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2008 ANNUAL REPORT

AURA Mission Statement

#To redevelop properties within the urban renewal boundaries;

#To aEord maximum opportunity, consistent with the sound needs of the municipality

as a whole, for the rehabilitation or development of the urban renewal area by private

enterprise;

#To maximize return to the City of Arvada through sales and property tax collections, by

optimizing the Gscal assets and the real estate assets, both AURA-owned and privately

owned, and by the orderly and total payment of all liabilities during the remaining life

of the Arvada Urban Renewal Authority;

#To safeguard and prudently expend funds in its control; and,

#To further stabilize and provide for additional commercial, oFce, retail and residential

development opportunities to serve the needs of the City of Arvada and the regional

area.

About AURA

The Arvada Urban Renewal Authority

(AURA) is an independent body, cor-

porate and politic of the State of Col-

orado law. Seven volunteer board

members are appointed by the Mayor

and approved by City Council for Gve-

year terms to oversee the operations

of the organization. Functioning as a

legally separate entity from the City of

Arvada, the AURA Board works under

a common vision dictated by the

legally approved Urban Renewal Plan.

The board typically meets twice per month to review projects, consider proposals and

take appropriate action to meet the goals of the organization. AURA’s success is based on

the ability to attract appropriate businesses and residential users, develop the best ap-

proach to revitalize the area, and take necessary action.

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Message from the Chairman

It is with pleasure that the Arvada Urban Renewal Authority Board of

Commissioners and staE present our 2008 Annual Report.

In 2008, the Arvada City Council approved our fourth urban renewal

area – Village Commons. The three-acre site is our smallest project

area but is strategically located just south of Olde Town. AURA contin-

ues to research the possibility of creating another urban renewal area;

this one would encompass the Gold Line’s transit station in Olde

Town.

We made signiGcant progress in Ralston Fields by working with the

community to develop a conceptual master plan for the redevelop-

ment of the Triangle Area; this plan should be completed in 2009.

On behalf of the Arvada Urban Renewal Authority Board of

Commissioners and staE, we want to acknowledge the vision and

cooperation of the City of Arvada, our real estate partners, and the

community. It is only with the support of these many partners that we

have been able to achieve so much. The following reHects a summary

of our 2008 activities. We hope you will take a few minutes to review

the report.

David Kribs, Chairman

Arvada Urban Renewal Authority

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Financial Management

Redevelopment activities within the urban renewal districts have increased the amount

of sales and property taxes generated from the properties, the 2008 incremental tax

amounts are:

#Je*erson Center:

%Property Tax Increment - $1,617,515

#Ralston Fields:

%Property Tax Increment - $922,255

%Sales Tax Increment - $1,960,431

#Village Commons:

%There was no sales or property tax increment

PROJECT AREAS

Village Commons

In November 2008, the Arvada City

Council approved the formation of a

new urban renewal project area named

Village Commons. Village Commons is

AURA’s smallest project area at only

three acres. It is located on the south-

west corner of Olde Wadsworth Blvd.

and 55th Avenue and is just blocks from

the future Gold Line Transit Station.

AURA is exploring bringing a hotel and

small conference center to the site.

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Olde Town Station - Proposed Urban Renewal Area

Beginning in 2007, AURA began explor-

ing the concept of creating a new

urban renewal area. The new district

would surround FasTracks’ future transit

stop in Olde Town and would enable

AURA to plan and prepare for the arrival

of the commuter rail in 2015. AURA will

focus on implementing the existing Ar-

vada Transit Station Framework Plan,

which was developed after numerous

public workshops and steering commit-

tee meetings and adopted by the City

of Arvada. AURA will be working on the creation of this district in 2009.

City Center

AURA completed the Gnal two projects from the for-

mer City Center district, which expired in 2006 and is

widely regarded as one of the most successful exam-

ples of urban renewal in the state.

#Jehn Center

AURA sold the property located at 57th and Web-

ster to Jehn Engineering. The engineering Grm

built their 28,000 square foot corporate headquar-

ters on the site and is relocating their employees

into the heart of Olde Town.

#Grandview Plaza & Reno Place

Grandview Plaza’s signature building was com-

pleted at the corner of Olde Wadsworth Blvd. and

Grandview Avenue. AURA partnered with Landon

Enterprises, LLC to develop the three two-story

brick buildings in the heart of Olde Town. The proj-

ect has over 38,000 square feet of retail and oFce

space and 110 parking spaces.

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The community was eager for quality oFce space and the property was quickly leased.

One of the exciting new oFce tenants is the training center for the State of Colorado Ju-

dicial Branch. This facility will bring hundreds of people from all over Colorado to Olde

Town Arvada for multi-day training seminars where they will enjoy our restaurants and

shops.

Ralston Fields

#Arvada Ridge

The developers, Peregrine

Group Development and

Embrey Partners, Ltd., sub-

mitted an application to

the City of Arvada to con-

struct a 382 unit multi-fam-

ily apartment

neighborhood on 15 acres.

The site is located just

north of the Super Target

Center. This development

is located right next to the

Gold Line’s transit stop – fu-

ture residents will be able

to walk out their door and

catch the commuter train.

The proposed three story

buildings are designed to

provide rich detailing and a

variety of materials and

color and enliven the tree-

lined streets.

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#Triangle Area

The revitalization of the three aging shopping centers located at Independence and

58th Avenue is a key component of the Ralston Field’s Urban Renewal Plan. In order to

ensure the neighborhood had an active voice in the revitalization plans, AURA estab-

lished the Triangle Advisory Committee which consists of homeowners, property own-

ers, businesses and stakeholders from the area.

The Committee has met several times and participated in the master planning process

of the three centers and continues to work with the developer, architect and AURA to

craft a vision for the area that will incorporate retail, oFce, multi-family housing and

an urban plaza.

Once a proposed Concept Plan is agreed upon, the Committee will present the Plan to

the public for their comment. The Plan will then proceed through the City of Arvada

for approval as an Outline Development Plan.

Je*erson Center

The developers are now referring to this large project, located in the northwest quadrant

of Arvada, as Candelas. In 2008 the installation of the Grst phase of infrastructure was

completed; water and sewer lines were installed along with drainage and roads. This

work is Gnanced through a $40 million bond issued by the developers.

Candelas is a 1,451 acre mixed-use master planned community, consisting of:

#Residential – 622 acres

%1,489 single family detached homes

%2,227 – 3,185 single family attached homes

#Commercial

%37 acres of Industrial

%388 acres of OFce Business Park

#Retail

%269 acres of Town Center and Regional Commercial

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2008 Board of Commissioners

David Kribs,

Chairman

John Carpenter,

Vice Chairman

John Boettiger,

Secretary

Tim Geisler

Tony Cline

Page Bolin

Lorraine Anderson,

Arvada City Council

Representative

Staff:

Timothy Steinhaus,

Executive Director

Maureen Phair,

Deputy Director

Mike Polk,

Legal Counsel

Pat Connelly,

AURA Coordinator

Connie Olinger,

Administrative Assistant