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HomeMy WebLinkAboutMinutes - Minutes - Municipal Property Corporation - Meeting Date: 11/12/2019Glendale A R I Z O N A MINUTES MUNICIPAL PROPERTY CORPORATION GLENDALE CITY HALL CONFERENCE ROOM B1 5850 W. GLENDALE AVE. GLENDALE, ARIZONA 85301 NOVEMBER 12, 2019 9:00 A.M. 1. CALL TO ORDER Chair Peterson called the meeting to order at 9:00 a.m. 2. ROLL CALL Present: Leland Peterson, Chair David Leckie, Board Member John Jones, Board Member Donald Knafels, Vice Chair Roger Schwierjohn, Board Member Also Present: Vicki Rios, Assistant City Manager Lisette Camacho, Interim Director, Budget and Finance Jenna Goad, Assistant Director, Public Affairs Attendees: Kathryn Pong, Vice President, RBC Capital Markets Bill DeHaan, Greenberg Traurig Kurt Freund, RBC Capital Markets 3. CITIZEN COMMENTS No citizen comments. 4. APPROVAL OF THE NOVEMBER 13, 2018 MINUTES Presented by: Lisette Camacho, Interim Director, Budget and Finance Motion by Vice Chair Knafels, second by Board Member Schwierjohn to approve the Municipal Property Corporation November 13, 2018 meeting minutes as written. AYE: Leland Peterson, Chair David Leckie, Board Member John Jones, Board Member Donald Knafels, Vice Chair Roger Schwierjohn, Board Member Passed 5. INTRODUCTION TO NEW BOARD MEMBERS Presented by: Leland Peterson, MPC President/Chair Mr. Peterson introduced new Board Member Jones and new Board Member Leckie, who each gave a brief background of themselves. 6. ELECTION OF OFFICERS Presented by: Lisette Camacho, Interim Director, Budget and Finance Motion by Vice Chair Knafels, second by Board Member Schwierjohn, to maintain the current MPC Officers for 2020 as: • Board Member Leland Peterson as President/Chair • Board Member Knafels as Vice President and Secretary • Board Member Schwierjohn as Treasurer AYE: Leland Peterson, Chair David Leckie, Board Member John Jones, Board Member Donald Knafels, Vice Chair Roger Schwierjohn, Board Member Passed 7. 2020 CENSUS Presented by: Jenna Goad, Assistant Director, Public Affairs Ms. Goad gave a PowerPoint presentation on the upcoming 2020 Census, which included information on the process, timeline, and the importance of all residents completing the census. Ms. Goad commented on efforts to reach to high-risk and traditionally non-responsive groups. 8. PRESENTATION ON THE FINANCIAL STATUS OF THE CITY Presented by: Vicki Rios, Assistant City Manager, City Manager Office Presented by: Lisette Camacho, Interim Director, Budget and Finance Ms. Rios reported that staff is still working on the financial statements ending June 30, 2019, and final reports should be ready by the end of November or early December. Ms. Rios noted that preliminary numbers reveal that some departments were over budget as there were some large items that occurred at the end of the year. Ms. Rios anticipated that a $50 million general fund balance could still be achieved. Ms. Rios gave a high-level briefing on the City financial status and potential plans for and uses of bond funding in the upcoming fiscal years. Ms. Camacho highlighted general items of note in the preliminary financials. Ms. Rios stated that there were some city -owned properties that were sold but did not close within FY2020 as anticipated; therefore, negatively impacted the budget. 9. MPC EXCISE TAX REVENUE BOND SUMMARY Presented by: Lisette Camacho, Interim Director, Budget and Finance Guest Presenter: Kurt Freund, RBC Capital Markets Mr. Freund gave a presentation, with detailed charts and graphs, on the following: • Excise Tax Debt Profile • General Market Update on bonds/municipal markets Mr. Peterson inquired about the current City bonds. RBC's representatives explained the process of calling in bonds, interest rates, and reasoning for re -financing of bonds. 10. UPDATE ON FUTURE OR PLANNED BOND ISSUANCE Presented by: Lisette Camacho, Interim Director, Budget and Finance Mr. Freund gave a brief explanation of City bonds that will be paid off and plans for future bond issuance at a lower interest rate. Mr. Freund displayed charts regarding bonding data. Ms. Camacho announced the establishment of the General Obligation Bond Committee and its role in the bond process. 11. ADJOURNMENT Motion by Vice Chair Knafels, second by Board Member Schwierjohn, to adjourn the meeting at 9:58 a.m. AYE: Leland Peterson, Chair David Leckie, Board Member John Jones, Board Member Donald Knafels, Vice Chair Roger Schwierjohn, Board Member Passed The Municipal Property Corporation meeting minutes of November 12, 2019, were submitted and approved this 9th day of November 2020. tte Camacho Budget and Finance Director