Public Improvement Trust

CITY OF HENDERSON PUBLIC IMPROVEMENT TRUST REGULAR MEETING MINUTES SEPTEMBER 24AUGUST 4, 20156 I. CALL TO ORDER Chairman Steve Grierson called the meeting to order at 4:392 p.m. in the Mayor and Council Board Room, 4th Floor, 240 Water Street, Henderson, Nevada. II. CONFIRMATION OF POSTING AND ROLL CALL Lori Grossman, Secretary, confirmed the Public Improvement Trust meeting had been noticed in compliance with the Open Meeting Law by posting the Agenda three working days prior to the meeting at City Hall, the Multigenerational Center, the Whitney Ranch Recreation Center, Fire Station No. 86, the Nevada Public Notice Website, the City of Henderson Website, and by mailing a copy of the Agenda to everyone appearing thereon on the Agenda Master Mailing List. Present: Chairman Steve Grierson Caron Richardson Cecilia Schafler Quinton Singleton (arrived at 4:42 p.m.) Ken Herman Absent: NoneKen Herman Staff: Sally GalatRory iRobinson, Sr. Assistant City Attorney III Lori Grossman, Secretary April ParraTedie Jackson, CCS Reporter Cody Walker, Economic Development Officer Guests: Richard Jost, Fennemore Craig Brittney Wilder, Ovist and Howard Eric Lorenz, Ovist and Howard Public Improvement Trust Page 2 of 9 September 24, 2015August 4, 2016 – Minutes III. PUBLIC COMMENT There were no comments presented by the public. Public Improvement Trust Page 3 of 9 September 24, 2015August 4, 2016 – Minutes IV. ACCEPTANCE OF AGENDA (Motion) Msr. Schafleringleton introduced a motion to accept the agenda as presented, seconded by Ms. Richardson. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. V. UNFINISHED BUSINESS UB-1 RESOLUTION 2016 PRIVATE ACTIVITY BOND CAP CITY MANAGER'S OFFICE A resolution providing for the transfer of the City's 2016 private activity bond cap to the Nevada Rural Housing Authority, and other matters related thereto. The representative from Nevada Rural Housing Authority was not in attendance, so the item was trailed to be heard at the end of the meeting. Lori Grossman, Secretary, noted that a spreadsheet is available in the back-up documentation that contains information that was requested at the last meeting by the trustees. Ms. Richardson stated that it appears there are four loans in the city of Henderson; however, she was confused by the line that says 53 loans were awarded. A discussion ensued regarding the number of loans that were awarded. Responding to a question by Mr. Singleton regarding once the bond cap is allocated, can the Trust tell them where to spend it, Richard Jost, Fennemore Craig, said you could, but then if it is not spent, the funding cannot be returned. A discussion ensued regarding the documents provided by the Nevada Rural Housing Authority and how they can be interpreted. Mr. Singleton said the Trust has more questions now than they did before. Mr. Singleton said he would like to put constraints around the funding so it is used in Henderson. He suggested that they put a time limitation on it as well. A lengthy discussion ensued regarding how the funding will be reallocated should the funding not be utilized prior to the deadline. Public Improvement Trust Page 4 of 9 September 24, 2015August 4, 2016 – Minutes Ms. Richardson commented that there is a lot about their methodology that she does not understand. Mr. Singleton said it is still not clear what they can do. There needs to be a clarification in the motion. Mr. Jost that the Trust could choose not do the allocation and let the funding revert to the State, and the applicant can request it from the State. Rory Robinson, Sr. Assistant City Attorney, said she is concerned that the Trust is doing something that is not a permissible purpose based on the definitions. Ms. Robinson noted that the word “properly” should be added to the title of the resolution to read “other matters properly related thereto”. (Motion) Mr. Singleton introduced a motion to approve the resolution providing for the transfer of the City's 2016 private activity bond cap to the Nevada Rural Housing Authority, and other matters properly related thereto. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. UB-2 ELECT CHAIRMAN CITY MANAGER'S OFFICE Election of a Chairman for the Public Improvement Trust (Motion) Mr. Singleton introduced a motion to elect Mr. Grierson as the Chairman for the Public Improvement Trust. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. UB-3 ELECT VICE-CHAIRMAN CITY MANAGER'S OFFICE Election of a Vice Chairman for the Public Improvement Trust. Mr. Singleton stated he is withdrawing from the trust and will not be able to serve going forward. (Motion) Ms. Richardson introduced a motion to elect Mr. Herman as the Vice Chairman for the Public Improvement Trust. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. Public Improvement Trust Page 5 of 9 September 24, 2015August 4, 2016 – Minutes UB-4 ELECT TREASURER CITY MANAGER'S OFFICE Election of a Treasurer for the Public Improvement Trust. (Motion) Ms. Schafler introduced a motion to elect Ms. Richardson as the Treasurer for the Public Improvement Trust. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. VI. NEW BUSINESS NB-5 MINUTES JUNE 22, 2016 CITY MANAGER'S OFFICE Public Improvement Trust meeting minutes of June 22, 2016. Ms. Richardson noted that under Item 1, the minutes should reflect that Ms. Richardson introduced the motion and Ms. Schafler seconded the motion. (Motion) Ms. Richardson introduced a motion to adopt the June 22, 2016, minutes, as amended. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-6 FINAL AUDIT REPORT CITY MANAGER'S OFFICE Accept the Final Annual Audit Report. Eric Lorenz and Brittney Wilder from Ovist and Howard were in attendance and available for questions from the Trust. (Motion) Mr. Herman introduced a motion to accept the Final Annual Audit Report, as presented. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-7 PRESENTATION TRUST FUNDS CITY ATTORNEY'S OFFICE Public Improvement Trust Page 6 of 9 September 24, 2015August 4, 2016 – Minutes Receive a presentation on the permissible use of Trust funds. Rory Robinson, Sr. Assistant City Attorney, gave a PowerPoint presentation on Uses of Trust Funds. Areas of discussion included: Sources of Trust Power, Henderson City Charter, Ordinance No. 469, Declaration of Trust, Powers and Duties, and Trust Purposes. V. NEW BUSINESS 1. MINUTES NOVEMBER 19, 2014, PUBLIC IMPROVEMENT TRUST MEETING CITY MANAGER'S OFFICE Public Improvement Trust Meeting Minutes of November 19, 2014. (Motion) Ms. Richardson introduced a motion to approve the minutes of November 19, 2014, as presented, seconded by Ms. Schafler. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. 2. FINAL ANNUAL AUDIT REPORT CITY MANAGER'S OFFICE Accept the Final Annual Audit Report. Lori Grossman, Secretary, presented a summary of the Final Annual Audit Report, and noted there are no significant changes in the financial status of the Trust. She commented that she relinquished one of the certificates of deposit from Bank of America and opened new certificates with Meadows Bank, which gave a better rate of return. (Motion) Ms. Schafler introduced a motion to accept the Final Annual Audit Report, seconded by Ms. Richardson. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. Public Improvement Trust Page 7 of 9 September 24, 2015August 4, 2016 – Minutes 3. REVIEW OF WARRANT REGISTER CITY MANAGER'S OFFICE Review of the Warrant Register. Lori Grossman, Secretary, provided a review of the Warrant Register, and noted that the total assets are $175,007.36. She commented that annual expenses include board meetings, billings to the accountant, and a monthly fee of $10.36 per month to maintain Quick Books. Responding to a question by Mr. Grierson as to whether the Trust approves an annual budget, Ms. Grossman said that is has not been done in the past. Staff can draft an analysis of expenditures and operating costs on an annual basis and present that at the next meeting. Ms. Grossman reported that both CDs are transitioning away from monthly interest payments. She will continue to report out the interest earnings. Staff reviewed previous public improvement projects that were funded through donations made by the Trust, and it was noted that staff has not received any recent requests. A discussion ensued regarding staff soliciting potential projects that would provide benefit to the community. At the next meeting, staff will provide a list of projects that were funded in the past. Ms. Grossman will work with City Attorney’s office to determine parameters and review the Declaration of Trust for future funding through donations by the Trust. The following suggestions were made to identify criteria for funding future projects:  Identify community needs  Contact Neighborhood Services  Establish a cap for projects  Research the need for Requests for Proposal  Solicit presentations from applicants (Motion) Ms. Richardson introduced a motion to accept the Warrant Register as presented, seconded by Ms. Schafler. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. Public Improvement Trust Page 8 of 9 September 24, 2015August 4, 2016 – Minutes 4. ELECT CHAIRMAN CITY MANAGER'S OFFICE Election of a Chairman for the Public Improvement Trust. (Motion) Mr. Singleton introduced a motion to nominate Steve Grierson to serve as Chairman of the Public Improvement Trust Mr. Grierson accepted the nomination. The motion was seconded by Ms. Richardson. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. 5. ELECT VICE-CHAIRMAN CITY MANAGER'S OFFICE Election of a Vice-Chairman for the Public Improvement Trust. (Motion) Ms. Schafler introduced a motion to nominate Mr. Singleton to serve as Vice-Chairman of the Public Improvement Trust. Mr. Singleton accepted the nomination. The motion was seconded by Ms. Richardson. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. 6. ELECT TREASURER CITY MANAGER'S OFFICE Election of a Treasurer for the Public Improvement Trust. Ms. Grossman stated that Mr. Herman is the current Treasurer. She explained the responsibilities of the Treasurer, and noted that she had not discussed Mr. Herman’s intent to continue as Treasurer with him. A brief discussion ensued regarding appointing a Trust member to an office when the Trust member is not present to accept the nomination. Public Improvement Trust Page 9 of 9 September 24, 2015August 4, 2016 – Minutes (Motion) Ms. Richardson introduced a motion to nominate Cecilia Schafler to serve as Treasurer of the Public Improvement Trust Ms. Schafler accepted the nomination. The motion was seconded by Mr. Singleton. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. VII. CHAIRMAN\MEMBER COMMENTS In response to a question by Mr. Singleton regarding the allocation from the State, Ms. Grossman explained that funds must be allocated September 1, 2015. She noted that $14,895,363.00 was available to allocate for bonding authority. The Trust did not allocate any funds this year due to no inquiries. Chairman Grierson thanked Mr. Singleton for his service to the Trust. VIII. SET NEXT MEETING A meeting date was not set at this time. VIIX. PUBLIC COMMENT There were no comments presented by the public. VIII. ADJOURNMENT There being no further business to be discussed, the meeting was adjourned at 5:502 p.m. Respectfully submitted, ___________________________ April Parra, Tedie Jackson, Council and Commission Services Reporter