9:00 a.m. Aurora, Colorado Call to Order... Vice-Chair Chaz Tedesco. 2. Pledge of Allegiance... Vice-Chair Chaz Tedesco

Transcription

1 April 11, E. 6 th Parkway 9:00 a.m. Aurora, Colorado Call to Order... Vice-Chair Chaz Tedesco 2. Pledge of Allegiance... Vice-Chair Chaz Tedesco 3. Recognition of Outstanding Performance... Tim Stewart 4. Public Comment... Vice-Chair Chaz Tedesco 5. Consent Calendar... Vice-Chair Chaz Tedesco a. Approve Meeting Minutes of February 14, 2019 b Third Amended and Restated By-Laws Approval c. Approve Red Sky Solutions, LLC Annual Contract d. Approve Trace3, Inc. Annual Contract 6. Engineering and Roadway Maintenance Department... Neil Thomson a. Town of Parker Maintenance IGA Approval b City of Aurora Easement for Water Line Approval c. Road Safety Study Briefing 7. Executive Director Report... Tim Stewart a. Introduce New Hire b. Strategic Plan Draft Review 8. Other Business... Vice-Chair Chaz Tedesco 9. Adjourn Meeting... Vice-Chair Chaz Tedesco The next anticipated Board Meeting will be May 9, 2019 at 9:00 a.m. at the E-470 Administrative Headquarters, E. 6 th Parkway, Aurora, Colorado 80018

2 Agenda Item 4a. Approve Meeting Minutes of February 14, 2019 RECORD OF PROCEEDINGS MINUTES OF THE REGULAR MEETING OF THE BOARD OF DIRECTORS OF THE E-470 PUBLIC HIGHWAY AUTHORITY Held: Thursday, February 14, 2019, at 9:00 a.m. at E. 6 th Parkway, Aurora, Colorado Attendance: A regular meeting of the Board of Directors of the E-470 Public Highway Authority was held as scheduled and in accordance with applicable statutes of the State of Colorado, with the following directors present: Heidi William, Mayor City of Thornton Chaz Tedesco, Adams County Commissioner Bill Holen, Arapahoe County Commissioner John Diak, Councilmember Town of Parker Francoise Bergan, Councilmember City of Aurora Roger Partridge, Douglas County Commissioner Steve Douglas, Councilmember Commerce City Ken Kreutzer, Mayor City of Brighton Sean Conway, Weld County Commissioner (nonvoting) David Beacom, Councilmember City and County of Broomfield (non-voting) Jackie Millet, Mayor City of Lone Tree (non-voting) Kelly Brown, CDOT/HPTE (non-voting) Peggy Catlin, RTD (non-voting) Also present were: J.W. Edwards, Mayor Pro-Tem, Commerce City (alternate); Sargent William Caldwell, CSP; Daniel Ahrens, media designer, Jim Brady, construction manager, Jessica Carson, communications and tolling services manager, Ryan Dole, financial analyst 3, Mike Hancock, procurement supervisor, Jaime Heitman, controller, Jacob Kramer, HR manager, Dave Kristick deputy executive director and operations director, Diane Lundquist, executive assistant, Tricia Morales, operations and tolling services coordinator, Jason Myers, finance director, Chrissy Palestine, financial analyst manager; Alexa Pecorella, marketing and public relations supervisor, Ken Smith, information technology director, Tim Stewart, executive director, Briana Summers, staff accountant, Adam Terranova, app development manager and Neil Thomson, engineering and roadway maintenance

3 director; E-470 Public Highway Authority; Jack Nicholls, Susan Ermisch and Benton Greer, WSP; Michael Lund, Stifel; Robyn Moore, George K. Baum; Sheryl Machado, GBSM; Cassandra Sulmeisters, Consultant; Tom Weihe, Kutak Rock; Mike Fay, Kraemer North America; Jeff Wassenaar, LS Gallegos; Kristin Sullivan, director Community and Economic Development, Adams County; Jaimie Scranton, Jefferies; Rita Kal, UBS; George Allen, visitor; and Tamara Seaver, Icenogle Seaver Pogue, P.C. Call to Order: Pledge of Allegiance: Public Comment: Consent Agenda: Chair Williams, noting the presence of a quorum of the directors, called the meeting to order. Chair Williams led all present in the Pledge of Allegiance. Mr. Allen addressed the board regarding his E-470 comments. Commissioner Holen moved approval of the consent agenda, comprising minutes of the January 24, 2019 regular meeting. The motion was seconded by Councilmember Partridge, and thereafter approved unanimously by the Board of Directors. Operations Department: Accident Analysis: Ms. Morales reported to the Board regarding E-470 s 2018 accident analysis. Mr. Brady then reported on road widening s impacts on accidents, 2018 wrong way driver statistics and the average time to clear accidents. Ms. Palestine then reported regarding property damage from accidents and recovered billings. Thereafter, Trooper Caldwell provided additional detail on the nature of the accidents and Mr. Kristick followed up regarding E-470 s future efforts to more effectively focus the use of the Colorado State Patrol s public safety services and current legislative developments in the Colorado General Assembly supportive of the State of Colorado s budgeting of Colorado State Patrol s staffing to support E-470 s requirements in the 2019/2020 fiscal year. Mr. Brady then mentioned the distracted driving messaging for the public. Thereafter, extended discussion among the Board members ensued. Engineering and Roadway Maintenance Department: Kraemer-SEMA JV Contract Amendment Approval: Mr. Thomson noted the 2019 road widening design efforts were approximately sixty (60%) percent complete. Mr. Brady then provided the background related to the CM/GC contract for the project, noting it allows for long lead time procurement for specialized materials. He noted that temporary concrete barrier was needed for traffic control for the project and procurement was about a 5-month lead time. He then noted that region-wide barriers are limited. He reviewed the options related to the barrier, rental versus purchase, and the efficacy

4 of barrier purchase for the long term and the next road widening project. Mr. Brady relayed that the Authority s Independent Cost Estimator reviewed the costs of purchase received by the Authority and found them to be fair and market-standard. Board discussion ensued and various board members asked questions of Mr. Brady. Following discussion, Councilmember Bergan moved that the Board of Directors approve the Long Lead Time Package Amendment to the SEMA-Kramer CM/GC Road Widening Contract in an amount not-to-exceed $2,230,000. The motion was seconded by Commissioner Holen and approved unanimously by the Board. Finance Department: 2018 Year-End Financial Results Dashboard Report: Resolution Amending the Sixteenth Supplemental Bond Resolution: Ms. Palestine reviewed the monthly transaction trends with the Board noting the 2018 increase over 2017 was five (5%) percent and the toll transactions by location, noting Plaza E and C experienced the greatest percentage increases. She then reviewed the transaction growth by transaction type and the number of transponders outstanding, the 2018 Operating Statistics and 2018 tolling services statistics. Ms. Heitman then reviewed revenue and budget results for 2018 with the Board, noting net revenues were at one-hundred and nine (109%) percent. She then reviewed the proportions of LPT and ExpressToll toll revenue and the overall combined ninetythree (93%) percent collection rate. Ms. Heitman addressed Commissioner Partridge s comment on the temporary tag efforts and the decrease in unbillable items as a result of the same. She then addressed the 2018 capital budget summary, noting that postponed projects explained the difference between budget and actual costs. She then reviewed the Authority s fund balances and debt service maturities and strategies for level debt service related thereto. Ms. Heitman then addressed the 2018 audit, noting the auditors met with the Finance Budget and Audit Committee before the Board meeting and projected that audit results would be presented to the Board in April or May of Commissioner Holen commended the staff in their work on the audit process. Councilmember Diak, Finance Budget and Audit Committee Chair, echoed Commissioner Holen s comments. Mr. Myers then addressed the Board regarding the 2019 Bond Transaction and the changes to the SWAP insurance requiring adoption of a bond resolution. Mr. Myers noted the memo provided by the Authority s Municipal Advisor, Michael Lund of Stifel, available on BoardPaq providing the history of the relationship with MBIA (now known National Public Finance Guarantee or NPFG) with bond insurance and SWAP insurance, and the current changes and impacts to the 2019 bond transaction and bond documents. Mr. Myers then summarized the variable rate debt terms and related matters for the Board as well as the associated interest rate SWAPs. Mr.

5 Lund then reviewed the history of the SWAPs and the insurance policies as related to the Authority s debt structure and the eventual divergence of the Authority s ratings (upgrading) and the MBIA/NPFG ratings (downgrading) over the past decade. He explained that new Authority bond sales are done without the insurance based on the Authority s strong credit. Mr. Lund addressed the current issues with the removal of MBIA/NPFG and what they are demanding based on their consent rights, impacts on the bond documents for the 2017A Bonds and the Authority s strategy and reasons to also remove the SWAP insurance now for the 2017B Bonds callable in Mr. Myers then reviewed the revised closing schedule for the 2019 transaction. Councilmember Diak moved that the Board approve the Amended and Restated Sixteenth Supplemental Bond Resolution as presented. The motion was seconded by Commissioner Holen and approved unanimously by the Board. Members of the Finance Budget and Audit Committee commended staff efforts and Mr. Lund s memo, following which Councilmember Diak commented on the rationale for the initial need and benefit of the insurance and how it allowed access to the capital markets at that time, and provided perspective on the overall value and uses of the SWAPS in reduced debt service over the long term considering the current negative fair values of the SWAPS. Executive Director Report: Mr. Smith introduced Adam Terranova, Application Development Manager and provided his history. The Board welcomed Mr. Terranova. Mr. Stewart then reported on the timing of bringing the strategic plan back to the board in April with adoption in May. Executive Session: Mayor Kreutzer moved that the Board convene in Executive session, pursuant to C.R.S., Section (4)(b) for the purpose of receiving legal advice on specific legal questions regarding the Colorado Open Records Act. Commissioner Tedesco seconded the motion, which was unanimously approved by the Board at 10:29 A.M. The executive session included all board members present, as well as Mr. Stewart and Ms. Seaver. Mayor Williams reconvened open session at 11:08 A.M. Other Business: None.

6 Adjournment: There being no further business to come before the Board, Chair Williams declared the meeting adjourned. Chair of the Meeting

7 E Calendar Committee Meetings will be convened as needed and publicly posted as prescribed by statute and resolution January 1 January 10 January 21 January 24 January 2019 New Year s Day Office Closed Martin Luther King, Jr. s Day -Office Closed Board Officer Nominations and Election Board Orientation to follow meeting Hours January Board Retreat 7:30 A.M.-5 P.M. Meeting begins at 10 A.M. July 2019 July 4 Independence Day Office Closed July 11 July 25 August 2019 August 8 August 22 February 14 February 18 February 28 February 2019 Presidents Day Office Closed September 2019 September 2 Labor Day Office Closed September 12 September 26 March 14 March 28 March 2019 October 10 October 15 To 17 October 24 October 2019 BOARD WORKSHOP 9:00 A.M. IBTTA 87th Annual Meeting and Exhibition Nova Scotia April 11 April 25 May 9 May 23 May 27 April 2019 May 2019 Memorial Day Office Closed June 2019 November 2019 November 11 Veteran s Day Office Closed November 14 November 28 Thanksgiving Office Closed and 29 December 2019 December 12 December 24 Christmas Office Closed and 25 June 13 June 27 BOARD MEETING 9:00 A.M