Public hearing followed by discussion and possible action on any and all matters regarding a proposed financing lent through the Industrial Development Authority of the City of San Luis for a proposed $35 million dollar medical mall to be located near the southwest corner of County 24^th and Avenue E in San Luis, Arizona.  This is a public hearing required by federal law.  (Glenn Gimbut, Assistant City Attorney)

A. Open Public Hearing
      1. Staff presentation
      2. Call to the Public on this Item
B. Close Public Hearing

Regional Center for Border Health, Inc., an Arizona non-profit corporation, proposes to develop a medical mall in San Luis, Arizona.  This is a $35 million dollar project that will bring good employment to San Luis.  To do this project, they propose to borrow monies using lending issued through the Industrial Development Authority of San Luis (“IDA”).   IDAs have the legal power to issue loans that are, within certain restrictions, exempt from federal and state taxes.  Therefore the interest rates paid by the borrower are more favorable than loans where interest is taxable.  By statute the city is not liable in any manner for this lending (ARS §35-742). While there are multiple lenders, monies are principally coming from USDA.  A public hearing is required to be held before the City Council since it is the elected body that created the IDA and which appoints the members of the board of directors of the IDA.  This is so that the city may hear from the public prior to any decisions that are made.  Advertisement of the public hearing was published November 7 through 10, 2018 in the Yuma Sun.  A copy of the notice is attached. 
 
 

A. I MOVE TO OPEN PUBLIC HEARING 
       1. Staff presentation
       2. Call to the Public on this Item
B. I MOVE TO CLOSE PUBLIC HEARING