HomeMy WebLinkAboutMinutes - Mail Packet - 07/09/2024 - Electric Utility Enterprise Board Minutes – June 4, 2024
City Clerk
300 Laporte Avenue
P.O. Box 580
Fort Collins, CO 80521
970.221.6515
970.221-6295 - fax
fcgov.com/cityclerk
MEMORANDUM
DATE: July 2, 2024
TO: Mayor and Councilmembers
THROUGH: Kelly DiMartino, City Manager
Rupa Venkatesh, Assistant City Manager
Delynn Coldiron, City Clerk
FROM: Ann Marie Sharratt, Assistant City Clerk
RE: Enterprise Board Minutes
Attached please find the draft minutes from the June 4, 2024, meeting of the Electric
Utility Enterprise Board.
While there is no legal requirement that a Board specifically approve the minutes, we
would like the Board to review them before they are marked as approved. There are no
meetings currently scheduled for the Board where they could be formally approved.
Please review and contact agendas@fcgov.com if any corrections need to be made.
Thank you.
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June 4, 2024
ELECTRIC UTILITY ENTERPRISE BOARD
8:31 PM
A) CALL MEETING TO ORDER
B) ROLL CALL
PRESENT
President Jeni Arndt
Vice President Emily Francis
Boardmember Kelly Ohlson
Boardmember Melanie Potyondy
Boardmember Tricia Canonico
Boardmember Susan Gutowsky
ABSENT
Boardmember Julie Pignataro
STAFF PRESENT
Executive Director Kelly DiMartino
City Enterprise Attorney Carrie Daggett
Interim Secretary Heather Walls
C) ITEMS FOR CONSIDERATION
1. Consideration and Approval of the Minutes of the May 21, 2024 Board Meeting.
The purpose of this item is to approve the minutes of the May 21, 2024 Board Meeting.
Approved.
2. Items Relating to Renewal of the Epic Homes Loan Program Third-party Capital
Agreements.
A. Second Reading of Ordinance No. 016, Authorizing a First Amendment to the 2022
Loan Agreement with U.S. Bank National Association to Provide Additional Funding
for the Epic Loan Program.
B. Second Reading of Ordinance No. 017, Authorizing a First Amendment to the 2022
Loan Agreement with Zions Bancorporation, N.A., DBA Vectra Bank Colorado to
Provide Additional Funding for the Epic Loan Program.
These ordinances, unanimously adopted on First Reading on May 21, 2024, granted
approval by the Utility Enterprise Board of two ordinances authorizing extensions of loan
agreements with U.S. Bank and Vectra Bank to provide continuity in funding for the Epic
Homes Loan Program.
Epic Homes Loan is offered to Fort Collins Utilities’ customers to help fund energy
efficiency upgrades and/or solar PV and battery system projects. This program aligns
with the Our Climate Future plan by making residential electrification and renewables
more accessible to our community members, so collectively we can continue to reduce
climate pollution.
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The existing U.S. Bank agreement expires on May 31, 2024. The existing Vectra Bank
agreement expires in July 2025. Staff is proposing to renew both agreements together
now to reduce the administrative costs associated with preparing the renewals
separately and to ensure continued success with program planning and participation.
The Council Finance Committee and The Energy Board both expressed support for the
proposed agreement renewals at recent meetings.
Staff recommend renewal of the proposed U.S. Bank and Vectra Bank capital
agreements as a key component of the ongoing implementation of the Epic Homes Loan
program.
No substantive revisions were made to the AIS or the ordinances, but clarifying revisions
were made to the AIS. Because the parties continue to negotiate on final terms such as
maturity dates for the term loans, the most recent versions of the First Amendments are
included as exhibits and replace those presented on First Reading. The ordinances
allow for continued negotiations after the Board’s approval of the ordinances, subject to
changes approved by the President or the Treasurer of the Electric Utility Enterprise
Board.
No public comment or Council discussion.
Vice President Francis made a motion to adopt Ordinance No. 016 on Second
Reading Authorizing a First Amendment to the 2022 Loan Agreement with U.S.
Bank National Association to Provide Additional Funding for the Epic Loan
Program on First Reading. The motion was seconded by Boardmember Canonico.
MOTION CARRIED 6-0
AYES: President Arndt, Vice President Francis, Boardmembers Ohlson,
Potyondy, Canonico, and Gutowsky.
NAYS: None.
ABSENT: Boardmember Pignataro
Vice President Francis made a motion to adopt Ordinance No. 017 on Second
Reading Authorizing a First Amendment to the 2022 Loan Agreement with Zions
Bancorporation, N.A., DBA Vectra Bank Colorado to Provide Additional Funding
for the Epic Loan Program. The motion was seconded by Boardmember
Potyondy.
MOTION CARRIED 6-0
AYES: President Arndt, Vice President Francis, Boardmembers Ohlson,
Potyondy, Canonico, and Gutowsky.
NAYS: None.
ABSENT: Boardmember Pignataro
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D) ADJOURNMENT
The meeting adjourned at 8:36 PM.
______________________________
President
ATTEST:
______________________________
Interim Secretary
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