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URA Agenda & Minutes 12-11-2007TOWN OF AVON, COLORADO - URBAN RENEWAL AUTHORITY MEETING FOR TUESDAY, DECEMBER 11, 2007 VON MEETING BEGINS AT 5 PM F R (3 -10 AVON MUNICIPAL BUILDING, 400 BENCHMARK ROAD PRESIDING OFFICIALS CHAIRMAN RON WOLFE VICE CHAIRMAN BRIAN SIPES COMMISSIONERS RICHARD CARROLL, DAVE DANTAS, KRISTI FERRARO, AMY PHILLIPS, TAMRA NOTTINGHAM UNDERWOOD STAFF EXECUTIVE DIRECTOR / SECRETARY: LARRY BROOKS TREASURER: SCOTT WRIGHT AUTHORITY CLERK: PATTY MCKENNY ALL URBAN RENEWAL MEETINGS ARE OPEN TO THE PUBLIC EXCEPT EXECUTIVE SESSIONS COMMENTS FROM THE PUBLIC ARE WELCOME DURING PUBLIC HEARINGS PLEASE VIEW AVON'S WEBSITE, HTTP://WWW.AVON.ORG, FOR MEETING AGENDAS AND MEETING MATERIALS AGENDAS ARE POSTED AT AVON MUNICIPAL BUILDING AND RECREATION CENTER, ALPINE BANK, AND AVON LIBRARY 1. ROLL CALL 2. APPROVAL OF AGENDA 3. NEW BUSINESS a. Bond Financing Timeline Update (Scott Wright, Treasurer) Update on the process and time of the URA bond financing 4. RESOLUTIONS • a. Public Hearing on Resolution No. 07-06, Series of 2007, Resolution summarizing Expenditures and Revenues for each Fund and adopting a Budget for the Avon Urban Renewal Authority for the Calendar Year Beginning on the First Day of January 2008 and ending on the last day of December 2008 (Scott Wright, Treasurer) Review and adoption of final proposed 2008 budget for URA 5. CONSENT AGENDA a. Minutes from August 28, 2007 b. Engagement Letter with Sherman and Howard as Bond Counsel (Scott Wright, Treasurer) Letter setting forth Sherman and Howard as the Authority's bond counsel, setting hourly rates and estimated fees 6. ADJOURNMENT AT 5:25 PM • Avon Council Meeting.07.12.11 Page 3 of 6 MINUTES OF THE AVON URBAN RENEWAL AUTHORITY HELD DECEMBER 11, 2007 The Avon Urban Renewal Authority meeting was held at the Avon Municipal Building, 400 Benchmark Road, Avon, Colorado in the Council Chambers. Chairman Ron Wolfe called the meeting to order at 5 PM. A roll call was taken and Commissioners present were Rich Carroll, Dave Dantas, Kristi Ferraro, Amy Phillips, Brian Sipes and Tamra Nottingham Underwood. Also present were Town Attorney John Dunn, 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, Treasurer, presented an update on the Bond Financing Timeline with a revised handout distributed at the meeting. It was noted that a bond resolution would be scheduled for the February 12th meeting for Authority consideration and approval all in time to use bond proceeds for Lake Street construction which is slated to begin in March. A review was made of how the Town might advance funds to the Authority in order to begin implementing or finishing the construction of projects. Construction contracts would be awarded in spring 2008 for Lake Street construction. A brief review was made of the bond financing scenarios that existed. RESOLUTIONS Scott Wright, Treasurer, presented Resolution No. 07-06, Series of 2007, Resolution summarizing Expenditures and Revenues for each Fund and adopting a Budget for the Avon Urban Renewal Authority for the Calendar Year Beginning on the First Day of January 2008 and ending on the last day of December 2008. A review of the Capital Projects Funding Plan was made noting the $23,128,000 as the cost of the capital improvements related to Main Street. A review of the revenues generated from the Westin Riverfront PUD project was made. It was noted that the model is conservative in estimates. Two models were included the council packet, the second packet of which was a sensitivity analysis and reflected a lag in the build out schedule of the Westin project. Discussion about how to make up the shortfall was made and suggestions were make to impose an assessment by creating an improvement district. A review was made of the 2008 budget with three funds, general fund, debt service fund, and capital improvement fund. Mayor Wolfe opened the public hearing, no comments were made, the hearing was closed. 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. CONSENT AGENDA Authority member Underwood moved to approve the Consent Agenda which consisted of the minutes from October 9, 2007; Authority member Phillips seconded the motion and it passed unanimously. Authority member Underwood moved to approve the Engagement Letter with Sherman and Howard as Bond Counsel; Authority member Dantas seconded the motion and it passed unanimously with five members voting (Carroll recused from vote due to conflict). There being no further business to come before the Authority, the meeting adjourned at 6:10 PM. APPROVED: Rich Carroll Dave Dantas Kristi Ferraro Amy Phillips Brian Sipes Tamra Underwc Ron Wolfe URA 07-12-11 Page 2 of 2