URA Agenda & Minutes 08-28-2007AVON URBAN RENEWAL AUTHORITY
TUESDAY, AUGUST 28, 2007
AVON MUNICIPAL BUILDING, 400 BENCHMARK ROAD
AUTHORITY AGENDA
MEETING BEGINS AT 4 PM
1. CONVENE MEETING
2. APPROVAL OF AGENDA
3. NEW BUSINESS
a. Avon Urban Renewal Authority Overview & Board Orientation (Anne Ricker, Leland
Consulting) Review of Authority powers and functions, responsibilities of commissioners and
other general issues
b. Depfa Bank Term Letter and Presentation of Proposed Timetable & Terms for issuing
Tax Increment Revenues Bonds (David Bell, Stifel Nicolaus) Review details of Tax increment
financing
4. RESOLUTIONS
a. Resolution No. 07-01, Series of 2007, A Resolution to approve the Bylaws of the Avon
Urban Renewal Authority (Scott Wright, Asst. Town Manager Finance, Randy Funk, Sherman
& Howard) Attached are the proposed bylaws of the Avon Renewal Authority which set forth
terms and requirements to effectuate certain provisions of Colorado State Statutes and Urban
Renewal Law
b. Resolution No. 07-02, Series of 2007, A Resolution to appoint certain officers and
agents of the authority, A Resolution appointing Sherman & Howard L.L.C. as
General Counsel to the Authority and appointing Stan Bernstein and Associates,
Inc. as financial consultant to the Authority (Scott Wright, Asst. Town Manager Finance,
Randy Funk, Sherman & Howard) The respective engagement letters from each firm set
forth the scope of their engagement, hourly rates and other matters
c. Resolution No. 07-03, Series of 2007, A Resolution to approve a Cooperation
Agreement between the Town of Avon, Colorado and the Avon Urban Renewal Authority
(Scott Wright, Asst. Town Manager Finance, Randy Funk, Sherman & Howard) The cooperation
agreement between the Avon Urban Renewal Authority and the Town of Avon sets forth several
key financial and operating policies regarding the two entities
Resolution No. 07-04, Series of 2007, A Resolution to designate a public place within the
boundaries of the Authority where notices of meetings of the Authority's Board of
Commissioners shall be posted (Scott Wright, Asst. Town Manager Finance, Randy Funk,
Sherman & Howard) This resolution designates the public places whereby meeting notices will be
posted during 2007; adopted annually at the first regularly scheduled Authority meeting of each
calendar year
5. ADJOURNMENT AT 5:15 PM
Avon Council Meeting. 07.08.28
Page 2 of 4
MINUTES OF THE AVON URBAN RENEWAL AUTHORITY
HELD AUGUST 28, 2007
The Avon Urban Renewal Authority meeting was held at the Avon Municipal Building, 400
Benchmark Road, Avon, Colorado in the Council Chambers.
Mayor Ron Wolfe called the meeting to order at 4:30 PM. A roll call was taken and Council
members present were Rich Carroll, Dave Dantas, Amy Phillips, Brian Sipes and Tamra
Nottingham Underwood and Kristi Ferraro. Also present were Town Attorney John Dunn, Town
Manager Larry Brooks, Administrative Services Director Patty McKenny, Administrative
Services, Justin Hildreth Town Engineer. Town Manager Finance Scott Wright, Community
Development Director Eric Heidemann, Public Works/Transportation Director Jenny Strehler,
and Community Relations Officer Becky Lawlor, as well as members of the press and public.
NEW BUSINESS
Scott Wright, Asst Town Manager Finance, presented the Avon Urban Renewal Authority
Overview & Board Orientation explaining the Authority powers and functions, responsibilities of
commissioners and other general issues. He commented on the Urban Renewal Plan & Area
that was adopted at an earlier meeting, the process leading up to the adoption of the plan, the
adoption of the Blight Study, the designation of state statutes driven titles for those serving on
the Authority and serving the Authority, and when meetings take place, including special
meetings. After some discussion about the topic of ethics & code of conduct, Council asked
that an "ethics policy" be drafted for consideration at a later date. Discussion also ensued on
whether or not to include an interest accrual on the bond funds. Further items that would need
Authority action included a 2008 budget, certification of property taxes, and review of initial
projects for the implementation of the Avon Town Center West Plans.
David Bell, Stifel Nicolaus, explained the Depfa Bank Term Letter and presented the proposed
Timetable & Terms for issuing Tax Increment Revenues Bonds. Some items that were
reviewed included the details surrounding tax increment revenue bonds, variable rate financing,
and details of the proposed letter of credit facilities. He noted final decisions related to the
financing are slated for late 2007 and bond issuance taking place spring 2008. The
implementation & phasing of the Town Center West projects were described as well.
RESOLUTIONS
Rich Carroll asked to recuse himself from voting on Resolution No. 07-02 due to a conflict of
interest with the topic (due to a family relationship with legal counsel). Randy Funk, Sherman &
Howard, presented the following resolutions:
A review of Resolution No. 07-01, Series of 2007, A Resolution to approve the Bylaws of the
Avon Urban Renewal Authority was made. The resolution adopts the proposed bylaws of the
Avon Renewal Authority and sets forth terms and requirements to effectuate certain provisions
of Colorado State Statutes and Urban Renewal Law. Councilor Underwood moved to approve
Resolution No. 07-01, Series of 2007, A Resolution to approve the Bylaws of the Avon Urban
Renewal Authority with revision to Article IV, Section 3 removing last part of sentence. Mayor
Pro Tern Sipes seconded the motion and it passed unanimously. It was noted that the
Chairman may vote on matters.
Councilor Carroll left the room for this vote. A review of Resolution No. 07-02, Series of 2007, A
Resolution to appoint certain officers and agents of the Authority, A Resolution appointing
Sherman & Howard L.L.C. as General Counsel to the Authority and appointing Stan
Bernstein and Associates, Inc. as financial consultant to the Authority. It was noted that
the respective engagement letters from each firm set forth the scope of their
engagement, hourly rates and other matters. Councilor Ferraro moved to approve
Resolution No. 07-02, Series of 2007, A Resolution to appoint certain officers and agents of the
authority, A Resolution appointing Sherman & Howard L.L.C. as General Counsel to the
Authority and appointing Stan Bernstein and Associates, Inc. as financial consultant to
the Authority. Councilor Underwood seconded the motion and it passed unanimously by
those members present (Carroll recused due to conflict of interest).
Councilor Carroll returned to the podium at this time. A review of Resolution No. 07-03, Series
of 2007, A Resolution to approve a Cooperation Agreement between the Town of Avon,
Colorado and the Avon Urban Renewal Authority was made. The cooperation agreement
between the Avon Urban Renewal Authority and the Town of Avon sets forth several key
financial and operating policies regarding the two entities was reviewed. Councilor Ferraro
moved to approve Resolution No. 07-03; Councilor Phillips seconded the motion and it passed
unanimously.
A review of Resolution No. 07-04, Series of 2007, A Resolution to designate a public place
within the boundaries of the Authority where notices of meetings of the Authority's Board of
Commissioners shall be posted was made. It was noted that this resolution designates the
public places whereby meeting notices will be posted during 2007; adopted annually at the first
regularly scheduled Authority meeting of each calendar year. Councilor Carroll moved to
approve Resolution No. 07-04; Councilor Phillips seconded the motion and it passed
unanimously.
Mr. Funk noted that the requirement at this time was Authority approval of the package
presented before them by Mr. Bell. Councilor Carroll moved to authorize the Chairman and
Secretary to approve the term sheets by executing the Depfa letter; Councilor Ferraro seconded
the motion and it passed unanimously. Councilor Underwood asked about whether or not there
was formal follow up to the Eagle County comments; it was noted that typically there are no
formal responses, but rather the comments are just included with the materials.
There being no further business to come before the Council, the regular meeting adjourned at
5:15 PM.
RESPECTFULLY SUBMITTED:
Patty McK uthority Clerk
APPROVED:
Rich Carroll
Dave Dantas
Kristi Ferraro
Amy Phillips
Brian Sipes
Tamra Underwood
Ron Wolfe
Regular Council Meeting Page 2 of 2
URA 07-08-28