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URA Agenda & Minutes 12-02-2008TOWN OF AVON, COLORADO URBAN RENEWAL AUTHORITY MEETING FOR TUESDAY, DECEMBER 2, 2008 r O N ® MEETING BEGINS AT 3 PM ° ° R° ° AVON TOWN HALL, ONE LAKE STREET 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. INQUIRY OF THE PUBLIC FOR COMMENT AND APPROVAL OF AGENDA 3. NEW BUSINESS a. Bond Status and Financial Model Updates (Scott Wright, Treasurer, Stan Bernstein, and David Bell, Stifel Nicolaus) Update on the status of the restructuring of the Authority's 2008 Tax Increment Revenue Bonds with a review of various scenarios and options regarding the Main Street construction project ® 4. STAFF UPDATES 5. CONSENT AGENDA a. Minutes from November 11, 2008 6. FUTURE AGENDA ITEMS: 7. ADJOURNMENT AT 4:30 PM 0 Avon Council Meetings. 08.12.02 Page 2 of 5 MINUTES OF THE AVON URBAN RENEWAL AUTHORITY HELD DECEMBER 2, 2008 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 3:15 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 Executive Director/Secretary Larry Brooks, Town Attorney Eric Heil, Clerk Patty McKenny, Town Engineer Justin Hildreth, Treasurer Scott Wright, Assistant Town Manager Community Development Eric Heidemann, as well as members of the press and public. NEW BUSINESS a. Bond Status and Financial Model Updates (Scott Wright, Treasurer, Stan Bernstein, and David Bell, Stifel Nicolaus) Update on the status of the restructuring of the Authority's 2008 Tax Increment Revenue Bonds with a review of various scenarios and options regarding the Main Street construction project Scott Wright began the discussion with a presentation about what has transpired during the past few months as related to the URA bond issuance. He noted that the purpose of the presentation was to provide an update and not necessarily take action on decisions. He spoke about the following: History: issuance of $25 Min AURA Tax Increment Adjustable Rate Revenue Bonds on 2/22/08 Letter of Credit Agreement: details surrounding the current LOC Variable Rate Financings: the reasons behind using the variable rate financings Other Communities in this Situation Worst Case Scenario: details of how the situation impacts Main Street construction Scenarios related to construction of the Riverfront Project Milestone Dates: description of the next few months and what to expect David Bell, Stifel Nicolaus, and Stan Bernstein, Bernstein and Associates, were present to answer questions and talk about the town's scenarios as related to the continued construction of the Riverfront Project. It was noted that the Authority would be provided future updates as more information unfolds about bond restructuring possibilities. CONSENT AGENDA Chairman Wolfe asked for a motion to approve the consent agenda. Commissioner Phillips moved to approve the consent agenda, Commissioner Ferraro seconded the motion and it passed unanimously. a. Minutes from November 11, 2008 There being no further business to come before the Authority, the meeting adjourned at 4:35 PM. RESPECTFULLY SUBMITTED: APPROVED: Rich Carroll Dave Dantas Kristi Ferraro Amy Phillips Brian Sipes Tamra Underwo Ron Wolfe ~thority Clerk