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2. FINAL - Finance Committee Minutes 23-05-03FINANCE COMMITTEE MEETING WEDNESDAY, MAY 3, 2023 HYBRID MEETING; IN-PERSON AND ON ZOOM Finance Committee Meeting, May 3, 2023 1 | 2 1. ROLL CALL The meeting began at 5:07 p.m. PRESENT- Finance Committee: On Zoom, Committee Chair Steve Coyer and Committee Member Craig Ferraro. In Person, Committee Member Markian Fedeschuk. Town Council: Mayor Pro Tem Tamra Underwood and Councilor Rich Carroll Town Staff: Town Manager Eric Heil, Deputy Town Manager Patty McKenny, incoming Finance Director Paul Redmond, Finance Manager Joel McCracken, and Town Clerk Miguel Jauregui Casanueva, as Secretary. DDA Town Consultant Kristin Kenney Williams was also present for the meeting. ABSENT- Finance Committee: Committee Members John Widerman, Clark Rogers, Terry Nolan, Lisa Post, Dee Wisor, and Linn Brooks Town Staff: Finance Director Scott Wright 2. APPROVAL OF NOVEMBER 9, 2022 MINUTES Committee Chair Steve Coyer moved to approve the minutes from the November 9, 2022 meeting and Committee Member Markian Fedeschuk seconded the motion. The motion passed unanimously by those present. 3. PUBLIC COMMENT There was no public comment. 4. WELCOME TO NEW FINANCE DIRECTOR (FINANCE DIRECTOR S COTT WRIGHT AND INCOMING FINANCE DIRECTOR PAUL REDMOND) Town Manager Eric Heil explained the purpose of the Finance Committee to those present and agreed to moderate the meeting. Heil then welcomed incoming Finance Director Paul Redmond to Committee at which time, Redmond gave a brief synopsis of his professional experience. 5. STAFF UPDATES ON FINANCIAL RESULTS THROUGH MARCH 2023 (FINANCE MANAGER JOEL MCCRACKEN) Finance Manager Joel McCracken delivered his presentation on the financial results of the Town through March 2023. Town Manager Eric Heil then spoke of the Accommodation Tax and explained that the Town discontinued the use of Inntopia DestiMetrics because most properties were not reporting their data into that system. He suggested that in the future, Council may have to pass an ordinance to mandate that properties must report to DestiMetrics so that the data can be gathered and analyzed. Committee Chair Steve Coyer inquired on the increase in revenue at Avon Rec and it was concluded that the increase in revenue is based on an increase in admissions and not increase in pricing, given that Rec has not made significant adjustments to its pricing since 2019. 6. VILLAGE (AT AVON) FINANCIAL OVERVIEW (TOWN MANAGER ERIC HEIL) Town Manager Eric Heil introduced the topic of the Village at Avon and added that Avon is hosting a Public Administration Graduate Student from CU Denver who will bse working on their Capstone Project regarding the Village at Avon. He explained that the current Capstone Project will focus on the vision of low, mid, and high-density development of Avon. There was discussion surrounding the Village at Avon’s tax credit and outstanding debt. FINANCE COMMITTEE MEETING WEDNESDAY, MAY 3, 2023 HYBRID MEETING; IN-PERSON AND ON ZOOM Finance Committee Meeting, May 3, 2023 2 | 2 7. LOT B PUBLIC/PRIVATE PARTNERSHIP (TOWN MANAGER ERIC HEIL) Town Manager Eric Heil delivered his presentation on Lot B and the parameters of a public/private partnership to develop it. Discussions included the addition of a parking garage project with 100- 200 parking spots at Lot B, and the mention of interest in luxury condos but the preference for a hotel project which may generate more tax revenue for the Town. 8. USE TAX PROPOSAL (TOWN MANAGER ERIC HEIL) Town Manager Eric Heil delivered his presentation on the Town’s exploration of a 4% Use Tax, as applicable to the purchase of construction materials. Discussion was had around the timing of this tax proposal vis-à -vis a 5% retail tax proposal stemming from the marijuana ballot which is to be postponed by one year. Mayor Pro Tem Underwood asked staff to remind Council of the commitment to regulate and tax marijuana sales in Avon. Consensus was to present the Use Tax proposal to Council in May or June of 2023. 9. DDA FORMATION AND IMPLEMENTATION (TOWN MANAGER ERIC HEIL) Town Manager Eric Heil delivered a presentation of the formation of a Development District Authority (DDA) in Avon. Discussion included the financial and tax implications and opportunities that a DDA brings in the short and long term. 10. UPDATES ON DEVELOPMENT PROJECTS (PLANNING DIRECTOR MATT PIELSTICKER) Planning Director Matt Pielsticker identified that the Planning Department is working on a Property Tax update that will be discussed in the next Finance Committee meeting. 11. NEXT COMMITTEE MEETING DATE After deliberations, consensus among Finance Committee Members was to host the next meeting on June 19, 2023, at 17:00 hours at the Mount Holy Cross meeting room at Avon Town Hall. 12. ADJOURNMENT The meeting adjourned at 6:42 p.m. Respectfully Submitted by: Miguel Jauregui Casanueva, Town Clerk.