Public Improvement Trust

CITY OF HENDERSON PUBLIC IMPROVEMENT TRUST SPECIAL MEETING MINUTES August 29, 2017 I. CALL TO ORDER Chairman Steve Grierson called the meeting to order at 4:39 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 Ken Herman Derek Muaina Caron Richardson (arrived at 5:00 p.m.) Cecilia Schafler Absent: None Staff: Lori Grossman, Secretary April Parra, CCS Reporter Rory Robinson, Senior Assistant City Attorney Guests: Richard Jost, Fennemore Craig Sheri Valdez, Ovist and Howard CJ Manthe, Nevada Housing Division Tim Whitright, Nevada Housing Division Ken Chapa, City of Henderson Gilbert Medina, City of Henderson Maria Gamboa, City of Henderson Richard Derrick, City of Henderson III. PUBLIC COMMENT There were no public comments presented. Public Improvement Trust Meeting Page 2 of 5 August 29, 2017 – Minutes IV. ACCEPTANCE OF AGENDA (Motion) Ms. Schlafeler introduced a motion to accept the agenda as presented. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. V. NEW BUSINESS NB-1 ELECT CHAIRMAN CITY MANAGER'S OFFICE Election of one of the Trustees of the Public Improvement Trust to serve as Chairman of the Public Improvement Trust for a one-year term. (Motion) Mr. Herman introduced a motion to re-elect Mr. Grierson as Chairman of the Public Improvement Trust. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-2 ELECT VICE-CHAIRMAN CITY MANAGER'S OFFICE Election of one of the Trustees of the Public Improvement Trust to serve as Vice-Chairman of the Public Improvement Trust for a one-year term. (Motion) Ms. Schlafler introduced a motion to re-elect Mr. Herman as Vice Chairman of the Public Improvement Trust. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-3 ELECT TREASURER CITY MANAGER'S OFFICE Election of a Treasurer for the Public Improvement Trust to serve a one-year term. This item was trailed to the end of the meeting, and was heard immediately following NB-7. (Motion) Ms. Schafler introduced a motion to re-elect Ms. Richardson as Treasurer of the Public Improvement Trust. The vote favoring approval was unanimous. Chairman Grierson declared the motion Public Improvement Trust Meeting Page 3 of 5 August 29, 2017 – Minutes carried. NB-4 ELECT SECRETARY CITY MANAGER'S OFFICE Election of a Secretary for the Public Improvement Trust to serve a one-year term. (Motion) Mr. Herman introduced a motion to re-elect Ms. Grossman as Secretary of the Public Improvement Trust. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-5 MINUTES SEPTEMBER 25, 2016 CITY MANAGER'S OFFICE Public Improvement Trust meeting minutes of September 26, 2016. It was noted that the proper date of the minutes should reflect August 25, 2016. (Motion) Mr. Herman introduced a motion to adopt the August 25, 2016, minutes, as presented. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-6 RESOLUTION 2017 PRIVATE ACTIVITY BOND CAP CITY MANAGER'S OFFICE Resolution of the City of Henderson, Nevada Public Improvement Trust providing for the transfer of $____________________ of the City of Henderson's 2017 private activity bond volume cap allocation of $15,215,172.15 to the State of Nevada Housing Division. Lori Grossman, Board Secretary, gave a presentation on the proposed item, she noted they did receive a letter from the State of Nevada Housing Division for the remaining portion of the bond cap. C.J. Manthe and Tim Whitright, State of Nevada Housing Division, gave a presentation, and explained how this would affect the citizens of Henderson who are first-time homebuyers. She stated 564 homebuyers in the city of Henderson were impacted in 2016 through these programs, and were assisted with down payments and closing costs. This is a 13-percent increase over last Public Improvement Trust Meeting Page 4 of 5 August 29, 2017 – Minutes year. They have also started a program to help teachers purchase homes in the area, and have helped 54 teachers so far in this program. Ms. Manthe noted they work with loan officers and realtors to educated buyers on the program. Richard Jost, Fennemore Craig, gave a brief explanation of how the bond caps are utilized or carried forward by state and local governments. Chairman Grierson asked about veterans and zip codes of those that have been assisted by the program. Ms. Manly said she does not have that information with her, but will be happy to provide it to the Trust. A discussion ensued regarding the last resolution that was approved by the Trust at their prior meeting. Ms. Manthe said the Housing Division is not opposed to the modification of the resolution. Ms. Richardson arrived at this time (5:00 p.m.) A discussion ensued regarding if the homeowners are delinquent or get foreclosed on. Ms. Manly stated that over 90 percent of their buyers are successful. Ms. Schafler moved to adopt the resolution the entire cap, seconded by Herman, unanimous. (Motion) Ms. Schafler introduced a motion to adopt the resolution of the City of Henderson, Nevada Public Improvement Trust providing for the transfer of $15,215,172.15 of the City of Henderson's 2017 private activity bond volume cap allocation of $15,215,172.15 to the State of Nevada Housing Division. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-7 FINANCIAL UPDATE CITY MANAGER'S OFFICE Review of the Public Improvement Trust financial documents and operating budget. Lori Grossman reviewed the Public Improvement Trust financial documents and operating budget. (Motion) Mr. Herman moved to accept the financial report as presented. The vote favoring approval was unanimous. Chairman Grierson Public Improvement Trust Meeting Page 5 of 5 August 29, 2017 – Minutes declared the motion carried. VI. CHAIRMAN\MEMBER COMMENTS Chairman Grierson asked about the baseball field lights, Ms. Grossman said it was cost prohibitive and the City did not want to incur the expense even with a donation from the Trust. It was suggested that the topic of trust donations and proper use of funds be placed on a future agenda for discussion. VII. SET NEXT MEETING The next meeting date will be schedule some time in November, 2017. VIII. PUBLIC COMMENT There were no public comments presented. IX. ADJOURNMENT There being no further business to be discussed, the meeting was adjourned at 5:23 p.m. Respectfully submitted, ___________________________ April Parra, Council and Commission Services Reporter