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URA Agenda & Minutes 10-09-2007TOWN OF AVON, COLORADO URBAN RENEWAL AUTHORITY MEETING FOR TUESDAY, OCTOBER 9, 2007 AVON MUNICIPAL BUILDING, 400 BENCHMARK ROAD PRESIDING OFFICIALS CHAIRMAN RON WOLFE AUTHORITY MEMBERS BRIAN SIPES RICHARD CARROLL DAVE DANTAS KRISTI FERRARO AMY PHILLIPS TAMRA NOTTINGHAM UNDERWOOD STAFF ATTORNEY: RANDY FUNK SECRETARY: LARRY BROOKS TREASURER: SCOTT WRIGHT AUTHORITY CLERK: PATTY MCKENNY THIS MEETING IS OPEN TO THE PUBLIC; COMMENTS FROM THE PUBLIC ARE WELCOME ESTIMATED TIMES ARE SHOWN FOR INFORMATIONAL PURPOSES ONLY, SUBJECT TO CHANGE WITHOUT NOTICE PLEASE VIEW AVON'S WEBSITE, HTTP://WWW.AVON.ORG, FOR MEETING AGENDAS AND COUNCIL MEETING MATERIALS AGENDAS ARE POSTED AT AVON MUNICIPAL BUILDING AND RECREATION CENTER, ALPINE BANK, AND AVON LIBRARY THE AVON TOWN COUNCIL MEETS ON THE SECOND AND FOURTH TUESDAYS OF EVERY MONTH AUTHORITY AGENDA MEETING BEGINS AT 1:45 PM 1. ROLL CALL 2. APPROVAL OF AGENDA 3. NEW BUSINESS a. Revised Financial Model & 2008 Budget (Scott Wright, Treasurer) The Authority's budget is composed of a financial summary and three separate funds, general fund, debt service fund, and capital projects fund. 4. RESOLUTIONS a. Resolution No. 07-05, Series of 2007, A Resolution to approve an Intergovernmental Agreement between the Avon Urban Renewal Authority, Confluence Metropolitan District, and Avon Station Metropolitan District concerning incremental taxes (Scott Wright, Treasurer) The Town entered into an agreement with the Confluence Metropolitan District, and Avon Station Metropolitan District in which the Town agreed not to collect certain tax increment revenues instead under the Town IGA the Districts would retain these revenues to pay debt service on the District's bonds 5. CONSENT AGENDA a. Minutes from August 28, 2007 6. ADJOURNMENT AT 2:30 PM MINUTES OF THE AVON URBAN RENEWAL AUTHORITY HELD OCTOBER 9, 2007 The Avon Urban Renewal Authority meeting was held at the Avon Municipal Building, 400 Benchmark Road, Avon, Colorado in the Council Chambers. Mayor Ron Wolfe called the meeting to order at 1:45 PM. A roll call was taken and Council members present were Rich Carroll, Dave Dantas, Amy Phillips, Brian Sipes and Tamra Nottingham Underwood and Kristi Ferraro. Also present were Attorney Randy Funk, Town Manager Larry Brooks, Administrative Services Director Patty McKenny, Town Engineer Justin Hildreth, Town Manager Finance Scott Wright, Community Development Director Eric Heidemann, Public Works/Transportation Director Jenny Strehler, and Community Relations Officer Becky Lawlor, as well as members of the press and public. NEW BUSINESS Scott Wright, Assistant Town Manager Finance, presented the revised Financial Model & 2008 Budget for consideration by the Avon Urban Renewal Authority. He noted that the authority is a separate legal entity from the Town authorized by the Colorado Urban Renewal Act, and State Statues require the URA budget be presented prior to October 15. A review of the structure of the funds was made, including three separate funds, general fund, debt service fund, capital projects fund. He noted that the budgets would be component units of the overall Town's budget. Stan Bernstein was present to review the draft model included in the council packet, topics addressed included some of the following: • Uncertainty in the mill levies; the lower the mill levies go impacts Avon's increment. ■ When other projects will be built ■ No inflation included ■ No resale's included ■ How assessor deals with assessing values is speculative Randy Funk, Sherman & Howard, presented Resolution No. 07-05, Series of 2007, A Resolution to approve an Intergovernmental Agreement between the Avon Urban Renewal Authority, Confluence Metropolitan District, and Avon Station Metropolitan District concerning incremental taxes. He provided a summary as to the agreements entered into on February 27, 2007 and the proposed agreement before the Authority. More specifically he noted that the Town entered into an agreement with the Confluence Metropolitan District, and Avon Station Metropolitan District in which the Town agreed not to collect certain tax increment revenues instead under the Town IGA the Districts would retain these revenues to pay debt service on the District's bonds. With the creation of the Authority and adoption of the URA Plan, the Town IGA between the Districts & the Town will be terminated and replaced with the new IGA; the substitution of the Authority for the Town will take place in order to comply with the Urban Renewal Act. The Authority is authorized to collect TIF Revenues by Section 31-25-107(9) of the Colorado Revised Statutes. He noted that under this section, it is not clear that the Authority may collect TIF revenues for some portions of urban renewal areas but not others. Therefore, the Authority IGA agrees to collect all TIF revenues under the Plan and then remit those TIF Revenues covered by the Authority IGA back to the Districts. The net effect of the Authority IGA would be the same as the Town IGA. The Authority will receive all TIF Revenues except certain TIF Revenues that would be payable to the Districts if not for the existence of the Authority and the Plan. The termination of the Town IGA and the adoption of the Authority IGA simply modifies the logistics of this arrangement to comply with the language of the Urban Renewal Act. Authority members Carroll, Ferraro & Sipes stepped down from the vote due to conflicts of interest. Authority member Underwood moved to approve Resolution No. 07-05, Series of 2007, A Resolution to approve an Intergovernmental Agreement between the Avon Urban Renewal Authority, Confluence Metropolitan District, and Avon Station Metropolitan District concerning incremental taxes. Authority member Phillips seconded the motion and it passed unanimously by those members present (Carroll, Ferraro, Sipes recused due to conflict of interest). The three members who left the room joined the podium at this time. Authority member Underwood moved to approve the Consent Agenda which consisted of the minutes from August 28, 2007; Authority member Phillips seconded the motion and it passed unanimously. There being no further business to come before the Authority, the meeting adjourned at 2:10 PM. RESPECTFULLY SUBMITTED: Patty McKenny, Authority Clerk APPROVED: Rich Carroll Dave Dantas Kristi Ferraro Amy Phillips Brian Sipes Tamra Underwo Ron Wolfe URA 07-10-09 Page 2 of 2