April 29, 2025 DRAFT Minutes
Extracted text (via pymupdf)
4859 characters
D R A F T MINUTES INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF GLENDALE, ARIZONA GLENDALE CITY HALL - CONFERENCE ROOM 2A 5850 W. GLENDALE AVE. GLENDALE, ARIZONA 85301 APRIL 29, 2025 4:00 P.M. Notice is hereby given that a Special Meeting of the Board of Directors of the Industrial Development Authority of the City of Glendale, Arizona (the “Authority”) will be held at 4:00 p.m. on April 29, 2025, in the Civic Center Annex - Vault Boardroom (or such other room as may be assigned by the City of Glendale), 5752 W Glenn Drive, Glendale, Arizona, to consider and take action as appropriate with regard to the following matters: 1. CALL TO ORDER AND ROLL CALL Present: Robert Holmes, President John Catledge, Vice President Miles Charles, Secretary/Treasurer Darryl Jaquess, Member John Fallucca, Member Manuel Ybarra, Member Absent: Howard McKenna, Member Also Present: Lori German, Deputy Director, City of Glendale Economic Development Shannon Beck, Operations Specialist, City of Glendale Economic Development Brigitte Finley Green, Legal Counsel to the Authority 2. APPROVAL OF THE MINUTES The minutes of the Special Meeting of the Board of Directors of the Authority held on October 28, 2024, were presented to the meeting and reviewed and discussed. Upon a motion made by Mr. Catledge and seconded by Mr. Charles, the minutes were approved and adopted by unanimous vote. AYE: President Robert Holmes Vice President John Catledge Secretary/Treasurer Miles Charles Member Darryl Jaquess Member John Fallucca Member Manuel Ybarra Other: Member Howard McKenna (ABSENT) Passed a. Industrial Development Authority Minutes of October 28, 2024 3. *CONSIDERATION OF STUDENT LOAN PROGRAM a. Discussion and action as determined regarding the adoption of a resolution granting preliminary approval of a student loan program plan of Midwestern University Foundation for students attending Midwestern University. 4. FINANCIAL REPORT Mr. Charles, as Treasurer of the Authority, gave a financial report as of April 29, 2025, which noted that the Authority had aggregate funds of $193,020.70 and paid two checks since last meeting. Certificates of Deposit will mature on May 15, 2025, and will be renewed at current rate. A copy of the financial report is included in the records of the Authority. 5. PAYMENT OF INVOICES, AND ACTION AS DETERMINED Mr. Holmes noted there was an invoice from Squire Patton Boggs in the amount of $3,325.00. Thereafter, upon a motion made by Mr. Charles and seconded by Mr. Ybarra, the Board unanimously approved payment of this invoice. AYE: President Robert Holmes Vice President John Catledge Secretary/Treasurer Miles Charles Member Darryl Jaquess Member John Fallucca Member Manuel Ybarra Other: Member Howard McKenna (ABSENT) Passed 6. LEGAL COUNSEL REPORT Mr. Holmes requested that Ms. Finley Green give the legal counsel report. Ms. Finley Green presented a spreadsheet of the Authority’s outstanding bond deals, including annual administration fees, maturity dates and interest rates, and explained that there will be a decline in future administration fees as outstanding bonds are paid off or redeemed. Ms. Finley Green explained that other industrial development authorities are charging upfront administration fees (rather than annual fees). Ms. Finley Green also suggested that the Authority consider revising its agreement with Midwestern University regarding its annual fee and related scholarship. There was also a discussion about whether the Authority’s bonds require “private activity volume cap” (a federal tax law requirement for tax-exempt bonds) and whether the demand for Arizona volume cap will restrict the issuance of future bonds. 7. FUTURE AGENDA ITEMS Next there was a discussion about future agenda items. Ms. Finley Green advised that the new student loan program to be established by Midwestern University (which requires the Authority approval) has been delayed but that Midwestern University will be requesting the Authority issue new revenue bonds for facilities in the next couple of months. Because Squire Patton Boggs will represent the underwriter on that transaction, it cannot also act as counsel to the Authority, and the Authority will need to engage special issuer’s counsel for the transaction. Mr. Holmes commented that the Authority has engaged special issuer’s counsel in the past when Mr. Wilder had a similar conflict. 8. CALL TO PUBLIC No members of the public were present. 9. ADJOURNMENT There being no further business, the meeting was adjourned at 4:35 p.m. The Industrial Development Authority meeting minutes of _______, 2025 were submitted and approved this ___ day of ________, 2025. ____________________________________ Recording Secretary