[This transcript was generated automatically from audio using AI and hasn't been reviewed by a person -- it can contain mistakes, including plausible-sounding sentences that were never actually said. Treat it as a starting point, not a verbatim record.]

[0:01] And so this is the Burke Industrial Regional Public Infrastructure District on August 19th,
[0:10] 2026, Mr. Parents, please take it away. Thank you very much. All this may be in order and welcome all those attending and specifically recognize that Vice Chairman Scott Wolper and the
[0:29] Secretary Jesse Carter and board member Brad Tanner will be which I'm not able to address today.
[0:36] We'll start off the meeting and invite any public comment to anyone that would like to address
[0:45] the board of the birth, industrial, and regional public infrastructure district.
[0:53] Seeing none,
[0:53] I will move to the guidance team review and consider the approval of minutes from our
[1:00] two 17 special board meeting.
[1:05] Any questions about the minutes and a change is to the minutes to
[1:17] have to keep 20, 20,
[1:19] 30 special board moves to.
[1:21] Thank you very much.
[1:23] A motion to approve.
[1:24] Second.
[1:24] Scott.
[1:26] All favor please say aye.
[1:31] Sound of you now.
[1:32] All right.
[1:35] We will move to letter or item D, the rat by the approval of the annual attestation of statutory compliance.
[1:45] Shelby or Jamie, do you want to say about this?
[1:53] This was the reporting that was due to the Utah and the Port Authority.
[2:00] So this was completed and submitted, noting that there was one outstanding item,
[2:05] which is the procuring policy which is on the agenda for forward action today and we'll
[2:10] provide that to the authority following approval and execution so take any questions but
[2:18] I wish I didn't know what you'd ratify.
[2:19] For good, that was sick.
[2:28] And, or Scott, you guys probably are experts on these.
[2:31] Any questions, or if there was anyone ready
[2:34] to make a motion?
[2:38] It's moving to ratify that, Mr. Chair.
[2:41] Yep.
[2:42] I would make that motion.
[2:44] All right, motion to ratify the annual
[2:46] administration of statutory clients.
[2:49] Can we click on that?
[2:54] All right.
[2:55] All of them, please say aye.
[2:58] Aye.
[2:59] All right, that's, I also say, okay, that also carries, man, I'm assuming, go on to item
[3:10] E to ratify the approval of adjusting insurance premiums to reduce our general liability
[3:16] limits from $5 million down to $2 million, Shelby, I think.
[3:21] I can take this if Shelby, if you're okay with that.
[3:32] So we worked with Curtis Tonks at the Utah Trust just to see if we could get any of
[3:42] the costs associated with insurance reduced.
[3:47] And we've gone through all of, actually all of the Utah districts have made a call here, given you, you don't have a tremendous amount of assets, we thought it made sense to save some money and reduce the coverage from $5 million to $2 million and I'm looking for the exact dollar amount of the cut of the savings and I'm not finding it right now but I will.
[4:14] Hey Anna, you're on this meeting
[4:20] which you couldn't attend.
[4:22] Oh, thank you.
[4:23] We had an error.
[4:27] I think it's high-bow.
[4:28] And of course on it's
[4:34] a remillion.
[4:35] And it was a great act of fact that it was two million.
[4:38] So I believe that the ceiling,
[4:47] bring this back to the bullet
[4:52] to two million.
[4:53] I'm sure the board was still comfortable with that.
[4:55] And if so, kind of approve that amended limit.
[5:01] Thank you Shelby. And the difference is $1,500. It goes from a $5,000 annual premium to $3,500.
[5:08] I
[5:12] mean, in the grants game of expenses that we do, it's probably not a big amount, but it's the right right efforts. So thank you for doing that.
[5:22] I think we need for a motion to ratify the approval of the reduction to the fire to 2 million dollars.
[5:35] Chair, how do we ratify that reduction?
[5:39] Thank you, Scott.
[5:41] Here I am with the second.
[5:42] I'm on a favor of moving to ratify the approval of the reduction of our limits.
[5:47] It's fine for $2,000 to be said, aye.
[5:50] Aye.
[5:51] That email is curious now, honestly, as well.
[5:55] All right, we'll move on to the financial matters.
[5:59] We have a couple of items on our agenda for this.
[6:02] Number one, to review and ratify the approval of previous claims.
[6:08] And that looks like we have just a handful of claimants
[6:11] that were made in the second quarter of 2026,
[6:16] totaling about $4 million. Any background or information from CLA regarding this item?
[6:29] No, just we'd know of course this pointed out there the $4 million, $24 million, $21,000 was a
[6:36] reimbursement to the city of Spanish court that was submitted to the PIG within the
[6:41] announced that the board had previously approved,
[6:43] and that requisition was reviewed,
[6:46] and signed by trustees, it's submitted into the bank,
[6:51] and then the rest are just administrative costs,
[6:53] process through that bill.com platform,
[6:55] which are all approved by board trustee prior to payment.
[6:59] So, I'm happy to take any questions if there are any.
[7:10] Any questions?
[7:17] Thank you, thank you.
[7:18] You can.
[7:19] Thank you.
[7:19] Thank you.
[7:20] I'm making motion.
[7:24] Can we ratify the approval of the previous claims?
[7:29] It's in full motion.
[7:32] All right.
[7:33] There's a motion to ratify the previous claims from the second quarter.
[7:38] The second set of motion.
[7:40] Second.
[7:41] As you move for a second set.
[7:44] On favor, please say aye.
[7:46] Aye.
[7:48] Thank you.
[7:49] I think maybe at this moment, probably a good, as in any moment to share as we as Spanish
[7:55] work city has looked at quarter number two expenses, Jordan want to touch on what you've
[8:02] suggested the city panel now.
[8:04] Yeah.
[8:04] We'll spend about a million dollars from April to June of 2026, and we've realized that with
[8:12] some of our previous screen versions, we did not offset those expenses with some other
[8:16] revenues.
[8:18] So we actually think that we're going to wait until next quarter to submit a debt
[8:25] total per equal through, I guess it'd be on to over here or something else on
[8:31] February. If all of the expenses that we've submitted for are then eligible, but
[8:36] there have been some revenues that have come in in addition and so we don't want
[8:44] a double collector of anything. So yeah, we want to submit a requisition for the next quarter,
[8:53] so you'll get, we'll review what it looks like after Q3 and every evaluate, so you won't see
[9:01] any constipation for at least 10 out of 4 apartments,
[9:06] 3 apartments, and then we'll see how that works.
[9:10] I don't know.
[9:12] But good, good darn.
[9:14] Okay.
[9:18] Um.
[9:20] I'll be considering the acceptance of the June 30th,
[9:23] 2026 on an audit financial statement.
[9:27] This is, uh, this is some of our favorite stuff right here.
[9:33] Well, that's showing you on here.
[9:36] I will.
[9:37] Yeah.
[9:38] Well, if you look in the room,
[9:39] We've got you and you and the financial people.
[9:44] Yeah, this is the good stuff.
[9:49] Well, I will present these.
[9:51] So we're looking at the balance sheet as of the end of the fiscal year.
[9:55] Total assets for the PID, about $31.8 million.
[9:59] Just over $16 million is in the capital projects line remaining in that project fund.
[10:04] From the bond issuance, about $15.7 million in the debt service fund.
[10:09] most of that is capitalized interest in addition to the tax differential payments that were received
[10:15] in the current fiscal year. And then general fund about 61,000 in that checking account,
[10:22] which was originated from the administrative carve out from those tax differential payments.
[10:28] Accounts payable said about 10,000 bringing total fund balances to just $131.8 million.
[10:35] the next page is the general fund budget to actual. So expenditures here for the year and
[10:41] in just over 50,000, so about 14,000 under the annual budget. As we've talked about throughout
[10:48] the year, there's finances kind of line by line. Auditing was budgeted for at the point
[10:54] that it was anticipated that the bonds would close in fiscal year 25. So the first audit
[11:00] required is not until this fiscal year end so that first expense will hit in
[11:05] 2027 fiscal year and then district management and legal and we talked about that
[11:10] a little bit as well that that 25,000 you know would intend to cover kind of
[11:18] both of those line items with the split of the duties between CLA and Janie's
[11:23] firms so total between those two variances still kind of under budget there
[11:29] And then that transfer from other funds, the $101,000 again, as I noted, was the administrative
[11:35] card out from the taxed differential payments that were received.
[11:42] Next page, guess two pages down, is the debt service fund.
[11:46] Revenues here ended up just under $3.4 million.
[11:50] Interest income was higher than what was initially projected.
[11:54] And then the taxed differential payment, the original budget was just for one year in the
[11:59] the fiscal year, 2026, two years of that payment was actually received for the 2024 and 2025 kind of calendar years.
[12:09] And then for the expenditures also under budget here, again, just kind of due to the timing of when the bonds were initially anticipated to close.
[12:18] So we'll expect higher expenditures in the future year.
[12:24] And now we can go to the next page, which is, sorry,
[12:27] projects fund, no worries.
[12:30] Total revenue is $38 million, which includes the acceptance
[12:33] of the reimbursement costs of just $137 million.
[12:37] Interest income also exceeded the projections,
[12:40] where typically are pretty conservative,
[12:42] specifically in the capital projects on interest income,
[12:46] so that we're not over-representing
[12:47] what funds would be available for project costs.
[12:50] and then expenditures about 75.3 million consisting of those payments of the
[12:56] reversal costs of 37 million and the bond issue costs about 1.4 million. So in
[13:02] all funds and budgets which we talked about through the budgeting process for
[13:07] fiscal year 27 as well. So with that I'll kind of pause and ask for any questions
[13:13] discussion.
[13:19] I think the only question really is a confirmation is I look at what we
[13:25] have available to spend left is that 16 million eight thousand right. That's correct.
[13:40] Anybody remember the game show Wheel of Fortune? Take my 16 million, go to the
[13:46] family room, I want to watch, I want the TV. Back when you had to shop at the end of it,
[13:52] way better. You got to shop. Like that was cool, right? Yeah. You would not remember
[13:57] that. Yeah.
[14:00] Oh.
[14:01] Oh.
[14:01] How you do?
[14:03] I don't know.
[14:05] Any other questions? Sorry. Any other presentation on this, but I think it's back on track.
[14:11] I think it's back on track. Yeah, I suppose.
[14:14] That was all that I had.
[14:17] Thank you, Shelby.
[14:18] Any questions for staff on this report?
[14:23] I just want to ask this question as far as people
[14:28] with the remaining balancing $16 million,
[14:30] is there something that there's still
[14:34] infrastructure needs for the project area?
[14:36] We need to consider additional bond
[14:41] conditions in the future?
[14:47] I think the answer to that question probably will always be yes.
[14:51] There are plenty of infrastructure, large project infrastructure needs, and I think...
[15:00] The area would always have the appetite to have funded.
[15:07] So, the short answer to your question. Yes, but as Jordan was saying, I think something we always need to keep our eye on is the capacity. And I'm not sure that we have proven out the capacity yet. You know, getting a year from now and seeing what the triggers and how those perform in terms of revenue
[15:29] generated.
[15:32] So I think the answer is yes, but I think I would say we probably have a few years
[15:37] before we would feel comfortable looking at additional issues.
[15:47] That said, can you give a,
[15:51] can you give any insight, Arianna Scott, as to what the port to this group, to what the port
[15:58] process looks like before triggering the parcels?
[16:03] Sure, I'd love to check that a little bit.
[16:07] We have changed our paradigm, Mr. Chair,
[16:11] from the original thought and consultation with several counties,
[16:16] was that we would wait to trigger parcels and tell
[16:20] not just the horizontal, but the vertical built occurred.
[16:24] The building was in place, they had filled it with machinery,
[16:27] We have hired their workforce, letter of occupancy, all of those things, and then we would trigger and start that 25-year time.
[16:35] We have received some, when you say visceral, but let's say some strongly worded concern from several counties around the state.
[16:44] Does that does?
[16:46] Yeah.
[16:47] That creates some problems for them
[16:52] as even when a property is re-zoned
[16:56] from Greenfield to a commercial or industrial use,
[17:00] there is a not insignificant change in the property value.
[17:04] So this year, we've undertaken a significant effort to look at
[17:08] Go eyeballs on every parcel in in the Utah inland port authority stable of project areas. It's it's been a
[17:17] Franklin administrative lift. We've sent our associate vice presidents out the whole state. They've got binoculars and
[17:24] And all the things to check everything and it's vanished for a loan
[17:28] We are triggering more than 140 parcels in the work project area
[17:33] So it's it's it's going to be a little early. I feel like we'll owe an administrative
[17:39] may a culpa to administrative staffs down the road where they'll probably come back
[17:45] and say you know we triggered but it was the construction of the curve for three years
[17:48] so we want to extend the life of the of this specific parcel to 28 from 25 to make sure we get
[17:56] our full bonding capacity or our full incentive or whatever that looks like but that's a
[18:00] a frankly a problem for another day and another staff,
[18:04] but it's the growth in the verb,
[18:08] or at least the things that are under construction
[18:10] or constructed today,
[18:12] frankly, Mr. Chair is incredibly impressive.
[18:16] For a segment of Utah that languished under a zoning
[18:21] conducive to growth, it just couldn't grow,
[18:23] to just explode like it it is,
[18:25] is very hardwarming for us at the end of the board of the week.
[18:30] Is that what you wanted? Is that what you wanted to hear?
[18:33] Yeah, no, love that. I mean, especially the last part, we'll take praise right now.
[18:40] We need some of us to run up last night, so we'll take that.
[18:46] Honestly, I like the change. I mean, I think there is the reality of what you describe
[18:53] that some time they've missed, some increases may be missed, but I think it's easier to...
[19:00] I think it's just easier to make sure you get everything at the front end instead of
[19:05] trying to tie it right with CEO vote, so I think I'm comfortable with it.
[19:11] Yeah, it's fine and I think whatever the administrative burden to be good partners with the counties who have to record and trigger
[19:19] and I agree.
[19:21] I know pushback, although I have written a letter of apology and sealed it with a back seal and taped it underneath my desk and
[19:28] says to be opened by administrative staff in the year 2043 and then good luck with that.
[19:35] There you go. So yeah, I think yeah. I will visit your office some day soon and look for that
[19:43] letter. Fair enough.
[19:51] For us, I can't remember the number of days. I remember the number of parcels
[19:54] that we are triggering with this round. I feel like it was in the 100.
[20:03] That's not an insignificant number of parcels and I think it's wise to partner with the
[20:14] counties because as we've experienced what we've experienced and a little bit that I have
[20:21] learned about property tax stuff it's good it's really complex so I think
[20:30] working with the counties is smart because we want to get it right so let's do
[20:33] it so they can get it right all right I will look for a motion I would make
[20:42] that motion yeah I'll leave the motion that June 30th I'm audited financial statements
[20:49] The motion by Arianne and the second by Scott to approve June 30, 2026, unaudited financial
[20:58] statements.
[20:59] All favorites, please stay.
[21:00] I.
[21:01] I.
[21:02] I.
[21:02] I.
[21:03] I.
[21:03] I.
[21:05] I.
[21:07] Jamie, Legal Matters review and consider the approval of the procurement policy.
[21:14] Do you take that?
[21:16] Thank you. I'm happy to take this one.
[21:18] Anna, thank you for putting this up on the screen.
[21:20] If you will scroll down to the very top of the page too.
[21:25] We have prepared a draft procurement policy for your review.
[21:29] And approval, the pertinent part is the table at the bottom of the screen right there.
[21:35] As you know,
[21:40] it's required to follow state law when it comes to procurement.
[21:43] Many
[22:55] provisions, Jeannie, where we can award a contract to a vendor that's been competitively
[23:00] bidded in another scenario, like a whiskey contract, or something like that.
[23:04] You do, in section 4 below, there are exceptions to the policy.
[23:46] That's where they vet whatever's and...
[23:52] And wood, yes.
[23:57] Purchasing contract or system that I might be thinking of, but covers that as well.
[24:01] It'll allow you to purchase a penny per month.
[24:33] You go back to that table on page two.
[24:37] Looks like we've got some thresholds at 10,000, 10 to 50, greater than 50, than in other
[24:45] categories.
[24:46] A hundred is a break, a point, 50,000, another category, and a hundred.
[24:51] Any issues, concerns, side of the piece, as policy limits for the respective procurement
[24:58] type?
[24:59] Mr. Chair, my experience is that it always kind of depends on what you're chasing, but if you make a table that accounts for every scenario, it becomes way too cumbersome.
[25:11] I think certainly in the future we may revisit, but this looks like a wonderful starting place.
[25:16] Thank you. I appreciate that feedback. I agree. I think it's simple but complete.
[25:20] And we'll probably have a scenario that our wishes are probably, we may have a future scenario that varies, but like you said, this is a great starting point.
[25:29] area any questions for concern?
[25:34] I totally pushed my habits back and thought that we had adopted a procurement policy
[25:38] in one of our first couple meetings.
[25:41] Is that not a case?
[25:47] I'm reporting to the young little poor.
[26:03] No, that's great.
[26:14] I think Aaron Wade, I recall for his attempting it previously so then wondering if he would have
[26:20] a copy of the tire work?
[26:22] Yes, I remember that same thing.
[26:24] area and with that I think what Jamie just said yeah I'm comfortable with
[26:35] supplanting anything that may have been done are
[26:43] you yeah yeah I'm sure you
[26:46] think of how to make them will
[26:50] you say that to get Jamie and what else
[26:52] stated the motion I would make
[27:11] that so moved on that motion exactly that sounds like
[27:15] a beautiful motion area well done. I
[27:22] made that motion. Scott, I heard you jump in so quickly and second
[27:25] that I was wondering who would. Thank you all for approving the procurement policy and replacing
[27:36] any previous policies this board may have approved. Please say aye. Aye. Aye. That carries you down
[27:45] Are there any additional trustee matters to be discussed today?
[27:55] Are there any manager matters?
[28:00] Nothing from CLA.
[28:02] Okay, but if I can give you, well, listen to any other business.
[28:07] But a few weeks ago, Spanish Work City did send a letter.
[28:14] And I'll be careful how I press on this, but I don't think any of this is too cumbersome or worsen.
[28:20] We didn't say the letter to a group who had questions about how to access and communicate
[28:27] with the Burke PID, and we suggested that they reach out to the CLA staff.
[28:36] I had not heard anything by way of that, so I was assuming they have it, but have you any
[28:41] review, Shelby, or Anna, here is your heard from any groups from the Spanish World
[28:46] Area wanting to submit information or have discussions with members of the
[28:51] group. We have it to them. All right. That's great. Great to know and I think we
[29:00] sent a copy of that letter at least to you. I mean, maybe we sent a team Shelby if
[29:07] Okay. Okay.
[29:12] Any other visits to come before this group?
[29:19] I'll look for a motion to adjourn.
[29:21] So move. Motion goes to the doctor. You're going to second by area and on a favor, please say aye.
[29:28] Aye.
[29:36] Bye everybody.
[29:38] And then show me your Anna before you jump off. When is her actually?
[29:42] It is on the
[29:48] one
[29:51] moment please.
[30:00] I think we have one prior to that.
[30:30] That may be, that may be it. Yeah, I'm not showing anything else. So, that's fine. I don't think we need November 18th. Yeah, at 4 p.m.
[30:51] We'll get the, uh, we'll get the financials for the quarter and then kind of lines up,
[30:58] the quarter ends October and I'm gonna have later, so, okay, yeah, remember this.
[31:04] Thank you Anna.
[31:05] Thanks.
[31:06] Take care everybody.
[31:07] Okay.
[31:07] Okay.
[33:23] No, I'm so glad you did.
[33:25] I was like, look.
[33:26] Yeah, look.
[33:27] It's like, yeah.
[33:28] What do you get?
[33:29] What?
[33:29] I'm sorry about that.
[33:32] Now
[33:35] feel it.