Loading...
TC Minutes 07-21-1981MINUTES OF A SPECIAL COUNCIL MEETING OF THE TOWN OF AVON - COUNCILMEMBERS HELD JULY 21, 1981 - 7:30 P.M. The Special Meeting of the Town Councilmembers of the Town of Avon, Colorado was held in the Municipal Building in the Council Chambers. The meeting was called to order by Mayor Alpi at 7:45 p.m. All the Councilmembers were in attendance. Also present were Town Attorney John Dunn as well as members of the public. First on the agenda was first reading of Ordinance No.#81-24, Series of 1981, AN ORDINANCE CONCERNING MUNICIPAL SPECIAL OR LOCAL IMPROVEMENTS, INCLUDING BUT NOT LIMITED TO THEIR ACQUISITION AND TO THE CREATION OF DISTRICTS, SPECIAL ASSESSMENTS, LOANS, AND SECURITIES APPERTAINING THERETO; VALIDATING, RATIFYING, APPROVING, AND CONFIRMING ACTIONS PREVIOUSLY TAKEN; AND REPEALING COUNCIL ACTION INCONSISTENT HEREWITH. The Town Attorney stated that under the Town's Charter, the Town has the authority to adopt an enabling Ordinance with respect to a Special Improvements District. The committee talked to Linda Clark with Boettcher and Company about the Special Improvements Bonds. The Attorney stated that if the Council would adopt the Ordinance on first reading that evening, it could be approved on second reading on the 28th of July, the next regular meeting, then they could proceed with the creation of the Special Improvement District. The Mayor asked Mr. Buick(spokesman for Avon Center)how much they were requesting from the bonding company. Mr. Buick stated that it would be in the neighborhood of a million dollars, $750,000 for park construction, $200,000 for interest which would be escrowed over a two year period and another $50,000 for legal expenses, underwriting fees. He stated that the agreement was for the Town to put up its $250,000 share now at the same time the bonds would be purchased(25% of hard cost). The Mayor stated that the original agreement was $600,000 and asked Mr. Buick what had happened to that figure, as a result of that discussion and that figure the budget that was proposed to the Town and was adopted for 1981 was a figure of $125,000. He stated he had some difficulty trying to justify more than that amount. Mr. Buick: $600,000 divided by four, the Town's portion would be $150,000. Mayor: I could live with that. Mr. Buick: The Advisory Committee recommended that one million dollars be spent on the Mall. The Town has the right to veto. There was a lengthy disussion that followed. Councilman Erickson stated that the Town Engineer has copies of the plans and specifications. He stated that it was cut in phases and that they are now dealing with phase I, the Town Engineer was waiting for some drainage calculations from Claycomb Engineering, also compiling some calculations of his own to present to the Committee as to sizing of structures and possible cost of structures plus the fact that the preliminary plans were given by Denton Harper Marshall to the Town. A.J. Wells moved approval of Ordinance No.#81-24, Series of 1981 an first reading. The motion was seconded by Sheila Davis. A roll call was taken with all the Council- members voting yes. First reading of Ordinance No.#81-23, Series of 1981, AN ORDINANCE CONFIRMING A PRIOR RESOLUTION: AUTHORIZING AND DIRECTING THE ISSUANCE OF UP TO $2,700.00 AGGREGATE PRINCIPAL AMOUNT OF THE TOWN'S SPORTS FACILITY REVENUE BONDS, EXECUTION AND DELIVERY OF A SPORTS FACILITIES FINANCING AGREEMENT WITH BEAVER CREEK ASSOCIATES, INC., AN UNDERWRITING AGREEMENT, A TRUST INDENTURE AND A GUARANTY FROM VAIL ASSOCIATES, INC.; APPROVING A LIMITED OFFERING MEMORANDUM IN CONNECTION THEREWITH; AUTHORIZING AND DIRECTING THE EXECUTION AND DELIVERY OF SUCH BONDS AND INTEREST COUPONS PERTAINING THERETO; PROVIDING FOR THE PRINCIPAL AMOUNT, NUMBERS, PROVISIONS FOR REDEMPTION AND MATURITIES OF, AND RATES OF INTEREST ON, THE BONDS, AND AUTHORIZING CERTAIN TERMS TO BE DETERMINED BY SUBSEQUENT RESOLUTION; DETERMINING REVENUES TO BE PAID FOR SUCH PROJECT; REQUESTING THE TRUSTEE TO AUTHENTICATE THE BONDS; AUTHORIZING INVESTMENTS BY THE TRUSTEE; APPROVING COUNSEL; AUTHORIZING INCIDENTAL ACTION; AND REPEALING INCONSISTENT ACTIONS. 1 Continued first reading of Ordinance No.#81-23 This Ordinance deals with agreement the Town has with Beaver Creek pertaining to the funding of their additional lift and snow making equipment. NOTE: In reference to the Special Assessment District. The Town Attorney stated he had submitted a letter to the Mayor from Sherman-Howard. The Attorney requested that it be placed on the 28th of July agenda. He stated that the undertaking of the adjacent property owners in regards to the Mall meeting that afternoon was that they would take care of the cost of Bond Counsel. He stated that at some point he would ask that Mayor Alpi be authorized to execute the letter. The Attorney continued to the next Bond Issue which was the Bond Issue proposed by Vail Associates, Inc., He stated that Mr. Andrew Kane with Ball, Spahr, Andrews, and Ingesoll. He has been employed by the Bond Underwriters to approve and to issue the final approving of the bonds. The Attorney also stated that he would like to make clear to the Council that he does not respreent Vail Associates, Inc. or Beaver Creek Associates and that Vail Associates would pay his Counseling fees so its not a burden to the Town to pay for his initial time in connection with the Bond Issue. Andrew Kane approached the Council. He stated that Wells-Fargo Bank would back the issue with a letter of credit. This is a Industrial Revenue Bond. It was set up for 10 year financing. The financing would be used for snow making equipment and chair lift no.#12. They then proceeded to show renderings of the location of the lift and location where the snow making equipment would go. Steve Erickson moved approval of Ordinance No.#81-23, Series of 1981 on first reading. The motion was seconded by Sheila Davis. A roll call was taken with all the Council- members voting yes. Helmut Lilechkies(HAL) was requesting for the Town of Avon to pay his share of the Mall fund of $3,037.50. Steve Erickson moved approval of the request, seconded by Bill Doyle and was unanimously carried. There being no further business Steve Erickson moved that the Council adjourn and Bill Doyle seconded the motion. The meeting was adjourned by Mayor Alpi at 10:05 p.m. -2- Respectfully Submitted: