Speaker 0: Speakers must stay on the topic of the hearing and must direct their comments to the council members. Please refrain from profane or obscene speech. Direct your comments to council as a whole and please refrain from individual or personal attacks. Councilman Cashman, will you please put council vote eight for eight on the floor?
Speaker 7: Yes, Mr. President. I move the Council Bill 18 0848 be placed upon final consideration and do pass.
Speaker 0: It has been moved and seconded. The public hearing for Constable A4 is open. May we have the staff report?
Speaker 10: Indeed. Good evening. My name is Andrew Johnstone with the Department of Finance working on special districts. I'm bringing the staff report to you today for Council Bill 848 series of 2018 for an ordinance approving two service plans for new metropolitan districts supporting redevelopment of the parcel of land known as West Lot Site. The districts are called West Lot Metropolitan District Number one and West Lot. Metropolitan District number two. The service plans are being submitted for City Council approval on behalf of the Colorado Rockies Baseball Club Limited pursuant to the requirements of the Special District Act, Sections 32, Dash one, Dash 201 and more particularly 32. Dash one, dash two of 4.5 of the Colorado Revised Statutes. The service plans contain the district's purpose, powers, requirements and financing plan. The district shall be responsible for compliance with the city's municipal code rules, regulations and policy and all other applicable law. The District shall ensure that the District's public improvements are designed and constructed in accordance with the standards and specifications of the city and of other governmental entities having jurisdiction. The purpose of the new development on the West Lot site is to create a sustainable revenue stream over time, which can contribute towards capital improvements and repairs at Coors Field without having to go to the taxpayers for additional funding. The new metropolitan districts will facilitate the needed public improvements and financing required to prepare the West Lot site for vertical developers. It is anticipated that the West Lot Metropolitan District Number one will be the coordinating district organized to finance, construct, own, manage and operate the public improvements for the West Lot site. The West Lot Metropolitan District number two will be organized as a financing district in order to cooperate with district number one to generate revenue to pay costs for public infrastructure. The new metropolitan districts will be responsible for creating the financing, acquisition, construction, completion operation and maintenance of all public infrastructure and services within and without the service areas, including without limitation street sidewalk improvements, parking infrastructure, water storm drainage detention and sanitary sewer improvements, landscaping, irrigation, a public plaza and traffic and safety control improvements. The new metropolitan districts will have the power to raise revenue pursuant to the authorities granted by the Special District Act, including the imposition of up to 60 mills plus rates, fees, tolls and charges for debt and district operation maintenance. Once the district imposes a debt levy, the district operations and maintenance mill levy cannot exceed ten mills. The new metropolitan districts will also be authorized to impose up to five mills or regional improvements at the discretion of the city and county of Denver. The total estimated cost of the public improvements necessary to serve the contemplated development is approximately 32,600,000. In order for the new metropolitan districts to have the fiscal wherewithal to provide the funding for the upfront costs of the public improvements needed in the service area, then the new metropolitan districts shall have the ability to issue debt and impose a debt. No levy to provide the funding. At completion. At completion. The current plan projects a residential and commercial mixed use development of approximately 675,000 square feet. The development plans generally consist of hotel office buildings, residential condos and retail uses. There is a pending rezoning application with the Community and Planning Department. Approval of the service plan establishes the following There is sufficient and sufficient existing and projected need for organized service in the area. Existing service in the area is inadequate for president and projected needs. The districts are capable of economically providing sufficient service to the area within the proposed boundaries. The land in the proposed development to be included does not or does and will have the financial ability to discharge the proposed indebtedness on a reasonable basis. And the facility and service standards will be compatible with the facility and service standards of the city and county of Denver. Staff recommends approval of these service plans and the applicant and their representatives are here to answer questions you might have.
Speaker 0: Thank you very much. We do have four individuals signed up to speak this evening. When I call your name, come on up to the podium and your 3 minutes will start. First up, we have Elizabeth Cortis.
Speaker 3: Good evening. My name is Elizabeth Curtis and I am here on behalf of the applicants as.
Speaker 9: Legal counsel and.
Speaker 3: Spelling of my last name is C.O. RTC Address 450 East 17th Avenue, Denver, Colorado 80237. And I'm available to answer any questions you may have.
Speaker 0: All right. Thank you very much. Next up, how Roth.
Speaker 10: Good evening. My name is Hal Roth and the chief financial officer of the Colorado Rockies. And I'm here to answer any questions you might have you may address.
Speaker 0: If you're comfortable otherwise of 2001 Blake Street. All right. Thank you very much. Next up, John Young. No whiskey ski.
Speaker 4: My name's John Yanna, Shoe Ski, and I am with Stantec Architecture.
Speaker 0: We're the architects.
Speaker 10: And planners for the West Light project. And just how said, we're here to answer any questions. My address is 3725 East Seventh Avenue, Denver.
Speaker 0: Thank you very much. And last up, Shaun Bailey.
Speaker 10: Good evening. Sean Maley, CRL Associates, 1660 Lincoln, Denver. We've been working with the project team on the.
Speaker 4: Community outreach front and likewise.
Speaker 10: Here to answer any questions you might have.
Speaker 0: Thank you. All right. Thank you very much. That concludes our speakers. Are there any questions from members of Council Councilman Brooks?
Speaker 5: And thank you, Mr. President. I just want the African or Sean I don't know if you want to do it. Just give us a little bit of the vision of as to why a metro district for this area and some of the improvements that are going to be applied here.
Speaker 0: Thank you, Councilwoman Brooks.
Speaker 10: First, I think I.
Speaker 4: Need to explain.
Speaker 10: Quickly why we are doing this project, and that is to provide capital funding for Coors Field for the next 30 years under our new stadium lease.
Speaker 0: With that said, the Metro District will help us.
Speaker 10: To finance this project.
Speaker 4: And provide the.
Speaker 10: Benefits of one a public space that will be built in the middle of it, what we call the Content Plaza. Help us to redo the wine coop walkway, which accesses the stadium, as you know, from Union Station. On into the left field gate. And thirdly, to.
Speaker 0: Help us.
Speaker 10: Improve the streetscape around on 19th Y, Z, and also on 20th, where we will try to improve the unsightly retaining wall.
Speaker 5: Great. And can you, for folks who don't know, kind of talk about the gap, the financial gap in funding the stadium?
Speaker 10: Yes, I would be glad to.
Speaker 0: When we were renegotiating.
Speaker 10: With the stadium district and as I think you're all aware, the.
Speaker 0: Denver Metropolitan Major.
Speaker 10: League Baseball Stadium District, a creation of the state, is the owner of Coors Field and we were negotiating to extend the lease for 30 years last year began and were successful began at the end of March of last year. The issue going forward.
Speaker 0: Was we needed to do capital.
Speaker 10: Improvements to the stadium. The issue is replacing mundane things like concrete ramps, steel sewer pipes and scoreboard seats. When you have a building that's half outside deteriorates quicker than a building fully enclosed.
Speaker 0: There were no funding sources for that.
Speaker 10: So we seized on the idea, along with the stadium district of developing the West slide and to provide essentially a profit that would be funneled back in to the capital repairs fund. I think in your materials you have.
Speaker 4: What we're paying forward.
Speaker 10: In rent each year to provide.
Speaker 0: $125 million.
Speaker 10: And then through our stadium lease, which would generate another 75 million over the 30 year period. Those combined will add up to the $200 million that we estimate by to engineering firm studies as the necessary capital.
Speaker 5: Very helpful. I'm glad that you explain that. I think there are a lot of folks in the public who kind of, number one, don't know the relationship with the stadium district. And number two, didn't know the gap, the financial gap that you guys are experiencing. I appreciate it. Thank you.
Speaker 0: Thank you. Councilman Brooks seeing no other questions. The public hearing for Council Bill 848 is closed. Comments by members of Council. Councilman Brooks. Yep.
Speaker 5: I'll just say, I think, you know, metro districts even known as Andrew at some point in the next metro district, I've never seen so many come through. But it is a it's an important financial financing mechanism, especially on a situation like this, where we do have an asset owned owned by the community. But to keep the improvements to to see the development improve, we need a financing source that will redevelop. And so, I mean, you know, I'm supportive of this. I'm excited for my colleagues and the city to actually see the plan. The Rockies have have done a phenomenal job and with one of the tougher neighborhoods in the city of LoDo in and really soliciting their feedback, getting their input and even changing a lot of their design for what the neighborhood's been saying. So I really appreciate you guys reaching out to the neighborhood and working with them and go Rockies October. That's it, Mr. President.
Speaker 0: Thank you, Councilman Brooks. Seeing no other comments, Madam Secretary, roll call.
Speaker 1: Brooks Hi.
Speaker 8: FLYNN All right.
Speaker 2: Gilmore Right. Herndon, i. Cashman I. Carnage. I knew black.
Speaker 3: Eye.
Speaker 2: Mr. President.
Speaker 0: I am met secretary. Please cause the voting and announce the results.
Speaker 2: Sorry. One moment. Sorry. Wrong thing. Okay. Good.
Speaker 0: Nine ice nine as council bill 848. Has passed. Councilman Cashman, would you please put Council Bill 705 on the floor?
A bill for an ordinance approving the Service Plans for the creation of West Lot Metropolitan District No. 1 and West Lot Metropolitan District No. 2.  
Approves two separate Service Plans for the formation and establishment of two Title 32 districts: The West Lot Metropolitan District No. 1 and the West Lot Metropolitan District No. 2, in Council District 9.  The last regularly scheduled Council meeting within the 30-day review period is on 9-10-18.  The Committee approved filing this item at its meeting on 8-7-18.