Ross has successfully been involved in the urban renewal
projects in the cities of Arvada, Edgewater, Englewood, and Wheat Ridge,
and they bring their public - private expertise to Pueblo. A recent quote from
the Arvada Urban Renewal Authority Executive Director, "The Arvada Urban
Renewal authority could not have selected a more qualified partner with this
public /private development. Ross' expertise in this field is vast and their
performance is a true testimonial to the character of their redevelopment
group. AURA is looking forward to working with the Ross Group in other
areas of our project," shows Ross is a leader in this field.
The contact person is: Rus Hackstaff
Director of Public - Private Partnerships
Ross Investment Group
707 17th Street, Suite 2100
Denver, Colorado 80202
(303) 892 -1111
ii. Sources of Funds and Amounts to complete project
Debt Financing
Refer to Schedule of Estimated Cash Flow from Operations
after Debt Service and Before Income Taxes
UDAG Amount Requested
$4,000,000
Other Public Funds
$9,950,000 of Tax Increment Bonds have been sold by the
Pueblo Urban Renewal Authority, of which $5,000,000 is committed for
use for land acquisition, land write -down, demolition and clearance,
construction of the convention center (core, shell, and F,F &E), and all
of its related site work and parking area, construction of road
improvements and expansion or extension of utility lines if required.
The balance of the funds are held as reserve accounts, interest
accounts, and issuance costs.
Other Funds
N/A
Pocket of Poverty
N/A
Consultants
On behalf of Pueblo Center Hotel Associates
a. Mr. Robert Nicholson
c/o Pueblo Partnership
3195 Union Street
Pueblo, Colorado
Expertise: UDAG and CDBG funding and
administration; responsible for the Union
Avenue Historic District project in
Pueblo.
Mr. Don E. Anderson
c/o Davis Mudd & Chemical
Kress Energy Center
300 E. Douglas
Wichita, Kansas 67202
Expertise: UDAG and
administration;
of Wichita
Development.
CDBG funding and
recently retired as City
Director of Economic
iv. Sources and uses of funds for projects
See UDAG Form 3A and Explanatory Notes
V. Other public Financial Assistance Summary
See UDAG Form 3B
UDAG FORM 3A
PUEBLO CENTER HOTEL, CONFERENCE CENTER AND OFFICE BUILDINGS
PUEBLO,COLORADO
SOURCES AND USES OF FUNDS FOR PROJECTS
---------------- - - - - --
LINE ITEM ACTIVITY
a. LAND ACQUISITION
b. RELOCATION OF PERSONS
AND BUSINESSES
c. CLEARANCE AND DEMOLITION
d. OFF -SITE IMPROVEMENTS
e. ON -SITE IMPROVEMENTS
f. BUILDING, EQUIPMENT, AND
FURNISHINGS
g. PARKING FACILITIES
h. CAPITAL EQUIPMENT (inf)
i. NON - CAPITAL EQUIPMENT (inf)
j. PROFESSIONAL FEES 350000
4000000 69500
COST SUB -TOTAL
UDAG PRIVATE
FUND FUNDS
500000
200000
4000000 5900000
k.
INTERIM COSTS
CONSTRUCTION PERIOD INTEREST
REAL ESTATE TAXES
1100000
START -UP COSTS
500000
PRE - OPENING COSTS
350000
1.
CONTINGENCY
500000
m.
COST SUB -TOTAL 0
2450000
n.
ADMINISTRATION (DEVELOPER'S
EXPENSES & OVERHEAD)
1000000
o.
WORKING CAPITAL
10000
p. SUB -TOTAL HOTEL /CONVENTION
CENTER COSTS 4000000 10500000
q. ADDITIONAL FUNDING FOR
OFFICE PROJECTS 4000000
OTHER
FUNDS -
CITY OF
PUEBLOFOTAL
I111Ifr
500000 500000
400000 400000
200000
3500000 13400000
600000 600000
350000
5000000 15950000
1100000
500000
350000
500000
- 0 2450000
1000000
10000
5000000 19500000
4000000
TOTAL PROJECT COSTS 4000000 14500000 5000000 23500000
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PUEBLO CENTER HO-TEL
PUEBLO, COLORADO
9CHBOULE OF ESTIMATED CASH FLOW FROM OPERATIONS
BEFORE DEBT SEEVICR AND INCOME TAXES
(EIPRRSSED IN THOUSANDS OF CURRENT DOLLARS)
UNDISTRIBUTED OPERATING EXPENSES:
ADMINISTRATIVE AND GENERAL
1990
13.9%
1991
1119%
1992
11.5%
1993
11.5%
1994
11.5%
MANAGEMENT FEE
AMOUNT
RATIO
AMOUNT
RATIO
AMOUNT
RATIO
AMOUNT
RATIO
AMOUNT
RATIO
REVENUFS:
--------------------------------------------------..-..-..-.-.......----.-----------------
12.0%
296
912%
341
9.2%
363
912%
386
9.2%
ROOMS
2455
32.3%
2955
91.7%
3413
9117%
3628
9117%
3861
91.7%
FOOD ! 6RVFRAGE,NET LEASE
6I
2.3%
89
2.8%
102
2.8%
109
218%
116
2.8%
OTHER
142
5.4%
177
5.5%
205
515%
218
515%
232
5.5%
TOTAL
2659
100.0%
3221
10010%
3720
100.0%
3955
100.0%
4209
10010%
DEPARTMENTAL COSTS AND EXPENSES:
...............
.
ROOMS
540
2013%
6Z1
19.3%
700
18.8%
744
1818%
79Z
18.8%
OTHER
71
2.7%
89
2.8%
loz
2.8%
109
2.8%
116
2.8%
FIXED CHARGES:
611
23.0%
709
22.0%
802
21.6%
853
21.6%
907
21.6%
GROSS OPERATING INCOME
2047
------------------------------------------------------------------------------------
77.0%
2512
78.0%
Z918
78.4%
3102
78.4%
• ..... .........
3301
78.4;1
- - - - --
UNDISTRIBUTED OPERATING EXPENSES:
ADMINISTRATIVE AND GENERAL
368
13.9%
384
1119%
427
11.5%
454
11.5%
483
11.5%
MANAGEMENT FEE
123
4.6%
148
4.6%
171
4.6%
181
4.6%
193
416%
MARKETING
319
12.0%
296
912%
341
9.2%
363
912%
386
9.2%
ENERGY COSTS
135
511%
160
610%
184
510%
196
5.0%
209
5.0%
PROPERTY OPERATION AND MAINT.
104
3.9%
124
3.9%
143
3.9%
152
3.9%
162
3.9%
FRANCHISE FEE
98
3.7%
118
3.7%
137
317%
145
3.7%
154
317%
TOTAL
...................................................................
1148
------------------------------------------------------------------------------------------
43.2%
1229
38.2%
1403
37.7%
1491
•-- ••-------
37.7%
......
1587
- - - --
37.7%
CASH FLOW FROM OPERATIONS BEFORE
FIXED CHARGES,DEBT SERVICE
AND INCOME TAXES
900
33.8%
1282
39.8%
1515
40.7%
1611
4017%
1714
40.7%
FIXED CHARGES:
-------
- - - - --
PROPERTY TAXES
123
4.6%
140
4.4%
162
4.4%
172
4.4%
183
4.4%
INSURANCE
98
3.7%
111
3.4%
128
3.4%
136
3.4%
145
3.4%
RESERVE FOR REPLACEMENT
25
------------------------------------------------------------------------------------------
0.9%
59
118%
102
2.89
109
E18%
116
2.8%
TOTAL
245
912%
310
916%
392
1016%
417
1016%
444
1016%
;ASH FLOW FROM OPERATIONS BEFORE
DEBT SERVICE AND INCOME TARES
654
24.6%
972
30.2%
1123
301%
1194
30.2%
1270
30.2%
STATISTICS:
ROOMS
zoo
PERCENTAGE OCCUPANCY
57
64
69
70
71
AVERAGE ROOM RATE
59
63.25
67.75
71
74.5
PUEBLO CENTER HOTEL
PUEBLO, COLORADO
SCHEDULE
OF ESTIMATED CAS14 FLOW FROM OPERATIONS
BEFORB
DEBT SERVICE AND INCOME TAIRS
SUPPORTING DETAIL
USE
ESTIMATED ANNUAL
-- • - - - - --
IDR
AVG ROOM RATE
ROUNDED
...... ............
TO
CONSTANT CURRENT
NEAREST
!iAR ENDING
(1997) INFLATED
QTR OF A
)ECEMBBR 31,
DOLLARS DOLLARS
DOLLAR
1989
---------------
151.00 N/A
- - --
1990
151.00 159.04
159.00
1991
152,00 163.21
163.25
1992
153.00 167.64
167.75
1993
153 -00 171.03
171.00
1994
153.00 174.58
174.50
1995
178.31
178.15
1996
182.22
182.25
1997
186.33
186.25
ICCUPANCY
1998
190.65
190.75
•- - - -• =-
1999
195,18
195.25
PROPOSED HOTEL
100M SUPPLY
TOTAL DEMAND
------------------
-----------------
------------ - - - - --
PE!lE-
% %
MARKET
TRATION
FAR ROOMS INCREASE
-----------------------------------------------
ANNUAL INCREASE
OCCUPANCYor,CUPANCY %
1986
1085
220400
56%
..............
1987
1085
228114 315
58%
1988
1085
236098 3.6
60%
1989
1085
244361 3.5
62%
1990
1285
18,4% 280283 14.7
60%
57X 95%
1991
1285
294016 4.9
63%
64% 102%
1992
1985
307541 4.6
66%
69% 105%
1993
1285
317690 3.3
68%
709 103%
1994
1285
328174 3.3
70%
71X 102%
PUEBLO CENTER HOTEL
PUEBLO, COLORADO
SCHEDULE OF ESTIMATED CASH FLOW FROM OPERATIONS
AFTER DEBT SERVICE AND BEFORE INCOME TAPES
(EYPRESSED IN THOUSANDS OF CURRENT DOLLARS)
CASH FLOW FROM OPERATIONS BEFORE
DEBT SERVICE AND INCOME TAXES
DEBT SRRVICR RRQUIREMENTS(SES NOTE A.):
PRIVATE DEBT - 11.5% CONSTANT
REIMBURSED FROM START -UP COSTS AND
CONTINGENCY FUNDS IN DEVELOPMENT BUDGET
LAND DEBT - 8% CONSTANT PARABLE ONLY OUT
OF EXISTING CASH FLOW(SRE NOTR B)
AVAILABLE FOR UDAG
TO REPAY UDAG
NET CASH FLOW AFTER DEBT SERVICE AND
BEFORE INCOME TAXES
1990 1
1991 1
1992 1
1993 1
1994 1
1995 1
1996 1
1997 1
1998 1
1999
NOTE A: DEBT IS TO BE FINANCED FROM A PRIVATE
LENDER IN THE FORK OF A 110 MILLION LONG -TERM
FIRST MORTGAGE LOAN PROJECTED AT A RATE OP 1l%
WITH A TERM OF 30 YEARS, FOR STATUS REFER
TO SECTION E,2,EVIDRNCE OF COMMITMENT FROM
PRIVATE LENDERS,
NOTE 8: LAND DEBT I8 IN THE AMOUNT OF 1500,000
TO FINANCE THE ACQU18TION OF LAND FROM THE
CITY OF PUEBLO, THIS SHALL 8E SECURED BY A
JUNIOR MORTGAGE.
C. UDAG Repayment Summary
Amount of Action Grant to be repaid: $ 4.000.000
Term: 40 year term with principal repayment estimated to commence
in 5th year based on projected net cash flow.
Interest Rate
5%, payable from available net cash flow, accrued otherwise
Participation in Residuals
None
Describe the Administration of Repayment Process
To be administered by the Pueblo Urban Renewal Authority to allow
recycling of the dollars into the central business district
redevelopment program.
d. Prolect Schedule
Project for the Hotel /Convention Center
Start Complete
Site Acquisition April 1989 April 1989
Private Construction April 1989 October 1990
Public Construction April 1989 October 1990
New Permanent Jobs October 1990 October 1990
(April 1989 for construction -
related jobs)
The office project site acquisition will be complete in August 1988
with construction to begin immediately thereafter. New permanent
jobs will be available in the building in April 1989.
C. STATEMENT OF "BUT FOR"
This "Pueblo Center" project had its beginnings in the early 1980's when the
City of Pueblo saw the need to reverse the rapid decline in their central
business district, and formed the Pueblo Urban Renewal Authority and
adopted their Urban Renewal Plan.
The goals of the plan (amended January 28, 1988) are to:
1) prevent the spread and development of blight
2) stimulate economic development and reinvestment in a strategic area of
the region
3) complete the redevelopment of the urban renewal area in accordance
with the plan by the provision of public improvements, including but
not limited to, parking facilities and a convention center
4) eliminate deteriorated or deteriorating structures and other conditions
of blight in the Pueblo Downtown
5) increase the tax base of the entire community
6) further develop the tourist and convention industry of Pueblo
7) implement the goals and policies of the adopted Pueblo Regional
Comprehensive Development Plan.
As a distressed area, which is within the limits of a Federal Enterprise
Zone, the market for hotel rooms, meeting space, and office space in Pueblo
is rate sensitive. The rates people or tenants pay for hotel rooms,
convention and meeting space and office space is held down due to difficult
market conditions, and the rates required to support new construction costs
are in excess of current market rates.
In an effort to support new construction in the Central Business
District, the City of Pueblo, through the Urban Renewal Authority, has
$9,950,000 in Tax Increment Bonds sold for this project, of which $5,000,000
is available for construction of certain components as discussed elsewhere in
this application. These TIB funds were not contemplated to be used for
reducing the construction cost of the hotel. Therefore, "but for" the UDAG
funds of $4,000,000 to reduce the debt service load on the hotel and thus
reduce the room rates to more competitive levels, this hotel /convention
center project will not be constructed. "But for" the combination of the
$4,000,000 UDAG, $5,000,000 Tax Increment fund from the city, leaving
$14,500,000 private investment this project will not be able to charge market
rates which are competitive, and the developer would not maintain required
project performance levels.
D.
MARKET FEASIBILITY
The feasibility of this project is documented in three separate reports
attached as part of the appendix.
In summary:
Hotel Feasibility Report - Laventhol and Horwath - October 1987.
"The proposed hotel will have several competitive advantages including
the following:
the hotel's proximity to Interstate Highway 25 (I -25);
its planned facilities, which will be the finest in the city;
its price /value relationship, which will be competitive in the
market; and
the demand available from attendees at the proposed adjacent
conference center.
As a result, we (Laventhol and Horwath) believe the proposed
lodging property can achieve a strong competitive position in the
market area."
Convention Center Feasibility Report - Laventhol & Horwath - October
1987.
"For various local, state and regional associations as well as
corporate meeting planners, the following facilities are recommended:
approximately 15,000 gross square feet of columnless general
session and exhibit space, divisible into three separate
meeting rooms;
approximately 5,000 square feet of first -class meeting space
comprised of six to eight meeting and breakout rooms
ranging in size from 250 square feet to 1,500 square feet;
approximately 2,500 square feel of office and common -area
space for the center's administrative staff;
approximately 2,500 square feet of office and common -area
space for one of Pueblo's promotional organizations such and
the Pueblo Convention and Visitors Council;
a full- service commercial kitchen of approximately 3,000
square feet capable of providing food service to the meeting
and conference center as well as to the restaurant and
lounge of the proposed 200 -unit hotel; and
an additional 6,400 square feet of common -area space for
foyers, hallways, lounges, and restrooms.
The total size for the meeting /conference center will be approximately
34,000 square feet. The facility should be designed in a manner that offers
efficient circulation flow within the center. Many of the conventions that
will use the center will require a large meeting room and several smaller
meeting or breakout rooms. Therefore, the proper design and flexibility of
the center is very important.
In addition, we (Laventhol and Horwath) also recommend the proposed
meeting /conference center be designed to allow for future expansion, should
demand warrant.
Office Feasibility Report - Ross Consulting Group - July 1987.
The CBD office market has a low vacancy (8%) and represents 83%
of the total Pueblo office supply (397,100 SF). Competitive
building services are average to below average, with pent -up
demand for new, higher quality space existing. Primary office
demand segments include legal, financial, medical and government
services. Having primarily localized institutions, office demand in
downtown Pueblo is expected to remain constant, with increases in
demand attributable to office service companies servicing the
Memorial Industrial Park growth.
Office space demand will primarily be concentrated in the
downtown area. The lack of new space and the lack of structures
capable of efficient operation following renovation will result in
construction of several smaller multi- tenant office building through
1992. Demand through 1989 is primarily driven by tenants
relocating to higher image, improved service buildings, with new
office demand derived from expansion of the local economy also
occurring to a lesser degree. Total office space absorption is
estimated at 12,000 square feet annually. Currently market gross
rent rates are between $8.50 to $10.50 per rentable square foot.
Although a tenant price survey was not performed, gross rents in
the $11.00 -12.00 range are believed reasonable and acceptable for a
new office building offering first class tenant services.
E. EVIDENCE OF DEVELOPER, PRIVATE INVESTOR. AND OTHER PUBLIC
COMMITMENTS
E.1. Documentation from Developers. Eaulte Investors. Employers, Major
Tenan
Letter from Gaelic
Letter from Ross
Letter from Centel
Letter from Quality Suites?
Letter from Radisson Suites?
See Guidelines
E.2. Evidence of Committments from Private Lenders
Hotel Financing Commitment - Gaelic
Hotel letter of Intent
Office Financing Committment - Ross
Critical
E.3. Debt Securities
Letter from Boettcher
Tax Increment Bond Information
EA Evidence of Commitment from Other Public Sources
Not applicable unless TIF Bonds are discussed here
E.6. Financial Statements of Each Private Entity
Dan Carney
Richard McClintock
Jack Box
Ross?
F. Evidence of Meeting Program Objectives
F1. Alleviation of Economic Distress
a. Jobs.
One of the primary goals of this project is to create jobs for
minority and low- and moderate - income persons. The hotel and restaurant
is estimated to create approximately 150 jobs in varying areas for persons
of entry levels, and the expansion of office tenants will create new entry
level positions as well. As this project will be the dynamic force behind
redevelopment in the surrounding area, demands for restaurants, specialty
shops and office expansion will provide expanded employment opportunities.
Please refer to UDAG Form 4 for jobs anticipated at the "Pueblo Center"
project.
b. Taxes.
As well, this project will generate substantial new
property, sales, use, and lodging taxes for the City of Pueblo. Please
refer to UDAG Form 5 for the taxes anticipated to be generated at
the "Pueblo Center" Project.
Show:
1 employee per $10,000 of UDAG
Need to support at least 400 people, include:
Conference Center employees
Office Building employees
Specialty Shops
Restaurants
ULAG FORM 4
b: PLWANbNT JUb C IJAAFACTEkISTICS
3u
Enter the % and number of NET X)b (line -5 from previous page) which will tall
in each of the categories described below.
6. NET JCBS (line 5) projected to be filled by
CEM eligible people:
" $ jobs
7. WT JOBS (line 5) projected to pay less than bG%
of the Si SA median incase: $ j obs
b. NET JUsS (line 5) projected to be entry level
positions, open to low and moderate income persons,
but paying over 6U$ of the &% median income: $ J aus
9. NET JUsS (line 5) projected to be filled by minority
people: _ g jobs
lv. SSA Mnority % of population in the 19bo Census: %
11. Net Jobs to be provided by companies which would
have gone out of business, but for the Action
Grant. (Signea statements to that estect may
oe requireo from ompany officers.) jobs
C. CONSTRUCTICN JOB PROJECTION
HUD keeps track of the number of construction joos ULAG projects generate since
they help alleviate distress. Me form below estimates construction jobs to Le
createe by Action Grant projects.
12. 'total estimated construction cost of Action Grant project
(tram UTAG L-rJ%M 3a, lines c + d + e + f + 9): $
13. % of construction cost attributable to labor: %
Source (check one bm )
Contractor's estimate f7 developer's estimate
1 local industry statistic / other (explain)
national industry standards
14. Labor cast of construction (line 12 x line 13): $
15. Average annual construction salary ana fringe benefits: $
Source (check one box) /—/ aeveloper's estimate
Contractor's estimate / outer (explain)
L/ local innustry statistics
lb. Projectea total Construction Jabs.
b. Saxes - Using the following instructions work with your jurisdiction s 'lax
As:ses:ment (or Finance and Fevenue) Otfice to Complete UOAG FGFiM 5. You will
need to refer to the completed UTAG FUMI 4 and information on tax abatement,
tenancy, square footage by use and projected sales in the project.
UDAG M10i 5-1ax Revenues —seeks an estimate of the net increase in tax
revenues that the applicant jurisdiction will realize from the proposed
UTAG project. Applicants may elect to use alternate methods for estimat-
ing changes in real property tax revenues or other tax revenues, provided
that the estimating method and calculations are shown and explained.
Section 1 of the form —Real property faxes— determines the taxes that will
oe paid on the project when it is campleted. If the UD4G project only
involves capital equipment acquisition, enter "WA" in Items la, b, c, d,
and f and "0" in item le. Otherwise, complete these items and enter "N/A"
in Item ig.
Item la is the market value of the project upon completion, estimated by
a s tanoard tax appraisal procedure. Fbr multiphase projects, show tte
estimated value of the project upon completion of the final phase. State
the estimate in current dollars. Cne reasonaule estimate of market value
is the sum of land value and estimated construction cost.
Item lb is the fractional tax assessment rate. This rate can be obtained
ran tax assessor's off ice.
Item lc is the product of Items la and lb.
Item ld is the nominal tax rate for the ULAG project use. Include only that
portion of the rate for taxes that will accrue to the local jurisdiction and
its school board. Exclude that portion of the rate that will accrue to
special districts or other levels of government. She tax assessor can supply
information on nominal tax rates. In a multiple use project, sane jurisdic-
tions may have different tax rates or assessment rates for different uses..
In these cases, the calculations in Items la through le should be run
separately for each group of uses that is at a different rate.
Item le is the product of lc x Id.
Item if is the average tax abatement that will oe received by the project
over the next 20 years. If no tax abatement will be offered, enter "0 ".
otherwise sum the amount of tax reduction that the tax abatement schedule
prescribes for each of the first 20 years after project commencement.
Livide the sum by 2U, and enter the resulting quotient. Include the tax
abatement schedule in the application narrative.
I , tem ly . Explain method of calculation and duration of payment for PILOT
if less than 20 years.
31
Item lh is the amount of project- related special assessment and special
cis riot tax revenue that is expected to be generated in the first full
year after project completion. Count only revenue that the applicant
jurisdiction will receive.
32
' Item li is the amount of real property tax that the ULAG project parcels
generate as- presently developed. If the parcels currently generate no
tax revenues, e.g. because they are held by a government or non- profit
organization, enter (0). The amount of the current tax bill for each
project parcel can be ootained tram the tax assessor.
Item 12 is the total of Items le - if + 1g + lh - li.
Section 2 of the form —Other Z -determines the likely changes in other
tarevenues that will result from the UTAG project. Include only taxis
levied by the applicant jurisdiction and taxes returned to the applicant
jurisdication (e.g., by the state) by a legally mandated tormula If the
state legislature decides annually on the amount or income or sales tax
to return to the applicant jurisdiction, rather than using a legaiiy
fixed percentage, do not count these tax revenues. Sxclude all Federal
taxes.
Items 2a throu n 2c seek the sales tax impacts of ttie project. Include
�y the riruc" taxes in sales tax. It no sales tax is levied by or
returned cy tormula to the applicant jurisdiction, enter "WA" in Item
2c. If an alternate calculation method is used, do not include sales
tax changes to new /increased expencitures by employees and businesses
or from sources other than businesses moving to or from or retained on
the LLAG project site.
It= is tt* sales tax generated by new businesses located in the L
project. Exclude businesses moving to the site fron another site within
the applicant jurisdiction.
Item 2b is the change in sales tax generated by businesses moving to or
fran project site. be sure to precede the entry with a " +" sign it
sales tax will increase or a " -" sign if it will decrease. If any busi-
ness will relocate within the applicant jurisdiction but off the project
site and will not suffer a loss in sales due to its move, do not consider
this business when computing sales tax changes. Similarly, do not consider
any business moving to the project site from elsewhere in the applicant
jurisdiction and not experiencing an increase in sales tax revenues.
Item 2c is the sum of Items 2a + 2b .
Item 2d is the business income tax impact of the UDAG project. If no
business income tax is levied by or returned by formula to the appli-
cant jurisdiction, enter "WA" in Item 2d. be sure to slow the method
and calculations used to estimate income taxes. Include income taxes
of new businesses, plus the increase in income taxes of business moving
to or expanding at the site, less the loss in income taxes for ousinesses
currently on the site that will discontinue or relocate outside the
applicant jurisdiction.
33
Item 2e is the average net change in personal property taxes that the
app iicant -jurisdiction will realize in the first 2u years of the proj-
ect's life. Include personal property taxes on new businesses at the
site, and on businesses locating at the site fran outside the applicant
jurisdiction, and the increase in taxes for businesses expanding currently
on the site. Personal property tax is reduced Each year as the property
is depreciated. Zfie tax on a given type of property has a life cycle
that starts with Purchase and continues beyond the end of the deprecia-
tion period to obsolescence ono replacement. Ideally, one should compute
the average annual personal property tax across the property's life cycle
for each type of property, then sum across the different types. Zhis
method is oLirdensome, therefore many local revenue departments ana tax
assessment off ices use rules of thumb to estimate likely personal property
tax receipts trcm a project. Please show anv explain your estimating metk=s
and computations. State estimates in current collars, ignoring inflation
effects.
Item 2f is the net change in hotel inventory, business franchise and mercan-
ae that the applicant jurisdiction will realize once the UL1AG project
is built. Use current tax rates in making this estimate. Include taxes on
newly created businesses and businesses moving into the applicant jurisdiction,
plus increase in taxes due to business expansion, less taxes lost due to the
discontinuance or departure from the jurisdiction of businesses currently
locates on the UGAG project site.
Item 2g is the place to show any other type of tax revenues that the UL-AG
project will generate for the applicant jurisdiction. Show the nature and
anount of each taut. Exclude fees for service sucn as license or permit
fees that cover the costs of inspection.
Item 2n is the sum of Items 2c, 2d, 2e, 2f , 2g.
Section is the total of Items lj and 2h.
34
UrAG ELM 5 Tax Wenues
Instructions: 'ibis tone obtains the net increase in tax revenues that the applicant
jurisdiction expects to receive due to the proposed ULAG project. It counts only
taxes levied by or returned by a set formula to the applicant. In" this form, com-
plete all items that are applicable to the proposed project. Cln a separate page,
include a narrative description of the basic assumptions and techniques used in
calculating these iiqures. If an item is not applicable to the proposed project
insert "WA ". Fet er to the preceding Instruction Sheets if further guidance is
needed.
Section 1 Real Property Taxes
a. Estimatea tax appraisal of project's
marxet value upon completion
b. Fractional tax assessment rate
C. Assessed value of project upon completion
(a x d)
d. Nominal tax rate of the local jurisdiction
and its school board for the ULAG project
use, excluding portion of tax rate allocated
to ial districts or jurisdictions other
than applicant
e. Estimated real property tax revenues to
de paid to applicant before any tax
abatement (c x d)
f. it tax abatements are applied, estimate the
average annual amount abated over 2U years
according to abatement schedule (count for
years with no abatement)
g. Payment in lieu of taxes (pilot)
Amount*
S
Iz
S
/S10GG
or assesses value
S
$ NIa
$ _ N IA
*base Inf ormation on fiscal. it rovement on an estimate of circumstances in the
first year after completion of the last phase of the UMAG project.
Amount
t,. Fxpectea revenues from special assessments N
S
ana special tax districts that will result
Iran this project
i. lax bill in current year for project parcel(s) S Q
as presently developed
35
j . WTAL: Uw)ge in property tax revenues S
paia to local goverment (e - f + g + h - i )
Section 1 tither 'taxes: Changes in other tax revenues levied by or returned ey formula
to applicant 3urisdiction as a result of this UDAG project. Lxclude all Federa taxes
a. Sales tax generates by new businesses $
and levied cy or returned by formula
to applicant jurisdiction
b. Charge in sales tax generated by 5
businesses moving to or tram ULAG
project site or expanaing at the
site; indicate " +" or "=
c. N&t Qznges in sales tax levied $
by or returned L)y tormula to
applicant jurisdiction (&+L)
a. Net c wVt due to LIDAG project in $
business income taxes levied by or
returned oY formula to applicant
j urisaiction
e. Average net change in personal $
property taxes (over a 20 year
period) levied by or returned by
tormuia to applicant jurisdiction
f. Net change in hotel inventory, $
business franchise and mercantile
taxes levied by or returned by
formula to applicant jurisdiction
3b
g. Cliange in other taxes, exclud'
tees for service (e.g. permit tees)
Nature of flax
h. Total other taxes (2c + 2d + 2e + 2f + 2g)
S
5
Section 3 TClIAL: ' Net cnange in tax revenues of applicant jurisdiction due to LTrAG
Project (lj + 2h)
'ICMU:
S
c:ertif ication
I hereby certify that this form accurately reflects the lixely tiscal =P&ct
of the proposed project.
Chief flax Assessor or Chief Fiscal Lif icer
Part IV
Assurances
"PUEBLO CENTER" PROJECT
3%
PA d IV
ASSUMI C:ES
The applicant hereby assures and certifies that:
1. Prior to submission of its application, it has met the citizen participation
requirements of Section 570.454(a) and has made the-impact analysis required
by Section 570.454(b).
2. The private development would not occur unless the public funding on which
the development is based becanes available, in the opinion of the chief
executive otf icer .
3. �ir,e action grant funds will not substitute for local public funds which are
available for the project described in the action grant application.
4. It possesses legal authority to apply for the grant and to execute the proposed
Program.
5. Its governing body has duly adopted or passed as an ptf icial act, a resolution,
motion or similar action authorizing the filing of the application, including
all understandings and assurances contained therein, and directing and authoriz-
ing the person identified as the official representative of the applicant to act
in connection with the application and to provide such additional information as
may de required.
6. Its chief executive off icer or other off icer of the applicant approved by HL-)L:
(A) Consents to assume the status of a responsible Federal otf icial for
environmental review, decision making and action pursuant to the
National Environmental Policy Act of 1969, and the other authorities
listed in 24 CFR 58.1(a)(3) insofar as the provisions of such Act or
other authorities apply to this part;
(h) Is authorized and consents on behalf of the applicant and himselt/
herself to accept the jurisdiction of the Federal courts for the
purpose of enforcement of his /her responsibilities as such otticial.
7. It will ca ply with the requirements for historic preservation iaentit ication
and review set forth in Section 11:6 of the National historic Preservation Act
of 1566 (16 U.S.C. 470), Executive Order 11553, and the Archeological and
historic Preservation Act of 1574 (16 U.S.C. 465a, et seq.), regulations of
the Advisory Council on Historic Preservation at 36 CFR 801, and any other
regulations promulgated pursuant to Section 121 of the housing and Conmunity
Development Act of 1974, as amended.
b. It has identities all properties, if any, which are included on the National
Register of historic Places and which as determined by the applicant, will
tie affected by the project; it has identified all other properties, if any,
wnich will be affected by the project and which, as determined by the appli-
cant, may meet the criteria established by the Secretary of Interior for
inclusion in tre Register, together with the documentation relating to the
inclusion of such properties on the Register; and it has determined the
effect as determined by the applicant, of the project on the identified
properties.
9. It will comply with:
(A) Title VI of the cavil Rights Act of 1964 (Pub. L.86-352),
and implementing regulations issued at (24 CFR Part 1) ,
which provides that no person in the United States shall
on the grounds of race, color, or national origin, be
excluded from participation in, be denied the benefits
of, or be otherwise subjected to discrimination under
any program or activity for which the applicant receives
Federal financial assistance and will immediately take
measures necessary to effectuate this assurance.
(B) Title VIII of the Civil Rights Act of 1968 (Pub. L. 90 -284),
as amended, administering all programs and activities relat-
ing to housing and community development in a manner to
affirmatively further fair housing; and will take action
to affirmatively further fair housing.
(C) Section 109 of the Housing and Community Development Act
at 1974, as amended; and the regulations issued pursuant
thereto (24 UR 570.601), which provide that no person
in the United States shall, on the grounds of race, color,
national origin, or sex, be excluded from participation
in, be denied the benefits of , or be subjected to discrim-
ination under, any program or activity funned in whole or
in part with funds provided under 24 CFR Part 576.
(D) Section 3 of the housing and Urban Development Act of 196b,
as amended, and implementing regulations at 24 CFR Part 135,
requiring that to the greatest extent feasible, opportunities
for training and employment be given to lower - income residents
of the project area and contracts for work in connection with
the project be awarded to eligible business concerns which are
located in, or owred in substantial part by, persons residing
in the area of the project.
38
. r : "' �
(E) Executive Order 11246, as amended by Executive orders 11375 and
12.086 and implementing regulations issued at 41 CFR Chapter 6U,
which provides that no person shall oe discriminated against on
the oasis of race, color, religion, sex, or national origin in
all phases of employment during the performance of E'ederal or
teoeraliy assisted construction contracts.
(F) Executive Order 11063, and implementing regulations at 24 CFR
Part 107, on equal opportunity in housing and non-discrimina-
tion on the sale or rental of housing built with Federal
assistance.
39
(G) Section 504 of the Rehabilitation Act of 1973, as amended, (Pub.
L. 93 -112) and implementing regulations when published for effect.
Section 504 provides that no qualified handicapped person shall,
on the basis of handicap, oe excluded from participation in, be
denied the benefits of, or otherwise be subjected to discrimina-
tion under any program or activity which receives or benefits
from Federal financial assistance.
(H) Zhe Age Discrimination Act et 1975, as amended, (Pub. L. 54 -135)
and implementing regulations (when published for effect);
(I) The relocation requirements of Title II ana the aoquisition
requirements of Title III of the Uniform Relocation Assistance
and F-al Property Acquisition Policies Act of 1970, implementing
regulations at 24 CFR Part 42, and the special provisions of
Section 570.457 concerning the relocation of residential tenants
not covered by the Uniform Act;
(J) She labor standards requirements as set forth in Section 570.605
and hUD regulations issued to implement such requirements;
(R) The flood insurance purchase requirements of Section IU2(a) of
the Flood Disaster Protection Act of 1973, (Pub. L. 93 -234);
(L) She regulations, policies, guidelines and requirements of mz
Circular Nos. A -102, Revised and A -87 as trRy relate to the
acceptance and use of Federal funds under this Part;
(M) All requirements imposed by HUM concerning special requirements
of law, program requirements and other administrative requirements
approved in accordance with OMB Circular No. A -102, Revised.
i r 61 1u. It will establish safeguards to prohibit employees
a purpose that is or gives the appearance of being
• , private gain for themselves or others, particularly
tamily, business, or other ties.
40
from using positions for
motivated by a desire for
those with whom they have
11. It will comply with the provisions of the hatch Act whicn limits the political
activity of employees.
12. It will give hUD and the Comptroller General through any authorized representa-
tives, access to and the right to examine all records, books, papers, or
documents related to the grant.
13. It will insure that the facilities under its ownership, lease, or supervision
which shall be utilized in the accomplishment of the program are not listed on
the Environmental Protection Agency's ( EPA) list of Violating Facilities and
that it will notify hLM of the receipt of any ccnmunication from the Director
of EPA Ctfice of Federal Activities indicating that a facility to be used in
the project is under consideration for listing by the EPA.
14. It will not, in carrying out the project, discriminate against any employee
because of race, color, religion, sex, handicap, or national origin. It
will take affirmative action to insure that applicants for employment are
employed, and that employees are treated during employment, without regard
to their race, color, religion, sex, handicap, or national origin. Such
action shall include, but not be limited to, the following: Employment,
upgrading, demotion or transfer; recruitment or recruitment advertising;
layoff or termination; rates of pay or other forms of compensation; and
selection for training, including apprenticeship. The applicant shall post
in conspicuous places, available to employees and applicants for employment,
notices to be provided by hLJD setting forth the provisions of this non -dis-
crimination clause. the applicant will in all solicitations or advertise-
ments for employees placed by or on behalf of the applicant state that all
qualified applicants will receive consideration for employment without
regard to race, color, religion, sex, handicap or national origin. The
applicant will incorporate the foregoing requirements of this paragraph
in all of its contracts for project work, except contracts for standard
commercial supplies or raw materials or contracts covered under 24 CFR
Part 570 subsection (c)(14)(ix)(E), and will require all of its contracts
for such work to incorporate such requirements in all subcontracts for work
done with funds provided under 24 CFR Part 570.
15. It certifies that it has not knowingly and willfully made or used a document
or writing containing any false, fictitious, or fraudulent statement or entry.
18 U.S.C. 1001 provides that whoever does so within the jurisdiction of any
department or agency of the United States shall be fined not more than $10, 00u
or imprisoned for not more than five years, or both.
Signature Date
Title
*Note: A separate set of Assurances for Indians Tribes will be issued in the near f utur=
Part V
Exhibits and Appendices
"PUEBLO CENTER" PROJECT
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