URA Res. 26-02 Approving an IGA Concerning Incremental Tax Revenue (Lot B) Among the Avon URA, the Avon DDA, and Avon Station Metropolitan DistrictAvon
COLORADO
RESOLUTION 26-02
APPROVING AN INTERGOVERNMENTAL AGREEMENT CONCERNING
INCREMENTAL TAX REVENUE (LOT B) AMONG THE AVON URBAN
RENEWAL AUTHORITY, THE AVON DOWNTOWN DEVELOPMENT
AUTHORITY, AND AVON STATION METROPOLITAN DISTRICT
WHEREAS, the Town of Avon established the Avon Urban Renewal Authority ("URA") pursuant to
Article 25 of Title 31, Colorado Revised Statutes, to implement the Town Center West Urban Renewal
Plan and undertake urban renewal activities within the urban renewal area; and
WHEREAS, the Town of Avon established the Avon Downtown Development Authority ("DDA")
pursuant to Article 25, Part 8 of Title 31, Colorado Revised Statutes, to support downtown economic
development, public improvements, and community housing initiatives within the downtown area; and
WHEREAS, the URA and the DDA have certain statutory rights to receive and retain tax increment
revenues generated from property located within their respective plan areas; and
WHEREAS, Lot B, located within Avon Station Metropolitan District, is the only property within Avon
Station Metropolitan District that is also located within the boundaries of the DDA and is subject to tax
increment provisions applicable to both the URA and the DDA; and
WHEREAS, the Avon Urban Renewal Authority, the Avon Downtown Development Authority, and
Avon Station Metropolitan District have negotiated an Intergovernmental Agreement Concerning
Incremental Tax Revenue (Lot B) (the "Agreement") to establish the allocation, remittance, reporting,
and administration of tax increment revenues generated from Lot B; and
WHEREAS, the Agreement provides for the retention of Lot B tax increment revenues by the URA
during the term of the Town Center West Urban Renewal Plan, establishes the treatment of debt service
and operations mill levy revenues following expiration of the URA Plan, and creates reporting and audit
procedures among the parties; and
WHEREAS, the Avon Urban Renewal Authority Board finds that approval of the Agreement serves the
public interest by providing certainty regarding the allocation and administration of incremental tax
revenues associated with Lot B and supporting the orderly implementation of the URA Plan, the DDA
Plan, and obligations of Avon Station Metropolitan District.
NOW, THEREFORE, BE IT RESOLVED BY THE AVON URBAN RENEWAL AUTHORITY
OF THE TOWN OF AVON, COLORADO, that the Intergovernmental Agreement Concerning
Incremental Tax Revenue (Lot B) among the Avon Urban Renewal Authority, the Avon Downtown
Development Authority, and Avon Station Metropolitan District, attached hereto as Exhibit A, is hereby
approved.
Resolution 26-02
July 28, 2026
Page 1 of 2
ADOPTED July 28, 2026, by the AVON URB
By:
Tamra N. Underwood, C airwoman
AN RENEWAL AUT$OR�TY
Attest: / -
e
CERTIFIED:
Miguel JaureguP4nueva, Authority Clerk
Resolution 26-02
July 28, 2026
Page 2 of 2
Paul Redmond, Treasurer
INTERGOVERNMENTAL AGREEMENT
CONCERNING INCREMENTAL TAX REVENUE
(LOT B)
THIS INTERGOVERNMENTAL AGREEMENT CONCERNING INCREMENTAL
TAX REVENUE (LOT B) (the "Agreement") is made and entered into as of June 29, 2026, by
and among the AVON URBAN RENEWAL AUTHORITY, an urban renewal authority and body
corporate and politic of the State of Colorado (the "URA"), the AVON DOWNTOWN
DEVELOPMENT AUTHORITY, a downtown development authority and body corporate of the
State of Colorado (the "DDA"), and AVON STATION METROPOLITAN DISTRICT, a quasi -
municipal corporation and political subdivision of the State of Colorado ("Avon Station"). The
URA, the DDA, and Avon Station may be referred to herein individually as a "Party" and
collectively as the "Parties."
RECITALS
WHEREAS, the URA is a Colorado urban renewal authority established by the Town of
Avon, Colorado (the "Town") in accordance with § 31-25-101, et. seq., C.R.S. (the "URA Act");
and
WHEREAS, the URA is authorized by the URA Act to provide for improvements and
facilities and other functions of benefit to the Authority and its residents and taxpayers; and
WHEREAS, pursuant to the URA Act and the Town Center West Urban Renewal Plan,
approved by the Town (the "URA Plan'), the URA has the power to collect and retain ad valorem
property tax revenue derived from the mill levies imposed by Avon Station and Confluence
Metropolitan District ("Confluence" and together with Avon Station, the "Districts") as applied
to any incremental increase in property values within the Districts above the assessed value as of
the time the Town adopted the URA Plan (the "District Tax Increment Revenue"), as the same
relates to property that is within the boundaries of the Districts and that is also within the URA
Plan area; and
WHEREAS, the URA, Avon Station and Confluence are parties to that certain
Intergovernmental Agreement between Avon Urban Renewal Authority, Confluence Metropolitan
District, and Avon Station Metropolitan District Concerning Incremental Taxes, dated October 9,
e 2007 (th"URA Agreement') and
WHEREAS, pursuant to the URA Agreement, the URA agreed to remit to the Districts the
District Tax Increment Revenue it receives as a result of ad valorem property taxes and associated
specific ownership taxes levied by the Districts within the current boundaries of the Districts,
except for Lot B within Avon Station, as depicted in Exhibit A, attached hereto and incorporated
herein ("Lot B"), and except for and to the extent of any incremental ad valorem property taxes or
specific ownership taxes generated by an increase in the total number of permitted dwelling units
or commercial square footage in the zoning entitlement existing as of February 27, 2007; and
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WHEREAS, subsequent to the date of the URA Agreement, the Town established the DDA
as a Colorado downtown development authority established in accordance with § 31-25-801, et.
seq. (the "DDA Act"); and
WHEREAS, the DDA is authorized to provide organizational focus and financing to
support downtown economic developments and improvements, including specifically
development of community housing in the Avon downtown area to provide additional workforce
housing and to sustain and enhance a critical mass of residents in the Avon downtown area
necessary to support neighborhood businesses and to support the public infrastructure and public
facilities which sustain and enhance the attractiveness of business investment in the Avon
downtown area; and
WHEREAS, in furtherance of its organization and purpose, the DDA adopted the Avon
Downtown Development Authority Plan, dated October 2, 2023 (the "DDA Plan"); and
WHEREAS, pursuant to the DDA Act and the DDA Plan, the DDA has the authority to
collect and retain the District Tax Increment Revenue derived from the mill levies imposed Avon
Station on property which is within the boundaries of Avon Station and that is also within the
boundaries of the DDA; and
WHEREAS, Confluence and Avon Station are parties to that certain Second Amended and
Restated Joint Facilities Construction and Service Agreement, dated April 26, 2007, as amended
(the "District IGA"), pursuant to which Confluence is to manage the construction, operation, and
maintenance of public improvements, and Avon Station, through an assignment of revenue raised
from mill levies imposed by Avon Station, is to provide funding for such construction, operation,
and maintenance; and
WHEREAS, in 2021, Confluence obtained two loans, consisting of its 2021A-1 Senior
Loan and its 2021 A-2 Senior Loan, and issues its Subordinate Limited Tax Supported Revenue
Refunding Bonds, Series 2021 B (collectively the "2021 Debt"), the proceeds of which were used
to refund bonds issued by Confluence in 2007, which bonds were issued to fund the construction
of public infrastructure; and
WHEREAS, Confluence and Avon Station are parties to that certain Amended and Restated
Capital -Pledge Agreement, -dated June 10, - 2021,- and that certain Capital - Pledge Agreement ---
(Subordinate), also dated June 1, 2021 (collectively, the "2021 Pledge Agreements"), pursuant to
which Avon Station has pledged certain revenue to Confluence to support the repayment of the
2021 Debt; and
WHEREAS, all of the property within the boundaries of Avon Station is within the plan
area of the URA; and
WHEREAS, the only property within the boundaries of Avon Station that is also within the
DDA is Lot B; and
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WHEREAS, for the avoidance of doubt, no property within Confluence is within the DDA,
and as such the DDA has no right to any District Tax Increment Revenue derived from any mill
levies imposed by Confluence; and
WHEREAS, the Parties desire to enter into this Agreement to address the remittance of the
District Tax Increment Revenue as the same relates to Lot B.
NOW THEREFORE, in consideration of the mutual covenants and stipulations set forth
herein, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as
follows:
Section 1.
TERMS AND CONDITIONS
Definitions. Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Recitals above, as applicable. In addition, the following
definitions shall apply:
(a) "Debt Service Mill Levy" means the mill levy imposed by Avon Station for the
purpose of paying debt service on bonds or other obligations of Avon Station, as certified by Avon
Station to the Eagle County assessor annually.
(b) "Operations Mill Levy" means the mill levy imposed by Avon Station for the
purpose of funding operations, maintenance, administrative expenses of Avon Station other than
debt service, as certified by Avon Station to the Eagle County assessor annually.
(c) "Lot B Tax Increment Revenue" means the District Tax Increment Revenue
derived from both the Debt Service Mill Levy and the Operations Mill Levy imposed by Avon
Station, as applied to the assessed valuation of Lot B in excess of the base assessed value
established pursuant to the URA Plan.
(d) "URA Plan Termination Date" means the date upon which the URA West Town
Center Investment Plan expires or is otherwise terminated in accordance with the URA Act and
the URA West Town Center Investment Plan.
(e) "DDA Plan Termination Date" means the date upon which the DDA Plan expires
or is otherwise terminated in accor ance with the DDA Act and the DDAlan.
Section 2. Debt Service Mill Levy Lot B Tax Increment Revenue.
(a) From the date of this Agreement until the URA Plan Termination Date, after which
time the URA no longer has the right to retain the Lot B Tax Increment Revenue, the URA shall
retain all Lot B Tax Increment Revenue, and associated specific ownership taxes, derived from
Avon Station's Debt Service Mill Levy. Such retained revenue shall be used by the URA in
furtherance of the URA Plan and for such purposes as are authorized under the URA Act.
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(b) From the URA Plan Termination Date and until the DDA Plan Termination Date,
after which time the DDA no longer has the right to retain the Lot B Tax Increment Revenue, the
DDA shall remit to Confluence, on behalf of Avon Station in furtherance of the District IGA and
the 2021 Pledge Agreements, all Lot B Tax Increment Revenue, and associated specific ownership
taxes, derived from Avon Station's Debt Service Mill Levy. Such remittance shall be made no
later than thirty (30) days from the DDA's receipt of any such Lot B Tax Increment Revenue from
the Eagle County treasurer.
(c) After the DDA Plan Termination Date, all Lot B Tax Increment Revenue, and
associated specific ownership taxes, derived for Avon Station's Debt Service Mill Levy shall be
remitted directly to Avon Station from the Eagle County treasurer, and neither the URA nor the
DDA shall have any right to any such Lot B Tax Increment Revenue.
Section 3. Operations Mill Levy Lot B Tax Increment Revenue.
(a) From the effective date of this Agreement until the URA Plan Termination Date,
after which time the URA no longer has the right to retain the Lot B Tax Increment Revenue, the
URA shall retain all Lot B Tax Increment Revenue, and associated specific ownership taxes,
derived from the Operations Mill Levy imposed Avon Station. Such retained revenue shall be used
by the URA in furtherance of the URA Plan and for such purposes as are authorized under the
URA Act.
(b) From the URA Plan Termination Date and until the DDA Plan Termination Date,
after which time the DDA no longer has the right to retain the Lot B Tax Increment Revenue, the
DDA shall retain all Lot B Tax Increment Revenue, and associated specific ownership taxes,
derived from the Operations Mill Levy imposed by Avon Station. Such retained revenue shall be
used by the DDA in furtherance of the DDA Plan and for such purposes as are authorized under
the DDA Act.
(c) After the DDA Plan Termination Date, all Lot B Tax Increment Revenue, and
associated specific ownership taxes, derived from Avon Station's Operations Mill Levy shall be
remitted directly to Avon Station from the Eagle County treasurer, and neither the URA nor the
DDA shall have any right to any such Lot B Tax Increment Revenue.
Section-4. -Audit and Reporting.
(a) Annual Reporting. The URA and the DDA, during the period which each is entitled
to receive and retain Lot B Tax Increment Revenue pursuant to this Agreement, shall provide Avon
Station with an annual written report no later than ninety (90) days following the end of each
calendar year, which report shall include:
(i) The total amount of Lot B Tax Increment Revenue received by the reporting
Party during the prior calendar year, itemized separately the Lot B Tax Increment Revenue
attributable to the Debt Service Mill Levy and to the Operations Mill Levy;
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(ii) The total amount of Lot B Tax Increment Revenue remitted to Avon Station
during the prior calendar year, including the date(s) of such remittance(s);
(iii) The total amount of Lot B Tax Increment Revenue retained by the reporting
Parry during the prior calendar year; and
(iv) The cumulative total of all Lot B Tax Increment Revenue received, remitted,
and retained since the effective date of this Agreement or the date such Parry first began
receiving Lot B Tax Increment Revenue, whichever is later.
(b) Audit Rights. Avon Station shall have the right, upon not less than thirty (30) days'
prior written notice to the applicable Party, to audit the financial records of the URA or the DDA,
as applicable, solely as they relate to the receipt, retention, and remittance of Lot B Tax Increment
Revenue by such Party. Such audits shall be conducted at Avon Station's sole cost and expense,
except as provided in subsection (c) below, and shall be conducted during normal business hours
at the principal offices of the audited Party. Avon Station shall not conduct more than one (1) such
audit of any Party in any calendar year, unless a prior audit has revealed a material discrepancy, in
which case an additional audit may be conducted with respect to the period covered by such
discrepancy.
(c) Audit Discrepancies. If an audit conducted pursuant to subsection (b) above reveals
that the URA or the DDA, as applicable, has failed to remit any Lot B Tax Increment Revenue to
Avon Station in the amounts and within the timeframes required under this Agreement, the
applicable Party shall remit the deficient amount to Avon Station within thirty (30) days of the date
the discrepancy is confirmed in writing by the audited Party or, if disputed, within thirty (30) days
of a final resolution of such dispute. If the audit reveals an underpayment exceeding five percent
(5%) of the total amount required to have been remitted during the audited period, the audited
Party shall also reimburse Avon Station for the reasonable costs of the audit.
(d) Record Retention. The URA and the DDA shall each maintain complete and
accurate financial records relating to all Lot B Tax Increment Revenue received, retained, and
remitted for a period of not less than seven (7) years following the end of the calendar year to
which such records relate, or for such longer period as may be required by applicable law. Such
records shall be made available to Avon Station upon request in connection with any audit
conducted pursuant to this Section.
(e) Plan Termination Notice. The URA and the DDA shall each provide written notice
to Avon Station and to each other no later than one hundred eighty (180) days prior to the
anticipated termination date of their respective plan, or as soon as practicable if such termination
is not anticipated in advance. Such notice shall include the anticipated or actual termination date
and a final accounting of all Lot B Tax Increment Revenue received, retained, and remitted through
the date of termination.
Section 5. Cooperation. The Parties agree to cooperate in good faith and take all
reasonable actions necessary to effectuate the intent of this Agreement, including executing such
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additional documents, instruments, or agreements as may be necessary or desirable to carry out
the purposes hereof.
Section 6. Notices. Any notice or communication required under this Agreement must
be in writing, and may be given personally, sent via nationally recognized overnight carrier service,
or by registered or certified mail, return receipt requested. If given by registered or certified mail,
the same will be deemed to have been given and received on the first to occur of: (i) actual receipt
by any of the addressees designated below as the parry to whom notices are to be sent; or (ii) three
days after a registered or certified letter containing such notice, properly addressed, with postage
prepaid, is deposited in the United States mail. If personally delivered or sent via nationally
recognized overnight carrier service, a notice will be deemed to have been given and received on
the first to occur of. (i) one business day after being deposited with a nationally recognized
overnight air courier service; or (ii) delivery to the party to whom it is addressed. Any parry hereto
may at any time, by giving written notice to the other party hereto as provided in this Section 6 of
this Agreement, designate additional persons to whom notices or communications will be given,
and designate any other address in substitution of the address to which such notice or
communication will be given. Such notices or communications will be given to the parties at their
addresses set forth below:
The URA: The Avon Urban Renewal Authority
With a copy to:
Attention:
Phone:
E-mail:
Attention:
Phone:
E-mail:
The DDA: The Avon Downtown Development Authority
With a copy to:
Attention:
Phone:
E-mail:
Attention:
Phone: _
E-mail:
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Avon Station: Avon Station Metropolitan District
c/o Marchetti & Weaver, LLC
28 Second Street, Suite 213
Edwards, CO 81632
Attention: Jon Erickson
Phone: (970) 926-6060
E-mail: jon@mwcpaa.com
With a copy to: WBA, PC
2154 E. Commons Avenue, Suite 2000
Centennial, CO 80122
Attention: Trisha K. Harris, Esq.
Phone: (303) 858-1800
E-mail: tharris@wbapc.com
Section 7. Amendment. This Agreement may not be amended, modified, or
supplemented except by a written instrument duly executed by all Parties.
Section 8. Entire Agreement. This Agreement, and all exhibits attached hereto,
constitutes the entire agreement of the Parties with respect to the subject matter hereof and
supersedes all prior and contemporaneous negotiations, representations, warranties, and
understandings of the Parties with respect to the subject matter hereof.
Section 9. Governing Law; Venue. This Agreement shall be governed by and
construed in accordance with the laws of the State of Colorado. Venue for any dispute arising
hereunder shall be in the district court of Eagle County, Colorado.
Section 10. Counterparts. This Agreement may be executed in several counterparts,
each of which may be deemed an original, but all of which together shall constitute one and the
same instrument. Executed copies hereof may be delivered by facsimile or email of a PDF
document, and, upon receipt, shall be deemed originals and binding upon the signatories hereto,
and shall have the full force and effect of the original for all purposes, including the rules of
evidence applicable to court proceedings.
Section 11. Severability. If any provision of this Agreement is held to be invalid or
unenforceable, the remaining provisions shall continue in full force and effect.
Section 12. No Third -Party Beneficiaries. This Agreement is for the sole and
exclusive benefit of the Parties and their respective successors and assigns. Nothing herein, express
or implied, is intended to or shall confer upon any other person or entity any legal or equitable
right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.
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Section 13. Authority. Each Party represents and warrants that it has full power and
authority to enter into this Agreement and to perform its obligations hereunder, and that this
Agreement has been duly authorized by all necessary action of such Party.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first
written above.
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EXHIBIT A
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