URA Agenda & Minutes 06-14-2011TOWN OF AVON, COLORADO AV O N
AVON URBAN RENEWAL AUTHORITY MEETING FOR TUESDAY, JUNE 14, 2011
MEETING BEGINS AT 4:30 PM
AVON TOWN HALL, ONE LAKE STREET
PRESIDING OFFICIALS
CHAIRMAN RICH CARROLL
VICE CHAIRMAN KRISTI FERRARO
COMMISSIONERS RICHARD CARROLL, CHRIS EVANS, DAVE DANTAS
TODD GOULDING AMY PHILLIPS, ALBERT" BUZ" REYNOLDS, JR.
STAFF
EXECUTIVE DIRECTOR / SECRETARY: LARRY BROOKS ATTORNEY: ERIC HEIL
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. BUDGET 2012: REVIEW PROPOSED URA BUDGET (Scott Wright, Treasurer) Review 2012 proposed budget along
with 2011 revisions and long range model for URA
4. CONSENT AGENDA
a. Minutes from January 11, 2011
S. ADJOURN AT 4:45 PM
6. BREAK UNTIL 5 PM
Avon Council Meeting.11.06.14
Page 2 of 5
Memo
To: Board Chairman and Commissioners
Thru: Larry Brooks, Executive Director
Legal: Eric Heil, Town Attorney
From: Scott Wright, Treasurer
Date: June 9, 2011
Re: 2012 Proposed Budget and Long -range Financial Model
summary:
Initials
f
Attached is a preliminary 2012 proposed budget along with 2011 revisions and a long -range
model for the Avon Urban Renewal Authority. The Authority is considered a separate legal
entity from the Town authorized by the Colorado Urban Renewal Act.
Both the proposed budget and the long -range model reflect the new interest rate that was reset
at June 1, 2011, as well as the preliminary 2011 property tax increment with a projected
decline from 2010 of 22 %. The interest rate, which is based upon the one year LIBOR swap
rate, reset from 3.20875% to 2.7295 %, a decrease of .47925 %. This decrease will save the
Authority $32,621 over its next two semi - annual debt service payments on Dec. 1, 2011 and
June 1, 2012.
Discussion:
No action on the part of the Commissioners is necessary at this time. The budget adoption
process for the Avon URA will follow the same timeline as the regular budget process. A
brief presentation of these materials will be made during the AURA meeting on Tuesday.
Executive Director Comments:
Page 1
MINUTES OF THE AVON URBAN RENEWAL AUTHORITY
HELD JUNE 14, 2011
The Avon Urban Renewal Authority meeting was held at the Avon Town Hall, One Lake Street, Avon,
Colorado in the Council Chambers.
Chairman Rich Carroll called the meeting to order at 5:35 PM. A roll call was taken and Commissioners
present were Dave Dantas Chris Evans, Todd Goulding, Amy Phillips, and Buz Reynolds. Kristi Ferraro
was absent. Also present were Executive Director /Secretary Larry Brooks, Town Attorney Eric Heil,
Authority Clerk Patty McKenny, Town Engineer Justin Hildreth, Treasurer Scott Wright, Assistant Town
Manager Community Development Sally Vecchio, as well as members of the press and public.
Scott Wright, Treasurer presented a review of the proposed Budget 2012 along with 2011 revisions and
long range model for the Authority. It was noted that both include new interest rates that were reset at
6/1/11, as well as the preliminary 2011 property tax increment with a projected decline of 22 %. It as
also noted that there would be some savings because of the decrease in the rate from 3.20875% to
2.7295 %, of almost $32K.
CONSENT AGENDA
Chairman Carroll asked for a motion on the consent agenda. Commissioner Evans moved to approve
the consent agenda; Commissioner Phillips seconded the motion and it passed unanimously.
a. Minutes from January 11, 2011
There being no further business to come before the Authority, the meeting adjourned at 5:50 PM.
APPROVED:
Rich Carroll
Dave Dantas
Chris Evans
Kristi Ferraro
Todd Goulding
Amy Phillips
Albert "Buz" Reynolds
RESPECTFULLY SUBMITTED:
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Patty McKenny, Aut y Clerk
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