June 22, 2018 Lee County Administration East Building 2201 Second Street Suite 500 Fort Myers, FL 33901

Transcription

1 June 22, 2018 Lee County Administration East Building 2201 Second Street Suite 500 Fort Myers, FL I. Call to Order II. III. Guest Introductions Approval of Minutes a. May 25, 2018 IV. Treasurer's Report a. Financials (May, 2018) V. New Business a. Project Arrow b. Knott Ebelini Hart Invoice May, 2018 VI. Adjournment Next Meeting: Friday, July 27, :00 a.m. Lee County Economic Development Office nd Street Suite 500 Fort Myers, FL (239)

2 LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY May 25, 2018 Members Present: Member(s) Absent: Staff and Guests Present: David Barton, Ed Bolter, Tom Hoolihan, Wayne Kirkwood, Gail Markham and Robbie Roepstorff Douglas Gyure Rebecca Czyz, Tiffany Grint, Pamela Johnson, Amy McQuagge, Glen Salyer, Benjamin Small, and Jim Humphrey (IDA Counsel). I. CALL TO ORDER Chair Robbie Roepstorff called the meeting to order at 10:07 a.m., followed by roll call. Doug Gyure was excused for being out of the country. Ed Bolter joined the meeting at 10:23 a.m. II. III. APPROVAL OF MINUTES A motion to approve the January 26, 2018 IDA meeting minutes was made by Wayne Kirkwood, seconded by Gail Markham, and unanimously approved. TREASURER S REPORT a. Financials (February, March & April 2018) Board members consented to Markham s request that the Financial Statements Summary Sheet be constructed on an accrual basis going forward so as to match the other statements. Staff will revise the document accordingly. A motion was made to accept the February, March and April 2018 financials by Markham, seconded by Kirkwood, and unanimously approved. b. Investment of Surplus Funds Jim Humphrey recommended that the IDA Board follow the Florida Security for Public Deposits Act, Chapter 280, which covers special districts and has collateral requirements as protection for the deposits. 2

3 A motion was made that the IDA Board follow the Florida Security for Public Deposits Act, Chapter 280, which covers special districts and has collateral requirements as protection for the deposits by Markham, seconded by Kirkwood, and unanimously approved. A second motion was made to appoint Chairperson Robbie Roepstorff as the Board s Chief Financial Officer, in order to purchase local certificates of deposit or high yielding money market accounts from approved institutions by Markham, seconded by Kirkwood, and unanimously approved. Roepstorff discussed what constitutes surplus funds, and recommended keeping $300, in liquid assets for potential short-term needs. She recommended creating an action plan and discussion regarding future actions ensued. The Board asked staff and counsel to make a future presentation about both current and potential IDA programs. Additionally, staff will create updated collateral material that members can use to help market IDA programs. IV. NEW BUSINESS a. Legal Fees (November, December 2017; January, February, March, April 2018) A motion was made to accept the Knott Ebelini invoice for November, December 2017; January, February, March and April 2018; in the amount of $15, by Kirkwood, seconded by Markham, and unanimously approved. V. DIRECTOR COMMENTS Amy McQuagge and Rebecca Czyz unveiled the new EDO website. McQuagge showed the Board a few highlights of the new website, noting that data has shown that 75 to 80% of EDO s website traffic is local. That said, the new website was designed to focus on three major topics: start, grow and relocate. These three main topics are geared to help a new entrepreneur start a business, help an established business take the next step towards expansion, and/or a site selector that might be looking to relocate a business to Lee County. There is also a data section; property search capability; several other technical assistance tools; and a calendar that can pull RSS feeds showing all the business events going on in Lee County. Johnson added that the EDO team attended the Florida Economic Development Council (FEDC) conference and was recognized with an innovative marketing award for its Lee County Limelight Social Media series. She also shared a new marketing tool that was developed to help market the North Fort Myers pilot program the BoCC approved in January. The video was created to show developers what North Fort Myers could look like if redeveloped. Roepstorff then shared a BoCC Vision presentation that Commissioner Pendergrass is currently presenting throughout the County. The presentation outlines the County s multiyear strategic priorities. She then congratulated Markham on receiving a lifetime achievement award from Gulfshore Business. 3

4 VI. ADJOURN With no further business, a motion to adjourn was made by Kirkwood, seconded by Bolter, and unanimously approved. The meeting was adjourned at 11:30 a.m. 4

5 Lee County Industrial Development Authority IDA Financial Summary as of May 31, 2018 Current Assets Edison Bank-Operating 779, Edison Bank-Money Market 207, Petty Cash Other Assets Bank United (matures 1/17/19) 247, Centennial Bank (matures 12/12/18) 244, EverBank (matures 6/27/18) 246, Florida Community Bank (matures 11/4/18) 246, PNC Bank (matures 9/21/18) 245, Total Financial Assets 2,218, Liabilities Accounts Payable Long-term Liabilities Total Liabilities Total Funds Available ,218, Designated Non-Operating Funds HF 1099 Administration 50, Gold Key Program 5, Economic Development Programs 900, Marketing Support 150, Total Designated Funds 1,105, Operating Funds Budgeted Operating Expenses Less Expenditure Total Estimated-to-Spend 52, , , Available Fund Balance 1,082,

6 Lee County Industrial Development Authority 12:10 PM Balance Sheet 06/11/18 As of May 31, 2018 Accrual Basis May 31, 18 ASSETS Current Assets Checking/Savings Edison National Checking 779, Edison National Money Market 207, Total Checking/Savings 986, Other Current Assets Petty Cash Total Other Current Assets Total Current Assets 986, Other Assets Bank United CD # , Centennial Bank 244, EverBank 246, Florida Community Bank 246, PNC Bank CD 245, Total Other Assets 1,231, TOTAL ASSETS 2,218, LIABILITIES & EQUITY Equity Opening Bal Equity 1,206, Retained Earnings 789, Net Income 222, Total Equity 2,218, TOTAL LIABILITIES & EQUITY 2,218,

7 Lee County Industrial Development Authority 12:13 PM Profit & Loss 06/11/18 October 2017 through May 2018 Accrual Basis Oct '17 - May 18 Income Bond Closing 255, Interest Income 8, Total Income 263, Gross Profit 263, Expense Non-Operating Expenditures Horizon Foundation Sponsorship Total Non-Operating Expenditures 20, , Operating Expenditures Insurance 2, Legal Fees 18, Meeting Costs Miscellaneous Total Operating Expenditures 21, Total Expense 41, Net Income 222,

8 9:27 AM Lee County Industrial Development Authority 06/15/18 Profit & Loss Budget vs. Actual Accrual Basis October 2017 through May 2018 Oct '17 - May 18 Budget $ Over Budget % of Budget Income Bond Closing 255, , , % Interest Income 8, , , % Total Income 263, , , % Gross Profit 263, , , % Expense Designated Funds Designated for Eco Dev Programs , , % Gold Key Program , , % Total Designated Funds , , % Non-Operating Expenditures HF 1099 Administration , , % Horizon Foundation Sponsorship 20, , % Marketing Support , , % Total Non-Operating Expenditures 20, , , % Operating Expenditures Audit Fees , , % Bank Service Charge % Business Entertainment , , % FGCU Economic Impact Models , , % Insurance 2, Legal Fees 18, , , % Meeting Costs , , % Miscellaneous , , % Printing % Total Operating Expenditures 21, , , % Total Expense 41, ,177, ,136, % Net Income 222, , ,144,

9 Lee County Industrial Development Authority 10:52 AM General Ledger 06/11/18 As of May 31, 2018 Accrual Basis Type Date Num Name Memo Split Debit Credit Balance Edison National Checking 794, Bill Pmt -Check 05/31/ Knott Ebelini Hart Legal Fees Accounts Payable 15, , Deposit 05/31/2018 Interest Interest Income , Total Edison National Checking , , Edison National Money Market 207, Deposit 05/31/2018 Interest Interest Income , Total Edison National Money Market , Accounts Receivable 0.00 Total Accounts Receivable 0.00 Petty Cash Total Petty Cash Undeposited Funds 0.00 Total Undeposited Funds 0.00 Bank United CD # , Total Bank United CD # , Centennial Bank 244, Total Centennial Bank 244, EverBank 246, Total EverBank 246, Florida Community Bank 246, Total Florida Community Bank 246, PNC Bank CD 245, Total PNC Bank CD 245, Regions CD # Total Regions CD # Accounts Payable -10, Bill 05/18/ Knott Ebelini Hart March Legal Fees Legal Fees 2, , Bill 05/23/ Knott Ebelini Hart April Legal Fees Legal Fees 2, , Bill Pmt -Check 05/31/ Knott Ebelini Hart Legal Fees Edison National Checking 15, Total Accounts Payable 15, , Opening Bal Equity -1,206, Total Opening Bal Equity -1,206, Retained Earnings -789, Total Retained Earnings -789, Bond Closing -255, Total Bond Closing -255, Interest Income -8, Deposit 05/31/2018 Interest Edison National Checking , Deposit 05/31/2018 Interest Edison National Money Market , Total Interest Income , Non-Operating Expenditures 20, Horizon Foundation Sponsorship 20, Total Horizon Foundation Sponsorship 20, Total Non-Operating Expenditures 20, Operating Expenditures 16, Insurance 2,

10 Lee County Industrial Development Authority 10:52 AM General Ledger 06/11/18 As of May 31, 2018 Accrual Basis Type Date Num Name Memo Split Debit Credit Balance Total Insurance 2, Legal Fees 13, Bill 05/18/ Knott Ebelini Hart March 2018 legal fees Accounts Payable 2, , Bill 05/23/ Knott Ebelini Hart April 2018 legal fees Accounts Payable 2, , Total Legal Fees 4, , Meeting Costs Total Meeting Costs Miscellaneous Total Miscellaneous Total Operating Expenditures 4, , TOTAL 19, ,

11 11

12 12