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Home My WebLink About02-19-2013 Regular MeetingMinutes of the Fairhope Airport Authority February 19, 2013 The Fairhope Airport Authority met Tuesday, February 19, 2013, at 4:30 p.m. in the Delchamps Room, City Building, 161 N. Section Street. Present: Chuck Zunk, Chairman. Members: Rod Platt, Pam Caudill, Charlie Bassett, Howard Hadley, Jack Burrell. Also present were James Gillespie, COF General Superintendent and David Bagwell, Attorney. Gayle Fogarty, City Executive Assistant took the minutes. Absent: Joe McEnerney The minutes of the January 15, 2013 meeting were considered and approved on a motion Is, by Jack Burrell, 2nd by Pam Caudill with an amendment stating that Pam Caudill is representing the Airport Authority at a tabletop safety exercise in Gulf Shores, AL on February 22, 2013, not February 24, 2013, once changed the minutes were approved and unanimously carried. Festival of Flight -Charlie Bassett provided an update to the group on the Festival of Flight. Charlie stated that the marketing sub -committee and committee met separately. At this point the committee is waiting to see what happens with the sequestration. The group is not taking any action until funding for the event and sufficient military support are both available. Advantage Sites Program- Rod Platt gave an update on the advantage sites program stating that the Airport Authority may want to consider the west side property. Based on the site characteristics the property would be considered an advantage site. Advantage Sites would allow the property to get some exposure and would be listed as a site that is ready for a prospective industry. Rod added that there are some costs involved, but the total has not been determined, he added.that Lee Lawson indicated that he suspected the cost to be about $10,000. A motion was made to authorize Rod Platt and Chairman Zunk to go forward with this project and to spend up to $10,000, if it costs more than $10,000, Rod and Chairman Zunk would be required to request additional funding from the Airport Authority. Motioned 1s' by Pam Caudill and 2nd by Charlie Bassett and unanimously carried. Jack Burrell questioned what the $10,000 would be used for. Chairman Zunk responded it would be for professional services. A resolution was passed to authorize Rod Platt and Chairman Zunk to move forward with this project and to spend up to $10,000, if it costs more than $10,000, Rod and Chairman Zunk would be required to request additional funding from the Airport Authority. The Airport Authority members agreed and the vote was unanimously carried. Aviation Training Center- Chairman Zunk provided a recap and explanation of the memorandum of understanding, pre -construction agreement and the lease agreement for the group. The maintenance of the building will be covered by the BCBE, as it is a triple net lease. Chairman Zunk expects to receive the memorandum of understanding and pre -construction agreement for his signature this week. That will give Chairman Zunk the authority to move forward with getting a loan from the bank -in short-term money of $250,000. Then, the pre -construction process can begin. Chairman Zunk added that a press conference will be held by the Baldwin County Board of Education on Friday, February 22, 2013 at 11 a.m. at the H.L. Sonny Callahan Airport. David Bagwell added that to his knowledge everything has been completed appropriately. Chairman Zunk added that the Airport Authority had an opportunity to review and edit the memorandum of understanding and pre -construction agreement. Chairman Zunk added that he and Joe McEnerney have been working together on the long-term financing, they have meet with several banks and have narrowed it down to the final two banks. Charlie Bassett informed the group that there will be three teaching units, including a classroom and lab per unit: Industrial Maintenance, Welding and Aviation. Election of 2013 Officers The recommendation of Chuck Zunk as Chairman for the Airport Authority was approved on a motion 15L by Jack Burrell, 2"d by Howard Hadley and unanimously carried. The recommendation of Rod Platt as Vice Chairman for the Airport Authority was approved on a motion V by Charlie Bassett. 2"d by Jack Burrell and unanimousiv carried. The recommendation of Joe McEnerney as Treasurer for the Airport Authority was approved on a motion 1" by Jack Burrell, 2"d by Pam Caudill and unanimously carried. The recommendation of Pam Caudill as Secretary for the Airport Authority was approved on a motion 1st by Howard Hadley, 2"d by Rod Platt and unanimously carried. Update on the East Side Project- Chairman Zunk informed the group that the airport successfully passed the deadline comment period for the review of the draft of the environmental assessment. Volkert informed Chairman Zunk by e-mail that they didn't have any public comment, so they are preparing the final report for Chairman Zunk to sign. Update on Facility Upgrades & Maintenance of Public Safety Hangar -James Gillespie updated the group on the project. He had to go back to the architect, as a 6-inch slab has to be installed, so Erik is waiting for the design to be revised. Chairman Zunk added that Continental wants to make a modification to the South Maintenance Hanger -they want to build a ramp and loading dock. Chairman Zunk stated that they can make changes, as long as it is in accordance with the building code and do not block the road. Chairman Zunk also added that the Airport Authority would not pay for modifications at the end of Continental's lease. Treasurer's Report- Chairman Zunk noted that the treasurer's report is attached for review. Chairman Zunk added that the report reflects funds were transferred, as discussed in the last meeting. New Business- Jack Burrell mentioned that the Airport Authority could be on the City of Fairhope's new website. Rod Platt appreciated the offer, although indicated that the City of Fairhope website could provide a link to the H.L. Sonny Callahan Airport when it is ready for the public. There being no further business, the meeting was adjourned CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTAL FUNDS FINANCIAL STATEMENTS MEASUREMENT FOCUS - CURRENT FINANCIAL RESOURCES MODIFIED ACCRUAL BASIS OF ACCOUNTING FISCAL YEAR AND MONTH ENDING FEBRUARY, 2013 BALANCE SHEET ASSETS CHECKING ACCOUNT FNB CERTIFICATE OF DEPOSIT CITIZEN'S CERTIFICATE OF DEPOSIT FNB CONSTRUCTION ACCOUNT PNC OPERATING ACCOUNT PNC CONSTRUCTION ACCOUNT FAA PROJECT BANKTRUST CERTIFICATE OF DEPOSIT TOTAL ASSETS FUND BALANCE AND NET EARNINGS FUND BALANCE NET EARNINGS TOTAL LIABILITIES AND NET EARNINGS INCOME STATEMENT REVENUES FUEL SALES CITY OF FAIRHOPE APPROPRIATION T HANGER RENT BIG HANGER RENT OFFICE RENT INTEREST INCOME LOAN PROCEEDS - 2010 PNC FAA GRANT EXPENSES INSURANCE PROPERTY TAX TRAV E L/D U E S/MEETINGS BANK FEES LEGAL PROFESSIONAL SERVICES OFFICE AND GENERAL SUPPLIES MAINTENANCE EQUIPMENT MAINTENANCE MISCELLANEOUS INTEREST EXPENSE BOND ISSUE EXPENSE ELECTRICITY CAPITAL PURCHASES -LAND CAPITAL IMPROVEMENTS DEBT SERVICE -INTEREST DEBT SERVICE -PRINCIPAL PAYMENT TOTAL REVENUES CURRENT MONTH 319.32 36,916.67 5,526.00 105.90 ENDING BALANCE 103,166.95 82,435.97 421,057.89 229,893.97 170.00 107,000.00 943,724.78 688,293.55 255,431.23 943,724.78 YEAR TO DATE 6,085.92 248,457.35 23,665.52 546.00 29,400.00 1,033.01 - 49,912.00 42,867,89 359,099.80 57.92 57.92 1,500.00 7,500.00 7,529.95 11,078.20 0.06 591.76 498.22 20,907.95 800.59 5,230.38 11,613,26 58,302.36 TOTAL EXPENSES 22,000.00 103,668.57 NET EARNINGS 20,867.89 255,431.23 Rose Fogarty, Finance Director 3/18/2013 CITY OF FAIRHOPE AIRPORT AUTHORITY GOVERNMENTWIDE FINANCIAL STATEMENTS MEASUREMENT FOCUS - ECONOMIC RESOURCES ACCRUAL BASIS OF ACCOUNTING FISCAL YEAR AND MONTH ENDING FEBRUARY, 2013 BALANCE SHEET ENDING BALANCE ASSETS CHECKING ACCOUNT _ FNB CERTIFICATE OF DEPOSIT _ CITIZEN'S CERTIFICATE OF DEPOSIT 103,166.95 BANKTRUST CERTIFICATE OF DEPOSIT 107,000.00 FNB CONSTRUCTION ACCOUNT 82,435.97 PNC OPERATING ACCOUNT 421,057.89 PNC CONSTRUCTION ACCOUNT 229,893.97 FAA PROJECT 170.00 LAND AND CONSTRUCTION IN PROGRESS 11,886,327.56 CAPITAL IMPROVEMENTS 13,376,707.70 ACCUMULATED DEPRECIATION (2,881,277.93) DEFERRED EXPENSE - BOND ISSUE 26,847.32 TOTAL ASSETS 23,352,329.43 LIABILITIES 2010 PNC LOAN-DEFEASE 2007 ALLIED IRISH LETTER OF CREDIT 8,935,000.00 CAPITALIZATION RETAINED EARNINGS 1,667,240.00 INVESTED IN CAPITAL ASSETS, NET OF RELATED DEBT 12,494,658.20 NET EARNINGS 255,431.23 TOTAL LIABILITIES AND CAPITALIZATION 23,352,329.43 INCOME STATEMENT CURRENT MONTH YEAR TO DATE REVENUES FUEL SALES 319.32 6,085.92 CITY OF FAIRHOPE APPROPRIATION 36,916.67 248,457.35 T HANGER RENT 5,526.00 23,665.52 BIG HANGER RENT - 546.00 OFFICE RENT - 29,400.00 INTEREST INCOME 105.90 1,033.01 FAA GRANT - 49,912.00 TOTAL REVENUES 42,867.89 359,099.80 EXPENSES INSURANCE _ _ PROPERTY TAX TRAVELIDUES/MEETINGS - - BANK FEES 57.92 57.92 LEGAL 1,500.00 7,500.00 PROFESSIONAL SERVICES 7,529.95 11,078.20 OFFICE AND GENERAL 0.06 591.76 SUPPLIES _ _ MAINTENANCE 498.22 20,907.95 EQUIPMENT MAINTENANCE - _ MISCELLANEOUS _ ANNUAL AMORTIZED BOND ISSUE EXPENSE _ ANNUAL DEPRECIATION EXPENSE _ IMPROVEMENTS INTEREST EXPENSE 11,613.26 58,302.36 ELECTRICITY 800.59 5,230.38 TOTAL EXPENSES 22,000.00 103,668.57 NET EARNINGS 20,867.89 255,431.23 Rose Fogarty, Finance Director 3/18/2013