HomeMy WebLinkAbout2018-03-05 URA MINUTES r•lr ,a Reneoral Agency of the City of CaldvreH
411 Maine Street
Caldwell. Idaho 83605
Special Meeting
Caldwell Urban Renewal Agency
Monday
Monday, March 5, 2018
p.m.
TO BE HELD AT:
Caldwell Police Department
Community Room
110 South 5t" Avenue
AGENDA
1) Consider the Bond Purchase Agreement with Banner Bank and
Resolution authorizing the issuance of the Revenue Allocation
(Tax Increment) , Series 2018 Indian Creek Plaza Project Bonds.
Posted: February 27, 2018
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CALDWELL URBAN RENEWAL AGENCY
SPECIAL MEETING
MINUTES
6:30 P.M.
Monday,March 5,2018
(ROLL CALL)
The regularly scheduled meeting of the Caldwell Urban Renewal Agency convened at 7:00 p.m. in the
Caldwell Police Department Community Room with Chairman Hopper presiding.
The secretary called roll. Present: Commissioner Hopper, Commissioner Porter, Commissioner Stadick.,
Commissioner Allgood,and Commissioner Ramirez. Absent: Commissioner Warwick,
(CONSIDER THE BOND PURCHASE AGREEMENT WITH BANNER BANK AND
RESOLUTION NO. 2018-08 AUTHORIZING THE ISSUANCE OF THE REVENUE
ALLOCATION [TAX INCREMENT],SERIES 2018 INDIAN CREEK PLAZA PROJECT BONDS)
EIJay Waite, URA Treasurer at 411 Blaine Street, presented the staff report providing historical facts
concerning the development of the plaza in relation to securing bonds for the project. The bond payments
would begin in 2019 and finish in 2022.
Brian Hathhorn, VP and Relationship Manager at Banner Bank, 950 W. Bannock, Suite 101, Boise,
expressed his appreciation in working with EIJay Waite concerning issuance of the bonds.
Mike Stoddard, Bond Legal Counsel from Hawley Troxell, 877 W. Main Street, Suite 1000, Boise,
explained that the bond amount is$4,400,000 with an interest rate of 3.88 percent. There will be an interest
only payment on September 1, 2018 and principal and interest payments commencing in March 2019
through September 2022. The payment dates coincide with existing URA bonds. After approval tonight,
there will be 30-day waiting period pursuant to Idaho Statute in which members of the public are able to
raise questions or objections. He outlined the contents of the resolution noting that the document approves
the terms of the transaction. The bond closing documents would not be finalized until the first week of
April 2018.
In response to questions from Commissioner Allgood, Mr. Waite explained that the bond funds would
cover past and future expenditures associated with the Indian Creek Plaza. He noted that a Reimbursement
Resolution was approved at the February URA meeting,which authorizes reimbursement of the fund from
previous expenditure. The remainder of funds would be used for future invoices for the project.
In response to questions from Commissioner Ramirez, Mr. Waite explained that the entire Indian Creek
Project Cost was bid at 7.1 million dollars. The URA Agency will pay a minimum of 6.1 million in costs.
The City will pay for items such as a Zamboni, tables/chairs, equipment, etc. Construction costs will be
paid with the bond proceeds and funds already allocated by URA within the City's increment.
Chairman Hopper clarified that the bond completes the original intent of the 7.1 million dollar investment;
however, there is still potentially some City of Caldwell increment, which could be requested by City
Council for use on expenditures pertaining to the project.
MOVED by Stadick, SECONDED by Allgood to adopt Resolution 2018-08 as presented.
Roll call vote: Those voting yes: Stadick, Allgood, Ramirez, Hopper, and Porter. Those voting no: none.
Absent and/or not voting: Warwick.
MOTION CARRIED
(ADJOURNMENT)
MOVED by Stadick, SECONDED by Porter to adjourn at 6:41 p.m.
MOTION CARRIED
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Approved as written this 12th day of March 2018.
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