STATE OF NEVADA
STATE OF NEVADA
DEPARTMENT OF BUSINESS AND INDUSTRY
OFFICE OF THE DIRECTOR
Special Advisory Committee on Private Activity Bonds
Minutes from October 23, 2018 at 1:30 PM
Special Advisory Committee on Private Activity Bonds
[Created under NAC Chapter 348A]
The following were in attendance:
C.J. Manthe, Director – Business & Industry
Marcel Schaerer, Deputy Director – Business & Industry
Bob Potts, Research Director – Governor’s Office of Economic Development
Stephen Aichroth, Administrator – Housing Division – Business & Industry
Wes Henderson, Executive Director – Nevada League of Cities
Dagny Stapleton, Nevada Association of Counties
Terry Reynolds, Deputy Director – Business & Industry
Peter Keegan, Deputy Attorney General – Attorney General’s Office
Michael Holliday, Chief Financial Officer – Housing Division – Business & Industry
Diane Arvizo, Nevada Rural Housing Authority
Bill Brewer, Nevada Rural Housing Authority
Jackie Pierrott, Executive Assistant, Business & Industry
Karen Schnog, Management Analyst, Business & Industry
Kristin Cooper, Clark County
1. Call to order by Chair, Director C.J. Manthe
Director Manthe called the meeting to order at approximately 1:30 PM. Director Manthe took roll call and all members of the committee were in attendance.
2. Public Comments – public comments may be limited to 3 minutes per speaker
No public comments in the North or South.
3. Approval of the May 23, 2018 meeting minutes (for possible action)
Marcel Schaerer made a motion to approve the minutes. Bob Potts seconded the motion. All members voted in favor. Motion passed unanimously.
4. CONSENT AGENDA ITEMS: The following reports on usage, reversions and requests for 2018 State Volume Cap by the Director, local governments and agencies receiving Volume Cap will be presented to the Committee for discussion, consideration, and approval by the Special Advisory Committee to the Director as a Consent Agenda Item. Any Committee member or member of the public may request that a specific sub-item be removed from the consent agenda and discussed, considered, and voted on individually (for possible action)
Director Manthe briefly discussed agenda item number 4. There were no questions or discussion on the resolutions. Wes Henderson made a motion to approve the resolutions. Marcel Schaerer seconded the motion. All members voted in favor. Motion passed unanimously.
5. Report on 2018 Volume Cap reversion to the Director
Director Manthe discussed the 2018 volume cap of $314,794,095.00 in bonding authority. Fifty percent of that was allocated to the Director’s Office and the other 50% was allocated to local jurisdictions based on population. The Director’s Office 2018 remaining allocation is $110,357,048.00. The remaining allocation from local jurisdictions which will revert back to the Director’s Office is $22,157,478.85.
6. Discussion on projects requesting bond financing
Director Manthe discussed three projects requesting bond financing.
EnviroPower Renewable is a project that aims to have a development in the Apex Industrial Park in North Las Vegas. This project is looking to take construction waste and convert it through a gasification process into electricity.
Vortex Power is a project that aims to take household waste and woody bio-mass from Junipers and Pinions in Lincoln County and convert it into electricity and lower electricity and waste management fees for local residents.
Lastly, Partek Corporation is another renewable project where they aim to recycle plastic waste.
Director Manthe also discussed another project that remains unnamed due to B & I not receiving an official application yet. This project would take solid waste from agricultural and animal waste and convert it into an oil that could be used in the west coast energy market.
7. 2018 unused allocations from local jurisdictions reverting back to the Director’s Office in the amount of $22,157,478.85 to be used for solid waste projects
Director Manthe discussed the remaining local jurisdiction allocation of $22,157,478.85 reverting back to the Director’s Office for solid waste projects. This agenda item was moved to an upcoming meeting for possible action.
8. Overview of Federal Opportunity Zones Tax Incentive presented by Karen Schnog with the Director’s Office. Consideration of prioritizing use of volume cap for developments located in Opportunity Zones (for possible action)
Karen Schnog gave the committee a brief update and explanation of the Federal Opportunity Zones Tax Incentive.
Committee members discussed the prioritization of volume cap for developments located in Opportunity Zones.
Bob Potts suggested this item be moved to an upcoming meeting and members agreed. Dagny Stapleton suggested a pilot demonstration to help further understand this.
No action was taken.
9. Letter dated September 25, 2018 from Michael Holliday, Chief Financial Officer with the Nevada Housing Division requesting any unallocated 2018 Volume Cap. Michael Holliday will also discuss the Housing Divisions’ use of 2018 Bond Cap.
Michael Holliday provided committee members with an update on 2018 Bond Cap. He stated the Housing Division used $260 million of bond cap for affordable housing. That money financed 8 tax exempt multi-family bond issues to include 869 new apartments in Reno, 838 new apartments in Las Vegas, 184 previously existing apartments were preserved in Henderson and 56 existing apartments were preserved in Tonopah. This is nearly 2,000 units in total.
In addition, the Mortgage Credit Certificate Program which provides roughly $2,000 in federal income tax savings to qualified homeowners assisted 835 households using roughly $44 million in bond cap which will total roughly $1.6 million federal tax savings every year.
The Single Family Mortgage Program assisted just over 5,000 households for $1.2 billion dollars in mortgages and $48 million dollars in down payments.
10. Letter dated September 30, 2018 from William Brewer, Executive Director with the Nevada Rural Housing Authority requesting $100 million from the State’s Private Activity Bond Cap (PABC) 2018 allocation
Diane Arvizo reported that the Nevada Rural Housing Authority program which was launched in 2006 has assisted 7,700 families totaling about $45 million dollars in down payment assistance. In 2018, this program has provided $5 million dollars in down payment assistance. NRHA has assisted 621 families with both down payment assistance and the Mortgage Credit Certificate Program. Average loan amounts in the down payment assistance program are $241,217 in rural areas.
11. Suggestion of agenda items for next meeting
Stephen Aichroth suggested Opportunity Zones as an agenda item for next meeting and possibly a site visit to Vintage Crossing Senior Housing.
Director Manthe stated committee members are welcome to email any meeting suggestions as well.
12. Committee comments
Bob Potts provided an update on 2018 Economic Development.
Wes Henderson gave an update on the latest conference in Winnemucca.
Dagny Stapleton informed committee members of an upcoming conference on November 13th – 15th in Douglas County.
Marcel Schaerer informed committee members of the success at the Governor’s Conference on Business and asked them to mark their calendars for November 1st for the launch of the Nevada Business Support Ecosystem guide, and November 24th for Shop Small on Small Business Saturday.
13. Public comments – public comments may be limited to 3 minutes per speaker
No public comments in the North or South.
14. Adjournment
This meeting was adjourned at approximately 3:03PM.
-----------------------
BRIAN SANDOVAL
Governor
C.J. MANTHE
Director
TERRY J. REYNOLDS
Deputy Director
MARCEL F. SCHAERER
Deputy Director
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