Public Improvement Trust

CITY OF HENDERSON PUBLIC IMPROVEMENT TRUST REGULAR MEETING MINUTES Thursday, November 16, 2017 I. CALL TO ORDER Chairman Steve Grierson called the Public Improvement Trust meeting to order at 4:31 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 Cecilia Schafler Absent: None Staff: Wade Gochnour, Assistant City Attorney Lori Grossman, Secretary Tedie Jackson, CCS Reporter Jim McIntosh, Finance Director David Vorce, Redevelopment Fiscal Administrator Guests: Raymond Alden, Touro University Renee Aschoff, Touro University Shelley Berkley, Touro University Brad Frehner, Touro University Richard Jost, Fennemore Craig Eric Lorenz, Ovist and Howard CPAs Craig Seiden, Touro University Sheri Valdez, Ovist and Howard CPAs Public Improvement Trust Page 2 of 4 Thursday, November 16, 2017 – Minutes III. PUBLIC COMMENT There were no public comments presented. IV. ACCEPTANCE OF AGENDA (For Possible Action) (Motion) Ms. Richardson 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 MINUTES PUBLIC IMPROVEMENT TRUST MEETING AUGUST 29, 2017 CITY MANAGER'S OFFICE Public Improvement Trust meeting minutes of August 29, 2017. (Motion) Mr. Hermann introduced a motion to adopt the minutes of August 29, 2017, as presented. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-2 RESOLUTION TOURO UNIVERSITY NEVADA CITY MANAGER'S OFFICE RESOLUTION OF THE BOARD OF TRUSTEES OF THE CITY OF HENDERSON, NEVADA PUBLIC IMPROVEMENT TRUST PRELIMINARILY PROVIDING FOR THE ISSUANCE AND SALE OF UP TO $15,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF PRIVATE ACTIVITY BONDS FOR THE TOURO UNIVERSITY EDUCATIONAL FACILITY PROJECT; APPROVING THE FORMS AND AUTHORIZING THE EXECUTION OF A TERMS LETTER AND A CERTIFICATE OF THE CHAIRMAN OF THE CITY OF HENDERSON, NEVADA PUBLIC IMPROVEMENT TRUST. Lori Grossman, Secretary, presented a summary of this item, and noted that $12,500 bond financing deposit was received by staff. Responding to a question regarding Touro’s expectation of expansion time frame, Raymond Alden, Provost Administration, responded they intend to buildout for the next five to eight years. Public Improvement Trust Page 3 of 4 Thursday, November 16, 2017 – Minutes Regarding future plans to address pedestrian access and parking, Craig Seiden, Vice President of Administration, distributed an aerial view and site plan, and explained an improvement to the intersection that would address parking issues and enhance the roadway. Mr. Herman commented he was impressed by the gross revenue, and asked about increasing faculty. Mr. Seiden explained that additional revenue will show after buildout of the facility is complete, and they estimate a 25-percent increase in faculty. He noted some areas will be repurposed or remodeled as part of the expansion. In response to a question regarding the accreditation process, Mr. Alden replied that regional accreditation is every eight years, and other specialized accreditations occur every six to seven years. Shelley Berkley, CEO and Senior Provost of Touro University, noted they receive many more applications than availability. She pointed out this will be the largest medical school in the State of Nevada. She explained there is a great need for the medical degrees, and the State lacks a residency program. Staff distributed a revised copy of Resolution No. 157. (Motion) Mr. Herman introduced a motion to adopt Resolution No. 157. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-3 PROPOSAL OVIST AND HOWARD, CPA'S CITY MANAGER'S OFFICE Review the proposal of Ovist and Howard, CPA’s to provide professional services to the City of Henderson, Nevada Public Improvement Trust for a period of three years commencing June 30, 2018. Lori Grossman, Secretary, presented a summary of the proposal by Ovist and Howard CPAs for professional services. Responding to a question as to whether the $3,000.00 is a retainer or a flat fee, Erik Lorenz, Ovist and Howard, CPAs, replied this is a flat fee that was reduced from $3,500.00. Public Improvement Trust Page 4 of 4 Thursday, November 16, 2017 – Minutes (Motion) Mr. Muaina introduced a motion to approve the proposal by Ovist and Howard, CPAs, to provide professional services to the Public Improvement Trust from 2018 through 2020. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. NB-4 APPLICATION FEE SCHEDULE CITY MANAGER'S OFFICE Revise the application fee schedule to clarify the appropriate application fee amount based upon the anticipated project amount. Lori Grossman, Secretary, presented a summary of this item, and reviewed a minor change to the fee schedule in the amount of one dollar. (Motion) Mr. Herman introduced a motion to revise the application fee schedule to clarify the appropriate application fee amount based upon the anticipated project amount. The vote favoring approval was unanimous. Chairman Grierson declared the motion carried. VI. CHAIRMAN\MEMBER COMMENTS There were no Chairman or Member comments presented. VII. SET NEXT MEETING The next meeting date will be determined at a later time. VIII. PUBLIC COMMENT Mr. Jost explained that proposed changes to the federal tax code could eliminate tax exempt bond financing. This could impact the role and function of the Public Improvement Trust. IX. ADJOURNMENT There being no further business to be discussed, the meeting was adjourned at 5:04 p.m. Respectfully submitted, ___________________________ Tedie Jackson, Official Records Reporter