June 22, 2018 Lee County Administration East Building

2201 Second Street • Suite 500 Fort Myers, FL 33901

I. Call to Order

II. Guest Introductions

III. 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, 2018 • 10:00 a.m.

Lee County Economic Development Office 2201 2nd Street • Suite 500 • Fort Myers, FL 33901 • (239) 533-6800

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LEE COUNTY

INDUSTRIAL DEVELOPMENT AUTHORITY

May 25, 2018

Members Present: David Barton, Ed Bolter, Tom Hoolihan, Wayne

Kirkwood, Gail Markham and Robbie Roepstorff

Member(s) Absent: Douglas Gyure

Staff and Guests Present: 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. 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.

III. 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.

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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 $300,000.00

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 $15,172.39 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 multi-

year strategic priorities.

She then congratulated Markham on receiving a lifetime achievement award from Gulfshore

Business.

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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.

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Lee County Industrial Development Authority

IDA Financial Summary as of May 31, 2018

Current Assets

Edison Bank-Operating 779,079.67

Edison Bank-Money Market 207,787.48

Petty Cash 114.59

Other Assets

Bank United (matures 1/17/19) 247,581.97

Centennial Bank (matures 12/12/18) 244,764.44

EverBank (matures 6/27/18) 246,498.71

Florida Community Bank (matures 11/4/18) 246,917.85

PNC Bank (matures 9/21/18) 245,668.97

2,218,413.68

0.00

0.00

0.00

2,218,413.68

Total Financial Assets

Liabilities

Accounts Payable

Long-term Liabilities

Total Liabilities

Total Funds Available

Designated Non-Operating Funds

HF 1099 Administration 50,000.00

Gold Key Program 5,000.00

Economic Development Programs 900,000.00

Marketing Support 150,000.00

1,105,000.00

52,350.00

21,061.00

31,289.00

Total Designated Funds

Operating Funds

Budgeted Operating Expenses Less Expenditure

Total Estimated-to-Spend

Available Fund Balance 1,082,124.68

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May 31, 18

ASSETSCurrent Assets

Checking/SavingsEdison National Checking 779,079.67Edison National Money Market 207,787.48

Total Checking/Savings 986,867.15

Other Current AssetsPetty Cash 114.59

Total Other Current Assets 114.59

Total Current Assets 986,981.74

Other AssetsBank United CD #1815057021 247,581.97Centennial Bank 244,764.44EverBank 246,498.71Florida Community Bank 246,917.85PNC Bank CD 245,668.97

Total Other Assets 1,231,431.94

TOTAL ASSETS 2,218,413.68

LIABILITIES & EQUITYEquity

Opening Bal Equity 1,206,757.15Retained Earnings 789,510.17Net Income 222,146.36

Total Equity 2,218,413.68

TOTAL LIABILITIES & EQUITY 2,218,413.68

Lee County Industrial Development Authority 12:10 PM

Balance Sheet 06/11/18As of May 31, 2018 Accrual Basis

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Oct '17 - May 18

IncomeBond Closing 255,025.00Interest Income 8,183.04

Total Income 263,208.04

Gross Profit 263,208.04

Expense

20,000.00

20,000.00

Non-Operating Expenditures

Horizon Foundation Sponsorship Total Non-Operating Expenditures

Insurance 2,119.00Legal Fees 18,437.39Meeting Costs 188.41Miscellaneous 316.88

Total Operating Expenditures 21,061.68

Total Expense 41,061.68

Net Income 222,146.36

Lee County Industrial Development Authority 12:13 PM

Profit & Loss 06/11/18October 2017 through May 2018 Accrual Basis

Operating Expenditures

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Oct '17 - May 18 Budget $ Over Budget % of Budget

IncomeBond Closing 255,025.00 250,000.00 5,025.00 102.0%Interest Income 8,183.04 4,500.00 3,683.04 181.8%

Total Income 263,208.04 254,500.00 8,708.04 103.4%

Gross Profit 263,208.04 254,500.00 8,708.04 103.4%

ExpenseDesignated Funds

Designated for Eco Dev Programs 0.00 900,000.00 -900,000.00 0.0%Gold Key Program 0.00 5,000.00 -5,000.00 0.0%

0.00 905,000.00 -905,000.00 0.0%

Non-Operating Expenditures

HF 1099 Administration 0.00 50,000.00 -50,000.00 0.0%Horizon Foundation Sponsorship 20,000.00 20,000.00 0.00 100.0%Marketing Support 0.00 150,000.00 -150,000.00 0.0%

20,000.00 220,000.00 -200,000.00 9.1%Total Non-Operating Expenditures

Audit Fees 0.00 7,500.00 -7,500.00 0.0%Bank Service Charge 0.00 100.00 -100.00 0.0%Business Entertainment 0.00 5,000.00 -5,000.00 0.0%FGCU Economic Impact Models 0.00 5,000.00 -5,000.00 0.0%Insurance 2,119.00Legal Fees 18,437.39 30,000.00 -11,562.61 61.5%Meeting Costs 188.41 2,500.00 -2,311.59 7.5%Miscellaneous 316.88 2,000.00 -1,683.12 15.8%Printing 0.00 250.00 -250.00 0.0%

Total Operating Expenditures 21,061.68 52,350.00 -31,288.32 40.2%

Total Expense 41,061.68 1,177,350.00 -1,136,288.32 3.5%

Net Income 222,146.36 -922,850.00 1,144,996.36

9:27 AM Lee County Industrial Development Authority06/15/18 Profit & Loss Budget vs. ActualAccrual Basis October 2017 through May 2018

Total Designated Funds

Operating Expenditures

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Type Date Num Name Memo Split Debit Credit Balance

Edison National Checking 794,231.82Bill Pmt -Check 05/31/2018 1362 Knott Ebelini Hart Legal Fees Accounts Payable 15,172.39 779,059.43Deposit 05/31/2018 Interest Interest Income 20.24 779,079.67

Total Edison National Checking 20.24 15,172.39 779,079.67

Edison National Money Market 207,782.19Deposit 05/31/2018 Interest Interest Income 5.29 207,787.48

Total Edison National Money Market 5.29 0.00 207,787.48

Accounts Receivable 0.00Total Accounts Receivable 0.00

Petty Cash 114.59Total Petty Cash 114.59

Undeposited Funds 0.00Total Undeposited Funds 0.00

Bank United CD #1815057021 247,581.97Total Bank United CD #1815057021 247,581.97

Centennial Bank 244,764.44Total Centennial Bank 244,764.44

EverBank 246,498.71Total EverBank 246,498.71

Florida Community Bank 246,917.85Total Florida Community Bank 246,917.85

PNC Bank CD 245,668.97Total PNC Bank CD 245,668.97

Regions CD # 0132551835 0.00Total Regions CD # 0132551835 0.00

Accounts Payable -10,649.89Bill 05/18/2018 400 Knott Ebelini Hart March Legal Fees Legal Fees 2,452.50 -13,102.39Bill 05/23/2018 401 Knott Ebelini Hart April Legal Fees Legal Fees 2,070.00 -15,172.39Bill Pmt -Check 05/31/2018 1362 Knott Ebelini Hart Legal Fees Edison National Checking 15,172.39 0.00

Total Accounts Payable 15,172.39 4,522.50 0.00

Opening Bal Equity -1,206,757.15Total Opening Bal Equity -1,206,757.15

Retained Earnings -789,510.17Total Retained Earnings -789,510.17

Bond Closing -255,025.00Total Bond Closing -255,025.00

Interest Income -8,157.51Deposit 05/31/2018 Interest Edison National Checking 20.24 -8,177.75Deposit 05/31/2018 Interest Edison National Money Market 5.29 -8,183.04

Total Interest Income 0.00 25.53 -8,183.04

Non-Operating Expenditures 20,000.00Horizon Foundation Sponsorship 20,000.00Total Horizon Foundation Sponsorship 20,000.00

Total Non-Operating Expenditures 20,000.00

Operating Expenditures 16,539.18Insurance 2,119.00

Lee County Industrial Development Authority 10:52 AM

General Ledger 06/11/18

As of May 31, 2018 Accrual Basis

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Type Date Num Name Memo Split Debit Credit Balance

Total Insurance 2,119.00

Legal Fees 13,914.89Bill 05/18/2018 400 Knott Ebelini Hart March 2018 legal fees Accounts Payable 2,452.50 16,367.39Bill 05/23/2018 401 Knott Ebelini Hart April 2018 legal fees Accounts Payable 2,070.00 18,437.39

Total Legal Fees 4,522.50 0.00 18,437.39

Meeting Costs 188.41Total Meeting Costs 188.41

Miscellaneous 316.88Total Miscellaneous 316.88

Total Operating Expenditures 4,522.50 0.00 21,061.68

TOTAL 19,720.42 19,720.42 0.00

Lee County Industrial Development Authority 10:52 AM

General Ledger 06/11/18

As of May 31, 2018 Accrual Basis

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