HomeMy WebLinkAbout2005-06-07 URA MinutesRegular Scheduled Meeting
CALDWELL URBAN RENEWAL AGENCY
June 7, 2005 - 12:00 noon
Caldwell City Hall, Conference Room
The regular scheduled meeting of the Caldwell Urban Renewal Agency was held June 7, 2005 at 12:00
noon in the Conference Room @ City Hall with Chairman ElJay Waite presiding. The roll was called:
present were ElJay Waite, Mayor Garret Nancolas, Rob Hopper, and Leona Fouts. Absent: Matt
Beebe. Guests: Steve Fultz, Dennis Cannon, Gian Paolo Mammone, Dave Gipson, Jim Wrigley.
Motion to approve the agenda: Fouts/Hopper M/S/P
Motion to approve the minutes from the May 3, 2005 meeting: Fouts/Hopper M/S/P
Old Business
Chairman Waite provided an update on Pipedream Park. Idaho Power is completing the easement
work this week. Parking lot and roads will be done by the end of August. City park crews are
extending pipe from Smeed Parkway to our property line.
CEDC Update: Steve Fultz, Executive Director, provided an update on CEDC activities which
include: three strong leads for the Sky Ranch business park; working with the state wine commission
to find office placement; continue to work with TVCC-Idaho to locate in the vacant Blackers building
on Cleveland & Ustick; $150,000 downtown grant is moving forward; bookstore owner considering
new store in downtown Caldwell. Mayor Nancolas stated that he spoke with Mike Lemrick, Gem
State Manufacturing, and offered the services of CEDC in facilitating a land deal for Mike. Mike
wants to stay in Caldwell, however he is extremely busy and has neither the time nor the understanding
to put a land deal together. Steve Fultz agreed to contact Mike and help him through the process.
Mayor Nancolas presented the final MOU agreements between CEDC and URA. The first MOU
agreement addresses the $200,000 land donation to the charter school and the three-way agreement
between the charter school, CEDC and URA. The second MOU Option to Purchase allows CEDC
three years to exercise the option to purchase a parcel in the vicinity of Smeed Parkway from URA,
and gives URA the discretion to approve or disapprove the exercise of the option based upon criteria
specified in the MOU. The question arose as to whether or not CEDC should reimburse URA for
parcel improvements that URA will fund between document signing and purchase of the parcel. Rob
Hopper suggested that improvements within the first year be paid by URA and improvements in the
subsequent two years be reimbursed by CEDC for the purpose of providing an incentive to CEDC to
market the parcel quickly. After discussion, all parties agreed that CEDC shares URA’s sense of
urgency to market the property and no incentive is necessary. Motion to approve Resolution #2005-3
adopting both MOU agreements and authorizing Chairman Waite to sign both agreements on behalf of
URA: Fouts/Nancolas M/S/P
Jim Wrigley, Well Fargo Bank, presented the financing package for the Indian Creek project. The
debt will be $2,660,000 for a seven year period @ 4.28% interest. The financing package meets the
bonds test for 2004 and the new debt is on parity with both the 2004 and YMCA debts. Closing is
scheduled for 6/8/05.
Dennis Cannon provided an update on the Indian Creek Project: The EDA grant should be
available the end of June. A strong focus is being placed on developing a marketing package to
recruit new businesses along the creek.
CEURA, 6/7/05, Page 2
Indian Creek property purchases not yet finalized:
The church and the Youth Ranch are both obtaining their own appraisals.
Campbell Auto Body can’t make a decision. If a decision is not reached within ten days, our offer
will be withdrawn and URA will consider purchasing different properties and re-routing the creek.
NW Mutual Insurance obtained a new appraisal in the amount of $92,000 and has counter-offered
at $110,000 plus relocation expenses. URA commissioners unanimously agreed that we must be
concerned with setting a precedent of paying an above-market price. If the purchase price exceeds
110% of the new appraisal, commissioners will not be willing to close this transaction until all
other Indian Creek properties have been negotiated and closed. Chairman Waite will meet with
Mr. Harness and inform him that if we agree to meet his price, his transaction will close last. If he
needs to close quickly, a new price will have to be negotiated.
Motion to accept the $110,000 purchase price plus maximum re-location expenses of $2,500 for the
purchase of the Northwestern Mutual Insurance property with the stipulation that the property closing
be scheduled after all other Indian Creek property negotiations have been finalized: Nancolas/Fouts
M/S/P
Chairman Waite presented the final Charter School Performance Agreement for approval. Motion
to approve the agreement and authorize Chairman Waite to sign documents on behalf of URA:
Nancolas/Fouts M/S/P
New Business
Motion to approve the Revenue Allocation Note Resolution #2005-1, and authorize Chairman Waite
to sign accompanying documents on behalf of URA: Hopper/Fouts M/S/P
Debbie Geyer presented a request to reschedule the URA matching funds for the ITD FY 2008
Grant based upon the Idaho Transportation Department’s ability to advance the original application by
one year. Motion to advance URA’s matching funds for the ITD FY 2008 by one year, thereby
accelerating the initial payment to January 2006: Hopper/Nancolas M/S/P
Motion to approve invoices as follows:
$ 5,106.97 Moffitt Thomas Attnys Skyway license agreement
$ 2,000.00 Negotiation Services Indian Creek negotiations: Harness, Oller
$ 658.13 Caldwell Lateral Irrigation Arthur Street Car Wash Site
Fouts/Nancolas M/S/P
Financial report presented by Rob Hopper: As of Balance Interest
Farmers & Merchants Checking Account 5/31/05 22,198.70
Farmers & Merchants Money Market Account 5/31/05 593,563.20 966.16
Local Government Investment Pool 5/31/05 761,936.14 1,758.37
The next meeting will be held Tuesday, July 5, 2005 at 12:00noon
Motion to adjourn: Hopper/Fouts M/S/P
Meeting adjourned @ 1:40 pm
Respectfully submitted,
Leona Fouts, Secretary