[0:01] We're working today's notice. Yeah, so we probably need to do exactly that.

[0:09] We're supposed to be agenda at least by the trip right at the border. Yeah, the self-appened kind of.

[0:19] Thank you so much.

[0:21] Just like this.

[0:23] The English people are the one here.

[0:25] You discuss it with the council.

[0:27] Next week, Matthew, you're good for that.

[0:30] I don't think there's good for you, but there shouldn't be too much going on.

[0:39] There's a company that looked at, I was like, okay, I can see why that was there.

[0:45] Yeah.

[0:46] I have an explanation for this.

[0:49] I have an explanation for this.

[0:54] Hi.

[0:55] Hi.

[0:55] How are you?

[0:57] I'm here.

[0:58] You feel better?

[0:59] Yeah.

[0:59] Do you want to do something?

[1:03] Just go all the way.

[1:05] They're not.

[1:06] They're not.

[1:07] They're not doing something as well as cold.

[1:10] I'm going to go and talk to them.

[1:12] I'll just go.

[1:12] I'll just go back to his.

[1:14] You need to take it.

[1:20] Yeah.

[1:21] I need to take it.

[1:23] They didn't find anything wrong.

[1:25] They didn't find anything wrong.

[1:26] You are doing something, it's both, but that is just right.

[1:32] Just what I needed.

[1:33] I knew it.

[1:35] And I had a couple of times more about it together.

[1:37] What I've done in the climate is some of them to produce.

[1:42] But thanks.

[1:43] Right on.

[1:44] We'll find out.

[1:45] Don't you know.

[1:47] I do have a beautiful deal.

[1:48] Thank you.

[1:49] Good.

[1:49] I think we're like those articles.

[1:50] That was just a little bit of a surprise boarder service.

[1:54] There are lots of things that are going to be there.

[1:56] I know that there's a lot of things that are going to be there.

[1:59] It's where I'm all right.

[2:01] What they've been through for years, we're going to have a side point at this.

[2:06] We're going to be able to change something.

[2:13] And we're right.

[2:14] Well, to look off, you know, a common collective considering the shelter,

[2:17] I don't know, I'm supposed to know.

[2:22] Yeah, I'm just, you know, a moral of the earth.

[2:31] We have to wait for us.

[2:33] Or how will I know that we have to go around?

[2:35] I think.

[2:37] Maybe we need a proposal.

[2:39] About four and one.

[2:41] There's seven.

[2:43] Okay.

[2:43] That's just here.

[2:45] It looks like yards.

[3:00] How you doing?

[3:01] How are you?

[3:02] About the same?

[3:05] Yeah.

[3:06] I'm talking

[3:11] to you.

[3:16] I'm talking to you.

[3:18] I'm talking to you.

[3:19] So how do we evaluate that according to Ralph?

[3:21] I'm right.

[3:22] Well, I'll change.

[3:23] It wasn't until that time the Doug Wilmore's.

[3:25] Only if you eat him in the meat.

[3:26] Only if you eat him.

[3:28] Yeah.

[3:28] Only if you eat him.

[3:29] I'll be eating him.

[3:30] I'll be eating him.

[3:32] I'll be eating him.

[3:33] I'll stay with all my students.

[3:36] All right.

[3:37] It's too o'clock.

[3:38] Well, a little after two.

[3:39] So we'll call this meeting shortly.

[3:41] We've got a quorum.

[3:43] I guess we'll open it to any public comment

[3:45] if there's any.

[3:49] Seeing none, we'll move on to approval of the minutes

[3:55] for March 26, 2025 debt review committee meeting.

[4:01] Any comments or no comments on a motion?

[4:07] All right.

[4:08] Second. Thanks for our second by Mitch, all in favor, say aye.

[4:14] Aye. Aye. Aye. Aye. Any post?

[4:17] All right. That passes unanimously.

[4:22] Moving on to item 4.1.

[4:24] Our financial advisor, mark it update. We'll turn the time over to John.

[4:30] Yeah. I'll start out and J5 can do the balance of it.

[4:33] just as a point of curiosity for the committee here, back in 2022, when we decided to pull

[4:40] the trigger on the refining of the 2015 BE General Obligation Bonds, without it would be wise

[4:48] to take advantage of the historically low interest rates. We did. We've executed the forward

[4:53] purchase agreement, scared to the close that transaction June 17th of

[5:00] This year we saved a significant amount of money for that size of a transaction, about 4.88% on a net present

[5:08] value basis, which is great. In today's environment for the committees, again, curiosity,

[5:16] where we would try to refinance it in the current market. We would lose $375,000 just about 2.7%

[5:26] on a net PV basis.

[5:29] So, it's telling Craig at the beginning of the meeting.

[5:33] Why is decision to take advantage

[5:35] of those low interest rates at the time of the year?

[5:39] So, with that, and Jay Fitz will jump into the market

[5:42] update and tell us a little about Fed Fund's futures

[5:46] and market movement.

[5:49] So, I sent this out to the group, and I printed

[5:56] off a bunch of these. They are on the printer and science banks. So if you're interested in a

[6:01] print version of it, stop by our office.

[6:05] You would have been rushed between your last meeting here. I wonder what that until they were

[6:11] giving us some of us a little remedial course in on method.

[6:16] Well, yeah. So for that, of course.

[6:22] So, effectively we've got a couple of things.

[6:25] I like to keep that yield curve change from the 10-year median and the current MMD on there,

[6:31] but a couple of things that I think to highlight here, first one is Federal Reserve Futures

[6:38] Market, what they've kind of been doing over the last month.

[6:42] Basically, this top-right chart on the market snapshot shows the Federal Reserve Futures

[6:48] market current federal funds rate is 425 to 450 so it's a it's a band it is that available

[6:55] to the committee or you're able to see that emailed.

[6:59] I can put it up on the screen if I get that H.T. mic or maybe

[7:09] can you have me that cord

[7:11] that quit this one here yeah I hope this is the right one

[7:25] yeah

[7:28] selects that it was there.

[7:42] Ross, is that you that is supposed to select it?

[7:48] It was on the screen for a second.

[8:02] Awesome.

[8:03] Hey.

[8:03] Hey, who needs to print stuff out?

[8:05] We can work in a digital world.

[8:08] Can you hide that window, maybe?

[8:11] That'll be great.

[8:13] OK, so Federal Reserve Futures Market.

[8:17] So the two different overlapping colors here,

[8:23] represent what the futures market is currently versus what it was a month ago, and this

[8:29] is the expectations for fed rate cuts. So that front end of the yield curve is flat.

[8:36] You know, you see there in that yield curve change graphic, and then that's partially a

[8:42] function of what the Federal Reserve is doing to their short term lending and borrowing

[8:47] rates. So you'll see that the expectation was that they would take Fed funds rate from the

[8:55] 425 or 50 ban that it's currently at and then the chart there shows the different

[9:02] expectations or percentage chances of where it would end the year at the December 10th meeting.

[9:09] So a month ago is the gray bands and you'll see that the expectation was that there was kind

[9:15] The median estimate was that rates would drop from the 425-450 range to the 35375,

[9:24] or in other words, the 75 basis point change in the Fed funds target rate over the remainder

[9:32] of this year.

[9:34] You'll see that over the course of one month that changed from a median expectation of 75 basis

[9:41] points to 50 basis points.

[9:44] and could change further.

[9:46] But effectively saying that interest rates are going to remain higher on the front end.

[9:51] You'll continue to see higher reinvestment rates.

[9:54] High long term rates because we're not seeing that pressure on the front end of the yield.

[10:00] And you may see the long end of the curve go up in what we call a bull steeper, so your front end stays relatively low, and the back end goes to compensate investors for the time value of money over it.

[10:16] And so that could be something that we see as a result of this, or some combination as rates do drop, and maybe rates go a little bit higher on the long end.

[10:27] Fed just released their survey of consumer sentiment for 2024, and I just thought this was

[10:35] really interesting to see the differential expectations or sentiment in people's views

[10:43] of their own finances, which is that top blue line, and then their local economy, which

[10:49] they think is worse than their own finances, and then the nationally economy, which is

[10:53] worse. But there seems to be no relationship between how people are actually doing themselves

[11:01] and what the local and national economies are doing. You did see that dip obviously in 2020

[11:07] in consumer sentiment and maybe a slight rise over the last couple of years in that sentiment.

[11:14] But generally people are feeling way more pessimistic than their own personal economic conditions

[11:19] would lead you to believe, which I just think is a really interesting hard

[11:24] danger for what the future holds.

[11:27] Is that current or is that ended 2024?

[11:29] So the survey was 2024, sir.

[11:32] Yeah, it's their current release, which is 2024 look back.

[11:36] I saw an article that said 150% of credit card debt was being on the

[11:42] compared to what it was, I don't know,

[11:44] a little quarter of the oversatient.

[11:46] Yeah, so there has been an increase in some of your kind

[11:50] of your revolving loan fund, your revolving debt repayment metrics,

[11:56] but I think overall banks are actually in a really good spot

[11:59] right now, and their balances actually increased last month,

[12:07] their deposits on balance have been increasing.

[12:09] So overall, you know, it's a mix bag, um, we get new tariff information daily, which is fun.

[12:19] Um, Craig didn't, Craig laughed, I think he thought that was funny, but that was fun.

[12:25] So you can see, you know, on the municipal market outlook, the back side of this, um, that what that's kind of done overall to

[12:34] interest rates, the six-month change is up, but the one-month change is down on the front

[12:40] in, up on the long end, so this is kind of that idea. This is kind of along the same lines

[12:48] of that idea that maybe we'll get the front end dropping a little bit and the long end coming

[12:52] up to kind of give us that more normal yield curve over time.

[12:56] So that's what I got. Any questions?

[13:03] Maybe I'll point out on that Fed funds future analysis.

[13:07] There isn't consistency between the governors who are interviewed or in this case the future's contracts that are entered into today and

[13:17] is fading will happen to December.

[13:20] There have been times when it's much more concentrated,

[13:22] and there's a sure bat that we were 75 basis points,

[13:28] or better on the reduction side in this particular case.

[13:33] Whether we're 25, whether we're 50, whether we're 75,

[13:36] percent is only a small percentage of those contracts

[13:40] making those bet.

[13:42] So I think it suggests we're in a very volatile time.

[13:45] no one really knows what what to say

[13:51] that's it all right thank you will move on to

[13:57] item 4.2 consideration of recommendation to the Salt Lake County Council or the

[14:02] Municipal Building Authority to issue approximately $120 million in bonds to reimburse the cost

[14:08] of acquiring the new government center building and cost associated with remodel and retrofit

[14:13] it to Darren Casper.

[14:16] I mean, turn the time over to Darren.

[14:17] Sure.

[14:17] Thank you.

[14:19] Yeah.

[14:20] So, I think there was at least one question before the

[14:23] degree of committee, and that's the type of

[14:25] bond structure.

[14:26] And we may have backed into it,

[14:29] necessarily, with regard to size of the library

[14:32] bond.

[14:32] So, I did reach out to less the work

[14:35] from the Webster with the library fund.

[14:39] And her estimate of the current contemplated

[14:42] projects for NBA debt, total out to about $120 million.

[14:48] Therefore, with that $120 million and the $120 million

[14:53] that we're talking about today, that those amounts exceed the...

[15:00] The amount of MBA debt that can be issued for a non-Jail in a three-year period of time.

[15:09] Therefore, it seems to me the best alternative for this debt is sales tax bond.

[15:15] Obviously, there's advantages to keeping sales tax debt capacity for things that come up.

[15:22] Right. It is easy to issue the debt. We're tripled. I rate it on that debt. And we do have some

[15:31] capacity. But this may be one of those times because we are, in fact, needing to issue this

[15:36] debt for a couple of reasons. One, we used cash that we had on hand, the county, used cash that

[15:42] had on hand that was reserved by Council and Tant for new gel facilities basically, right?

[15:53] But we didn't have an extra spare $52 million.

[15:57] And that real estate decision came up quick and it came up after the budget process.

[16:01] So we utilize that cash.

[16:03] We need to reimburse ourselves for that.

[16:05] which can be advantageous from a weird way.

[16:10] I mean, we'll be able to spend down 40% of the bond proceeds

[16:15] on day one, right?

[16:16] And that can plan to our hands in a positive way as well.

[16:20] The second reason we need to issue the debt

[16:22] just besides reversing ourselves for the purchase

[16:25] of the Peace Colosseum is to do two basic projects.

[16:29] One would be the very minor remodel for the Peace Colosseum

[16:33] that is being contemplated.

[16:34] as you are probably aware, Megan is going around talking

[16:38] with organizations and about the space needs,

[16:43] and while we fit nicely into that space,

[16:47] there are some minor remodels that will have to take place.

[16:50] She has estimated that cost at about $35 million.

[16:54] Second, there are three areas that we've identified

[16:58] that need to be basically replaced.

[17:01] There are current operations that cannot be accommodated in the peace call scene.

[17:08] The first one is a place for facilities management.

[17:12] There is no facilities type space in the new building.

[17:16] The second is an operational center for elections.

[17:23] There's no secure elections operation center with viewing windows, et cetera.

[17:28] needed to run an option, and then importantly, meals on wheels operation.

[17:37] So this issuance would contemplate, reimbursement, ask for the cost of the Colosseum, and

[17:43] those new construction items.

[17:46] And I don't know what else to say about it, I mean, the timing should be as quickly as

[17:50] possible we want to get rolling on this project, I mean, in order to take advantage of

[17:57] the asset that we are sitting on, 14 acres, we need to accomplish the others first, right?

[18:04] You don't demolish the mills on wheels kitchen that we have here until we've got to replace them

[18:08] up and running. And so time is up the essence for the continuation of moving the county's

[18:16] corporate headquarters from here to Midville, and this is part of our step to it. I don't know if

[18:22] there's any questions or Craig, I mean, we did do reimbursement resolutions for both MBA and

[18:29] sales tax debt, fortunately, but I don't see MBA as feasible at the stage.

[18:35] Is there a decision on whether, is there a decision on whether these three additional needs

[18:41] would be co-located, or would it be sort of facilities could be in mid-velle, but maybe not

[18:47] there, or who knows, or what it would.

[18:49] Well, yeah, I mean, it would be ideal if we could get them close by.

[18:54] And ironically, there's excess land associated with the new facility as well.

[19:00] I mean, said that we have had discussions with a warehouse that is a relatively new warehouse in,

[19:08] I mean, you could hit a driver from the Peace Corps all the same to the warehouse.

[19:11] or you could do it.

[19:15] Yeah, yeah, you still too, but yeah, so it's like really close and it's really, I mean it's

[19:22] like driving and driving out, so it'd be super conducive, for example, for meals on

[19:27] wheels.

[19:29] It'd also probably save us some money, but yeah, I mean my ideal would be having pretty close

[19:35] to close together, but it's not necessary.

[19:48] I don't know what else to say.

[19:50] I think that that review committee needs to make a recommendation to the bond type, right?

[19:55] Yeah, I mean that's how you say. I would move that we recommend to the council, but they follow the recommendation.

[20:05] I would just add in the motion. The reason we're doing that is because the MVA ceiling is a problem.

[20:13] I think we should put that in the letter of recommendation to the council to understand the entirety of the basis.

[20:19] All second.

[20:22] Okay. We have a motion in the second. Any questions?

[20:26] I guess we should have done that earlier.

[20:30] No questions?

[20:30] We'll all in favor.

[20:34] Hi.

[20:36] All right.

[20:36] Any opposed?

[20:39] All right.

[20:39] That passes.

[20:42] With regards to that letter, is that something I need to write and we'll send to the council?

[20:48] We'll draft that up.

[20:51] What I'll do is engage upon council.

[20:53] and when they do a resolution, the letter would accompany it,

[20:58] I would recommend because that way they know what they're looking at,

[21:02] instead of in isolation.

[21:04] So we'll work with Craig to draft that letter,

[21:08] or we'll draft it and then send it to you.

[21:09] We've got a draft letter.

[21:10] OK.

[21:11] Ralph's got a perfect.

[21:13] Thank you.

[21:14] Template.

[21:15] All righty moving on to item 4.3,

[21:17] discussion of the June 17th closing of bonds,

[21:19] pursuant to a forward-purchasing contract attached.

[21:24] That's also during customer angioma.

[21:26] I have John, just take a lead on this.

[21:28] I probably preempted the agenda a little bit with my market update on that transaction.

[21:33] There's not a whole lot more to discuss on that.

[21:36] On that issue, legal documentation is happening right now.

[21:41] Trustee has noticed the bond holders that we are going to be paying them off on the 17th

[21:47] and JP Morgan Chase or D&T trust,

[21:51] their subsidiary, who's actually buying the bonds,

[21:56] delivers money to the trustee.

[21:59] So, nice savings, nice decision,

[22:01] and we're in the process right now

[22:03] of reviewing legal documentation from Gilmore Bell.

[22:08] Jonathan, sorry if you've said this,

[22:10] do you know what the total dollar amount would be?

[22:14] I'm saving this as a comparative if we did it today.

[22:17] Yeah, we had,

[22:22] if we did it today, we were looking at $325,000 negative or in the whole, the actual transaction was 662,000 in the positive on a net present value basis.

[22:38] So basically a million dollars.

[22:40] Yeah.

[22:40] Give a take.

[22:41] Cool.

[22:45] So good transaction.

[22:48] Should we move you can graduate or something?

[22:52] Twenty-five dollar Amazon card for everybody to table.

[22:57] Well, on a $13 million issue, and that's a lot of money.

[23:02] Yeah.

[23:02] Good job.

[23:03] All right.

[23:04] Moving on to item 4.4.

[23:05] This is that review ordinance that cover expenses related to Tephra public hearing,

[23:12] and turn over to Mitch Park.

[23:14] May need a vote?

[23:16] May not?

[23:17] Well, I guess at this point,

[23:19] We didn't circulate a draft copy of this.

[23:22] And this goes back to either the last meeting

[23:25] or the meeting prior, I don't recall which.

[23:30] Where there was a discussion about a potential

[23:32] to have for a project.

[23:34] And I know that when, for example, the debt review

[23:36] ordinance contemplates for condo at financing

[23:40] that there's a fee paid.

[23:43] A percentage of the issuments are minimum of $15,000.

[23:46] And the idea for that is that it captures the cost and time, not just of this committee,

[23:53] and the people on it, including elected officials who are much bigger than I am, who have to take time

[24:00] out of their schedules, public time to review the matter, to liberate it, to hear presentations on it.

[24:07] But also the counsel, the staff, the quirks, everyone who's involved, who touches it, is an actual cost

[24:13] that this is not a free service that's offered the public.

[24:19] There's a role in material terms, cost of the county to review,

[24:23] and consider this, just as I'm sure Bond Council is compensated for its time,

[24:28] and the other financial participants in the transaction are compensated for their time,

[24:34] not to profit, not to earn money, which I don't think would be awful,

[24:39] But to actually capture the cost of the taxpayers have for the public employees and elected officials to review these matters.

[24:48] And I've worked on a draft ordinance.

[24:50] We don't have that in front of the committee.

[24:53] But I guess as a sort of prelude to that, when this came up last time, you know, Dave and I had this notion, and it wasn't real-

[25:01] So we thought now would be I think a time to get the sense of the debt review committee if they think that that's a good practice or not. And if so, what we think reasonable cost might be or how we ought to calculate them.

[25:15] And then I guess the related issue is do we want to take a stance on the broader policy question of whether the county is the appropriate entity to be holding these hearings, which are required by the federal tax code, or whether they should

[25:29] And that code itself just requires a jurisdiction that is the project is contained in, which of course includes the county, but it also, in my view, includes the municipalities, the cities that have land use and other regulatory authority over these projects.

[25:46] And whether they aren't the more proper venue to be holding these hearings for the public to provide their point of view about whether or not these bonds meet the criteria required by the internal revenue code.

[25:58] So those are sort of the discussion points.

[26:03] I'll turn it over to Dave to see what if anything he might have.

[26:06] And then I'd welcome the committee's point of view.

[26:10] Not much.

[26:12] I think that the idea of having the individual entity

[26:20] most affected by the decision, I don't

[26:22] hopefully in a positive way, it would make sense for a municipality

[26:26] to be asked to hold these hearings first, and I guess, you know, if I were drafting it

[26:33] from a bureaucratic standpoint, I would say, hey, before you come to the county, demonstrate

[26:38] that you've gone to the city and for whatever reason, that's not going to work.

[26:43] And I think the, you know, Ralph and Craig made an excellent point about, you know, let's

[26:49] be careful about what we charge.

[26:51] But it depends on how you look at things as to what the direct cost is, because it's sort of like okay, we know we got hourly pay and we got benefit costs.

[27:04] But there's also this notion of productive hours of work.

[27:08] And so if you say, well, accounting employees get 12 holidays and accounting employees generally get 20 days of vacation and maybe they don't take all of it, but maybe they get sick.

[27:18] and so maybe they have 20 days of vacation.

[27:20] So, boy, all of a sudden, you're saying 32 days out of 260,

[27:24] on cost go up.

[27:27] And the question really fundamentally is,

[27:32] I know it's the law, but what benefit is it to the county?

[27:37] And I know that we have a tougher hearing today,

[27:39] and I know that there's three different jurists

[27:41] or a discussion item.

[27:43] They, I know there's three different entities involved.

[27:45] So that one seems to be a cut out of a different cloth, but I guess my question

[27:50] fundamentally is what are we the default?

[27:54] It feels that way.

[27:58] The comments?

[27:59] Is there any reason that the cities wouldn't, or that they would push back on holding

[28:03] these, or just the costs associated in time associated for them?

[28:07] They'd rather just have us do it, or so on it's talking about local control.

[28:12] they want, you know, how do you track a lower level?

[28:15] I mean, it's just a guess that meeting municipalities would now

[28:19] this the sophistication of our council and our fiscal advisors

[28:24] and our fiscal team at the county.

[28:26] I mean, we clearly know there are many small new cities that

[28:29] are struggling, you know, to the feet on so many things

[28:32] that that would be my default.

[28:34] Is it many municipalities that probably either never

[28:37] done a tougher hearing would have to do it.

[28:39] Right, take them more work to figure it out than it would us, but that's a guess.

[28:47] And today's, you know, Dave's Mitch's point is that a role the county wants to take on as kind of the default just because we do have that expertise and there is a cost associated with it.

[28:57] I don't know, but that would be my, I'm assuming some of these new municipalities that were Metro townships would be very difficult for them to get up to speed on how to do this without.

[29:08] They'd be calling Mr. Dave or Darren or Craig.

[29:12] It's even begin to get the process.

[29:14] What does this look like in any of that?

[29:18] So, that's just a guess.

[29:20] And although the tap for hearing goes by pretty quick,

[29:24] reviewing and improving the documents takes quite a bit of time,

[29:28] it's not easy, you're hitting.

[29:31] And when I say that, we still recognize the council has to be pretty much

[29:35] educated on what it definitely is every single time we do it. So there is some work in making sure

[29:41] that the elected officials understand their role in the process as well. So I may, I'm not

[29:47] opposed to the idea of charging a fee, the point that Mitch and Dave and Craig and I were looking

[29:52] at this is everyone understands the fee cannot exceed the total cost provided in service. So I would

[29:58] I'd recommend if we're going to...

[30:00] A charge of fee that we undershoot our actual cost, because it is not, we don't have an ordinance that says we are supposed to try to shoot for our full cost, like we do in our local and other local entity.

[30:12] I think we need to have enough so that we can say, yes, we are trying to capture that, but we are also being cognizant, we don't want to overshoot, and we also don't want to make it so that if it is a default, and this is a project that aids the community that we can't do it.

[30:29] or it's too expensive or someone to do it.

[30:34] Do you know how many doesn't, but you know how many

[30:35] tephraherings we have a year on average, like more than 20?

[30:41] It is. Oh no. It has in flows maybe. Oh.

[30:45] Three. Okay.

[30:47] Can we calculate the fee based on a reimbursement type schedule

[30:53] because I imagine that some of these are more complicated than others?

[30:57] with that be true, where rather than having a set fee,

[31:02] then we could calculate it based on actual costs

[31:06] that were incurred by our employees.

[31:12] Yeah.

[31:13] We probably estimate at least the legal side of it.

[31:16] I think we probably could.

[31:19] I mean, the part that I did, the Duke of the Dota

[31:21] had was the calculation of that may cost more than the actual.

[31:25] We're trying to gather together.

[31:26] I'm always trying to get everyone's spin on this.

[31:28] At some point, are we spending more money to calculate

[31:32] than we actually are if we see.

[31:34] If we can't remember what the next animation.

[31:36] I don't know, that's my guess.

[31:38] Sometimes I know we try to get things dialed in

[31:41] in a way.

[31:42] I mean, how much time it get dialed in?

[31:43] Oh, that was a $30 issue that we spent four hours on.

[31:46] Right?

[31:47] I don't know.

[31:48] Rob, I could go through the Liberty Square file

[31:52] and see what I charged to it.

[31:54] that may be a decent way for least to go up with them.

[31:57] A lot of us start phone calls and reminders and, you know, they actually are reviewing

[32:03] of the documents, you can do in a block and get a pretty rough estimate, but I was getting

[32:09] called from Bond Council and Peter Caron and, of course, finding back and forth, that doesn't

[32:16] normally happen.

[32:18] So can I make a suggestion?

[32:19] I mean, I mean, I think what might be helpful then is either a next, it means if the committee wants to proceed with this concept of charging a fee, that we do a correct suggestion, we try to come up with a some kind of estimate that we all will agree and we bring an ordinance back next to the next meeting, discuss the fee, discuss the ordinance and decide whether that's the direction we want to go or modify, or how close we think it captures an adequate fee.

[32:49] So we're not, I mean, if we charge $100, we'd all agree that's

[32:54] woefully inadequate.

[32:55] I think we charge $100,000, we'd all say that's woefully

[32:58] over-cost, but see if we can come up with a number like Craig did

[33:01] that we could say, here's what we're basically based on.

[33:04] And then maybe we test it.

[33:05] Like you were suggesting to see is it doesn't need to be modified

[33:08] before it goes to the council.

[33:10] I don't know.

[33:13] I think it makes sense.

[33:14] If Craig is, is, would you would you consider this a typical

[33:19] situation if you went back and looked at this most recent case, or was it at a typical

[33:25] because there was more back and forth?

[33:29] I generally, they're all pretty much the same.

[33:32] This was a little bit more back and forth because I hadn't worked with this particular

[33:38] bond council before and Peter was concerned about when it was going to go to council and

[33:45] then I got an email that said they're not going forward.

[33:47] So we never did take it to council.

[33:56] I'd make a motion to ask Craig to come up with an estimate for the next every

[33:59] you committee meeting.

[34:02] We want someone to draft an ordinance.

[34:07] Mr. Chair, I've already done that.

[34:09] I can provide a copy of that with the next agenda and as a discussion or after so.

[34:17] Yeah, okay, so we have a motion and a second. All in favor.

[34:24] Hi.

[34:25] Any post?

[34:27] Okay, that passes. We'll look for an ordinance and an estimate for our next meeting and we'll review it and vote on that.

[34:36] Have a discussion.

[34:38] All right, moving on to item 4.5.

[34:42] Salt Lake City.

[34:44] It's a solid city or a solid county portfolio, Tepra, Jacob Carleton from Gilmourn Bell.

[35:01] Yeah, thanks, happy to be here. And this kind of goes along with your last discussion you just had, but we're

[35:07] bond council on this particular deal. These bonds are being issued through the public finance authority, which is a bond issue, or based out of Wisconsin.

[35:18] And this is for three separate multi-family housing projects, all of them are located within Salt Lake County.

[35:27] I mean, they're all with in separate municipalities, which is why we've approached the county today rather than going through each separate municipality for each of these particular projects.

[35:40] Anyway, so yeah, so we're just coming before you today.

[35:44] And I'm in the hopes that Salt Lake County would be willing to hold a Tefer hearing for this particular project.

[35:49] I would note the Keith Warburden is here if there's any specific questions about the project themselves.

[35:58] These are representing the developer, but happy to go into any additional detail about that.

[36:04] It sounds like you're familiar with the tech for a notice and process, but happy to answer any particular questions if there are any.

[36:12] So what's your timing on this? Can can it wait until a little later like toward the end of June or is it? Are you now in a rush?

[36:23] I know there's still maybe I'll kick it over to Keith on this when I know there's still a few things we're waiting for.

[36:28] I don't know Keith if you have an updated kind of.

[36:32] We're always in a rush, as developers have said.

[36:37] We have to do a few things with very city.

[36:40] The world of my life will sort of try to get back to us.

[36:43] First we can do it.

[36:44] And so we really like to try to have this,

[36:50] you know, font and answer, where you go sometimes,

[36:52] or to have a switch versus the line.

[36:57] Yeah, I mean, we have a, you know,

[37:00] the midyear budget coming up and as long as it can

[37:04] wait until after the tenth I think that the council staff can be accommodating. If you

[37:11] could wait until the 24th that would be better for us frankly because we do have a public

[37:16] hearing on the 17th for the mid-year budget but that's later in the afternoon at six.

[37:26] Well,

[37:34] we're waiting what municipalities are these projects and I heard Murray said he Murray mid-velle in Salt Lake City.

[37:53] So, I'll go ahead and make a motion that we can forward this based on the time.

[37:59] If, by some happens, stands our process, Doug tells, and we have an ordinance in place associated with a fee, we can sort that out, it seems unlikely.

[38:11] for the record, the feedback from Dave Delquadro about the council's upcoming calendar

[38:17] suggests that the 24th might be a great day if it needs to be earlier.

[38:22] Quarterly the council's meeting throughout June, and we can find a time to do that, but

[38:25] I'll make a motion on behalf of the committee, particularly since this is a multid jurisdictional

[38:30] project.

[38:31] It does seem appropriate that the county would provide a hearing as we've done for other

[38:35] somewhere we situated in the past and that we'll forward it on to the policy makers, so that'd be my motion.

[38:45] Kate, do we have a second? Second. All righty. All in favor?

[38:51] Aye. Aye. Aye. Any post? Kate, that passes.

[38:59] Other committee business?

[39:06] All right. Seeing none. I'll move forward on a German.

[39:10] I need a motion for that. Okay. We are adjourned. Thanks, everybody.

[39:14] Thank you, Chair.

Debt Review Committee on 2025-05-28 2:00 PM

Agenda

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