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URA Agenda & Minutes 03-10-2009TOWN OF AVON, COLORADO AVON URBAN RENEWAL AUTHORITY FOR TUESDAY, MARCH 10, 2009 AVON MEETING BEGINS AT 6 PM AVON TOWN HALL, ONE LAKE STREET < 0 L o R A D U PRESIDING OFFICIALS CHAIRMAN RON WOLFE VICE CHAIRMAN BRIAN SIPES COMMISSIONERS RICHARD CARROLL, DAVE DANTAS, KRISTI FERRARO, AMY PHILLIPS, ALBERT "Buz" REYNOLDS, JR. 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. INQUIRY OF THE PUBLIC FOR COMMENT AND APPROVAL OF AGENDA 3. CONSENT AGENDA 4. BOND RESTRUCTURING UPDATE (Scott Wright, Treasurer) Review Vectra Bank of Colorado Term Sheet and authorize execution by Executive Director and Treasurer for refinancing URA 2008 Tax Increment Revenue Bonds 5. ADJOURNMENT Avon Council Meeting URA.09.03.10 Page 1 of 1 MINUTES OF THE AVON URBAN RENEWAL AUTHORITY HELD MARCH 10, 2009 The Avon Urban Renewal Authority meeting was held at the Avon Town Hall, One Lake Street, Avon, Colorado in the Council Chambers. Chairman Ron Wolfe called the meeting to order at 5:45 PM. A roll call was taken and Commissioners present were Rich Carroll, Dave Dantas, Kristi Ferraro, Amy Phillips, Buz Reynolds, Brian Sipes. Also present were Executive Director /Secretary Larry Brooks, Town Attorney Eric Heil, Clerk Patty McKenny, Town Engineer Justin Hildreth, Treasurer Scott Wright, Assistant Town Manager Community Development Eric Heidemann, as well as members of the press and public. BOND RESTRUCTURING UPDATE Scott Wright, Treasurer, presented an update on restructuring the 2008 URA Tax Increment Bonds. He reviewed an updated rate sheet from Vectra Bank requesting direction from the Authority. He noted that the approximately $17M bonds would be redeemed. There were some notice requirements that would need to be complied with as set forth by Depfa Bank. He provided some details as to how the redemption would take place and the details of the term sheet. Staff asked that the Authority provide the Executive Director and the Treasurer the authority to take the next steps to finalizing the restructuring of the debt. Staff indicated that they would continue to try to obtain a fixed rate, however, that has not been offered at this time. There was some discussion about the rate at which the town would be charged for the restructuring of the debt by the bond underwriting firm. Some expressed concern about being charged again for another bond issuance; most members thought further dialogue would be needed prior to authorizing any further financial commitments. Authority Member Kristi Ferraro mentioned that she represented Vectra bank in 2007 but they were no longer a client; Town Attorney Eric Heil noted that would not be a conflict of interest. Authority member Reynolds move to authorize Mr. Brooks and Mr. Wright to take the next steps in finalizing the 2008 bond restructuring. Authority member Sipes seconded the motion and it passed unanimously. There being no further business to come before the Authority, the meeting adjourned at 6:10 PM. APPROVED: Rich Carroll Dave Dantas a Kristi Ferraro Amy Phillips Brian Sipes Albert "Buz" Reynol Ron Wolfe