City of Littleton

City Council

City of Littleton

Meeting Agenda

Littleton Center

2255 West Berry Avenue

Littleton, CO 80120

Council Chamber6:30 PMTuesday, November 19, 2019

Regular Meeting

1. Roll Call

2. Pledge of Allegiance

3. Approval of Agenda

4. Public Comment

If you wish to address the city council under Public Comment, please sign-in on the public speaker

form, before the call to order for this meeting. Each speaker will be limited to three minutes. The city

council is not authorized by the Colorado Open Meetings Law to discuss comment or take action at the

meeting on any issue raised by public comment that is not part of tonight's agenda. The Mayor may

refer the matter to staff to obtain additional information and report back to the Council as appropriate.

5. Consent Agenda Items

Consent agenda items can be adopted by a simple motion. All ordinances must be read

by title prior to a vote on the motion. Any consent agenda item may be removed at the

request of a Council Member.

Approval of the October 15, 2019 regular meeting minutesID# 19-293a)

10-15-2019 - CC Regular Meeting - DRAFTAttachments:

Resolution 62-2019: Appointing Council Member Driscoll as the council

delegate to the South Metro/Cunningham Fire Rescue Authority

Resolution

62-2019

b)

Resolution No. 62-2019

SMFD Final Boundary Map

SMFD Final District 4 Boundary Map

Attachments:

Resolution 63-2019: Amending the Investment Policy of the City of LittletonResolution

63-2019

c)

Resolution No. 63-2019.

Investment Policy - Attachment A

Investment Policy Draft Redline Final - Nov 2019

Attachments:

Page 1 City of Littleton Printed on 11/14/2019

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http://littletongov.legistar.com/gateway.aspx?M=F&ID=9bc3b8fe-aab0-426b-a8e2-1a6b45016043.docx

http://littletongov.legistar.com/gateway.aspx?M=F&ID=8b310c40-5672-4802-b701-84a2a1ffb4aa.pdf

http://littletongov.legistar.com/gateway.aspx?M=F&ID=533f7bcf-8398-419d-9f19-f81243f82135.pdf


http://littletongov.legistar.com/gateway.aspx?M=F&ID=12fb7877-f05f-435e-b0bf-247ee2cb9573.docx

http://littletongov.legistar.com/gateway.aspx?M=F&ID=f352bf1d-977d-4bcb-bb65-f954f7c82a4e.doc

http://littletongov.legistar.com/gateway.aspx?M=F&ID=61fe6ab0-947b-421e-818c-6fa33d98328d.doc

November 19, 2019City Council Meeting Agenda

Motion to appoint Sandra Petry to South Metro Housing Options (SMHO)

Board

ID# 19-309d)

6. General Business

Resolution 61-2019: Approving the creation of an Arts and Culture

Commission

Resolution

61-2019

a)


LACC Charter - DRAFT

LACC Work Plan

Attachments:

Resolution 64-2019: Approving a first amendment to the Cooperation &

Loan Agreement (CLA) with “Littleton Invests For Tomorrow” (LIFT)

Resolution

64-2019

b)


First Amendment to Cooperation and Loan Agreement for LIFT

Boundary Map for Columbine URA

Attachments:

7. Ordinances on Second Reading and Public Hearing

8. Comments / Reports

I. City Manager

II. City Attorney

III. Council Members

IV. Mayor

9. Presentation of Service Awards

10. Mayor calls for a motion to appoint the city clerk as the temporary chairperson

11. Adjournment Sine Die

1. Call to Order

2. Roll Call

3. Judge Fellman swears in newly elected council members

4. Request for nominations for Mayor




http://littletongov.legistar.com/gateway.aspx?M=F&ID=acd0cf7b-fe21-4ea3-a51a-33e05315c6e8.pdf

http://littletongov.legistar.com/gateway.aspx?M=F&ID=aac7f9af-cb14-4ca9-a7c5-a8d50a4d4875.pdf

http://littletongov.legistar.com/gateway.aspx?M=F&ID=b22f4046-14b3-4033-beed-e8cbdb9e999f.pdf


http://littletongov.legistar.com/gateway.aspx?M=F&ID=1e82dd65-186c-40fc-a07e-3b956f179144.pdf

http://littletongov.legistar.com/gateway.aspx?M=F&ID=b207a683-9feb-43a7-ba7c-390414b536e6.pdf

http://littletongov.legistar.com/gateway.aspx?M=F&ID=f7f2ad91-3719-45e7-b545-a7dd0e960ce0.pdf

November 19, 2019City Council Meeting Agenda

5. Nominees to provide a brief statement

6. Questions to Nominees

7. Voice Vote regarding Mayor

8. Request for nominations for Mayor Pro Tem

9. Nominees to provide a brief statement

10. Questions to Nominees

11. Voice Vote regarding Mayor Pro Tem

12. Adjournment

The public is invited to attend all regular meetings or study sessions of the City Council or any City

Board or Commission. Please call 303-795-3780 at least forty-eight (48) hours prior to the meeting if

you believe you will need special assistance or any reasonable accommodation in order to be in

attendance at or participate in any such meeting. For any additional information concerning City

meetings, please call the above referenced number.


City of Littleton

Staff Communication

Littleton Center2255 West Berry Avenue

Littleton, CO 80120

File #: ID# 19-293, Version: 1

Agenda Date: 11/19/2019

Subject:Approval of the October 15, 2019 regular meeting minutes

Prepared by: Wendy Heffner, City Clerk

RECORDING SECRETARY’S CERTIFICATION:I hereby certify that the attached minutes are an accurate representation of motions made and action taken at theOctober 15, 2019 regular meeting of the city council. I have also reviewed the video recording for the October15, 2019 regular meeting of the Littleton City Council and certify that the video recording is a full, complete,and accurate record of the proceedings and there were no malfunctions in the video or audio functions of therecording.

PROPOSED MOTION:I move to approve the minutes for the October 15, 2019 regular meeting of the Littleton City Council.

City of Littleton Printed on 11/14/2019Page 1 of 1

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5(a)

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Littleton Center

2255 West Berry Avenue

Littleton, CO 80120

City of Littleton

Meeting Minutes - Draft

City Council

6:30 PM Council ChamberTuesday, October 15, 2019

Regular Meeting

1. Roll Call

Council Member Cole, Mayor Brinkman, Mayor Pro-Tem Valdes, Council Member

Driscoll, Council Member Elrod, Council Member Fey and Council Member

Schlachter

Present: 7 -

2. Pledge of Allegiance

3. Approval of Agenda

4. Public Comment

If you wish to address the city council under Public Comment, please sign-in on the public speaker

form, before the call to order for this meeting. Each speaker will be limited to three minutes. The city

council is not authorized by the Colorado Open Meetings Law to discuss comment or take action at the

meeting on any issue raised by public comment that is not part of tonight's agenda. The Mayor may

refer the matter to staff to obtain additional information and report back to the Council as appropriate.

Claudia McIntosh - Storm that filled the retention pond and flooded underground garage

causing $100,000 in damage.

Pam Chadbourne - Question about balloons and cookies; why are they here?

5. Consent Agenda Items

a) Resolution

58-2019

Resolution 58-2019: Adopting the 2020 Fee Schedule

approved

b) Resolution

50-2019

Resolution 50-2019: Approving an Intergovernmental Agreement with Mile

High Flood District for construction of drainage improvements for Lee

Gulch at Broadway

approved

c) Resolution

56-2019

Resolution 56-2019: Approving an Intergovernmental Agreement with

Denver Water to allow construction of a storm drainage outlet into the High

Line Canal at Windermere Street

approved

Page 1City of Littleton Printed on 10/21/2019




October 15, 2019City Council Meeting Minutes - Draft

d) Resolution

51-2019

Resolution 51-2019: Approving an Intergovernmental Agreement between

the City of Littleton and the City of Centennial for pavement rehabilitation on

East Orchard Road between South Pearl Street and Broadway

approved

e) Resolution

53-2019

Resolution 53-2019: Approving the 2020 Operating Plan and Budget for

the Highline Business Improvement District

approved

f) Resolution

54-2019

Resolution 54-2019: Approving the 2020 Operating Plan and Budget for

the Aspen Grove Business Improvement District

approved

g) Resolution

57-2019

Resolution 57-2019: Approving an Intergovernmental Agreement between

the City of Littleton and the Colorado Department of Transportation for

reimbursement of costs associated with operation and maintenance of

traffic control devices on state highways within the city limits

approved

h) ID# 19-281 Motion to cancel city council’s regular meeting on December 24, 2019

approved

i) ID# 19-280 Approval of the October 1, 2019 regular meeting minutes

approved

Approval of the Consent Agenda

Mayor Pro Tem Valdes moved and Council Member Driscoll seconded to approve

consent agenda items 5(a) through 5(i). The vote is 7-0. The motion carries

unanimously.

Aye: Council Member Cole, Mayor Brinkman, Mayor Pro Tem Valdes, Council Member


Schlachter

7 -

6. General Business

7. Ordinances on Second Reading and Public Hearing

a) Resolution

59-2019

Resolution 59-2019: Adopting the Envision Littleton Comprehensive Plan

and Transportation Master Plan

Staff Presentation - Jennifer Henninger, Community Development Director; Kathleen

Osher, Manager of Innovation & Performance Excellence; Keith Reester, Public Works

Director

Mayor Brinkman opened the public comment at 6:55 p.m.










Kent Bagley - In favor

Mark Rudnicki - In favor

Kate Eckel - In favor

Frank Atwood - If the new Comp Plan permits irresponsible growth before appropriate

zoning can be passed, will council declare a moratorium?

Pat Dunahay - In favor

Linda Knufinke - Transportation Master Plan shows a proposed road through South Platte

Park; if this is not the intention, clean up the language and references to it.

Pam Chadbourne - Opposed

Kyle Henderson, Chair of South Metro Housing Options Board - In favor

Pam Grove - In favor

Julie Falkenberg - Opposed to process; does not feel that the finished product is

representative of the citizens of Littleton.

Rob Hanna, Executive Director of South Suburban Parks & Recreation - In favor

Jose Trujillo - Split TMP and Comp Plan, vote on them separately; Opposed

Paul Bingham - Thinks the document is fine but concerned with new development

happening before new zoning.

Dan Radulovich - Look at zoning neighborhood by neighborhood.

Mayor Brinkman closed the public comment at 7:30 p.m.

Council Member Elrod moved and Council Member Driscoll seconded to approve

the resolution adopting the Envision Littleton Comprehensive Plan which

includes the Future Land Use and Character Map and the Transportation Master

Plan, as amended by Planning Commission.

Mayor Brinkman moved and Council Member Fey seconded to amend the main

motion to approve without the Planning Commission's amendment. The vote is

6-1, with Council Member Elrod voting no. The motion to amend carries.

Council Member Elrod moved and Council Member Cole to amend the Envision

Littleton Comprehensive Plan Infrastructure and Services Section to amend

Action I&S 17 to individually call out the Library and Museum as two separate

actions: (1) Update Action l&S 17 to represent the Library - Action l&S 17: Create

updated master plans for Bemis Library in conjunction with partners, such as the

Library Board, Friends of the Littleton Library and Museum, DRCOG and others to

be a resource for the community in more innovative, strategic, and sustainable

ways to be both a physical and virtual hub for literary access, resource

connections and community outreach programming; and (2) Add additional

Action l&S 18 for the Museum - Action l&S 18: Develop a Littleton Museum and

Grounds Master Plan, addressing sustainability of building and infrastructure,



expanding and diversifying programming offerings and exploring funding and

financing opportunities to maintain the caliber of the facility. This plan will

continue to position the Museum as regional draw for visitors and nationally

recognized as a Smithsonian affiliate.

Council Member Schlachter moved and Council Member Driscoll seconded to

amend Council Member Elrod's amendment of proposed I&S 18 to read: Develop

a Littleton Museum and Grounds Master Plan, in conjunction with the board and

other partners, addressing sustainability of building and infrastructure,

expanding and diversifying programming offerings and exploring funding and

financing opportunities to maintain the caliber of the facility.

The vote on Council Member Schlachters amendment to Council Member Elrod's

amendment is 4-3, with Mayor Brinkman, Mayor Pro Tem Valdes, and Council

Member Fey voting no. The motion to amend the amendment carries.

The vote on Council Member Elrod's amendment to the main motion, as

amended by Council Member Schlachter's amendment, is 2-5, with Mayor

Brinkman, Mayor Pro Tem Valdes, and Council Members Driscoll, Fey, and

Schlachter voting no. The motion to amend fails.

Vote on the main motion as amended to exclude the amendment recommended

by the Planning Commission. The vote is 7-0. The motion carries unanimously.



Schlachter

7 -

b) Ordinance

25-2019

Ordinance 25-2019: Second introduction of an ordinance to be known as

the "Annual Appropriation Bill," adopting the annual budget for all municipal

purposes of the City of Littleton, Counties of Arapahoe, Douglas, and

Jefferson, State of Colorado, for the fiscal year beginning January 1, 2020

and ending December 31, 2020

Staff Presentation: Tiffany Hooten, Finance Director (presentation on Ordinance 25-2019:

2020 Annual Appropriation Bill / 26-2019: 2020 Mill Levy / 27-2019: 2020 Sewer Utility

Enterprise Budget / 28-2019: 2020 Stormwater and Flood Management Utility Enterprise

Budget)

Mayor Brinkman opened the public hearing for all four budget ordinances at 8:30 p.m.

and, with nobody wishing to speak, closed the public hearing at 8:30 p.m.

Council Member Schlachter moved and Council Member Elrod seconded to

approve the ordinance known as the "Annual Appropriation Bill," adopting the

annual budget for all municipal purposes of the City of Littleton, Counties of

Arapahoe, Douglas, and Jefferson, State of Colorado, for the fiscal year

beginning January 1, 2020 and ending December 31, 2020. The vote is 7-0. The

motion carries unanimously.



Schlachter

7 -

c) Ordinance

26-2019

Ordinance 26-2019: Second introduction of an ordinance establishing the

tax levy of 2.0 mills to defray the costs of municipal government of the City





of Littleton, Counties of Arapahoe, Douglas, and Jefferson, State of

Colorado, for the City’s Fiscal Year beginning January 1, 2020 and ending

December 31, 2020 and directing publication of the ordinance

Council Member Elrod moved and Council Member Driscoll seconded to approve

the ordinance establishing the tax levy of 2.0 mills to defray the costs of

municipal government of the City of Littleton, Counties of Arapahoe, Douglas,

and Jefferson, State of Colorado, for the City’s Fiscal Year beginning January 1,

2020 and ending December 31, 2020. The vote is 7-0. The motion carries

unanimously.



Schlachter

7 -

e) Ordinance

28-2019

Ordinance 28-2019: Second introduction of an ordinance of the City of

Littleton, Colorado, as the governing body of the City of Littleton,

Stormwater and Flood Management Utility Enterprise, adopting the 2020

budget and directing publication of the ordinance

Council Member Driscoll moved and Mayor Pro Tem Valdes seconded to approve

the ordinance adopting the 2020 Littleton Stormwater and Flood Management

Utility Enterprise budget. The vote is 7-0. The motion carries unanimously.



Schlachter

7 -

d) Ordinance

27-2019

Ordinance 27-2019: Second introduction of an ordinance of the City of

Littleton, Colorado, as the governing body of the City of Littleton, Sewer

Utility Enterprise, adopting the 2020 budget and directing publication of the

ordinance

Council Member Schlachter moved and Council Member Driscoll seconded to

approve the ordinance adopting the 2020 Littleton Sewer Utility Enterprise Fund

budget. The vote is 7-0. The motion carries unanimously.



Schlachter

7 -

8. Comments / Reports

I. City Manager

The political committment of getting the Comp Plan to this point is to be

commended. Congratulations to staff and the consultant team. Couldn't be more

proud. Congratualtions on passing the budget. We are an efficiently run organization

and community. General Fund is in good shape.

II. City Attorney

Ashley Augustin will be starting on October 31 as the new Sr. Assistant City

Attorney.





III. Council Members

Council Member Elrod - Volunteered at Euclid Middle School. Students were working

on a project called GRAPES: Geography, Religion, Academics, Politics, Economy,

and Sustainability (read some comments from "thank you" cards / Attended North

Littleton Promise fiesta dinner/fundraiser

Council Member Fey - Homelessness Policy Committee for the tri-cities (Littleton,

Sheridan, and Englewood): working with the director of the Metro Denver Housing

Initiative working on a logic model - PESTLE: Political, Economic, Social, Technical,

Legal, and Environmental (all of these things feed into homelessness)

Council Member Schlachter - Commend the City Manager and Staff and members of

the Fine Arts Board for installation of new art

Council Member Cole - Attending monthly meeting of the CML Policy Board; next

meeting occurs after term on council ends; hopes council will appoint a new liaison

quickly

Council Member Driscoll - No report

Mayor Pro Tem Valdes - Was also a mentor at Euclid Middle School

IV. Mayor

Recently had a ribbon cutting at Hudson Gardens; work completed for a new

trailhead / Invited to the annual fundraiser for Love Inc. who were instrumental in

assisting with those displaced by the Windermere Fire / Honored to speak at

Naturalization ceremony through our Immigrant Resources Center / Next regular

meeting of this council is November 19 at which new council will be sworn in

9. Adjournment

Mayor Brinkman adjourned the meeting at 8:48 p.m.

The public is invited to attend all regular meetings or study sessions of the City Council or any City

Board or Commission. Please call 303-795-3780 at least forty-eight (48) hours prior to the meeting if

you believe you will need special assistance or any reasonable accommodation in order to be in

attendance at or participate in any such meeting. For any additional information concerning City

meetings, please call the above referenced number.


City of Littleton

Staff Communication


Littleton, CO 80120

File #: Resolution 62-2019, Version: 1


Subject:Resolution 62-2019: Appointing Council Member Driscoll as the council delegate to the SouthMetro/Cunningham Fire Rescue Authority

Prepared by: Mark Relph, City Manager

PURPOSE: Does city council support appointing Council Member Driscoll as the council delegate to theSouth Metro/Cunningham Fire Rescue Authority?

PRESENTATIONS:Staff Presenter(s): Mark Relph, City Manager

SUMMARY:In April of 2018, the city council formally executed a contract with the South Metro Fire Rescue District forfire and emergency medical services (EMS). This action began the unification of Littleton Fire Rescue (LFR)with SMFR. On January 1, 2019 LFR ceased to exist and SMFR began full fire and EMS services with the cityof Littleton.

A temporary fire authority (Authority) was created to govern the consolidation of SMFR, LFR and theCunningham Fire District. The intent is to keep this Authority in place until SMFR can rebalance the districtsand hold an election in May, 2020. A draft copy of the redistricting is attached; formal approval is anticipated inDecember. After the election, a new SMFR board will be appointed and the Authority will no longer benecessary. Therefore, this appointment will only be for November 20, 2019 through May 2020.

Council action is required to appoint a designee to the Authority with the purpose as described. MayorBrinkman had been the designee to the LFR Review Committee (representatives of Littleton, Highlands Ranchand Littleton Fire District) and was the city representative to the Authority. Since Mayor Brinkman is now termlimited, another appointment is necessary.

STAFF RECOMMENDATION: Staff recommends approval of Resolution 62-2019

PROPOSED MOTION:I move to approve the resolution appointing Council Member Driscoll as the council delegate to the SouthMetro/Cunningham Fire Rescue Authority.



5(b)


CITY OF LITTLETON, COLORADO12

Resolution No. 6234

Series, 201956

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF 7LITTLETON, COLORADO, TO APPOINT A COUNCIL DELEGATE TO 8THE SOUTH METRO/CUNNINGHAM FIRE RESCUE AUTHORITY9

10WHEREAS, the city has entered into an agreement to become a member of the 11

South Metro/Cunningham Fire Rescue Authority; and1213

WHEREAS, the city is required to appoint a councilmember as a delegate to the 14Authority Board;15

1617

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF 18THE CITY OF LITTLETON, COLORADO, THAT: 19

20__________________ is hereby appointed as the council delegate to the South 21

Metro/Cunningham Fire Rescue Authority.2223

INTRODUCED, READ AND ADOPTED at a regularly scheduled meeting of the 24

City Council of the City of Littleton, Colorado, on the 19th day of November, 2019, at 6:30 p.m. 25

at the Littleton Center, 2255 West Berry Avenue, Littleton, Colorado.26

ATTEST:2728

__________________________ __________________________29Wendy Heffner Debbie Brinkman30CITY CLERK MAYOR31

32APPROVED AS TO FORM:33

34__________________________35Reid Betzing36CITY ATTORNEY37

38

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Board of Directors District Boundaries

FINAL 388,124 total 9/9/2019LEGENDD1 - 54,245 D2 - 56,995 D3 - 55,141 D4 - 58,952 D5 - 54,324 D6 - 53,912 D7 - 54,555

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D1 - 54,245 D2 - 56,995 D3 - 55,141 D4 - 58,952 D5 - 54,324 D6 - 53,912 D7 - 54,555

City of Littleton

Staff Communication


Littleton, CO 80120



Subject:Resolution 63-2019: Amending the Investment Policy of the City of Littleton

Prepared by: Tiffany Hooten, Finance Director

PURPOSE:Does city council support a resolution amending the Investment Policy?

PRESENTATIONS:Staff Presenter(s): Tiffany Hooten, Finance DirectorAdditional Presenter(s): Earlene Rich, Deputy Finance Director

SUMMARY:The city’s investment policy was adopted in 2008. The last amendment was in 2013. Since that time, theinvestment environment has changed. Staff has reviewed the policy for proposed amendments which includethe most recent audit recommendations.

PRIOR ACTIONS OR DISCUSSIONS:The investment policy was adopted in 2008 and amended in 2013. Staff presented revisions to the currentpolicy at the November 12, 2019 study session. As a result of the study session, an additional amendment toinclude city council review in even years was added in the last section of the policy.

ANALYSIS:Staff AnalysisIt is a best practice to review the city’s investment policy periodically and recommend amendments to council. It has been six yearssince the policy was amended. Revising the policy allows more flexibility in investments in order to yield more interest in the currenteconomy and also addresses the audit comment from 2018 regarding the limitations on concentration of credit risk of investments.

The red-lined version of the current policy is attached as well as a final version with the proposed amendments.

Council Goal, Objective, and/or Guiding PrincipleThese amendments support Goal 2: Financial Sustainability by providing investment objectives of safety, liquidity, and return oninvestments.

Fiscal ImpactsWith additional investment opportunities, possible improved investment yield may be achieved while maintaining a conservativeinvestment portfolio.

Alternatives1 - Approve the resolution adopting the investment policy amendments recommended by staff and the audit.2 - Do not approve the resolution amending the investment policy, against audit recommendations.



5(c)



STAFF RECOMMENDATION:Staff recommends approval of the resolution adopting the investment policy amendments.

PROPOSED MOTION:I move to approve the resolution amending the investment policy of the City of Littleton.






Series, 201956

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF 7LITTLETON, COLORADO, AMENDING THE INVESTMENT POLICY 8OF THE CITY OF LITTLETON.9

10WHEREAS, the City desires to have an investment policy to insure that all 11

available funds are invested to the maximum extent possible and at the highest possible rates 12while preserving and protecting the City’s funds; and13

14WHEREAS, Council deems such an amendment to be in the best interest of the 15

City.1617

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF 18THE CITY OF LITTLETON, COLORADO, THAT: 19

20(1) The investment policy for the City of Littleton attached as Exhibit “A” to this21

Resolution is hereby adopted.22(2) The investment policy established by Resolution 11, Series 2008, amended by23

Resolution 11, Series 2013, is hereby repealed.2425

INTRODUCED, READ AND ADOPTED at a regularly scheduled meeting of the26


at the Littleton Center, 2255 West Berry Avenue, Littleton, Colorado.28

ATTEST:2930

__________________________ __________________________31Wendy Heffner Debbie Brinkman32CITY CLERK MAYOR33

3435

APPROVED AS TO FORM:3637

__________________________38Reid Betzing39CITY ATTORNEY40

Exhibit A

City of Littleton Investment Policy Page 1

CITY OF LITTLETONINVESTMENT POLICY

PURPOSE

This Investment Policy supplements the Principles of Sound Financial Management –Policy 9 (Cash Management and Investment) adopted by the Council of the City of Littleton on November 6, 2018.

It is the policy of the City of Littleton (“the City”) to invest public funds in a manner that will provide preservation of capital, meet the daily liquidity needs of the City, diversify the City’s investments, conform to all local and state statutes governing the investment of public funds, and generate a reasonable investment yield.

This Investment Policy addresses the methods, procedures and practices which must be exercised to ensure effective and judicious fiscal and investment management of the City’s funds. It replaces any previous investment policy or investment procedures of the City.

SCOPE

This Investment Policy shall apply to all funds accounted for in the City’sComprehensive Annual Financial Report (CAFR).

Cash shall be pooled for investment purposes. The investment income derived from the pooled investment account shall be allocated to the contributing funds based upon the proportion of the respective balances relative to the total pooled balance in the investment portfolio. Interest earnings shall be distributed to the individual city funds on a monthly basis. The cash balances of entities holding an interest bearing account in their own name will not be included in the City’s pooled cash. This includes but is not limited to: Littleton Invests For Tomorrow (LIFT) and Littleton Building Authority (LBA) as well as some Special Revenue and Fiduciary accounts (Mindell W. Stein, J. Ernest Hockaday, and So Platte Park Irrigation.)

INVESTMENT OBJECTIVES

Funds shall be invested in accordance with all applicable City policies, State statutes and Federal regulations. The City’s principal investment objectives in priority order are:

Safety. Preservation of capital, protection of investment principal, anddiversification to mitigate incurring unreasonable market risks.

Liquidity. Maintenance of sufficient available cash to promptly pay the City’sfinancial obligations.

Return on Investment. Attainment of a reasonable yield on investments consistentwith the safety and liquidity objectives.

The Finance Director will determine whether a security will be sold prior to maturity. The following are examples of when a security might be sold prior to maturity:


A security with a declining credit rating may be sold early to minimize loss ofprincipal;

A security swap could improve the quality, yield, return, or maturity distribution ofthe portfolio;

Liquidity needs of the portfolio require that the security be sold; or The city will obtain a better rate of return on investments by taking advantage of

market volatility and recognizing gains on a portion of the portfolio.

DELEGATION OF AUTHORITY

The Finance Director is vested with responsibility for managing the City’s investment program and for implementing this Investment Policy. The Finance Director may delegate the authority to conduct investment transactions and to manage the operation of the investment portfolio to other specifically authorized staff members. No person may engage in an investment transaction except as expressly provided under the terms of this Investment Policy.

The Finance Director shall establish procedures and internal controls for the operation of the City’s investment program, designed to prevent loss of public funds due to fraud, error, misrepresentation and imprudent actions.

The City’s Finance Director may engage the support services of outside investment advisors with respect to its investment program, so long as it can be demonstrated that these services produce a net financial advantage or necessary protection of the City’sfinancial resources. All investments made through such investment advisors shall be within the guidelines of this Investment Policy.

PRUDENCE

The standard of prudence to be used for managing the City’s investment program is the "prudent investor" standard applicable to a fiduciary, which states that a prudent investor "shall exercise the judgment and care, under the circumstances then prevailing, which men of prudence, discretion, and intelligence exercise in the management of the property of another, not in regard to speculation but in regard to the permanent disposition of funds, considering the probable income as well as the probable safety of capital." (Colorado Revised Statutes § 15-1-304, Standard for Investments.)

The City’s overall investment program shall be designed and managed with a degree of professionalism that is worthy of the public trust. The City recognizes that no investment is totally without risk and that its investment activities are a matter of public record. Accordingly, the City recognizes that occasional measured losses may occur in a diversified portfolio and shall be considered within the context of the overall portfolio’s return, provided that adequate diversification has been implemented and that the sale of a security is in the best long-term interest of the City.

The Finance Director and other authorized persons acting in accordance with established procedures and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided appropriate action is taken to control adverse developments and significant deviations from expectations are reported to the City Council in a timely manner.


ETHICS AND CONFLICTS OF INTEREST

City employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the City’s investment program or that could impair or create the appearance of an impairment of their ability to make impartial investment decisions. Employees shall disclose to the Finance Director any material financial interest they have in financial institutions that conduct business with the City, and they shall subordinate their personal investment transactions to those of the City.

AUTHORIZED SECURITIES AND TRANSACTIONS

As a home rule city, the City may adopt a list of acceptable investment instruments differing from those outlined in C.R.S § 24-75-601.1, et. seq. which generally applies to the investment of public funds for state agencies. Any revisions or extensions of these sections of the statutes will be assumed to be part of this Investment Policy immediately upon being enacted. However, in the event the amendments to these statutes conflict with this policy and past investments practices, the City may delay adherence to the new requirements when it is deemed in the best interest of the City to do so and the existing policy shall govern the City’s investments.

For the purposes of this policy, the diversification requirements are applicable to the overall portfolio holdings (the “Portfolio”) of the City, not on the basis of an individual portfolio.

The ratings requirements outlined in this section are those as published by Standard & Poor’s (“S&P”), a Nationally Recognized Statistical Rating Organization (“NRSRO”). Securities purchased may be rated by Standard & Poor’s, Moody’s Investors Service, or Fitch Ratings, therefore, the ratings equivalents of those entities as they relate to S&P are listed below:

LONG-TERM RATINGSStandard & Poor's Moody’s Investors Service Fitch Ratings

AAA Aaa AAAAA+ Aa1 AA+AA Aa2 AA

AA− Aa3 AA−A+ A1 A+A A2 A

A− A3 A−

SHORT-TERM RATINGSStandard & Poor's Moody’s Investors Service Fitch Ratings

A-1+ P-1 F1+A-1 P-1 F1

Sources: Standard & Poor’s Corporation, Moody’s Investors Service, Fitch Ratings


This Investment Policy further restricts the investment of City funds to the following types of securities and transactions:

1. U.S. Treasury Obligations: Any security issued by, fully guaranteed by, or forwhich the full credit of the United States Treasury is pledged for paymentincluding, but not limited to,Treasury bills, Treasury notes, Treasury bonds andTreasury STRIPS with maturities not exceeding five years from the date of tradesettlement. The City may invest up to 100% of the book value of its investmentportfolio in U.S. Treasury Obligations.

2. Federal Agency and Instrumentality Securities: Any security issued by, fullyguaranteed by, or for which the full credit of the following is pledged for interest:the federal national mortgage association (FNMA), The federal farm credit bank(FFCB), the federal land bank, a federal home loan bank (FHLB), the federalhome loan mortgage corporation (FHLMC), the export-import bank, theTennessee Valley Authority, the government national mortgage association, theworld bank, or an entity or organization that is not listed in this paragraph but thatis created by, or the creation of which is authorized by, legislation enacted by theUnited States congress and that is subject to control by the federal governmentthat is at least as extensive as that which governs an entity or organization listedin this paragraph. Such securities shall be rated at least AA- or the equivalent atthe time of purchase by at least two NRSROs and have maturities not exceedingfive years from the date of trade settlement. The City may invest up to 100% ofthe book value of its investment portfolio in Federal Agency and InstrumentalitySecurities and no more than 30% of the City’s investment portfolio may beinvested in the obligations of a single issuer. Subordinated debt may not bepurchased.

3. Repurchase Agreements with a termination date of 90 days or less collateralizedby U.S. Treasury Obligations or Federal Agency and Instrumentality securitieslisted in 1. and 2. above with a final maturity not exceeding ten years. Thepurchased securities shall have a minimum market value including accruedinterest of 102% of the dollar value of the transaction. Collateral shall be held bythe City’s third-party custodian bank, and the market value of the collateralsecurities shall be marked-to-the market daily.Repurchase Agreements shall be entered into only with broker/dealersrecognized as primary dealers by the Federal Reserve Bank of New York, or withfirms that have a primary dealer within their holding company structure.Approved Repurchase Agreement counterparties shall have a short-term creditrating of at least A-1 or the equivalent and a long-term credit rating of at least Aor the equivalent by a NRSRO. Repurchase agreement counterparties shallexecute a City-approved Master Purchase Agreement with the City.The City may invest up to 35% of the book value of its investment portfolio inRepurchase Agreements and no more than 5% of the City’s investment portfoliomay be invested with a single counterparty.

4. Commercial Paper with an original maturity of 270 days or less issued by anycorporation or bank. Such securities must be U.S. dollar-denominated and ratedat least A-1 or the equivalent at the time of purchase by at least two NRSROs.The City may invest up to 35% of the book value of its investment portfolio in


these securities and no more than 5% of the City’s investment portfolio may be invested in the obligations of any one issuer.

5. Corporate Debt with a maturity not exceeding five years from the date of tradesettlement and issued by any corporation or bank. Such securities must be U.S.dollar-denominated and rated at least AA- or the equivalent at the time ofpurchase by at least two NRSROs. The City may invest up to 35% of the bookvalue of its investment portfolio in corporate debt and no more than 5% of theCity’s investment portfolio may be invested in the obligations of any one issuer.

6. Municipal Bonds, General Obligation Bonds, Revenue Obligation Bonds andCertificates of Participation of state or local governments with a maturity notexceeding five years from the date of trade settlement. issued by any state in theUnited States, the District of Columbia, or any territorial possession of the UnitedStates or of any political subdivision, institution, department, agency,instrumentality, or authority of any of such governmental entities. Suchobligations must be rated at least A or the equivalent by at least two NRSRO’s.The City may invest up to 35% of the City’s investment portfolio in municipalbonds and no more than 5% of the City’s investment portfolio may be invested inthe obligations of a single issuer.

7. Negotiable Certificates of Deposit (“Negotiable CDs”) with a maturity notexceeding five years from the date of trade settlement and issued by any bankNegotiable CDs must be U.S. dollar-denominated. If applicable, theseinvestments must, at the time of purchase have either a) a long-term rating of atleast AA- or the equivalent by at least two NRSROs, or b) short term ratings ofA-1 or the equivalent by two NRSROs. The City may invest up to 35% of itsinvestment portfolio in Negotiable CDs, and no more than 5% of the City’sinvestment portfolio may be invested in a single issuer.

8. Non-negotiable Certificates of Deposit (“Time CDs”) with a maturity notexceeding five years in any FDIC insured state or national bank located inColorado that is an eligible public depository as defined in C.R.S. § 11-10.5-103.Certificates of deposit that exceed FDIC insurance limits shall be collateralizedas required by the Public Deposit Protection Act. The City may invest up to 20%of its investment portfolio in Time CDs and no more than 5% of the City’sinvestment portfolio may be invested in a single issuer.

9. Local Government Investment Pools (“LGIPs”) organized pursuant to theprovisions of Article 75, Title 24, Part 7 of C.R.S. authorized under C.R.S. §24-75-702 that have a rating of AAAm or the equivalent by one or more NRSROs.The City may invest up to 100% of its investment portfolio in LGIPs with no morethan 50% of the City’s investment portfolio in any one LGIP.

10. Money Market Mutual Funds registered under the Investment Company Act of1940 that: 1) are "no-load" (no commission or fee shall be charged on purchasesor sales of shares); 2) seek a constant net asset value of $1.00 per share; 3)have a maximum stated maturity and weighted average maturity in accordancewith Rule 2a-7 of the Investment Company Act of 1940; and 4) have a rating ofAAAm or the equivalent by any NRSRO. The City may invest up to 100% of its


investment portfolio in money market mutual funds with no more than 50% of the City’s investment portfolio in any single fund.

The portfolio shall be limited to an aggregate exposure of 50% for the following investment types: Commercial Paper, Bankers Acceptances, Corporate Debt and Negotiable Certificates of Deposit.

The foregoing list of authorized securities and transactions shall be strictly interpreted. Any deviation from this list must be pre-approved by the City Council.

The City may, from time to time issue bonds, the proceeds of which must be invested to meet specific cash flow requirements. In such circumstances and notwithstanding the paragraph immediately above, the reinvestment of debt issuance or related reserve funds may, upon the advice of Bond Counsel or financial advisors, deviate from the provisions of this Investment Policy with the written approval of the Finance Director.

SUMMARY OF ELIGIBLE INVESTMENTS AND TRANSACTIONS

The ratings requirements outlined in this summary grid of eligible investments and transactions are those as published by Standard & Poor’s (“S&P”), a Nationally Recognized Statistical Rating Organization (“NRSRO”). Securities purchased may be rated by Standard & Poor’s, Moody’s Investors Service, or Fitch Ratings, therefore, the ratings equivalents of those referenced by S&P are outlined on page 3 of this policy.

Security Type Maximum Portfolio %

Maximum Issuer %

Maturity Restrictions

Rating Requirements

U.S. Treasuries 100% 100% 5 years N/A

Federal Agencies and Instrumentalities

100% 30% 5 yearsAA- by 2 NRSROs

Repurchase Agreements 35% 5% 90 days N/A

Commercial Paper 35% 5% 270 daysA-1 by 2NRSROs

Corporate Debt 35% 5% 5 yearsAA- by 2 NRSROs

Municipal Bonds 35% 5% 5 yearsA by 2

NRSROs

Negotiable Certificates of Deposit (“Negotiable CD’s”)

35% 5% 5 yearsAA- or A-1 by

2 NRSROs (as applicable)

Non-negotiable Certificates of Deposits(“Time CDs”)

20% 5% 5 years N/A

Local Government Investment Pools

100% 50% N/AAAAm by any

NRSRO

Money Market Mutual Funds 100% 50% N/AAAAm by any

NRSRO


INVESTMENT DIVERSIFICATION

The City shall diversify its investments to avoid incurring unreasonable risks inherent in over-investing in specific instruments, individual financial institutions or maturities. Nevertheless, the asset allocation in the investment portfolio should be flexible depending upon the outlook for the economy, the securities markets and the City’s anticipated cash flow needs.

INVESTMENT MATURITY AND LIQUIDITY

The investment portfolio shall remain sufficiently liquid to meet all cash requirements that may be reasonably anticipated. To the extent possible, investments shall be matched with anticipated cash flows and known future liabilities. Investments shall be limited to maturities not exceeding five years from the date of trade settlement.

SELECTION OF BROKER/DEALERS

The Finance Director shall maintain a list of broker/dealers approved for investment purposes, and it shall be the policy of the City to purchase securities only from those authorized firms.

To be eligible, a firm must meet at least one of the following criteria:

1. Be recognized as a Primary Dealer by the Federal Reserve Bank of New York orhave a Primary Dealer within its holding company structure,

2. Report voluntarily to the Federal Reserve Bank of New York,3. Qualify under Securities and Exchange Commission (SEC) Rule 15c3-1 (Uniform

Net Capital Rule).

The Finance Director will select broker/dealers on the basis of their expertise in public cash management and their ability to provide service to the City’s account. Each authorized broker/dealer shall be required to submit and annually update a Cityapproved Broker/Dealer Information Request form and include the firm's most recent financial statements.

COMPETITIVE TRANSACTIONS

All investment transactions shall be conducted competitively with authorized broker/dealers. At least three broker/dealers shall be contacted for each transaction and their bid or offering prices shall be recorded. If the City is offered a security for which there is no other readily available competitive offering, quotations for comparable or alternative securities will be documented.

SAFEKEEPING AND CUSTODY

The Finance Director shall approve one or more banks to provide safekeeping and custodial services for the City. A City approved safekeeping agreement shall be executed with each custodian bank. Each financial institution that holds City securities in safekeeping is known as a “custodian” bank. The City’s safekeeping banks shall qualify as eligible public depositories as defined in C.R.S. § 24-75-603.


The purchase and sale of securities and repurchase agreement transactions shall be settled on a delivery versus payment basis. Ownership of all securities shall be perfected in the name of the City. Sufficient evidence to title shall be consistent with modern investment, banking and commercial practices.

All investment securities, except non-negotiable Certificates of Deposit, Local Government Investment Pools and Money Market Mutual Funds, purchased by the Citywill be delivered by either book entry or physical delivery and will be held in third-party safekeeping by the City approved custodian bank, its correspondent bank or the Depository Trust Company (DTC).

The City’s custodian will be required to furnish the City a monthly report of safekeeping activity, including a list of month-end holdings. In addition, safekeeping receipts or customer confirmations shall be issued for each transaction.

PERFORMANCE BENCHMARKS

The investment portfolio shall be designed to attain a reasonable investment yieldthroughout budgetary and economic cycles, taking into account prevailing market conditions, risk constraints for eligible securities, and cash flow requirements. The performance of the investment portfolio shall be compared to the average yield on the U.S. Treasury security that most closely corresponds to the investment portfolio’s weighted average effective maturity. When comparing the performance of the investment portfolio, fees involved with managing it shall be netted from the computation of its rate of return if it is practical to do so and the fees are material.

REPORTING

The Finance Director will submit, at minimum, a quarterly report to the City Councilsummarizing the investments held by the City by type as listed in the “Authorized Securities and Transactions” section of this policy. The summary report will include book and market values of the investments, selected portfolio characteristics and performance benchmark results. The City’s external auditors will review the year-endinvestment report for accuracy and compliance with this policy and will report any material exceptions to the City Council.

POLICY REVISIONS

This Investment Policy shall be reviewed annually by the Finance Director and in every even year by City Council and may be amended as conditions warrant.

Adopted: March 13, 2013Revised: November 19, 2019


CITY OF LITTLETONINVESTMENT POLICY

PURPOSE

This Investment Policy supplements the Principles of Sound Financial Management –Policy 9 (Cash Management and Investment) adopted by the Council of the City of Littleton on November 6, 2018.

It is the policy of the City of Littleton (“the City”) to invest public funds in a manner that will provide preservation of capital, meet the daily liquidity needs of the City, diversify the City’s investments, conform to all local and state statutes governing the investment of public funds, and generate a reasonable investment yield.

This Investment Policy addresses the methods, procedures and practices which must be exercised to ensure effective and judicious fiscal and investment management of the City’s funds. It replaces any previous investment policy or investment procedures of the City.

SCOPE

This Investment Policy shall apply to all funds accounted for in the City’sComprehensive Annual Financial Report (CAFR).

Cash shall be pooled for investment purposes. The investment income derived from the pooled investment account shall be allocated to the contributing funds based upon the proportion of the respective balances relative to the total pooled balance in the investment portfolio. Interest earnings shall be distributed to the individual city funds on a monthly basis. The cash balances of entities holding an interest bearing account in their own name will not be included in the City’s pooled cash. This includes but is not limited to: Littleton Invests For Tomorrow (LIFT) and Littleton Building Authority (LBA) as well as some Special Revenue and Fiduciary accounts (Mindell W. Stein, J. ErnestHockaday, and So Platte Park Irrigation.)

INVESTMENT OBJECTIVES

Funds shall be invested in accordance with all applicable City policies, State statutes and Federal regulations. The City’s principal investment objectives in priority order are:

Safety. Preservation of capital, protection of investment principal, anddiversification to mitigate incurring unreasonable market risks.

Liquidity. Maintenance of sufficient available cash to promptly pay the City’sfinancial obligations.

Return on Investment. Attainment of a reasonable yield on investments consistentwith the safety and liquidity objectives.

The Finance Director will determine whether a security will be sold prior to maturity. The following are examples of when a security might be sold prior to maturity:


A security with a declining credit rating may be sold early to minimize loss ofprincipal;

A security swap could improve the quality, yield, return, or maturity distribution ofthe portfolio;

Liquidity needs of the portfolio require that the security be sold; or The city will obtain a better rate of return on investments by taking advantage of

market volatility and recognizing gains on a portion of the portfolio.

DELEGATION OF AUTHORITY

The Finance Director is vested with responsibility for managing the City’s investment program and for implementing this Investment Policy. The Finance Director may delegate the authority to conduct investment transactions and to manage the operation of the investment portfolio to other specifically authorized staff members. No personmay engage in an investment transaction except as expressly provided under the terms of this Investment Policy.

The Finance Director shall establish procedures and internal controls for the operation of the City’s investment program, designed to prevent loss of public funds due to fraud, error, misrepresentation and imprudent actions.

The City’s Finance Director may engage the support services of outside investment advisors with respect to its investment program, so long as it can be demonstrated that these services produce a net financial advantage or necessary protection of the City’sfinancial resources. All investments made through such investment advisors shall be within the guidelines of this Investment Policy.

PRUDENCE

The standard of prudence to be used for managing the City’s investment program is the "prudent investor" standard applicable to a fiduciary, which states that a prudent investor "shall exercise the judgment and care, under the circumstances then prevailing, which men of prudence, discretion, and intelligence exercise in the management of the property of another, not in regard to speculation but in regard to the permanent disposition of funds, considering the probable income as well as the probable safety of capital." (Colorado Revised Statutes § 15-1-304, Standard for Investments.)

The City’s overall investment program shall be designed and managed with a degree of professionalism that is worthy of the public trust. The City recognizes that no investment is totally without risk and that its investment activities are a matter of public record. Accordingly, the City recognizes that occasional measured losses may occur in a diversified portfolio and shall be considered within the context of the overall portfolio’s return, provided that adequate diversification has been implemented and that the sale of a security is in the best long-term interest of the City.

The Finance Director and other authorized persons acting in accordance with established procedures and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided appropriate action is taken to control adverse developments and significant deviations from expectations are reported to the City Council in a timely manner.


ETHICS AND CONFLICTS OF INTEREST

City employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the City’s investment program or that could impair or create the appearance of an impairment of their ability to make impartial investment decisions. Employees shall disclose to the Finance Director any material financial interest they have in financial institutions that conduct business with the City, and they shall subordinate their personal investment transactions to those of the City.

AUTHORIZED SECURITIES AND TRANSACTIONS

As a home rule city, the City may adopt a list of acceptable investment instruments differing from those outlined in C.R.S § 24-75-601.1, et. seq. which generally applies to the investment of public funds for state agencies. Any revisions or extensions of these sections of the statutes will be assumed to be part of this Investment Policy immediately upon being enacted. However, in the event the amendments to these statutes conflict with this policy and past investments practices, the City may delay adherence to the new requirements when it is deemed in the best interest of the City to do so and the existing policy shall govern the City’s investments.

For the purposes of this policy, the diversification requirements are applicable to the overall portfolio holdings (the “Portfolio”) of the City, not on the basis of an individual portfolio.

The ratings requirements outlined in this section are those as published by Standard & Poor’s (“S&P”), a Nationally Recognized Statistical Rating Organization (“NRSRO”). Securities purchased may be rated by Standard & Poor’s, Moody’s Investors Service, or Fitch Ratings, therefore, the ratings equivalents of those entities as they relate to S&P are listed below:

LONG-TERM RATINGSStandard & Poor's Moody’s Investors Service Fitch Ratings

AAA Aaa AAAAA+ Aa1 AA+AA Aa2 AA

AA− Aa3 AA−A+ A1 A+A A2 A

A− A3 A−

SHORT-TERM RATINGSStandard & Poor's Moody’s Investors Service Fitch Ratings

A-1+ P-1 F1+A-1 P-1 F1

Sources: Standard & Poor’s Corporation, Moody’s Investors Service, Fitch Ratings


This Investment Policy further restricts the investment of City funds to the following types of securities and transactions:

1. U.S. Treasury Obligations: Any security issued by, fully guaranteed by, or forwhich the full credit of the United States Treasury is pledged for paymentincluding, but not limited to,Treasury bills, Treasury notes, Treasury bonds andTreasury STRIPS with maturities not exceeding five years from the date of tradesettlement. The City may invest up to 100% of the book value of its investmentportfolio in U.S. Treasury Obligations.

2. Federal Agency and Instrumentality Securities: Any security issued by, fullyguaranteed by, or for which the full credit of the following is pledged for interest:the federal national mortgage association (FNMA), The federal farm credit bank(FFCB), the federal land bank, a federal home loan bank (FHLB), the federalhome loan mortgage corporation (FHLMC), the export-import bank, theTennessee Valley Authority, the government national mortgage association, theworld bank, or an entity or organization that is not listed in this paragraph but thatis created by, or the creation of which is authorized by, legislation enacted by theUnited States congress and that is subject to control by the federal governmentthat is at least as extensive as that which governs an entity or organization listedin this paragraph. Such securities shall be rated at least AA- or the equivalent atthe time of purchase by at least two NRSROs and have maturities not exceedingfive years from the date of trade settlement. The City may invest up to 100% ofthe book value of its investment portfolio in Federal Agency and InstrumentalitySecurities and no more than 30% of the City’s investment portfolio may beinvested in the obligations of a single issuer. Subordinated debt may not bepurchased.

3. Repurchase Agreements with a termination date of 90 days or less collateralizedby U.S. Treasury Obligations or Federal Agency and Instrumentality securitieslisted in 1. and 2. above with a final maturity not exceeding ten years. Thepurchased securities shall have a minimum market value including accruedinterest of 102% of the dollar value of the transaction. Collateral shall be held bythe City’s third-party custodian bank, and the market value of the collateralsecurities shall be marked-to-the market daily.Repurchase Agreements shall be entered into only with broker/dealersrecognized as primary dealers by the Federal Reserve Bank of New York, or withfirms that have a primary dealer within their holding company structure.Approved Repurchase Agreement counterparties shall have a short-term creditrating of at least A-1 or the equivalent and a long-term credit rating of at least Aor the equivalent by a NRSRO. Repurchase agreement counterparties shallexecute a City-approved Master Purchase Agreement with the City.The City may invest up to 35% of the book value of its investment portfolio inRepurchase Agreements and no more than 5% of the City’s investment portfoliomay be invested with a single counterparty.

4. Commercial Paper with an original maturity of 270 days or less issued by anycorporation or bank. Such securities must be U.S. dollar-denominated and ratedat least A-1 or the equivalent at the time of purchase by at least two NRSROs.The City may invest up to 35% of the book value of its investment portfolio in


these securities and no more than 5% of the City’s investment portfolio may be invested in the obligations of any one issuer.

5. Corporate Debt with a maturity not exceeding five years from the date of tradesettlement and issued by any corporation or bank. Such securities must be U.S.dollar-denominated and rated at least AA- or the equivalent at the time ofpurchase by at least two NRSROs. The City may invest up to 35% of the bookvalue of its investment portfolio in corporate debt and no more than 5% of theCity’s investment portfolio may be invested in the obligations of any one issuer.

6. Municipal Bonds, General Obligation Bonds, Revenue Obligation Bonds andCertificates of Participation of state or local governments with a maturity notexceeding five years from the date of trade settlement. issued by any state in theUnited States, the District of Columbia, or any territorial possession of the UnitedStates or of any political subdivision, institution, department, agency,instrumentality, or authority of any of such governmental entities. Suchobligations must be rated at least A or the equivalent by at least two NRSRO’s.The City may invest up to 35% of the City’s investment portfolio in municipalbonds and no more than 5% of the City’s investment portfolio may be invested inthe obligations of a single issuer.

7. Negotiable Certificates of Deposit (“Negotiable CDs”) with a maturity notexceeding five years from the date of trade settlement and issued by any bankNegotiable CDs must be U.S. dollar-denominated. If applicable, theseinvestments must, at the time of purchase have either a) a long-term rating of atleast AA- or the equivalent by at least two NRSROs, or b) short term ratings ofA-1 or the equivalent by two NRSROs. The City may invest up to 35% of itsinvestment portfolio in Negotiable CDs, and no more than 5% of the City’sinvestment portfolio may be invested in a single issuer.

8. Non-negotiable Certificates of Deposit (“Time CDs”) with a maturity notexceeding five years in any FDIC insured state or national bank located inColorado that is an eligible public depository as defined in C.R.S. § 11-10.5-103.Certificates of deposit that exceed FDIC insurance limits shall be collateralizedas required by the Public Deposit Protection Act. The City may invest up to 20%of its investment portfolio in Time CDs and no more than 5% of the City’sinvestment portfolio may be invested in a single issuer.

9. Local Government Investment Pools (“LGIPs”) organized pursuant to theprovisions of Article 75, Title 24, Part 7 of C.R.S. authorized under C.R.S. §24-75-702 that have a rating of AAAm or the equivalent by one or more NRSROs.The City may invest up to 100% of its investment portfolio in LGIPs with no morethan 50% of the City’s investment portfolio in any one LGIP.

10. Money Market Mutual Funds registered under the Investment Company Act of1940 that: 1) are "no-load" (no commission or fee shall be charged on purchasesor sales of shares); 2) seek a constant net asset value of $1.00 per share; 3)have a maximum stated maturity and weighted average maturity in accordancewith Rule 2a-7 of the Investment Company Act of 1940; and 4) have a rating of


AAAm or the equivalent by any NRSRO. The City may invest up to 100% of its investment portfolio in money market mutual funds with no more than 50% of the City’s investment portfolio in any single fund.

The portfolio shall be limited to an aggregate exposure of 50% for the following investment types: Commercial Paper, Bankers Acceptances, Corporate Debt and Negotiable Certificates of Deposit.

The foregoing list of authorized securities and transactions shall be strictly interpreted. Any deviation from this list must be pre-approved by the City Council.

The City may, from time to time issue bonds, the proceeds of which must be invested to meet specific cash flow requirements. In such circumstances and notwithstanding the paragraph immediately above, the reinvestment of debt issuance or related reserve funds may, upon the advice of Bond Counsel or financial advisors, deviate from the provisions of this Investment Policy with the written approval of the Finance Director.

SUMMARY OF ELIGIBLE INVESTMENTS AND TRANSACTIONS

The ratings requirements outlined in this summary grid of eligible investments and transactions are those as published by Standard & Poor’s (“S&P”), a Nationally Recognized Statistical Rating Organization (“NRSRO”). Securities purchased may be rated by Standard & Poor’s, Moody’s Investors Service, or Fitch Ratings, therefore, the ratings equivalents of those referenced by S&P are outlined on page 3 of this policy.

Security Type Maximum Portfolio %

Maximum Issuer %

Maturity Restrictions

Rating Requirements

U.S. Treasuries 100% 100% 5 years N/A

Federal Agencies and Instrumentalities

100% 30% 5 yearsAA- by 2 NRSROs

Repurchase Agreements 35% 5% 90 days N/A

Commercial Paper 35% 5% 270 daysA-1 by 2NRSROs

Corporate Debt 35% 5% 5 yearsAA- by 2 NRSROs

Municipal Bonds 35% 5% 5 yearsA by 2

NRSROs

Negotiable Certificates of Deposit (“Negotiable CD’s”)

35% 5% 5 yearsAA- or A-1 by

2 NRSROs (as applicable)

Non-negotiable Certificates of Deposits(“Time CDs”)

20% 5% 5 years N/A

Local Government Investment Pools

100% 50% N/AAAAm by any

NRSRO

Money Market Mutual Funds 100% 50% N/AAAAm by any

NRSRO

INVESTMENT DIVERSIFICATION


The City shall diversify its investments to avoid incurring unreasonable risks inherent in over-investing in specific instruments, individual financial institutions or maturities. Nevertheless, the asset allocation in the investment portfolio should be flexible depending upon the outlook for the economy, the securities markets and the City’s anticipated cash flow needs.

INVESTMENT MATURITY AND LIQUIDITY

The investment portfolio shall remain sufficiently liquid to meet all cash requirements that may be reasonably anticipated. To the extent possible, investments shall be matched with anticipated cash flows and known future liabilities. Investments shall be limited to maturities not exceeding five years from the date of trade settlement.

SELECTION OF BROKER/DEALERS

The Finance Director shall maintain a list of broker/dealers approved for investment purposes, and it shall be the policy of the City to purchase securities only from those authorized firms.

To be eligible, a firm must meet at least one of the following criteria:

1. Be recognized as a Primary Dealer by the Federal Reserve Bank of New York orhave a Primary Dealer within its holding company structure,

2. Report voluntarily to the Federal Reserve Bank of New York,3. Qualify under Securities and Exchange Commission (SEC) Rule 15c3-1 (Uniform

Net Capital Rule).

The Finance Director will select broker/dealers on the basis of their expertise in public cash management and their ability to provide service to the City’s account. Each authorized broker/dealer shall be required to submit and annually update a Cityapproved Broker/Dealer Information Request form and include the firm's most recent financial statements.

COMPETITIVE TRANSACTIONS

All investment transactions shall be conducted competitively with authorized broker/dealers. At least three broker/dealers shall be contacted for each transaction and their bid or offering prices shall be recorded. If the City is offered a security for which there is no other readily available competitive offering, quotations for comparable or alternative securities will be documented.

SAFEKEEPING AND CUSTODY

The Finance Director shall approve one or more banks to provide safekeeping and custodial services for the City. A City approved safekeeping agreement shall be executed with each custodian bank. Each financial institution that holds City securities in safekeeping is known as a “custodian” bank. The City’s safekeeping banks shall qualify as eligible public depositories as defined in C.R.S. § 24-75-603.


The purchase and sale of securities and repurchase agreement transactions shall be settled on a delivery versus payment basis. Ownership of all securities shall be perfected in the name of the City. Sufficient evidence to title shall be consistent with modern investment, banking and commercial practices.

All investment securities, except non-negotiable Certificates of Deposit, LocalGovernment Investment Pools and Money Market Mutual Funds, purchased by the Citywill be delivered by either book entry or physical delivery and will be held in third-party safekeeping by the City approved custodian bank, its correspondent bank or the Depository Trust Company (DTC).

The City’s custodian will be required to furnish the City a monthly report of safekeeping activity, including a list of month-end holdings. In addition, safekeeping receipts or customer confirmations shall be issued for each transaction.

PERFORMANCE BENCHMARKS

The investment portfolio shall be designed to attain a reasonable investment yieldthroughout budgetary and economic cycles, taking into account prevailing market conditions, risk constraints for eligible securities, and cash flow requirements. The performance of the investment portfolio shall be compared to the average yield on the U.S. Treasury security that most closely corresponds to the investment portfolio’s weighted average effective maturity. When comparing the performance of the investment portfolio, fees involved with managing it shall be netted from the computation of its rate of return if it is practical to do so and the fees are material.

REPORTING

The Finance Director will submit, at minimum, a quarterly report to the City Councilsummarizing the investments held by the City by type as listed in the “Authorized Securities and Transactions” section of this policy. The summary report will include book and market values of the investments, selected portfolio characteristics and performance benchmark results. The City’s external auditors will review the year-end investment report for accuracy and compliance with this policy and will report any material exceptions to the City Council.

POLICY REVISIONS

This Investment Policy shall be reviewed annually by the Finance Director and in every even year by City Council and may be amended as conditions warrant.

Adopted: March 13, 2013Revised: November 19, 2019

City of Littleton

Staff Communication


Littleton, CO 80120

File #: ID# 19-309, Version: 1


Subject:Motion to appoint Sandra Petry to South Metro Housing Options (SMHO) Board


PURPOSE: Does city council support the appointment of Sandra Petry to the SMHO Board?

PRESENTATIONS:Staff Presenter(s): Mark Relph, City Manager

SUMMARY:The city clerk’s office received one application that met the criteria for the vacancy on the SMHO Board. Forthis position, the applicant is required to be a participant in the public housing or Section 8 Housing ChoiceVoucher program administered by SMHO.

PRIOR ACTIONS OR DISCUSSIONS:The city council interviewed Petry on October 22, 2019.

STAFF RECOMMENDATION: Staff recommends approval.

PROPOSED MOTION:I move to approve Sandra Petry’s appointment to the SMHO board for a term that ends in 2023.



5(d)


City of Littleton

Staff Communication


Littleton, CO 80120



Subject:Resolution 61-2019: Approving the creation of an Arts and Culture Commission

Prepared by: Tim Nimz, Library and Museum Director

PURPOSE:Does city council support the creation of the Littleton Arts and Culture Commission (LACC) to advise councilon policy matters related to art, culture, and tourism?

PRESENTATIONS:Staff Presenter(s): Tim Nimz, Director of Library & Museum Services

SUMMARY:City council directed staff to develop a charter and action plan for a commission to provide policy advice tocouncil on the issues of art, culture, and tourism; encourage and support the growth and expansion of cultureand arts in the community; and foster a vibrant, collaborative, and creative Littleton where arts and culture aredefining features of the community’s identity and unique character. Staff, in consultation with the Denver firmDJC & Associates, developed a charter outlining the role, vision, goals and objectives, and structure of the newcommission. The charter includes the following mission:

The Littleton Arts and Culture Commission was established to foster a community where all residentsmay engage with the arts and where creativity thrives and is valued. The mission of the LACC is drawnfrom Littleton’s core values, guiding principles, shared priorities, and concerns embodied in theEnvision Littleton Comprehensive Plan.

Through public support of the arts, the City of Littleton enhances the quality of life, drives economicdevelopment, encourages citizen participation, fosters cultural awareness, promotes tourism, andsupports the vibrancy of the community.

The LACC works to celebrate and nurture Littleton’s cultural and artistic diversity, ensuring thatLittleton is a place where arts and culture thrive and all community members and visitors can engage inand experience the arts and culture in all its forms. The LACC nurtures creative expression, celebratesdiversity, builds creative public spaces, and showcases Littleton as a thriving destination for arts andculture.

The commission will serve as a conduit for public engagement on issues relating to arts, culture, and tourism.

PRIOR ACTIONS OR DISCUSSIONS:



6(a)



6/25/2019 - Council Study Session - Included in discussion of potential ballot issues.7/23/2019 - Council Study Session - Included in discussion of potential ballot issues.10/22/19 - Council Study Session - Discussion of creation of Arts and Culture Commission

ANALYSIS:Staff AnalysisArts and culture, which include historic and architectural preservation, are a strategic community resource and economic developmenttool.

According to the Colorado Business Committee for the Arts, 2017 saw $1.9 billion in economic activity in the Denver Metro areafrom arts and culture. Total economic impact, defined as new money to the region, hit $573 million, including a record breaking $400million economic impact from cultural tourists.

With the support of an Arts and Culture Commission, Littleton can attract and retain thriving businesses and talented people whilemaintaining its authenticity.

Creative place making naturally aids economic development efforts. Arts and culture-friendly policies encourage the development ofareas where people can and want to live, work, visit, and congregate. Creative place making animates public and private spaces,rejuvenates and repurposes historic structures and streetscapes, and improves local business vitality. Quality of life assets such as artsand cultural amenities provide a valuable advantage to attracting and retaining businesses and bolstering their efforts to attracttalented employees.

The value of arts and culture extend beyond direct economic impact. A three-year study by the Knight Foundation asked the question,“What attaches people to their communities?” The study found that key reasons why residents love their cities were entertainment andsocial offerings, the welcoming nature of their city, and its aesthetics and authenticity (historic preservation), in other words, the artsand culture.

Littleton’s community attachment to arts and culture is readily evident. In four resident surveys conducted by the city between 2012and 2018, more than 88% of respondents rated the quality of Littleton’s art and cultural institutions as ‘excellent’ or ‘good.’ Morethan 60% of respondents stated that these quality of life services were ‘essential’ or ‘very important.’

The City of Littleton should take steps to enhance the role of arts and culture by creating the Littleton Arts and Culture Commissionas the city's lead agency to address all things related to arts and culture (and in partnership with historic tourism).

The commission will be charged with encouraging and supporting the growth and expansion of culture and the arts in the communityin areas including visual arts, public art, theater, film, music, dance, history, literary arts, humanities, and creative industries. Theywill promote, publicize, and advocate for activities that support awareness and creativity in Littleton. They will actively leverage theeconomic and social power of the arts to enhance the community’s fiscal strength and regional reputation. The commission shouldinclude members of the arts and cultural community, business leaders, and the public, reflecting the diversity of Littleton.

The commission may also be charged with helping direct funding to various arts and cultural institutions.

The commission should initially develop a holistic Arts and Culture Plan for Littleton, laying out a community vision; addressingcultural and programming gaps; analyzing all areas of funding; creating a public art plan; and recommending a strategic pathwayforward. The city staff and consultant can assist the newly created commission in immersing itself in its duties by preparing aninformational curriculum for new commission members; developing a six-month roadmap for the new commission to establish apathway for new revenue; and creating a strategic plan to include recommendations for policies that facilitate the goals of thecommission and the community, and provide clarity on the roles of its partners.

Council Goal, Objective, and/or Guiding PrincipleCouncil Goal 1 - Envision Littleton - Comprehensive Plan - Heritage, Arts, Recreation, and Tourism section - HART Goals 2, 4, 5.It is the policy of the City of Littleton that vibrant, active, and financially viable arts and culture are critical to the future success of thecommunity. Arts and culture enhance the lives of residents, improve the physical environment, support and protect the architecturalheritage, and spur economic development. Per the Envision Littleton Comprehensive Plan, Littleton has a unique history, active artsscene, and many community events year-round. These all enhance the livability and quality of life for residents.





Fiscal ImpactsDirect costs to support the commission will be included in the Museum budget with primary staff support provided by the Museumand Library. In 2020, the city will retain DJC&A to advise and assist staff and commission members with the following items:

· Shape the initial organization and logistics of the commission;

· Conduct an inventory of existing arts and culture opportunities and funding sources in Littleton;

· Construct and present a curriculum which will include cultural asset mapping, the impact of municipal policies on arts andculture, tax credits and incentives and how they can be used to support arts and culture;

· Create a strategic plan and a communication/outreach plan; and develop recommendations to implement and fund an Artsand Culture Master Plan.

The Year 1 projected budget will include $31,500 for the DJC&A contract and $2,500 for incidentals and supplies for a total or$34,000. All 2020 funding for LACC would be reallocated from strategic planning budgets for the Fine Arts Board and MuseumBoard; no Library or Museum programming will be impacted by this reallocation. In succeeding years, the LACC will have nobudget. Projects proposed by the LACC requiring funding will be presented to council through the annual budget request process.

AlternativesCreate the LACC to improve communication and partnerships, enhance advocacy, and develop a pathway for new and increasedfunding for arts and culture.

Do not create the LACC and maintain the current independent and uncoordinated method of planning and implementing arts andculture programming and strategy.

STAFF RECOMMENDATION:Staff recommends that city council approve the creation of the Littleton Arts and Culture Commission.

PROPOSED MOTION:I move to approve the resolution creating the Littleton Arts and Culture Commission.




CITY OF LITTLETON, COLORADO 1

2

Resolution No. 61 3

4

Series, 2019 5

6

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF 7

LITTLETON, COLORADO, APPROVING THE CREATION OF AN 8

ARTS AND CULTURE COMMISSION 9

10

11

WHEREAS, a vibrant, collaborative, and creative Littleton where arts and 12

culture are defining features of the community’s identity and unique character is a goal of the 13

city council as expressed in the Envision Littleton Comprehensive Plan; and 14

15

WHEREAS, through public support of the arts and culture, the City of Littleton 16

enhances the quality of life, drives economic development, fosters cultural awareness, promotes 17

tourism, and supports the vibrancy of the community; and 18

19

WHEREAS, the City of Littleton city council wishes to promote a culture of 20

collaborative relationships among City institutions, local arts and culture organizations, and the 21

business community; and 22

23

WHEREAS, the City of Littleton city council has recommended staff to bring 24

forward a resolution creating the Littleton Arts & Culture Commission. 25

26

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF 27

THE CITY OF LITTLETON, COLORADO, THAT: 28

29

The Mayor and Council find and determine that the City of Littleton 30

should create the Littleton Arts & Culture Commission. 31

32



at the Littleton Center, 2255 West Berry Avenue, Littleton, Colorado. 35

ATTEST: 36

37

__________________________ __________________________ 38

Wendy Heffner Debbie Brinkman 39

CITY CLERK MAYOR 40

41

APPROVED AS TO FORM: 42

43

__________________________ 44

Reid Betzing 45

CITY ATTORNEY 46

Resolution No.__

Page 2 of 2

47

LITTLETON ARTS & CULTURE COMMISSION

CHARTER AND ACTION PLAN

DRAFT

The Littleton Arts & Culture Commission (LACC) was created by an act of the Littleton City

Council and is charged with encouraging and supporting the growth and expansion of culture and

the arts in the community in the areas of visual arts, theater, film, music, dance, history, and

humanities. They promote, publicize, and advocate for activities that support awareness and

creativity in the community.

VISION

A vibrant, collaborative, and creative Littleton where arts and culture are defining features of the

community’s identity and unique character.

MISSION/VALUES

The Littleton Arts & Culture Commission was established to foster a community where all

residents may engage with the arts and where creativity thrives and is valued. The mission of the

LACC is drawn from Littleton’s core values, guiding principles, shared priorities, and concerns

embodied in the Envision Littleton Comprehensive Plan.

Through public support of the arts, the City of Littleton enhances the quality of life, drives

economic development, encourages citizen participation, fosters cultural awareness, promotes

tourism, and supports the vibrancy of the community.

The LACC works to celebrate and nurture Littleton’s cultural and artistic diversity, ensuring that

Littleton is a place where arts and culture thrive and all community members and visitors can

engage in and experience the arts and culture in all its forms. The LACC nurtures creative

expression, celebrates diversity, builds creative public spaces, and showcases Littleton as a

thriving destination for arts and culture.

OBJECTIVES

● Raise the profile of arts and cultural programs and activities and promote the positive role

they play in civic life

● Bring together and organize essential arts and cultural elements and other stakeholder

groups in the community to foster a collaborative approach to arts and cultural issues

● Develop, prioritize, and recommend strategies for funding current and future arts and

culture needs

● Cultivate community support for arts and cultural endeavors by the City

● Serve as a public forum for community engagement on arts and culture issues

● Review and make recommendations to City Council that facilitate these policies

● Become a city that attracts and encourages artists to reside and thrive in the community

● Be the credible voice to advocate for arts and culture in Littleton

STRUCTURE

The Littleton Arts Commission will be comprised of nine (9) voting members, which initially

may include one (1) representative each from the Museum Board, Fine Arts Board, and Library

Board; one (1) representative each from four (4) local arts and cultural organizations; two (2)

representatives chosen at-large from the business community; one (1) non-voting City Council

liaison; and one (1) or more non-voting City staff liaisons. Members of the LACC will either

reside within the Littleton city limits or represent an organization operating within the city limits.

During the start-up period, members of the LACC shall serve staggered terms as follows: Three

(3) members shall serve 3-year terms beginning in 2020; three (3) members shall serve 2-year

terms beginning in 2020; three (3) members shall serve 1-year terms beginning in 2020. The

representatives from the Museum Board, Fine Arts Board, and Library Board shall be designated

to serve the 1-year terms. As terms expire, new members shall be appointed to serve 3-year

terms.

STAFF LIAISONS

As appointed by the City Manager

LITTLETON ARTS & CULTURE COMMISSION

YEAR 1 WORK PLAN

NOV 2019

● Nov 19 - Resolution creating Littleton Arts & Culture Commission (LACC)

DEC 2019

● Dec 2 - Begin contacting prospective commission members

● Dec 17 – City Council appointment of members

Q1 2020

● Introductory reception and organizational meeting with City staff liaisons

o SWOT analysis, benefits of participation

● Monthly commission meetings

o Group/Relationship Building Activities/Tour

o Education

▪ On arts/culture in Littleton

▪ On finances

▪ Connections to/direction from the Comprehensive Plan

▪ Best practices/models

o Strategic planning - start work plan

▪ Opportunities and challenges

▪ Financial opportunities

Q2 2020

● Monthly meetings

o Establish guiding principles - finish work plan

o Mechanics of potential new funding

o Identify comparable models

o Goals & objectives of funding

o City budget programs to be funded with potential new funding

● Stakeholder engagement

o Hotel operators/tourism community

o Arts community

o South Metro connections

o Business community

● APRIL – Check in w/ Council - work plan, confirmation on direction

Q3 2020

● Monthly meetings

o Training on advocacy

o Establish method to prioritize projects

● Ongoing stakeholder engagement

● SEPTEMBER - Check in w/ Council - potential placeholder in budget if necessary

AREAS FOR FUTURE POLICY DEVELOPMENT

● Funding/grant-making

○ % of matching funds

Community partnerships

● Public Art Master Plan – process, locations

○ Deaccession Policy

○ Donation Policy

● Live/Work Zoning Recommendation

● Preservation benefits package for arts space repurposing of historic buildings (property

tax, TIF)

● Special events policy review

● Tourism marketing program

City of Littleton

Staff Communication


Littleton, CO 80120



Subject:Resolution 64-2019: Approving a first amendment to the Cooperation & Loan Agreement (CLA) with“Littleton Invests For Tomorrow” (LIFT)


PURPOSE: Consider formal changes to the CLA with LIFT based upon the council direction from theNovember 12th study session.

PRESENTATIONS:Staff Presenter(s): Mark Relph, City Manager, Reid Betzing, City Attorney

SUMMARY: City council met with the LIFT Board on October 22nd to review and discuss the LIFT proposalfor continuing the Columbine Urban Renewal Area (CURA). The council then met at the November 12th studysession to consider the October presentation and to evaluate a series of options regarding the mission of LIFT.The council directed staff to prepare an amendment to the CLA that included the following:

· Proceed with the planning of infrastructure improvements and not wait for a commitment from the

owners of Columbine Square.

· Payback half of the city loan plus the interest ($79,443.75) leaving a balance to the loan of $75,000.

· Return the sales tax increment from the repealed three Urban Renewal Areas (URAs) at $134,998.00.

· LIFT hires an executive director within 60 days of city formally modifying the loan.· LIFT to develop and present to council for approval within nine months a plan for using CURA,

including project(s) details, budget, financing/bonding information and neighborhood input.

· Upon council approval, begin to execute the plan no later than November 1, 2020.

PRIOR ACTIONS OR DISCUSSIONS:

· October 22, 2019 joint meeting with the LIFT Board

· November 12, 2019 council study session

ANALYSIS:Staff AnalysisAfter council direction from November 12th, Human Resources staff (HR) specifically reviewed the timing of the executive directorrecruitment. Using the 60 days as directed, plus the December and January LIFT Board dates, staff modified the CLA amendment torequire an offer of employment be made to the executive director no later than February 1, 2020 and begins work no later than threeweeks after the offer. This approach largely meets the intent of the 60 days but allows some flexibility for the holiday season and theLIFT Board schedule.



6(b)



LIFT Board action is anticipated for:

· Review and approval of the recruitment strategy - December 12th board meeting

· Interviews of the candidates the first two weeks of January, 2020.

· LIFT formal selection of the executive director - likely a special meeting no later than the third week of January. After theboard action, some additional work may be required by HR to formalize an offer.

NOTE: The regular board meeting of January 9th may be too soon to complete interviews and the balance of theprocess.

· Offer made no later than February 1, 2020.

If council wished to hold the 60 days from the date the city modifies the loan (November 19th), the executive director would beexpected to begin work on January 19th. The amendment to the CLA does not reflect this approach.

Requiring council review and approval of the LIFT plan, would require a joint meeting with LIFT, followed by formal action at aregular meeting. Using the requirement of nine months for developing a plan, staff has simplified the amendment to reflect a datecertain; no later than September 30, 2020. Reviewing council’s tentative calendar would suggest the following dates:

· LIFT and council joint meeting - September 8, 2020 study session (i.e. no special meeting)

· Council consideration and action - September 15, 2020 regular meeting

· LIFT begin to execute the plan no later than November 20, 2020

LIFT could certainly present a plan sooner than the nine months. Some flexibility in scheduling is likely to be necessary.

Amendment Summary to the CLAThis a summary of the changes incorporated within the Amendment to the CLA:

· 2.1 was changed to provide a date in which the City would remit to LIFT the TIF, as the previous agreement was vague.

· 2.2 was changed from first quarter to last quarter to allow for LIFT more time to use the TIF.

· 3.1 was changed to extend the loan until November 17, 2020, which is a council business meeting and approximately 1 yearfrom the proposed approval date of the amendment.

· Added that repayment of the $75,000 plus interest and the $134,998 would be done by December 31, 2019 due to the factthat LIFT will need to meet and amend their budget to do so.

· Provided conditions to hire an executive director by February 1, 2020.

· Provided a date of September 30, 2019 to bring to council plans for the use of the funds.

Fiscal ImpactsWith the return of the sales tax increment from the past three URAs and half the city loan plus interest, leaves LIFT with thefollowing financial status:

� Total cash available $427,739.31

� Refund three URAs <$134,998.00>

� Refund a portion of city loan <$ 79,443.75>

� REVISED cash balance $213,297.56

AlternativesStaff presented a series of options at the November 12th study session

STAFF RECOMMENDATION:Staff recommends approval of the First Amendment to the CLA as presented.

PROPOSED MOTION:I move to approve the First Amendment to the Cooperation and Loan Agreement with “Littleton Invests For Tomorrow” as





presented”.





Resolution No. 6434

Series, 201956

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF7 LITTLETON, COLORADO, AMENDING THE COOPERATION AND8 LOAN AGREEMENT WITH LITTLETON INVESTS FOR TOMORROW9 (LIFT)10

11 WHEREAS, City Council has determined that an amendment to the Cooperation12

and Loan Agreement with Littleton Invests for Tomorrow (LIFT) is necessary to proceed with 13 urban renewal projects; 14

15 WHEREAS, the amendment to the Cooperation and Loan Agreement will set16

forth additional terms and deadlines; 17 18

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF19 THE CITY OF LITTLETON, COLORADO, THAT:20

21 An amendment to the Cooperation and Loan Agreement with LIFT is necessary to 22

proceed with urban renewal projects. 23 24


City Council of the City of Littleton, Colorado, on the _____ day of ___________, 2019, at 6:30 26

p.m. at the Littleton Center, 2255 West Berry Avenue, Littleton, Colorado.27

ATTEST: 28 __________________________ __________________________ 29 Wendy Heffner Debbie Brinkman 30 CITY CLERK MAYOR 31

32 APPROVED AS TO FORM: 33

34 __________________________ 35 Reid Betzing 36 CITY ATTORNEY 37

38

FIRST AMENDMENT TO A COOPERATION AND LOAN AGREEMENT BETWEEN THE CITY OF LITTLETON, COLORADO AND LITTLETON

INVESTS FOR TOMORROW

This First Amendment is to a Cooperation and Loan Agreement entered into between the City of Littleton, a Colorado home rule municipal corporation (the “City” or “Littleton”) and Littleton Invests for Tomorrow, a body corporate and politic of the State of Colorado (“LIFT”) on December 16, 2014. In consideration of the mutual promises contained in the Cooperation and Loan Agreement and in this Amendment (collectively referred to as the Loan), the parties agree as follows:

1. RECITALS AND PURPOSE.

1.1 On December 16, 2014, the City and LIFT entered into a Cooperation andLoan Agreement for the primary purpose of providing funding for LIFT to offset certain administrative costs in connection with Urban Renewal Projects in any of the then existing four (4) Urban Renewal Areas.

1.2 The terms of the Cooperation and Loan Agreement allowed for LIFT, subject to appropriation by the City to borrow up to $200,000.00, from the City.

1.3 Pursuant to the Cooperation and Loan Agreement, and by City Council approval, LIFT made a drawdown of $50,000 on December 17, 2014, a drawdown of $50,000 drawdown on March 18, 2015, and a drawdown of $50,000 on October 9, 2015.

1.4 In December 6, 2016 City Council voted to repeal three (3) of the then existing four (4) Urban Renewal Areas.

1.5 The current terms of the Cooperation and Loan Agreement call for repayment to be made in full by December 16, 2019.

1.6 The purpose of this Amendment is extend the terms of the Cooperation and Loan Agreement, as well as add additional terms as a condition for retaining a portion of the loan amount. In the event of any conflict or inconsistency between this Amendment and the Cooperation and Loan Agreement this Amendment shall control.

2. TERMS AND CONDITIONS.

2.1 Section 2.1 of the Cooperation and Loan Agreement is amended to read asfollows:

“The City agrees to cooperate with LIFT by collecting the Sales Tax Revenues and remitting within forty-five (45) days after the end of the sales tax collection period. The City makes no representations and

provides no assurance that such collected Sales Tax Revenues will be sufficient to satisfy the Obligations of LIFT. Any of the City’s obligations under an Urban Renewal Plan and this Cooperation and Loan Agreement to collect and remit to LIFT Incremental Sales Taxes is only for a twenty-five year period ending twenty-five years from the month of adoption or modification of an adopted Urban Renewal Plan, pursuant to the Act, or such other time as the City and LIFT may determine.”

2.2 Section 2.2 of the Cooperation and Loan Agreement is amended to read as follows:

“The Collected Tax Revenues shall be used by LIFT to pay Obligations incurred by LIFT in the planning, demolition, design, construction, financing or other activities related to the Urban Renewal Projects in or for the benefit of any Urban Renewal Plan Area. Any Collected Tax Revenues not necessary or used to pay Obligations of LIFT during the then current Fiscal Year shall be returned to the City by the end of last quarter following such Fiscal Year.”

2.3 Section 3.1 of the Cooperation and Loan Agreement is deleted in its entirety and replaced with the following:

“Repayment of the entirety of the loan including interest equal to the current 2-year treasury as of the date of this amendment shall be due by November 17, 2020, unless extended by Resolution by City Council.”

2.4 Section 3.2 of the Cooperation and Loan Agreement is hereby added to read as follows:

“On or before December 31, 2019, and as a condition of the Loan, LIFT shall pay back to the City $75,000 plus accrued interest, of the outstanding loan amount of $150,000.”


“On or before December 31, 2019, and as a condition of the Loan, LIFT shall repay to the City $134,998 in Sales Tax Increment currently being held by LIFT from the three (3) previously repealed Urban Renewal Areas.”


“As a condition of the Loan, LIFT shall February 1, 2020 hire an executive director unless otherwise agreed to by City Council.”

2.7 Section 3.5 is hereby added to read as follows:

“As a condition of the Loan, LIFT should explore and pursue urban renewal projects, including but not limited to infrastructure improvements, with or without the assistance of property owners within the Columbine Urban Renewal Area.”


“LIFT shall by September 30, 2020 develop and present to Council for approval a plan for utilizing urban renewal funds for the Columbine Urban Renewal Area, including project details, budget, financing/bonding information, timelines, and neighborhood input.”


“Failure to satisfy any of the aforementioned conditions shall trigger repayment of the entirety of the Loan including interest thirty (30) days from the date that LIFT has been provided written notice of the default.”

DATED this ___ day of November, 2019.

CITY OF LITTLETON, a Colorado home rule municipal corporation

__________________________________Debbie Brinkman, Mayor

ATTEST:

______________________________City Clerk

APPROVED AS TO FORM:

__________________________________Reid B. Betzing, City Attorney

LITTLETON INVESTS FOR TOMORROW, a body corporate and politic of the State of Colorado

___________________________________Kevin Seiler, LIFT Board Chair

APPROVED AS TO FORM:

______________________________Name:Counsel for LIFT

$Columbine Square Renewal Area ParcelsColumbine Square Urban Renewal Area Boundary

Municipal Boundary0 500 1,000250 Feet

OUT OF CITY

Documents

City of Littleton