2017 ANNUAL REPORT

27SuccessfulYears

million$33

INVESTED 5 RevitalizedAREAS

A LETTER FROM THE CHAIR

New Development on the Horizon

There is no doubt that 2017 was a stellar year for redevelopment and revitalization projects throughout Northglenn. People are buzzing about all the new commercial development, construction and new businesses that are springing up throughout the city. This is creating new

energy throughout the community as we see vacant land being transformed into thriving commercial centers, and existing buildings being revitalized.

The number one priority for the city council and NURA has been the revitalization of the Northglenn Marketplace at 104th Ave. & Interstate 25. In 2017, it was purchased for $49 million by Hutensky Capital Partners (HCP). NURA partnered with HCP to invest another $28 million for exterior improvements in Phase 1 to stabilize, re-invigorate and revitalize the center. This will include re-branding, refreshing and re-energizing the north-end with a line-up of entertainment, restaurants and retail tenants, including a movie theater.

Also in 2017, NURA sold the former Albertson’s building at 104th Avenue and Huron Street to 104th & Huron LLC. The center had been vacant for more than a decade. Through a $11 million public-private partnership between the two owners and NURA the center will be revitalized. NURA invested $3.5 million in major detention and storm water

improvements, and another million in exterior improvements. The property will bring in three national tenants to the center, to include a newly constructed Arby’s, AutoZone Mega Hub, and a Save-A-Lot grocer.

In 2017, NURA assisted 19 property owners and businesses with revitalization and exterior enhancements and improvements, as well as utility upgrades. NURA invested approximately $132,310 leveraging more than $376,897 in private sector commercial property improvements. The projects included new and upgraded signage, landscaping improvements, parking lot overlays and utility upgrades. The majority of these projects would not have happened without the assistance of these NURA grants.

Over the last two decades, NURA has reinvested over $33 million to assist in redevelopment and revitalization projects in the city’s urban renewal areas. Northglenn is landlocked, so as we move forward, redevelopment strategies will be developed to continue leveraging resources and partnerships to enhance the city.

NURA is enthusiastically confident that we will continue to see more commercial redevelopment occurring in the near future. The board is committed to keeping the positive momentum going through NURA’s dedication to redeveloping and revitalizing our community to support residents, businesses, and visitors to our great city. Thank you for all your support!

Very Truly Yours,

Rosie GarnerRosie Garner2017 NURA Chair

The Northglenn Urban Renewal Authority (NURA) improves commercial areas in the city by eliminating blight; assisting public-private redevelopment

projects and fostering job creation and capital investment in the city. To date, NURA has reinvested more than $33 million to assist in redevelopment

and revitalization projects within the city’s urban renewal areas.

NORTHGLENN URBAN RENEWAL AUTHORITY

NURA is a special purpose governmental entity that was created by City Council in 1990. NURA is governed by a board of seven commissioners that are appointed by the mayor, with the approval of City Council. The council and NURA Board work collaboratively to achieve redevelopment goals and

implement the Urban Renewal Plan for the city.

PROJECT FUNDINGAND THE FUTUREOF NURANURA projects are funded by property Tax Increment Financing (TIF). This is the increase in proper-ty tax revenues within the Urban Renewal Areas (URA), over and above the base year. These reve-nues go back to NURA to reinvest for up to a 25-year time period. The Urban Renewal Plans and TIF areas are identified in the Urban Renewal Area map.

The Northglenn Marketplace is the oldest URA Plan and TIF area, and it expired in 2016. NURA is dedicated to continuing the revitalization and redevelopment of under-used and blighted areas throughout the city’s URAs to better serve the community.

As the map indicates, a new TIF area at the Huron Center started in 2011 to redevelop and revitalize the center. A Plan 2 was created in 2014 with three new TIF areas. Redevel-opment of both the Webster Lake Promenade and the Garland Center have been successfully redevel-oped.

In 2017, NURA assisted 19 property owners and businesses with revital-ization and exterior enhancements and improvement, as well as utility upgrades. Which also included the IHOP Restaurant Redevelopment and the Wells Fargo & European Market Revitalization.

The NURA is dedicated to continu-ing the revitalization and redevel-opment of under-used and blighted areas throughout of city’s URAs to better serve the community.

City of NorthglennUrban Renewal Areas

URA Plan 1 - TIF Area 1 - Marketplace

URA Plan 1 - TIF Area 2 - Huron Center

URA Plan 2 - TIF Area 1 - Webster Lake

URA Plan 2 - TIF Area 2 - Garland

URA Plan 2 - TIF Area 3 - Rem 7

WHAT’S ON THE HORIZONHuron Center RedevelopmentOn April 3, 2017, NURA approved agreements with Evergreen-104th & Huron, L.L.C., and Impala Capital, LLC, to redevelop the 10.45-acre shopping center located at 104th Avenue and Huron Street. New businesses that will open in 2018 include:• A 35,669-square-foot AutoZone Mega Hub• A 21,773-square-foot Save-A-Lot• A newly-constructed, 2,400-square-foot Arby’s restaurant

Northglenn MarketplaceIn late 2017, the majority of the Marketplace was purchased for $49 million by Hutensky Capital Partners (HCP). NURA is partnering with them to invest an additional $28 million for exterior improvements in Phase 1. The goal is to stabilize, re-invigorate and revitalize the center with entertainment, restaurants and retail tenants including a movie theater. The time line is to have the first phase complete by the end of 2020.

Northglenn Urban Renewal Areas

SUCCESSFULLY COMPLETED NURA PROJECTSAs a landlocked city, revitalization of blighted areas has played a major role in keeping the City of Northglenn an attractive place to live, work, and play. Since 1990, the NURA has invested $33 million in redevelopment and revitalization projects. NURA success stories include:

2008Natural Grocers Vitamin CottageA high-performing supermarket grew from an empty lot along a busy city thoroughfare. The store served as the chain’s green building prototype when it was built. • Square Feet: 12,800 • Jobs: 100 • Investment: $4.8M

2014Webster Lake Promenade

More than a decade ago, a small aging commercial strip center located at the southeast corner of Interstate 25 was razed and prepared for redevelopment. In 2013, Northglenn broke ground on this very successful restaurant and retail center. The development spurred two adjacent development properties for a 230-unit apartment complex and the SCL Community Hospital and medical o�ices. • Square Feet: 57,000 • Jobs: 350 • Investment: $13M

2008 Best Buy

Utilizing URA tools, a deteriorating hotel along 104th Avenue and Interstate 25 was replaced with one of the best performing stores in the region. The facility is one of the top sales-tax producing businesses in the region and one of the city’s top employers. • Square Feet: 20,000 • Jobs: 100 • Investment: $3.2M

The original mall was constructed in 1969. Almost 30 years later the center was 60 percent vacant, and NURA was created soon a�er to redevelop the property. The mall was sold to a developer, and the buildings were razed and the property was redeveloped. The Marketplace opened in 2001 and remains the city’s top tax generating commercial center. • Square Feet: 652,272 • Jobs: 700+ • Investment: $60.4M

2014Walmart Neighborhood Market

The 45-year-old Garland Center was deteriorating and 95 percent vacant. NURA assembled, purchased and funded the environmental clean-up on the 5.452-acre site. NURA then sold it to Walmart, for a new Neighborhood Market and pharmacy. This revitalization project fulfilled the request from residents for a local supermarket in the area. • Square Feet: 41,000 • Jobs: 100 • Investment: $9M

2001 Northglenn Marketplace

1990

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2017 NURA FINANCIALS

Assets: $11,240,715

Equity: $8,911,718

Liabilities: $2,328,997

Expenses$4,724,072

General Revenues$3,127,095

Property Taxes: $2,556,539 Investment Earnings: $70,068 Misc. Income: $500,488

Business Assistance: $2,778,670 Loss on Sale of Assets: $1,476,935 Operating Supplies: $25,676 Treasurer’s Fees: $38,348 Legal: $37,727 City Sta� & Services: $250,000 Other Professional Services: $116,716

Opening Balance Equity: $6,870,941 Unrestricted Net Assets: $3,637,754 Net Income: -$1,596,977

Accounts Payable: $1,122,496 Other Current Liabilities: $1,206,501

Cash & Investments: $9,738,620 Receivables: $1,206,501 Land: $295,594

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NURA COMMISSIONERS

NURA STAFF

Rosie Garner, Chair

Jim Lynch, Vice Chairman

Jerry Gavette, Commissioner

Ronald Coleman, Commissioner

Chris DeMay, Commissioner

Pat McCune, Commissioner

Becky Brown, City Council Representative Member

Debbie Tuttle, Executive Director

Je� Parker, Attorney

Jason Loveland, Treasurer

Susan Baca, Clerk

NURA ADVISORSKathy Novak Grail Kister

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And More to Come...

11701 Community Center DriveNorthglenn, CO 80233 • 303.450.8743

www.northglenn.org/biz