TC Res. No. 2006-38 ESTABLISH AN AVON URBAN RENEWAL AUTHORITY FUNDTOWN OF AVON, COLOADO
RESOLUTION NO. 06-38
SERIES OF 2006
A RESOLUTION TO ESTABLISH AN AVON URBAN RENEWAL AUTHORITY FUND
AND ADOPT A BUDGET
A RESOLUTION ESTABLISHING AN AVON URBAN RENEWAL AUTHORITY FUND
AND ADOPTING A BUDGET FOR THE AVON URBAN RENEWAL AUTHORITY
FUND FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF
JANUARY, 2006, AND ENDING ON THE LAST DAY OF DECEMBER, 2006.
WHEREAS, the Town Council of the Town of Avon wishes to encourage and facilitate
new development and redevelopment within the Town of Avon; and
WHEREAS, tax increment financing is a tool utilized by municipalities to finance public
improvements in identified areas of need, known as redevelopment districts; and
WHEREAS, the Town Council desires to begin the process of establishing an urban
renewal authority as a means to finance public investment and infrastructure in redevelopment
districts -identified within the Town of Avon; and
WHEREAS, the Town Council desires to properly budget and account for revenues and
expenditures related to the establishment of an urban renewal authority.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF AVON, COLORADO:
Section 1. That the Avon Urban Renewal Authority Fund is hereby established as a
special revenue fund of the Town of Avon.
Section 2. That estimated revenues and expenditures for the Avon Urban Renewal
Authority is established as follows for 2006:
2006
Proposed
Budget
Avon Urban Renewal Authority Fund
Beginning Fund Balance $ 0
Revenues and Other Sources 120,000
Expenditures and Other Uses 120.000
Ending Fund Balance $ 0
Section 3. That the Avon Urban Renewal Authority Fund budget, as submitted, hereby is
approved and adopted as the budget for the year stated above.
Section 4. That the budget hereby approved and adopted shall be made part of the public
record of the Town.
ADOPTED this 12th day of September, 2006.
TO AVON, CO DO
°M °°tec4b° F~
y Ronald C. Wolfe, Mayor
ATT 3
=SEAL.
pz~l flk--f
Pa#y Mc enn Town Clerk ~ L 0 R ADL r
Resolution No. 06-38 Urban Renewal Authority
Page 2 of 2