Special RDA Meeting

MINUTES OF RDA SPECIAL MEETING – JULY 6, 2021 -1- THE WEST VALLEY CITY REDEVELOPMENT AGENCY MET IN SPECIAL SESSION ON TUESDAY, JULY 6, 2021, AT 8:09 P.M. IN THE COUNCIL CHAMBERS, WEST VALLEY CITY HALL, 3600 CONSTITUTION BOULEVARD, WEST VALLEY CITY, UTAH. THE MEETING WAS ALSO HELD ELECTRONICALLY VIA ZOOM.THE MEETING WAS CALLED TO ORDER BY CHAIRWOMAN LANG. THE FOLLOWING MEMBERS WERE PRESENT: Karen Lang, Chair (electronically) Steve Buhler, Vice-Chair Lars Nordfelt (electronically) Don Christensen Ron Bigelow Jake Fitisemanu ABSENT: Tom Huynh STAFF PRESENT: Wayne Pyle, Executive Director Nichole Camac, Secretary (electronically) Nicole Cottle, Assistant City Manager / General Counsel (electronically) Eric Bunderson, City Attorney Layne Morris, CPD Director (electronically) Collen Jacobs, Police Chief (electronically) John Evans, Fire Chief (electronically) Jim Welch, Finance Director Nancy Day, Parks and Recreation Director Dan Johnson, Public Works Director Sam Johnson, Strategic Communications Director John Flores, HR Director APPROVAL OF MINUTES OF THE REGULAR MEETING HELD JUNE 1, 2021 The Agency considered the Minutes of the Regular Meeting held June 1, 2021. There were no changes, corrections or deletions. Mr. Bigelow moved to approve the Minutes of the Regular Meeting held June 1, 2021. Mr. Christensen seconded the motion. A voice vote was taken and all members voted in favor of the motion.  MINUTES OF RDA SPECIAL MEETING – JULY 6, 2021 -2- RESOLUTION 21-07: APPROVE AMENDMENT NO. 4 TO THE AGREEMENT FOR DISPOSITION OF LAND FOR PRIVATE DEVELOPMENT WITH HEXCEL CORPORATION Wayne Pyle, Chief Executive Officer, presented proposed Resolution 21-07 that would approve Amendment No. 4 to the Agreement for Disposition of Land for Private Development with Hexcel Corporation. Written documentation previously provided to the City Council included information as follows: In October of 2020, the RDA became aware that Hexcel was considering moving its HQ & R&D facility from California to another location. During a quick evaluation of Hexcel’s WVC location, the RDA determined the site has enough additional acreage to accommodate this new facility. The RDA saw an opportunity to attract the new project which consists of $25M of capital investment along with 115-150 jobs with salaries between $130-180,000 per year. Hexcel currently has a tax increment finance (TIF) agreement in place to capture up to $18.7M of over $350M of capital investment. The RDA proposes to simply raise the ceiling from $18.7M to $20M and give Hexcel the opportunity to try and capture an additional $1.3M of post-performance tax increment. Up to date, Hexcel has captured $10M of its potential $18.7M max. Additional TIF captured by Hexcel will serve to offset additional underground infrastructure costs needed for the research & development portion of its facility along with interior access improvements to the site in order accommodate the structure to be built. This is an important detail to make sure the West Valley City site is competitive with the other proposed sites. The opportunity for Hexcel to capture an additional $1.3M represents less than a 50% pass through to Hexcel. Upon inquiry by Chairperson Lang there were no further questions from members of the Agency, and she called for a motion. Mr. Buhler moved to approve Resolution 21-01. Mr. Christensen seconded the motion. A roll call vote was taken: Mr. Fitisemanu Yes  MINUTES OF RDA SPECIAL MEETING – JULY 6, 2021 -3- Mr. Buhler Yes Mr. Huynh Absent Mr. Bigelow Yes Mr. Nordfelt Yes Mr. Christensen Yes Chairperson Lang Yes Unanimous. MOTION TO ADJOURN Upon motion by Mr. Fitisemanu, all voted in favor to adjourn. THERE BEING NO FURTHER BUSINESS OF THE WEST VALLEY REDEVELOPMENT AGENCY THE SPECIAL MEETING OF TUESDAY, JULY 6, 2021, WAS ADJOURNED AT 8:12 P.M. BY CHAIRPERSON LANG. I hereby certify the foregoing to be a true, accurate and complete record of the proceedings of the Special Meeting of the West Valley City Redevelopment Agency held Tuesday, July 6, 2021. ______________________________ Nichole Camac Secretary