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Home My WebLink About2012-11-06 URA MinutesPage 1 of 3 Regular Meeting CALDWELL URBAN RENEWAL AGENCY November 6, 2012 – 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 November 6, 2012 in the Caldwell City Hall conference room with Chairman ElJay Waite presiding. Roll was called: Present: ElJay Waite, Rob Hopper, Kathy Alder, Scott Syme, Theresa Hardin and Leona Fouts Guests: Jim Thompson, Zach Waggoner, Mike Stoddard, Zach Wesley, Paul Navarro, Cameron Arial Motion to approve the agenda as presented: Alder/Fouts M/S/P Motion to approve the minutes of the October 2, 2012 meeting: Fouts/Alder M/S/P OLD BUSINESS #1: CEDC Activity Report provided by Steve Fultz. Highlights for October 2012 Projects with potential for commitment in 2012 • Project Clear...accepted offer on land in Sky Ranch, in due diligence phase. 40,000 sq ft facility, 20-40 mfg jobs created • Project Fish...working with local developer on 30,000 sq ft facility in Sky Ranch, with 20- 40 mfg jobs created. Site identified, working with CWI on product testing and training • Project JT...met with local developer on 20,000 sq ft facility in Sky Ranch area. Up to 40 mfg jobs in 3 years • Project Prop...working to find adequate temporary site in Caldwell Airport area. 10-20 technical jobs to be created • Project Bond...working with developers and investors on a bonded warehouse to accommodate FTZ users (identified 2 businesses/users). Potential for 30 mfg type jobs • Project Truck...working with realtor and property owner on project in URA district at an existing vacant building. 25 mfg type jobs created. Recent tour of Southwark Metal Mfg facility Other projects in URA district • 5 development projects (potential) for downtown • 6 active leads from Idaho Commerce or BVEP • 8 additional, local generated leads (may require facility visits yet this year) #2 FTZ Update Recently joined NAFTZ Working with 5 potential FTZ users in the Magnet Zone, and an additional 6 within the service area; established FTZ Executive Committee composed of business reps, state export specialists, educators, state and local legislators (2 meetings;) developing new marketing materials and strategy Training session scheduled in Boise on Dec. 10th; scheduling education meetings with Legislators; schedule tour of Customs and Border Protection (CBP) facility in Boise. NEW BUSINESS #1 Consider Resolution to Accept County Recommendation for financing County Admin Building Project. Page 2 of 3 Chairman Waite noted the considerable amount of work that has been invested in this project by numerous people. Mike Stoddard, Partner, Hawley Troxell, serving as bond counsel for this project, presented an overview of the bonding and contract process, including the roles of the CEURA, County and bond issuer. The goal is to close the bond issue by year end. Documents will be ready to review and approve by November 26, 2012 and the projected closing date is December 27, 2012. In answer to a question by Scott Syme, Mr. Stoddard explained that the security pledge for the bond is tax increment revenues and the ability of the bond issuer to lease the building to the County or to a third party. Cameron Arial, VP, Zions Bank Public Finance, presented a summary of the bid results. Eight bids options were submitted and Banner Bank Option #2 was selected for the following primary reasons: Banner Bank will be the purchaser of the bonds which will reduce fees, they will allow for a draw-type structure so that all funds don’t have to be borrowed up front thereby reducing interest costs which provides the greatest amount of funds to be used as loan proceeds. Mr. Arial stated that from a bidder’s perspective, this is a very strong credit. Paul Navarro, Canyon County, presented a construction cost budget which totals $6,584,000 for a 49,248 sq/ft, three story building and includes tenant improvements. Chairman Waite presented Resolution 2012-01: A Resolution by the Board of Commissioners of the Urban Renewal Agency of the City of Caldwell, Idaho, authorizing certain preliminary actions with respect to the issuance and sale by the Agency of revenue allocation (tax increment) bonds to finance the construction of certain urban renewal projects for use by Canyon County, Idaho, in accordance with the Urban Renewal Plan for the Caldwell East Urban Renewal project. Motion to approve Resolution 2012-1: Hardin/Fouts. Votes in favor: Hardin, Fouts, Waite. Votes against: Syme. Votes abstained: Alder, Hopper #2 Review County Admin Building Project Timeline. Cameron Arial, Zions Bank, presented a Calendar of Events for the CEURA Revenue Allocation Bonds, Series 2012. #3 Consider CEDC Business Retention & Expansion Proposal. Steve Fultz, Jim Thompson and Bob Carpenter presented a project proposal on behalf of the Business Retention & Expansion Committee (BR&E) involving the purchase of the King’s building to secure the property for a future plaza project, or other such project that will create value in the downtown core. The asking price and demolition costs for the property are yet unknown. BR&E is requesting funding assistance with the project. Rob Hopper stated that a project of this size would need to be a bondable project. Chairman Waite recommended that project be discussed with Caldwell City Council and that total project costs should be determined. Chairman Waite further stated that a portion of needed funds would be available in 2013, but the bulk of the project would need to be funded through bonding or other financing methods. Unanimous support for the project was voiced by commissioners. #4 Finance Report provided by Rob Hopper: Bank of the Cascades Business Ckg Ending Balance Earnings October 30, 2012 2,468,254.48 -0- Qtrly TCD Interest Page 3 of 3 Bank of the Cascades Time CD#1 Ending Balance Earnings October 31, 2012 250,000.00 Qtrly to checking acct Balance will remain constant. Interest earnings deposited to Business Ckg Local Government Investment Pool Ending Balance Earnings September 30, 2012 108,086.63 20.67 Zions Bank (Bond Debt Service) Ending Balance Earnings September 31, 2012 Fund 96 3,006,342.24 324.51 Motion to approve the financial report: Fouts/Alder M/S/P #5 Invoices presented for payment: presented by Chairman Waite. $ 50.00 Petty Cash Lunch – November 6 $ 2,500.00 Simply Stylin’ 2nd Qtr correction/business incentive $ 3,750.00 Simply Stylin’ 3rd Qtr business incentive $ 3,254.80 Pioneer Irrigation Irrigation assessments – 5 accounts $ 20,000.00 TVCC TVCC 2012 Maintenance, per contract $ 319.58 Caldwell Lateral Irrigation 205 S. 6th Ave/5.51 lots/irrigation assessmt $ 29,874.38 Motion to approve the invoices: Fouts/Alder M/S/P #6 Commissioner Reports Scott Syme noted that downtown is ready for projects and wise decisions by the City and URA are critical. Theresa Hardin reminded commissioners of the tourism training coming up in March 2013. She also announced that the Chamber Events Coordinator position is open and interested candidates are welcome to apply. Kathy Alder announced that “garbage is up 5.8%” in the county landfill, which is an indication that the economy is improving. Chairman Waite stated that he toured the new CWI Tech Center in Nampa (the former Sam’s Club building) and was very impressed by the facility, class offerings and their ability to provide training for nearly any industry. The next meeting will be held November 26, 2012 at 12:00noon in the Community Room at the Caldwell Police Station. Motion to adjourn: Hopper/Fouts M/S/P Meeting concluded at 2:00pm.. Respectfully submitted, Leona Fouts Secretary