HomeMy WebLinkAbout2016-01-04 URA Minutes Special Meeting
MINUTES
CALDWELL URBAN RENEWAL AGENCY
JANUARY 4,2016
6:45 P.M.
(ROLL CALL)
The special meeting of the Caldwell Urban Renewal Agency convened at 6:45 p.m.in the Caldwell Police Department
Community Room with Vice-Chairman Pollard presiding.
Roll was called by the secretary. Present: Commissioner Hopper, Commissioner Pollard, Commissioner Callsen,
Commissioner Biggers,Commissioner Feucht,and Commissioner Ozuna.
Staff Present: ElJay Waite and Mayor Nancolas.
(CONSIDER THE BOND PURCHASE AGREEMENT AND RESOLUTION NO. 2016-1 AUTHORIZING THE
ISSUANCE OF THE BONDS (THE 66BOND RESOLUTION") RELATING TO THE CALDWELL SCHOOL
DISTRICT NO. 132 IMPROVEMENTS PROJECT)
E]Jay Waite, 411 Blaine Street, presented the staff report. He noted that the school is now 15 years old and in need of
expansion and upgrades. He highlighted contents of the Bond Resolution. A budget review was conducted of the levy
rate and the assessed values. The interest rate on the bonds with Banner Bank will be 3.35 percent.
Commissioners Callsen noted that the population of Caldwell at the time the school was constructed was approximately
26,000. The population to date is now over 50,000. The expansion 1s needed in light of the community's growth.
Mike Stoddard of Hawley Troxell Attorneys and Consultants, 877 W. Main, Boise, provided a report concerning the
resolution and the bond purchase agreement. The resolution offers a principal amount of up to$2,500,000. The bank is
looking solely towards the Urban Renewal Agency for repayment. There will be a funding implementation plan between
the URA and the Caldwell School District to set the terms of the transaction. Zions Bank will operate as the bond trustee
and will disburse funds to the bold holder(Banner Bank). The Resolution includes authorization of the Bond Purchase
Agreement.
Chairman Hopper read the resolution by title only.
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF THE CITY
OF CALDWELL, IDAHO, SPECIFYING AND ADOPTING A PLAN FOR IMPROVEMENTS TO SCHOOL
DISTRICT NO. 132 FACILITIES IN THE CALDWELL EAST URBAN RENEWAL AREA; SPECIFYING THE
ESTIMATED COST THEREOF; AUTHORIZING THE ISSUANCE AND SALE OF REVENUE ALLOCATION
(TAX INCREMENT)BONDS, SERIES 2016(SCHOOL DISTRICT NO. 132 IMPROVEMENTS PROJECT),IN THE
PRINCIPAL AMOUNT OF UP TO $2,5001000 TO FINANCE THE CONSTRUCTION OF URBAN RENEWAL
PROJECTS IN ACCORDANCE WITH THE URBAN RENEWAL PLAN FOR THE CALDWELL EAST URBAN
RENEWAL PROJECT; PROVIDING FOR THE COLLECTION, HANDLING, AND DISPOSITION OF REVENUE
ALLOCATION PROCEEDS; ESTABLISHING CERTAIN FUNDS AND ACCOUNTS; AUTHORIZING THE
EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT; PROVIDING FOR THE ISSUANCE OF
ADDITIONAL BONDS FOR FUTURE PROJECTS; AND PROVIDING FOR OTHER MATTERS RELATING TO
THE AUTHORIZATION, ISSUANCE, SALE, AND PAYMENT OF BONDS; PROVIDING FOR AN EFFECTIVE
DATE OF THIS RESOLUTION;AND PROVIDING FOR OTHER MATTERS PROPERLY RELATING THERETO.
MOVED by Callsen, SECONDED by Feucht to approve Resolution No.2016-1 as presented.
Roll call vote. Those voting yes: Callsen, Pollard, Biggers, Feucht, and Ozuna. Those voting no: none. Absent and/or
not voting:none.
MOTION CARRIED
PAGE 1 OF 2
(ADJOURNMENT)
-4
MOVED by Callsen,S14CONDED by Feucht to adjourri at 6:54 p.rn..
MOTJON CARRIED
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