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Avon Urban Renewal Authority

Learn about the Avon Urban Renewal Authority's initial meeting agenda and next steps, including adopting bylaws, appointing officers, and approving cooperation agreements with the Town of Avon. Explore the authority's structure, meetings, cooperation agreements, and financial provisions.

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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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