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CALL TO ORDER/INVOCATION/INSPIRATIONAL THOUGHT/Pledge of Allegiance – to be announced Chair Fullmer opened the meeting at 5:02 Boardmember Juddd  2.
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CONSENTAGENDA2.1  Approval of the June 23, RDA Meeting Minutes Motion tyce. Second Judd.  All in favor.  3.      business items 3.1
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Discussion and action – Waters Edge Subordination Agreement City Manager Jacob McHargue will present a subordination agreement for the 2021 bonds. The RDA Board will take appropriate action. Mr. Mchargue explained the waterfall of funds.  Waters Edge to subordinate or take second position with the bonds….  We…they ….    David tstated that this puts the city  in a good  position to  move forward.  Mchargue -  rda sign and then city council approve.   Motion judd.  Second tyce.  All in favor4.      ADJOURNMENTMotion judd. Cristy  5:07 pm  RDA meetings are scheduled as necessary.   The Public is invited to participate in all Vineyard Redevelopment Agency meetings. In compliance with the AmericanswithDisabilitiesAct,individualsneedingspecialaccommodationsduringthismeetingshouldnotifythe Deputy Recorder at least 24 hours before the meeting by calling (801)226-1929.   I the undersigned duly appointed Deputy Recorder for Vineyard, Utah, hereby certify that the foregoing notice and agendawasemailedtotheSalt Lake Tribune,postedattheVineyardCityoffices,theVineyard Citywebsite,theUtahPublic Notice website, delivered electronically to city staff and to each member of the GoverningBody.   AGENDA NOTICINGCOMPLETEDON: July 6, 2021 CERTIFIED(NOTICED)BY:    /s/Kelly Kloepfer                                                     KELLY KLOEPFER, DEPUTY RECORDER
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All right. Today is July 7, 2021, and the time is 5:02 and we are going to call the Redevelopment Agency board to order. So we'll 00:00:06
just go ahead and go through our agenda and we'll do, I guess we're not having a council meeting, but why not start with an 00:00:14
invocation? Anybody have a special thought or a prayer they want to give? 00:00:22
Please do it, Chris. Thank you. 00:00:32
Our grace to suddenly Father, we come before thee this evening. We give you thanks for this day. We're thankful to be able to meet 00:00:36
here together as a community and as a Redevelopment Agency board. And we asked you to help us to be. 00:00:43
Guided and help us to know the best things to do for this community. Father, at this time we give you thanks for those in this 00:00:50
nation and the state, the community that all serve others, those that. 00:00:56
With the sheriff and police and fire. 00:01:03
Emergency services and those serving in the armed forces, that extra care and safety will be provided to them and that their 00:01:06
families will know the love that we have for them as well. Father, we ask you to bless those who are in our community who are 00:01:11
struggling that that they're great neighbors and community members will reach out and help them in ways that that they will need. 00:01:15
Father, at this time, we ask you. 00:01:20
Process with additional rain in the state and in our community that will be able to conserve those resources and use them wisely. 00:01:26
And these things we ask anything before. And then I said Jesus Christ, Amen. Thanks so much, Chris. Really appreciate it. 00:01:32
All right, we can move on to our consent agenda. I just need. 00:01:39
A motion. And second, Second, OK, And that's to approve the June 23rd RDA meeting minutes. 00:01:43
OK. Business items discussion 3.1. This is the Waters Edge subordination agreement and it looks like, Jake, you're going to start 00:01:53
us out with an introduction. 00:01:58
Yep. OK. So in 2014, the RDA entered into a reimbursement agreement with Water's Edge and they installed most of the 00:02:03
infrastructure for their development, which included roads, sewer lines, water lines, storm water lines, parks. 00:02:10
All of that. 00:02:19
And that reimbursement agreement was signed at a 7 1/2% interest rate. 00:02:21
When we've been talking about. 00:02:31
Doing this bond, we've always anticipated doing some sort of refunding of some of that debt, but we didn't know how much and so 00:02:33
we've gone through the process. 00:02:38
Of looking. 00:02:44
And. 00:02:45
We there's a waterfall of funds with the RDA and what that means is if there's not enough financing in one year to repay all of 00:02:47
the debts that the RDA has, then we pay them off in a certain order. 00:02:53
But we wouldn't be able to go out to the public market for bonds. 00:03:01
If they were in a second position and so we needed water's edge to subordinate or take a second position to these new bonds. 00:03:07
And so that's what this subordination agreement is. So in the subordinate subordination agreement, we will be refunding 24 and a 00:03:15
half million of the waters edge. 00:03:20
They will be paying $300,000 towards the closing costs associated with the refinance of the debt. 00:03:25
And we'll be agreeing to take a second position to the. 00:03:32
So that's the gist of it, the 10,000 foot level and happy to answer any questions. 00:03:36
David's here and he can talk specifics about the deal. 00:03:40
If you have any questions for him as well. 00:03:44
OK. 00:03:47
David, do you, do you have any concerns or thoughts about it? 00:03:48
No, this is something I think that the city has been aware of. This is a nice thing to address some of the costs. I know there's 00:03:53
been discussions about the pros and cons of this, but I think overall this puts the city in a good position to move forward and to 00:03:59
continue to improve the financial position of the city. So I think this is a good thing overall. 00:04:04
OK, great. Board, do you have any questions or comments I'm assuming? 00:04:10
City Council is reviewed the subordination agreement. 00:04:16
Or we're good there. 00:04:20
OK. 00:04:24
OK. David just brought up a good point. So the RDA board will sign this. 00:04:27
And then we can put it on the consent agenda for the City Council to sign it. 00:04:32
It will have to be on. 00:04:37
The City Council agenda at some point. 00:04:38
OK, great. 00:04:41
Any questions from the public? 00:04:43
All right then. I just need a motion. I'll make a motion. 00:04:45
I make the motion to approve the subordination agreement for the 2021 bonds. 00:04:51
As. 00:04:58
OK, second by Tice, all in favor? Aye. OK, that brings us to the close of the meeting and I just need a motion to. 00:04:59
So moved in a second. 00:05:09
Second, all in favor, OK. 00:05:10
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All right. Today is July 7, 2021, and the time is 5:02 and we are going to call the Redevelopment Agency board to order. So we'll 00:00:06
just go ahead and go through our agenda and we'll do, I guess we're not having a council meeting, but why not start with an 00:00:14
invocation? Anybody have a special thought or a prayer they want to give? 00:00:22
Please do it, Chris. Thank you. 00:00:32
Our grace to suddenly Father, we come before thee this evening. We give you thanks for this day. We're thankful to be able to meet 00:00:36
here together as a community and as a Redevelopment Agency board. And we asked you to help us to be. 00:00:43
Guided and help us to know the best things to do for this community. Father, at this time we give you thanks for those in this 00:00:50
nation and the state, the community that all serve others, those that. 00:00:56
With the sheriff and police and fire. 00:01:03
Emergency services and those serving in the armed forces, that extra care and safety will be provided to them and that their 00:01:06
families will know the love that we have for them as well. Father, we ask you to bless those who are in our community who are 00:01:11
struggling that that they're great neighbors and community members will reach out and help them in ways that that they will need. 00:01:15
Father, at this time, we ask you. 00:01:20
Process with additional rain in the state and in our community that will be able to conserve those resources and use them wisely. 00:01:26
And these things we ask anything before. And then I said Jesus Christ, Amen. Thanks so much, Chris. Really appreciate it. 00:01:32
All right, we can move on to our consent agenda. I just need. 00:01:39
A motion. And second, Second, OK, And that's to approve the June 23rd RDA meeting minutes. 00:01:43
OK. Business items discussion 3.1. This is the Waters Edge subordination agreement and it looks like, Jake, you're going to start 00:01:53
us out with an introduction. 00:01:58
Yep. OK. So in 2014, the RDA entered into a reimbursement agreement with Water's Edge and they installed most of the 00:02:03
infrastructure for their development, which included roads, sewer lines, water lines, storm water lines, parks. 00:02:10
All of that. 00:02:19
And that reimbursement agreement was signed at a 7 1/2% interest rate. 00:02:21
When we've been talking about. 00:02:31
Doing this bond, we've always anticipated doing some sort of refunding of some of that debt, but we didn't know how much and so 00:02:33
we've gone through the process. 00:02:38
Of looking. 00:02:44
And. 00:02:45
We there's a waterfall of funds with the RDA and what that means is if there's not enough financing in one year to repay all of 00:02:47
the debts that the RDA has, then we pay them off in a certain order. 00:02:53
But we wouldn't be able to go out to the public market for bonds. 00:03:01
If they were in a second position and so we needed water's edge to subordinate or take a second position to these new bonds. 00:03:07
And so that's what this subordination agreement is. So in the subordinate subordination agreement, we will be refunding 24 and a 00:03:15
half million of the waters edge. 00:03:20
They will be paying $300,000 towards the closing costs associated with the refinance of the debt. 00:03:25
And we'll be agreeing to take a second position to the. 00:03:32
So that's the gist of it, the 10,000 foot level and happy to answer any questions. 00:03:36
David's here and he can talk specifics about the deal. 00:03:40
If you have any questions for him as well. 00:03:44
OK. 00:03:47
David, do you, do you have any concerns or thoughts about it? 00:03:48
No, this is something I think that the city has been aware of. This is a nice thing to address some of the costs. I know there's 00:03:53
been discussions about the pros and cons of this, but I think overall this puts the city in a good position to move forward and to 00:03:59
continue to improve the financial position of the city. So I think this is a good thing overall. 00:04:04
OK, great. Board, do you have any questions or comments I'm assuming? 00:04:10
City Council is reviewed the subordination agreement. 00:04:16
Or we're good there. 00:04:20
OK. 00:04:24
OK. David just brought up a good point. So the RDA board will sign this. 00:04:27
And then we can put it on the consent agenda for the City Council to sign it. 00:04:32
It will have to be on. 00:04:37
The City Council agenda at some point. 00:04:38
OK, great. 00:04:41
Any questions from the public? 00:04:43
All right then. I just need a motion. I'll make a motion. 00:04:45
I make the motion to approve the subordination agreement for the 2021 bonds. 00:04:51
As. 00:04:58
OK, second by Tice, all in favor? Aye. OK, that brings us to the close of the meeting and I just need a motion to. 00:04:59
So moved in a second. 00:05:09
Second, all in favor, OK. 00:05:10
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