[0:03] Let's start here, cool. Good afternoon, everybody. We're going to call the ordinance special

[0:08] meeting of the board of trustees for Fox Paulo, Infrastructure of Financing District,

[0:14] this Tuesday for 14th, 2026 at 2 p.m., the meeting is being held at the offices of

[0:20] York Hall and South Jordan, Utah. Let's do a roll call for our meeting today. My name

[0:25] Thomas Tom, Jolly, and I'm District Council.

[0:29] Shannon Bidard, District Council, Carol Eagle.

[0:33] Ed Bailey, the Cardinal Land Holding Force.

[0:39] And I'll just note that Ed is a board member.

[0:43] Steve Peterson, board member.

[0:49] Mitch Vance, board member and chair.

[0:53] Scott Don, board member, Clark.

[1:00] We do have the chair here, I think it's debatable. I've seen these meetings done where we have the chair bring it, bring call to the board of the meeting or district council.

[1:12] So let's never do that. Let's never ever do that. That sounds good to me.

[1:18] We're just going to follow our agenda today.

[1:22] There are no preliminary action items.

[1:26] Something new that we've added to our board is to make sure that we offer time for public

[1:31] comment, where members of the public can express their view.

[1:36] We do need a motion to open the public meeting portion for public comment.

[1:42] it. I'll make a motion as said to go ahead and open a four public comment. It's given time.

[1:51] Thanks, Ed.

[1:53] Okay. Second by Steve. All in favor say I have a yes. Yes. Yes. Thank you motion passes by Gorum

[2:02] Board. Do we have any members of the general public participating in today's meeting who want to

[2:08] to speak or give input concerning the district's business.

[2:11] We can confirm that there are no members

[2:13] of the public participating in the meeting in person

[2:16] at the offices of York Hall.

[2:18] I do not see any members of the public participating

[2:21] via the Zoom link today.

[2:24] So it doesn't look like there are gonna be any public comments.

[2:28] So we can now have a motion to close

[2:30] the public comment portion of the meeting.

[2:33] I'll make that motion to go ahead and close the public comment section of this meeting.

[2:40] Second.

[2:44] Second. All in favor say aye. Yes. Yes. Thank you. Motion passes by Gorum of the Board.

[2:53] Public comment portion of the meetings now close. Let's move on to our consent items.

[2:57] the first item is to approve the draft minutes of the board meeting held on February 24th, 2026.

[3:04] Those minutes were included in the board packet, the shanta sent to everybody.

[3:09] Are there any questions on the minutes?

[3:12] No.

[3:13] No.

[3:15] Okay, great.

[3:16] Do we have a motion to adopt the minutes of the February 24th, 2026 board meeting?

[3:22] I move associated.

[3:30] Thank you motion passes by Cuoma the board. Let's move to our second consent item which

[3:37] is to approve and ratify the payment applications and requisition requests made since last board

[3:42] meeting. This is a reminder to the board. This is required by the acquisition and reimbursement

[3:49] agreement. It's necessary for the board to approve and ratify payment applications made

[3:55] since the last time we were together at the board meeting. So do we have a motion to approve

[4:03] and ratify payment applications and requisition requests made since the last board meeting held

[4:08] on February 24th, 2026? I'll go ahead and make a motion. This is there to go ahead and

[4:14] If those payments open, those payment options are open right now.

[4:21] Thank you.

[4:22] Do we have a second?

[4:23] Second.

[4:25] All in favor say aye.

[4:26] Yes.

[4:27] Yes.

[4:28] Yes.

[4:29] Thank you motion passes by Coral on the board.

[4:32] Let's now move to our action items.

[4:34] The first action item is to consider approval of the Q4 financial statements for calendar year 2025.

[4:42] Again the Q4 financials were provided.

[4:44] in your board packet, we do have Brennan and Derek here,

[4:49] Pannacle, to go over the Q4 financial statements

[4:52] and answering questions from the board.

[4:54] So Brennan, I'll turn the time over to you.

[4:59] I will share my screen.

[5:04] Can you see a set of financial statements on the screen?

[5:08] Yes, perfect.

[5:10] All right, so I will go through these fairly quickly.

[5:14] Please stop me if you have any questions

[5:17] or wanted to dig anything, dig into anything any deeper.

[5:22] We do have the fourth quarter financial statements

[5:24] that we're going to walk through.

[5:25] The next agenda item will be the first quarter financial statements.

[5:28] So really, what we're focusing is this presentation is year-end for 2025.

[5:36] You know, a little bit.

[5:40] But the bond issuance that occurred very late in 2025,

[5:44] essentially, the only activity was the bond issuance itself.

[5:48] And so we did have an adopted budget, a final budget for 2025.

[5:52] That's the left hand column.

[5:53] The middle column is the actual through December 31st, 2025.

[5:58] Then that right hand column is a variance column to show the difference between the budget

[6:02] and then the actual activity.

[6:06] What you'll note, and I'll focus my comments on the actual through 2025.

[6:10] The bonds were issued bond proceeds under this other sources and uses section.

[6:16] They'll see that the bond proceeds were issued for $14,655,103.

[6:22] So as those bond monies came in, $638,80 were used for cost of issuance,

[6:30] and then $59,000 were transferred to the General Fund to cover operational costs

[6:35] for the next year or so, and then 1.977 million was transferred to the debt service fund

[6:43] to meet some of the reserved requirements that were established in the bond

[6:47] issuance, which left about $11.9 million generally available for capital

[6:54] project reimbursements.

[6:58] So that's the Capital Projects Fund where we have that

[7:01] bond issuance. So now I'm going to jump up one page to the debt service fund. So

[7:06] the debt service fund ultimately its purpose is to have money to repay the bonds.

[7:12] The only activity that you'll see in 2025 was the receipt of that transfer from the capital

[7:18] projects fund of the $1.97 million dollars.

[7:21] And that money is made up of two components.

[7:25] And if you look at the bottom here, it's this components of ending fund balance.

[7:30] Now that $1.9 million, the $839,000 that you see there is the capitalized interest.

[7:38] So that is money that was set aside to pay interest payments until we have revenues produced by the district itself.

[7:48] And then there's also a debt service reserve amount of $1,137,000 and that was a requirement of the bond documents.

[7:58] Bond covenants is that we would set that aside to be available for bond repayment in the future.

[8:04] and collateral for those bonds. But there was no activity in terms of any bond interest payments

[8:12] or anything like that in 2025, just the money coming in and being held in those accounts.

[8:20] And then moving up to our general fund. So the general fund is where we have our administrative costs.

[8:26] So this is where you're going to see your accounting, your auditor, your insurance, your legal

[8:30] district management, those costs. Because of how late the bonds were issued in 2025,

[8:35] there were no costs in 2025 for administration. So there's a big zero in the expenditures,

[8:41] but what you do see is the $59,000 that was transferred in at bond closing. So there was,

[8:47] often called working capital or administrative fund, but essentially monies that were

[8:52] set aside at closing to be able to cover the operational costs until, again, the district

[8:58] produces its own revenue. So, any questions on your and financial statements?

[9:05] Oh, no, not on your end. All right. Yeah, great job, Brendan. Let's have a motion

[9:14] accepting the Q4 2025 financial statements for the district. I move is so

[9:21] was stated. Second. I'll second this said. Thank you all the

[9:28] favorites there. Yes. Yes. Yes. Yes. Thank you motion does pass by

[9:34] Gorm the board. Let's now move to our second action item, which is to consider

[9:39] approval of the Q1 financial statements for calendar year 2026. So just turn

[9:46] time right back over to Brendan. Wonderful. So on the screen, you know, have your Q1 or

[9:55] financial statements that cover the activity from January 1st to March 31st of 2026.

[10:02] Here we have on the screen is our capital projects fund. So this is the fund where we see all the

[10:06] activity for the bond issuance, which was last year. So when you see the other sources and uses,

[10:12] you're going to see no activity because that'll happen last year in 2025. But what you will see now

[10:19] going forward is revenues and expenditures relative to the capital projects. So here at the top,

[10:26] you'll see that there's some interest and other income. There's no other income at this point. It's

[10:30] just interest income. The bond proceeds that were set aside in the capital projects fund are earning

[10:36] interest and those interest monies are available to reimburse or pay for public infrastructure.

[10:43] And then in the first quarter of 2026 you can see capital outlay or the amount expended.

[10:50] So there have been requisitions submitted and paid relative to capital infrastructure costs

[10:56] to the amount of $401,000. And that leaves in the capital project fund if you look down here at

[11:02] the ending fund balance, there's about 11.6, just over 11.6 million dollars remaining

[11:08] that are available to reimburse for or pay for public infrastructure costs.

[11:14] So the $401,000, what can you give us a breakdown of what that was spent on?

[11:19] Yeah, so if we look at the payment detail report that we had, there was a submittal for reimbursement

[11:28] by SCP Fox Hollow for 392,000. And then there were three invoices for the connection group,

[11:35] which is the engineer for the district to review the costs for certification. And so

[11:41] those add up to the 401,000.

[11:46] Yeah.

[11:50] Has Hadco started on the project any building's error?

[11:57] Sorry. I just connected to you to my car. What was your question? I think that's for me.

[12:02] as had go started the construction there? Oh yes so that 392 just you guys all know

[12:09] that was also that was the reimbursement for the design fees we all put up

[12:13] upfront right to get the whole thing designed had go has started they're almost

[12:18] done laying laying the trunk main and they're on for the lift station section and

[12:24] they'll start work on the actual station site and then they're starting the

[12:28] first up sizing, probably we'll have a precon next month, a separate crew will be out there doing

[12:33] that pipe up sizing. So yeah, they've made some good progress. Okay, good.

[12:40] Do they have an

[12:41] anticipated date just out of curiosity of completion?

[12:47] They did. I'm going to give an updated schedule

[12:49] though from them because there were some big, big items like pumps and, uh, and transformers to add

[12:54] along lead times that we're ahead of. Yeah, yeah, like a year, year, year lead time on that way,

[12:59] order them. We ordered them last year, but I had to get the submittals approved by the city

[13:04] before they could start manufacturing them which has happened. I just need to get an updated

[13:10] schedule from headcode to blast out to all of you. Okay, that would be great.

[13:20] Then what it sounds

[13:21] like is these costs will then be submitted to the district for reimbursement and we'll get that

[13:32] So this is the capital project's fund activity first quarter, and we'll move up to the debt service fund debt service fund

[13:43] Q1

[13:45] There isn't a lot of activity

[13:46] Similarly you can see there's some interest income up here in the top of twelve thousand five hundred and sixty-six dollars here today

[13:54] We have not had any

[13:56] Any bond interest payments, bond interest payments are on a different schedule, so there

[14:00] was nothing paid in the first quarter.

[14:04] So we have no activity there, no additional transfers in.

[14:08] So we just have these reserve amounts that are accumulating interest right now and will

[14:13] be used to pay down the bonds in the future.

[14:16] Some later this year, you can see that there's a budgeted amount of $810,509 that are budgeted

[14:25] to pay down on the bonds in 2026 that just hasn't happened yet because it's on a June

[14:31] 1st December 1st payment cycle.

[14:35] What is the transfer fee for that bond?

[14:38] Is that $4,000 transfer fee?

[14:41] For clarity, probably can't see it really good.

[14:44] It says trustee fee, not transfer fee, but that trustee fee is the fee that the districts

[14:52] First trustee who holds out the bonds, the bond of monies and facilitates all of the bond payments and collects the monies.

[15:00] They do have an annual fee of $4,000 that they charge.

[15:05] And then lastly, we have our general fund.

[15:13] So the general fund, as I mentioned earlier, is where all the administrative costs float.

[15:19] There were money set aside at closing, and there's some interest that's been earned on those

[15:28] monies. And then you can see that there's been some accounting charges as well as some legal

[15:33] district management charges through first quarter. We're trending where we would expect

[15:40] to be, but we've spent about $15,427 in the first quarter. Any questions there?

[15:52] Okay. That is my presentation on the Q1 financial statements.

[15:58] Thanks, Brendan. Appreciate it. So, do we have a motion accepting the Q1, 2026 financial statements for the district?

[16:09] I move. I'll go ahead and make a motion on that. We'll go ahead and accept those financials for Q1.

[16:17] Second. Second. All in favor say aye. Yes. Yes. Yes. Yes.

[16:22] Thank you. Thank you. Motion passes by the board. Let's move to our last action item, which is to approve and ratify the district's engagement of squire as the auditor for 2025 as you'll recall the district did engage squire to perform the state required audit for the district for 2025 and that engagement letter was signed January 12th, 2026.

[16:52] copy of that was in your board packet if you want to reference it. So we're

[16:57] just going to need a motion proving and ratifying the district's engagement of

[17:02] Squire to perform auditing services and for the district chair to sign the

[17:07] engagement letter.

[17:12] I'll go ahead and make an audit motion.

[17:17] Okay, we have a second.

[17:19] second.

[17:23] Thank you Scott. All in favor say yes. Yes. Yes. Yes. Yes. Thank you motion passes by

[17:29] the quorum of the board. We're going to go to our administrative non-action items. We don't have

[17:34] anything listed but I am going to bring up one quick thing. The gold star board member of the quarter

[17:41] goes to Steve Peterson of Perry Holmes and he was the only board member to complete and send in a

[17:50] certificate for board training that's required every year, so Shanna is going to be contacting

[18:00] you to make sure that the rest of the board gets their certification completed.

[18:07] So if you have a vote, I didn't send in the certificate. Are we supposed to do that?

[18:13] Yes.

[18:15] Well, I want that gold star next month, because that's ridiculous.

[18:19] I'd hate the bell star feels really good fellas

[18:23] We're going to give you a

[18:25] Sylvester Mitch for just having done hard of what you're supposed to

[18:29] I thought you guys could like I'd be on a list or something of a good student who did it, but I can send it to you

[18:37] Trying to operate on everybody gets a trophy no matter what

[18:43] All right, that's all that's all we have unless the board has

[18:49] Any other business you want to bring up right at this time?

[18:54] I know I drove out there, it fell as a long redwood road, and it's really satisfying to

[18:59] see all of these administrative meetings that we have to see the equipment out there right

[19:05] along Talon's golf course to be like, oh my gosh, that's our infrastructure district doing

[19:11] all these improvements.

[19:13] So it was just really cool to go out and see the work actually being done out there.

[19:17] Nice.

[19:19] Yeah, and if you guys have any questions about progress or anything, or any of these

[19:24] pay-ups, feel free to call me anytime and talk about it before these meetings where I'm

[19:28] happy to at least get with the people who are running the project and get answers to

[19:32] you.

[19:33] So, just let me know.

[19:34] Great.

[19:35] Thanks, Mitch.

[19:37] Thanks, Steve.

[19:38] That's good here.

[19:41] Well, if there's no other business before the district, do we have a motion to adjourn?

[19:48] a good motion to adjourn the board meeting. Second. Second. All in favor say aye. Yes.

[19:58] Yes. Yes. Thank you motion pass it by quorum and meeting standard adjourned. Have a great

[20:05] day everybody. Thank you.

Special Meeting

Transcript