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TC Res. No. 2006-38 ESTABLISH AN AVON URBAN RENEWAL AUTHORITY FUNDTOWN OF AVON, COLOADO RESOLUTION NO. 06-38 SERIES OF 2006 A RESOLUTION TO ESTABLISH AN AVON URBAN RENEWAL AUTHORITY FUND AND ADOPT A BUDGET A RESOLUTION ESTABLISHING AN AVON URBAN RENEWAL AUTHORITY FUND AND ADOPTING A BUDGET FOR THE AVON URBAN RENEWAL AUTHORITY FUND FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY, 2006, AND ENDING ON THE LAST DAY OF DECEMBER, 2006. WHEREAS, the Town Council of the Town of Avon wishes to encourage and facilitate new development and redevelopment within the Town of Avon; and WHEREAS, tax increment financing is a tool utilized by municipalities to finance public improvements in identified areas of need, known as redevelopment districts; and WHEREAS, the Town Council desires to begin the process of establishing an urban renewal authority as a means to finance public investment and infrastructure in redevelopment districts -identified within the Town of Avon; and WHEREAS, the Town Council desires to properly budget and account for revenues and expenditures related to the establishment of an urban renewal authority. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. That the Avon Urban Renewal Authority Fund is hereby established as a special revenue fund of the Town of Avon. Section 2. That estimated revenues and expenditures for the Avon Urban Renewal Authority is established as follows for 2006: 2006 Proposed Budget Avon Urban Renewal Authority Fund Beginning Fund Balance $ 0 Revenues and Other Sources 120,000 Expenditures and Other Uses 120.000 Ending Fund Balance $ 0 Section 3. That the Avon Urban Renewal Authority Fund budget, as submitted, hereby is approved and adopted as the budget for the year stated above. Section 4. That the budget hereby approved and adopted shall be made part of the public record of the Town. ADOPTED this 12th day of September, 2006. TO AVON, CO DO °M °°tec4b° F~ y Ronald C. Wolfe, Mayor ATT 3 =SEAL. pz~l flk--f Pa#y Mc enn Town Clerk ~ L 0 R ADL r Resolution No. 06-38 Urban Renewal Authority Page 2 of 2