1., 2., 3. The April 27, 2005 Special Board meeting was called to order by Supervisor Anderson at 7:35 p.m. at the Community Center. The Pledge of Allegiance was recited. Clerk Johansen called the roll with Supervisor Anderson and Trustees Manser, Gillen, Judy, and Kupar present.
4. New Business – Presentation and Discussion for Action:
a. Review and Act Upon Headwaters Conservation Area Maintenance Agreement – V3: Township Attorney Noble stated the agreement is acceptable with Army Corp and it is consistent with our agreement. K. Judy asked is this a supplement to our prior escrow agreement? Township Attorney Noble replied you are speaking of the prior escrow between V3 and Army Corp during the permitting process. That escrow agreement does not involve us. Campton Township’s maintenance escrow for the Headwaters is a different matter. That is our next agenda item. J. Kupar asked can you provide us with a time schedule so we can compare where you are with the schedule? Patrick Keenan with V3 Realty replied we have monthly action meetings. K. Judy asked what are the criteria to withdraw money from the escrow? Township Administrator Glas replied the maintenance escrow builds up to $100,000 and the Township doesn’t touch it until V3 is off the project. P. Keenan stated the Army Corp permit has been issued. The Army Corp escrow has to be signed by Chicago Title. Township Attorney Noble stated he will record the covenants and he needs the original copy we approve tonight to record. P. Keenan stated V3 signed the agreement with Campton Township a year ago. V3 spent funds to design and build the wetland bank. In the beginning, 5% of the revenue will go the Campton Township, 5% of the revenue to V3, 2.5% of the revenue will go to the Campton Township maintenance escrow, and the remainder to V3 to complete construction. After construction, 35% of the revenue goes to Campton Township, and 65% of the revenue goes to V3. We expect Campton Township to get 1.3 million from wetland credits. To update anticipated sales, Kensington Homes will buy 12 credits, which is about $400,000 in revenue shortly. This is a ten year project. D. Gillen asked is the project in Kane County? Answer was both Kensington projects are in Aurora, one in Kane, the other in DuPage County, but both are in the Fox River watershed. They are $45,000 per credit. There are 52 credits in Phase One, and the rest are in Phase Two. George Miller of V3 stated Phase One of the Headwaters is by Route 38, and Phase Two of the Headwaters is the northern portion. We will install monitoring wells in Phase One this week. This summer we will do drain tile disablement, and install a berm along Route 38 in accord with the Kane County stormwater ordinance. We will do dormant seeding this fall. K. Judy stated maintenance is five years, but the project is ten years. Answer was Phase One is five years, than it becomes Township responsibility. Phase Two is another five years, than it becomes Township responsibility. The total is ten years. D. Gillen moved the Board approve the V3 Agreement for Future Wetland Management After Receiving Final Compliance Signoff From the Chicago District of the U.S. Army Corps of Engineers for the Blackberry Creek Headwaters Property. The motion was seconded by J. Kupar. On a roll call vote Supervisor Anderson and Trustees Manser, Gillen, Judy, and Kupar voted aye. The motion passed.
b. Review and Act Upon Approval of New Bank Account for Headwaters Conservation Area Maintenance Agreement: R. Manser moved the Board approve opening a new escrow account at the Harris Bank for maintenance of the Headwaters per the Agreement. The motion was seconded by D. Gillen. On a roll call vote Supervisor Anderson and Trustees Manser, Gillen, Judy, and Kupar voted aye. The motion passed.
c. Review and Act Upon New Signature Cards for Existing Bank Accounts: D. Gillen moved the Board approve providing new signature cards for existing bank accounts. The motion was seconded by K. Judy. On a roll call vote Supervisor Anderson and Trustees Manser, Gillen, Judy, and Kupar voted aye. The motion passed.
d. Review and Act Upon Acceptance of Proposal for Alta Survey for Poynor Park: K. Judy stated we only have one bid here. Township Administrator Glas stated we sent out three requests, but only got one back. K. Judy stated let’s do it again and tell them they have two weeks to get it to us. D. Gillen moved the Board table the Alta Survey for Poynor Park. K. Judy seconded the motion. On a voice vote Supervisor Anderson and Trustees Manser, Gillen, Judy, and Kupar voted aye. The motion passed.
e. Review and Act Upon Acceptance of Proposal for Geotechnical Work for Poynor Park: D. Gillen moved the Board accept Civil Engineering Services, Inc. bid for geotechnical work on Poynor Park in an amount not to exceed $11,000.00. K. Judy seconded the motion. J. Kupar stated he would like to have an engineer look at this because the second bid has more borings. Do we have a civil engineer that would tell us the appropriate number of borings? N. Anderson stated if we decide we need more borings we can ask for it. D. Gillen withdrew her motion. K. Judy withdrew her second of the motion. K. Judy moved the Board accept Testing Service Corporation’s bid for geotechnical work on Poynor Park in an amount not to exceed $5,700.00. D. Gillen seconded the motion. On a roll call vote Supervisor Anderson and Trustees Manser, Gillen, Judy, and Kupar voted aye. The motion passed.
f. Review and Act Upon Financial Recommendation – Dave Phillips Speer Financial, Inc.: Dave Phillips with Speer Financial, Inc. stated we are looking for a successful bond sale. We have the same team as the first time except this will not be a negotiated sale with Kirkpatrick Pettis, but a competitive sale. The payment cycle is important to synchronize with the tax collection cycle. To fund operating costs he recommends 5% set aside for Open Space maintenance. Beginning with the 9 million we would set aside $450,000 for maintenance. He spoke with Township Assessor Rottmann regarding the 12% equalized assessed valuation (EAV). That may be conservative. It has been the case for the last five years. We can only issue under 10 million now and get increased authority to issue more as the EAV goes up. We have five years to do that before the authority sunsets. The last bond issue will probably be in 2008. N. Anderson asked which model do you recommend? Answer was the twenty-six cent model. D. Phillips stated we will probably look at June 7th as the first appropriate time to do a bond sale. We could get ready in May to do a June sale. We should close before June 20th because after that date a two page legal document turns into a 20 page legal document by recent law. Township Attorney Noble stated after that date the price of the bond councils opinion will go up, or come with a lot of disclaimers. D. Phillips stated this will be a competitive sale and we will apply to increase our A rating to a AA rating. K. Judy asked what are the costs of this from Appendix H? R. Manser stated D. Phillips projections are very conservative. He believes the impact will be on the high side. That’s good because it will probably cost less. This is a conservative proposal. There are advantages to moving rapidly. K. Judy stated among the costs of issuance, Chapman & Cutler bond council is third highest of the costs. Township Attorney Noble stated there are advantages to sticking with Chapman & Cutler, because they already advised us on the referendum. If we go with another bond council they will have to plow a lot of ground over again. He asked for a copy of Dave Phillips Letter of Engagement. The Board’s direction is continue moving on this.
5. Executive Session – Personnel Issues and Land Acquisition: D. Gillen moved the Board go into Executive Session and include Township Administrator Glas, Township Attorney Noble, and the two newly elected Trustees Tom Stutesman and Andrea Koppenhofer. The motion was seconded by R. Manser. On a roll call vote Supervisor Anderson and Trustees Manser, Gillen, Judy, and Kupar voted aye. The motion passed and Executive Session began at 8:53 p.m.
6. Adjournment: Supervisor Anderson reconvened the regular session. K. Judy moved the Board adjourn the meeting. J. Kupar seconded the motion. On a voice vote Supervisor Anderson and Trustees Manser, Gillen, Judy, and Kupar voted aye. The motion passed and the meeting adjourned at 9:35 p.m.
Respectfully Submitted,
Richard Johansen
Clerk