Citizens Advisory Review Committee

CITIZENS ADVISORY REVIEW COMMITTEE Tuesday, June 28, 2022 – 12:00 p.m. 400 East Military, Fremont, Nebraska 1. Call to Order 2. Approval of minutes from February 22, 2022 meeting 3. Review Fund Balance 4. Review Quarterly Report 5. Plan Administrator Updates a) Vertical Cold Storage b) Infinite 8 c) Local Option Sales Tax Update 6. Adjourn This agenda was posted at the Municipal Building and was distributed to the members of the Citizens Advisory Review Committee on June 24, 2022. The official current copy is available at City Hall, 400 East Military Avenue. A copy of the Open Meeting Law is posted for review by the public. 1 of 5  CITY OF FREMONT CITIZENS ADVISORY REVEW COMMITTEE February 22, 2022 – 12:00 p.m. A meeting of the Citizens Advisory Review Committee was held on February 22, 2022 at 12:00 p.m. at 400 East Military Avenue, Fremont, Nebraska. The meeting was preceded by publicized notice in the Fremont Tribune and the agenda displayed in the Municipal Building. The meeting was open to the public. A continually current copy of the agenda was available for public inspection at the office of the City Administrator, 400 East Military Avenue. The agenda was distributed to the Citizens Advisory Review Committee on February 11, 2022 and posted, along with the supporting documents on the City’s website. A copy of the open meeting law is posted continually for public inspection. ROLL CALL Roll call showed Members Johannsen, Schulz and Proskovec present. Martinez joined the meeting at 12:06pm. Wiese absent. 4 present, 1 absent. Others in attendance included Joey Spellerberg, Mayor; and Jody Sanders, Interim City Administrator and Dir. of Finance. APPROVAL OF MINUTES FROM JANUARY 6, 2022 MEETING. Moved by Member Proskovec and seconded by Member Schulz to approve the minutes of the January 6, 2022 meeting. Ayes: Schulz, Johannsen, Proskovec. Motion carried 3-0. REVIEW FUND BALANCE. Olson gave overview. No motion received. CONSIDER QUARTERLY REPORT. Olson gave overview. CONSIDER ELIGIBILITY TIERS. Olson gave overview. CONSIDER LOAN DOCUMENTS. Olson gave overview. ADJOURNMENT Moved by Member Schulz and seconded by Member Martinez to adjourn at 12:28 p.m. Ayes: Schulz, Johannsen, Proskovec, Martinez. Motion carried 4-0. 1 2 of 5 Agenda Item 2 City of Fremont Nebraska Status of LB 840 Funds 5/31/2022 Premilinary Estimate Assets: Checking 354,025.62 Money Market 777,592.89 Investments 1,997,890.62 3,129,509.13 Capital Transfers (172,675.14) (172,675.14) 2,956,833.99 Known Committed Funds: Morningside Business Park Res 2013-095 0.00 New Horizons Cold Storage Res 2021-015 500,000.00 505 Main Street Group, LLC Res 2021-021 155,000.00 Wheelhouse Solutions, LLC Res 2022-012 0.00 Tech/Bus Park Resolution 2011-047 975,392.00 1,630,392.00 Uncommitted Funds 1,326,441.99 3 of 5 Agenda Item 3  STAFF REPORT TO: Citizens Advisory Review Committee FROM: Angie Olson, Plan Administrator DATE: June 28, 2022 SUBJECT: Local Option Economic Development Fund (LB 840) Quarterly Report Recommendation: Receive Report Background: In accordance with the City’s Local Option Economic Development Plan, the Plan Administrator provides City Council and the general public a report regarding the activity of the LB 840 plan. The local option sales tax is ½ of 1% and is split equally between Public Safety, Streets and Flood Control, and Economic Development. This tax will expire on December 31, 2024. The Local Option Economic Development Plan will be in place until June 1, 2029. In the last three months, the City has talked to one business regarding the application process for the Local Option Economic Development Plan and discussed a potential application through a contact at the Greater Fremont Development Council. One film application is possible in the near future. A copy of the LB 840 funds status is included with this report. As of May 31, 2022, the fund had a balance of $2,956,833.99. Of that figure $655,000 has been awarded to businesses as performance based forgivable loans. $975,392 has been set aside in the event job creation is not met at the Technology Park and the City is required to pay back the CDBG grant #10-ED-009. Since 2000, nearly $21 million of LB 840 funds have been invested in property and infrastructure and awarded to businesses investing and growing in Fremont. This has resulted in the creation of over 1,800 new jobs, the retention of over 1,600 jobs, and an increase of over $196 million in the assessed property values of those who have received an LB 840 award. To date there are $1,326,441.99 uncommitted funds in the LB 840 fund. A preliminary summary of the Economic Development funds is attached. Fiscal Impact: None 4 of 5 Agenda Item 4 City of Fremont Nebraska Status of LB 840 Funds 5/31/2022 Premilinary Estimate Assets: Checking 354,025.62 Money Market 777,592.89 Investments 1,997,890.62 3,129,509.13 Capital Transfers (172,675.14) (172,675.14) 2,956,833.99 Known Committed Funds: Morningside Business Park Res 2013-095 0.00 New Horizons Cold Storage Res 2021-015 500,000.00 505 Main Street Group, LLC Res 2021-021 155,000.00 Wheelhouse Solutions, LLC Res 2022-012 0.00 Tech/Bus Park Resolution 2011-047 975,392.00 1,630,392.00 Uncommitted Funds 1,326,441.99 5 of 5 Agenda Item 4