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DDA Minutes 2026.06.01DDA MEETING MINUTES MONDAY, JUNE 1ST, 2026 HYBRID MEETING, IN PERSON AND VIRTUAL VIA MICROSOFT TEAMS 1. Roll Call The meeting was called to order at 3:00 p.m. DDA Board Chair Tony Emrick presided over the meeting. There was quorum with seven board members present at the time. Present in Person: Board Members Tony Emrick, Gregg Cooper, Rob Tartre, Lisa Mattis, and Wayne Hanson. Present Virtually: Board Members Scott Tarbet, Marcus Lindholm, and Matt Fitzgerald (joined at 3:01pm). Absent: Board Member Brandt Marott, Chris Neuswanger and Councilor Chico Thuon Staff: Eric Heil, Matt Pielsticker, Ineke de Jong, Paul Redmond, Chase Simmons, Patty McKenny (virtual), and Jenna Skinner (virtual, joined at 3:04 p.m). 2. Approval of Agenda Board Member Lisa Mattis motioned to approve the agenda. Board Member Gregg Cooper seconded the motion. The motion passed unanimously by those present. 3. Disclosure of Any Conflicts of Interest Related to Agenda Items No conflicts of interest were disclosed. 4. Public Comment There was no public comment. 5. Business Items 5.1 DDA BOARD POSITIONS EXPIRING (Chief Finance Officer Paul Redmond) Paul Redmond discussed two expiring board positions. The positions are currently held by Lisa Mattis and Scott Tarbet. Paul discussed the procedures for applying for the two positions. 5.2 RESOLUTION 26-01 IGA BETWEEN TOWN OF AVON AND AVON DOWNTOWN DEVELOPMENT AUTHORITY (Town Manager Eric Heil) Town Manager Eric Heil presented the proposed Lot B development and related public amenities. The development includes 16 deed-restricted units and community space. He also reviewed the history of the Main Street concept, noting prior planning efforts in 2008 before the recession interrupted progress, and discussed the current proposal and background for the community space component. 1. The board asked whether the Town would own the community space. 2. The board asked about the estimated cost breakdown, including housing, community space, and outdoor amenities. 3. The board asked about the revenue side of the proposed investment and how funds would be handled before construction is complete. Paul Redmond reviewed valuation assumptions and expected tax revenue. Eric Heil discussed how future tax revenue could offset debt service on a loan from Alpine Bank. The board also raised concerns about the cost of debt and the operational responsibilities associated with the community space. Eric Heil acknowledged those concerns, described the project as a significant step forward, and said he was confident Town staff could manage the new space. 1. The board raised concerns about rental rates declining due to additional inventory at this location and other developments. 2. The board asked what was included in the commercial space estimate and what level of finish was assumed. 3. The board asked about key project risks and the timing of this project related to the Sun Road Redevelopment. 4. The board asked whether the 16 housing units could be sold rather than rented and expressed concerns about a rental-only structure rather than potential ownership opportunities. 5. The board asked whether other financing options could be explored and whether the Finance Committee should review alternatives. 6. The board also discussed rental housing, AMI levels, and whether the 100% AMI target is negotiable. 7. The board asked for confirmation regarding the effect of the proposed motion. Eric Heil responded that ownership of this property was not an option because the developer is not interested. He also referenced other future ownership opportunities, including Sun Road, 91 Beaver Creek Place, and new Village at Avon units. Eric Heil explained the 100% AMI target is already down from the original 120% and that lowering it further would increase project cost. Eric Heil explained that the action would allow the DDA to pledge TIF revenue from this project toward debt service. DDA Board Chair Emrick then made a motion to approve Resolution 26-01 adopting the intergovernmental agreement between the Town of Avon and the Avon Downtown Development Authority, concerning the remittance of tax increment revenues until 2054. Gregg Cooper seconded the motion. The motion passed 7 to 1 with Rob Tarte voting no. 5.3 PRESENTATION: VAA Phase 1 and 2 Revenue Projections (Chief Finance Officer Paul Redmond) Paul Redmond presented revenue projections for VAA Phases 1 and 2 and discussed the different parcels and their expected revenue impacts for the Town and VAA. During this discussion, Board Member Rob Tartre left the meeting at 4:22 p.m. The board suggested doing an aggressive/average/conservative revenue projection for each project. No action was taken as this was a presentation. 5.4 PRESENTATION: Transit-Oriented Neighborhood Pilot Program Update (Town Manager Eric Heil) Eric Heil provided an update on the Transit-Oriented Neighborhood Pilot Program and the related legislation. He explained that the Department of Local Affairs (DOLA) would identify rural communities eligible for these funds in 2027. The board asked about the potential for Eagle County investment in the Sun Road transit center, and Eric Heil discussed the expenses and operational challenges already facing Core Transit. Board Member Marcus Lindholm left the meeting at 4:44 p.m. 6. Minutes Board Chair Tony Emrick motioned to approve the minutes from the last meeting. Board Member Lisa Mattis seconded the motion. The motion passed unanimously with the members present. 7. Adjournment DDA Board Chair Emrick adjourned the meeting at 4:51 p.m. Respectfully submitted by: Chase Simmons Financial Analyst These minutes are only a summary of the proceedings of the meeting. They are not intended to be comprehensive or to include each statement, person speaking or to portray with complete accuracy. The most accurate records of the meeting are the audio of the meeting, which is housed in the Town Clerk' s office.