HomeMy WebLinkAboutMinutes - Minutes - Industrial Development Authority - Meeting Date: 4/9/2009 MINUTES OF SPECIAL MEETING
OF THE BOARD OF DIRECTORS OF
THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF GLENDALE, ARIZONA
(April 9, 2009)
A Special Meeting of the Board of Directors of The Industrial Development
Authority of the City of Glendale, Arizona (the "Authority") was duly called and held on
Thursday, April 9, 2009, at 4:00 .m. in Conference Room A, Sine Building, City of Glendale
Municipal Offices, 6829 North 58` Drive, Glendale, Arizona.
The following Directors of the Authority were present at the meeting: Howard A.
McKenna, John Catledge, Darren L. Whitehurst, Ventura "Ben" Lopez, Director Stephen P.
Hamden was not present. Howard A. McKenna, President of the Authority, presided at the
meeting and John Catledge served as Secretary at the meeting.
Also present was William P. Wilder, legal counsel to the Authority; Dave
McAlindin of the City of Glendale Economic Development Department; and Veronica Lumpkin,
a student at the Walter Cronkite School of Journalism, on assignment to attend and write about a
public meeting.
The minutes of the Special Meeting of the Board of Directors of the Authority
held on November 19, 2008 were presented to the meeting. Upon a motion made by Mr.
Catledge and seconded by Mr. Whitehurst the minutes were unanimously approved. The
minutes of the meetings held on September 7, 2007 and March 18, 2009 could not be approved
due to a lack of a majority of Directors being present who had attended these meetings.
Mr. McKenna advised that the Board would next consider Item 3 on the Agenda,
the payment of Invoices. He noted the Authority had received the Invoice of Ryley, Carlock &
Applewhite dated April 7, 2009 in the amount of$5,965.69. After discussion and upon a motion
by Mr. Lopez and seconded by Mr. Catledge, payment of the said Invoice was approved.
Mr. McKenna advised that the next matter on the Agenda would be Item 2
relating to the informal presentation made by RPL Development Group, LLC to the Authority on
March 18, 2009, with regard to possible financing for the Main Street Project.
Mr. McKenna recommended the Board meet in executive session for the purpose
of discussion and consultation with and to receive the legal advice of Mr. Wilder with regard to
matters relating to Item 2 on the Agenda.
Thereafter, upon a motion made by Mr. Whitehurst and seconded by Mr.
Catledge, the Board voted unanimously to adjourn from the public open meeting and to convene
in executive session for the purpose of discussion and consultation with Mr. Wilder, the Board's
legal counsel.
1094814.1
The Board went into executive session at approximately 4:12 p.m.
At approximately 4:55 p.m., the Authority Board reconvened in public open
meeting following the conclusion of the Board's executive session. Directors Howard A.
McKenna, John Catledge, Darren L. Whitehurst and Ventura Ben Lopez were present and
Director Stephen P. Harnden was not present, Also present was Veronica Lumpkin, who had
been present when the Board meeting initially commenced.
Mr. McKenna advised that the Board would now discuss and take action as
determined regarding Item 2 on the Agenda.
The Directors opened discussions, It was noted that the Authority had financed a
number of projects over the years, and that in all instances the projects were discreet projects
rather than complex projects that would involve multiple parcels of land and extended periods of
financing and construction. It was noted that the Authority has neither the independent expertise
nor staff to enable it to adequately conduct the necessary due diligence work and ultimately the
attendant supervisory work to undertake a financing of the financial size, nature and extent
proposed.
After discussion and a motion made by Mr. McKenna and seconded by
Mr. Whitehurst, the Board decided it would advise the City of Glendale regarding the foregoing.
There being no further business, the meeting was adjourned at approximately 5:10
p.m.
Q(iSS—
Secr ary
-2-