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TC Res. No. 2013-30 REPLENISHMENT RESOLUTIONTOWN OF AVON RESOLUTION NO. 13 -30, SERIES 2013 REPLENISHMENT RESOLUTION A RESOLUTION CONCERNING THE AVON URBAN RENEWAL AUTHORITY AND ITS TAX INCREMENT REVENUE BONDS, SERIES 2013; AUTHORIZING AND DIRECTING ACTIONS BY THE TOWN MANAGER WITH RESPECT TO THE PREPARATION OF REQUESTS TO THE TOWN COUNCIL FOR APPROPRIATION OF FUNDS FOR THE REPLENISHMENT OF CERTAIN FUNDS PERTAINING THERETO; AUTHORIZING THE 2013 COOPERATION AGREEMENT; AND OTHER ACTIONS TAKEN BY THE TOWN IN CONNECTION THEREWITH. WHEREAS, the Town Council (the "Town Council ") of the Town of Avon, Colorado (the "Town "), by Resolution No. 07 -20, adopted June 26, 2007, created the Avon Urban Renewal Authority of the Town ( "Authority "); and WHEREAS, pursuant to Resolution No. 07 -027, adopted on August 14, 2007, the Town approved the Town Center West Area Urban Renewal Plan (the "Plan ") pursuant to the Colorado Urban Renewal Law; and WHEREAS, the Authority intends to issue its Tax Increment Revenue Bonds, Series 2013 (the "Bonds ") to refinance outstanding obligations of the Authority and to finance certain improvements as contemplated by the Plan (the "Project "); and WHEREAS, pursuant to a Cooperation Agreement (the "2013 Cooperation Agreement ") between the Town and the Authority, the Town will agree, subject to conditions specified in the 2013 Cooperation Agreement, to loan funds to the Authority for the Project and for deposit to certain funds in accordance with the Loan Agreement; and WHEREAS, as additional security for the Bonds the Authority will create a reserve account (the "Reserve Account ") which will be funded initially in the amount of the Reserve Requirement (as defined in the resolution of the Authority authorizing the Bonds (the "Bond Resolution ")), and is required to be maintained at such amount to be used as a reserve against deficiencies in the payment of principal of or interest on the Bonds; and WHEREAS, the Bond Resolution contemplates that if. at any time, the Reserve Account is not funded at the Reserve Requirement, the Town Manager shall request that the Town Council advance sufficient funds pursuant to the 2013 Cooperation Agreement to restore the Reserve Account to the Reserve Requirement immediately thereafter; and WHEREAS, the Town Council wishes to make a non - binding statement of its present intent with respect to the appropriation of funds for the replenishment of the Reserve Account. and to authorize and direct the Town Manager to take certain actions for the purpose of causing requests for such appropriations to be presented to the Town Council for consideration; and WHEREAS, the form of the 2013 Cooperation Agreement is on file with the Town Clerk. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. Appropriations to Replenish Reserve Account. At any time when the balance of the Reserve Account is less than the Reserve Requirement, the Town Manager shall prepare and submit to the Town Council a request for an appropriation of a sufficient amount to replenish the balance of the Reserve Account to the Reserve Requirement. It is the present intention and expectation of the Town Council to appropriate such funds as requested, within the limits of available funds and revenues, but this declaration of intent shall not be binding upon the Town Council or any future Town Council in any future fiscal year. The Town Council may determine in its sole discretion, but shall never be required, to make the appropriations so requested. All sums appropriated by the Town Council for such purpose shall be deposited by or on behalf of the Authority in the Reserve Account. Nothing provided in this Section 1 shall create or constitute a debt, liability or multiple fiscal year financial obligation of the Town. Section 2. Repayment of Amounts Appropriated. In the event that the Town Council appropriates funds as contemplated by Section 1 hereof, any amounts actually advanced shall be treated as an obligation under the 2013 Cooperation Agreement and shall be repaid by the Authority, but shall be payable from and secured solely by the Pledged Revenues (as defined in the Bond Resolution) of the Authority, as provided in the 2013 Cooperation Agreement, on a basis expressly subordinate and junior to that of the Bonds. Section 3. Limitation to Bonds. Unless otherwise expressly provided by a subsequent resolution of the Town Council, the provisions of this Resolution shall apply only to the Reserve Account originally established in connection with the Bonds and shall not apply to any other additional obligations. Section 4. Approval and Authorization of the 2013 Cooperation Agreement. The form of the 2013 Cooperation Agreement is hereby approved. The Town shall enter into and perform its obligations under the 2013 Cooperation Agreement. in the form of such document as is on file with the Town Clerk, with only such changes therein as are not inconsistent herewith. The Town Manager is hereby authorized and directed to execute the 2013 Cooperation Agreement on behalf of the Town.. and the Town Clerk is hereby authorized to attest to the 2013 Cooperation Agreement. Section 5. General Repealer. All prior resolutions, or parts thereof, inconsistent herewith are hereby repealed to the extent of such inconsistency. its passage. Section 6. Effectiveness. This Resolution shall take effect immediately upon PASSED AND ADOPTED November 12, 2013. ATTEST: TOWN OF AVON, COLORADO Mayor APPROVED AS TO LEGAL FORM: Town Attorney TOWN OF AVON RESOLUTION NO. 13 -30, SERIES 2013 REPLENISHMENT RESOLUTION A RESOLUTION CONCERNING THE AVON URBAN RENEWAL AUTHORITY AND ITS TAX INCREMENT REVENUE BONDS, SERIES 2013; AUTHORIZING AND DIRECTING ACTIONS BY THE TOWN MANAGER WITH RESPECT TO THE PREPARATION OF REQUESTS TO THE TOWN COUNCIL FOR APPROPRIATION OF FUNDS FOR THE REPLENISHMENT OF CERTAIN FUNDS PERTAINING THERETO; AUTHORIZING THE 2013 COOPERATION AGREEMENT; AND OTHER ACTIONS TAKEN BY THE TOWN IN CONNECTION THEREWITH. WHEREAS, the Town Council (the "Town Council ") of the Town of Avon, Colorado (the "Town "), by Resolution No. 07 -20, adopted June 26, 2007, created the Avon Urban Renewal Authority of the Town ( "Authority "); and WIIEREAS, pursuant to Resolution No, 07 -027, adopted on August 14, 2007, the Town approved the Town Center West Area Urban Renewal Plan (the "Plan ") pursuant to the Colorado Urban Renewal Law; and WHEREAS, the Authority intends to issue its Tax Increment Revenue Bonds, Series 2013 (the "Bonds ") to refinance outstanding obligations of the Authority and to finance certain improvements as contemplated by the Plan (the "Project "); and WHEREAS, pursuant to a Cooperation Agreement (the "2013 Cooperation Agreement ") between the Town and the Authority, the Town will agree, subject to conditions specified in the 2013 Cooperation Agreement, to loan funds to the Authority for the Project and for deposit to certain funds in accordance with the Loan Agreement; and WHEREAS, as additional security for the Bonds the Authority will create a reserve account (the "Reserve Account ") which will be funded initially in the amount of the Reserve Requirement (as defined in the resolution of the Authority authorizing the Bonds (the "Bond Resolution ")), and is required to be maintained at such amount to be used as a reserve against deficiencies in the payment of principal of or interest on the Bonds; and WHEREAS, the Bond Resolution contemplates that if, at any time, the Reserve Account is not funded at the Reserve Requirement, the Town Manager shall request that the Town Council advance sufficient funds pursuant to the 2013 Cooperation Agreement to restore the Reserve Account to the Reserve Requirement immediately thereafter; and WHEREAS, the Town Council wishes to make a non - binding statement of its present intent with respect to the appropriation of funds for the replenishment of the Reserve Account, and to authorize and direct the Town Manager to take certain actions for the purpose of causing requests for such appropriations to be presented to the Town Council for consideration; and WHEREAS, the form of the 2013 Cooperation Agreement is on file with the Town Clerk. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO: Section 1. Appropriations to Replenish Reserve Account. At any time when the balance of the Reserve Account is less than the Reserve Requirement, the Town Manager shall prepare and submit to the Town Council a request for an appropriation of a sufficient amount to replenish the balance of the Reserve Account to the Reserve Requirement. It is the present intention and expectation of the Town Council to appropriate such funds as requested, within the limits of available funds and revenues, but this declaration of intent shall not be binding upon the Town Council or any future Town Council in any future fiscal year. The Town Council may determine in its sole discretion, but shall never be required, to make the appropriations so requested. All sums appropriated by the Town Council for such purpose shall be deposited by or on behalf of the Authority in the Reserve Account. Nothing provided in this Section 1 shall create or constitute a debt, liability or multiple fiscal year financial obligation of the Town. Section 2. Repayment of Amounts Appropriated. In the event that the Town Council appropriates funds as contemplated by Section 1 hereof, any amounts actually advanced shall be treated as an obligation under the 2013 Cooperation Agreement and shall be repaid by the Authority, but shall be payable from and secured solely by the Pledged Revenues (as defined in the Bond Resolution) of the Authority, as provided in the 2013 Cooperation Agreement, on a basis expressly subordinate and junior to that of the Bonds. Section 3. Limitation to Bonds. Unless otherwise expressly provided by a subsequent resolution of the Town Council, the provisions of this Resolution shall apply only to the Reserve Account originally established in connection with the Bonds and shall not apply to any other additional obligations. Section 4. Approval and Authorization of the 2013 Cooperation Agreement. The form of the 2013 Cooperation Agreement is hereby approved. The Town shall enter into and perform its obligations under the 2013 Cooperation Agreement, in the form of such document as is on file with the Town Clerk, with only such changes therein as are not inconsistent herewith. The Town Manager is hereby authorized and directed to execute the 2013 Cooperation Agreement on behalf of the Town, and the Town Clerk is hereby authorized to attest to the 2013 Cooperation Agreement. Section 5. General Repealer. All prior resolutions, or parrs thereof, inconsistent herewith are hereby repealed to the extent of such inconsistency. Section 6. Effectiveness. This Resolution shall take effect immediately upon its passage. 2 ATTEST: PASSED AND ADOPTED November 12, 2013. OF A by sEA, � OL01 3 TOWN OF AVON, COLORADO Mayor APPROVED AS TO LEGAL FORM: Town Attorney STATE OF COLORADO ) } SS. TOWN OF AVON ) I, Patty McKenny, the Town Clerk of the Town of Avon, Colorado, do hereby certify that: 1. The foregoing pages are a true and correct copy of a resolution (the "Resolution ") passed and adopted by the Town Council (the "Council ") at a regular meeting held on November 12, 2013. 2. The Resolution was duly moved and seconded and the Resolution was adopted at the meeting of November 12, 2013, by an affirmative vote of a majority of the members of the Council as follows: Name "Yes" _ "No" Absent Richard Carroll ✓ Todd Goulding Dave Dantas ✓ Chris Evans Jennie Fancher Albert "Buz" Reynolds Jake Wolf V-1 3. The members of the Council were present at such meetings and voted on the passage of such Resolution as set forth above. 4. The Resolution was approved and authenticated by the signature of the Mayor of the Town, sealed with the Town seal, attested by the Town Clerk and recorded in the minutes of the Council. 5. There are no bylaws, rules or regulations of the Council which might prohibit the adoption of said Resolution. 6. Notice of the meeting of November 12, 2013. in the form attached hereto as Exhibit A, was posted at the Avon Town Hall, Avon Municipal Complex, One Lake Street, in the Town, not less than twenty -four (24) hours prior to the meeting in accordance with law. 4 WITNESS my hand and the seal of the Town affixed November 12, 2013. T k Exhibit A (Form of Notice of Meeting) WN RvVON TOWN OF AVON, COLORADO TOWN OF AVON MEETINGS FOR TUESDAY, NOVEMBER 12, 2013 AVON LIQUOR AUTHORITY MEETING BEGINS AT 5:00 PM AVON URBAN RENEWAL AUTHORITY BEGINS AT 5:10 PM REGULAR MEETING BEGINS AT 5:20 PM AVON TOWN HALL, ONE LAKE STREET PRESIDING OFFICIALS MAYOR RICH CARROLL MAYOR PRO TEM TODD GOULDING COUNCILORS DAVE DANTAS, CHRIS EVANS, JENNIE FANCHER, ALBERT "Buz" REYNOLDS, JR., JAKE WOLF TOWN STAFF TOWN ATTORNEY: ERIC HEIL TOWN MANAGER: VIRGINIA EGGER TOWN CLERK: PATTY MCKENNY ALL REGULAR MEETINGS ARE OPEN TO THE PUBLIC EXCEPT EXECUTIVE SESSIONS, GENERAL COMMENTS ARE WELCOME DURING PUBLIC COMMENT, AND COMMENTS ARE ALSO WELCOME ON ANY AGENDA TOPIC. PLEASE VIEW AVON'S WEBSITE, HTTP: / /WWW.AVON.ORG, FOR MEETING AGENDAS AND MATERIALS. AGENDAS ARE POSTED AT AVON TOWN HALL, AVON RECREATION CENTER, AND AVON LIBRARY. THE AVON TOWN COUNCIL MEETS THE 2ND AND 4THTUESDAYS OF EACH MONTH. AVON LIQUOR LICENSING AUTHORITY MEETING BEGINS AT 5:00 PM (SEE SEPARATE AGENDA PAGE 3) URBAN RENEWAL AUTHORITY MEETING BEGINS AT 5:10 PM (SEE SEPARATE AGENDA PAGE 4) REGULAR MEETING BEGINS AT 5:20 PM 1. CALL TO ORDER & ROLL CALL 2. APPROVAL OF AGENDA 3. PUBLIC COMMENT 4. ACTION ITEM 4.1. Resolution No. 13 -30, Series of 2013, Replenishment Resolution, Authorization of the 2013 Cooperation Agreement between the Town and the Avon Urban Renewal Authority (Finance Director Scott Wright) WORK SESSION (ESTIMATED START TIME 5:30 P.M. — END TIME 7:30 PM) 5.1. Planning & Zoning Commission /Council Six Month Joint Work Session (Senior Planner Matt Pielsticker) 5.1.1. Mall /Avon Rd, Planning Update (Pedro Campos) 5.1.2. "Business Friendly" Review Environment 5.1.3.Appeal Process 5.2. Discussion of Funding Request for Augustana Senior Care Facility (Lisa Pease, Augustana Care, Tori Franks, Eagle County) 6. EXECUTIVE SESSION (This meeting is not open to the public. The Executive Session may be moved to the end of meeting or canceled.) (Estimated Start time 8:15 p.m. - Estimated End Time: 8:30 PM) 6.1. Meet with Town Attorney for the purpose of receiving legal advice pursuant to Colorado Revised Statute §24- 6- 402(4)(b) related to settlement matters regarding Town of Avon v Traer Creek Metropolitan District, 2008 CV 0385 and Traer Creek, LLC, et.al. v Town of Avon 2010 CV 316 (Town Attorney Eric Heil) FWAL Avon Meeting Agenda 13 11 12 page t CVON TOWN OF AVON, COLORADO TOWN OF AVON MEETINGS FOR TUESDAY, NOVEMBER 12, 2013 AVON LIQUOR AUTHORITY MEETING BEGINS AT 5:00 PM AVON URBAN RENEWAL AUTHORITY BEGINS AT 5:10 PM REGULAR MEETING BEGINS AT 5:20 PM AVON TOWN HALL, ONE LAKE STREET 7, ACTION ITEMS 7.1. License Agreement with Hoffmann Commercial Real Estate, Approving Construction and On- Going Maintenance of a Retaining Wall in Hurd Lane Right -of -Way (Senior Planner Matt Pielsticker) 7.2.Approval of a Two -Year Extension of the Development Plan Approval for Beowulf Lot 7, Western Sage, pursuant to §7.16.02o(h), AMC. - Reynolds Development Corporation (Senior Planner Matt Pielsticker) 7.3.Village of Avon Update (Eric Heil, Town Attorney) 7.3.1. Action, by Motion and Vote, on Extension of the Outside Date in the Closing Escrow Agreement 7.4. Consent Calendar 7.4.1. Minutes from October 22, 2013 Meeting (Town Clerk Patty McKenny) 7.4.2. Approval of 2013 Audit Engagement Letter (Finance Director Scott Wright) 8. WORK SESSION 8.1. Presentation of 2014 Snow Plow Routes & Hours of Operation (Road & Bridge Superintendent Gary Padilla & Interim Parks & Recreation Director John Curutchet) 8.2. Review of the 2014 Proposed Budget Capital Fund: Final 2014 Projects, including a Nottingham Park Stage 9. COMMITTEE MEETING UPDATES: COUNCILORS AND MAYOR 10. COUNCIL COMMENTS 11. MAYOR REPORT AND FUTURE AGENDA ITEMS 12. EXECUTIVE SESSION (THIS MEETING IS NOT OPEN TO THE PUBLIC) 12.1. Meet Pursuant to Colorado Revised Statute §24- 6- 402(4) (f) for the purpose of discussing personnel matters related to the annual performance review of the Town Manager 13. ADJOURNMENT FUTURE AGENDA ITEMS: November 26th: Public Hearing and Adoption Of 2014 Budgets all Funds, Resolution Certification for Delinquent Real Estate Transfer Tax for Eagle County, Ordinance Adopting 2 "d Tier Code Amendments, Proposal & Scope of Services for Branding Firm, Review Process for Residency and Ethics Code, Guiding Principles for Colorado Water Plan FINAL Avon Meeting Agenda 13 11 12 Page 2 p UN TOWN OF AVON, COLORADO TOWN OF AVON MEETINGS FOR TUESDAY, NOVEMBER 12, 2013 AVON LIQUOR AUTHORITY MEETING BEGINS AT 5 :00 PM AVON TOWN HALL, ONE LAKE STREET PRESIDING OFFICIALS PRESIDING OFFICIALS CHAIRMAN RICH CARROLL VICE CHAIRMAN TODD GOULDING BOARD MEMBERS DAVE DANTAS, CHRIS EVANS, JENNIE FANCHER ALBERT "Buz" REYNOLDS, JR., JAKE WOLF TowN-STAFF TOWN ATTORNEY: ERIC HEIL TOWN MANAGER: VIRGINIA EGGER TOWN CLERK: PATTY MCKENNY ALL LIQUOR BOARD 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 TOWN HALL AND RECREATION CENTER, AND AVON LIBRARY 1. CALL TO ORDER AND ROLL CALL 2. APPROVAL OF AGENDA 3. PUBLIC COMMENT 4. RENEWAL OF LIQUOR LICENSES 4.1. Applicant Name: Red Mountain Grill Avon LLC d /b /a Red Mountain Grill Avon Address: 240 Chapel Place Unit B123 Manager Name: Steven Kaufman Type of License: Hotel & Restaurant Liquor License 4.2. Applicant Name: Avon Properties Leasing, LLC d /b /a Village Warehouse Wines Address: 1ol Fawcett Road Manager: Pete Cuccia Type of License: Retail Liquor Store License 4.3. Applicant Name: Suncor Energy Sales, Inc. d /b /a Shell Address: 46 Nottingham Road Manager: Anakut Loya Type of License: 3.2% Beer License (Off Premises) REPORT OF LIQUOR LICENSE VIOLATION AND RESOLUTION No. 13 -01 RESOLUTION FINDING PROBABLE CAUSE, SETTING HEARING AND ISSUANCE OF NOTICE OF SHOW CAUSE HEARING 5.1. Avon Police Report NO. 2013- 000758 Applicant Name: Y &Z, Inc. d /b /a Nozawa Sushi & Kitchen Address: 101 Fawcett Road Manager: Jennifer Brosch; Owner: Yong Hu Yuan Type of License: Hotel & Restaurant Liquor License 6. MINUTES FROM OCTOBER 22, 2013 7. ADJOURNMENT FINAL Avon Meeting Agenda 13 1112 Page 3 HVUN TOWN OF AVON, COLORADO TUESDAY, NOVEMBER 12, 2013 AVON URBAN RENEWAL AUTHORITY MEETING BEGINS AT 5:15 PM AVON TOWN HALL, ONE LAKE STREET PRESIDING OFFICIALS CHAIRMAN RICH CARROLL VICE CHAIRMAN TODD GOULDING COMMISSIONERS DAVE DANTAS, CHRIS EVANS, JENNIE FANCHER ALBERT "Buz" REYNOLDS, JR., JAKE WOLF STAFF EXECUTIVE DIRECTOR/ SECRETARY: VIRGINIA EGGER ATTORNEY: ERIC HEIL TREASURER: SCOTT WRIGHT AUTHORITY CLERK: PATTY MCKENNY ALL URBAN RENEWAL MEETINGS ARE OPEN TOTHE 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 POSTEDAT AVON MUNICIPAL BUILDING AND RECREATION CENTER, ALPINE BANK, AND AVON LIBRARY 1. CALL TO ORDER AND ROLL CALL 2. APPROVAL OF AGENDA 3. PUBLIC COMMENT c}. WORK SESSION 5. RESOLUTIONS 5.1. Resolution No. 13 -03, Series of 2013, Authorizing the Issuance of the Avon Urban Renewal Authority, Tax Increment Revenue Bonds, Series 2013 (Scott Wright, Treasurer, Jonathan Heroux, Piper Jaffrey, Dee Wisor, Sherman and Howard) 6. Consent Calendar 6.1. Minutes from October 22, 2013 Meeting (Authority Clerk Patty McKenny) 6.2.Approval of Engagement Letter with Sherman & Howard as Bond Counsel in connection with the issuance of Tax Increment Revenue Bonds, Series 2013. ]. ADJOURNMENT FINAL Avon Meeting Agenda 13 1112 Page 4