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1117
Glendale
A R I Z O N A
MINUTES
INDUSTRIAL DEVELOPMENT AUTHORITY
GLENDALE CITY HALL - CONFERENCE ROOM 2A
5850 W. GLENDALE AVE.
GLENDALE, ARIZONA 85301
SEPTEMBER 8, 2020
4:00 P.M.
1. Call to order.
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 Tuesday, September 8, 2020, at 4:00 p.m. in Conference Room 2-A, Glendale City Hall, 5850 West
Glendale Avenue, Glendale, Arizona.
2. Roll call.
Present: Robert Holmes, President
Charles Miles, Secretary/Treasurer
Howard McKenna, President
John Catledge, Vice President
Absent: Lisa Maestas, Member
Diane McCarthy, Member
Alan Berta, Member
Also Present: William P. Connealy, designated Special Counsel to the Authority
Jessi Pederson, Assistant Director of Economic Development
Carter Smitherman, Chief Financial Officer of People of Faith, Inc.
William F. Wilder, Counsel to People of Faith, Inc.
Attendees: Kendra Eberhart, Attended meeting by telephone
Gretchen Cobb, Attended meeting by telephone
Mary Munoz, Attended meeting by telephone
John J. Fries, Esq., Law Firm Ryley & Carlock & Applewhite, attended meeting by telephone
3. Call to the public.
4. Approval of the minutes.
a. Industrial Development Authority Minutes of the January 7, 2020 and August 6, 2020 Board meetings.
The minutes of the Special Meeting of the Board of Directors of the Authority held on January 7, 2020 and August 6, 2020, were
presented to the meeting and reviewed and discussed. The reading of the minutes was waived and the minutes were approved and
adopted by unanimous vote.
Motioned by Secretary/Treasurer Charles Miles, seconded by President Howard McKenna
AYE: President Robert Holmes
Secretary/Treasurer Charles Miles
President Howard McKenna
Vice President John Catledge
Passed
5. Consideration of the Application of People of Faith, Inc. dba Royal Oaks Lifecare Community for the issuance of not to exceed
$200,000,000 of the Authority's Revenue Bonds to finance improvements to the People of Faith Life Care Community in Sun City,
Arizona and action as determined regarding the adoption of a resolution granting final approval for the issuance and sale of Bonds, as
requested, by People of Faith, Inc., for the purposes set forth in the Application of People of Faith, Inc. filed with the Authority.
Next Mr. Holmes called upon Mr. Connealy to report on and discuss the pending bond financing for People of Faith, Inc
Mr. Connealy first introduced Mr. Smitherman and advised the Board that the planned bond financing for the issuance of not to exceed
$200,000,000 of the Authority's Senior Living Revenue Refunding Bonds, Series 2020 (Royal Oaks Project) to be issued in two series
was proceeding smoothly and on schedule.
Mr. Holmes next called upon Mr. Smitherman to present the application of People of Faith and to describe and discuss the Project to be
financed.
Mr. Smitherman gave a detailed description of the Project and the plans of People of Faith for the expenditure of bond proceeds and
responded to numerous questions from the Board.
Mr. Connealy went on to advise that if the Authority Board adopted the proposed resolution authorizing and approving the issuance of
the bonds, the matter would then go before the Glendale City Council for its approving action on September 22, 2020.
Discussion then followed between the members of the Board and Mr. Smitherman of People of Faith, Inc.
Thereafter upon a motion made by Mr. Charles and seconded by Mr. Catledge, the Authority Board voted unanimously to adopt the
resolution presented to the meeting authorizing and approving the issuance of not to exceed $200,000,000 of Senior Living Revenue
Bonds, Series 2020 (Royal Oaks Project) in two Series, the proceeds of the sale of which would be loaned to People of Faith, Inc., for
the benefit of People of Faith, Inc., and to pay costs related to the issuance of the bonds and related to the refunding.
Motioned by Secretary/Treasurer Charles Miles, seconded by Vice President John Catledge
AYE: President Robert Holmes
Secretary/Treasurer Charles Miles
President Howard McKenna
Vice President John Catledge
Passed
6. Financial report and payment of invoices.
Next, Mr. Charles distributed a financial report prepared as of September 8, 2020, noting that the Authority had $34,729.44 in a
checking account at BMO Harris/M&I Bank and $125,384.72 on deposit in a money market account at BMO Harris/M&I Bank for a total
fund balance of $160,114.16. Thereafter, by unanimous acclamation, the financial report provided by Mr. Charles was accepted as
presented. A copy of the financial report is included in the records of the Authority.
Thereafter, the Board considered the Invoice from Ryley Carlock & Applewhite dated August 14, 2020, in the amount of $6,663.31 and
upon a motion made by Mr. Catledge and seconded by Mr. Charles, the Board voted unanimously to pay such Invoice.
Motioned by Vice President John Catledge, seconded by Secretary/Treasurer Charles Miles
AYE: President Robert Holmes
Secretary/Treasurer Charles Miles
President Howard McKenna
Vice President John Catledge
Passed
7. Future agenda matters and other business that may properly come before the meeting.
8. Adjournment.
There being no further business, upon the motion of Mr. Charles, duly seconded by Mr. McKenna, the meeting was adjourned at 5:05
p.m.
Dated: September 8, 2020
Miles Charles, Secretary
The Industrial Development Authority
of the City of Glendale, Arizona
SPECIAL ACCOMMODATIONS
For special accommodations, please contact Suzie Ricard at (623) 930-2983 at least three (3) business days prior to the meeting.
Hearing impaired persons please use the Arizona Relay Service by dialing 711.
The Board of Directors of the Authority pursuant to A.R.S. §38-431(8) and other interested parties may participate in the meeting by
telephonic communication by dialing (866) 496-5284, Conference ID 4466396#.
This agenda was posted on August 24, 2020 at 11:50 AM
The Industrial Development Authority meeting minutes of January 7, 2020 and August 6, 2020 were submitted and approved this 24 day August of
2020.
Suzie Ricard
Recording Secretary