Good morning and welcome to the July fifteenth meeting of the Evansville Local Public Improvement Bond Bank.

Um we are in session.

Uh can we confirm compliance with open door law?

Yes.

We uh published the notice on Granicus, and we have two posted to bill uh to bulletin boards on the first floor and the third floor of the Pacific Center.

Perfect, thank you, Mr.

Gunter.

Uh we do have three members present, so we do have a quorum.

First up is the consideration of the meetings of the previous uh minute min I'm sorry, the minutes of the previous meeting which were emailed to you earlier this week.

Does anyone have any um corrections or concerns?

May we have a motion to accept these minutes?

Still moved.

Thank you.

Second.

With a motion and a second.

All in favor.

Aye.

Aye.

Those are accepted.

All right.

Executive director remarks, Mr.

Gunter.

Thank you.

Fantastic.

Uh can we run through the financials, please?

Sure, good morning.

Um cash and investments, as you notice, uh have gone down about a million nine, and that's nothing more than we at the last meeting loaned out a million nine to Central Desk dispatch.

Um accordingly, uh loans receivable from qualified entities has gone up that much.

Um I can tell you that the police department made their six hundred and twenty-one thousand dollar payment on their uh their auto loans.

Uh yesterday we received it and it's going to the bank today.

Uh I billed that back in June, and it's just take some time for them to turn around.

Uh I've got some more billing for the last of the energy service energy systems contracts.

Uh those are due August first, and so I'll get those out and we'll get those hopefully collected and paid off, and we won't we'll just have like four large uh bands outstanding.

Um you can take a look at the um P and L our interest of course is a little bit down compared to last year.

Um annualized from investments, it's definitely gonna go down because we have less money in investments and our interest rates are a little bit lower.

Um our interest from our our loans is going to go up because increased the rate from one and a half to two and a half percent.

Um seems like a good thing for the city to get a a low interest rate on on what they borrow.

Umside of that, a little has changed.

I have details of uh the loans and investments, interest receivable and so forth, back few pages.

Um very steady.

Question regarding um insurance and I federally insured.

The funds that are within the who's your fund, that's already insured by the state, is that correct?

Yes, yes.

So we have one point five plus million dollars.

Who's the fund?

In the m in a money market.

And then uh with Trust Indiana 900,000.

That's correct.

So those are now and then our total um at Crane is approaching is three and a half million.

Do we have any concerns there?

The state has a program where they if if we buy CDs or bank with entities that are in their approved list, they will ensure anything over the two hundred fifty thousand that F F D I C covers.

Okay.

I mean, we're looking at roughly well, not roughly, but exactly $3 million in things kind of coming to terms to the end of their terms now.

So we have an old national on $717, a crane on $626.

And then another crane on $8, 7.

What are the plans for those funds?

Loan one point almost $1.3 million to DMD.

And then we thought we had we would have some others.

Those have been delayed a little bit.

Okay.

And we thought them in cash or we'll probably when they mature, we'll look at the timeline and we may invest those for 30 days or 91 days.

We kind of just base that on what our needs are.

Perfect.

Thank you.

So a follow-up to that.

So the CRAN did mature in June.

So has has that rolled or have we redirected those funds?

Robert, that was two weeks ago.

I know it matured.

I'm sure it was.

It was a certificate.

So I think I went 30 days on that one.

Okay.

Okay.

We just hadn't been through investments last week when I when I wrote this up and it was just rolled over.

I know some institutions, if you're not proactive, they'll automatically reimbest them at a at like a much lower rate.

So I just want to make sure we don't get caught with that.

Yeah.

They gave us a 10-day window once they mature to make a decision.

But we we usually they mature on a Friday and we usually reinvest it on that same Friday.

Thank you.

Thank you.

Does anyone have any further questions regarding uh the financial report and should the motion be made subject to I mean that date of 626?

I mean at least acknowledging that that's been rolled over in the in the minutes.

Okay.

Would someone like to make a motion as such?

I can but you want the motion to approve the financial report with that.

Yes, I think that that would be the best way to do that.

I I I uh move to uh accept approve the financial reports uh presented through June with the understanding that the Crane Credit CD has been kind of addressed either by June 30th or shortly after that.

And do we have a second?

Uh second so with a motion and a second, all in favor of accepting the um financials as presented.

Okay.

Any opposed?

No.

Okay.

There we go.

Thank you for the uh financial presentation.

Uh we have no old business on the agenda unless someone has something to bring up now.

Um new business, we have a resolution.

Um is there a resolution number to put on this?

I shall run to get one.

Perfect.

Uh was there several collabs.

Let me let me get that.

It's maybe remember.

That was probably in like May.

Would have been our last one, or maybe earlier, because I don't think we had one.

There wasn't one last month.

Oh no.

That would be great to get that so we can process this and get this project moving along.

All right.

Hi.

Hi.

Um Kobe Jackson, DMD.

Um, so as the bomb bank uh membership should recall, I actually came for this Crawford Door project back in November, and the request at the time was for 1.15 million dollars from the Bomb Bank, which would be repaid through the Jacobsville TIFF.

Um 1701 North Heidelbach, the developers house investments, it's a hundred and thirty-four unit multifamily tax credit project in partnership with the EVPL.

So there's a library component, there's studio one, two, and three bedrooms within the development.

So that's just kind of a brief overview for it to refresh your memory.

So um we I've come back because we are increasing the request that we are asking from the bomb bank from that 1.15 million to a total of 1.28 million, so 130,000 increase.

And so there were an there's a number of various resources that are going into this project to incentivize it.

Home, which is a federal um federal grant being one of them.

So the home funds, we ran into a slight hiccup because there's a BABA requirement, which is called Build America by America.

And so basically, if any federal um money touches a project, then the developer has to ensure that the construction materials are produced within the United States.

And there's like a threshold of I think it's $350,000 less than or equal to that.

And so this project has it with and it considers the totality of all the sources, not just federal.

So obviously this is a multi-million dollar project, so BABA was triggered.

And so fortunately for the developers, they're not able to meet that requirement with their timeline.

And so in order to get the money under the threshold needed so that it's not triggered at least with the on the federal side.

Um we have increased the amount of decrease, excuse me, the amount of home funds that we're putting into the project by $130,000.

And so we are increasing the amount that we're asking for the bond bank to be repaid by the Jacobsville TIFF.

And so that is why you're seeing it jump slightly by $130,000.

So I'm happy to answer any additional questions, but that is why the request from November to now has changed.

I and I I want to give Robert a chance to show back up because right before this meeting started, he kind of talked to me about um I think how the term was potentially structured with the attorney and how I think the attorney has it ballooning at a certain point, but he asked if we were okay with making principal payments for a certain period of time.

I don't know what that specifically looks like, but I I'm sure he can speak to that when he comes back.

So I do I do want to make mention of that.

I I can answer that.

Okay, perfect.

I can answer that.

I made the amortization schedule, and so rather than have uh thirty-two thousand dollars a year interest only payments, um they will make annual payments beginning August 1st next year of $340,000 two hundred and sixty-three dollars, and which includes principal and interest, and then I have the amortization amortization schedule to attach with the resolution if we would like to do so.

So P and I begins on a PI begins on August 1st, 2027.

Is that correct?

Because I'm making an adjustment on this so that we can get this process.

Yes.

Yes.

Yes.

Okay.

Um that gives them time to get it, get it budgeted and make into next year's payments.

Okay.

Uh much like the uh last one with uh central dispatch, their their payments will begin early next year.

Okay.

Hi.

I guess we're talking about the terms.

Yeah, yeah.

Yeah.

When I had Nick draw this up, I think he he based it off a loan that he had done for DMD years ago, and not realizing that we would have them make principal payments.

So Cody, we're good.

Cody mentioned that do we have a resolution number?

Oh, I'm sorry, 08.

All right, so we've been discussing resolution number 2026 slash zero eight, which is for the uh much needed uh redevelopment of the historic Crawford Door site across from Historic Possifield.

Yeah, correct.

So um to be funded by uh tax increment from the Jacobsville area TIFF.

Does anyone have any questions about the project?

So I just could confirming you're actually adjusting the resolution to take into account the principal payment.

Right.

You you made some notes there.

Yes, I think I feel like the resolution words is worded differently than what I understood.

I am have scratched through principal payment at final maturity and interest payment uh to P and I begins on 8127.

I included that.

I don't believe that we need to have the dollar amount in there at this time.

We have the and attaching the amortization schedule, I guess then we would be complete on this.

No.

Okay.

And on the project then from a cash flow perspective, because the amount changed, that there's no concern about the TIFF dollars being able to still fund the payment, correct?

Um technically um TIFF funds are available now, but because of the statute, you have to turn this into a debt to make it work for this type of a project, and so that's why we're coming before the bond bank to borrow.

But because of the statute, you have to turn this into a debt to make it work for this type of a project, and so that's why we're coming before the bomb bank tomorrow.

Okay.

Okay.

Thank you.

Once this is approved, I'll send out a revised cash flow so that everyone can see that uh this bond bank has sufficient funds to make this loan and plus the future loans.

And that the TIFF has the capacity to address this.

The TIF is doing very well.

Very healthy too.

Yeah.

So any other questions regarding this?

Would someone like to make a motion that we approve resolution number two oh two six oh eight?

Uh make a motion that we approve resolution number two zero two six dash zero eight.

Second.

With the motion and a second.

All in favor say aye.

Aye.

Any opposed?

Great.

Thank you.

Thank you.

So we have a voucher register approval as you um I'll pass this along.

This is for uh Harding Shamanski invoice for um $1,050 related to our audit.

Someone are you you do not have to I'm independent.

Perfect.

Okay, great.

Would someone like to make a motion that we uh uh approve this invoice?

Uh sign the register.

I make a motion that we approve the invoice and sign register.

Second.

With a motion and a second, all in favor.

Aye.

Aye.

Any opposed?

Fantastic.

We are scheduled for a meeting.

When is our next meeting?

August.

If we need to meet.

If we need to meet.

Just to have on your calendar so you can cancel something, which is always nice to do.

I think these other three loans are going to be delayed to the point that it may be in the fall before we're ready to move forward.

So next meeting would be August 19th.

August 19th in room 307 at the Civic Center.

Any uh board members have any questions, concerns?

There's no one from the public present.

This meeting is adjourned.

Thank you.