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05.21.19 BJAD Packet Boulder Junction Access District (BJAD) Joint Commission – Parking and TDM Meeting & Boulder Junction Access District (BJAD) – TDM Meeting & Boulder Junction Access District (BJAD) – Parking Meeting May 21, 2019 4 – 6 p.m. Broadway Conference Room, 1777 Broadway ________________________________________________________________________________ AGENDA BJAD Joint Commission Meeting • Roll Call BJAD-TDM and BJAD-Parking • Disclosure of Conflicts of Interest • Approve April 15, 2019 Minutes • Public Comment • Matters from Staff o Citywide Retail Study Initial Findings o 2020 Budget Follow-Up o Follow-up from April Meeting  Meeting Frequency  Parking Space Revenue • Upcoming Meetings o July – 2020 Budget & CIP Proposal Approval and Parking & Access Initiatives Update o September – Possible Joint meeting with DMC about connectivity BJAD TDM Commission Meeting • Convene as BJAD TDM Commission • Matters from TDM Commissioners • Adjourn as TDM Commission BJAD Parking Commission Meeting • Convene as BJAD Parking Commission • Matters from Parking Commissioners • Adjourn as BJAD Parking Commission Attachments • DRAFT April 15, 2019 BJAD Minutes • Budget Memo TDM Commission Parking Commission Susan Prant-Vice Chair Citizen at Large 2019 Susan Prant Citizen at Large 2019 Alex Hyde-Wright-Chair Citizen at Large 2020 Thomas Wells-Chair Citizen at Large 2020 Andy Bush Property Owner/Rep 2021 Andy Bush-Vice Chair Property Owner/Rep 2021 Kevin Knapp Property Owner/Rep 2022 Vacant Property Owner/Rep 2022 Vacant Property Owner/Rep 2023 Kevin Knapp Property Owner/Rep 2023 BJAD 2019 Priorities 1. BHP/Pollard Development 2. Transit Advocacy (EcoPass, HOP Refresh, 119 BRT) 3. District Branding (Events/Signage/BTC) 4. 10 Year Plan 5. Capital Improvement Plan (Bike shelter/Bluff Bridge) 6. TDM Offering Development 7. Neighboring Community Collaboration CITY OF BOULDER, COLORADO BOARDS AND COMMISSIONS MEETING MINUTES SUMMARY BOULDER JUNCTION ACCESS DISTRICTS – PARKING AND TDM MEETING DATE: April 15, 2019 MEMBERS, STAFF, AND INVITED GUESTS PRESENT: Board Members: TDM: Hyde-Wright, Prant, Knapp Parking: Wells, Prant, Knapp, Bush Staff: Jones, Yates, Woulf, Dammann PERSON PREPARING SUMMARY: Rachel Dammann, 303-441-4191 Meeting opened at 4:05 p.m. BJAD Joint Commission Meeting Roll Call – completed Disclosure of Conflicts of Interest – filed Approval of March 20, 2019 Minutes Knapp said that there is a difference between the Zocolo number of units and the new proposal. There are sixty fewer units. He is concerned about TVAP goals and suggested BJAD advocate for dense construction as originally proposed. Right now, the district is on track to reach half the number of units originally estimated: 700 units vs 1400-2200 units. Bush said there were a number of projects that didn’t build to capacity. Recommended Council is made aware. Jones said that he will be looking into district boundaries and other opportunities for development. He also has a goal to build a stronger relationship with Planning so that all Community Vitality districts can be aware of Planning projects. Bush said the district might be better off with fewer residential units, but it may limit what the district can achieve. Prant motioned to approve the March 20, 2019 minutes. Hyde-Wright seconded. All present approved. Public Comment None present. Matters from Staff 2019 Community Vitality Work Plan Priorities – Good Governance, Engagement, Customer Service Jones reported that Community Vitality has developed the priorities listed above. Wells asked if there were more details and Jones said they are still being fleshed out. Meeting Frequency Jones reported that all the Community Vitality district commissions are exploring the option of meeting less frequently. The goals would be that this would encourage more community participation on the commission, more productive meetings, and allow staff more time to prepare for these meetings. Prant is concerned that serious issues like the Pollard project might be missed if the commission met less frequently. Wells pointed out that the memo stated the commission can always call special meetings. Hyde Wright recommended that the special meetings could be pre-planned to be scheduled for the same time of the month as the set meetings. He also pointed out that it would be important to meet quorum. Wells summarized that this is motivated by getting participation for commission and acknowledged that staff could use the time to prepare. Hyde-Wright asked about other boards going to less frequent meetings. Jones said the Water board. Woulf said DMC agreed to support to meet less frequently. Bush recommended having longer meetings if necessary to give enough time for a deep-dive conversation. Knapp made a motion: Motion to support a potential Council resolution modifying the meeting frequency of the BJAD Joint Commission from monthly to bimonthly beginning May 15, 2019. Bush seconded. No opposition. Hyde-Wright pointed out that this is still subject to Council’s approval. UHCAMC will continue to meet monthly. Budget Planning and Fund Health Woulf has been working on improving Community Vitality’s budget process. He is focusing on getting information to the commissions sooner, long term fund health, and capital improvement plan. Woulf reviewed the districts’ missions. Bush asked if the plaza and landscape by the bridge are part of the district’s responsibility. Jones said it is in the right of way and would be the responsibility of street maintenance and acknowledged Pubic Works is busy. Bush asked staff to report back to the commission about district responsibilities. Yates said the Plaza is the responsibility of the HOA and they have plans for improvement. Woulf plans to bring back an updated projection on the PILOT fees at a future meeting. He needs to look into the details further. RTD expenses for BJAD are less than expected. RTD restructured their rates and the BJAD district benefitted. Woulf is concerned about the projected 2019 parking fund balance and will look further into it. Knapp is concerned about the parking operating budget. Woulf said the PILOT fees don’t start until the Certificate of Occupancy is issued. He is concerned about the PILOT projections and thinks the actual income will be lower than projected. Bush offered to give Woulf timing on the COs for his properties and suggested Knapp provide that information as well. Hyde-Wright asked what the process is for increasing the mill levy. Woulf will look into it and report back. Bush asked if the commission can decrease the mills for TDM and increase the mill for Parking. Wells asked Woulf to share the slides with the commission then left the meeting at 4:58 p.m. Woulf reviewed the funding tools for the district. Those include PILOT payments, Catch-Up payments, and Cooperation Agreements. The PILOT payment is only active for TDM, and not Parking. The Catch-Up Payments could be used to charge businesses that come into the district after the development of the district and that would benefit from the up-front work and costs. The Cooperation Agreement is for properties that are tax exempt. Bush asked Woulf to email the commissioners the language regarding the Catch-Up Payments and Cooperation Agreement. Bush would like the commission to review the agreements that have been set for the district and determine the policy that has been set. Bush asked if either entity can loan money to the other. Woulf said yes. Currently TDM is paying back a loan from CAGID. Woulf also talked about the Capital Improvement Plan. He said everything the district needs should be submitted to Council, even if the funding source has not been identified. Woulf recommends building in a contribution to a CIP replacement fund that the districts do not currently do. BJAD EcoPass Printer Jones reported that Chris Hagelin said RTD will let the district have its own EcoPass printer. Currently BJAD TDM participants have been waiting several weeks for their EcoPass. Staff Follow-Up Items BJAD 2019 Goals -Jones reviewed the goals the commission set for 2019. 30 Pearl Call for Offers -Jones said offers were due last Friday. He has not heard about the next steps yet. HOP Route Changes -Jones talked with Transportation. They have received a grant for a bus and the intent is to provide an independent route, more frequent leg of the route between Boulder Junction and downtown. Not sure of the timeline. eGo Car Share Spaces -Jones reported that because the on-street spaces generate revenue for the general fund, and not for the district fund, it is difficult for CV to dictate on street parking allocation. It is easier to dedicate space in the district assets, instead of the general fund area. The commissioners asked what the average on-street spot earns a year. Upcoming Meetings May – 2020 Budget Follow-up and Citywide Retail Study Initial Findings June – Parking & Access Initiatives Update Possible Joint meeting with DMC about connectivity Matters from Commissioners Hyde-Wright asked Knapp if the commission should further explore the low development rate vs the TVAP goals. Prant asked how this happened. Bush said it was probably very general, rough math estimates that were made eight years ago. Knapp concurred. Bush doesn’t think the buildings are smaller than expected. Bush said the original plan called for 4-5 story buildings which don’t meet the 55 foot high limit. Commissioners would like to communicate their concerns about the district density. Bush said staff could convey the district’s concern to Planning on their behalf. Jones will talk with Bowden. Prant thinks it has more impact coming from the commission. Commissioners asked to reschedule the May meeting. Dammann gave a recruitment update. There are now two candidates and the City Clerk’s office will work with the Council subcommittee to schedule interviews. Bush talked about the Goose Creek bike path camping and camping in Boulder Junction and next to Boulder Junction. It is preventing Bush’s staff from riding on the path because they do not feel safe. Jones will follow up. Knapp said that it would be good to start working on district branding and perhaps use some of the BJAD TDM funds. He would like to look at what other districts have done and perhaps hire a designer. Hyde-Wright suggested a range of options. Commissioners agreed. Meeting adjourned at 5:54 pm Hyde-Wright motioned to adjourn and Bush seconded. Commissioners determined there was no need to meet as separate commissions. FUTURE MEETINGS May 21, 2019 Municipal Building 100 Broadway Conference Room Regular Meeting APPROVED BY: BOULDER JUNCTION ACCESS DISTRICT JOINT COMMISSION Attest: Rachel Dammann, Secretary Thomas Wells – Chair, Parking Alex Hyde-Wright – Chair, TDM City of Boulder Community Vitality Parking & Access | District Management | Economic Vitality 1500 Pearl Street, Suite 302 | Boulder, CO 80302 | phone 303-413-7300 | fax 303-413-7301 To: Boulder Junction Access District (TDM & Parking) Commissions From: Mark Woulf, Business Services Manager – Community Vitality Re: Boulder Junction General Improvement Districts – Fund Update On April 15, 2019, staff presented information to the Commissions that the Boulder Junction Access District – Parking (BJAD-P) was likely to experience a shortfall in revenue in 2019 and 2020. Due to a low fund balance in 2019, BJAD-P may also require stopgap funding to prevent the fund from operating in the negative. Staff offered to conduct additional analysis to confirm the shortfall and determine the extent of the gap in funding. Background Boulder Junction Access Districts are split into two funds with separate funding sources. The main funding sources for BJAD-P are property taxes (10 mils) and parking revenues. BJAD- TDM also has a mill levy (5 mils) and is additionally supported by payments in lieu of taxes (PILOTs) in advance of assessments on new construction in order to provide access to transit options. Both are established as General Improvement Districts (GIDs), under the direction of the City Council (Board of Directors) and supported by an advisory commission. The establishing ordinances grant certain authority to the Commissions as an advisory board and staff operating in the supporting capacity. At the establishment of the Districts, BJAD-P participated in acquiring capital and constructing a shared parking structure through a debt obligation ($2,000,000). The City (General Fund) offered a loan to BJAD-P to cover a portion of initial participation of approximately $900,000. BJAD-P is repaying the remaining debt obligation in 2019-2020 in the amount of $416,667 per year. BJAD-P is currently scheduled to begin paying back the General Fund loan in 2021, ending in 2024. All initial projections held that BJAD-P would have to operate at a deficit prior to the district reaching a balanced state. The 2019 Adopted Budget included total sources of funds in 2019 of $445,754; totals uses of funds in 2019 of $575,404, leaving a fund balance before reserve of $96,598. The 2019 Adopted Budget projected property collections to jump by 79% in 2020, allowing the fund balance before reserve to rebound to $396,980. City of Boulder Community Vitality Parking & Access | District Management | Economic Vitality 1500 Pearl Street, Suite 302 | Boulder, CO 80302 | phone 303-413-7300 | fax 303-413-7301 Analysis The 2019 Adopted Budget was based off of a model that had development coming online in Boulder Junction at a certain pace. After further analysis, it is clear the pace of development within the district is occurring at a slower rate. While the overall scale of development is on par with initial projections, property tax collections will increase at a much slower rate and will impact district revenues. In the draft 2019 Revised Budget, total projected uses of funds are trending in line with the Adopted Budget; however, total sources of funds are now projected at $367,399 – driven by a slower place of property tax base growth. This is driving the fund balance before reserve to $36,514, less than 7% of overall uses. For the Revised 2020 Projected Budget, the district will likely continue to operate at a significant deficit and is now projected to be almost $100,000 in the negative in 2020. Again, this is driven by the lower projected property tax collections in 2020 based on new modelling with the latest county assessor data. Additionally, the revised projections jeopardize the fund’s ability to begin paying the General Fund back for the original loan in 2021. Current projections would run the fund close to a zero-fund balance without an intervention, if a payment of $225,000 was made to the General Fund in 2021. Lastly, while the projections illuminate short-term funding issues that need to be addressed, the revised projections confirm the long-term health of both BJAD-P and BJAD-TDM funds. Development is continuing to make progress within the districts and the overall picture of the district’s tax base looks to be strong over the next five to ten years. Recommendations 1. Staff will continue to monitor the incoming revenue in 2019 to determine if stopgap funding is necessary prior to year-end. If it is determined that supplemental funding is necessary, staff recommends a loan from BJAD-TDM to BJAD-P, conducted at the second Adjustment-to-Base in October. 2. For the 2020 Budget proposal, it is necessary to address the projected negative fund balance. Staff recommends that the Commission build into their recommended 2020 Budget a loan from BJAD-TDM to BJAD-P for an amount to cover the gap and operating reserves for 2020, minimally $158,131. 3. If BJAD-TDM approves of the operating loan in 2020, repayment will have to be made in consideration of the General Fund loan payback. Staff recommends that the Commissions seek options from the General Fund to help ensure the payments get made City of Boulder Community Vitality Parking & Access | District Management | Economic Vitality 1500 Pearl Street, Suite 302 | Boulder, CO 80302 | phone 303-413-7300 | fax 303-413-7301 within a reasonable time frame, but do not compromise the solvency of the BJAD-P fund in 2021.