URA Agenda & Minutes 02-10-2009TOWN OF AVON, COLORADO
AVON URBAN RENEWAL AUTHORITY FOR TUESDAY, FEBRUARY 10, 2009 �V 0 N
MEETING BEGINS AT 4:30 PM f 0 L U R A D U
AVON TOWN HALL, ONE LAKE STREET
PRESIDING OFFICIALS
CHAIRMAN RON WOLFE
VICE CHAIRMAN BRIAN SIPES
COMMISSIONERS RICHARD CARROLL, DAVE DANTAS, KRISTI FERRARO,
AMY PHILLIPS, ALBERT "Buz" REYNOLDS, JR.
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. CONSENT AGENDA
a. Minutes from January 13, 2009
b. Lake Street Public Improvements Change Order 03 (Jeff Schneider, Project Engineer) Change
Order 03 with American Civil Constructors includes asphalt, base, and landscape item quantity
reconciliation, additional signage and striping ordered in the field, and other miscellaneous additions and
deductions
c. Main Street Design Add Service 06 for Irrigation Design Extra Service (Justin Hildreth, Town
Engineer) Proposal for additional design service required to add landscaping and irrigation to area
bordered by Lake Street, the Rec Center and Fire Station
4. BOND RESTRUCTURING UPDATE (Scott Wright, Treasurer, David Bell, Stifel Nicolaus) Update on efforts to
restructure existing URA 2008 Tax Increment Revenue Bonds
5. FUTURE AGENDA ITEMS
6. ADJOURNMENT AT 5 PM
Avon Council Meeting. 09.02.10
Page 2 of 5
MINUTES OF THE AVON URBAN RENEWAL AUTHORITY
HELD FEBRUARY 10, 2009
The Avon Urban Renewal Authority meeting was held at the Avon Municipal Building, One Lake
Street, Avon, Colorado in the Council Chambers.
Chairman Ron Wolfe called the meeting to order at 4:50 PM. A roll call was taken and
Commissioners present were Rich Carroll, Dave Dantas, Kristi Ferraro, Amy Phillips, Buz
Reynolds, Brian Sipes. Also present were Executive Director /Secretary Larry Brooks, Town
Attorney Linda Michow, 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.
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 January 13, 2009
b. Lake Street Public Improvements Change Order 03 (Jeff Schneider, Project Engineer)
Change Order 03 with American Civil Constructors includes asphalt, base, and landscape item
quantity reconciliation, additional signage and striping ordered in the field, and other
miscellaneous additions and deductions
c. Main Street Design Add Service 06 for Irrigation Design Extra Service (Justin Hildreth,
Town Engineer) Proposal for additional design service required to add landscaping and irrigation
to area bordered by Lake Street, the Rec Center and Fire Station
BOND RESTRUCTURING UPDATE
Scott Wright, Treasurer, and David Bell, Stifel Nicolaus, presented an update on efforts to
restructuring existing URA 2008 Tax Increment Revenue Bonds. A status was provided noting
the following:
✓ The bonds are owned by DEPFA bank
✓ Investors tendered the bonds due to the decrease in the bond rating
✓ The town's letter of credit paid off the investors
✓ The town is paying a monthly interest payment to DEPFA Bank
✓ There is no requirement notice for paying DEPFA Bank
✓ The Town may need to collapse the debt if no other financing is available
✓ Other financing options were reviewed, but there is any progress made at this time
✓ Banks are not lending, fixed rates are not being offered at this time
Executive Director of the URA, Larry Brooks, stated that a final decision would be presented at
the February 24, 2009 meeting.
There being no further business to come before the Authority, the meeting adjourned at 5:20
PM.
APPROVED:
Rich Carroll
Dave Dantas
Kristi Ferraro
Amy Phillips
Brian Sipes
Albert "Buz" Reync
Ron Wolfe
RESPEQTFU LY SUBMITTED:
c
ority Clerk