Industrial Development Authority

MINUTES OF THE TOWN OF GILBERT, INDUSTRIAL DEVELOPMENT AUTHORITY July 26, 2018, 7:30AM 90 E CIVIC CENTER DR, CONFERENCE ROOM 100 GILBERT, ARIZONA MEMBERS PRESENT: Lauren Candreva, Kevin DeRosa, Rebekah Fontagneres, Keith Lamparter, Christopher Smith, Brent Yap, Val Gale (arrived 7:34 a.m. after Item 2 was approved) MEMBERS ABSENT: Alan Kranzberg, Gary Livacari, STAFF PRESENT: Jennifer Graves, John Baird, Jocelyn Smith COUNCIL LIAISON ABSENT: Councilmember Aimee Yentes CALL TO ORDER AND ROLL CALL: Christopher Smith called the meeting to order at 7:30 a.m. and declared a quorum present. COMMUNICATIONS FROM CITIZENS Christopher Smith opened the floor to the public for any comments or communications for items not on the agenda. No communication from citizens. 1. Introduction of new members – Val Gale, Alan Kranzberg, Brent Yap, and Kevin DeRosa 2. Minutes—Consider approval of the July 26, 2018 meeting minutes A MOTION was made by Member Fontagneres and seconded by Member Yap to accept and approve the minutes of July 26, 2018 as written. Motion passed 6-0. 3. By-Laws—Consider approval of an amendment to the IDA Bylaws Staff Liaison Graves reviewed the change. Motion was made by Member DeRosa and seconded by Member Candreva to approve the changes. Motion passed 7-0. 4. Special Meeting—Consider approval of holding a special meeting on September 12, 2019 at 7:30am. Staff Liaison Graves reviewed the need for a Special Meeting. Motion was made by Member Candreva and seconded by Member DeRosa to approve the changes. Motion passed 7-0. 5. Election of Officers—Conduct annual election of officers A MOTION to elect Lauren Candreva as President, Keith Lamparter as Vice President, Gary Livacari as Secretary, and Rebecca Fontagneres as Treasurer was made by Member DeRosa and seconded by Member Yap. Motion passed 7-0. 6. From members of the Authority on current & future events No additional information was provided. IDA Minutes, dated 7/18/19 Page 1  MINUTES OF THE TOWN OF GILBERT, INDUSTRIAL DEVELOPMENT AUTHORITY July 26, 2018, 7:30AM 90 E CIVIC CENTER DR, CONFERENCE ROOM 100 GILBERT, ARIZONA 7. From Council and staff liaison on current & future events Staff Liaison Graves gave an overview of the outstanding annual administrative fees related to the current issuance with John C. Lincoln. She indicated that she is working with Gilbert’s Legal Counsel John Baird and Chris Payne, to determine the status of the administrative fees. Once reconciled, Staff Liaison Graves will report back to the Gilbert IDA at the Special meeting scheduled for September 12. Additional discussion included: Member DeRosa asked if there is a gap in the oversight of the bonds. Staff Liaison Graves stated that it’s the borrower’s responsibility to notify the Town of Gilbert when the bond has been paid in full. She also noted that the Town does not invoice the borrower. Member Gale questioned if the trustee governs the outstanding bonds as well as who the trustee remits payment to. Staff Liaison Graves stated that the bonds are governed by the trustee and that the trustee remits payment to the Town of Gilbert for the administrative fees. Treasurer Fontagneres asked if there is a risk to the Town with the present structure of payment of the administrative fees. John Baird responded that there is no risk to the Town. John Baird stated that the Town is using internal resources to reconcile this issue. Member Lamparter offered to reach out to John C. Lincoln to assist in resolving this issue as he has a relationship with John C. Lincoln. Staff Liaison Graves gave some additional updates on business development: - Recruitment has been successful with Deloitte - Town Council approved a Development and Disposition Agreement with LGE and DMB for the development of the 9.1 acres site in the Heritage District - Hale Theatre expansion - University Building – o University of Arizona, Nursing Program, is now occupying the 3rd Floor o Park University – Classes start on August 19. They are expanding to the 2nd floor. Park University is playing their first soccer game in August - Rivulon – Lakes project (across from their Commons project) - Strand – water park at the Regional Park (bringing their own water) - Hotel investment at Regional Park - Trammel Crow Company purchased some light industrial acres behind AFW IDA Minutes, dated 7/18/19 Page 2  MINUTES OF THE TOWN OF GILBERT, INDUSTRIAL DEVELOPMENT AUTHORITY July 26, 2018, 7:30AM 90 E CIVIC CENTER DR, CONFERENCE ROOM 100 GILBERT, ARIZONA ADJOURNMENT A MOTION was made by Member Smith and seconded by Vice President Lamparter to adjourn. Meeting adjourned at 8:00 a.m. Lauren Candreva, President IDA Minutes, dated 7/18/19 Page 3