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All right, let's go ahead and call the meeting to order. It's 10-05. We've got all four of our trustees on. So we've got our quorum. Hopefully you can see the agenda on your screen. Let me know if you can't preliminary action items. Consider approval of the agenda. It's the first one up. Any comments or edits you'd like to make to the agenda?

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No, no, it's good. All right, and our attain a motion to approve as presented.

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I'm almost should approve that.

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Squary, is your second?

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Second.

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Who was that? Was that you?

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Yeah.

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All in favor say aye.

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Aye.

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Onflix of interest to sclosures, any updates there?

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We've got your current ones on file.

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Do we have to redo those everything off dinner early?

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We do just have to be updated each year.

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Okay.

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It's something you guys will help us stand up of.

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We do, yeah, we send out reminders for them.

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Good, great.

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Not hearing any changes or updates this time,

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so we'll move on.

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Next one is accept resignation of Joseph Hunt,

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effective February 2nd.

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Looking for a motion to just accept and acknowledge

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the resignation.

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So many good.

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Yeah, okay, good, we're removed.

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Let's look at it. Move, pull, second, all in favor, say aye.

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Right. Right.

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Public comment. Any public at the anchor location? No.

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Okay, right. I don't see any public online, so we'll keep moving. Public hearing on the

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adoption of the minute 2025 budget. Shelby, do you want to walk through this piece?

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Yeah, I'm happy to.

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So for the budget amendment schedule was included in your packet, which is page 7 of the packet.

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This is really the same as what we reviewed with you at the January meeting,

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where the administrative cost just came in a bit above what the original budget was.

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So no changes to what we discussed in January.

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I'm happy to answer any questions on what this is.

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What were the biggest increases in the administrative cost?

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I, it was primarily legal as well as insurance, this 40,000 here I think included a buffer just

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you know just kind of round round the figures up so I don't want to speak on behalf of Blair and

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Betsy but I think their team just has a little bit more time in in that initial year with the

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additional meetings relative to the bond issuance things like that so those those cost just came in

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higher than what we had estimated.

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But we had to expect costs to be a little lower going forward when we're done with that cost certification.

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There's, you know, work we do to get that to you.

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Okay.

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That makes sense, thanks.

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All right.

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So we'll just note that we open the public hearing, no public present for that portion of it and close the public hearing and gets us down to number five action items.

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First one is to adopt the resolution of Mending 2025 for a final budget amendment.

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Okay, I'll make them. Do you need a motion for that? I do, yeah. I'll make that motion.

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So, there's second.

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I'll second.

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Is that you, Corey? Yes. All right. All right. All in favor, say aye.

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All right.

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Next up is Minutes from the January 28th meeting.

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Who goes up?

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give

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any edits or comments please speak up otherwise we'd entertain a motion to approve.

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A motion to approve those.

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Thank you. Is there a second?

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I'll second it.

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Was it you Rob?

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Yeah Rob, hey with you.

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Well if you ever say aye.

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All right.

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All right.

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Next one up is a resolution to adopt anchor location.

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and there's been a statutory change that goes into effect on May 6th that you may be aware of but anchor locations are now required to be in the district and if they can't be in the district, they're supposed to be quote near the district, whatever that means exactly.

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So we've been discussing these with the boards trying to find a good anchor location within the district or quote near.

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So any thoughts on location there, and then making sure we have somebody that can be in attendance for public.

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What does an anchor location mean?

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So when the public is there, not the property, they know where to go.

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Yeah, so you can see here at the top of the agenda, this is the designated one right now.

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Under statute, we have to have a physical anchor location designated.

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It's kind of silly, frankly, because all the meetings are on Zoom, and everybody's remote, but it's what the statute is.

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And I guess I have to be able to be able to be able to be a construction trailer.

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What can we term Reggie's office as we can we continue that? Is that not considered near quote unquote?

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I'm not sure how far it is from the site, but is it what's the close proximity?

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You're about 50 minutes away.

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It's interesting because the statute also talks about the approving authority.

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Here you have an approving authority that was the Utah Inland Authority.

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It's not like it's a county or a city.

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Here are the site, your office, and the main UEPA office are all within Salt Lake County.

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and so that definition of near does become a little near-curial.

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And so if we chose to retain where we are, are we pushing the envelope or does that sound like given what you just described there, that's a reasonable response.

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We want to be compliant. We just also want to be convenient.

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and what would you recommend from a council perspective?

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Yeah, I mean, my opinion is that's probably more accessible

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and user-friendly, so to speak, for the public,

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than a trailer, you know?

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Yeah.

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So I think we could say with a straight face

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that this was the best near option we had.

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Okay, I agree with that.

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So do we need a motion for that purpose

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or do we just need to just be mindful

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that will be what we do in the future.

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If you want to make a motion that will be fine, we'll put it in the minutes so we can

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confirm the anchor location.

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Okay, I just moved to retain the current address of the brick-yarded address as the anchor

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location for the meeting is moving forward.

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Second.

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Anybody?

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I second it.

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Next, Rob.

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All in favor say aye.

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Aye.

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All right.

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Next up is approval of the listing of claims. I'll pull that up and shall we

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can talk through this. Thanks Claire. So this is everything that was paid for

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first quarter of 2026 amounts total 239,474 dollars. The largest piece there

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is the bond payment on March 1st, which was on those senior bonds and paid from

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capitalized interest and then also legal and accounting and it's a bond issue cost

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that that kind of fell into 2026. Any questions on any of these? Nope. Nope. Do we have a

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motion to approve the claims listing? Yeah, I'll motion that.

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No second. All in favor?

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So we have a first quarter financial statements in front of you here today. So starting on page 13 of the packet. This is the balance sheet for the district for all funds.

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Total assets were about 17.2 million. Just under 15.1 million is in the capital projects funds. So that really represents the project funds from the bond proceeds.

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and as we'll kind of talk about a little bit later on today with the

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engineer certification, we anticipate those being paid out here shortly. Just

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under 2.1 million in the debt service fund consisting of capitalized

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interest and then the surplus fund also funded through bond proceeds and then in

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the general fund about 56,000 for that working capital fund. Current accounts

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pay a little around 24,000 and we'll note that there have since been working

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capital requisitions to pay most of those accounts payable if not all.

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Next page is the budget to actual for the general fund, so some interest income earned on

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those funds sitting with UNV for that working capital fund.

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Then expenses were about 14,000 consisting of accounting and legal, auditing and insurance

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costs will kind of hit a little bit later on this spring and summer.

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Two pages down is the District Step Service Fund activity through March is

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intrusive about 18,000 and then that first bond interest payment on the senior

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bonds of that 213,000. Then lastly is the Capital Projects Fund. Here we have

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interest income about 115,000. We did put some accounting costs here which has

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been our cost kind of specific to this cost certification working through

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that with Stephanie and Robin and Scott and then a small amount of thought as you

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cost that we're kind of paid out. So any questions on the financial statements

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or any further detail you'd like me to go into?

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Well, we would just say, but the only the only question I had is as we so next year

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as the as the taxes are paid from our buildings,

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because does that then show up on our financials

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as the debt service payment?

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Or does that just go directly to the bond holders?

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And at what point?

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Because again, we should have with both buildings

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now completed except for quad-porsal two, the three done.

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We should have some dollars in the pay for that.

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Is that ever come back and show up on our side?

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Or is that just directly into the coffers and bond holders?

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Thank you.

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Thanks for the question.

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Yeah.

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It will show up, Corey.

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So kind of related.

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June 22nd is the annual deadline for the tax certification.

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So we'll be working with the county on that here shortly.

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In May, they'll kind of release the tax flow values and all that.

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So we'll have insight into that information and we'll get that tax rate in there.

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And then as those taxes are paid and received kind of late 2026,

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maybe even first part of 2027 that we'll show up as a revenue for the district

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and that debt service fund and then we'll see those kind of outflows as they get paid

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for the bond interest and then a portion of those taxes will also cover the

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annual administrative costs of the district.

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Any more expense? Okay. Thank you. That's helpful.

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Of course. How do you take other questions otherwise we just need a motion to

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accept the March 31st financials?

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It's all moved.

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I'll second it.

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All in favor?

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Thank you.

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All right.

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Should anything else on financial matters?

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I guess just kind of not really an action item, but just a quick comment.

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Cory, we had sent you the continuing disclosure agreement for a developer update.

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So just kind of wanted to flag that and then also just ask if you're the best person

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if we should be including anybody else on the board or just on your team for those CDA requests

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or the working capital requisitions. Yeah, I've probably just said it to Rob. Hey,

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Whitney. Yeah, so you'll do that. Thank you. That's it.

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And are there any outstanding, Michelle, because I thought I had signed the two that came in a couple

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weeks ago and sent them back? Is there something more than that? No, we're caught up on the requisitions

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Now that we generally do those monthly, so you'll probably have another one come through pretty soon, and then that continuing disclosure agreement, which I think this might be the first quarter if I'm remembering correctly.

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So just where we need kind of that updates on the development.

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Okay.

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Find in that schedule.

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So if you have questions on that, just let us know.

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Okay, perfect. I'll take a look at that.

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Great. Thanks, Shelby.

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All right, next item up is the acceptance of the resolution regarding costs and acquisition

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of improvements.

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I'll pull this up and walk through it.

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There are a couple things I want to flag for you.

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First is there's about 400,000 that the engineer has in their cost certification that's related

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to private improvements, electric and gas.

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And I talked to Bonn Council about this a little bit because with this particular project

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we've got one property owner essentially, and so you may remember some of this discussion

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when we were issuing the bonds about do they consider that a tax exempt issue or some

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of those things.

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So, anyway, long story short,

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by the Council.

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Comfortable with that 400,000 being paid out of the bond proceeds, even though it's a private improvement because it's it's diminimists in the grand scheme of things. There's technically about a 10% cushion you get in there for private improvements and the 400K will be well, well, well, well. So just, but just want to point that out for you. Just just be aware, too, that you, even though we may call them private improvements, they've been mandated by either

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the gas of the power company to complete the loops around the building and so they can then use

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them for future development for somebody else and so even though it may look like it's private to

202
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help us there's a there's a benefit to the next group coming on that we had to do it for that reason

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right so that's why we felt like it was it was we were able to put it in there yeah got it okay

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yeah and and the utilities are typically considered private in general so it's kind of

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different from a water mine or sewer line or a road or some kind of city and then the

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other piece we don't have any evidence of acceptance or approval of improvements from

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the city and I emailed about this and I know you guys were kind of waiting on that just

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wanted to flag that one as well. So can I ask just a question? So I've been working with

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the city for some time we get in some kind of written sign off. Inspectors have been out there.

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I think what we're waiting for is the bond release and one of the people we work with every day

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is our decision makers and so no one's going to put their day on the line to give us documentation

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that's outside of their normal scope. So the bond release I think will be the biggest I guess

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documentation that says everything's acceptable so when we have those in our hands we'll make

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sure that you all have them. And I think just to be aware the challenge with that is we have

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on because we have these roadside swells that had to be seeded there's a time lag of about is

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18 months Rob or a year that they want to be the couple of season two years on the landscaping

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improvements would be those settings. That's the tricky one. They're not going to give you a sign

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off until that's completely done. They don't release the entire bond until that's completely done

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and those always tail two years from when the work was done. So that's the holdup really

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from the city. But we are through the warranty period on the other stuff. So it's really just those

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the last little things that tear us out.

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Okay. Yeah, and the technically the agreement requests those or requires those, but if

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the board's comfortable that those are in the works and they're coming and obviously

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then you can waive the requirement and proceed with certifying the costs today. So I wanted

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a clear attention to that. So all that with all that being said, we were looking at 17

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13 million 308 for costs here and I can go through the engineers report but I suspect

227
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you've seen it and Shelby's office has reviewed as well so if there are any questions we

228
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can talk through them but otherwise we'd be looking for a motion to approve the acceptance

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of district eligible costs.

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I move to accept the district costs.

231
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I'll second that.

232
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Thank you both, all in favor say aye.

233
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What is timing of the release of those funds now that it's been approved?

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So we'll prepare a requisition, we'll circulate that to Cory and Rob to get that signed.

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I believe we have what we need from Scott, from his engineer's report, though sometimes

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there might be a separate signature block for him.

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So we'll double check that and get that sent out.

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Once we have that signed, I'll also coordinate with Stephanie

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for wire instructions, UNB will need to confirm those.

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So I would probably say once we have it signed

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and still probably be another day or two, just for UNB

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to kind of go through all their processes

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with the controls that they have in place.

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So I would say by the end of next week,

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and signatures and things like that.

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I do want to clarify too, I think this was pointed out,

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but the cost being accepted is about 17.3 million.

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The actual funds that are available is about 15.1 million.

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So that's what would be paid out and then the district will carry

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that obligation for the remaining 2 million or so

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if there's ever an opportunity for additional funds to become available.

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the district will track that.

253
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Perfect.

254
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Shelby, I just wanted to say thank you for following up and helping us get what we needed to do to get that done.

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I'm curious.

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Thanks.

257
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And one question on that kind of outstanding two million is there.

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If the property taxes start coming in and the set aside we put in there to pay for those bonds over the next four or five years initially,

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Is that kind of where that difference could be if we end up having enough to cover those costs on the bond issuance?

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Does that

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Call a million dollars or so does that become available after a few years time or how does that play out?

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I guess my question.

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Yeah, not immediately.

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So any kind of because we had a senior in a subordinate bond issue in tears that.

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Yeah, correct.

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Yeah, so any kind of excess revenues at this point would still be pledged to those subordinate bonds and then

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once the subordinate bonds would be paid in full if there's excess revenues at that point

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Then that developed bird kind of obligation would become next in line

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Separate from that again. We've got this annual administrative carve-out. I expect that most of that will be used every single year

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But if there's kind of excess that's generated from those admin carve out funds, those could also be used to kind of pay down any of these developer obligations.

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So, sure and answer.

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Corey is it's likely going to be a very long time until there's, you know, funds that might be available for them.

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Okay, thank you, next.

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All right.

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I think it's a standard number six discussion items.

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Anything the board wants to talk about that wasn't covered on the agenda?

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Yeah. Yeah, when do we talk about pointing someone in place of Joe? Yeah, that's my question, too.

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Yeah, we can talk about that now and then have it on the next agenda. I know we were

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going to wait and take it through the conditions and everything, but we've got that vacancy now

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that you recognized earlier. Yeah. Betsy, can you remind me or what could do we have the ability to

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a point from the board or do we need to adjust the service plan for that?

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Well, I believe we do have the ability to a point from the board here.

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Actually, I know that Josh's name was brought up previously, so Josh, if you'll look for emails from

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me, we'll get some documentation from you to make sure you're eligible, but yeah, board appointment

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So that means this board can fill that they can see as opposed to having to go back to the governing jurisdiction, which is the case and some of the older governing documents.

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So just walk us through that process, then Josh needs to fill out some paperwork.

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We nominate them officially, and then on the next public agenda, they get done.

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Is that you got it?

289
00:23:06,760 --> 00:23:14,140
Okay, so do we put the nomination in now like if I can I just formally do that or do is that something we need to email out what how do we do that?

290
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It will just be the documentation that Betsy referred to and then we'll make sure it's on the next agenda to consider an appointment and then at that point you can make a motion to a point Josh.

291
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Yeah, awesome. I am going to be traveling on the 22nd. I know we're into summertime schedules

292
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for that. I'm wondering, sorry, I'm coming at this up. Okay.

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I'm wondering if we can

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do the week before. I don't know what everyone's availability is.

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I'll be out then, but that's

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you if you're available. I can do the week after as well. I can do the 29th.

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You know, as long as we have a quorum present, we should be able to meet anyway, but I don't

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know if anybody else is going to be absent as well.

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The 29th works better for me, I don't know, because in New York, New July, yeah, when you

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do the time, can everyone sound like Corey said the 29th is better, can you, I can make

301
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either work. Yeah, the twenty-nine's better for me too.

302
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Let's do the twenty-nine to guess. I think. Where are we closed on the twenty-nine? Is that a holiday on the twenty-nine?

303
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Do I have to leave? No.

304
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So I don't see that on the calendar.

305
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Okay.

306
00:24:47,890 --> 00:24:49,950
Twenty-seven might be a holiday.

307
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It gets for the state holiday maybe not.

308
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Oh, you know what? I was in June, so we're good.

309
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Okay.

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I'm here both days, so.

311
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Okay, so it sounds like it was in a room.

312
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We can just push it back one week to the 29th.

313
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Yep, that sounds good.

314
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We'll get an updated calendar invite out to everybody.

315
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Okay.

316
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Same time works for everybody.

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Sure.

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Just on the 29th.

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All right.

320
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And then the last item to touch on is just a reminder on the annual board trainings.

321
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If you haven't done them to do those and send us your certificates.

322
00:25:29,790 --> 00:25:39,590
It's. Yeah. And can you just see it? Is there any? Are there any that are outstanding that we need to be reminded of?

323
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I'll look at that up, Blair. Okay.

324
00:25:45,630 --> 00:25:52,970
There's an update. I know for me, there's not big. 26. I haven't done yet. So I can't really want to do it.

325
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We

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have a track or here, but I'll just log in too quickly.

327
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And if you've done it on other boards, you don't need to do it twice.

328
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And maybe we should get Josh started on his training so that can be a feather in his cap when the public votes.

329
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He's pre-trained. He's pre-trained.

330
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Let's see. Okay. It looks like you all have it completed. So yeah, we'll just work on.

331
00:26:40,500 --> 00:26:44,720
Oh, yeah, you know what, Corey, I think I think we've sent an email to you.

332
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So Corey, just, just you that needs to do the 2026.

333
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Okay.

334
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20 something.

335
00:26:50,120 --> 00:26:50,240
Okay.

336
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I'll do that.

337
00:26:51,060 --> 00:26:52,060
Why didn't you remind me?

338
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Perfect.

339
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All right.

340
00:26:55,880 --> 00:26:55,980
Great.

341
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Anything else before we adjourn?

342
00:26:58,840 --> 00:26:59,240
No.

343
00:26:59,760 --> 00:27:01,580
Do you think you need a motion to adjourn?

344
00:27:01,980 --> 00:27:02,340
Yes, please.

345
00:27:02,780 --> 00:27:04,280
I'll make it.

346
00:27:04,700 --> 00:27:05,100
Okay.

347
00:27:05,260 --> 00:27:05,820
I'll second that.

348
00:27:06,380 --> 00:27:06,960
Thank you both.

349
00:27:07,080 --> 00:27:08,000
All in favor say aye.

350
00:27:08,000 --> 00:27:15,080
All right. Thanks. And Shelby, we'll look for that document, too. We'll get assigned this over so thank you for that over soon.

351
00:27:15,680 --> 00:27:18,720
Okay. Thank you. Thanks. Thanks everyone. Take care.