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Home My WebLink About2013-02-05 URA MinutesPage 1 of 1 Regular Meeting CALDWELL URBAN RENEWAL AGENCY February 5, 2013 – 12:00 Noon Caldwell City Hall, Mayor’s Conference Room The regular scheduled meeting of the Caldwell Urban Renewal Agency convened at 12:00 Noon on February 5, 2013 in the Caldwell City Hall conference room with Chairman ElJay Waite presiding. Roll was called: Present: ElJay Waite, Rob Hopper, Theresa Hardin, Scott Syme and Leona Fouts Ex-officio: Garret Nancolas Guests: Steve Fultz, CEDC Motion to approve the agenda as presented: Fouts/Hardin M/S/P Motion to approve the minutes of the January 8, 2013 meeting: Fouts/Hopper M/S/P OLD BUSINESS #1: CEDC Activity Report provided by Steve Fultz. Highlights for January 2012 • Project Fish...All information submitted to company…awaiting their response…Project is 30,000 square feet with creation of 30-40 (FTZ) • Project White...expansion project with potential of relocating their secondary facility (from out of state) to Caldwell. Project would be 45,000 square feet with creation/retention of 100-120 jobs (FTZ)…hold • Project Phoenix...working with business owner on relocating manufacturing facility from CA to Caldwell…30,000 sq. ft. with creation of 20-30 jobs • Project Bond...strong possibility for early 2013 construction of a 65,000 sq. ft. bonded warehouse (FTZ) • Project Aspen...1st quarter 2013, with site visit to their current facility…100,000 sq. ft. facility with creation of 100+ jobs (FTZ). Working with local contact on moving forward. Met with potential developer on project • Project Finish...1st quarter 2013, with site visit to their current facility…70,000 sq. ft. facility with creation of 50 jobs • Project Mine...new, back in town in March, agribusiness from IN…10,000 sq. ft. facility with creation of 10-20 jobs • Project Five...looking for acreage in Sky Ranch…creation of 10-20 jobs • Project Prop...still very interested in Caldwell...site visit in early 2013…needs 10,000 sq. ft. on airport, with creation of 10-15 high-tech jobs • Project Water…site visit in January 2013. Needs 20 acres for 250,000 sq. ft. building with large employment base…$50 million + investment • Project Black…business expansion project, adding 10,000 sq. ft. to existing facility in Caldwell with additional jobs…strong candidate for FTZ • Project Timber…Montana based project looking for area location…20,000 to 30,000 sq ft Downtown Caldwell Working with BR&E committee on site-specific “plaza” project for downtown…price estimate for acquisition ($320,000), demolition ($120,000), and construction ($400,000) Working with Mayor Page 2 of 2 Continue work with other retail developers for downtown (desire blocks rather than lots) #2 FTZ Update • Training session in Boise on December 10, 2012…26 attendees • 2 new potential projects (one in Caldwell, one in the Valley) • New FTZ marketing brochure and building FTZ website page • Other FTZ prospects (existing businesses)…2 in Nampa, 2 in Meridian, 5 in Boise, 4 in Caldwell NEW BUSINESS #1 Consider Motion to Accept Johnson Thermal Systems Business Incentive Grant Application. Chairman Waite presented a summary of a Business Incentive Grant (BIG) application from Johnson Thermal Systems. He then withdrew himself from further discussion due to a conflict of interest because his son in employed by the company. Steve Fultz, CEDC, stated that Johnson Thermal Systems is an existing business that is currently housed in the former indoor soccer building on Industrial Way. The company has outgrown the facility and plans to construct a new 20,000 sf facility in Sky Ranch and add 15 full-time and 2 part-time jobs. CEDC’s grant review committee is recommending approval of the application up to $10,000 per qualified job created, not to exceed 20 employees pending review of all support documentation. Scott Syme suggested that perhaps we should consider reserving the BIG funds for new business versus existing business. Steve Fultz replied that company is also considering property outside of Caldwell and this grant provides the added incentive to allow us to retain their investment of $1.2 million in construction, plus land acquisition costs and job creation. Motion to approve the application as recommended by CEDC pending review of appropriate qualifications: Hopper/Fouts M/S/P Chairman Waite abstained. #2 Accept the 2012 Audit Report. Chairman Waite presented and reviewed the 2012 Audit report.. Motion to accept the report and submit it to City Council for approval: Fouts/Hopper M/S/P #3 Discuss Local Business Development Incentives Chairman Waite informed the Board that we have an opportunity in 2015 to continue with a business incentive grant program if the City decides to reinvest their URA increment funding in business development. He requested that the commissioners review Nampa’s Development Incentives information, consider options and be prepared for discussion next month. Steve Fultz reported that our negotiations with new and expanding business are going well and we still have an advantage with our Business Incentive Grant program that most other cities don’t offer. He further noted that we haven’t lost any projects to neighboring communities at this time. The comments he has received from prospects are that CEDC’s presentation and information is clean and easy to understand. Rob Hopper stated that more commercial and industrial business is beneficial to our residents, and that it’s important for us to match what the neighboring competition is offering. Page 3 of 3 Steve Fultz informed the commissioners that Project Water has narrowed down their prospective site list and we are on the list. This project includes a $20 million facility on 20 acres. He suggested that it will be important for us to be open to options for additional incentives that will help us get this project in Caldwell. Chairman Waite announced that he will be meeting with Freehold Development to review our potential revenue and cost for infrastructure in the Southwark, Challenger Way and Slip Stream development areas. #4 Adopt Post-Issuance Tax Compliance Procedures for Tax Exempt Bonds. Chairman Waite presented a document for our Post-Issuance Tax Compliance Procedures for Tax Exempt Bonds which outlines procedures to ensure that the rate we earn on investment of our reserve funds does not exceed the rate we pay on our bonds, as required by law. That rate is currently 2.69% for the next 24 months. This document will be kept on file and will be required and reviewed by auditors. Scott Syme asked about the availability of the public records. Chairman Waite noted that this document and all URA documents are open to the public and readily accessible. Motion to adopt the Post-Issuance Tax Compliance Procedures for Tax Exempt Bonds as presented: Hopper/Fouts M/S/P #5 Discuss closure of Business Incentive Grant for Simply Stylin’ Salon (BIG-001). Chairman Waite announced that URA has made the final payment to Simply Stylin’ for their Business Incentive Grant. They were our first recipient and completed their two years with only missing receipt of one quarterly payment due to one employee not working enough hours. He stated that they have been a nice addition to downtown Caldwell and a worthy project. #6 Finance Report provided by Rob Hopper: Bank of the Cascades Business Ckg Ending Balance Earnings January 31, 2013 3,896,701.75 -0- Qtrly TCD Interest Bank of the Cascades Time CD#1 Ending Balance Earnings January 31, 2013 250,000.00 Qtrly to checking acct Balance will remain constant. Interest earnings deposited to Business Ckg Local Government Investment Pool Ending Balance Earnings January 31, 2013 108,142.12 17.49 Zions Bank (Bond Debt Service) Ending Balance Earnings October 31, 2012 3,006,610.73 268.49 November 30, 2012 3,006,872.74 262.01 December 31, 2012 3,007,086.15 213.41 January 31, 2013 3,725,422.50* 211.95 *Includes a transfer from Bank of the Cascades: $718,124.40 Motion to approve the financial report: Fouts/Syme M/S/P #5 Invoices presented for payment: presented by Rob Hopper $ 35.00 Petty Cash Lunch meeting 1/8/13 Page 4 of 4 $ 1,000.00 Eide Bailly 2012 URA Audit Fees $ 125,113.60 Sun Trust 2007 Revenue Notes $ 126,148.60 RATIFY: $ 3,750.00 Simply Stylin’ Final BIG Payment #8 $ 1,894.69 CC Tax Collector 215 S. Kimball $ 2,014.21 CC Tax Collector 217 S. Kimball $ 1,805.01 CC Tax Collector 205 S. 6th / Property Tax $ 593.40 CC Tax Collector 205 S. 6th / Personal Property Tax on Equip $ 10,057.31 Motion to approve the invoices: Fouts/Hardin M/S/P #6 Commissioner Reports Scott Syme reported that property values are still rising and the residential market is active. The next meeting will be held March 5, 2013 at 12:00noon. Motion to adjourn: Hopper/Hardin M/S/P Meeting concluded at 1:20pm. Respectfully submitted, Leona Fouts Secretary