TC Minutes 04-08-2003MINUTES OF THE REGULAR MEETING OF THE AVON TOWN COUNCIL
HELD APRIL 8, 2003
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 Buz Reynolds called the meeting to order at 5:30 PM. A roll call was taken with
Councilors Michael Brown, Debbie Buckley, Peter Buckley, Brian Sipes, Ron Wolfe and Mayor
Pro Tern Mac McDevitt present. Also present were Town Manager Lary Brooks, Town Attorney
John Dunn, Town Clerk Patty McKenny, Human Resource Director Jacquie Halbumt, Town
Engineer Norm Wood, Recreation Director Meryl Jacobs, Public Works Director Bob Reed,
Transit Director Harry Taylor, Finance Director Scott Wright; Police Chief Jeff Layman,
Community Development Director Ruth Borne, as well as members of the press and public.
Citizen Input
Julie Kessenich with the Avon Recreation Center invited the Avon Town Council and the
general public to attend Avon's Easter Egg Hunt on Saturday, April 19th beginning at 10 am.
She highlighted the activities to be held that day and the sponsors who supported the event.
Several residents were present to address the Council regarding the Vail Recreation District
("VRD") "Buy-in Program". Tamra Nottingham Underwood, Toni McCabe and Carol Kruger
asked the Town Council to reconsider their decision not to participate in the VRD "buy-in"
program in the amount of $5,000. The Council was asked to participate this year and then work
with VRD to negotiate a revised rate structure for future years. The Town Council once again
asked for the number of Avon participants in the VRD programs. It was discussed that valley-
wide recreation providers should meet to determine what programs and rates would benefit all
families. It was also noted that Avon's summer camp program does not run 5 days per week
while VRD provides the programming 5 days per week.
Other Business
Finance Director Scott Wright asked for Council's authorization on refinancing EagleBend Dowd
Affordable Housing Corporation's ("EBDAHC") tax-exempt bonds issued in 1998 through the
Avon Housing Authority to construct the 50 unit multi-family housing project known as Kayak
Crossing. He noted that the bond-underwriting firm has estimated the net present value savings
to be about 7% of the outstanding bonds, or $615,000. In order for the refinancing to take--
place, the bonds must qualify under a federal tax provision called "bank qualified (BQ) bonds".
The Town must allow EBAHC to use the Town's annual 10 million permitted amount of BQ
capacity. The Town would then charge a .50% fee for the issuance of the bonds as was done
with the Kroger Company refinance of its Industrial Development Bonds. Benefits to the Town
would be about $50K in fees and reimbursement for all legal fees. Benefit to the project would
be the reduction of debt payments that in turn would help keep the rents down at the project.
The Town Council supported this proposal and staff was asked to proceed with the appropriate
parties in refinancing the bonds.
Mayor Report
Mayor Reynolds noted that the meeting with the Eagle Board of County Commissioners would
take place Monday, April 14, 2003 at the Eagle County offices.
Consent Agenda
Mayor Reynolds asked for a motion on the Consent Agenda items. Councilor Brown moved to
approve the consent agenda. Councilor D. Buckley seconded the motion and it passed
unanimously.
a. Approval of the March 25, 2003 Regular Council Meeting Minutes
b. Noah's Ark Contract for Petting Zoo for Easter Egg Hunt
c. Resolution No. 03-15, Series 2003, Resolution approving the Final Plat, Lots 67 and
68, Resubdivision of Lot 67/68, Block 1, Benchmark at Beaver Creek, Town of Avon,
Eagle County, Colorado
There being no further business to come before the Council, the meeting adjourned at 6 PM.
APPROVED:
Michael Brown
Debbie Buckley
Peter Buckley
Mac McDevitt
Buz Reynolds
Brian Sipes
Ron Wolfe
Regular Council Meeting Page 2 of 2
April 8, 2003
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