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HomeMy WebLinkAbout1995.0125.TCSEM.Minutes TOWN OF FOUNTAIN HILLS MINUTES OF THE SPECIAL AND EXECUTIVE SESSION OF THE FOUNTAIN HILLS TOWN COUNCIL JANUARY 25, 1995 A public meeting of the Fountain Hills Town Council was convened and called to order by Vice Mayor Hudson at 6:30 P.M., Wednesday,January 25, 1995, in the Fountain Hills Town Hall Council Chambers, located at 16836 E. Palisades Blvd., Building C, Fountain Hills, Arizona. ROLL CALL-Following the pledge to the flag and the invocation by Councilwoman Tibbetts,roll call was taken. Present for roll call were the following members of the Fountain Hills Town Council: Vice Mayor Wally Hudson, and Counci members Peg Tibbetts, Frank Clark, Bill O'Brien and Marianne Wiggishoff. Mayor Cutillo and Councilmember Lawrence were absent. Also present were Town Manager Paul Nordin,Town Attorney Bill Farrell, Director of Community Development Gary Jeppson and Town Engineer Randy Harrel. AGENDA ITEM#2-PRESENTATION AND DISCUSSION OF THE REQUEST BY EAGLE MOUNTAIN INVESTORS, L.L.C. TO THE TOWN OF FOUNTAIN HILLS TO FORM THE EAGLE MOUNTAIN COMMUNITY FACILITIES DISTRICT. Attorney Farrell introduced Attorney Scott Ruby,who would serve as the Community Facilities District's Attorney, if the District is formed, and Jim Stricklin, Vice President of Peacock, Hislop, Staley & Given, Inc., the Town's financial advisor,who would serve in that capacity for the District.The developer, Eagle Mountain,L.L.C.,would assume all costs of district staff in this matter. Mr.Farrell recommended a 30¢tax for operations and maintenance car and explained the absorption schedule in connection with development of this parcel. Willdan&Associates woulf be appointed as the District's engineer to complete the preliminary reviews and Randy Harrel would direct the approval process as construction occurs. He further explained that the 18-hole golf course parcel would be exempted from the District. The map and legal descriptions had not been received yet. The guaranteed investment contract would state that the landowner would set funds aside with a private holder who in turn would invest those funds providing capital for bond payments,both principal and interest,during the life of the bonds. Provisions in the contract would provide for partial return of the principal to the developer after tax dollars had been generated by completed construction. The model language for the GIC would not be available until late August. If the Council disapproved the language in the GIC, the bonds would not be sold. Mr. Ruby explained that with the establishment of a CFD, the Town would not be responsible for bond payments and in order for the underwriter to sell the bonds, credit enhancements (GIC) would take place. Mr. Nordin explained that the Town would have the ability to determine the payback ratio of invested funds from the GIC. Mr. Farrell stated that the development of the golf course would be essential to the promotion of the construction of residences by the developer. Town Engineer Harrel said the only permit that had been issued was a grading permit for building the collector roadways and the golf course. Mr.Farrell reviewed language in the State Statutes regarding Limited Liability Companies and stated that might be a problem to the indemnity. Minutes of the Special & Executive Session of the Town Council 01/25/95 Page 1 of 2 Mr. Farrell referred to the IGA and development agreement as the most complex agreements. He stated this agreement would involve the Town of Fountain Hills, the Community Facilities District,the Fountain Hills Sanitary fkor District and the developer. He indicated that the developer should not be a part of intergovernmental agreements but could enter into separate agreements with utilities. These separate agreements would be subject to inspection by the Town. A resolution from the Town (tentatively scheduled for adoption on 2/2/95) would be the first step in the formation of a CFD with the appointments to the Board of Directors. Another special work/study session will be held on February 7, 1995 for a progress report. Council thanked staff for the report and offered several suggestions. AGENDA ITEM#3 - PURSUANT TO A.R.S.38-431.03.A.3, VOTE TO GO INTO EXECUTIVE SESSION FOR DISCUSSION OR CONSULTATION FOR LEGAL ADVICE REGARDING THE EAGLE MOUNTAIN COMMUNITY FACILITIES DISTRICT. The Council did not vote to go into Executive Session. AGENDA ITEM#4-RETURN TO SPECIAL SESSION,CALL TO THE PUBLIC AND ADJOURNMENT. The meeting adjourned at 8:07 P.M. TOWN OF FOUNTAIN HILLS Cov n By: Jo . Cutillo, Mayor ATTEST: 0 Cassie B. Hansen, Town Clerk PREPARED BY: Linda D. Le en, Administrative Assistant CERTIFICATION I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the Regular Session Meeting held by the Town Council of Fountain Hills on the 25th day of January, 1995. I further certify that the meeting was duly called and that a quorum was present. DATED this 16th day of February, 1995. 0,144;_, Cassie B. Hansen, Town Clerk Minutes of the Special & Executive Session of the Town Council 01/25/95 Page 2 of 2