URA Res. 26-01 Approving an IGA between the Town of Avon and Avon URA concerning the Remittance of Tax Increment Revenue from The Summit Development Through 2033A
Avon
COLORADO
RESOLUTION 26-01
APPROVING AN INTERGOVERNMENTAL AGREEMENT BETWEEN THE TOWN
OF AVON AND THE AVON URBAN RENEWAL AUTHORITY CONCERNING THE
REMITTANCE OF TAX INCREMENT REVENUE FROM THE SUMMIT
DEVELOPMENT THROUGH 2O33
WHEREAS, the Avon Urban Renewal Authority ("AURA") was established by the Town of
Avon pursuant to Resolution 07-20 and in accordance with § 31-25-101, et seq., C.R.S., to
promote redevelopment, economic revitalization, and investment within designated urban
renewal plan areas; and,
WHEREAS, the Town subsequently adopted the West Town Center Investment Plan ("WTCI
Plan"), within which The Summit development is located; and,
WHEREAS, pursuant to the Urban Renewal Law and the WTCI Plan, AURA is authorized to
receive and retain tax increment revenue generated from property located within the urban
renewal area; and,
WHEREAS, pursuant to The Summit Development Agreement, the Town has committed
substantial public investment in the project, including $6,000,000 for the construction of the
commercial community space, adjacent patio, and dedicated parking spaces, and $4,000,000
toward the acquisition of sixteen (16) Community Housing Deed Restrictions; and,
WHEREAS, the Town has also supported various public improvements and public benefits
associated with The Summit, including contributions toward the pedestrian connection and
dedication of land for completion of the Civic Plaza; and,
WHEREAS, the Town and AURA have negotiated an Intergovernmental Agreement whereby
AURA agrees to remit to the Town the tax increment revenues generated by The Summit
through December 31, 2033; and,
WHEREAS the purpose of the Intergovernmental Agreement is to reimburse -the Town for its --
investment in public improvements, public amenities, community housing, and other public
benefits associated with The Summit project; and,
WHEREAS, the AURA finds that approval of the Intergovernmental Agreement promotes the
health, safety, and welfare of the Town by supporting community housing, public improvements,
economic development, and the effective use of public resources.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN OF AVON that the
Intergovernmental Agreement Between the Town of Avon and the Avon Urban Renewal
Resolution 26-01
July 28, 2026
Page 1 of 2
Authority Concerning the Remittance of Tax Increment Revenue Through 2033, attached hereto
as Exhibit A, is hereby approved.
ADOPTED July 28, 2026, by the AVON URBAN RENEWAL AUTHORITY
By:
_ � W,
Tamra N. Underwood, Chairwoman
Resolution 26-01
July 28, 2026
Page 2 of 2
Attest: � /
Miguel Jauregui
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Exhibit A
INTERGOVERNMENTAL AGREEMENT BETWEEN THE TOWN OF
AVON, COLORADO AND THE AVON URBAN RENEWAL
AUTHORITY, CONCERNING THE REMITTANCE OF TAX
INCREMENT REVENUE UNTIL 2033
This Intergovernmental Agreement concerning the Remittance of Tax Increments (the
"Agreement") is entered into on July 28, 2026 by and between the Town of Avon, Colorado
("Town"), a home rule municipality organized under the laws of the State of Colorado, and the
Avon Urban Renewal Authority ("Authority") a Authority organized pursuant to C.R.S. § 31-
25-101 et. seq., individually referred to as Party and collectively as Parties.
RECITALS
WHEREAS, the Town is a home rule municipality duly organized and existing under Article
XX of the Colorado Constitution and the Town of Avon Home Rule Charter of 1978
("Charter"); and
WHEREAS, the Authority is a Colorado urban renewal authority established in accordance
with§ 31-25-101, et. seq. ("URA Act"), with the purpose of promoting development of
properties within adopted urban renewal plan areas for the prevention of blight and for the
promotion of economic development and revitalization within adopted plan areas; and
WHEREAS, pursuant to Resolution 07-20 Council established the Avon Urban Renewal
Authority and subsequently adopted the West Town Center Investment Plan ("WTCI Plan");
and
WHEREAS, pursuant to the URA Act and the WTCI Plan, the Authority has the ability and
authority to collect and retain the District Tax Increment Revenue derived from taxes imposed on
The Summit property which is within the boundaries of the Authority; and
WHEREAS, GP Avon Developer, LLC, is a limited liability company who is entering into a
Development Agreement with the Town for the development of a 164-unit residential project
and an approximate 4,000-square foot commercial community space located on the
approximately 1.7-acre real property located within the Town of Avon herein referred to as "The
Summit;" and
WHEREAS, pursuant to such Development Agreement, the Town is contributing $6,000,000
for the construction on the commercial community space, adjacent patio and dedicated parking
spaces and is contributing $4,000,000 towards the purchase of 16 Community Housing Deed
Restrictions; and
WHEREAS, The Summit development is within the WTCI Plan boundary limits; and
WHEREAS, Article XIV, Section 18 of the Colorado Constitution and Sections 29-1-203 and
29-1-203.5, et seq., Colorado Revised Statutes, encourage governments to make the most
IGA — Town of Avon -Avon Avon Urban Renewal Authority
The Summit —Tax Increment Remittance
July 28, 2026
Page 1 of 4
Exhibit A
efficient and effective use of their powers and responsibilities by cooperating and contracting
among themselves, including forming a political subdivision to provide any public
improvements, functions, services, or facilities that the governments can each provide
individually; and
WHEREAS, the Authority has determined that it is in the best interests of the Authority and
Town and the taxpayers that the tax increments received from The Summit be remitted back to
the Town through December 31, 2033, to reimburse the Town for its significant investment in
public benefits, public improvements and Community Housing units at The Summit.
NOW, THEREFORE, in consideration of the mutual covenants and obligations herein
expressed, it is agreed by and between the Parties hereto as follows:
AGREEMENT
Section 1. Purpose. The purpose of this Agreement is to establish that the Avon Urban
Renewal Authority commits to remitting any tax increments generated by The Summit property
or development to the Town until 2033, the last year the Authority is projected to receive the full
tax increment.
Section 2. Collection and Remittance of Tax Increment. The tax increment revenue
received by the Authority derived from taxes imposed on The Summit property through 2033 are
hereby authorized and approved to be remitted to the Town, to reimburse the Town for its
investment in public improvements and investments, including the Community Space,
contribution to the Pedestrian Connection, dedication of land for the competition of the Civic
Plaza, and the acquisition of Community Housing Deed Restrictions at The Summit, as described
in The Summit Development Agreement, dated July 28, 2026.
Section 3. Governmental Immunity. Notwithstanding any provision in the Agreement, the
Authority and Town are relying on and do not waive or intend to waive by any provision of this
Amended and Restated Agreement, the monetary limitations or any other rights, immunities,
defenses, and protections provided by the Colorado Governmental Immunity Act, §24-10-101, et
seq., C.R.S., as from time to time amended, or otherwise available to the Authority and Town or
its officers or employees.
Section 4. Lia . biBly. In the event the Town is named as a party in any legal action related to
this Agreement and the Town's collection the incremental tax remittance, the Authority shall
select legal counsel to represent the Town in such action. Such action shall be vigorously
defended against, the Town shall be consulted as to all significant decisions involved in the
action, and the action shall not be compromised or settled without the Town's consent, which
consent shall not be unreasonably withheld. The Authority's liability shall be limited to those
amounts not covered by the insurance carried by the Town. Under no circumstances shall the
Authority be liable to the Town for special, punitive, indirect, or consequential damages suffered
by the Town arising out of or in connection with the Agreement or any lawsuit brought under
this Section.
IGA — Town of Avon -Avon Avon Urban Renewal Authority
The Summit —Tax Increment Remittance
July 28, 2026
Page 2 of 4
Exhibit A
Section 5. Term of Agreement. The Parties have determined that this Agreement, along
with all of its terms, conditions, shall go into effect as of June 9, 2026, once approved by all
Parties, and shall be in effect through December 31, 2033, the last year the Authority is projected
to receive the full tax increment.
Section 6. Enforcement. This Agreement and the terms and provisions hereof may be
enforced by either Party hereto and their successors and assigns. In the event legal or
administrative proceedings are brought against any Party for the purpose of such enforcement,
the prevailing Party shall recover from the non -prevailing Party all costs associated therewith,
including but not limited to reasonable attorney's fees.
Section 7. Miscellaneous Provisions.
7.1 This Agreement may not be amended except by an instrument in writing signed on behalf
of each of the Parties.
7.2 No waiver of any of the provisions of this Agreement shall be deemed, or will constitute, a
waiver of any other provision, whether or not similar, nor will any waiver constitute a
continuing waiver. No waiver shall be binding unless executed in writing by the party
making the waiver.
7.3 This Agreement constitutes the entire agreement between the Parties regarding the subject
matter thereof and shall be binding upon the Parties, their officers, employees, agents, and
assigns, and may not be assigned by any Party without the express written consent of the
other Party.
7.4 In the event that any of the terms or conditions of this Agreement or their application shall
be held invalid as to any person, entity, or circumstance by any court having competent
jurisdiction, the remainder of this Agreement and the application in effect of its terms or
conditions to such persons, entities, or circumstances shall not be affected thereby and this
Amended and Restated Agreement shall be interpreted as if such invalid term or condition
is not contained herein.
7.5 By execution of this Agreement, the undersigned each individually represent that he or she
is duly authorized to execute and deliver this Agreement and that the subject Party shall be
bound by the signatory's execution of this Agreement.
7.6 The Parties to this Agreement do not intend to benefit any person not a party to this
Agreement. No person or entity, other than the Parties to this Agreement, shall have any
right, legal or equitable, to enforce any provision of this Agreement.
7.7 The laws of the State of Colorado, without regard to Colorado laws regarding conflicts of
law, shall govern the construction, interpretation, execution and enforcement of this
Agreement. Venue for any dispute arising out of or relating to the Agreement shall be in
the State of Colorado District Court for Eagle County.
IGA — Town of Avon -Avon Avon Urban Renewal Authority
The Summit — Tax Increment Remittance
July 28, 2026
Page 3 of 4
Exhibit A
7.8 The section headings in this Agreement have been inserted for convenience of reference
only and shall not affect the meaning or interpretation of any part of this Agreement.
7.9 This Agreement may be executed in multiple counterparts, each of which shall be an
original, but all of which, together, shall constitute one and the same instrument. The
Parties consent to the use of electronic signatures and agree that the transaction may be
conducted electronically pursuant to the Uniform Electronic Transactions Act, §24-71.3-
101, et seq., C.R.S.
IN WITNESS WHEREOF, the Parties have executed this Agreement the day and year first
written above.
TOWN OF AVON, COLORADO,
by and through its Town Council
1441 BY: ATTEST:
amra N. Underwood, Mayor Miguel Casanueva n Clerk
AVON URBAN RENEWAL AUTHORITY
BY: ATTEST:
Tam N. Underwood, Chairperson Mi,
IGA — Town of Avon -Avon Avon Urban Renewal Authority
The Summit —Tax Increment Remittance
July 28, 2026
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