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TC Minutes 02-12-20020 0 MINUTES OF THE REGULAR MEETING OF THE TOWN COUNCIL HELD FEBRUARY 12, 2002 A regular meeting of the Town of Avon, Colorado was held in the Municipal Building, 400 Benchmark Road, Avon, Colorado in the Council Chambers. Mayor Judy Yoder called the meeting to order at 5:30 PM. A roll call was taken with Councilors Michael Brown, Debbie Buckley, Peter Buckley, and Mac McDevitt present. Councilor Rick Cuny and Mayor Protem Buz Reynolds were absent. Also present were Town Manager Bill Elting; Town Attorney John Dunn, Assistant Town Manager Larry Brooks, Town Clerk Kristen Nash, Human Resource Director Jacquie Halburnt, Police Chief Jeff Layman, Town Engineer Norm Wood, Public Works Director Bob Reed, Transportation Director Harry Taylor, and Community Development Director Ruth Borne as well as members of the press and public: Citizen Input: Ms. Martha Miller, Mr. Cliff Thompson,, and Mr. Ken Rhoads of the Eagle County Trails Committee approached the Council. Ms. Miller stated that it is the goal of the trails committee to connect the bike path from Vail Pass to Glenwood Canyon. She stated that the next section that they are working on'is the Dowd Junction to Avon section. She stated that they estimate that section to cost $3.5 million. She stated that the most expensive part of that section would be the area-by the River Run Apartments. Ms. Miller stated that the committee has appreciated all of the Town's efforts in the past to support trails. She said that tonight they are here to talk to the Council about the trail on the north side of I-70, which will connect to the trail in Dowd Junction. She said that they have secured the easement on the south side through the Village at Avon, and. are now looking at the north side. They are asking the Town, while reviewing plans for the Village at Avon, that they possibly secure an easement or a financial contribution from the developer for the north side of I-70. Assistant Town Manager Brooks will discuss the issue with Mr. Bill Post, of the Village at Avon, at their meeting tomorrow. Ordinances: Second Reading of Ordinance No. 02-02, Series of 2002, An Ordinance Repealing' and Reenacting Provisions of Chapter 15.36 of the Avon Municipal Code Mayor Yoder stated this is a public hearing. • • Comm. D& v. Director Bome stated that this ordinance would update the building code to be in compliance with the Division of Housing's new rules and regulations. It also updates the code so the language is correct. There being no comments from the public, Mayor Yoder closed the public hearing. Councilor McDevitt motioned approval of Ordinance No. 02-02, Series of 2002. Councilor Brown seconded the motion. Mayor Yoder asked for a roll call. The motion carried unanimously. First Reading of Ordinance No. 02-03, Series of 2002, An Ordinance Authorizing and Directing the Issuance of up to $15,305,000 of the Town's Multifamily Housing Revenue Bonds (GNMA Mortgage-Backed Securities Program - Buffalo Ridge II Apartments Project), Series of 2002, the Execution and Delivery of a Financing Agreement, a Trust Indenture, a Bond Purchase Agreement, and Related Documents; Authorizing and Directing the Execution and Delivery of Such Bonds; Making Certain Determinations with Respect Thereto; Providing for the Principal Amount, Numbers, Provisions for Redemption and Tender and Maturity of, and Rates of Interest on the Bonds; Requesting the Trustee to Authenticate the Bonds; Authorizing Investments; Authorizing Incidental Action; and Repealing Inconsistent Actions Mr. Calvin Hanson of Sherman and Howard, special counsel to the Town to review the documents on the Town's behalf, stated that this is a private activity bond issue for a multifamily housing project, largely'directed at employee'housing. The maximum principal amount is $15,305,000. He stated that the borrower is a partnership called Buffalo Ridge II, LLP, and they are applying for an FHA HUD insured mortgage, which will finance the project. The proceeds of the bonds will be used to purchase certain pass through securities, which gives the Town an interest in the mortgage. That mortgage will pay off the bondholders. From a private activities point of view;. it is a very secure transaction. The borrower has submitted their proposal to FHA HUD and they are in the review process now, which is moving along-contemporaneously with.the Town's .approval. Mr. Hanson stated that the.bonds are issued under an Act that allows the Town to issue the bonds on behalf of a private entity: The Town has no debt or financial obligation on the bonds; they are strictly paid from project revenues. Councilor Peter Buckley confirmed that the Avon taxpayer is not at risk. Mr. Hanson confirmed. Regular Council Meeting February 12, 2002 * • Mr. Hanson -stated that the Town will enter into a financing agreement, which is basically a loan instrument with the borrower and they are obligated to make payments under that loan. Councilor Peter Buckley confirmed that the reason the Town is doing this is to provide more affordable housing and not put the Avon taxpayer at risk in the process. Councilor Brown motioned approval of Ordinance No. 02-03, Series of 2002 on first reading. Councilor Debbie Buckley seconded the motion. Mayor Yoder asked for a roll call. The motion carried unanimously. Resolutions: Resolution No. 02-04, Series of 2002, A Resolution Authorizing a Contract with the Colorado Department of Transportation Relatirig~to'the Maintenance of a Proposed Roundabout Intersection at Post Boulevard and State Highway 6 in' the Town of Avon Town Engineer Norm Wood stated that CDOT (Colorado Department of Transportation) has requested that the Town accept maintenance responsibilities of the proposed - roundabout at Post Blvd. This.agreernent is similar,to the agreement of 'the Avon Road roundabouts, in which they did-not want to maintain them either. 'In this case, the Town has a cost recovery with Traer Creek that essentially the, Town will be responsible and Traer,Creek will reimburse the cost associated with street maintenance. Staff recommends approved. Councilor Debbie Buckley motioned approval of Resolution No. 02-04, Series of 2002. Councilor McDevitt seconded the motion. The motion carried unanimously. Other Business: Councilor Peter Buckley stated that the new date for the permanently assigned Postmaster has been changed to March 11, 2002. Also, Mr. Buckley stated that the FAA no longer allows commercial mail to go on commercial aircraft from the US Postal Service so mail that leaves here is now going by truck. Consent Agenda: a.) Approval of the January 22, 2002 Council Meeting Minutes Regular Council Meeting February 12, 2002 0 . 0 b.) Approval of the January 8, 2002 Housing Authority Meeting c.) Resolution No. 02-03, Series of 2002, A Resolution Approving the Final Plat,. a Resubdivision of Lot 6, Block 3, Wildridge, Town of Avon, Eagle County, Colorado d.) Resolution No. 02-07, Series of 2002, Notice of Meetings Councilor Debbie Buckley motioned approval of the Consent Agenda. Councilor Brown seconded the motion. ' The motion carried unanimously. Therebein_ g no further business to come before the Council, Councilor McDevitt motioned to adjourn the meeting. Councilor Brown seconded the motion. The motion carried unanimously and the meeting adjourned at 5:44 PM. Y SUBMITTED: n Nash To\ain Clerk APPROVED: Michael Brown Debbie Buckley Peter Buckley Rick Cuny Mac McDevitt Buz Reynolds Judy Yoder Regular Council Meeting 4 February 12, 2002