TC Minutes 07-21-1981MINUTES OF A SPECIAL COUNCIL MEETING
OF THE TOWN OF AVON - COUNCILMEMBERS
HELD JULY 21, 1981 - 7:30 P.M.
The Special Meeting of the Town Councilmembers of the Town of Avon, Colorado was
held in the Municipal Building in the Council Chambers.
The meeting was called to order by Mayor Alpi at 7:45 p.m. All the Councilmembers
were in attendance. Also present were Town Attorney John Dunn as well as members
of the public.
First on the agenda was first reading of Ordinance No.#81-24, Series of 1981, AN
ORDINANCE CONCERNING MUNICIPAL SPECIAL OR LOCAL IMPROVEMENTS, INCLUDING BUT NOT
LIMITED TO THEIR ACQUISITION AND TO THE CREATION OF DISTRICTS, SPECIAL ASSESSMENTS,
LOANS, AND SECURITIES APPERTAINING THERETO; VALIDATING, RATIFYING, APPROVING, AND
CONFIRMING ACTIONS PREVIOUSLY TAKEN; AND REPEALING COUNCIL ACTION INCONSISTENT
HEREWITH.
The Town Attorney stated that under the Town's Charter, the Town has the authority
to adopt an enabling Ordinance with respect to a Special Improvements District.
The committee talked to Linda Clark with Boettcher and Company about the Special
Improvements Bonds. The Attorney stated that if the Council would adopt the Ordinance
on first reading that evening, it could be approved on second reading on the 28th
of July, the next regular meeting, then they could proceed with the creation of the
Special Improvement District.
The Mayor asked Mr. Buick(spokesman for Avon Center)how much they were requesting from
the bonding company. Mr. Buick stated that it would be in the neighborhood of a
million dollars, $750,000 for park construction, $200,000 for interest which would be
escrowed over a two year period and another $50,000 for legal expenses, underwriting
fees.
He stated that the agreement was for the Town to put up its $250,000 share now at the
same time the bonds would be purchased(25% of hard cost).
The Mayor stated that the original agreement was $600,000 and asked Mr. Buick what had
happened to that figure, as a result of that discussion and that figure the budget
that was proposed to the Town and was adopted for 1981 was a figure of $125,000.
He stated he had some difficulty trying to justify more than that amount.
Mr. Buick: $600,000 divided by four, the Town's portion would be $150,000.
Mayor: I could live with that.
Mr. Buick: The Advisory Committee recommended that one million dollars be spent on the
Mall. The Town has the right to veto.
There was a lengthy disussion that followed.
Councilman Erickson stated that the Town Engineer has copies of the plans and
specifications. He stated that it was cut in phases and that they are now dealing with
phase I, the Town Engineer was waiting for some drainage calculations from Claycomb
Engineering, also compiling some calculations of his own to present to the Committee
as to sizing of structures and possible cost of structures plus the fact that the
preliminary plans were given by Denton Harper Marshall to the Town.
A.J. Wells moved approval of Ordinance No.#81-24, Series of 1981 an first reading.
The motion was seconded by Sheila Davis. A roll call was taken with all the Council-
members voting yes.
First reading of Ordinance No.#81-23, Series of 1981, AN ORDINANCE CONFIRMING A PRIOR
RESOLUTION: AUTHORIZING AND DIRECTING THE ISSUANCE OF UP TO $2,700.00 AGGREGATE
PRINCIPAL AMOUNT OF THE TOWN'S SPORTS FACILITY REVENUE BONDS, EXECUTION AND DELIVERY
OF A SPORTS FACILITIES FINANCING AGREEMENT WITH BEAVER CREEK ASSOCIATES, INC., AN
UNDERWRITING AGREEMENT, A TRUST INDENTURE AND A GUARANTY FROM VAIL ASSOCIATES, INC.;
APPROVING A LIMITED OFFERING MEMORANDUM IN CONNECTION THEREWITH; AUTHORIZING AND
DIRECTING THE EXECUTION AND DELIVERY OF SUCH BONDS AND INTEREST COUPONS PERTAINING
THERETO; PROVIDING FOR THE PRINCIPAL AMOUNT, NUMBERS, PROVISIONS FOR REDEMPTION AND
MATURITIES OF, AND RATES OF INTEREST ON, THE BONDS, AND AUTHORIZING CERTAIN TERMS TO BE
DETERMINED BY SUBSEQUENT RESOLUTION; DETERMINING REVENUES TO BE PAID FOR SUCH
PROJECT; REQUESTING THE TRUSTEE TO AUTHENTICATE THE BONDS; AUTHORIZING INVESTMENTS BY
THE TRUSTEE; APPROVING COUNSEL; AUTHORIZING INCIDENTAL ACTION; AND REPEALING
INCONSISTENT ACTIONS.
1
Continued
first reading of Ordinance No.#81-23
This Ordinance deals with agreement the Town has with Beaver Creek pertaining to the
funding of their additional lift and snow making equipment.
NOTE: In reference to the Special Assessment District. The Town Attorney stated he
had submitted a letter to the Mayor from Sherman-Howard. The Attorney requested that
it be placed on the 28th of July agenda. He stated that the undertaking of the
adjacent property owners in regards to the Mall meeting that afternoon was that they
would take care of the cost of Bond Counsel.
He stated that at some point he would ask that Mayor Alpi be authorized to execute the
letter.
The Attorney continued to the next Bond Issue which was the Bond Issue proposed by
Vail Associates, Inc., He stated that Mr. Andrew Kane with Ball, Spahr, Andrews, and
Ingesoll. He has been employed by the Bond Underwriters to approve and to issue the
final approving of the bonds. The Attorney also stated that he would like to make clear
to the Council that he does not respreent Vail Associates, Inc. or Beaver Creek
Associates and that Vail Associates would pay his Counseling fees so its not a burden
to the Town to pay for his initial time in connection with the Bond Issue.
Andrew Kane approached the Council. He stated that Wells-Fargo Bank would back the
issue with a letter of credit. This is a Industrial Revenue Bond. It was set up for
10 year financing. The financing would be used for snow making equipment and chair
lift no.#12.
They then proceeded to show renderings of the location of the lift and location where
the snow making equipment would go.
Steve Erickson moved approval of Ordinance No.#81-23, Series of 1981 on first reading.
The motion was seconded by Sheila Davis. A roll call was taken with all the Council-
members voting yes.
Helmut Lilechkies(HAL) was requesting for the Town of Avon to pay his share of the
Mall fund of $3,037.50. Steve Erickson moved approval of the request, seconded by
Bill Doyle and was unanimously carried.
There being no further business Steve Erickson moved that the Council adjourn and Bill
Doyle seconded the motion. The meeting was adjourned by Mayor Alpi at 10:05 p.m.
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Respectfully Submitted: