Extracted text (via pymupdf)
5219 characters
Meeting Minutes
Industrial Development Authority
Regular Meeting
April 8, 2025| 7:30 a.m.
Chandler City Council Chambers
88 E. Chicago Street, Chandler, AZ
Call to Order
The meeting was called to order by Secretary Shannon Wilson at 7:44 a.m.
Roll Call
Commission Attendance
Staff Attendance
President Charles Ertl
Dawn Lang, Deputy City Manager | CFO
Secretary Shannon Wilson
Kristi Smith, Financial Services Director
Director Lee Kroll
Julie Goucher, Accounting Senior Manager
Director Anthony Yang
Jenny Winkler, Assistant City Attorney
Karla Lange, Management Assistant
Other Attendees
Zach Sakas, Bond Counsel, Greenberg Traurig, LLP
Absent
Vice President William Nolde
Treasurer John Lok
Director Sunil Das
Scheduled and Unscheduled Public Appearances
None.
Page 2 of 4
Approval of Minutes
1.
President Ertl moved to approve the March 11, 2025, Regular Meeting Minutes. Director
Kroll seconded the motion. Motion approved unanimously (4-0).
Briefing Items
2.
Ms. Lang introduced new IDA Board Member Mr. Anthony Yang. Mr. Yang voiced that
he has lived in Chandler for seven years and works at Deloitte as a management
consultant. He continued that he applied to serve on the Board because he is interested
in giving back to his city and it ties directly back to what he does for work.
Ms. Lang conveyed that the other new member is Mr. Sunil Das, who was unable to
attend today, but we look forward to meeting him at the May meeting.
3.
Ms. Goucher presented the Financials for February 2025, attached to these minutes as
Exhibit A.
Responding to Director Yang, Ms. Lang voiced that the IDA funds are raised via annual
administrative fees charged as a percentage of the overall bond transaction. These
funds accumulate over time and are utilized for various grant opportunities that benefit
economic development in the community.
Action Agenda
None.
Member Comments/Announcement
Mr. Sakas, Bond Counsel, Greenberg Traurig, LLP reminded the Board that earlier this year
they approved a preliminary inducement resolution for the affordable multifamily project
on Hamilton. He reported that in order to move forward with this project, they have to get
volume cap from the Arizona Finance Authority. The past two years the demand for volume
cap has far exceeded the supply available, which is an anomaly relative to what has
happened in the past, likely due to interest rates rising. He continued that the Arizona
Finance Authority did a mid-year lottery to provide another round of allocations just in the
affordable residential space. There were approximately $950M worth of projects
requesting an allocation, with between $40M-$60M available to allocate. The developer
that the IDA Board is working with opted to not participate in the April lottery, because that
would have created a rush to close the deal and not lose the allocation, and they would also
be required to pay extra interest for a period. He concluded that this project is still active
Page 3 of 4
and that the developer is waiting until closer to the end of 2025, to see if the volume cap
allocations free up.
Ms. Lange offered a reminder to the board members that the annual Board and
Commissions Appreciation event, hosted by the City Clerk’s office, will be held next
Wednesday, April 16, 2025, at 7:30 a.m. in the City Hall Courtyard.
Calendar
The next regular meeting will be held on Tuesday, May 13, 2025, at 7:30 a.m.
Informational Items
None.
Adjourn
The meeting was adjourned at 7:55 a.m.
___________________________
Charles Ertl, President
Page 4 of 4
Exhibit A
CHANDLER INDUSTRIAL DEVELOPMENT AUTHORITY
STATEMENT OF NET POSITION
ASSETS
CURRENT ASSETS:
Cash in bank
108,770
$
TOTAL CURRENT ASSETS
108,770
$
OTHER ASSETS:
Investments
1,381,167
TOTAL OTHER ASSETS
1,381,167
TOTAL ASSETS
1,489,937
$
LIABILITIES
CURRENT LIABILITIES:
Application deposits
3,000
TOTAL CURRENT LIABILITIES
3,000
TOTAL LIABILITIES
3,000
CAPITAL:
BEGINNING NET POSITION
1,325,396
$
Year-to-date change in net position
161,541
ENDING NET POSITION
1,486,937
$
FEBRUARY 28, 2025
CHANDLER INDUSTRIAL DEVELOPMENT AUTHORITY
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN NET POSITION
8 Months Ended
February 28, 2025
OPERATING REVENUES:
Annual Admin Fees (Intel)
-
$
140,539
$
Other Revenue
-
10,418
TOTAL INCOME
-
150,957
TOTAL OPERATING REVENUES
-
150,957
OPERATING EXPENSES:
Refunded Admin Fees
-
6,000
Legal Fees
-
7,418
Miscellaneous (Account Analysis
Settlement Bank Charge, IRS Filings)
-
190
Grant Payment
-
9,100
TOTAL OPERATING EXPENSES
-
22,708
OPERATING INCOME (LOSS)
-
128,249
NONOPERATING REVENUE:
Investment Income (LOSS)-Note 1
4,673
132,922
TOTAL NONOPERATING REVENUE
4,673
33,292
NET CHANGE IN NET POSITION
4,673
$
161,541
$
Note 1 - Interest Income (Loss) is as follows:
Realized interest to date
4,673
33,292
February 28, 2025
February 28, 2025