2009 Board of CommissionersJohn Carpenter,

Chairman

David Kribs, Vice Chairman

Tony Cline, Treasurer

Page Bolin

Michelle DeLauria

Tim Geisler

Lorraine Anderson, Arvada City CouncilRepresentative*

*Note: Lorraine Anderson went off the Board in November and was replaced with Councilmem-ber Shelley Cook

Staff:Timothy Steinhaus, Executive Director

Maureen Phair, Deputy Director

Mike Polk,Legal Counsel

Pat Connelly, AURA Coordinator

5601 Olde Wadsworth Blvd., Suite 210 • Arvada, Colorado 80002Phone: 720.898.7060 • Fax: 720.898. 7061 • www.ArvadaUrbanRenewal.org

2009 ANNUAL REPORT

H. Media and PR:

1. AURA staff participated in the KATV program regarding the Triangle Area Concept Plan -this program ran on Channel 8 for a month.

2. Staff coordinated front page articles on AURA projects for Arvada Press and The DenverPost Your Hub.

3. Staff gave presentations to civic groups, professional organizations, community groups,workshops, and governmental agencies regarding AURA projects.

AURA Mission Statement# To redevelop properties within the urban renewal boundaries;

# To afford maximum opportunity, consistent with the sound needs of the municipality as awhole, 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 opti-mizing the fiscal assets and the real estate assets, both AURA-owned and privately owned, andby the orderly and total payment of all liabilities during the remaining life of the Arvada UrbanRenewal Authority;

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

# To further stabilize and provide for additional commercial, office, retail and residential develop-ment opportunities to serve the needs of the City of Arvada and the regional area.

About AURAThe Arvada Urban Renewal Author-ity (AURA) is an independent body,corporate and politic of the State ofColorado law. Seven volunteerboard members are appointed bythe Mayor and approved by CityCouncil for five-year terms to over-see the operations of the organiza-tion. Functioning as a legallyseparate entity from the City of Ar-vada, the AURA Board works under acommon vision dictated by thelegally approved Urban RenewalPlan. The board typically meetstwice per month to review projects, consider proposals and take appropriate action to meet thegoals of the organization. AURA’s success is based on the ability to attract appropriate businessesand residential users, develop the best approach to revitalize the area, and take necessary action.

112

Trainagle Advisory Committee Celebration Cake

Message from the ChairmanIt is with pride that the Arvada Urban Renewal Authority Board of Commissioners and staff pres-ent our 2009 Annual Report. Even with the slowdown in the economy, we were able to move ourprojects forward, secure some exciting new tenants and strategically plan for the future.

The year 2009 was an exciting year of growth for the Authority, as the Arvada City Council ap-proved our fifth urban renewal area – Olde Town Station district. This new district surrounds thefuture Gold Line’s transit station in Olde Town. As the premier station along the Gold Line corridor,with over 100,000 riders estimated a month, we recognize what an incredible opportunity the Cityof Arvada has to redevelop some of the underutilized properties in the area. We also recognizethat any new development has to preserve and build upon the historic character and charm thatmakes Olde Town the attraction that it is today.

We made significant progress in the Ralston Fields Urban Renewal Area with our Arvada Ridge de-veloper securing City approval to build a 382-unit apartment village just south of the Gold Linetransit station on Kipling. And after a nine month public process, the Triangle Advisory Commit-tee completed their work to develop a conceptual master plan for the redevelopment of the Trian-gle Area. We are looking to have the concept plan adopted by the City in 2010.

We worked with the City of Arvada and the master developer of the 1,451-acre mixed-use Cande-las project to reconfigure the Jefferson Center Urban Renewal area to allow for additional financ-ing to construct the next phase of infrastructure.

And last but not least, we helped bring two new and exciting restaurants into the heart of OldeTown – Udi’s Bread Bistro and The Archive Room.

On behalf of the Arvada Urban Renewal Authority Board of Commissioners and staff, we want toacknowledge the vision and cooperation of the City of Arvada, our real estate partners, and thecommunity. It is only with the support of these many partners that we have been able to achieveso much. The following reflects a summary of our 2009 activities. We hope you will take a fewminutes to review the report.

John Carpenter, Chairman

Arvada Urban Renewal Authority

VI. Miscellaneous

A. City Promissory Note – Through the hard work of AURA Board members and staff persever-ance, AURA was able to negotiate an agreement with the City to consider the $5.2 millionnote held by the City to be paid in full. This obligation has been removed from the Author-ity’s books.

B. 3880 Oak Street – AURA negotiated an agreement with a private party to sell the property at3880 Oak Street for $175,000. This was a house that AURA acquired through relocation forthe Water Tower project. The project was unique in that AURA and the City of Wheat Ridgeentered into a joint venture to rehabilitate the house and share the profits.

C. Retreat – The AURA Board ofCommissioners held its annualretreat in Greeley, Colorado.

D. Audit – AURA received a satis-factory report from its auditorsSwanhorst & Company.

E. 2009 Budget – The AURA Boardof Commissioners and CityCouncil unanimously approvedAURA’s recommendation for a$763,719 operating budget forthe year 2009.

F. Community Involvement – AURAcontributed to various community events within the City of Arvada; Historic Olde Town Ar-vada; Arvada Economic Development Association; Chamber of Commerce; RTD, etc. AURAwas also the major sponsor for National Night Out held in the Olde Town Square.

G. New Commissioners – Commissioners Michelle DeLaria and Shelley Cook were appointed tothe AURA Board.

310

Trainagle Advisory Committee

V. Jefferson Center & Northwest Arvada Districts

AURA worked to createtheir sixth urban re-newal area. The devel-opers of the existingJefferson Center urbanrenewal area asked theCity and AURA toamend their plan, theyneeded to restart the25-year TIF clock to ob-tain more time to issuebonds to finance thenext phase of infrastruc-ture. As a result, the Jef-ferson Center urbanrenewal area was splitinto two separate urban renewal districts with different termination dates – Modified JeffersonCenter terminates in 2028 and Northwest Arvada in 2035.

Candelas, the exciting 1,451-acre mixed-use master planned community, remains unchanged andthe developer will be able to issue bonds to finance the necessary infrastructure.

A. The Authority retained the consulting firm of URS to prepare a blight study, urban renewalplan and county impact report for the new districts. The plans were adopted by City Councilin January 2010.

B. AURA negotiated a new administrative fee of $75,000 annually for the Northwest Arvada dis-trict and left in place the annual $75,000 fee for the Jefferson Center District.

Financial ManagementRedevelopment activities within the urban renewal districts have increased the amount of salesand property taxes generated from the properties, the 2009 incremental tax amounts are:

# Jefferson Center:

% Property Tax Increment - $1,924,107

# Ralston Fields:

% Property Tax Increment - $961,074

% Sales Tax Increment - $2,059,304

# Village Commons:

% There was no sales or property tax increment

PROJECT AREASThe following is a list of AURA’s accomplishments for 2009. This list could not have been achievedwithout the hard work of the Board of Commissioners, the commitment of staff, and the contin-ued support of both City Council and City staff.

I. City Center District

Even though the City Center Districtended in 2006, AURA has been busyfinishing up projects in Olde Town andNew Town.

A. Udi’s Restaurant – AURA negoti-ated a development agreementwith UDI’s Restaurant to locateon the southwest corner of OldeWadsworth and Grandview.

94

B. The Archive Room – AURA assisted thedeveloper in attracting The ArchiveRoom restaurant and bar to the north-west corner of Olde Wadsworth andGrandview. This business replaced theArvada Grill, which vacated the space inDecember 2008.

C. A. L. Davis Building (Stationery Store) –AURA staff was instrumental in finding aqualified buyer for the Stationery Store.The new owners plan to put retail on theground floor and a combination of officeand residential on the second floor.

II. Village Commons District

A. Hotel Study – The Hotel Market DemandStudy was updated and concluded thatthe Village Commons site was still an ex-cellent location for a Courtyard by Mar-riott hotel. AURA worked with a numberof developers to find financing for thehotel. This process is on-going.

B. Former Brooklyn’s Building - AURA has con-tinued to perform property management on the building and property, including landscap-ing, maintenance, vandalism repair, as well as showing the building to numerous partiesinterested in either leasing or purchasing the building.

C. Promissory Note – AURA renegotiated the loan for the Brooklyn’s property, the City has be-come the note holder.

2. Ralston Road Vacation– AURA worked withCDOT to vacate theold right-of-way forformer Highway 72.CDOT deeded theproperty to the City,and the City turnedaround and deeded itto AURA. This piece ofproperty is adjacent tothe property AURAowns and will be help-ful in redeveloping theArvada Square.

3. Independence Center – AURA owns the small shopping center at 58th and Independenceand renegotiated three tenant leases.

C. Arvada Ridge

1. The Arvada Ridge developer submitted his final plans for the development a 382-unit apart-ment village on the south side of Ridge Road. The plans were approved by City Council inJanuary 2010.

2. AURA testified on behalf of Arvada Ridge before the PUC to keep the Lee Street crossingopen. The final ruling was to close the crossing.

3. AURA staff continued to play a role in the transit station planning process to develop theframework plans for Arvada’s three transit stations, including the Kipling Ridge Station.

58

A. L. Davis Building

Triangle Area Concept Plan

encourage walking within Olde Town and the transit station. At the same time, maintainingthe existing scale of buildings along Grandview and Olde Wadsworth will ensure that thehistoric character of Olde Town is preserved.

B. AURA contracted with URS to produce the Blight Study, Urban Renewal Plan and County Im-pact Report.

C. AURA Staff is an active member in the following committees:1. Olde Town Parking Study2. Olde Town Arvada Market Demand and Public Financing Strategy3. Olde Town Design Guidelines Update4. Ralston Road Corridor Plan

IV. Ralston Fields District

A. Stenger/Lutz Sports Complex 1. AURA negotiated an agreement

with the City to contribute$125,000 towards the construc-tion of the much needed rest-room facilities at Stenger/LutzSports Complex.

B. Triangle Area

1. AURA created the Triangle Advisory Committee, a 20 member group made up of homeown-ers, business and property owners, and stakeholders from the area. The purpose of the com-mittee was to develop a vision for the eventual redevelopment of the Triangle Area. Thecommittee met numerous times over the course of nine months to develop a concept planthat represents their vision for the old shopping district. In May 2009, the committee spon-sored an open house for the entire Arvada community to view the plan and provide feed-back.

In July 2009, AURA took the proposed Concept Plan to the Arvada Planning Commission andCity Council to receive their comments and feedback. AURA continues to work on creatingan Outline Development Plan, which will incorporate the citizen’s concept plan, for adoptionby City Council.

III. Olde Town Station District

A. In December, the Arvada CityCouncil voted unanimously toadopt a new urban renewalarea. The Olde Town Stationurban renewal area surroundsFasTracks’ future transit stop inOlde Town and will enableAURA to plan and prepare forthe arrival of the commuter railin 2016. AURA’s focus will be onimplementing the existing Ar-vada Transit Station FrameworkPlan, which was developed bythe community and adopted bythe Arvada City Council.

The Olde Town Station will be the“heart” of the Gold Line stations,providing the full range of landuses imagined in a Transit Ori-ented District (TOD). The plancreates a defined center withtwo distinct downtown mixed-use development districts: OldeTown and New Town. The twodistricts provide an increasedmix and variety of uses to at-tract more people to the OldeTown area. Selectively intensi-fying and diversifying land usesin the immediate vicinity of thestation, along with pedestrianfriendly street improvements will

76

Arvada Transit Station Framework Plan

Restrooms at Stenger/Lutz

Olde Town Station Urban Renewal Area

encourage walking within Olde Town and the transit station. At the same time, maintainingthe existing scale of buildings along Grandview and Olde Wadsworth will ensure that thehistoric character of Olde Town is preserved.

B. AURA contracted with URS to produce the Blight Study, Urban Renewal Plan and County Im-pact Report.

C. AURA Staff is an active member in the following committees:1. Olde Town Parking Study2. Olde Town Arvada Market Demand and Public Financing Strategy3. Olde Town Design Guidelines Update4. Ralston Road Corridor Plan

IV. Ralston Fields District

A. Stenger/Lutz Sports Complex 1. AURA negotiated an agreement

with the City to contribute$125,000 towards the construc-tion of the much needed rest-room facilities at Stenger/LutzSports Complex.

B. Triangle Area

1. AURA created the Triangle Advisory Committee, a 20 member group made up of homeown-ers, business and property owners, and stakeholders from the area. The purpose of the com-mittee was to develop a vision for the eventual redevelopment of the Triangle Area. Thecommittee met numerous times over the course of nine months to develop a concept planthat represents their vision for the old shopping district. In May 2009, the committee spon-sored an open house for the entire Arvada community to view the plan and provide feed-back.

In July 2009, AURA took the proposed Concept Plan to the Arvada Planning Commission andCity Council to receive their comments and feedback. AURA continues to work on creatingan Outline Development Plan, which will incorporate the citizen’s concept plan, for adoptionby City Council.

III. Olde Town Station District

A. In December, the Arvada CityCouncil voted unanimously toadopt a new urban renewalarea. The Olde Town Stationurban renewal area surroundsFasTracks’ future transit stop inOlde Town and will enableAURA to plan and prepare forthe arrival of the commuter railin 2016. AURA’s focus will be onimplementing the existing Ar-vada Transit Station FrameworkPlan, which was developed bythe community and adopted bythe Arvada City Council.

The Olde Town Station will be the“heart” of the Gold Line stations,providing the full range of landuses imagined in a Transit Ori-ented District (TOD). The plancreates a defined center withtwo distinct downtown mixed-use development districts: OldeTown and New Town. The twodistricts provide an increasedmix and variety of uses to at-tract more people to the OldeTown area. Selectively intensi-fying and diversifying land usesin the immediate vicinity of thestation, along with pedestrianfriendly street improvements will

76

Arvada Transit Station Framework Plan

Restrooms at Stenger/Lutz

Olde Town Station Urban Renewal Area

B. The Archive Room – AURA assisted thedeveloper in attracting The ArchiveRoom restaurant and bar to the north-west corner of Olde Wadsworth andGrandview. This business replaced theArvada Grill, which vacated the space inDecember 2008.

C. A. L. Davis Building (Stationery Store) –AURA staff was instrumental in finding aqualified buyer for the Stationery Store.The new owners plan to put retail on theground floor and a combination of officeand residential on the second floor.

II. Village Commons District

A. Hotel Study – The Hotel Market DemandStudy was updated and concluded thatthe Village Commons site was still an ex-cellent location for a Courtyard by Mar-riott hotel. AURA worked with a numberof developers to find financing for thehotel. This process is on-going.

B. Former Brooklyn’s Building - AURA has con-tinued to perform property management on the building and property, including landscap-ing, maintenance, vandalism repair, as well as showing the building to numerous partiesinterested in either leasing or purchasing the building.

C. Promissory Note – AURA renegotiated the loan for the Brooklyn’s property, the City has be-come the note holder.

2. Ralston Road Vacation– AURA worked withCDOT to vacate theold right-of-way forformer Highway 72.CDOT deeded theproperty to the City,and the City turnedaround and deeded itto AURA. This piece ofproperty is adjacent tothe property AURAowns and will be help-ful in redeveloping theArvada Square.

3. Independence Center – AURA owns the small shopping center at 58th and Independenceand renegotiated three tenant leases.

C. Arvada Ridge

1. The Arvada Ridge developer submitted his final plans for the development a 382-unit apart-ment village on the south side of Ridge Road. The plans were approved by City Council inJanuary 2010.

2. AURA testified on behalf of Arvada Ridge before the PUC to keep the Lee Street crossingopen. The final ruling was to close the crossing.

3. AURA staff continued to play a role in the transit station planning process to develop theframework plans for Arvada’s three transit stations, including the Kipling Ridge Station.

58

A. L. Davis Building

Triangle Area Concept Plan

V. Jefferson Center & Northwest Arvada Districts

AURA worked to createtheir sixth urban re-newal area. The devel-opers of the existingJefferson Center urbanrenewal area asked theCity and AURA toamend their plan, theyneeded to restart the25-year TIF clock to ob-tain more time to issuebonds to finance thenext phase of infrastruc-ture. As a result, the Jef-ferson Center urbanrenewal area was splitinto two separate urban renewal districts with different termination dates – Modified JeffersonCenter terminates in 2028 and Northwest Arvada in 2035.

Candelas, the exciting 1,451-acre mixed-use master planned community, remains unchanged andthe developer will be able to issue bonds to finance the necessary infrastructure.

A. The Authority retained the consulting firm of URS to prepare a blight study, urban renewalplan and county impact report for the new districts. The plans were adopted by City Councilin January 2010.

B. AURA negotiated a new administrative fee of $75,000 annually for the Northwest Arvada dis-trict and left in place the annual $75,000 fee for the Jefferson Center District.

Financial ManagementRedevelopment activities within the urban renewal districts have increased the amount of salesand property taxes generated from the properties, the 2009 incremental tax amounts are:

# Jefferson Center:

% Property Tax Increment - $1,924,107

# Ralston Fields:

% Property Tax Increment - $961,074

% Sales Tax Increment - $2,059,304

# Village Commons:

% There was no sales or property tax increment

PROJECT AREASThe following is a list of AURA’s accomplishments for 2009. This list could not have been achievedwithout the hard work of the Board of Commissioners, the commitment of staff, and the contin-ued support of both City Council and City staff.

I. City Center District

Even though the City Center Districtended in 2006, AURA has been busyfinishing up projects in Olde Town andNew Town.

A. Udi’s Restaurant – AURA negoti-ated a development agreementwith UDI’s Restaurant to locateon the southwest corner of OldeWadsworth and Grandview.

94

Message from the ChairmanIt is with pride that the Arvada Urban Renewal Authority Board of Commissioners and staff pres-ent our 2009 Annual Report. Even with the slowdown in the economy, we were able to move ourprojects forward, secure some exciting new tenants and strategically plan for the future.

The year 2009 was an exciting year of growth for the Authority, as the Arvada City Council ap-proved our fifth urban renewal area – Olde Town Station district. This new district surrounds thefuture Gold Line’s transit station in Olde Town. As the premier station along the Gold Line corridor,with over 100,000 riders estimated a month, we recognize what an incredible opportunity the Cityof Arvada has to redevelop some of the underutilized properties in the area. We also recognizethat any new development has to preserve and build upon the historic character and charm thatmakes Olde Town the attraction that it is today.

We made significant progress in the Ralston Fields Urban Renewal Area with our Arvada Ridge de-veloper securing City approval to build a 382-unit apartment village just south of the Gold Linetransit station on Kipling. And after a nine month public process, the Triangle Advisory Commit-tee completed their work to develop a conceptual master plan for the redevelopment of the Trian-gle Area. We are looking to have the concept plan adopted by the City in 2010.

We worked with the City of Arvada and the master developer of the 1,451-acre mixed-use Cande-las project to reconfigure the Jefferson Center Urban Renewal area to allow for additional financ-ing to construct the next phase of infrastructure.

And last but not least, we helped bring two new and exciting restaurants into the heart of OldeTown – Udi’s Bread Bistro and The Archive Room.

On behalf of the Arvada Urban Renewal Authority Board of Commissioners and staff, we want toacknowledge the vision and cooperation of the City of Arvada, our real estate partners, and thecommunity. It is only with the support of these many partners that we have been able to achieveso much. The following reflects a summary of our 2009 activities. We hope you will take a fewminutes to review the report.

John Carpenter, Chairman

Arvada Urban Renewal Authority

VI. Miscellaneous

A. City Promissory Note – Through the hard work of AURA Board members and staff persever-ance, AURA was able to negotiate an agreement with the City to consider the $5.2 millionnote held by the City to be paid in full. This obligation has been removed from the Author-ity’s books.

B. 3880 Oak Street – AURA negotiated an agreement with a private party to sell the property at3880 Oak Street for $175,000. This was a house that AURA acquired through relocation forthe Water Tower project. The project was unique in that AURA and the City of Wheat Ridgeentered into a joint venture to rehabilitate the house and share the profits.

C. Retreat – The AURA Board ofCommissioners held its annualretreat in Greeley, Colorado.

D. Audit – AURA received a satis-factory report from its auditorsSwanhorst & Company.

E. 2009 Budget – The AURA Boardof Commissioners and CityCouncil unanimously approvedAURA’s recommendation for a$763,719 operating budget forthe year 2009.

F. Community Involvement – AURAcontributed to various community events within the City of Arvada; Historic Olde Town Ar-vada; Arvada Economic Development Association; Chamber of Commerce; RTD, etc. AURAwas also the major sponsor for National Night Out held in the Olde Town Square.

G. New Commissioners – Commissioners Michelle DeLaria and Shelley Cook were appointed tothe AURA Board.

310

Trainagle Advisory Committee

H. Media and PR:

1. AURA staff participated in the KATV program regarding the Triangle Area Concept Plan -this program ran on Channel 8 for a month.

2. Staff coordinated front page articles on AURA projects for Arvada Press and The DenverPost Your Hub.

3. Staff gave presentations to civic groups, professional organizations, community groups,workshops, and governmental agencies regarding AURA projects.

AURA Mission Statement# To redevelop properties within the urban renewal boundaries;

# To afford maximum opportunity, consistent with the sound needs of the municipality as awhole, 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 opti-mizing the fiscal assets and the real estate assets, both AURA-owned and privately owned, andby the orderly and total payment of all liabilities during the remaining life of the Arvada UrbanRenewal Authority;

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

# To further stabilize and provide for additional commercial, office, retail and residential develop-ment opportunities to serve the needs of the City of Arvada and the regional area.

About AURAThe Arvada Urban Renewal Author-ity (AURA) is an independent body,corporate and politic of the State ofColorado law. Seven volunteerboard members are appointed bythe Mayor and approved by CityCouncil for five-year terms to over-see the operations of the organiza-tion. Functioning as a legallyseparate entity from the City of Ar-vada, the AURA Board works under acommon vision dictated by thelegally approved Urban RenewalPlan. The board typically meetstwice per month to review projects, consider proposals and take appropriate action to meet thegoals of the organization. AURA’s success is based on the ability to attract appropriate businessesand residential users, develop the best approach to revitalize the area, and take necessary action.

112

Trainagle Advisory Committee Celebration Cake

2009 Board of CommissionersJohn Carpenter,

Chairman

David Kribs, Vice Chairman

Tony Cline, Treasurer

Page Bolin

Michelle DeLauria

Tim Geisler

Lorraine Anderson, Arvada City CouncilRepresentative*

*Note: Lorraine Anderson went off the Board in November and was replaced with Councilmem-ber Shelley Cook

Staff:Timothy Steinhaus, Executive Director

Maureen Phair, Deputy Director

Mike Polk,Legal Counsel

Pat Connelly, AURA Coordinator

5601 Olde Wadsworth Blvd., Suite 210 • Arvada, Colorado 80002Phone: 720.898.7060 • Fax: 720.898. 7061 • www.ArvadaUrbanRenewal.org

2009 ANNUAL REPORT