URA Agenda & Minutes 02-12-2008TOWN OF AVON, COLORADO
URBAN RENEWAL AUTHORITY MEETING FOR TUESDAY, FEBRUARY 12, 2008 AM
MEETING BEGINS AT 4:30 PM
AVON MUNICIPAL BUILDING, 400 BENCHMARK ROAD
PRESIDING OFFICIALS
CHAIRMAN RON WOLFE
VICE CHAIRMAN BRIAN SIPES
COMMISSIONERS RICHARD CARROLL, DAVE DANTAS, KRISTI FERRARO,
AMY PHILLIPS, TAMRA NOTTINGHAM UNDERWOOD
STAFF
EXECUTIVE DIRECTOR / SECRETARY: LARRY BROOKS
TREASURER: SCOTT WRIGHT
AUTHORITY CLERK: PATTY MCKENNY
ALL URBAN RENEWAL MEETINGS ARE OPEN TO THE PUBLIC EXCEPT EXECUTIVE SESSIONS
COMMENTS FROM THE PUBLIC ARE WELCOME DURING PUBLIC HEARINGS
PLEASE VIEW AVON'S WEBSITE, HTTP://WWW.AVON.ORG, FOR MEETING AGENDAS AND MEETING MATERIALS
AGENDAS ARE POSTED AT AVON MUNICIPAL BUILDING AND RECREATION CENTER, ALPINE BANK, AND AVON LIBRARY
1. ROLL CALL
2. APPROVAL OF AGENDA
3. NEW BUSINESS
4. RESOLUTIONS
A. Resolution No. 08-02, Series Of 2008, Resolution No. 08-02, Series Of 2008, Resolution Of The
Board Of Commissioners Of The Avon Urban Renewal Authority Authorizing, Approving And
Directing The Issuance, Sale And Delivery By The Authority Of Tax Increment Adjustable Rate
Revenue Bonds (Town Center West Area Urban Renewal Project) Series 2008, In The Original
Aggregate Principal Amount Of Not To Exceed $25,000,000, For The Purpose Of Financing The
Acquisition, Construction And Equipping Of An Urban Renewal Project. (Scott Wright,
Treasurer) Resolution is a "delegation" resolution and authorizes executive director to make final pricing
determinations with respect to the bonds and also authorizes the Authority execute and deliver various
other documents, which are approved "as to form" by approval of the bond resolution. Those documents
are (i) the indenture between the Authority and the Trustee (UMB Bank); (ii) the bond purchase
agreement between the Authority and Stifel Nicolaus; (iii) the remarketing agreement between the
Authority and Stifel Nicolaus; (iv) the official statement; (v) the reimbursement agreement between the
Town, the Authority and Depfa Bank; and (vi) the amended and restated cooperation agreement between
the Town and the Authority
5. CONSENT AGENDA
a. Minutes from December 11, 2007
6. ADJOURNMENT AT 5:15 PM
Avon Council Meeting. 08.02.12
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MINUTES OF THE AVON URBAN RENEWAL AUTHORITY
HELD FEBRUARY 12, 2008
The Avon Urban Renewal Authority meeting was held at the Avon Municipal Building, 400
Benchmark Road, Avon, Colorado in the Council Chambers.
Chairman Ron Wolfe called the meeting to order at 5:10 PM. A roll call was taken and
Commissioners present were Rich Carroll, Dave Dantas, Kristi Ferraro, Amy Phillips, Brian
Sipes and Tamra Nottingham Underwood. Also present were Town Attorney John Dunn, Town
Manager Larry Brooks, Administrative Services Director Patty McKenny, Town Engineer Justin
Hildreth, Assistant Town Manager Finance Scott Wright, Assistant Town Manager Community
Development Eric Heidemann, Public Works and Transportation Director Jenny Strehler, and
Community Relations Officer Becky Lawlor, as well as members of the press and public.
Scott Wright, Treasurer, presented the topic and the financial modeling materials included in the
packet and reviewed items as follows:
■ variable rate bond issuance - spoke about in details; Dee Wisor addressed the authority
related to the reason for selecting the variable rate structure
■ modeling related to the opening of the Westin
■ debt coverage ratio
■ Reviewed the CIP funding plan
■ Bid opening for lake street is slated for late February with costs finalized the first of
march
■ Reimbursement agreement and the town's-exposure
■ The package has many protections and conservative estimates built into the financing
Dee Wisor, Sherman and Howard, presented Resolution No. 08-02, Series Of 2008, Resolution
No. 08-02, Series Of 2008, Resolution Of The Board Of Commissioners Of The Avon Urban
Renewal Authority Authorizing, Approving And Directing The Issuance, Sale And Delivery By
The Authority Of Tax Increment Adjustable Rate Revenue Bonds (Town Center West Area
Urban Renewal Project) Series 2008, In The Original Aggregate Principal Amount Of Not To
Exceed $25,000,000, For The Purpose Of Financing The Acquisition, Construction And
Equipping Of An Urban Renewal Project. It was noted that the Resolution is a "delegation"
resolution and authorizes executive director to make final pricing determinations with respect to
the bonds and also authorizes the Authority execute and deliver various other documents, which
are approved "as to form" by approval of the bond resolution. Those documents are (i) the
indenture between the Authority and the Trustee (UMB Bank); (ii) the bond purchase agreement
between the Authority and Stifel Nicolaus; (iii) the remarketing agreement between the Authority
and Stifel Nicolaus; (iv) the official statement; (v) the reimbursement agreement between the
Town, the Authority and Depfa Bank; and (vi) the amended and restated cooperation agreement
between the Town and the Authority. It was noted that this particular model has been used
throughout the State of Colorado. Councilor Ferraro moved to approve Resolution No. 08-02,
Series Of 2008, Resolution No. 08-02, Series Of 2008, Resolution Of The Board Of
Commissioners Of The Avon Urban Renewal Authority Authorizing, Approving And Directing
The Issuance, Sale And Delivery By The Authority Of Tax Increment Adjustable Rate Revenue
Bonds (Town Center West Area Urban Renewal Project) Series 2008, In The Original
Aggregate Principal Amount Of Not To Exceed $25,000,000, For The Purpose Of Financing The
Acquisition, Construction And Equipping Of An Urban Renewal Project. Councilor Underwood
seconded the motion and it passed unanimously.
CONSENT AGENDA
Chairman Wolfe asked for a motion to approve the consent agenda. Vice Chairman Sipes
moved to approve the consent agenda, Commissioner Underwood seconded the motion and it
passed unanimously.
a. Minutes from January 8, 2008
There being no further business to come before the Authority, the meeting adjourned at 6 PM.
RESPECTFULLY SUBMITTED:
APPROVED:
Rich Carroll
Dave Dantas
Kristi Ferraro
Amy Phillips
Brian Sipes
Tamra Underwood
Ron Wolfe
URA 08-02-12
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