MINUTES OF THE REGULAR MEETING OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF CASA GRANDE HELD JULY 27, 2011 IN THE CITY HALL COUNCIL CHAMBERS, 510 E. FLORENCE BLVD., CASA GRANDE, ARIZONA, AT THE HOUR OF 4:00 P.M.
MEMBERS PRESENT: David Fitzgibbons President
Tommy Caywood Secretary/Treasurer
Richard O’Neil Assistant Secretary/Treasurer
Terry Strain Member
David Brett Benedict Member
Kara Cooper Member
Dennis Dugan Member
MEMBERS ABSENT: Kirk McCarville Vice President
Dennis Jenkins Member
OTHERS PRESENT: Margaret Pieper, Recording Secretary
Call to Order
President Fitzgibbons called the meeting to order at 4:00 p.m.
Roll Call
Roll call established a quorum was present.
Approval of Minutes – February 2, 2011
Member O’Neil moved to approve the minutes of the February 2, 2011 meeting as mailed to the members. Motion was seconded by Member Benedict and carried unanimously.
Approval of Treasurer’s Report
A. Discussion and ratification of Bond Investment: Treasurer Caywood stated two Certificates of Deposit matured and Salt River Bonds were purchased for $313,394.95. The bond’s maturity date is January 1, 2039 and they are callable on January 1, 2019 at 100%. The yield is 4.742% and an interest check will be sent on January and July 1st of each year. In response to Member Dugan’s question, Member Strain stated the bonds can be sold on the market if the IDA needs the money. The third Certificate of Deposit matures on November 18, 2013. All annual fees have been paid. Member Benedict moved to approve the Treasurer’s Report as presented and ratify the bond investment. Motion was seconded by Member Strain and carried unanimously.
Old Business
A. Update, Ratification and Approval of Cook-E-Jar Remodel: President Fitzgibbons invited Main Street Director, Lynn Fitzgerald, to present the Cook-E-Jar Project to the Board. Ms. Fitzgerald thanked the Board on behalf of Main Street and the Cook-E-Jar for their investment in the renovation project. The IDA spent $4,975 which included painting walls, cleaning tile floors, filling grout on the tile, professional cleaning of the kitchen, installing tile in the service area, new window shades, and replacing tile on the front street bench. The business owner paid to move coolers, build a register shelf, replace ceiling tile and put in an electrical outlet for the alley. The menu is being updated and staff is being trained in customer service. Member Dugan moved to ratify and approve the expenses for the Cook-E-Jar remodel not to exceed $5,000. Motion was seconded by Member Benedict and carried unanimously.
Ms. Fitzgerald added that funds are needed for downtown improvements and asked if the IDA was interested in helping. There was agreement among the Board members that the downtown is a very important part of the community. However, the Board needs to keep in mind the mission/purpose of the IDA is to bring jobs to the community through industrial development and the IDA’s money should be spent to support that purpose. Margaret will send the Board members a copy of the By-Laws and Articles of Incorporation for reference.
New Business
A. Discussion of whether/how the IDA may assist in establishing a City Auditorium through a remodel of the old auditorium and if possible, recommendations concerning the same: Member Cooper began the discussion by stating the building is empty and she remembers many years ago when Jim Norris was on a committee to research renovation/utilization of the old auditorium. There was also discussion on the Boys & Girls Club and if they had future plans to move out of their building. Margaret will ask the City if they can provide information or a presentation on these items at the next IDA meeting.
Discussion without Voting
Member Caywood noted the terms of Members Benedict, Strain and McCarville will expire on August 4, 2011. The City Clerk’s office has advertised their positions and they are eligible to re-apply. The IDA Board Member’s terms are six years and there are no term limits.
President Fitzgibbons stated the City reported membership in the Greater Phoenix Economic Council (GPEC) has provided 22 project leads. Of these, Casa Grande has the existing resources/available facility space to meet the requirements of 18 of the projects. The IDA and the City each paid one-half of the first year’s membership in GPEC, $25,000 each in February, 2011.
Call to the Public
None.
Adjournment
Member Dugan moved to adjourn the meeting at 4:55 p.m. Motion was seconded by Member Caywood and carried unanimously.
Submitted by Margaret Pieper, Recording Secretary of the Industrial Development Authority of the City of Casa Grande, to the City Council, subject to the Authority’s approval.
Approved this _______ day of _________________________, 2012 by the
Industrial Development Authority of the City of Casa Grande.
ATTEST:
Secretary of the Industrial Development
Authority of the City of Casa Grande
