Loading...
HomeMy WebLinkAbout2005-11-14 SEDA Meeting Minutes MINUTES Springfield Economic Development Agency November 14, 2005 - 7:00 P.M. Springfield City Hall — Jessie Maine Meeting Room 225 Fifth Street - Springfield MEMBERS PRESENT: Tammy Fitch, Chair; Anne Ballew, Sid Leiken, Christine Lundberg, Joe Pishioneri, Dave Ralston, Faye Stewart, and John Woodrow. MEMBERS ABSENT: Bill Dwyer. STAFF PRESENT: John Tamulonis, Mike Kelly, Bill Grile, Ken Vogeny, Bob Duey, Joseph Leahy. I. CALL TO ORDER Chairperson Tammy Fitch called the meeting of the Springfield Economic Development Agency (SEDA) to order at 7:30 p.m. Community Development Manager John Tamulonis called the roll, noted the absence of Director Bill Dwyer, and stated that a quorum was present. II. APPROVAL OF MINUTES Board Member John Woodrow moved, seconded by Board Member Joe Pishioneri, to accept the minutes of the October 10, 2005, meeting. The motion was adopted unanimously, 8:0. Board Member Woodrow moved, seconded by Board Member Pishioneri, to amend the minutes of the already approved minutes of the July 25, 2005, meeting, to show that the votes adopting the motions to amend and accept the SEDA/City of Spring- field Cooperation Agreement were changed to be 6 for, 0 against, 1 abstaining (Leiken), and 2 absent(Dwyer and Lundberg). The motion was adopted unani- mously, 7:0:1, with Director Christine Lundberg abstaining from voting because she had been absent from the meeting. III. COMMUNICATIONS a. Business from the Audience None. b. Correspondence None. c. Business from the Staff Mr. Tamulonis distributed copies of an October 12 memorandum from Development Services Director Bill Grile and Assistant Project Manager Susanna Julber regarding questions raised at the October 10 SEDA meeting about standards for parking lots ad- jacent to Franklin Boulevard and alleys within the Glenwood Riverfront Plan District. He suggested it was noteworthy that the standards differed from those established by the City of Portland. Springfield Economic Development Agency Minutes November 14, 2005 Page 2 IV. REPORT OF THE CHAIR None. V. REPORTS OF COMMITTEES None. VI. OLD BUSINESS a. Loan Agreement Finance Director Bob Duey referred to a draft document entitled "Intergovernmental Agreement to Advance and Repay Funds Needed for Urban Renewal Project by and between the Springfield Economic development Agency, Oregon, and the City of Springfield, Oregon." He explained that it described the terms and conditions for SEDA's requested $1.5 million loan from the City. He reviewed provisions for the availability of funds, repayment of those borrowed, setting of interest rates, carryover and replenishment of available funds. Board Member Anne Ballew asked what the source of funds loaned by the City was. Mr. Duey replied that the funds were included in the Economic Development Reserves of the 2005-06 City Budget. He said SEDA was also able to issue bonds to fund its activities Board Member Woodard suggested that the term "compounded monthly" in Section 2.3 of the Intergovernmental Agreement (IGA) be replaced with the term "accrued monthly." Board Member Woodard suggested that the phrase "Washington County, Oregon" in Section 3.5 of the IGA be replaced with the phrase "Lane County, Oregon." Board Member Dave Ralston asked what the current level of the SEDA reserves was. Mr. Tamulonis replied that SEDA had no reserves and that all funds were held by the City until they were loaned to the development agency. Mr. Woodrow added that it would be possible for SEDA to have available funds when its Tax Increment Revenues began to be received. Board Member Sid Leiken said he considered the loan from the City to be an example of"spending money to make money." He pointed out that loan interest rates had in- creased noticeably since the IGA had been negotiated and that the current rate paid to depositors by the Oregon Short Term Fund (Local Government Investment Pool) was exceedingly favorable. Board Member Lundberg suggested that the term "will may" in Section 2.1 of the IGA be corrected to "will." Board Member Leiken asked if the loan would operate like a revolving line of credit. Mr. Duey replied that it was more limited, in that advances would only be available for authorized SEDA expenses. City Attorney Joseph Leahy suggested that the term "costs of Projects" in Section 1.2.0 of the IGA be expanded to clearly identify that payment of administrative ex- penses were an eligible use of loan funds, since the IGA definition of"Projects" ap- peared to not include it. Springfield Economic Development Agency Minutes November 14, 2005 Page 3 Board Member Woodard suggested that the phrase "or operating expenses" be added to Section 1.2.0 of the IGA. Board Member Woodard moved, seconded by Board Member Pishioneri, to amend the proposed Intergovernmental Agreement to Make Repayments, as fol- lows: (1) Replace the term "compounded monthly"in Section 2.3 with the term "accrued monthly." (2) Replace the phrase "Washington County, Oregon"in Section 3.5 with the phrase "Lane County, Oregon." (3) Replace the term "will may"in Section 2.1 with "will." (4) Add the phrase "or operating expenses"to Section 1.2.C. The motion was adopted unanimously, 8:0. Board Member Woodrow moved, seconded by Board Member Pishioneri, to ap- prove the Intergovernmental agreement to advance and Repay Funds Needed for Urban renewal Project. The motion was adopted unanimously, 8:0. Mr. Tamulonis said he would present the agreement to the City Council for approval at its next meeting. VII. NEW BUSINESS None. VIII. PUBLIC HEARING None. IX. EXECUTIVE SESSION The SEDA Board convened in an Executive Session. Chairperson Fitch announced that its purpose was to discuss property purchase negotiations, in accordance with Oregon Revised Statutes 40.225, 192.502(1), 192.660(2)(e), and 192.660(2)(f). Mr. Tamulonis announced that the next SEDA meeting was scheduled for November 28. The meeting adjourned at 8:10 p.m. (Recorded by Dan Lindstrom) 44 , Christine Lundb4----- Secretary