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Avon Urban Renewal Authority

Avon Urban Renewal Authority. Initial Meeting August 28, 2007. Next Steps. Adopt Bylaws Appoint Officers Approve Cooperation Agreement w/ Town of Avon. Bylaws. Article I - Name Avon Urban Renewal Authority Article II - Commissioners

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Avon Urban Renewal Authority

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  1. Avon Urban Renewal Authority Initial Meeting August 28, 2007

  2. Next Steps • Adopt Bylaws • Appoint Officers • Approve Cooperation Agreement w/ Town of Avon

  3. Bylaws • Article I - Name • Avon Urban Renewal Authority • Article II - Commissioners • Members of Town Council constitute Board of Commissioners

  4. Bylaws - continued • Article III - Officers • Chairman = Mayor • Vice-Chairman = Mayor Pro-Tem • Secretary / Executive Director = Town Manager • Treasurer = Finance Director • Authority Clerk = Town Clerk • Other Consultants

  5. Bylaws - continued • Article VI - Meetings • Annual Meeting in January • Regular Meetings at least Quarterly • Special Meetings Upon Request • Written Request by Chairman, or • Any Four Commissioners • 24 Hours Notice

  6. Cooperation Agreement • Incremental Property Tax Revenues • Advances by the Town • Payments and Subordination • Miscellaneous Provisions

  7. Incremental Tax Revenues • Authority shall use for any lawful purpose • Town shall not take any action that would materially reduce

  8. Advances by the Town • Town may advance up to $1 million through December 31, 2008 • Town authorizes the use of Town employees to assist the Authority • Subject to annual appropriation

  9. Advances by the Town • Shall be reimbursed from available funds by December 31, 2011 • Un-reimbursed advances: • Date for repayment may be extended • May be forgiven and discharged

  10. Payments and Subordination • No interest to accrue on amounts advanced to the Authority • Authority’s obligations are subordinate to any Obligations collateralized by property tax incremental revenues

  11. Miscellaneous • Separate Legal Entities

  12. Moving Forward • Budget • Fiscal models • Written updates and briefings • Website • FAQ sheets

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