URA Agenda & Minutes 02-24-2009TOWN OF AVON, COLORADO ,
AVON URBAN RENEWAL AUTHORITY FOR TUESDAY, FEBRUARY 24, 2009 �v 0, N
MEETING BEGINS AT 4:45 PM
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 February 10, 2009
4. BOND RESTRUCTURING UPDATE (Scott Wright, Treasurer, David Bell, Stifel Nicolaus) Update on efforts to
restructure existing URA 2008 Tax Increment Revenue Bonds
5. ADJOURNMENT AT 5:30 PM
Avon Council Meeting.09.02.24
Page 2 of 4
MINUTES OF THE AVON URBAN RENEWAL AUTHORITY
HELD FEBRUARY 24, 2009
The Avon Urban Renewal Authority meeting was held at the Avon Town Hall, One Lake Street,
Avon, Colorado in the Council Chambers.
Chairman Ron Wolfe called the meeting to order at 4:45 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 24, 2009
BOND RESTRUCTURING UPDATE
Scott Wright, Treasurer, and David Bell, Stifel Nicolaus, presented an update on efforts to
restructuring the existing URA 2008 Tax Increment Revenue Bonds of $25M. The
recommendation was to
• Redeem the $18,275,000 of outstanding $25M bank bonds
• Convert the remaining bank bonds into a 10 year loan with a 4.5% fixed rate at a ten
year term and the town would retain $1 M bond reserve.
A slide presentation noted the reasons for the recommendation of defeasing the bonds which
primarily included the downturn of the economic environment and the international banking
industry problems. David Bell did provide an update that is being discussed with Vectra Bank
and noted that the amortization schedule may be more favorable than the DEPFA Bank term
sheet. It was suggested that the town ask Sherman and Howard provide the bond review of the
current term offering by Vectra Bank. And then provide another update at the March 10th
meeting. Council was comfortable with staff
There being no further business to come before the Authority, the meeting adjourned at 5:03
PM.
APPROVED:
Rich Carroll
Dave Dantas
Kristi Ferraro
Amy, Phillips
Brian Sipes
Albert "Buz" Reync
Ron Wolfe
RESPECTFULLY o SUBMITTED:
``� uthority Clerk