URA Agenda & Minutes 03-24-2009TOWN OF AVON, COLORADO IN, AVON URBAN RENEWAL AUTHORITY FOR TUESDAY, MARCH 24, 2009 V
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 24, 2009
4. BOND RESTRUCTURING UPDATE (Scott Wright, Treasurer) Update on efforts to restructure existing URA
2008 Tax Increment Revenue Bonds
5. ADJOURNMENT AT 5 PM
Avon Council Meeting.09.03.24
Page 2 of 6
MINUTES OF THE AVON URBAN RENEWAL AUTHORITY
HELD MARCH 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 5:05 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 Eric Heil, Deputy Town Clerk Catherine Haynes, Town Engineer Justin Hildreth,
Treasurer Scott Wright, Assistant Town Manager Community Development Eric Heidemann, as
well as members of the press and public.
BOND RESTRUCTURING UPDATE
Scott Wright, Treasurer, presented the update on the efforts to restructure the existing URA
2008 Tax Increment Revenue bonds. The Authority's trustee at UMB delivered the notice of
redemption to Depfa Bank. Scott Wright described the transaction to occur that would pay off
the bonds, an amount of $16,900,000 was to be sent out on April 1. After the redemption
payoff, the total of $8,100,000 would remain as bank bonds. The Authority would continue to
pay interest on this total. A meeting was scheduled to be held on March 30th with David Bell,
Dee Wisor, Gordon Freeman of Vectra Bank, Larry Brooks, Eric Heil and Scott Wright to
discuss and finalize the terms of the loan letter. A request was made in writing to Mr. Freeman
for some clarification on some items of the term of the letter and requesting consideration of
other financing options.
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" Rey
Ron Wolfe
RESP CTF LkY SUBMITTED:
Catherine Haynes (for P McKenny, Authority Clerk)