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Meeting Minutes
Industrial Development Authority
Regular Meeting
August 12, 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 Vice President Shannon Wilson at 7:31 a.m.
Roll Call
Commission Attendance
Staff Attendance
Vice President Shannon Wilson
Dawn Lang, Deputy City Manager | CFO
Treasurer Lee Kroll
Kristi Smith, Financial Services Director
Director Anthony Yang
Julie Goucher, Accounting Senior Manager
Director Sunil Das
Jenny Winkler, Assistant City Attorney
Director Charles Ertl
Karla Lange, Management Assistant
Sylvia Dlott, Budget & Research Administrator
Other Attendees
Zach Sakas, Bond Counsel, Greenberg Traurig, LLP
Deborah Boye, Partner, KutakRock LLP
Angela Creedon, Director, State and Local Government Relations, Intel Corporation
Mike Seal, Assistant Treasurer, Intel Corporation
Absent
Treasurer John Lok
Page 2 of 6
Scheduled and Unscheduled Public Appearances
Mayor Kevin Hartke addressed the Board, offering his appreciation to the members for their
service and he provided written brochures related to the Council’s strategic focus areas as well as
the upcoming Special Election in November 2025.
Approval of Minutes
1.
Director Ertl moved to approve the May 13, 2025, Regular Meeting Minutes. Director Das
seconded the motion. Motion approved unanimously (5-0).
Briefing Items
2.
Chandler Career Center Grant - 4th Quarter Report: Ms. Lang voiced that the 4th
Quarter Chandler Career Center Grant Report was provided to the Board in the agenda
packet. She reminded the Board that the award authorization was $53,200, and of that,
$35,000 has been paid to date. The target completion date for this grant is June 2026.
She continued that over the last quarter, 17 new Chandler-based employers joined the
platform, for a total of 60. 178 job opportunities were manually posted to the platform
on behalf of Chandler-based employers, and 193 new job seekers registered on the
platform.
Responding to Director Yang, Ms. Lang confirmed that funding for these grants is from
revenue received from on-going bond administrative fees.
3.
Chandler Next Twenty Economic Vitality Report Grant – 4th Quarter Report: Ms.
Lang voiced that the Intergovernmental Agreement (IGA) between Arizona State
University (ASU) and the City of Chandler was approved by the Mayor and Council on
June 9, 2025. This grant was awarded in the amount of $150,000, and to date, $20,714
has been paid, and the report is targeted for completion in February 2026.
4.
Young Families and Professionals (YFP) Marketing Campaign Grant– 4th Quarter
Report: Ms. Lang voiced that this grant was authorized for $150,000 and to date, $0 has
been paid, as the team is working through the Request for Proposal (RFP) process to hire
a marketing firm, and is also targeted for completion in February 2026.
5.
Upcoming Special Election Discussion: Ms. Lang reiterated that Mayor Hartke
supplied the Board members with the educational brochure related to the upcoming
Special Election that will take place on November 4, 2025. She noted that there is a
PowerPoint presentation attached to the agenda packet that includes additional
information related to the items on the ballot, and a video produced by the City of
Chandler was played for the board members. Ms. Lang offered that the last bond
election for the city was in 2021, and after extensive review and analysis of the projects
that are part of the city’s capital improvement plan, by the Resident Bond Exploratory
Page 3 of 6
Committee, in addition to the rising project costs, it was decided to hold a bond election,
in order to complete these projects.
Ms. Lang emphasized that Chandler has one of the lowest property tax rates, and the
cost behind the proposed bond is 0.47 cents per $100 if assessed value, however, the
city aligns the retirement of debt with the sale of new bonds, so the tax rate remains
stable.
Responding to Director Ertl, Ms. Lang conveyed that if the bonds are not authorized by
the voters, they would have to go back to the voters for approval in 2026, as bonds are
73% of the city’s 10-year capital plan. Without that authorization, the city would be
limited in the capital projects that can be completed. She continued that the city typically
goes out to the voters for bond approval on even years, in November as a part of the
general election. This year is considered a Special Election, as it is occurring during an
odd year.
Responding to Treasurer Kroll, Ms. Lang noted that the city is only 10% of the property
tax bill, and the rest goes to the school districts and special districts.
Responding to Director Yang, Ms. Lang voiced that with the new bonds, according to
what economists are saying, the interest rate will likely be around 4%.
Director Das stated that he believes the video should boldly highlight the fact that there
will is no projected increase in property taxes to residents. Ms. Lang stated that she
would make that change.
6.
May and June 2025 Financials: Ms. Goucher reported that in the past, there was an
approximate minimum balance of $100,000 in the cash account in order to avoid
incurring additional fees, however that is no longer a requirement. She noted that the
board will be earning a variable interest rate on the cash in the JP Morgan bank account,
and recommended that with the upcoming grant payments, that they retain the current
balance in order to make those payments.
Ms. Goucher presented the Financials for May and June 2025, attached to these minutes
as Exhibit A.
Responding to Director Yang, Ms. Lang re-confirmed that the grants awarded by the IDA
are paid out of ongoing administrative fees paid by entities during the life of the bond,
once it is issued. This would allow the board, at their discretion, to continue to fund
grant requests. She noted that the grant funds awarded amount is significantly lower
than the funds on hand.
Page 4 of 6
Treasurer Kroll noted that the Board has operated by funneling funds back out into the
community to generate economic activity. An example of this was PPE grants awarded
to businesses during COVID-19.
Ms. Lang voiced that the Board has also used funds for grants helping projects for
Gangplank, the Chamber of Commerce and the railroad museum.
7.
Discussion Regarding a Request Submitted by Intel Corporation for an
Extension of the Preliminary Approval of the Authority to issue its Revenue
Bonds in an Amount not to Exceed $700,000,000 for Intel Corporation or its
Affiliates: Mr. Sakas reported that Intel Corporation is requesting an extension, as they
continue to work toward obtaining an award of volume cap from the Arizona Finance
Authority. He mentioned in the past, there has been an oversupply of volume cap,
however, in the past few years, the demand has exceeded the available supply, and
Intel’s $700M bond is a large number, relative to the amount of annual volume cap
available. So, Intel is working diligently with the Finance Authority on the project details
on how best to secure the required volume cap. He added that in the past, the Board
has approved waiving the $500 extension request fee, however, that is at the discretion
of the Board.
Ms. Boye voiced that Intel can only go back 3 years for expenses, so they are hoping to
capture 2024, 2025 and 2026 qualifying expenses and be awarded the necessary volume
cap to do the bond and reimburse themselves with the bond proceeds.
Responding to Treasurer Kroll, Mr. Sakas acknowledged that this is the second extension
before the Board, as the Board approved an extension last year in August 2024.
Typically, extensions are done in 6-month increments, giving Intel a year to secure their
volume cap allows them more time to do so.
Responding to Treasurer Kroll, Ms. Lang confirmed that the fee waiver is solely at the
board’s discretion, however, these fees have historically been waived in the past
because of the long-term relationship with Intel and their continued use of the IDA.
Action Agenda
8.
Consideration and Possible Adoption of Resolution No. 2025-03, Granting an
Extension of the Preliminary Approval for the Authority to Issue its Revenue
Bonds, in an Amount not to Exceed $700,000,000 Intel Corporation, or its Affiliates.
Page 5 of 6
Director Ertl moved to approve Resolution No. 2025-03, granting an extension of the
preliminary approval for the Authority to issue its Revenue Bonds in an amount not to
exceed $700,000,000 for Intel Corporation or its affiliates. Treasurer Kroll seconded the
motion. Motion approved unanimously, (5-0).
9.
Election of Officers (President). Ms. Lange reported that long-time Board Member
William Nolde, who was elected President of the IDA on May 13, 2025, submitted his
resignation from the Board on July 21, 2025. This requires a new President be elected by
the Board for the remainder of fiscal year 2025-26.
The Board moved to elect Shannon Wilson to President, John Lok to Vice President,
Anthony Yang to Secretary, with Lee Kroll remaining as the Treasurer and the other
Directors remaining in the annual rotation. Director Ertl motioned to approve as
proposed, and Director Das seconded the motion. Motion approved unanimously, (5-0).
Member Comments/Announcement
None.
Calendar
The next regular meeting will be held on Tuesday, September 9, 2025, at 7:30 a.m.
Informational Items
None.
Adjourn
The meeting was adjourned at 8:27 a.m.
___________________________
Shannon Wilson, President
Page 6 of 6
Exhibit A
CHANDLER INDUSTRIAL DEVELOPMENT AUTHORITY
STATEMENT OF NET POSITION
ASSETS
CURRENT ASSETS:
Cash in bank
109,270
$
TOTAL CURRENT ASSETS
109,270
$
OTHER ASSETS:
Investments
1,396,230
TOTAL OTHER ASSETS
1,396,230
TOTAL ASSETS
1,505,500
$
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
177,104
ENDING NET POSITION
1,502,500
$
MAY 31, 2025
CHANDLER INDUSTRIAL DEVELOPMENT AUTHORITY
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN NET POSITION
11 Months Ended
May 31, 2025
OPERATING REVENUES:
Annual admin fees (Intel)
-
$
140,539
$
Other revenue
500
10,918
TOTAL INCOME
500
151,457
TOTAL OPERATING REVENUES
500
151,457
OPERATING EXPENSES:
Refunded admin fees
-
6,000
Legal fees
-
7,418
Miscellaneous (account analysis
settlement bank charge, IRS filings)
-
190
Grant payments
-
9,100
TOTAL OPERATING EXPENSES
-
22,708
OPERATING INCOME (LOSS)
500
128,749
NONOPERATING REVENUE:
Investment income (LOSS)-Note 1
5,062
48,355
TOTAL NONOPERATING REVENUE
5,062
48,355
NET CHANGE IN NET POSITION
5,562
$
177,104
$
Note 1 - Interest income (Loss) is as follows:
Realized interest to date
5,062
48,355
May 31, 2025
May 31, 2025
CHANDLER INDUSTRIAL DEVELOPMENT AUTHORITY
STATEMENT OF NET POSITION
ASSETS
CURRENT ASSETS:
Cash in bank
109,270
$
TOTAL CURRENT ASSETS
109,270
$
OTHER ASSETS:
Investments
1,400,965
TOTAL OTHER ASSETS
1,400,965
TOTAL ASSETS
1,510,236
$
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
181,840
ENDING NET POSITION
1,507,236
$
JUN 30, 2025
CHANDLER INDUSTRIAL DEVELOPMENT AUTHORITY
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN NET POSITION
12 Months Ended
June 30, 2025
OPERATING REVENUES:
Annual admin fees (Intel)
-
$
140,539
$
Other revenue
10,918
TOTAL INCOME
-
151,457
TOTAL OPERATING REVENUES
-
151,457
OPERATING EXPENSES:
Refunded admin fees
-
6,000
Legal fees
-
7,418
Miscellaneous (account analysis
settlement bank charge, IRS filings)
-
190
Grant payments
-
9,100
TOTAL OPERATING EXPENSES
-
22,708
OPERATING INCOME (LOSS)
-
128,749
NONOPERATING REVENUE:
Investment income (LOSS)-Note 1
4,735
53,091
TOTAL NONOPERATING REVENUE
4,735
53,091
NET CHANGE IN NET POSITION
4,735
$
181,840
$
Note 1 - Interest income (Loss) is as follows:
Realized interest to date
4,735
53,091
June 30, 2025
June 30, 2025