AURA PresentationAvon Urban Renewal Authority
Initial Meeting
August 28, 2007
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Next Steps
Adopt Bylaws
Appoint Officers
Approve Cooperation Agreement w/ Town of Avon
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Bylaws
Article I - Name
Avon Urban Renewal Authority
Article II - Commissioners
Members of Town Council constitute Board of Commissioners
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Bylaws - continued
Article III - Officers
Chairman = Mayor
Vice-Chairman = Mayor Pro-Tem
Secretary / Executive Director = Town Manager
Treasurer = Finance Director
Authority Clerk = Town Clerk
Other Consultants
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Bylaws - continued
Article VI - Meetings
Annual Meeting in January
Regular Meetings at least Quarterly
Special Meetings Upon Request
Written Request by Chairman, or
Any Four Commissioners
24 Hours Notice
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Cooperation Agreement
Incremental Property Tax Revenues
Advances by the Town
Payments and Subordination
Miscellaneous Provisions
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Incremental Tax Revenues
Authority shall use for any lawful purpose
Town shall not take any action that would materially reduce
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Advances by the Town
Town may advance up to $1 million through December 31, 2008
Town authorizes the use of Town employees to assist the Authority
Subject to annual appropriation
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Advances by the Town
Shall be reimbursed from available funds by December 31, 2011
Un-reimbursed advances:
Date for repayment may be extended
May be forgiven and discharged
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Payments and Subordination
No interest to accrue on amounts advanced to the Authority
Authority’s obligations are subordinate to any Obligations collateralized by property tax incremental revenues
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Miscellaneous
Separate Legal Entities
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Moving Forward
Budget
Fiscal models
Written updates and briefings
Website
FAQ sheets
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