Avon introduces Bloom Phase 2 annexation and an ordinance authorizing Lennar economic-development bonds

Avon Town Council on Jan. 23 opened and closed a public hearing for the Bloom Phase 2 annexation and introduced the ordinance to annex that area. The hearing drew one speaker who raised unrelated concerns about a nearby parcel; staff clarified the speaker’s concerns were not part of the annexation item.

Council also introduced Ordinance 2025-04, which would authorize the issuance of taxable economic-development revenue bonds for a Lennar project. The ordinance sets parameters for later approvals, requires findings consistent with an Economic Development Commission project report, and contemplates the use of bond proceeds for project construction, funding a debt-service reserve and repayment from TIF (tax increment financing) revenues.

Dan, the town’s legal counsel, described the ordinance as an introduction only; the ordinance will require subsequent approvals from the Economic Development Commission and the council before bonds would be issued. The draft ordinance in the packet describes contemplated bond parameters including a not-to-exceed amount shown in the packet and a final maturity not later than 25 years from issuance. The ordinance also contemplates an optional redemption provision to begin no later than eight years after issuance. Staff said the bond closing is planned for this spring.

A council member noted a needed drafting correction on signatures (electronic signatures should reference the council president rather than the mayor/clerk in one place); staff confirmed the correction was made after the packet was printed.

The annexation ordinance was formally introduced and the bond ordinance moved to second reading at a future meeting; no final bond approvals were taken at this meeting.