1 00:00:02,580 --> 00:00:32,160 Great. Okay, well, it looks like we do have a quorum present, and so we will go ahead and start this meeting. This is the board meeting for the Skyfall Infrastructure Financing District. It is Monday, July 20, 20, 26, 2 p.m. I'm Betsy Russen with a WBA. I'll also recognize at the meeting in the conference room, it was worth, which is the anchor location. 2 00:00:32,160 --> 00:00:38,060 and we have Robert and Nate 3 00:00:40,260 --> 00:00:41,760 Ballard present. 4 00:00:42,000 --> 00:00:43,640 Is there anybody else there with you 5 00:00:43,640 --> 00:00:45,440 at the anchor location? 6 00:00:46,080 --> 00:00:47,080 They've worked in the air. 7 00:00:47,680 --> 00:00:51,840 I don't see anyone else unless I hear someone walking 8 00:00:51,840 --> 00:00:54,620 in the car, I, I, I, I, I, 9 00:00:54,620 --> 00:00:55,980 will you, I will you, I will you. 10 00:00:56,160 --> 00:00:58,120 This is me, this is me. 11 00:00:58,300 --> 00:00:59,760 You guys know I see this. 12 00:01:02,260 --> 00:01:03,860 And I'll come back to you, Robert, 13 00:01:04,020 --> 00:01:06,040 but we also have Lauren Werburton 14 00:01:06,040 --> 00:01:16,820 with CLA, and I think that is it. I'm not sure if we'll have Chase join us. I do see two members 15 00:01:16,820 --> 00:01:23,780 of the public. It looks like perhaps and we'll get to you in a minute. So Robert, were there other members, 16 00:01:24,040 --> 00:01:28,520 it looks like there are other folks there in the room with you? Would you mind introducing those individuals? 17 00:01:29,420 --> 00:01:34,220 I think we might be doubled up, or are you guys also on there? 18 00:01:35,520 --> 00:01:37,180 I just have my sub-bomb, you're off. 19 00:01:39,120 --> 00:01:39,560 Okay. 20 00:01:40,520 --> 00:01:42,580 So there's an iPhone 179. 21 00:01:44,650 --> 00:01:45,230 That's me. 22 00:01:47,280 --> 00:01:47,820 So there's the joining. 23 00:01:48,880 --> 00:01:50,000 Okay, so I'm saying that. 24 00:01:51,880 --> 00:01:54,240 I said joining, they're not on right now, Betsy. 25 00:01:54,620 --> 00:01:58,020 And then we have a 911-723-44425. 26 00:01:58,860 --> 00:01:59,500 That's right. 27 00:01:59,500 --> 00:02:05,180 And is that anyone we know or is that a member of the public if 28 00:02:07,300 --> 00:02:13,420 it's a member of the public, would you mind stating your name just for meeting purposes for record purposes? 29 00:02:15,940 --> 00:02:18,860 And if you're trying to talk, you are muted. 30 00:02:19,960 --> 00:02:26,220 That's the individual at 19177234425. 31 00:02:28,690 --> 00:02:31,870 Okay. And then I see Ted Novakowski. 32 00:02:36,540 --> 00:02:37,720 And we'll 33 00:02:37,720 --> 00:02:43,680 come back to you individuals when it's time for public comment. So at this time we'll 34 00:02:43,680 --> 00:02:48,960 call the meeting to order. I have that it is two or two in just what introduced the two 35 00:02:48,960 --> 00:02:49,460 people here. 36 00:02:49,460 --> 00:03:01,100 Also, that's right. I asked you to do that and then cut you off like a true attorney. Didn't I go ahead Robert go ahead. No from I'm Mary and suffers. I'm resident of that my French. 37 00:03:02,060 --> 00:03:04,320 Great. And Mary, what what how do you sell your last name? 38 00:03:04,840 --> 00:03:07,880 S-O-M as in Mary E-R-S. 39 00:03:08,740 --> 00:03:13,240 Great, thank you, Mary Ann, and then who else is there? 40 00:03:14,000 --> 00:03:17,460 Laura and I do, and I have a lot 122 and 50. 41 00:03:19,200 --> 00:03:20,200 And I'm reading that on. 42 00:03:21,300 --> 00:03:24,320 122 and 50, and what was your, how do you like the last name, Laura? 43 00:03:25,000 --> 00:03:26,400 M-A-Z-Z-U. 44 00:03:28,640 --> 00:03:28,840 Great. 45 00:03:29,440 --> 00:03:32,080 And it looks like, did we just have somebody else join? 46 00:03:34,100 --> 00:03:34,800 Okay. 47 00:03:38,140 --> 00:03:43,800 Again, we'll come back during the public portion of the meeting. At this time, we'll 48 00:03:43,800 --> 00:03:50,980 cover preliminary action items. As far as preliminary action items, conflict of interest 49 00:03:50,980 --> 00:03:57,420 disclosures. Are there any disclosures of potential or existing conflicts that any of the board 50 00:03:57,420 --> 00:03:59,960 members would like to make it this time? 51 00:04:02,160 --> 00:04:04,940 We obviously had a conflict on file. Are there any additional, 52 00:04:05,700 --> 00:04:07,900 any other conflicts anyone would like to disclose? 53 00:04:09,580 --> 00:04:17,120 No, no. Okay. All right, we'll move on then to consideration of approving this meeting agenda 54 00:04:17,860 --> 00:04:24,660 as it is, as it was published and as it is in front of you. Any questions or additions to this 55 00:04:26,960 --> 00:04:29,900 I will. This is Robert on motion to prove the agenda. 56 00:04:30,780 --> 00:04:31,800 Great. Is there a second? 57 00:04:33,180 --> 00:04:36,140 This is Alex all in favor? 58 00:04:37,420 --> 00:04:37,620 Right. 59 00:04:38,460 --> 00:04:39,840 Great. So noted. 60 00:04:40,840 --> 00:04:44,900 Next now we'll move on to the public comment portion of our meeting. 61 00:04:45,200 --> 00:04:49,660 This is where members of the public may express their views to the board. 62 00:04:50,220 --> 00:04:52,400 And this is this meeting is being recorded. 63 00:04:52,400 --> 00:04:57,800 I'll just have note and that's of matters that may affect the district and we 64 00:04:57,800 --> 00:05:02,440 will limit comments to three minutes per person. It looks like we have a few 65 00:05:02,440 --> 00:05:06,200 different members of the public present. We've already identified Mary and 66 00:05:06,200 --> 00:05:11,880 Somers and Laura Mizzou. It looks like we also have a Clint Peterson and Ted Novakowski. 67 00:05:12,380 --> 00:05:18,540 There's also a phone number ending in 42425. If anyone would like to identify 68 00:05:18,540 --> 00:05:26,620 themselves from that 4 4 2 5 number please do so and we'll open up this portion of the meeting 69 00:05:26,620 --> 00:05:30,940 for public comment if anyone has anything that they would like to to stay or share. 70 00:05:33,870 --> 00:05:38,790 I mean I'm trying to pause you to see if the people on the phone want to go first if not we can 71 00:05:38,790 --> 00:05:45,650 jump in. You know I don't see that anyone's come off of mute so it looks like Mary Ann you want 72 00:05:45,650 --> 00:05:49,750 to say something do you have a microphone there or I can hear you just fine. 73 00:05:53,010 --> 00:05:59,910 I think most of us that are living there are main concern is understanding what the future 74 00:05:59,910 --> 00:06:06,310 of the development is and we've invested millions of dollars in properties there and we 75 00:06:06,310 --> 00:06:09,670 all know that there have been so many problems with phase 1A. 76 00:06:10,690 --> 00:06:16,110 The main thing is trying to understand how you guys are involved or not involved, what your 77 00:06:16,110 --> 00:06:24,730 perspective is on phase one A, how is that when it affects future development or you know can 78 00:06:24,730 --> 00:06:29,570 we have any positivity or optimism about it getting cleaned up and getting finished and are there 79 00:06:29,570 --> 00:06:37,790 things you can share for us. Now obviously it's going to be high end housing above us and that the 80 00:06:37,790 --> 00:06:43,890 value of that will be affected by what's going on in phase one A. So I think that that's my main 81 00:06:43,890 --> 00:06:46,210 public comment and try to understand that. 82 00:06:47,310 --> 00:06:47,970 Thank you. 83 00:06:48,410 --> 00:06:48,950 All right. 84 00:06:49,270 --> 00:06:49,950 Thank you for that. 85 00:06:50,070 --> 00:06:54,190 Are there any any responses from any of the board members? 86 00:06:54,750 --> 00:06:55,410 Would you guys like to? 87 00:06:58,950 --> 00:07:02,050 We're supposed to sit to agenda items in our meetings. 88 00:07:02,630 --> 00:07:06,750 So we need to address future items and future board meetings. 89 00:07:06,910 --> 00:07:08,990 We can get them on the agenda to address the board meetings. 90 00:07:09,690 --> 00:07:12,170 I'll comment that there is a difference between 91 00:07:12,910 --> 00:07:18,970 development group, which we are all members, and the infrastructure financing district, 92 00:07:19,310 --> 00:07:25,150 which is the public meeting of, and this infrastructure financing district and the engines 93 00:07:25,150 --> 00:07:31,110 of the developer are two different things that are going by side by side, and so it'd be appropriate 94 00:07:31,110 --> 00:07:36,890 to address the involvement of the developer and those sorts of things, probably separately, 95 00:07:36,890 --> 00:07:45,530 then this meeting, which is about the infrastructure financing district and its purpose and its goals moving forward. Does that make sense? 96 00:07:46,330 --> 00:07:52,950 I think we can actually talk offline. I'm from that standpoint, but I think that would be my response to that comment. 97 00:07:53,270 --> 00:07:53,430 Okay. 98 00:07:53,610 --> 00:07:55,630 Can I have a follow-up question? 99 00:07:55,850 --> 00:07:55,990 Sure. 100 00:07:55,990 --> 00:08:03,990 So the financial district, as far as I understand, does not involve Phase 1A or does involve Phase 1A? 101 00:08:06,710 --> 00:08:13,770 The IFD, I don't think we've collateralized, no, it does not collateralize Phase 1 staff. 102 00:08:14,630 --> 00:08:20,470 So Phase 1A is not part of, not included in the boundaries of this public entity. 103 00:08:20,470 --> 00:08:27,310 Okay. And HOAs would be your element and finance it. Okay, correct. Yeah. 104 00:08:28,670 --> 00:08:36,090 No, go ahead, Robert. No, no, I was it. I was I was going to see if there's other public comments. 105 00:08:36,870 --> 00:08:44,370 Yeah. And so, Mary Ann, thank you for your comment. Are there any others? Laura, did you have anything that you wanted to share? 106 00:08:44,370 --> 00:08:53,830 There's just, obviously, misunderstanding that the IDFD would also cover any of the MNVs 107 00:08:53,830 --> 00:08:58,890 clubhouse and such as far as horizontal goes in phase-blending. 108 00:08:59,730 --> 00:09:02,750 So there's, yeah, I think that isn't probably misunderstanding. 109 00:09:03,270 --> 00:09:08,010 IDFD funds public improvements to the extent that those improvements are private and it wouldn't 110 00:09:08,010 --> 00:09:08,950 fund those improvements. 111 00:09:09,190 --> 00:09:11,730 It would be private developer that would fund those improvements. 112 00:09:12,650 --> 00:09:18,930 And we're talking now probably offline, we can bring this offline maybe after this public meeting. 113 00:09:19,310 --> 00:09:21,310 But those are public. 114 00:09:21,510 --> 00:09:22,330 Are they doing that? 115 00:09:22,410 --> 00:09:23,210 Yeah, if you would tell. 116 00:09:23,630 --> 00:09:24,590 And that type of thing. 117 00:09:24,750 --> 00:09:24,870 No. 118 00:09:25,010 --> 00:09:25,270 No, no. 119 00:09:25,430 --> 00:09:26,370 All the private development. 120 00:09:27,150 --> 00:09:27,330 All right. 121 00:09:27,710 --> 00:09:28,590 So the public. 122 00:09:29,010 --> 00:09:31,890 Think of the IFD as the person that's going to fund the rents. 123 00:09:32,110 --> 00:09:32,330 Okay. 124 00:09:32,490 --> 00:09:33,050 That's effective. 125 00:09:33,050 --> 00:09:33,790 The rents. 126 00:09:36,230 --> 00:09:37,870 So everything else will be public. 127 00:09:38,010 --> 00:09:41,430 So this meeting is really about the funds related to the public. 128 00:09:43,410 --> 00:09:49,450 I think about the general infrastructure of the surrounding properties, some of the surrounding 129 00:09:49,450 --> 00:09:55,970 properties to you, I guess. So, the wage will impact you long-term. Yes, benefit you long-term. 130 00:09:56,110 --> 00:09:59,870 Yes, but it's not specific to those types of things. 131 00:10:00,390 --> 00:10:05,670 Great. And I agree with everything that's been said here. Let's see if there's any additional 132 00:10:05,670 --> 00:10:14,810 comments first before I speak to answer Clint Peterson if you have anything or Ted or 133 00:10:14,810 --> 00:10:24,320 42425 okay then I'll I'll just know that I agree with everything that Robert how Robert 134 00:10:24,320 --> 00:10:32,660 described what the IFD is and Nate thanks also for your clarification and it sounds like 135 00:10:32,660 --> 00:10:38,180 with your developer hats on, not as your board member hats, it sounds like you 136 00:10:38,180 --> 00:10:41,700 can answer some of the individual questions offline that have come up today. 137 00:10:41,920 --> 00:10:48,820 Is that correct? Okay, and if there are additional questions about the IFD, 138 00:10:49,140 --> 00:10:54,460 then I will give you my contact information. Obviously, then you can you can call 139 00:10:54,460 --> 00:10:59,560 me and we can talk and answer any other questions about the IFD itself. But 140 00:10:59,560 --> 00:11:06,500 But that being said, I see no other public comments forthcoming and so we'll move on to the 141 00:11:06,500 --> 00:11:10,400 action items and want to thank each of you who spoke up. 142 00:11:10,620 --> 00:11:15,420 Thanks for your time and thanks for the time to travel and participate in the meeting. 143 00:11:15,540 --> 00:11:22,540 We appreciate your comments and any public impact or in what's the word I'm looking for. 144 00:11:23,480 --> 00:11:24,560 Thank you. 145 00:11:24,560 --> 00:11:34,240 not in fact I guess in fact for sure but input that we yeah okay so we'll move on then we'll 146 00:11:34,240 --> 00:11:41,620 consider next item 4a and that's approval of the minutes from the June 23rd 2026 meeting I'll 147 00:11:41,620 --> 00:11:48,360 jump to that in the tabs here let's see there they are and they were part of the meeting packet 148 00:11:48,360 --> 00:11:56,780 Are there any corrections or anything anyone would like to have noted or changed in regards to those minutes? 149 00:11:58,220 --> 00:12:00,480 No, I'll move to approve the minutes. This is Robert. 150 00:12:01,780 --> 00:12:03,540 Okay. Thanks, Robert. Is there a second? 151 00:12:05,400 --> 00:12:09,020 Good. I'll come here on the roll. I'll call it all second. 152 00:12:09,640 --> 00:12:12,080 Thank you. All in favor? 153 00:12:13,200 --> 00:12:13,340 Yes. 154 00:12:14,200 --> 00:12:14,740 Great. 155 00:12:14,740 --> 00:12:25,460 Okay, we'll move next on the agenda to the acceptance or approval of the June 30th, 156 00:12:25,500 --> 00:12:32,700 2026 financial statements. I'll turn this over to Lauren who is the District Accountant 157 00:12:32,700 --> 00:12:37,200 with CLA. Lauren, the mic is yours. 158 00:12:38,620 --> 00:12:43,280 Would you like me to share my screen? Or can I have you scrolling for me? 159 00:12:43,280 --> 00:12:49,440 I'll scroll. You just direct anywhere to go. All right. Let's start with page one, one down, 160 00:12:50,320 --> 00:12:55,900 and I'll point out here before I start for this is still marked as a draft simply because we do 161 00:12:55,900 --> 00:13:02,360 have one outstanding question that probably won't affect the financials too much, but we do want 162 00:13:02,360 --> 00:13:10,200 these to be accurate. So I will leave my questions for for after we're through the recorded 163 00:13:10,200 --> 00:13:15,060 portion of the meeting because I think mostly it's just coordination to reach out to for specific 164 00:13:15,060 --> 00:13:22,380 questions. But for now, the anticipated change would be to this account's payable line. So this 165 00:13:22,380 --> 00:13:30,560 $99,142, we would expect that to go down and then the developer advances on the next page to go up. 166 00:13:31,020 --> 00:13:36,820 So I'll explain that a little bit more, but we can start here with the balance sheet. So total assets 167 00:13:36,820 --> 00:13:39,720 that's as a June 30th, sitting in the corner. 168 00:13:40,620 --> 00:13:40,740 Yeah. 169 00:13:40,880 --> 00:13:43,180 Can I interrupt one quick just level setting real quick? 170 00:13:44,220 --> 00:13:44,780 Can you want? 171 00:13:45,500 --> 00:13:47,940 Sorry, I just wanted to ask a quick question before we get in. 172 00:13:48,060 --> 00:13:48,260 Yeah. 173 00:13:48,840 --> 00:13:53,620 Are we're counting on an annual on a fiscal calendar base, correct? 174 00:13:54,760 --> 00:13:55,240 Correct. 175 00:13:56,060 --> 00:13:57,440 OK, thank you. 176 00:13:58,300 --> 00:13:58,600 Yes. 177 00:13:59,300 --> 00:14:05,120 So this should be our first reported 178 00:14:06,820 --> 00:14:11,560 time frame, I guess I should say, at this, this will be affected by the question that 179 00:14:11,560 --> 00:14:13,420 I have later about some of these invoices. 180 00:14:14,840 --> 00:14:23,540 But total assets currently sitting at $435 million, $649,000, $83.20, with the majority 181 00:14:23,540 --> 00:14:29,260 of that being in the capital projects, or excuse me, the debt service fund, sitting at $255,000, 182 00:14:31,140 --> 00:14:35,760 and then just under 80.1 million in the capital projects fund. 183 00:14:36,760 --> 00:14:40,120 Then on liability side, currently accounts payable, 184 00:14:40,120 --> 00:14:48,780 sitting at just over 906,000 with 800 and just almost 807,000 of that being the capital projects fund. 185 00:14:49,300 --> 00:14:54,460 This portion under the capital projects fund is for those bond issuance costs 186 00:14:54,460 --> 00:14:56,720 that technically have not been claimed yet. 187 00:14:56,720 --> 00:14:59,960 So this is an accrual that we expect to be paid out. 188 00:15:00,000 --> 00:15:07,660 I hope in the next, I'd say a couple of weeks and months. And then this 99.1,000 general fund 189 00:15:07,660 --> 00:15:12,760 is worth administrative costs. There is a little bit of accounting fees in this. And then 190 00:15:12,760 --> 00:15:20,600 most of it is made up of Zalipal costs, payable to WBA. We expect this to go down primarily 191 00:15:20,600 --> 00:15:28,940 because it looks like the developer. I believe Jamie Mackie, developers, paid one or more 192 00:15:28,940 --> 00:15:33,480 invoices and so we want to clarify which one of those were paid so that we can 193 00:15:33,480 --> 00:15:41,660 shoot this up or down. But that is it on the ballot sheets. So of the cost that 194 00:15:41,660 --> 00:15:46,880 were identified in the closing, Jamie paid maybe one of those invoices and so 195 00:15:47,660 --> 00:15:51,340 that wouldn't come off of this public entity is that what I understood 196 00:15:51,340 --> 00:15:57,500 Lauren? So the expense will still show on the next page for that invoice and then 197 00:15:57,500 --> 00:16:02,980 And like you said, yes, the 99.1,000 or whatever 198 00:16:02,980 --> 00:16:04,200 should go down a bit. 199 00:16:04,340 --> 00:16:06,380 I'm not sure by how much, but it sounds like Jamie 200 00:16:06,380 --> 00:16:10,020 did make a payment for one or more invoices to WBA. 201 00:16:10,700 --> 00:16:12,180 I don't believe that's a bond issue. 202 00:16:12,380 --> 00:16:12,740 It's possible. 203 00:16:15,140 --> 00:16:15,480 OK. 204 00:16:17,850 --> 00:16:21,130 Well, what cost would WBA have that we're not part of the IOT? 205 00:16:22,230 --> 00:16:23,730 You're just saying it's part of the IOT, 206 00:16:23,910 --> 00:16:24,610 it's just not part of the issue. 207 00:16:25,290 --> 00:16:26,270 Yes, yes, sorry. 208 00:16:26,490 --> 00:16:27,750 Just not part of the actual issue. 209 00:16:30,070 --> 00:16:35,910 And then in the general fund here so far, obviously still very new, so no revenues showing 210 00:16:35,910 --> 00:16:43,690 up quite yet, total expenditures sitting at that 99.1 million, 93 million of that being 211 00:16:43,690 --> 00:16:50,370 the legal cost to WBA, and then I believe it's just an invoice or two for CLA. 212 00:16:50,370 --> 00:16:53,690 And I think it means that I wasn't instead of a million. 213 00:16:54,890 --> 00:16:56,390 Wow, thank you. 214 00:16:57,730 --> 00:16:59,270 I mean, I think it's the biggest. 215 00:16:59,390 --> 00:17:01,050 But I didn't see that. 216 00:17:01,370 --> 00:17:02,150 I mean, three million. 217 00:17:03,270 --> 00:17:05,550 Not 90 million, definitely 1000. 218 00:17:07,830 --> 00:17:12,190 So I'll say that again, total expenditure is $99,142. 219 00:17:13,750 --> 00:17:17,790 And then this is the other line that should be updated a bit. 220 00:17:17,790 --> 00:17:23,930 is the developer advances. So this should go, I would assume, have at least a couple thousand here. 221 00:17:24,830 --> 00:17:32,190 So that brings our ending fund balance at this time to 99.1,000 in a deficit which is 222 00:17:32,190 --> 00:17:37,490 totally normal at this point in time since we're paying for administrative invoices through developer 223 00:17:37,490 --> 00:17:38,090 for advances. 224 00:17:40,790 --> 00:17:49,010 Lauren. Yes. We may as Betsy also remind me, don't we have an administrative 225 00:17:49,630 --> 00:18:02,930 bucket and a capital bucket effectively? That's how we've dealt with, you know, 226 00:18:09,020 --> 00:18:09,040 other 227 00:18:09,040 --> 00:18:12,880 also have to step in and help me with this one. I believe the working capital 228 00:18:12,880 --> 00:18:19,020 funds that we have is only for the water reservation fees and is part of the 229 00:18:19,020 --> 00:18:22,740 capital project's fund. Does that sound familiar Betsy? You know, I'd have to 230 00:18:22,740 --> 00:18:26,040 check with Blair. I don't know that answer right off the top of my head. Sorry. 231 00:18:27,320 --> 00:18:33,660 And maybe I'm, you know, I've got a member of other public entities as well, where 232 00:18:33,660 --> 00:18:40,480 we have to have a kind of administrative bucket that covers WBA, that covers CLA, that covers 233 00:18:40,480 --> 00:18:45,360 those types of things, and then we have a capital project budget, and we actually have 234 00:18:45,360 --> 00:18:46,160 capital separately. 235 00:18:47,060 --> 00:18:50,760 As we have an adopted budget for the administrator, we have to adopt the budget for the capital 236 00:18:50,760 --> 00:18:51,320 projects. 237 00:18:51,860 --> 00:18:52,060 Yeah. 238 00:18:52,560 --> 00:18:54,000 Would it be the same here? 239 00:18:55,420 --> 00:18:58,980 I think that is definitely the common case. 240 00:19:01,000 --> 00:19:06,760 Here, it's looking like administrative costs are being funded through developer advances. 241 00:19:07,920 --> 00:19:09,500 For $20.00. 242 00:19:09,860 --> 00:19:13,580 They were up until bond closing, but going forward, they should not. 243 00:19:14,000 --> 00:19:18,300 Yes, and Robert, let me just note too, I had a good discussion with Blair. 244 00:19:18,540 --> 00:19:23,720 Blair was double booked for this meeting, and he said, if this issue did come up, he could 245 00:19:23,720 --> 00:19:28,420 have an offline conversation with you to answer kind of what's been done prior to bond 246 00:19:28,420 --> 00:19:33,260 issuance versus what's the expectation going forward and answer some of these questions 247 00:19:33,260 --> 00:19:38,420 that are a little more in the weeds, but he'll reach out to you if he has, it sounds 248 00:19:38,420 --> 00:19:40,180 like he hasn't already, but was planning to. 249 00:19:41,140 --> 00:19:41,500 Okay. 250 00:19:42,580 --> 00:19:44,740 And this is a preliminary budget anyway, right? 251 00:19:46,580 --> 00:19:51,560 I wouldn't say preliminary budget, but definitely preliminary financials, it's probably going 252 00:19:51,560 --> 00:19:52,840 to be making at least a change. 253 00:19:53,040 --> 00:19:55,940 Well, we can adopt a budget but always amended. 254 00:19:55,940 --> 00:19:58,240 You can always amend your budget graph. 255 00:20:00,380 --> 00:20:06,480 And we already do have, I mean, you have the 2026 budget that was adopted already, but 256 00:20:06,480 --> 00:20:11,040 I think you're talking about amending in the future and yes, I'll be quiet now. 257 00:20:14,240 --> 00:20:16,460 So anything else on the, oh, you're just fine. 258 00:20:16,720 --> 00:20:18,100 Anything else on the general fund? 259 00:20:22,160 --> 00:20:22,680 Okay. 260 00:20:23,220 --> 00:20:25,960 We can scroll on down to the debt service fund. 261 00:20:25,960 --> 00:20:33,780 This will show more information from the bond issuance. 262 00:20:36,960 --> 00:20:37,480 Here we go. 263 00:20:37,860 --> 00:20:40,340 So still very new. 264 00:20:40,920 --> 00:20:42,920 Obviously no revenues coming in quite yet. 265 00:20:43,080 --> 00:20:46,880 Although we do have budgeted revenues through the end of the year. 266 00:20:47,540 --> 00:20:48,640 Same with the expenditures. 267 00:20:48,960 --> 00:20:52,560 So right now all we have here is the transfer in from other funds 268 00:20:52,560 --> 00:20:54,200 is 63.1 million. 269 00:20:54,820 --> 00:20:56,500 Truly meant to say million here. 270 00:20:56,500 --> 00:21:02,180 And this is from the capital projects fund from bond issuance to service the bonds. 271 00:21:05,550 --> 00:21:07,450 And that is it for the debt service fund. 272 00:21:11,140 --> 00:21:15,300 And then lastly, the capital projects fund here, no revenues quite yet. 273 00:21:15,720 --> 00:21:22,760 And then as far as expenditures go, looks like just under 150 million, it's 140.1 million 274 00:21:22,760 --> 00:21:28,120 of that being capital outlay, and then 9.8 million of that being bond issuance costs. 275 00:21:28,120 --> 00:21:32,320 And this was from that first requisition that went out as part of bond issue. 276 00:21:33,580 --> 00:21:38,620 So then after the transfer out to the debt service fund of $63.1 million, 277 00:21:39,280 --> 00:21:45,440 and including the bond issue proceeds of $292 million are ending fund balance. 278 00:21:45,740 --> 00:21:48,760 Capital projects fund is sitting at $79.28. 279 00:21:51,220 --> 00:21:55,740 Any questions I can answer either on this or any of the other financial so far? 280 00:21:59,510 --> 00:21:59,790 No. 281 00:22:01,170 --> 00:22:04,330 Okay, and that is all I have for this. 282 00:22:08,370 --> 00:22:10,910 So, is there an action item? 283 00:22:12,450 --> 00:22:15,570 Yeah, I'm sorry, just getting back to the agenda. 284 00:22:15,750 --> 00:22:19,350 So, this time, we just, we'll, I'll ask the board 285 00:22:19,350 --> 00:22:22,530 if I'll entertain a motion to approve or accept. 286 00:22:23,150 --> 00:22:26,670 This is the June 30th, 2026 financial statements. 287 00:22:28,110 --> 00:22:30,430 And Lauren, and that's equal. 288 00:22:30,570 --> 00:22:33,530 We approve on a monthly basis financial 289 00:22:33,530 --> 00:22:35,950 but the financial statements, monthly? 290 00:22:37,910 --> 00:22:40,450 Go ahead, Lauren, can you talk on frequency? 291 00:22:41,110 --> 00:22:42,910 Yes, so we prepare them quarterly. 292 00:22:43,870 --> 00:22:46,570 I believe we do have some districts that do it monthly 293 00:22:46,570 --> 00:22:48,750 if that's your preference, 294 00:22:49,550 --> 00:22:51,570 but it seems to work best quarterly, 295 00:22:51,770 --> 00:22:53,590 especially we're trying to get everyone together 296 00:22:53,590 --> 00:22:55,770 for the meetings at the same time. 297 00:22:56,990 --> 00:22:59,090 And all know, there are some districts that are very, 298 00:22:59,090 --> 00:23:06,710 very busy that are, you know, that we see a lot of financing coming through and sometimes 299 00:23:06,710 --> 00:23:11,190 it's helpful to have them more often, but quarterly is generally accepted. 300 00:23:11,610 --> 00:23:16,550 There are others where there isn't any movement and sometimes they'll go a little bit later 301 00:23:16,550 --> 00:23:19,970 if needed for scheduling purposes, but this is the norm. 302 00:23:21,670 --> 00:23:21,810 Okay. 303 00:23:22,030 --> 00:23:28,950 Yeah, I will say usually we also present a payment listing to go along with these financial 304 00:23:29,910 --> 00:23:38,330 Obviously with the outstanding question of what WBA invoices have been paid, we don't have that prepared today, so we can cover that as part of Q3. 305 00:23:39,570 --> 00:23:42,490 But that is also something you can expect to see in the future. 306 00:23:43,330 --> 00:23:49,810 So the motion would be to prove then subject to minor adjustments that CLA might make. Is that right? 307 00:23:52,030 --> 00:24:00,810 Yeah, I think so with Lauren's question pending. Yes, that would be correct. Just kind of final legal or finalization. 308 00:24:03,520 --> 00:24:12,100 I'll make that motion. I'll move to approve the June 30th, 20th, 26th Financial Saints as presented subject to minor edits. 309 00:24:12,360 --> 00:24:13,340 Let's see how you make me. 310 00:24:14,800 --> 00:24:15,980 Okay, is there a second? 311 00:24:17,980 --> 00:24:19,440 This is Nate. I'll second. 312 00:24:20,160 --> 00:24:21,680 Thanks, Nate. I'll in favor. 313 00:24:27,180 --> 00:24:39,480 Next that takes care of the action items next is just discussion items and that is listed the discussion of the process for accepting or approving district costs. 314 00:24:39,480 --> 00:24:48,280 As I mentioned, Robert, as far as forward going, there will be a conversation of differences 315 00:24:48,280 --> 00:24:56,480 from prior developer entities to new developer entities and subsequent to the bonds being issued. 316 00:24:57,340 --> 00:25:06,280 As far as the process of approving district costs, we do have the infrastructure acquisition and reimbursement agreement 317 00:25:06,280 --> 00:25:10,000 that was signed by the new developer entities, 318 00:25:10,980 --> 00:25:15,320 the Steiffal Improvement Group on November 18th, 2025. 319 00:25:16,000 --> 00:25:19,140 Are there any general questions as to that process 320 00:25:19,140 --> 00:25:24,360 or things that need to be discussed at this meeting, I guess? 321 00:25:25,520 --> 00:25:30,660 No, I'm going to summarize my understanding best for all of you, maybe. 322 00:25:33,600 --> 00:25:37,660 IFD is a public entity can't contract for things because it didn't have money, it didn't 323 00:25:37,660 --> 00:25:44,380 have a bonditions to pay money and so it decided to contract with development entity and 324 00:25:44,380 --> 00:25:48,820 the new development entity effectively, just like I've been kind of agreement with Jamie's 325 00:25:48,820 --> 00:25:53,880 development entity said hey we don't have money, we can't legally contract until we have 326 00:25:53,880 --> 00:25:58,780 wanting to make the final services and so we'll have contract with a developer to fund 327 00:25:58,780 --> 00:26:04,640 our costs and tell such times we have money and then we can reimburse those costs effectively. 328 00:26:04,880 --> 00:26:10,340 So that's the agreement that was signed in November that your referencing was kind of a financing 329 00:26:10,340 --> 00:26:22,520 agreement for the IFD and tell such time as it had costs. Now, that's not the IARA or infrastructure 330 00:26:22,520 --> 00:26:27,700 and acquisition reimbursement. That was noted as the funding and reimbursement agreement. 331 00:26:27,700 --> 00:26:34,080 So I'll note that. There are two. And the one you just referred to is the FRA, yeah. 332 00:26:34,600 --> 00:26:39,700 Okay, so let's go with the FRA first. The FRA, that's the one that I was expecting. 333 00:26:39,940 --> 00:26:45,280 At this point, to no longer be needed, right? Because now we have a bunch of money sitting 334 00:26:45,280 --> 00:26:52,540 in with trustee. And so advances that the developer makes, other than let's call it split costs, 335 00:26:52,540 --> 00:26:55,000 and shared costs in those kind of new on situations. 336 00:26:55,640 --> 00:26:59,020 Those might expect them now, you know, not really be needed. 337 00:26:59,740 --> 00:27:02,900 So go now, tell me the other agreement 338 00:27:02,900 --> 00:27:03,960 that reminded me of that C. 339 00:27:04,240 --> 00:27:07,080 It's the infrastructure acquisition 340 00:27:08,420 --> 00:27:09,880 and reimbursement agreement. 341 00:27:10,260 --> 00:27:14,500 I-A-R-A is the acronym that we commonly use or that you'll see. 342 00:27:16,740 --> 00:27:20,200 Okay, and give me the talking points of that agreement. 343 00:27:21,180 --> 00:27:22,760 So that's the agreement, typically. 344 00:27:22,760 --> 00:27:30,620 So I'll just just to speak to I do agree with the expectation for the funding and reimbursement agreement and the purpose that you just described. 345 00:27:31,340 --> 00:27:49,160 The infrastructure acquisition reimbursement agreement is as public infrastructure is completed or as the developer entity completes infrastructure that does fit within that public a bucket. 346 00:27:49,160 --> 00:27:53,700 they can seek reimbursement through the district for those costs that are 347 00:27:53,700 --> 00:27:58,340 qualified. So there's the involvement obviously of the district accountant and the 348 00:27:58,340 --> 00:28:03,200 district engineer who will certify that the costs or the improvements are 349 00:28:03,200 --> 00:28:09,240 indeed public and goes through kind of line item to make sure that they're 350 00:28:09,240 --> 00:28:15,040 acceptable costs or that their fair market value and then can reimburse the 351 00:28:15,040 --> 00:28:18,200 developer for expenses that have been paid. 352 00:28:19,640 --> 00:28:27,040 So I hope you understand Betsy because if we're going to now go build a row, we're going 353 00:28:27,040 --> 00:28:33,080 to go, you know, I.F.E. is going to contract with someone, the contract to build a row, 354 00:28:34,940 --> 00:28:39,440 and development and you can have coordinate those pieces, but the contract will be with 355 00:28:39,440 --> 00:28:42,800 the I.F.E. that will be funded out of the I.F.E. so the contract will be reviewed by this 356 00:28:42,800 --> 00:28:49,260 board to approve, and then, you know, any major invoices and things like that, we will 357 00:28:49,260 --> 00:28:55,120 approve the trustee who will email and say, hey, are these invoices good to pay? So who 358 00:28:55,120 --> 00:28:59,880 is this agreement that we're talking about with? Or is it an agreement or is it just a set 359 00:28:59,880 --> 00:29:07,080 of rules? No, so this is an agreement between the district and the skyfall improvement group, 360 00:29:07,080 --> 00:29:15,060 who is the developer entity and so we're essentially reimbursement agreement 2.0 361 00:29:15,060 --> 00:29:15,740 effectively. 362 00:29:17,820 --> 00:29:21,840 Yes but there are many steps involved and this this involves the 363 00:29:21,840 --> 00:29:26,660 engineer much more the account much more and you'll see there are many steps on 364 00:29:26,660 --> 00:29:32,480 I was just getting the level set and I'm familiar with the process and getting it all 365 00:29:32,480 --> 00:29:38,780 engineer in the board wrote that to you. So, okay, understood. And did we execute that agreement at closing? 366 00:29:39,560 --> 00:29:46,520 No, that was executed prior to closing. They're on the same date, those two were both 367 00:29:47,040 --> 00:29:53,200 because there was change in the recognition of the skyfall improvement group. So there was a 368 00:29:53,200 --> 00:29:59,340 cancellation of the prior agreement with the prior developer entity. And then there was the 369 00:30:00,270 --> 00:30:08,090 Assigning of this agreement at the same time. Okay. Well, that's one that's been in place since 2025. 370 00:30:09,250 --> 00:30:29,490 November. So, latter part of 2025. That's correct. But at the end of the day, the process is, as costs, we need to vet the process to make sure that they are public in nature, that they are appropriate to be reimbursed and that they are, you know, 371 00:30:29,490 --> 00:30:31,510 But the public is getting the value. 372 00:30:32,590 --> 00:30:36,290 That's why we have you, Lauren, and the district engineers 373 00:30:36,290 --> 00:30:37,790 to be able to review those items, right? 374 00:30:38,110 --> 00:30:41,910 Yes, and so there's a, if there's going to be any type 375 00:30:41,910 --> 00:30:45,490 of acceptance, the engineer will, we get into, you know, 376 00:30:45,710 --> 00:30:50,930 evaluating if it's done to standards, acceptable standards, 377 00:30:51,190 --> 00:30:52,810 and engineering standards, things like that. 378 00:30:52,970 --> 00:30:56,790 So yes, and I can go back through and I can redact everywhere 379 00:30:56,790 --> 00:31:02,290 where I've called it, the IARA, and can call it the reimbursement agreement 2.0. 380 00:31:04,170 --> 00:31:10,730 It's fine, I was trying to remember it's been some time, obviously, but it's the next 381 00:31:10,730 --> 00:31:17,050 step in the reimbursement process, but this is a standard, it's a standard document, and 382 00:31:17,850 --> 00:31:25,270 it's standard for all IFDs and public infrastructure districts to have a form of this IARA in place. 383 00:31:26,790 --> 00:31:27,590 Got it? 384 00:31:28,030 --> 00:31:32,570 Do we have, as a district yet, a pro-curement policy set up? 385 00:31:33,930 --> 00:31:34,190 You know? 386 00:31:36,350 --> 00:31:36,810 Yes. 387 00:31:37,210 --> 00:31:39,090 In the district by-laws, it does talk 388 00:31:39,090 --> 00:31:44,870 about the need to comply with Utah procurement policies. 389 00:31:45,770 --> 00:31:50,610 And I think you may be referencing the other project 390 00:31:50,610 --> 00:31:54,070 that we work on with you, Robert, a little bit different 391 00:31:54,070 --> 00:32:00,030 than how procurement has been done here versus there, but there is a general 392 00:32:00,030 --> 00:32:05,290 procurement policy. We don't have a procurement specialist identified or 393 00:32:05,290 --> 00:32:12,670 anything like that here. We might also explore that here in terms of being able to 394 00:32:13,510 --> 00:32:18,630 advance the project, you know, state law allows for, you know, direct 395 00:32:18,630 --> 00:32:23,090 after wars under certain dollar amounts that are not one of those such that for a $40 396 00:32:23,090 --> 00:32:28,510 I don't know you don't have to go get three quotes and I mean there are I think they're 397 00:32:28,510 --> 00:32:34,250 we might want to explore something that's you know practical reasonable as a policy which 398 00:32:34,250 --> 00:32:39,630 we're allowed to do as long as it follows state procurement just something to think about. 399 00:32:39,870 --> 00:32:44,910 Well yeah for sure and that's the way that it's how this board decides to set things up in 400 00:32:44,910 --> 00:32:49,730 structure things. So there can be additional agreements and other things done to do that. 401 00:32:50,050 --> 00:32:51,030 So yeah, good point. 402 00:32:51,950 --> 00:32:52,150 Okay. 403 00:32:53,090 --> 00:33:00,590 All right. Any other questions about the process for approval of district costs or public 404 00:33:00,590 --> 00:33:01,090 costs? 405 00:33:02,390 --> 00:33:03,050 No. 406 00:33:03,950 --> 00:33:11,130 Okay. We'll move on then to item 6 and this is just administrative non-action items. Our next 407 00:33:11,130 --> 00:33:17,290 regular meeting. Obviously, we're looking at quarterly. So this will be to discuss September, 408 00:33:17,730 --> 00:33:26,170 end of September quarter. This is set for October 19th at 2 p.m. So it's actually the same time period 409 00:33:26,170 --> 00:33:27,030 going forward. 410 00:33:29,250 --> 00:33:34,970 So I think we already have a meeting invite sent out for that. So it should be on 411 00:33:34,970 --> 00:33:46,860 your calendars. Anything else? Oh go ahead. No, there may be a need for some, if we have 412 00:33:46,860 --> 00:33:54,440 a emergency type meeting or something like that, remind me Betsy's last one. If we're within 413 00:33:54,440 --> 00:34:01,820 the budget, we're signing a contract and you don't have to answer that if you don't know off-hand, 414 00:34:01,820 --> 00:34:06,960 do we have to have every contract approved by the board or if it's within you know within budget 415 00:34:06,960 --> 00:34:11,240 we can move that forward or can we sign it and ratify later those are the things that I have 416 00:34:11,240 --> 00:34:16,360 questions on in terms of as we start to advance you know some engineering on roads or something like 417 00:34:16,360 --> 00:34:20,560 that you all of those have to be approved by a board meeting and if so then we have to set up a 418 00:34:20,560 --> 00:34:25,220 board meeting with my three to October to do those sorts of things or can we sign them and ratify 419 00:34:25,220 --> 00:34:31,560 them if they're in budget does that make sense? Yeah and at this point the way things are 420 00:34:31,560 --> 00:34:42,280 set up that if it's considered public, yes, you can go ahead and forward and then we 421 00:34:42,280 --> 00:34:43,000 can ratify. 422 00:34:43,320 --> 00:34:50,240 But obviously the better, if it's anything that affects the board in general, we definitely 423 00:34:50,240 --> 00:34:52,380 would rather the board meet earlier. 424 00:34:53,660 --> 00:34:59,860 And especially if it's for any type of cost acceptance, there are models but it's to avoid 425 00:34:59,860 --> 00:35:00,240 trouble. 426 00:35:00,240 --> 00:35:08,160 We want to make sure that anything that is asked to be reimbursed, it needs to be to go through this process. 427 00:35:08,340 --> 00:35:11,160 And the process can be fairly quick if the legwork has been done. 428 00:35:12,340 --> 00:35:17,800 But we definitely prefer to have things approved rather than ratified later. 429 00:35:18,020 --> 00:35:26,440 If it's just general board items then we can ratify agreements and things like that. 430 00:35:26,440 --> 00:35:36,120 But if it's a thing that affects the board, essentially, we'd want to make sure that everything's 431 00:35:36,120 --> 00:35:37,000 kind of forward-going. 432 00:35:37,180 --> 00:35:40,780 There's opportunity for public notice and comment and feedback. 433 00:35:42,520 --> 00:35:43,080 Okay. 434 00:35:43,920 --> 00:35:44,260 I agree. 435 00:35:45,180 --> 00:35:45,460 Okay. 436 00:35:46,560 --> 00:35:47,380 All right. 437 00:35:47,720 --> 00:35:52,320 Well, with that, then I will entertain—well, is there anything else? 438 00:35:52,480 --> 00:35:54,380 Any other questions or comments? 439 00:35:55,780 --> 00:36:02,620 I just asked Betsy, after we're through the recorded portion, I'd like to say on the board 440 00:36:02,620 --> 00:36:06,960 for a few and it's just asked some additional coordinating questions, if that's okay. 441 00:36:07,820 --> 00:36:08,040 Sure. 442 00:36:08,340 --> 00:36:12,880 What we're allowed to do that, we have to limit our core on the one of us, I think, core 443 00:36:12,880 --> 00:36:13,520 on the first few. 444 00:36:13,720 --> 00:36:14,720 We're talking about the items. 445 00:36:16,060 --> 00:36:21,100 That's exactly it, just because this is a board of three, you don't want to take any 446 00:36:21,100 --> 00:36:25,320 a non-noticed board actions or decision. 447 00:36:25,540 --> 00:36:27,420 So I would just say, maybe learn. 448 00:36:27,500 --> 00:36:28,560 Just keep it on the recorded line. 449 00:36:29,320 --> 00:36:31,340 Well, I would just ask if you could connect with Robert, 450 00:36:31,340 --> 00:36:34,160 maybe, or the designated board member 451 00:36:34,160 --> 00:36:35,920 to have your questions answered. 452 00:36:36,060 --> 00:36:38,260 OK, Robert, is it OK if I email you 453 00:36:38,260 --> 00:36:40,080 and we can schedule a quick call? 454 00:36:40,920 --> 00:36:41,360 Absolutely. 455 00:36:42,000 --> 00:36:42,980 OK, that's great. 456 00:36:43,160 --> 00:36:43,680 Thank you. 457 00:36:44,440 --> 00:36:45,080 I do. 458 00:36:45,360 --> 00:36:48,980 This may I didn't see the 19th on the invite out. 459 00:36:48,980 --> 00:36:51,560 I might still check that if so, maybe on this. 460 00:36:51,920 --> 00:36:54,340 Oh, okay, and this one may have been an exception, 461 00:36:54,340 --> 00:36:56,800 because I think we were scheduled for the 12th 462 00:36:56,800 --> 00:36:59,440 and realized that's Indigenous people's day. 463 00:36:59,620 --> 00:37:00,220 It's a federal holiday. 464 00:37:00,520 --> 00:37:02,480 So I think we ended up having to move it. 465 00:37:02,860 --> 00:37:06,320 So I'll look and if not, we'll get that sent out. 466 00:37:07,220 --> 00:37:10,400 I will note, too, there were some other members of the public 467 00:37:10,400 --> 00:37:14,780 that did show up, but after the comment period. 468 00:37:14,780 --> 00:37:24,900 and so I have you noted on the participant list, but with that then we will 469 00:37:24,900 --> 00:37:27,980 I'll entertain a motion to adjourn. So moved. 470 00:37:30,420 --> 00:37:31,280 Is there a second? 471 00:37:33,780 --> 00:37:34,300 Is that out? 472 00:37:34,860 --> 00:37:41,620 Yes, out. All in favor. All right, thanks everyone and thanks for your 473 00:37:41,620 --> 00:37:47,580 participation again. Robert, I'll just note to look out for that call from 474 00:37:47,580 --> 00:37:51,500 from Blair and then obviously Lauren is going to reach out.