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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