HomeMy WebLinkAbout20123681.tiff Ricker Cunningham
Highway 85 Corridor Urban Renewal Area
Weld County Impact Report
Evans, Colorado
December 2012
Prepared For:
Evans Redevelopment Agency(ERA)
Evans City Council
Prepared By:
RickerlCunningham
8200 South Quebec Street,Suite A3-104
Centennial, CO 80112
303.458.5800 phone
303.458.5420 fax
www.rickercunningham.com
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Ricker Cunningham
Highway 85 Corridor Urban Renewal Area
Weld County Impact Report
Evans, Colorado
December 2012
This report outlines the anticipated impact of the proposed Highway 85 Corridor Urban Renewal
Plan on Weld County(the County). It responds to the requirements outlined in C.R.S. 31-25-107
(3.5):
C.R.S. 31-25-107:APPROVAL OF URBAN RENEWAL PLANS BY THE LOCAL GOVERNING BODY
(3.5) "Prior to the approval of an urban renewal plan,the governing body shall submit such
plan to the board of county commissioners,which shall include, at a minimum,the
following information concerning the impact of such plan:
I. The estimated duration of time to complete the urban renewal project;
II. The estimated annual property tax increment to be generated by the urban renewal
project and the portion of such property tax increment to be allocated during this
period to fund the urban renewal project;
III. An estimate of the impact of the urban renewal project on county revenues and on the
cost and extent of additional county infrastructure and services required to serve
development within the proposed urban renewal area,and the benefit of improvements
within the urban renewal area to existing county infrastructure;
IV. A statement setting forth the method under which the authority or the municipality will
finance,or that agreements are in place to finance,any additional county infrastructure
and services required to serve development in the urban renewal area for the period in
which all or any portion of the property taxes described in subparagraph(ii)of
paragraph (a)of subsection(9)of this section and levied by a county are paid to the
authority;and
V. Any other estimated impacts of the urban renewal project on county services or
revenues."
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Ricker Cunningham
Summary of Urban Renewal Plan
Development Program
The proposed development program for the Highway 85 Corridor Urban Renewal Area (the
Area) is consistent with current policy documents and plans for the City of Evans. The
development program reflects existing buildings in the Area and a modest amount of new
commercial construction over the next 20 to 25 years,as summarized in Table 1.
Table 1
Highway 85 Corridor Urban Renewal Area
Proposed Development Program
New Redevelopment: Sq Ft
Anchor Retail 80,000
Other Retail/Service 40,000
Source: RickerlCunningham.
Development Timing
The development timetable for the proposed program presented above will ultimately be
determined by prevailing market conditions. A critical component of the analysis presented
here is the assumption that existing parcels within the planning area will increase in value
and/or be redeveloped into a mix of retail and employment uses. For the purposes of this
analysis, it was assumed that new development and/or redevelopment in the Area will be
substantially completed during the 20-to 25-year development and stabilization period.
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Ricker Cunningham
Summary Impacts to Weld County
For the purposes of this analysis, it is assumed that 100%of the total property tax increment
over the 25-year period will be allocated to project costs. Table 2 at the end of this report
provides a summary of these tax revenues.
Property Tax Revenue
Currently,the property tax base in the Area is approximately$1,015,100. During the 25-year
statutory period,the County's share of property tax revenue will be derived from its levy against
the property tax base assessed value--approximately$5.4 million over the 25-year period,or
$216,000 annually(on average) adjusted for general reassessments. After the 25-year analysis
period is completed,the County's share of property tax revenues will increase to approximately
$308,000 on an annual basis. These figures reflect the impacts of inflation, conservatively
estimated at approximately 1%on an annual basis.
County Services/Infrastructure
Because the entire Area is located within the City of Evans' municipal boundaries,there is
anticipated to be a minimal impact on County services. Infrastructure impacts associated with
the proposed development program are assumed to be financed by the Evans Redevelopment
Agency,the City of Evans, private enterprise or other sources, but not the County. Impacts to
the County's general government services could increase due to an increase in non-residential
development, but such impacts should be more than offset by the increase in revenue described
above and value increases in properties outside of the Area.
Net Impact to County
Table 2 also illustrates the net impact to the County over the 25-year tax analysis period. As
shown,the County's net impact, in terms of property tax revenue, is estimated to be a surplus
of approximately$3.8 million.
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Ricker Cunningham
Conclusion
In summary,and regarding"the impact of the reinvestment project on county revenues and on
the cost and extent of additional county infrastructure and services required to serve
development within the proposed reinvestment area",there do not appear to be any significant
additional County infrastructure requirements required to serve development in the proposed
reinvestment Area. Further,the County will not provide any public improvements, police, utility
or other specific services to serve such development as properties in the area are entirely
located within the municipal boundaries of the City and will therefore be served by the City.
Finally,any additional demands(direct or indirect)on County services due to a general increase
in population within the Area should be more than offset (as are all other such costs) by
increases in County revenue as described herein and by adjustments in the base property tax
assessment roll,as well as increases in property value located in proximity to the Area.
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City of
Evans, Colorado
Sheryl Trent
Community&Economic Development Director
1100 37th Street • Evans,Colorado 80620-2036
Office:(970)475-1112 • Cell:(970)208-6633 • Fax:(970)330-3472
sirent@ci.evans.co.us • www.cityolevans.org
city of
Cr:4
Evans, Colorado
Jacque Ehrett
Building/Neighborhood Services
1100 37th Street • Evans,Colorado 80620-2036
Office:(970)475-1120 • Fax:(970)330-3472 • Emergency:911
jehretl@ci.evans.co.us • www.cityofevans.org
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