HomeMy WebLinkAbout2011-09-06 URA MinutesPage 1 of 3
Regular Meeting
CALDWELL URBAN RENEWAL AGENCY
September 6, 2011 – 12:00 Noon
City Administrative Offices, Conference Room
The regular scheduled meeting of the Caldwell Urban Renewal Agency convened at 12:00 Noon on
September 6, 2011 in the Conference Room at Caldwell City Hall Administrative Offices with
Chairman ElJay Waite presiding. Roll was called:
Present: ElJay Waite, Rob Hopper, Theresa Hardin, Kathy Alder and Leona Fouts
Guests: Steve Fultz, Eric Makrush, Dave Gipson, Andy McCluskey, Ray Wolfe, Paul
Alldredge, D. L. Maitland.
Motion to approve the agenda as presented: Alder/Fouts M/S/P
Motion to approve the minutes of the August 2, 2011 meeting: Hardin/Alder M/S/P
OLD BUSINESS
#1: CEDC Activity Report provided by Steve Fultz, Executive Director.
Highlights for August 2011
• Foreign-Trade Zone application update:
o Application has been reviewed by the national board. Two minor revisions are
necessary and in process.
• Project Bake is expected to make a decision within the next 3 days.
• Two potential SkyRanch leads that will each require 100,000-160,000 sf of building space
• Mayor Nancolas noted that he and Steve Fultz met with Steve Appleton of Micron who
expressed strong support for the FTZ.
NEW BUSINESS
#1: Review downtown development concept from Business Recruitment and Development
Committee.
Representatives from the Business Recruitment & Expansion Committee (BRE) of Caldwell
Economic Development Council presented a funding commitment request in the amount of
$1.5 million for a development project in the block from Kimball to 7th Street on Indian Creek.
The funding is for a full block redevelopment commitment to be used for land and building
acquisition and/or other development-incurred costs to create a developer-driven incentive
package.
Mayor Nancolas stated that he and Steve Fultz met with Oppenheimer Development regarding
this project. Oppenheimer expressed interest in the project and volunteered their time and
expertise to work with BRE/CEDC in brainstorming a financial commitment package that
would be attractive to developers. The primary factors to be covered are acquisition,
pioneering, infrastructure and parking.
Chairman Waite praised the BRE/CEDC committee for the vision and scope of the project and
the fact that it complements that master plan for the Indian Creek project. He further stated that
due to the reduction in tax increment revenues to URA, uncommitted funds are only projected
to be about $500,000 each year. To determine URA’s ability and capacity to partner in this
project, legal counsel would need to review the project and the incentive package to be
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proposed to developers. Chairman Waite recommended the BRE/CEDC committee take the
following steps:
1. Meet with Oppenheimer for suggestions and recommendations for creating an incentive
package.
2. Prepare a developer-friendly financial incentive package
3. Present the package to URA for legal review to determine URA’s ability to partner
4. Issue an RFP to developers
A question was raised regarding URA’s ability to bond for a project this close to URA’s sunset
in 2014. Chairman Waite stated that URA could still bond up to 2023 if the project was
completed before the URA sunset.
#2: Consider Proposal from Vallivue School District.
Chairman Waite stated that URA’s budget reflects reimbursements still due to Vallivue School
District for a previous project and revenues are not sufficient to consider additional funding to
the school district at this time. The commissioners unanimously concurred with this decision.
#3: Motion to enter into Executive Session at 1:00pm pursuant to Idaho Code, Section 67-2345,
Subsection (c) for the purpose of discussing acquisition of real property not owned by a public
agency: Hopper/Alder M/S/P
Motion to exit Executive Session at 1:17pm: Fouts Hopper M/S/P
Chairman Waite stated that no action will be taken from Executive Session and land acquisition
discussion will be held at future meetings.
#4 Finance Report provided by Rob Hopper:
Bank of the Cascades Business Ckg Ending Balance Earnings
July 31, 2011 139,644.59 0
August 31, 2011 48,353.67 1,953.42 from TCD
Bank of the Cascades Time CD#1 Ending Balance Earnings
May 4, 2011 250,000.00 Pd Qtrly
Balance will remain constant. Interest earnings deposited to Business Ckg
Wells Fargo Savings (#8890) Ending Balance Earnings
July 31, 2011 2,714,532.62 243.69
August 31, 2011 2,765,040.89 255.95
Wells Fargo Checking (non-interest) Ending Balance Earnings
July 31, 2011 3,845.98 0
August 31, 2011 3,845.98 0
Wells Fargo Money Market (#8601) Ending Balance Earnings
July 31, 2011 1,048,530.58 136.44
August 31, 2011 1,048,629.69 99.11
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Local Government Investment Pool Ending Balance Earnings
July 31, 2011 107,788.34 26.82
August 31, 2011 107,810.92 22.58
Wells Fargo (Bond Debt Service) Ending Balance Earnings
June 31, 2011 Fund 96 2,593,708.62 22.04
Motion to approve the financial report: Fouts/Alder M/S/P
#5 Invoices presented for payment: presented by Rob Hopper
$ 35.00 Petty Cash August lunch
$ 45.00 Petty Cash Sept lunch
$ 157.50 Hamilton, etc. Attys Public Records Request – Chukars Deli
$ 242.73 Idaho Press Tribune Public Hearing Notice
$ 2,915.00 Superior Signs Signage for retail space TVCC Bldg
$ 4,072.98 CEDC FTZ – Miller & Co. and marketing costs
$ 1,695,060.00 City of Caldwell TVCC payment due 10/5/11
$ 1,702,528.21
Motion to approve the invoices for payment: Fouts/Alder M/S/P
#6: Commissioner Reports
No report.
The next meeting will be held October 4, 2011 at 12:00noon.
Motion to adjourn: Alder/Hopper M/S/P
Meeting concluded at 1:27pm.
Respectfully submitted,
Leona Fouts
Secretary