Southeast Iowa Regional Planning Commission January 22, 2015 12:00 PM 211 N. Gear Ave., Suite 100 West Burlington, IA 52655 Meeting Type Full Board ----- Agenda ----- CALL TO ORDER Schleisman Agenda Approval Membership Introductions Board Action Presentation of Leland McCosh and LeRoy Meyer Awards Election of Officers Board Action Consent Agenda (Director’s Report, Minutes, Financial Report, Claims, Correspondence) Board Action OLD BUSINESS 1. Department Reports 2. Public Hearing: FFY2015 – 2018 TIP Amendment Various James Board Update Board Action NEW BUSINESS 1. RLF Application: Union Block 2. Energy RLF Application 3. FY2016 Per Capita Rates 4. FY2014 Audit Report MATTERS FROM THE FLOOR Hanan Norris Norris Norris Board Action Board Action Board Action Board Action
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Southeast Iowa Regional Planning Commission Full Board... · 1/22/2015 · 99.8% wrapped up with the Oakville Bridge opening today. SIREPA (Southeast Iowa Regional Economic and Port
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Southeast Iowa Regional Planning Commission January 22, 2015 12:00 PM 211 N. Gear Ave., Suite 100 West Burlington, IA 52655
Meeting Type Full Board
----- Agenda ----- CALL TO ORDER Schleisman
Agenda Approval Membership Introductions
Board Action
Presentation of Leland McCosh and LeRoy Meyer Awards
No news is good news with the building. Winter has not seen any breakdowns or areas of needed repair.
CONSENT AGENDA
Financials will be handed out at the meeting or a day in advance, instead of in the board packets. Unforeseen circumstances, like insurance, new employees and audit work have delayed the December financials. No significant changes or items of note in December financials.
AGENDA ITEMS – OLD BUSINESS
1. Department Updates, Board Information: Updates from Transit, Development and Planning departments.
2. Public Hearing, FFY2015 – 2018 TIP Amendment: Henry County received a federal award for safety improvements and is receiving additional funding, as well as changing their project slightly. The money is not regionally allocated funds. Recommend approval.
AGENDA ITEMS – NEW BUSINESS 1. RLF Application, Union Block, Main Street Mount Pleasant, Board Action:
Main Street Mount Pleasant has applied for up to $350,000 from SEIRPC RLF to pay for working capital and professional services for expenses directly related to the restoration of the Union Block Building. The project includes five professional/commercial offices and is projected to create 8 jobs and retain 15. Loan review committee approved the application on January 15, 2015. Terms are for up to $350,000, with a first allocation of $120,000, six months interest only, 4%, amortized for 20 years, balloon at 10 years. Recommend approval.
Page 2
2. Energy RLF Application, Board Action: SEIRPC proposes applying to the Iowa Energy Office for a $50,000 grant to establish an energy efficiency RLF for southeast Iowa with pilot communities targeted to downtown commercial buildings. Pilot communities provide the other $50,000 in match. SEIRPC will provide administration and fiscal management to the project. Recommend approval.
3. FY2016 Per Capita Rates, Board Action: Staff recommends changes in per capita rates of $0.02 cents to $0.72 for SEIRPC and 2.5% to SEIBUS. Net changes are $2,154 for SEIRPC and $2,042 for SEIBUS.
4. FY2016 Audit Report, Board Action: John Morrow, CPA, has completed his
audit of SEIRPC. SEIRPC has no findings and net assets of $5.03 million. Recommend approval.
November 20, 2014 Full Bd Minutes.doc Page 1 of 3
Southeast Iowa Regional Planning Commission Full Board Minutes 211 N. Gear Avenue, West Burlington, IA 52655 November 20, 2014 Members Present: Brent Schleisman, Sue Frice, Mark Huston, Gary Folluo, Steve Bisenius, Bob Beck, David File, Bob Hesler, Tim Scott, Ron Sadler, Dr. Michael Ash, Greg Moeller, Michael O’Connor, Richard Taylor, and Chris Ball. Members Absent: Hans Trousil, Jim Howell, Klay Edwards, and David Varley Staff Present: Mike Norris, Debbie Laughlin, Jeff Hanan, Zach James, Bob Kuskowski, Lori Gilpin, and Dan Eberhardt Guest Present: Jason Huddle, IDOT and Rex Troute, The Hawk Eye Call to order at 12:06 p.m. Agenda Approval Mike Norris introduced Richard Taylor who newly joined the SEIRPC Board of Directors to represent Wapello. Motion by Sadler to approve the November 20, 2014 agenda, second by File. All Ayes, motion passed. Consent Agenda Approval Norris stated that staff is preparing for the winter season, and that responses to the USDA site inspection are being implemented. John Morrow, CPA, has been conducting the FY2014 SEIRPC audit, and things have gone smoothly. Iowa Prison Industries and Great River Housing, Inc. have been in conversation regarding a new option for more affordable housing. More updates will be coming. Motion by Scott to accept the consent agenda, second by Moeller. All Ayes, motion passed. Old Business
1. Department Reports: Hanan highlighted the Development report stating that RLF
completed changes to the City of Fort Madison RLF Work Plan and that we made a $25,000 loan to Group Benefit Partners to be used toward purchase of property in downtown Fort Madison. Burlington Owner-Occupied housing is wrapping up with the final home in progress that must be completed by the end of 2014. James highlighted the planning department report stating that there are staff changes with Travis Kraus recently taking a position to become the Executive Vice President of the Mount Pleasant Area Chamber Alliance, and our intern, Jacob Burgus will be moving on after December 19th. Emery Ellingson from Platteville Wisconsin will be coming on board as a Planning Intern in early December. Staff organized a workshop for regional partners on roundabout development with about 15 people attending. We have recently been involved in several projects involving the redevelopment of Brownfields properties in Southeast Iowa. Kuskowski reported Midwest Old Threshers had another successful year with their version of a Halloween Haunted House renamed Haunted Rails. He also mentioned some staff changes with drivers in Henry County. No Action Necessary.
November 20, 2014 Full Bd Minutes.doc Page 2 of 3
2. HOME Down Payment Assistance Application to IFA: Norris stated that SEIRPC staff
would like approval for $375,000 from Iowa Finance Authority (IFA) for the HOME Single family down payment assistance program. This would be a great opportunity to assist 10 homes in southeast Iowa in down payment assistance that can take various forms (mortgage buy-down; cash assistance; and rehabilitation after sale -up front equity and repair.) Eberhardt stated that through the program, SEIRPC could invest up to $24,999 per home in rehabilitation/down-payment costs, with additional funds for technical assistance on lead abatement and general administration. He further explained that only low to moderate income households are eligible to receive HOME funds. Typical LMI yearly income is limited to $33,500 for one person and around $45,000 for a family of four. An important stipulation is that the home purchased cannot exceed $110,000 final sales price, which also includes the amount of assistance from HOME. SEIRPC would be the applicant of the funds, as it is only the applicant that is eligible to receive administrative funding. Schleisman asked if the program would allow us to cover our costs, and Eberhardt thought that it would. O’Connor made a motion to approve SEIRPC to apply for $375,000 from Iowa Finance Authority for the HOME Down Payment Assistance program, second by Bisenius. All ayes, motion carried.
3. Transit Capital Disposition Plan: Kuskowski stated that SEIBUS had been hanging on
to some of the buses thinking that there would be more interest in the Fertilizer Plant workers ridership and because 5 units are imminent for replacement, with the older vehicles moving to the top of the list. Kuskowski highlighted the plan noting that the current inventory is 27 vehicles. He would like to retire 2 light duty buses now using Purple Wave auctions, and then when grants become available, replace all five of the buses listed for replacement. Then, after retiring an additional 3 light duty buses, the average age of our bus fleet would be less than 4 years old. Beck made a motion to approve the Transit Capital Disposition Plan, second by Sadler. All ayes, motion carried.
New Business
1. Public Hearing: FFY2015 – 2018 Transportation Improvement Program (TIP) Amendments: Schleisman opened the public hearing at 12:31 p.m. James stated that staff received a request from Iowa DOT to add three projects to the FFY2015-2018 Transportation Improvement Plan (TIP) and modify one Henry County project. The addition of these projects will allow the DOT and Henry County to begin expending funds this fiscal year. None of these projects will involve or impact SEIRPC’s regional STP or TAP funding allocations. The amendment will be to add these projects: 1) Iowa DOT, US Highway 34 Bridge Deck Overlay – West Burlington Avenue (Cost: $341,000, Federal Aid Amt. $307,000); 2) IDOT, US Highway 34 Guardrail from Central Avenue to 5th Street (Cost: $519,000, Federal Aid Amt. $415,000); 3) IDOT, Bridge Deck Overlay (Cost:$310,000, Federal Aid Amt. $279,000); 4) Henry County Project #HSIP-S0C044-78)—6C-44, Mill-in edge line and centerline pavement (Cost: from $165,950 to $223,000, HSIP Contribution: from 149-355 to $201,000). Schleisman asked for any comments from the public, there were none. Bisenius made a motion to close the Public Hearing: FFY2015 – 2018 Transportation Improvement Program (TIP) Amendments at 12:34 p.m., second by
November 20, 2014 Full Bd Minutes.doc Page 3 of 3
Ball. A roll call vote was taken, all ayes, motion carried. O’Connor made a motion to approve the FFY2015 – 2018 Transportation Improvement Program (TIP) Amendments, second by Huston. All ayes, motion carried.
2. FY2014 Annual Report: Norris highlighted the FY2014 Annual Report and commented that SEIRPC continues to produce results for the region. In FY2014, $3.42 million from outside sources was secured, creating a 41:1 return on investment from member dues. Some other highlights included: SEIBUS completed 10 years of service providing 1.16 million rides over the 10 year period. Great River Housing was in its 4th year and impacted 52 homes. The RLF (Revolving Loan Fund) awarded their biggest loan ever this year to Iowa Wesleyan College. Flood recovery is 99.8% wrapped up with the Oakville Bridge opening today. SIREPA (Southeast Iowa Regional Economic and Port Authority) is a new addition offering unique abilities. SEIRPC began implementing planning and administrative assistance about a year ago. Norris stated that copies of the annual report would be sent out to all of our members. Schleisman commented that SEIRPC is meeting our mission and extended thanks to all of the SEIRPC staff. No Action Necessary.
3. Board Appointment Letters: Norris stated that letters will be going out next week to area Mayors and County Supervisors regarding SEIRPC appointment resolutions for calendar year 2015. No Action Necessary.
4. McCosh / Meyer Awards: Norris stated that letters went out last week regarding nominations for the 30th annual Leonard McCosh (outstanding public or elected official) and 14th annual LeRoy Meyer (Outstanding volunteer) award nominations which are due by December 30th. Award presentations are done at the full board meeting in January. No Action Necessary.
MATTERS FROM THE FLOOR: None. Motion to adjourn meeting by Bisenius, second by Scott. All Ayes Meeting adjourned at 12:53 p.m. Submitted by Debbie Laughlin
_________________________________ ______________________________ Mike Norris, Executive Director Mark Huston, Secretary Date: ___________________________ Date: ________________________
Financial Report November 2014
Dear SEIRPC Board: The accompanying Balance Sheet of Southeast Iowa Regional Planning Commission, as of November 30, 2014, and the related Statements of Income and Changes in Financial Position for the five months ended November 30, 2014, have been compiled by Lori Gilpin. A compilation is limited to presenting, in the form of financial statements, information that is the representation of management. The statements have not been audited.
Lori Gilpin Finance Director
Completed December 26, 2014
TO: SEIRPC Board FROM: Lori GilpinDATE: 12/26/2014
RE: Financial Summary for the month of November 2014
Nov-2014 YTDTOTAL REVENUES : 372,640 3,053,664 TOTAL EXPENSES : 286,527 2,609,960 Excess of revenues over expenditures 86,114 443,703
Nov-2014 YTDTOTAL REVENUES : 58,026 419,823 TOTAL EXPENSES : 85,243 445,642 Excess of revenues over expenditures (27,217) (25,819)
CASH BALANCE UNRESTRICTED RESTRICTEDGen'l Government Chkng 876,759 - IRP Government Chkng 754,216Ft. Madison RLF Government Chkng 168,643Henry County RLF Government Chkng 141,107Henry County RTA Government Chkng 45,563Keokuk RLF Regular Chkng 139,797EDA RLF Government Chkng 477,992Mediapolis HTF Government Chkng 85,618GRHTF Government Chkng 279,731TOTAL 922,322 2,047,103 2,969,425
Current Liabilities300.00 · Accounts Payable 83,654.462100 · Payroll Liabilities 7,914.01315.00 · Deferred Revenue - Comm. Trans. 45,984.90326.79 · Speed Indicators Maintenance 3,202.78326.80 · Custodial Fund Liability 105.55355.00 · Accrued Salaries & Vacation 14,817.933600 · Short Term Notes Payable 96,790.78
Total Current Liabilities 252,470.41
Long Term Liabilities3700 · Long Term Notes Payable 1,136,288.17
Total Liabilities 1,388,758.58
Equity3900 · Unreserved local net Assets 470,513.253901 · Non-spendable Reserve for Loans 904,854.903903 · Assigned to Revolving loan 2,017,662.483904 · Investment in property & equipment 1,826,015.643905 · GRHTF Net Assets 72,317.25Net Income (Loss) to date 443,703.43
Total Equity 5,735,066.95
TOTAL LIABILITIES & EQUITY 7,123,825.53
Page 1 of 2
Nov-2014 Year-to-Date FY15 Budget FY14 Actual FY13 Actual FY12 Actual FY11 ActualRevenues:
4100 · Bus Fare Revenues410.00 · General Public 4,549.00 26,902.03 52,023 51,127 44,262 44,452 48,826411.00 · Local Contracts 746.67 18,635.85 95,998 102,063 113,038 84,903 131,694
Total 4100 · Bus Fares 5,295.67 45,537.88 148,021 153,190 157,300 129,355 180,5194500 · Federal/State Revenues
Total 4900 · Miscellaneous Revenues 9,930.54 59,622.26 310,738 234,427 219,185 305,239 807,4715000-52 RLF Income
507.00 · Late Payment Fees 200.00 300.00 100 1,343 1,098 975 1,950508.00 · Loan Closing Fees 100.00 3,949.00 3,750 12,252 14,587 2,844 1,875509.00 · FM RLF Loan Interest Income 63.51 79.15 0 146 480 1,773 2,374510.00 · Henry Co. RLF Interest Income 274.74 1,339.45 0 3,739 2,467 2,057 3,137511.01 · EDA RLF I Interest Income 1,740.91 9,390.38 82,076 22,440 22,066 31,489 37,549512.00 · Mediapolis HTF Interest Income 109.67 680.53 0 1,484 1,611 2,067 3,595513.00 · EDA RLF II Interest Income 2,035.13 9,692.04 0 23,407 9,839 0 0515.00 · IRP I Loan Interest Income 628.90 3,202.47 0 1,819 1,753 4,859 6,682516.00 · IRP II Loan Interest Income 568.93 2,983.18 0 6,792 9,212 15,876 19,087517.00 · Our Home Rehab Interest Income 0.00 0.00 0 - - 48 1,219518.00 · Keokuk RLF Loan Interest Income 202.64 521.58 0 2,004 2,023 2,436 3,316520.00 · GRHTF-Loan Interest 29.82 218.52 0 737 543 45 0
Total 5000-52 RLF Income 5,954.25 32,356.30 85,926 76,163 65,679 64,468 80,783 Total Income 372,640.20 3,053,663.52 2,441,478 4,908,875 4,769,268 4,512,143 5,479,751
Southeast Iowa Regional Planning CommissionStatement of Revenues, Expenditures and Changes in Fund Balance
For the One Month and Year Ended November 30, 2014
Page 2 of 2
Nov-2014 Year-to-Date FY15 Budget FY14 Actual FY13 Actual FY12 Actual FY11 Actual
Southeast Iowa Regional Planning CommissionStatement of Revenues, Expenditures and Changes in Fund Balance
For the One Month and Year Ended November 30, 2014
Excess (deficiency) of revenues over (under) expenditures
Schedule 2 Southeast Iowa Regional Planning CommissionProfit Loss by Class
For Five Months EndingNovember 30, 2014
Page 2 of 3
Ordinary Income/ExpenseIncome
4100 · Bus Fare Revenues4500 · Federal/State Revenues461.00 · Principle on Loans4700-48 · Local Revenues4900 · Miscellaneous Revenues5000-52 · RLF Income
Schedule 2 Southeast Iowa Regional Planning CommissionProfit Loss by Class
For Five Months EndingNovember 30, 2014
Page 3 of 3
Ordinary Income/ExpenseIncome
4100 · Bus Fare Revenues4500 · Federal/State Revenues461.00 · Principle on Loans4700-48 · Local Revenues4900 · Miscellaneous Revenues5000-52 · RLF Income
JEFF HANAN29-Oct-14 The Fox and Crane - Keokuk 769 Meeting Expense 71 RLF 9.49 YES04-Nov-14 ASFPM 740 Dues/Subcrip/Conferences 90 Local 130.00 YES20-Nov-14 Accurate Analytical Testing (lead) 750 Lead Testing 47.642 BOO 183.00 YES20-Nov-14 Accurate Analytical Testing (lead) 750 Lead Testing 47.092 KOO 78.00 YES
Nov-2014TOTAL REVENUES : 2,500 TOTAL EXPENSES : 7,631 Excess of revenues over expenditures- note this is cash basis (5,131)
CASH BALANCE Keokuk Savings Bank 9,082
ACCOUNTS RECEIVABLE BALANCE1-45 46-90 >90 TOTAL
none 0 0 0 0
ACCOUNTS PAYABLE BALANCE1-45 46-90 >90 TOTAL
SEIRPC 0 0 2,694 2,694
CASH RECEIPTSAlliant Energy 12/2/2013 FY14 5,000 State of Iowa 7/24/2014 FY15 2,500
CASH DISBURSEMENTSSEIRPC 7/25/2014 #1001 5,000 University of Iowa 7/25/2014 #1002 2,500 Delux 8/6/2014 electronic 131
PROFIT & LOSS ALL CLASSES
Southeast Iowa Regional Economic and Port AuthorityFinancial SummaryNovember 30, 2014
OB #1 C
onsent Agenda
Departm
ent Reports
1
Memo To: Mike Norris, Executive Director
From: Jeff Hanan, Assistant Director
Date: January 2015
Re: Departmental Updates
Following are updates from the Development Department:
RLF:
• Currently processing one loan request (MPMS Union Block)
• Two prospects under consideration. Application(s) forthcoming.
• CY ’14: 35 inquiries; four applications received; two projects funded.
HOUSING:
• Closed out Burlington Owner-Occupied – 10 units total.
• Closed out 2012 GRHTF. Now working with 2013 & 2014 funds.
• Funding for GRHTF 2015 is confirmed: $331,193 from the State, paired with $190,000 from FHLB, to be used for owner-occupied rehabilitation, down payment assistance and new construction.
• Finishing up final home for SFNC. After completion, program is over.
• Continuing to work with Wayland and Keokuk Owner-Occupied.
• Seven units in Mount Pleasant (MFNC #5) should be completed by the end of January.
CDBG:
• Awarded $8,700,000 for region through CDBG MFNC #6:
o Burlington: Tama Building, $3,000,000, 48 units
o Fort Madison: Lee Co. Bank Building, Cattermole, Sears Building), $3,000,000, 28 units
o Mount Pleasant: Brazelton, $2,700,000, 19 units
MISC
• HOME Program transition
Page 2
• Proposal to the Iowa Energy Office for a $50,000 grant to fund a revolving loan fund for the purpose of providing a pool of funds to allow commercial property in the downtown districts of Fort Madison, Keokuk, Burlington, Mount Pleasant and Columbus Junction who have completed an Alliant Energy energy audit to fund energy efficiency upgrades to the property.
• Louisa County Space Needs Feasibility Study – Embarking on a facility assessment of the Louisa County county home to determine how best to use the space to accommodate more county departments at the facility.
• Community Transition Coordinator – Continued oversight and collaboration with the Lee County and Des Moines County Jail with the Community Transition Coordinator position and Jail Diversion project.
Memo To: Mike Norris, Executive Director
From: Zach James, Planning Director
Date: January 16, 2015
Re: Planning Department Project Update
Below are updates on projects in the Planning Department. Staff Changes
Emery Ellingson started as a planning intern on December 8th, 2014. Jared Lassiter started as Regional Planner on January 5th, 2015.
SEIBUS Review Staff has started a historical review of SEIBUS from FY2008 to FY2014. The review will review historical trends such as ridership, mileage, revenues, expenses, and include comparisons to similar transit systems across the state. The intent is to complete the report before hiring a new Transit Director to provide some history of the service.
Regional STP and TAP Applications Applications for Regional STP and TAP funding were due on December 31st. We received 3 applications for city STP funding, 1 application for county STP funding, and 3 applications for TAP funding. All applications have been scored by SEIRPC and will be delivered the week of the 19th to TAC members for their review.
Grant Applications in Process/Submitted
Entity Project Grant Program Request Mediapolis Tornado Siren Hazard Mitigation Grant Program $36,725 Middletown Middle School Demolition Derelict Building Program Burlington Area Wide Planning Grant EPA Brownfields Program $200,000 SEIRPC Regional Assessment Grant EPA Brownfields Program $400,000
Funded Grants
Entity Project Grant Program Awarded Columbus Junction Swinging Bridge Park Expansion REAP $52,165 Danville School Traffic Engineering Analysis TEAP 100 Hours Burlington Roosevelt Avenue Pedestrian Crossing Wellmark Foundation $18,260 Burlington Adding Turn Signals and Turn Lanes Traffic Safety Improvement Program $500,000 Burlington New Traffic Signals Traffic Safety Improvement Program $95,000
Upcoming Grant Opportunities
Grant Program Entity Due Date Healthy Communities Small Grant Program Wellmark February 23rd, 2015 Matching Assets to Community Health (MATCH) Wellmark May 15th, 2015 Derelict Building Program Iowa DNR February 27th, 2015 Traffic Engineering Assistance Program (TEAP) Iowa DOT Ongoing Highway Safety Improvement Program (HSIP) Iowa DOT Ongoing
• We have executed the retirement of buses #991 & #973. #991 was purchased by Burlington Bus & #973 went to auction. We received a total of $3,040 for both vehicles.
• The State has set aside $3,000,000 CMAQ funds for rural transit agencies. SEIBUS will be able to receive five new vehicles as follows with their Federal ceilings:
o Two conversion vans - $52,000 each o Two light duty buses - $86,000 each o One medium duty bus - $214,000
• That is a total of $490,000 of which 85% will be paid by the Federal Government and the remainder of 15% be paid by local match ($73,500)
• We plan to apply for an AMOCO loan for the local match for the medium duty bus ($32,100) and the balance of $41,400 will be our responsibility.
• When we have received these five new vehicles we will retire six more bringing our vehicle inventory to:
o Four – 15 passenger vans o Three – conversion vans o Fourteen – light duty buses o Three – medium duty buses
OB #2 C
onsent Agenda
FFY2015 – 2018 T
IP
Am
endment
Memo To: Mike Norris, Executive Director
From: Zach James, Planning Director
Date: January 14, 2015
Re: FFY2015 – 2018 Transportation Improvement Program Amendment
Staff received a request from Henry County to amend a project already programmed in the FFY2015 – 2018 TIP due to additional federal funds that are now anticipated to be spent on a project in FFY2015 and a change in the project description. The amendment of this project in the FFY2015 – 2018 TIP will allow Henry County to begin expending funds this fiscal year at the increased amount. This project does not involve or impact SEIRPC’s regional STP or TAP funding allocations. The amendment will be to amend the project described as follows:
• Henry County, Project # HSIP-S-CO44(78)—6C-44 Current Project Description: Mill-in edge line and centerline pavement markings using High Build Waterborne Paint and including wet reflective elements in the beads on 12 road segments in Henry County. New Project Description: Mill-in edge line and centerline pavement markings using High Build Waterborne Paint and including reflective elements in the beads on 12 road segments in Henry County.
o Total Cost – From $223,000 to $305,000 o HSIP Contribution – From $201,000 to $274,500 o TSIP Contribution - From $22,000 to $30,500
NB #1
RLF A
pplication – Union
Block
1
Memo To: Mike Norris, Executive Director
From: Jeff Hanan, Assistant Director/RLF Administrator
Date: January 16, 2015
Re: Union Block Building
Main Street Mount Pleasant, through primary lender Two Rivers Bank & Trust, has applied for up to $350,000 in revolving loan funds to be used for the purpose of working capital and to pay for professional services. MSMP owns and is renovating and rehabilitating the historic Union Block building in downtown Mount Pleasant. Project work is substantially complete. The building now features two offices on the third floor, three offices on the second floor and a third floor convention and banquet space.
The project is consistent with the goals and objectives outlined in the SEIRPC RLF Work Plans. The project is expected to help retain 8 jobs and create 15 jobs.
On Thursday, January 15, 2015, the SEIRPC Loan Review Committee met to consider the application. The Committee voted to recommend funding the request under the following terms:
Total Loan Amount: up to $350,000 (in two phases*) from the following sources:
o IRP I = $175,000 o IRP II = $175,000
Term: 20-year amortization with 10-year balloon. Interest Rate: 4% Collateral: Mortgage and General UCC business lien filing. (Junior position now;
first position after tax credits are received). Additional Security: Form(s) of liquid security in escrow in an amount equal to
six (6) months principal and interest (approx. $12,726)
*Phase I = $120,000, interest only for six months. Phase II = Balance or remaining need after tax credits are received.
This memo is being submitted for the approval of the loan request by the SEIRPC Board of Directors.
NB #2
Energy R
LF Application
1
Memo To: SEIRPC Board of Directors
From: Mike Norris, Executive Director
Date: January 22, 2015
Re: Downtown Energy Efficiency RLF Proposal
BACKGROUND The Iowa Energy Office at the Iowa Economic Development Authority is currently seeking project proposals. The project proposals should do one of the following:
• Develop a unique or innovative concept; • Will lead to a better understanding of energy opportunities in the state; • Advances the competitive advantage of an energy sector market; • Findings can be applied and/or replicated to other organizations.
SEIRPC proposes to capitalize a revolving loan fund (RLF) for downtown energy efficiency projects. The RLF will provide necessary capital for downtown commercial buildings or mixed use buildings to undergo needed energy efficiency improvements. Loans would be offered at 0% with a 1% closing fee. Data collected of before and after data would be shared with the Iowa Energy Office for replication or sharing with other statewide parties. Several pilot communities are being targeted for involvement, based on their overall down town activity, capacity, and their Alliant Energy gas and electric service;
• Burlington; Fort Madison; Keokuk; Mount Pleasant; Columbus Junction Of course, if other communities are interested they would have a chance to participate. Pilot communities will be asked to provide local match and marketing assistance for the project.
DETAILS
Grant request: $50,000 Local match required: $50,000 Date due: February 2, 2015 SEIRPC role: Administrator, fiscal agent, grant writer
NB #3
Heartland H
ighway – S
t. 2016 P
er Capita D
ues
1
Memo To: SEIRPC Board of Directors
From: Mike Norris, Executive Director
Date: January 22, 2015
Re: FY2016 per capita dues
Staff recommends changes in both the SEIRPC and SEIBUS per capita due rates. The amount proposed for SEIRPC regional dues is $0.72 per capita (from $0.70), a $0.02 change. Total per capita revenue received is $2,155 additional from last year. RATE TOTAL FY2016 DUES $0.72 $86,308 FY2015 DUES $0.70 $84,153 CHANGE $0.02 $2,155 The amount proposed for SEIBUS per capita dues paid by the four counties is a 2.5% increase on the per capita base of $82,301, which increases revenue by $2,058 to $84,359.
Dues received by SEIRPC help pay for local match on Iowa DOT and US Economic Development Administration planning grants. The planning grants allow SEIRPC to provide services to the region. SEIBUS dues help support general public service in each county and local match for federal capital acquisition grants.
NB #4 FY
2014 Audit R
eport
1
Memo To: SEIRPC Board of Directors
From: Mike Norris, Executive Director
Date: January 22, 2015
Re: FY2014 Audit Report
John Morrow, CPA, has completed SEIRPC’s FY2014 Audit Report. Some highlights and figures:
• No findings; • Change in net assets from operating FY2014: ($213,842) • Change in capital assets: $139,748 • Net assets: $5.03 million • Long term liabilities down 8 percent (building note, IRP loan funds)
The audit number reflect much of what SEIRPC does financially: it operates SEIBUS, makes loans through RLF and is a pass-through for housing funds. The operating deficit of ($213,842) reflects the high amount of loans SEIRPC made in 2014, totaling $675,000. The flood recovery is finally, nearly, over with only remaining work with lien releases and some remaining grant administration for infrastructure improvements. Longer term trends in the audit will include consistency with many of SEIRPC programs, like SEIBUS, RLF, transportation planning and EDA planning. Increases are sure to come to SEIRPC’s books as all $8.7 million of the multi-family grant awards will flow to SEIRPC through draws and checks to the developers in the area. If you have questions or comments, please let me know.