ARISTA LOCAL IMPROVEMENT DISTRICT AGENDA MEMORANDUM

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1 City and County of Broomfield, Colorado ARISTA LOCAL IMPROVEMENT DISTRICT AGENDA MEMORANDUM To: From: Prepared by: Mayor and City Council George Di Ciero, City and County Manager Anna Bertanzetti, Acting Planning Director Kevin Standbridge, Assistant City and County Manager for Community Development Meeting Date Agenda Category Agenda Item # August 14, 2007 Arista LID Business 15 (a) Agenda Title: 1. Petition for Inclusion of Park 36 Investment, LLC, property into the Arista Local Improvement District; and 2. Proposed Resolution No AID Approving the Inclusion Summary The Broomfield Urban Transit Village Arista project is a mixed-use retail, commercial and residential development with an urban, transit and pedestrian orientation. Ordinance No. 1816, approved on August 23, 2005, created the Arista Local Improvement District (LID) as authorized by the Broomfield Home Rule Charter and Chapter of the Broomfield Municipal Code. Local Improvement Districts are created to make local improvements using revenue generated from within the local area benefiting from the improvements. On November 1, 2005, the LID conducted an election of property owners within the boundaries which resulted in the establishment of a 0.2% sales tax within its boundary. Arista LID sales tax revenue will be used for the construction and debt service for the parking structure, the Broomfield Event Center and the RTD transit center. It is the intent of the developer, Wiens Development, to eventually include the entirety of the Arista development within the LID and as parcels are acquired they will be petitioned for inclusion within the LID. The City Council is the Board of Directors of the LID. An additional property has been proposed to be added to the LID and proposed Resolution No AID will approve the inclusion of the properties. A petition for inclusion has been received from Park 36 Investment, LLC, as property owner, to include its property within the LID. The property will add approximately 4 additional acres of property to the LID. The property is zoned for commercial use. The inclusion of this additional property has been considered in the projections for sales tax for the entire Arista development in the City s financial plan. The total Arista LID sales tax at build out, with the inclusion of the 4- acre property, is projected to be $448,297 per year. Prior Council/Arista LID Action On August 23, 2005, City Council established and organized the Arista Local Improvement District. On May 9, 2006, the Arista LID approved three petitions for inclusion of 73-acres of real property into the LID. On May 23, 2006, the Arista LID authorized the Intergovernmental Agreement between the LID and the Arista Metropolitan District. Financial Considerations The development is consistent with Broomfield s adopted Long Range Financial Plan. Alternatives Refuse to include the specific real property in the Local Improvement District. Proposed Actions/Recommendations It is recommended... That Resolution No AID be adopted.

2 Arista Local Improvement District- Inclusion of Certain Real Property Page 2 ARISTA PROJECT SUMMARY The Broomfield Urban Transit Village Arista project is a mixed-use retail, commercial and residential development with an urban, transit and pedestrian orientation. The Arista project is comprised of approximately 200 acres with 2.1 million square feet of residential, commercial and retail properties. The mix of uses in Arista creates the potential for the development to produce substantial net revenues for Broomfield. The primary source of revenues will be sales tax generated from a new retail center and from the property values created from new construction. BACKGROUND City Council created the Arista Local Improvement District (the Arista LID ) by Ordinance No. 1816, adopted on August 23, The Arista LID is a geographical division of the City and County and has all powers and authorities necessary to provide any public improvement which the City and County is authorized to provide under the Charter, including transportation services and improvements within the Arista LID. On November 1, 2005, the Arista LID conducted an election of property owners within its boundaries which resulted in the establishment of a 0.2% sales tax within its boundary. This is the same LID sales tax rate in place at FlatIron Crossing. Section of the Broomfield Municipal Code provides that the owner of any real property, zoned for commercial purposes, which is located within the City and County of Broomfield may submit to the board of an improvement district organized to provide transportation services or improvements, a verified petition for the inclusion of the property into the improvement district. City Council sitting as the board of the Arista LID must hear such petitions at a public meeting. If the inclusion of such property is determined to be in the best interests of the improvement district, the board may, by resolution, approve the inclusion of such property into the improvement district. PROPOSAL DESCRIPTION The Arista LID Board has received a verified Petition for Inclusion into the boundaries of the Arista LID from the Park 36 Investment, LLC, of approximately 4 acres of additional real property. The petition is included as an Exhibit to attached proposed Resolution No AID. The boundary of the property and the boundaries of the current Arista LID is pictured on the following page.

3 Arista Local Improvement District- Inclusion of Certain Real Property Page 3 The inclusion of this additional property has been considered in the projection for sales tax for the entire Arista development in Broomfield s financial plan. The total annual Arista LID sales tax at build out, with the inclusion of these four properties, is projected to be $448,297. Sales tax revenues to the Arista LID will be used for the construction of improvements and to pay the debt service on the public parking structure for the Broomfield Event Center and RTD use. LONG RANGE FINANCIAL PLAN The Arista project is planned to be developed with a mixed use of commercial, retail and residential properties. The retail component of the development is planned for 762,902 square feet, commercial development for 231,499 square feet and 1,200 to 1,400 residences with a projected population of 2,800 are also planned. RESOLUTION NO AID If approved, Resolution No AID will approve the inclusion of property owned by the Park 36 Investment, LLC, into the Arista Local Improvement District. RECOMMENDATION It is recommended that Resolution No AID be approved.

4 RESOLUTION NO AID A RESOLUTION OF THE CITY COUNCIL OF THE CITY AND COUNTY OF BROOMFIELD, COLORADO, ACTING AS THE BOARD OF DIRECTORS OF THE ARISTA LOCAL IMPROVEMENT DISTRICT, APPROVING THE INCLUSION OF ADDITIONAL REAL PROPERTY WITHIN THE ARISTA LOCAL IMPROVEMENT DISTRICT. WHEREAS, the City and County of Broomfielci, State of Colorado \(the "City and County"\), is a politic\al subdivi\sion of the State, a body corpora\te and politic\, a home-ru\le city and county pursuan\t to Article XX of the State Constitution and a city and county pursuant to Sections 10, 11, 12 and 13 of Article XX of the State Constitution \(the "Constitutional Amendment"\); and WHEREAS, Section 15.1\(a\) of the Home Rule Charter of the City and County \(the "Charter"\) provides the City and County with the power to create local improveme\nt districts to construct local improvements of every character within said designated districts; and WHEREAS, Section 15.2 ofthe Charter provides that the City and County may create a local improvement district on petition by owners of more than fifty percent \(50%\) of the area of the propo\sed local improvement district provided that such majority shall include not less than fifty percent of land owners in the proposed local improvement district; and WHEREAS, Sections and of the Brooinfield Municipal Code \(the "Code"\) provid\e for the establ\ishment of improv\ement distri\cts and the imposi\tion of a sales tax not to exceed two-tenths ofone percent throughout the improvement district for the purpose of ftinding transportation services or improvements; and WHEREAS, Ordinance No. 1816, \("Ordinance No. 1816"\) final\ly adopt\ed by the City Counc\il of the City and Count\y on Augus\t 23, 2005, established and organized the Arista Local Improvement District, a geographical division of the City and County \(the "Arista LID"\) and prov\ided that the Arista LID shall have all powers and authorities necessary to provide any public improvement which the City and County is authorized to provide under the Charter, including transportation services and improvements within the Arista LID, includingwithout limitation the power to levy sales tax to pay all or a portion of the cost of any such public improvements constructed or transportation services provided and for the operation and maintenance of such improvements, in accordance with the applicable provisions of Part 6 of Article 20, Title 30, C.R.S.\(the Act"\) and Chapt\er of the Code; and WHEREAS pursuant to Section ofthe Code, the City Council exercises the powers of the board of county commissioners provided for in the general laws of the State of Colorado and Ordinance No and the hearing conducted for formation of the Arista LID conformed with the provisions of the Act; and -1-

5 WHEREAS, Ordinance No further provides that the Arista LID shall be governed by a board of directors comprised of the City Council of the City and County \(the "Arista Board"\);, and WHEREA\S, Sectio\n 15.1\(\c\) of the Char\t\e\r prov\i\d\es that except as otherwis\e provided by Charter or by ordinance the Act shall govern the creation and organization of local improvement districts and all things in relation thereto; and WHEREAS, Ordinance No. 1722, \("Ordinance No. 1722"\) final\ly adopt\ed by the City Counc\il of the City and Count\y on April 22, 2003, provided for the inclusion of property in an improvement district and added Section to the Code; and WHEREAS, Section of the Code provides that the owner of any real property, zoned for commercial purposes, that is located within the City and County may submit to the board ofan improvement district organized to provide transportation services or improvements, a verified petition for the inclusion of the property therein described into the improvement district; and WHEREAS, Section further provides that the board shall hear such petition at a public meeting and if the inclusion of such property is determined to be in the best interests of the improvement district, the board may, by resolution, approve the inclusion of such property into the improvement district; and WHEREAS, Park 36 Investment, LLC \("Park 36"\) has submitted to the Arista Board a verified petition for the inclusion ofapproximately 4 acres of real property owned by Park 36 into the boundaries of the Arista LiD \(the "Park 36 Inclusion Petition"\) which property is zoned for commercia\l use and is located within the City and County \(the "Park 36 Inclusion\"\), which Park 36 Inclusion Petition is attached hereto as Exhibit A and incorporate\d herein by reference; and WHEREAS, the Arista Board has determined to adopt a resolution that approves the Park 36 Inclusion. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY AND COUNTY OF BROOMFIELD, COLORADO, ACTiNG AS THE BOARD OF DIRECTORS OF THE ARISTA LOCAL IMPROVEMENT DISTRICT: Section 1. That the Park 36 Inclusion within the Arista Local Improvement District is hereby approved and the Park 36 Inclusion shall be effective as of the date of the filing of this Resolution with the City Clerk of the City and County of Broomfield. Section 2. That this Resolution is effective upon its approval by the City Council of the City and County of Broomfield, Colorado, acting as the Board of Directors of the Arista Local Improvement District, -2-

6 ADOPTED AND APPROVED this 14th day of August, CITY AND COUNTY OF BROOMFIELD, COLORADO, ACTING AS THE BOARD OF DIRECTORS OF THE ARISTA LOCAL IMPROVEMENT DISTRICT \(SEAL\) ATTEST\: Mayor City Clerk APPROV\ED AS TO FORM: Hahn, ith, WalsIr\ & Mancus\o, P.C. -3-

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