Idaho Falls Redevelopment Agency

IDAHO FALLS REDEVELOPMENT AGENC Y P.O. BOX 50220 IDAHO FALLS, ID 83405 October 18, 2018 Regular Meeting Minutes Annex Building Conference Room Call to Order: Lee Radford called the meeting to order at 12:00. Members Present: Lee Radford, Kirk Larsen, Thomas Halley, Dave Radford Members Absent: Terri Gazdik, Chris Harvey Also Present: Brad Cramer; Ryan Armbruster, Esq. (via telephone). and interested citizens. 1. Modifications to Agenda: None. 2. Minutes September 20, 2018: D. Radford had a suggested addition pertaining to the Broadway Streetscape. D. Radford moved to approve the minutes for September 20, 2018, Brent Thompson seconded the motion and it passed unanimously. 3. Approval of Expenditures and Financial Report. Lee Radford presented the finance report dated October 18, 2018. The following bills were presented to be paid from the Snake River Allocation Fund: Elam and Burke, $3,543.25 for legal services; Rebecca Thompson, $100.00 for transcription of minutes. Radford indicated that the Agency closed on the purchase of the Bonneville and that payment needs to be ratified in the sum of $1,230,952.63. Hally moved to approve the Finance Report, Kirk Larsen seconded the motion and it passed. 4. Agreement with IFDDC for Downtown intersection improvements. Cramer indicated that they are trying to decide how to structure the payments on the intersections as they are completed. Cramer indicated that the challenge would be reimbursing as each intersection is complete instead of waiting for the entire project to be completed. Armbruster indicated that they would model the reimbursement agreements they’ve used where they would be wiling to reimburse as the project goes forward for costs incurred with a schedule for payments or an agreement to pay when certain items have been done. Catherine Smith, IFDDC. Smith stated that they have a small cash flow and they would like the agreement structured so that they could have half of the intersection reimbursed then have a reimbursement when it is completed. Smith indicated that they will work on one intersection at a time, so they do not disrupt downtown traffic and business. Smith stated that the landscapers have agreed to complete the work and then invoice IFDDC. Smith indicated that the half could be measured as concrete poured for first half and landscaping would be second half to complete the intersection. Thompson clarified, and Smith agreed that Smith is requesting 16 payments to be made over the course of the project. L. Radford indicated that it would keep a tight handle on the project. Thompson asked if the Agency will have to approve each invoice. L. Radford stated that the Reimbursement Agreement would contemplate this progress payment schedule and they payments would be authorized. Armbruster agreed that someone can go and check/confirm the progress and completion and then the invoice can be paid like any other bill presented to the Agency. D. Radford clarified, and Smith confirmed there are 8 intersections, each intersection costs $40,000 for total contribution from the Agency of $320,000. Smith indicated that each intersection will vary with the amount of linear feet required for concrete 1 Idaho Falls Redevelopment Agency October 18, 2018. Brent Thompson moved to approve Ryan Armbruster drafting a Reimbursement Agreement for approval at the next meeting, Thomas Hally seconded the motion and it passed unanimously. 5. Agreement with Idaho Falls Public Works for Assistance with Broadway Streetscape Improvements. Cramer stated that originally Public Works didn’t believe they could help with this project, but now they have agreed to help finish the design, manage the contract and then the Agency can pay them for their time and the bills on the project. Cramer stated that Public Works wants an agreement like Memorial Drive. Cramer stated that they want the agreement to reimburse their time as soon as possible so they can get the project finalized and out for bid this fall and start work in the spring. L. Radford confirmed that if the bids come in higher than expected then the project can be readdressed. Armbruster indicated there would be a two- phase agreement with the first to cover the design work and the preparation of the bid documents and once the bids come in phase 2 would begin with Public Works managing the contract, do the billing and invoices and the Agency pays once an invoice is submitted. Brent Thompson moved to authorize staff to proceed in preparing an agreement with the City of Idaho Falls for the improvements to Broadway Avenue, Kirk Larsen seconded the motion and it passed unanimously. 6. Timing of Payment to Woodbury. Cramer stated that there is an agreement to pay Woodbury an additional $285,000. Cramer directed attention to the Finance Report showing that the Agency would have $643,684.18 after paying Woodbury the full $285,000. Cramer asked if the Agency is comfortable with he balance, or if they should wait to pay Woodbury in January or February when tax payments come in. Hally asked if the Agency can pay a portion at this time. Armbruster indicated that a partial payment would be acceptable. D. Radford indicated that he would agree with paying ½ of the amount at this time. Cramer indicated that they had big projects that were in the works, and the fear was overcommitting the Agency and potentially put the big projects at risk. Cramer stated that they are now past the big projects and with the District getting ready to close out there is not as much concern. Larsen indicated that there is some money ($120,000 or less) that could potentially go towards the Pfaff building before the end of the year. Kirk Larsen moved to pay $140,000 to Woodbury on the OPA, Dave Radford seconded the motion and it passed unanimously. 7. Parking Management at The Broadway. L. Radford recused himself from this item. Brent Thompson chaired this item. Armbruster stated that they are trying to prepare for the acquisition of the parking facility by the Agency upon completion. Armbruster stated that depending upon the date and discussion with the City, is there a need for the Agency to have title to the facility for any period of time, or would it be easier to have a simultaneous transfer from the developer to the Agency and then to the City, and the City would then be responsible for the facility and parking management. Armbruster stated that there has been informal discussion with Oppenheimers about managerial protocol when the City takes over parking, and that is why they are now preparing the City to manage the parking facility going forward. Thompson stated that a simultaneous transaction would be cleaner. Armbruster agreed but is unsure if the City is prepared to take the parking when the contract requires the Agency to take it from Oppenheimers. Cramer indicated that there is another $1.2 million owed to Oppenheimers that is due within 30 days of them receiving a CO on the property. Cramer stated that they are anticipating being completed in January or February, so there is time to work out the issues with the City. Armbruster stated that a simultaneous closing would make sense. Thompson asked why the Agency would wait until July to convey the parking to the City. Armbruster stated that t is unclear whether the City will be ready to take over ownership/operation of the facility by January or February. Larsen asked if the next step is for 2 Idaho Falls Redevelopment Agency October 18, 2018. Cramer to get with the City and determine their time frame. Thompson asked which department would manage the parking. Cramer stated that is unclear. Cramer stated that Parks and Recreation would manage the plaza, but parking is unclear. Cramer stated that the City does not have a department to mange parking and the public parking lots have been leased out to IFDDC. Cramer stated that the question is do they lease the parking, or allow Oppenheimers to continue to mange it, or is there a City department that will manage the parking. Larsen clarified that the Oppenheimers have agreed to manage the parking for a short period of time during the transition and asked if it would make sense to have Oppenheimers maintain ownership until the City is ready for the parking. Hally stated that the City should have some involvement to make sure the public money is being used for allocation of public parking spaces. D. Radford agreed and indicated that the maintenance of the facility should be minimal for the first few years because it is a new facility. Thompson agreed with Hally that public interest needs to be served first and the City needs to have a presence in managing the parking. Cramer will continue discussion with the City on how to move forward. Next Regular Meeting: November 15, 2018. D. Radford and Thomas Hally will likely have to call in for the November Meeting. Brent Thompson moved to adjourn the meeting, Kirk Larsen seconded the motion and it passed unanimously. Respectfully Submitted: Beckie Thompson 3 Idaho Falls Redevelopment Agency October 18, 2018.