2. DRAFT Finance Committee Minutes 23-06-19FINANCE COMMITTEE MEETING
MONDAY, JUNE 19, 2023
HYBRID MEETING; IN-PERSON AND ON TEAMS
Finance Committee Meeting, June 19, 2023 1 | 2
1. ROLL CALL
The meeting began at 5:22 p.m. PRESENT- Finance Committee Members:
In person: Lisa Post, Craig Ferraro, John Widerman, Clark Rogers (virtually) and Terry Nolan
(virtually)
Town Council: Mayor Pro Tem Tamra Underwood and Councilor Rich Carroll
Town Staff: Town Manager Eric Heil, Deputy Town Manager Patty McKenny, General
Government Manager Ineke de Jong, Finance Director Scott Wright (virtually), incoming
Finance Director Paul Redmond (virtually)
ABSENT- Finance Committee Members: Steve Coyer, Dee Wisor, Markian Feduschak, and Linn
Brooks
2. APPROVAL OF MAY 3, 2023 MINUTES
Member Craig Ferraro moved to approve the minutes from the May 3, 2023 meeting and Councilor Rich
Carroll seconded the motion. The motion passed unanimously by those present.
3. PUBLIC COMMENT
There was no public comment.
4. STAFF UPDATES ON FINANCIAL RESULTS THROUGH APRIL (FINANCE MANAGER JOEL MCCRACKEN)
There were no questions presented about the financial report.
5. PROPERTY TAX ANALYSIS (TOWN MANAGER ERIC HEIL)
Town Manager Eric Heil delivered a presentation on the property tax analysis related to the
formation of a Downtown Development Authority (DDA) in Avon. Discussion included a broad
overview of the purpose and benefits of a DDA as well as a review of a number of components to
creating the authority, as follows:
Proposed Boundary of the District (Boundary Map)
The development of the Downtown Develop Authority Plan and structure of the DDA Board
Description of Potential Projects that would benefit from the revenue collections including
housing, public parking structures, recreation center expansion and street realignments (all
FINANCE COMMITTEE MEETING
MONDAY, JUNE 19, 2023
HYBRID MEETING; IN-PERSON AND ON TEAMS
Finance Committee Meeting, June 19, 2023 2 | 2
within the boundary).
Overview of the financial considerations related to tax increment financing
Impacts on Taxing Entities, i.e., Eagle County, Eagle County School District, Colorado
Mountain College, Eagle River Fire Protection District, Eagle Valley Library, Eagle River Water
& Sanitation District, etc.
Summary of the DDA in relation to the Village (at Avon) District,
Financial Modeling Projections of the DDA collections (an illustration only)
Special Election and Eligible Voters
Structure of Decision-making and Authority between Town Council and DDA
Timeline for DDA board appointments and revenue collections
Town Manager Eric Heil noted the Town Council would review the ordinance on second reading
(and Public Hearing) on Tuesday, June 27, 2023 for the formation of the DDA and setting of a
Special Election for August 29, 2023. The schedule for meetings addressing the DDA are shown
below:
6. NEXT COMMITTEE MEETING DATE
The next meeting will be scheduled for September 11, 2023, at 5:00 p.m. in the Mount Holy Cross
meeting room at Avon Town Hall. Future topics suggested for the meeting included: Financial Update on
the Village (at Avon), Review of Capital Projects, Financing Options for funding community projects
(housing).
7. ADJOURNMENT
The meeting adjourned at 6:35 p.m.
Respectfully Submitted by:
Patty McKenny, Deputy Town Manager