URA Agenda & Minutes 05-26-2009TOWN OF AVON, COLORADO ,,
AVON URBAN RENEWAL AUTHORITY MEETING FOR TUESDAY, MAY 26, 2009 MON
MEETING BEGINS AT 4:45 PM L O R A D p
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. RESOLUTIONS ADDRESSING REFINANCE
a. Resolution No. 09 -02, Series of 2009, Resolution Of The Board Of Commissioners Of The Avon
(Urban Renewal Authority Authorizing, Approving And Directing The Execution And Delivery Of
A Loan Agreement For A Loan In The Original Principal Amount Of Not To Exceed $7,200,000,
And Certain Other Documents In Connection Therewith, For The Purpose Of Refinancing The
Acquisition, Construction And Equipping Of An Urban Renewal Project (Scott Wright, Treasurer)
Loan agreement with Vectra Bank which will redeem the remaining Series 2008 bank bonds held by
Depfa Bank
b. Resolution No. 09 -03, Series of 2009, Resolution to Amend the 2009 Avon Urban Renewal
(Authority Budget, (Scott Wright, Treasurer) A Resolution summarizing Expenditures and Revenues by
(Fund and Amending the 2009 Budget for the Urban Renewal Authority for the Calendar Year beginning
on the First day of January, 2009 and ending on the Last day of December 2009
4. CONSENT AGENDA
a. !Minutes from April 28, 2009
5. ADJOURNMENT AT 5 PM
Avon Council Meeting.09.05.26
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MINUTES OF THE AVON URBAN RENEWAL AUTHORITY
HELD MAY 26, 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, and Brian Sipes. Also present were Executive Director /Secretary Larry Brooks, Town
Attorney Eric Heil, Authority 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.
RESOLUTIONS ADDRESSING REFINANCE
a. Resolution No. 09 -02, Series of 2009, Resolution Of The Board Of Commissioners Of The
Avon Urban Renewal Authority Authorizing, Approving And Directing The Execution And
Delivery Of A Loan Agreement For A Loan In The Original Principal Amount Of Not To
Exceed $7,200,000, And Certain Other Documents In Connection Therewith, For The
Purpose Of Refinancing The Acquisition, Construction And Equipping Of An Urban Renewal
Project (Scott Wright, Treasurer) Loan agreement with Vectra Bank which will redeem the remaining
Series 2008 bank bonds held by Depfa Bank
Treasurer, Scott Wright, presented the above referenced resolution addressing the refinance of
the Authority's $25M Bond Issuance that was completed in the fall of 2008. He noted that the
Authority Board has only one action related to the loan agreement with Vectra Bank, the
proceeds for which will redeem the remaining Series 2008 bank bonds held by Depfa Bank.
The consideration is for a loan agreement with Vectra Bank to obtain a loan of $7.2M in order to
finance the costs of refunding the $8.8M of Series of 2008 Tax Increment Adjustable Rate
Revenue Bonds along with the remaining funds held in trust for this issue. Some comments
were heard from Commissioner Ferraro related to the final numbers to be included in the loan
agreement and the final costs which would be incurred by the consultants.
Commissioner Carroll moved to approve Resolution No. 09 -02, Series of 2009, Resolution Of
The (Board Of Commissioners Of The Avon Urban Renewal Authority Authorizing, Approving
And Directing The Execution And Delivery Of A Loan Agreement For A Loan In The Original
Principal Amount Of Not To Exceed $7,200,000, And Certain Other Documents In Connection
Therewith, For The Purpose Of Refinancing The Acquisition, Construction And Equipping Of An
Urban Renewal Project with the change on page 3, Section 4 of the resolution with the interest
rate set not to exceed 2.25% instead of 4.5 %. Commissioner Ferraro seconded the motion and
it passed unanimously.
b. Resolution No. 09 -03, Series of 2009, Resolution to Amend the 2009 Avon Urban Renewal
Authority Budget (Scott Wright, Treasurer) A Resolution summarizing Expenditures and Revenues
by Fund and Amending the 2009 Budget for the Urban Renewal Authority for the Calendar Year
beginning on the First day of January, 2009 and ending on the Last day of December 2009
Scott Wright, Treasurer, presented a budget amendment resolution which reflected the changes
to the budget as noted above. He also noted that the original capital budget had been updated
to provide for the delay of constructing Main Street, and a small carryover of expenditures from
2008. Commissioner Ferraro moved to approve Resolution No. 09 -03, Series of 2009,
Resolution to Amend the 2009 Avon Urban Renewal Authority Budget; Commissioner Phillips
seconded the motion and it passed unanimously.
CONSENT AGENDA
Chairman Wolfe asked for a motion to approve the consent agenda. Vice Chairman Sipes
moved to approve the consent agenda, Commissioner Phillips seconded the motion and it
passed unanimously.
a. Minutes from April 28, 2009
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" Reynolds
Ron Wolfe
RESPE LLY-13 IT
au C
Pa ty Mc enn , Authority
URA 09.05.26
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