[00:00:09] >>> GOOD EVENING, LADIES AND GENTLEMEN. THIS IS THE REGULAR MONTHLY MEETING OF THE CARAMEL REDEVELOPMENT COMMISSION. WE'RE HERE IN CITY COUNCIL CHAMBERS. WE DO HAVE A QUORUM OF OUR MEMBERS THAT WILL BE JOINING US. SOME ELECTRONICALLY. WE DO HAVE MYSELF AND TWO OF THE OTHER COMMISSIONERS HERE IN-PERSON. COMMISSIONER BROOKS, I THINK YOU ARE THERE ELECTRONICALLY. THERE HE IS. VERY GOOD. AND IS COMMISSIONER BOWERS GOING TO JOIN US THIS EVENING? VERY GOOD. AND I KNOW COMMISSIONER AASEN MAY OR MAY NOT, BECAUSE HIS DAUGHTER IS ILL. WITH THAT, I [1. PLEDGE OF ALLEGIANCE] WILL CALL OUR MEETING TO ORDER AND IF YOU WOULD JOIN ME IN THE PLEDGE OF ALLEGIANCE. >> I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA. AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION, UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL. >> THANK YOU VERY MUCH, [2. ANNUAL REPORT TO TAXING DISTRICTS ] COMMISSIONERS. OUR NEXT ORDER OF BUSINESS IS THE -- EXCUSE ME. THE ANNUAL REPORT TO TAXING DISTRICTS AND WE DO HAVE, YEAH, FINANCIAL ADVISER GROUP, AND SO HEIDI, THE FLOOR IS YOURS. >> WE'RE A SMALL GROUP. OKAY, THERE WE GO. FOR THOSE FOLKS ONLINE, HOPEFULLY YOU CAN SEE THE PRESENTATION ONLINE. THANK YOU FOR HAVING ME THIS EVENING. SO, AS YOU KNOW, I'M HERE EVERY YEAR ABOUT THIS TIME TO HAVE YOUR OFFICIAL ANNUAL MEETING OF THE REDEVELOPMENT COMMISSION. THIS IS REQUIRED BY INDIANA CODE. THAT REDEVELOPMENT COMMISSIONS HAVE AN ANNUAL MEETING AND AS A PART OF THAT, ALSO YOU INVITED ALL OF THE OVERLAPPING TAXING UNITS TO THIS MEETING. IT IS THE ONE TIME OF YEAR THEY HAVE THE OPPORTUNITY TO COME AND LEARN ABOUT THE DIFFERENT AREAS AND WHAT THE DIFFERENT AREAS ARE TO THE OVERLAPPING TAX UNITS. I DID CONFIRM WITH MIKE THAT IT WAS DONE, AND THERE ARE NO ONE IN THE AUDIENCE. SO, JUST WANT TO MAKE FOLKS ONLINE AWARE OF THAT. SO, WE'RE GOING TO CRUISE THROUGH THIS. AGAIN, SOME OF THESE BEGINNING SLIDES ARE ONE WE PUT IN HERE. IF THERE ARE FOLKS NOT AS FAMILIAR WITH TIF, SO THEY KNOW WHO YOU ARE AND THEY ALSO KNOW WHAT TIF IS, SO WE ALWAYS HAVE THIS EDUCATIONAL SLIDE IN HERE. YOU GUYS ARE EXPERTS ON THE TIF AREAS. REALLY, THE TWO THINGS THAT I LIKE TO POINT OUT HERE IS THAT WHEN YOU CREATE TIF AREAS, THERE ARE TWO LEGAL BOUNDARIES THAT ARE SET UP. AN EDA, WHICH IS WHERE YOU CAN SPEND THE MONEY, AND AN ALLOCATION AREA WHERE YOU COLLECT THE MONEY. SO, THOSE THINGS CAN BE, THOSE AREAS CAN BE AMENDED, CHANGED REALLY THROUGHOUT THE YEAR AS YOU SEE FIT. AND THEN THE OTHER POINT ON THE SLIDE IS THAT AS A REDEVELOPMENT DISTRICT, YOU GUYS HAVE THE AUTHORITY TO ISSUE BONDS THAT ARE PAYABLE FROM A PROPERTY TAX LEVEE OR BACK TO THE PROPERTY TAX LEVEE. JUST LIKE TO ALWAYS REMIND YOU FOLKS OF THAT AS WELL. SO, THIS NEXT SLIDE JUST IS A HIGH LEVEL EXPLANATION OF TIF AND HOW IT WORKS. WHEN YOU CREATE A TIF AREA, THERE'S A BASED ASSESSED VALUE, WHICH IS INDICATED IN THE GRAY. THE BASE ASSESS VALUE IS WITHIN THE TIF AREA, WHEN THE TIF AREA IS CREATED. THAT STAYS WITH OVERLAPPING TAXING UNITS. IT DOES GET ADJUSTED ONE TIME EVERY YEAR. SO, IF THEY ARE GOING UP IN THE COUNTY, THE BASE VALUE WILL GO UP IN COORDINATION WITH THAT. SO THAT THE TIF DOES NOT GET MORE OR LESS THAN IT SHOULD. ANYTHING ABOVE THAT BASED ASSESS VALUE IS THE ASSESSED VALUE. THAT IS WHAT THE TIF IS GENERATED FROM. ALL OF THAT ASSESS THE VALUE DOES ROLL ON TO THE TAX BASIS OF THOSE OVERLAPPING TAXING UNITS. WE ARE COMING UPON YEARS IN THE NEXT THREE YEARS, SO THAT WILL BE THE FIRST ONE THAT ROLLS OFF INTO THAT ASSESSED VALUE. THAT'S SOMETHING WE'VE BEEN IN COMMUNICATION WITH THE MAYOR AND HENRY AND MIKE SO WE CAN PLAN AHEAD ON WHAT THAT LOOKS LIKE FOR THE CITY AND ALL OF THE [00:05:02] AFFECTED UNITS. THIS SLIDE, I'M GOING TO SKIP PAST REALLY JUST STATES THAT EACH TIF AREA HAS A MATURITY DATE AND THE MATURITY DATE IS DIFFERENT FOR EVERY SINGLE TIF AREA. THAT'S SOMETHING THE COUNTY AUDITOR AND US TRACK FOR YOU. THIS SLIDE IS A SLIDE OF WHAT TIF AREAS, TIF ALLOCATION AREAS MAKE UP YOUR GENERAL TIF, OR YOUR BIG TIF. WE ADDED A FEW ON THERE THIS YEAR, AND PRETTY MUCH EVERY YEAR A FEW GET ADDED ON. SO THE BIG ANNUAL TIF REPORT THAT WE PUT TOGETHER IS IN REGARDS TO THE BIG TIF. THAT IS WHAT FUNDS THE MAJORITY OF YOUR BONDS AND SO THAT IS SOMETHING WE PROJECT OUT EVERY YEAR FOR YOU. TO MAKE SURE THAT SERVICE IS IN GOOD SHAPE. SO THAT IS JUST A LISTING FOR YOU. THERE ARE TIF AREAS THAT ARE NOT A PART OF THE BIG TIF. WE'LL COVER SOME OF THOSE AT THE END OF THIS PRESENTATION. SO, JUST A GENERAL OVERALL UPDATE FOR THIS YEAR'S TIF REPORT. THERE WERE 51 ALLOCATION AREAS THAT ARE INCLUDED IN THAT BIG TIF. PAY 26 ASSESSED VALUES ARE THE MOST RECENT ASSESSED VALUES AVAILABLE THAT WE USED. WE DID, FOR THE FIRST TIME THIS YEAR, DUE TO THE SENATE ENROLLED ACT ONE IMPLEMENT THE NEW DEDUCTIONS ON THE ASSESSED VALUES THAT ARE IN PLACE. AND SO THAT WAS A HUGE LIFT FOR US TO GET THAT IMPLEMENTED IN. IF YOU ARE FAMILIAR WITH SCA1 AT ALL, THOSE NEW DEDUCTIONS AFFECT THE 1% HOMESTEAD PROPERTIES AND THE 2% PROPERTIES THE MOST. THERE'S A BRAND-NEW AUTOMATIC DEDUCTION ON 2% PROPERTIES THAT WAS NOT THERE BEFORE AT ALL. IT INCREASES OUT TO 2031, SO THINK OF ALL YOUR APARTMENT PROJECTS. ALL OF THOSE GET A BRAND-NEW DEDUCTION. THAT IS AUTOMATIC. NOTHING YOU GUYS APPROVE. IT JUST GOES INTO PLACE. YOUR SENIOR LIVING FACILITIES ALSO ARE THOSE 2% PROPERTIES, AUTOMATICALLY GO INTO PLACE. AGAIN, THAT WAS A PRETTY BIG IMPACT AND WE'LL TALK ABOUT LATER IN THE REPORT. WE DID GET THAT IMPLEMENTED ON THE ASSESSED VALUE SIDE. ON THE TAX RATE SIDE, WE DID ASSUME THE 2025 TAX RATE. SO YOU'LL SEE IN THE VERY LAST BULLET POINT. AT THIS POINT IN TIME, WE HAVE NOT MADE ANY ASSUMPTION OR CHANGES FOR THE TAX RATE IMPACTS. SO, NORMALLY, WHEN ASSESSED VALUES GO DOWN, BECAUSE OF NEW DEDUCTIONS, THE TAX RATE SHOULD COME UP. THERE IS ANOTHER PART OF SCA1 THAT REQUIRES A SECOND TIF NEUTRALIZATION. SO THE TIF AREAS DON'T BENEFIT ARTIFICIALLY FROM THESE NEW DEDUCTIONS THAT THE LEGISLATURE PUT INTO PLACE. WE ARE WORKING WITH THEM RIGHT NOW TO UNDERSTAND WHAT THAT MEANS AND WHAT THAT LOOKS LIKE, SO WE CAN MAKE THE APPROPRIATE ASSUMPTIONS. WE LEFT THAT TAX RATE LEVEL AT 2025. THERE ARE A HANDFUL OF APPEALS THAT WERE OUTSTANDING WHEN WE DID THE TIF REPORT. THEY HAVE SLOWLY BEEN WORKED THROUGH. FOR THOSE APPEALS, WE HAVE ASSUMED 15% OF THE GROSS AV WILL BE WHAT THE AV GOES DOWN BY. WE STILL DO HAVE SOME MERIDIAN CORRIDOR OFFICE BUILDING VACANCY BUILT IN. FROM 2027 TO 2034. AND THEN WE ROLL BACK ON TO NORMAL. WE'LL SEE, WE JUST KEEP WATCHING THAT EACH YEAR TO SEE WHAT THE IMPACTS ARE GOING TO BE. AND THEN WE MEET WITH THE DEPARTMENT OF COMMUNITY SERVICES EVERY YEAR. WE GO THROUGH EVERY SINGLE TIF AREA. EVERY PARCEL IN THE CITY AND FIGURE OUT WHAT GROWTH IS GOING TO HAPPEN ON THAT. AND IF WE SHOULD ASSUME ANY GROWTH IN THE TIF REPORT. OUTSIDE OF KNOWN DEVELOPMENT PROJECTS. SO, THOSE ARE ALL THE VARIOUS MOVING PARTS IN THE TIF REPORT, AND AGAIN, SEA-1 WAS THE BIGGEST TO GET THAT IMPLEMENTED. A LISTING OF ALL OF THE OUTSTANDING DISTRICT OBLIGATIONS. THE 2012 REFUNDING BONDS. THEY MATURED AT THE BEGINNING OF THIS CALENDAR YEAR. ALL OF THIS STAYED THE SAME. THE NEXT SLIDE IS SLIDE 9, IS ON THE REVENUE DEPOSIT AGREEMENT. THIS SLIDE ALSO HAS NOT CHANGED FROM LAST YEAR. THIS JUST BASICALLY LAYS OUT THE REQUIREMENTS TO THE OUTSTANDING BONDHOLDERS AS FAR AS THEIR PRIORITY OF PAYMENT AND THE USAGE OF TIF. SO AGAIN, THIS HAS NOT CHANGED SINCE 2023. TYPICALLY, THIS GETS AMENDED WHENEVER BONDS ARE CONSIDERED OR IF THERE'S BEEN A SIGNIFICANT AMOUNT OF TIF AREAS THAT WE NEED TO ADD IN THE DEPOSIT AGREEMENT. SO JUST ALWAYS LIKE TO REMIND EVERYONE OF THIS ONE. THE NEXT SLIDE ON SLIDE 10 GOES BACK TO THE SEA-1 IMPACTS. THE CHANGE TO THE PROPERTIES WAS THE BIGGEST CHANGE FOR YOU GUYS. AND WE HAVE [00:10:06] ESTIMATED THAT FROM 2026 THROUGH 2043, THAT THE REDUCTION IN TIF REVENUE IS $43 MILLION. THAT'S ACTUAL DOLLARS. SO THAT IS REAL MONEY TO YOU GUYS. I WANTED TO PUT THAT OUT THERE AND MAKE SURE YOU ARE AWARE. AGAIN, THAT IS US ASSUMING THAT TAX RATE STAYS THE SAME. SO, THAT IS A PRETTY SIGNIFICANT LOSS. BUT YOUR DEBT IS STILL COVERED, WHICH IS THE MOST IMPORTANT PIECE. WHICH IS ON THE NEXT SLIDE. SLIDE 11, WHICH YOU ARE ALL PROBABLY PRETTY FAMILIAR WITH. SO WE'RE SHOWING THIS SLIDE A LITTLE BIT DIFFERENTLY THIS YEAR. IF YOU LOOK AT THE SHADED AREA IN THE BACKGROUND, THE DARKER GRAY IS THE 2024, LAST YEAR'S TIF REPORT. AND THEN THE LIGHTER SHADED GRAY IS THIS YEAR'S 2025 TIF REPORT. WE WANTED TO LAY THOSE SIDE BY SIDE SO YOU CAN SEE WHAT THOSE IMPACTS CHANGES ARE. I AM A VISUAL PERSON, BELIEVE IT OR NOT, I LIKE TO SEE IT LAYED NEXT TO EACH OTHER SO YOU CAN SEE ON AN ANNUAL BASIS WHAT THAT LOOKS LIKE AND WHEN THAT STARTS TO HIT THE MOST. SO, AGAIN, YOU CAN SEE THE DEBT IS COVERED. IN THE LIGHT SHADED GRAY. WHEN YOU COMPARE IT TO THE BARS. THE BARS ARE THE OUTSTANDING DEBT SERVICE. SO, GOOD THAT THE DEBT IS COVERED. NOT SO GREAT THAT IT IS JUST A LITTLE BIT TIGHTER AS FAR AS USING TIF FOR FUTURE PROJECTS JUST BECAME TIGHTER. SO, ANY QUESTIONS SO FAR? I KNOW I'M CRUISING THROUGH THIS. OKAY. MOVING ALONG, IT STARTS TO GO OVER THE DEVELOPER TIF AREAS ON SLIDE 12. THIS IS JUST A SUMMARY OF ALL OF THE DEVELOPER TIF PROJECTS THAT HAVE TIF SPLITS. AND IF YOU LOOK IN THE TIF SPLIT COLUMN, THE FIRST NUMBER IS WHAT THE PERCENTAGE IS THAT GOES TO THE DEVELOPER. AND THE SECOND NUMBER IS A PERCENTAGE OF THE TIF THAT GOES TO THE CITY. SO THE DEVELOPER GETS 75% OF THE TIF AND THE CITY GETS 75% OF THE TIF. AND IF YOU KEEP GOING TO THE RIGHT HAND SIDE, YOU CAN SEE THE TIF REVENUE. THOSE ARE REVENUES RECEIVED IN 2025. AND WE JUST GOT SETTLEMENT INFORMATION YESTERDAY, OR THE DAY BEFORE. I THINK IT WAS YESTERDAY. WE WERE JUST FINALIZING THESE SLIDES. YOU CAN SEE THE CRC PORTION FOR EACH ONE OF THE TIF AREAS AND YOU CAN SEE THE DEVELOPER PORTION. ON MOST OF THESE, THE DEVELOPER TIF COLUMN IS REALLY HOW MUCH THE DEVELOPER GETS. THE DEBT PAYMENT COLUMN, JUST REPRESENTS WHAT WE WERE ORIGINALLY PROJECTING THE DEBT SERVICE TO BE. YOU CAN SEE DOWN STARTING AT ERS, OLD MERIDIEN AND 111TH AND PENN. WHEREVER THERE ARE DATES, LIKE 2026, 2027, 2029, THAT IS WHEN THE TIF, THE FIRST TIF WE ARE ESTIMATING TO BE RECEIVED WILL BE COMING IN. SO THOSE ARE ALL PROJECTIONS AT THIS POINT. NEXT SLIDE ON SLIDE 13 ARE DEVELOPER TIF AREAS WHERE 100% OF THE TIF COMES TO THE CITY. YOU CAN SEE EACH ONE OF THOSE LISTED OUT THERE. AGAIN, 100% OF THAT COMES TO THE CITY AND THEN YOU CAN SEE ON THE RIGHT HAND SIDE, HOW MUCH EACH ONE OF THOSE TIF AREAS ARE GENERATING. AGAIN, IF THERE IS A YEAR IN THAT ESTIMATED FIRST TAXES PAY YEAR COLUMN, LIKE 2028, THAT IS WHEN WE ARE ANTICIPATING THAT FIRST TIF COMING IN THE DOOR. AND THAT'S JUST A PROJECTION. AND THEN THE NEXT SLIDE IS THE MORE DEVELOPER PROJECTS, WHERE 100% OF THE TIF IS GOING TO THE DEVELOPER. SO YOU CAN SEE EACH ONE OF THOSE, AND THE CORRESPONDING DEBT PAYMENTS THAT ARE IN PLACE FOR THOSE. FOR THE COURTYARDS OF CARAMEL, THAT IS 100% TO THE DEVELOPER UNTIL THOSE BONDS ARE PAID OFF, AND THEN THAT TIF WILL COME BACK TO THE CITY. SO THAT IS PRETTY SHORT BOND ISSUE. SO, REALLY NOTHING SURPRISING HERE. REALLY NO CRAZY CHANGES IN THE AMOUNT OF TIFS, THE TIF WE WERE PROJECTING, WHICH IS GREAT. THE NEXT COUPLE OF SLIDES ARE NONBIG TIF AREAS THAT YOU HAVE OBLIGATIONS OUTSTANDING FOR. WE LIKE TO HIGHLIGHT EACH YEAR. THESE FIRST TWO ARE FOR THE CITY CENTER 2 PROJECTS AND THE TWO BOND ISSUES WE HAVE OUTSTANDING FOR THOSE. YOU CAN SEE THE ORIGINAL PRINCIPLE AMOUNT FOR EACH ONE OF THOSE BONDS AND ALSO THE FINAL MATURITY. WE LIST OUT THE SECURITY ON EACH ONE OF THOSE BONDS SO YOU KNOW AND HAVE A QUICK REFERENCE DOCUMENT. ALL OF THESE DO HAVE PAYMENT, IN ADDITION TO TAXES. IF THE TAXES COME IN LESS THAN WHAT WE WERE PROJECTING, THE DEVELOPER IS RESPONSIBLE FOR PAYING THE [00:15:02] ADDITIONAL TAX. THEY HAVE DEVELOPER GUARANTEES IN ADDITION TO SOME OF THEM HAVING THE SBT, THE PROPERTY TAX BACKUP ON THEM. SEVERAL LAYERS OF SECURITY ON ALL OF THESE, SO IT IS NEVER BECOMES A CITY PROBLEM. THE NEXT SLIDE ON SLIDE 16 ARE FOR THE MIDTOWN AND MIDTOWN WEST BOND ISSUES THAT ARE OUTSTANDING. AGAIN, WE LIST ALL OF THOSE BONDS OUTSTANDING, WHICH PROJECTS THEY FUNDED. IF ANYONE EVER COMES AND ASKS YOU QUESTIONS, YOU HAVE THIS AT YOUR FINGERTIPS. HOW MUCH PRINCIPLE IS OUTSTANDING WHEN THOSE MATURE AND THOSE SECURITIES BACKING EACH ONE OF THOSE. AGAIN, EACH ONE OF THESE HAVE PIAT ATTS IN PLACE. THE PROPERTY TAX WILL NOT BE LEVEED. ONE REQUIREMENT GOING INTO THE LAST COUPLE OF SLIDES HERE. ONE REQUIREMENT OF THIS MEETING IS THAT YOU TALK ABOUT THE IMPACT TO THE OVERLAPPING TAXING UNITS, WHICH IS WHY THEY ARE INVITED TO THIS MEETING. AND EVERY ONE OF YOUR TIF AREAS THAT WE HAVE ESTABLISHED MEETS THE OVERLAPPING TAXING UNITS ARE NOT IMPACTED. THE TEST IS SOMETHING THAT IS DONE IN ALL 49 STATES THAT HAVE TIF AREAS. THE TEST IS REQUIRED IF THE INCENTIVE, THE TIF INCENTIVE IS USED TO FUND A PROJECT THAT WOULD NOT OTHERWISE HAPPEN. SO ALL OF YOUR TIF AREAS HAVE MET THE TEST. THEREFORE, NONE OF THE OVERLAPPING TAXING UNITS HAVE BEEN AFFECTED. THE SCHOOLS HAVE BEEN POSITIVELY IMPACTED. AS YOU MIGHT RECALL, THE SCHOOL REFERENDUM RATES CANNOT BE CAPTURED AS TIF REVENUE. SO THE SCHOOL REFERENDUM GETS THE 2.7 BILLION OF INCRIMINATEAL ASSESSED VALUE TOWARD THEIR TAX BASE TO CALCULATE THEIR REVENUE. SO THE SCHOOL GETS 6.5 MILLION A YEAR. JUST FROM THE REVENUE GENERATED FROM YOUR INCRIMINATE ASSESSED VALUE. THAT 6.5 OF THAT MILLION, COMES TO THEM FROM YOU GUYS. SO, SCHOOLS LOVE THE TIF AREAS, AS YOU CAN SEE. SO, THAT'S A DIRECT REVENUE BENEFIT FOR THEM. SO, THAT IS REALLY THE END OF MY PRESENTATION. AS YOU GUYS KNOW, ECONOMIC DEVELOPMENT DOES BENEFIT ALL PARTIES. YOU GUYS ARE THE SHINING EXAMPLE OF HOW TIF SHOULD BE USED IN THE STATE OF INDIANA, AND PEOPLE PROBABLY GET ANNOYED WITH ME TALKING ABOUT YOUR SUCCESS, BUT YOU HAVE DONE IT RIGHT AND REALLY HAVE STRATEGIZED IT WELL. SO, KUDOS TO YOU FOR ALL OF YOUR HARD WORK AND MIKE AND HENRY FOR THEIR HARD WORK, AND THE CITY. THAT IS ALL I HAVE. >> HEIDI, THANK YOU VERY MUCH. VERY GOOD REPORT AND VERY DIFFICULT TIMES. THANK YOU. GENTLEMAN, QUESTIONS OF HEIDI REGARDING THE REPORT? >> WELL, SEEING NONE, I WILL AGAIN THANK YOU. YEAH, GO AHEAD, PLEASE. >> YEAH, ON THE LAST CHART, THE SCHOOL REFERENDUM AND TIF, COULD YOU EXPLAIN THAT AGAIN? THE CARMEL TIF CAPTURED AV? >> YES. SO THE CARMEL TIF CAPTURED ASSESSED VALUE LINE ITEM OF $2.7 BILLION. THAT IS ASSESSED VALUE THAT IS BEING CAPTURED WITHIN THE TIF AREAS RIGHT NOW. THAT GOES INTO THE CALCULATION OF THE SCHOOL REFERENDUM. BECAUSE THE TIF DOES NOT CAPTURE THE 24% RATE THE REFERENDUM HAS OUTSTANDING. THE RATE IS 24, THAT'S WHAT THEY HAVE IN PLACE. SO, IF YOU TAKE THE CAPTURED ASSESSED VALUE TIMES THE TAX RATE GETS YOU $6.5 MILLION OF REVENUE, DIRECT REVENUE TO THE SCHOOL CORPORATION TO USE ON THE TWO, REALLY FOR ANY PURPOSE. >> OKAY. >> YEAH. SO, IT'S A LOVELY REVENUE STREAM. AS LONG AS THEY KEEP THE REFERENDUM RATE IN PLACE, THEY WILL CONTINUE TO GET THAT REVENUE. SO S OUR FIRM REPRESENTS THE SCHOOL CORPORATION AND SO NORMALLY, WE ARE WORKING AND COORDINATING WITH EACH OTHER SO THEY KNOW, YOU KNOW, WHAT TIF AREAS ARE GOING TO ROLL OFF, SO THEY CAN ANTICIPATE HOW THIS MIGHT CHANGE, BECAUSE IT IS UNFORTUNATELY NOT AN ON GOING REVENUE STREAM FOR THEM AS THE TIF AREAS ROLL OFF. BUT GROWTH KEEPS HAPPENING, SO THAT'S GOOD. >> THANK YOU. >> YEAH. >> OTHER QUESTIONS AT THIS POINT? MIKE, HOPEFULLY, WHAT WE WILL DO IS AS WE LOOK AT THE OUTSTANDING DEBT THAT WE HAVE OUT THERE, WE NEED TO SEE, ARE THERE SOME OF OUR BONDS THAT CAN BE REFUNDED TO BETTER RATES AND THAT SORT OF THING, TO SEE IF WE CAN, THIS LOOKS PROMISING. LOOKS LIKE WE'LL BE ABLE TO MAKE ALL OF OUR DEBT SERVICE PAYMENTS AND THOSE KINDS OF THINGS. PLUS, WE [00:20:03] HAVE THE RESERVE, WHICH I THINK IS VERY IMPORTANT AS WELL. BUT, TO THE EXTENT WE CAN SEE SAVINGS, WE NEED TO BE LOOKING FOR THOSE. >> ABSOLUTELY. WE'RE DOING THAT RIGHT NOW. I'LL TELL YOU AT THE END OF '26, WE'RE LOOKING TO COMPLETELY TAKE OUT THE 2016 SEA BONDS. THAT WILL TAKE US ABOUT $2 MILLION IN INTEREST OVER THE LIFE OF THOSE BONDS. >> EXCELLENT. GOOD. GOOD, GOOD. WELL, LET'S SEE. HEIDI, AGAIN, THANK YOU FOR ALL YOUR WORK, AND WE APPRECIATE THAT. WE WILL NOW [3. APPROVAL OF MINUTES ] MOVE ON TO THE APPROVAL OF THE MINUTES OF OUR NOVEMBER 19, MEETING. ARE THERE ANY CORRECTIONS OR ADDITIONS TO THE DRAFT MINUTES THAT WERE PROVIDED TO YOU? >> I MOVE APPROVAL. >> THANK YOU VERY MUCH. COMMISSIONER BROOKS. WE NEED A SECOND. >> JUST TURNING MY MICROPHONE ON. I SECOND. >> THANK YOU. SECOND ON THE APPROVAL OF THE MINUTES, PLEASE. >> HE DID. >> HE DID, GOOD, OKAY. IT'S BEEN MOVED AND SECONDED. WOULD YOU DO THE ROLL, PLEASE? >> PRESIDENT HAMER. >> AYE. >> SECRETARY BROOKS. >> AYE. [4.a. Cash Flow Report ] >> COMMISSIONER SCHALLIOL. >> AYE. >> IT IS APPROVED. THANK YOU VERY MUCH, GENTLEMAN. WE WILL NOW MOVE ON TO FINANCIAL MATTERS. AND MR. LEE, THE CASH FLOW REPORT. >> THANK YOU. FOR NOVEMBER, THE COMMISSIONS END OF MONTH BALANCE WAS $8,742,015. WITH THE RESTRICTED FUNDS, IT WAS $20,919, 475. WE DID YESTERDAY RECEIVE OUR TIF. IT CAME IN SLIGHTLY LESS THAN WHAT WE HAD BUDGETED FOR THE WHOLE YEAR. THAT IS SLIGHTLY DUE TO IMPACTS FROM THE ESTIMATES WE THOUGHT WERE GOING TO HIT US IN '26 RATHER THAN '25. OVERALL, PERFORMING REALLY WELL AND WE'LL HAVE A STRONG BALANCE GOING INTO NEXT YEAR. >> VERY GOOD. ANY QUESTIONS REGARDING THE FINANCIAL REPORT? [4.b. Approval of Claims ] SEEING NONE, WE WILL MOVE ON THEN TO THE APPROVAL OF CLAIMS. AND ONCE AGAIN, MR. LEE. >> WE HAVE TWO SETS OF CLAIMS BEFORE YOU TONIGHT. ONE FROM NONOPERATE WILLING EXPENSES IN THE AMOUNT OF 16, 800,400. YOU ALSO HAVE FROM THE TIF BONDS. 19,120. PLEASE LET ME KNOW IF YOU HAVE ANY QUESTIONS. >> ANY QUESTIONS ABOUT THE CLAIMS BEFORE US? OBVIOUSLY, IT IS A LITTLE BIT LARGER NUMBER THAN WE USUALLY SEE BECAUSE OF THE BOND PAYMENTS. SOME ANNUAL BOND PAYMENTS. ANY QUESTIONS, GENTLEMAN? IF NOT, THE CHAIR WILL ENTERTAIN A MOTION OF APPROVAL. >> SO MOVED. >> SECOND. >> OKAY, VERY GOOD. THANK YOU VERY MUCH. WOULD YOU CALL THE ROLL, PLEASE. >> PRESIDENT HAMER. >> AYE. >> SECRETARY BROOKS. >> AYE. >> COMMISSIONER SCHALLIOL. >> AYE. [5. EXECUTIVE DIRECTOR REPORT ] >> IT IS APPROVED. THANK YOU VERY MUCH, GENTLEMAN. WE WILL NOW MOVE ON TO THE EXECUTIVE DIRECTOR'S REPORT. MR. DIRECTOR. >> HI, EVERYONE. ALL RIGHT. CAN EVERYONE SEE MY SCREEN? >> YUP. >> YES. >> COOL. I'LL JUST BRIEFLY GO THROUGH THE ACTIVITIES FOR THE YEAR. FOR THE LAST MONTH. WORK CONTINUES ON THE REN. IT INCLUDES AN EXPANSION OF AN INDUSTRY THAT OPENED THIS WEEK. IT'S 20,000 FEET OF FLEX OFFICE SPACE, WHICH IS PRETTY GREAT. THAT CONSTRUCTION CONTINUES. LOTS OF WORK BEING DONE NORTH. THESE DRONE SHOTS LOOK PRETTY GREAT. NOW OPEN, IT'S A NEW SUSHI PLACE IN THE CORNER. HOPEFULLY EVERYONE HAS A CHANCE TO CHECK IT OUT. THE CONDOS ARE DOING REALLY WELL. MOST OF THEM ARE SOLD OUT. AND THIS DRONE SHOT ALSO CAPTURES HOW BEAUTIFUL THE FACADE LOOKS. THE REPUBLIC HEADQUARTERS CONTINUES ITS EXPANSION. AND I ALSO WANT TO NOTE, ICON ON MAIN IS MOVING FORWARD. YOU CAN SEE HOW LARGE THE BUILDING IS ALREADY. THEY WILL BE SPENDING MOST OF 2026 FINISHING IT UP AND BUILDING OUT THE PLAZA. ON THE AT&T SITE, LOTS OF WORK BEING DONE. THOSE BUILDINGS LOOK AMAZING. WE'LL HAVE AN ADD-ON ITEM TODAY THAT I'LL DISCUSS IN A MINUTE. WE'LL [00:25:02] BE DISCUSSING THE THIRD AVENUE RESIDENCES, WHICH YOU CAN SEE PICTURED HERE ON YOUR RIGHT. AND WE'LL GET INTO THAT MORE SO WITH LARISSA IN A BIT. LOTS OF GREAT PROGRESS GOING ON. THOSE MATERIALS ARE STARTING TO GET PUT ON. WORK CONTINUES BEHIND THE SCENES. AND THAT CONCLUDES MY REPORT. AND I'M HAPPY TO ANSWER ANY QUESTIONS FOR THE COMMISSIONERS. >> THANK YOU MR. DIRECTOR. QUESTIONS FOR THE DIRECTOR? WITH REGARD TO HIS REPORT? SEEING NONE, WE THANK YOU FOR YOUR [6. COMMITTEE REPORTS ] REPORT THIS EVENING. WE HAVE COMMITTEE REPORTS. COMMISSIONER BROOKS, WHAT DO YOU HAVE TO REPORT FROM THE ARCHITECTURAL COMMITTEE? >> WELL, I BELIEVE WE'RE GOING TO REQUEST OTHER BUSINESS ITEM AND OUR SENIOR PROJECT MANAGER WAS GOING TO BRIEF US ON THE THIRD AVENUE RESIDENTIAL PROJECT. IS THAT CORRECT? >> THAT IS ALL CORRECT. THAT'S RIGHT. TH REQUEST IS TO HAVE AN ADD-ON ITEM, WHERE WE WILL HAVE THE ARCHITECTURAL REVIEW OF THAT SPECIFIC PROJECT. >> VERY GOOD. >> MR. AASEN HAD AN ILLNESS IN HIS FAMILY AND COULDN'T BE WITH YOU TO DO THE ARCHITECTURAL REVIEW COMMITTEE. SO WE WILL LOOK TO DO UNDER OLD BUSINESS, THE COMMITTEE OF THE WHOLE TO LOOK AT THE PROJECT THAT IS BEFORE US. SO, THANK YOU COMMISSIONER BROOKS. >> WERE WE ABLE TO GET A READING ON WHETHER WE COULD APPROVE THE MINUTES AT THIS MEETING? >> YES. >> WE CAN? >> THE COMMITTEE AS A WHOLE CAN DO IT. LET'S DO THAT AS ITEM 5, IF EVERYONE IS COMFORTABLE WITH THAT. >> WE DISCUSSED THIS WITH COUNCIL. IT NEEDS TO GO TO THE NEXT COMMITTEE MEETING. WE'RE GOING TO APPROVE THE ITEM AND NOT MINUTES. THE MINUTES WILL GO TO THE NEXT MEETING. >> OKAY, FANTASTIC. THANKS, MIKE. >> WITH THAT, WE WILL MOVE ON TO OLD BUSINESS, UNLESS ANYBODY HAS A QUESTION FOR COMMISSIONER BROOKS. THERE IS NO BUSINESS THIS EVENING, AM I CORRECT? [8. NEW BUSINESS ] >> CORRECT. NO BUSINESS. >> VERY GOOD. WE WILL MOVE ON THEN TO NEW BUSINESS. AND OUR FIRST ACTION ITEM IS THE APPROVAL OF OUR BUDGET FOR THE UPCOMING CALENDAR YEAR. AND MR. LEE. >> THANK YOU. BEFORE YOU THE 2026 BUDGET FOR THE CRC, THIS IS UPDATED FROM THE PACKET THAT I HAD SENT YOU LAST WEEK. SO THE MAIN CHANGE HERE IS THE BEGINNING AND ENDING BALANCE. SO, THE BEGINNING BALANCE NOW THAT WE KNOW OUR TIF FOR THIS YEAR. 4.8MILLION. AFTER THAT, BELOW THAT WE HAVE THE TIF RECEIPTS. THAT IS OUR TOTAL NET INCRIMINATE AFTER CONSIDERING THE DEVELOPER PASS THROUGHS, AND RECEIVING THE PAYMENTS. THIS ALSO INCLUDES ALL THE PROJECTIONS THAT HEIDI MENTIONED IN HER REPORT, WE KNOW THE UPDATES FROM SEA1. THAT NUMBER, 35.4 MILLION FOR NEXT YEAR. AFTER THAT, THE FIRST THING WE HAVE TO DO IS TAKE SOME OF THAT TIF AND PUT IT IN THE RESERVES, THAT HEIDI MENTIONED. SO THERE'S ABOUT $1.6 MILLION THAT NEEDS TO GO INTO THAT SUPPLEMENTAL RESERVE, AND ALSO ABOUT $282,000 THAT WILL GO INTO THE BOND RESERVES FOR THE CITY CENTER PHASE 2, THE MIDTOWN EAST AND THE MIDTOWN WEST BONDS. SO THAT RIGHT THERE, ALL OF OUR DEBT SERVICE THAT WE WENT OVER IN THAT PRESENTATION, WHICH TOTALS ABOUT $34 MILLION FOR NEXT YEAR. SO, IF YOU JUST TAKE THAT, THE TIF THAT WE'RE GOING TO RECEIVE, LESS THE DEBT SERVICE, AND INCLUDE THE RESERVES, THAT GETS YOU NEGATIVE $628,000. AGAIN, REMEMBER THAT WE HAVE A $4.8 MILLION BEGINNING BALANCE. AFTER THAT, WE HAVE REVENUES THAT ARE NOT TIF RELATED FOR THE ENERGY CENTER. WE HAVE THAT, AND ALSO MISCELLANEOUS RECEIPTS, WHICH IS MOSTLY THE BARINGTON PILOT PAYMENTS. ALL OF THE NONTIF RECEIPTS TOTAL $1.2 MILLION. AFTER THAT, WE GET INTO OUR EXPENDITURES. AND FIRST SECTION THERE IS PROFESSIONAL FEES. UNDER LEGAL FEES, THIS LINE ITEM HAS TRADITIONALLY BEEN $400 TO $500,000. WE REDUCED THAT LATELY OVER THE PAST COUPLE OF YEARS. SO WE FEEL COMFORTABLE BEING CLOSER TO $300,000, REALLY IN THIS, WE HAVE $290,000 FOR NEXT [00:30:03] YEAR. THE ARCHITECTURAL ENGINEERING FEES, WE HAVE $100,000. THAT'S A PLACE HOLDER MORE THAN ANYTHING, JUST IN CASE A PROJECT COMES UP. WE DON'T HAVE ANYTHING IN THE BOOKS RIGHT NOW WHERE WE NEED TO HAVE THAT $100,000. IT'S JUST A PLACE HOLDER. ACCOUNTING FEES. THIS IS KIND OF A CONE SERVETIVE CONSERVATIVE ESTIMATE. THIS WILL PROBABLY BE SOMEWHERE IN THE $100 TO $125,000 FOR NEXT YEAR IS MY GUESS. WE HAVE OUR MISCELLANEOUS PROFESSIONAL FEES. ABOUT $146,000. THAT TAKES OUR PROFESSIONAL FEES DOWN TO $686,000. AFTER THAT, WE HAVE OUR CAPITAL IMPROVEMENTS. AND IN THERE, THERE ARE SEVERAL THINGS. THERE'S THE ATT CONTRIBUTIONS, SO THAT'S A CONTRACT CONTRIBUTION WE HAVE TO HAVE THAT WILL PROBABLY HAVE IT NEXT YEAR FOR $500,000. WE ALSO HAVE SEVERAL OTHER CONTRIBUTIONS IN HERE TO OTHER PROJECTS THAT MAY OCCUR. INCLUDING THE ONES THAT WE'LL BE TALKING ABOUT LATER TONIGHT FOR THE ALLOCATION AREAS, WHERE INSTEAD OF HAVING A BOND, WE JUST HAVE A CONTRIBUTION TO THE PROJECT THROUGH, SO WE DON'T HAVE TO ISSUE A BOND AND WE CAN COLLECT THE TIF DIRECTLY INSTEAD OF ISSUING A DEBT ISSUE. AND THEN WE HAVE THE SCULPTURE BALANCE FOR THE SCULPTURE THAT WILL GO OUTSIDE THE HIGH SCHOOL. THAT IS SOMETHING THAT WAS ORIGINALLY GOING TO BE DONE THIS YEAR, BUT LOOKS LIKE THE BALANCE IS GOING TO BE MOVED TO NEXT YEAR OF $323,000. THAT LAST ITEM ON THERE, THE REPURCHASE OF LAND, THAT'S A CONTINGENT LIABILITY. THAT'S THERE IN CASE WE NEED TO. I DON'T THINK WE WILL NEED TO HAVE THAT FOR NEXT YEAR. BUT WE HAVE THAT IN THERE JUST TO BE CONSERVATIVE. OUR CAPITAL IMPROVEMENT PROJECTS, IT'S REALLY MORE LIKE $1.5 MILLION. SO, AFTER THAT, ALL OF OUR EXPENDITURES THAT ARE TIF RELATED IS $3.3 MILLION. WE HAVE OTHER EXPENDTURES AROUND $258,000. THAT INCLUDING THE BEGINNING BALANCE AND OUR RECEIPTS, OUR YEAR END BALANCE IS $1.8 MILLION. THAT INCLUDES THE CONTINGENT LIABILITY. WE DON'T HAVE THAT NEXT YEAR, IT WILL BE CLOSER TO $3 MILLION FOR THE END OF THE YEAR. INCLUDING ALL OF OUR RESERVES, WE EXPECT NEXT YEAR'S ENDING BALANCE TO BE ABOUT $17,6640,000. LET ME KNOW IF YOU HAVE ANY QUESTIONS. >> THANK YOU, MR. LEE. COMMISSIONER. >> SO, HOW DOES THE YEAR END BALANCE COMPARE TO LAST YEARS? >> IT ALWAYS INCREASES. >> THE RESERVES GO UP. >> OUR OVERALL CASH BALANCE IS GOING DOWN AND SO THE RESERVES ARE GOING UP. SO IT KIND OF EVENS OUT A LITTLE BIT. I THINK RIGHT NOW, OUR BALANCE IS CLOSE TO $20 MILLION. WITH THE RESERVES. SO, YOU CAN SEE GOING DOWN TO $17 MILLION. IT WILL REDUCE. THAT IS PRIMARILY FROM OUR CASH AND NOT FROM OUR RESERVES. OUR RESERVES WILL BE GOING UP. WE'RE MEETING AND WE'LL BE ABOUT $2.5 MILLION LESS OVERALL NEXT YEAR. >> LONGER HAUL, IT'S NOT A GOOD TREND TO SEE US REDUCE OUR CASH BALANCES, EVEN WITH THE ADDITION TO THE CAPITAL NOT BEING CHARGE THE NEXT YEAR. >> YEAH. THIS NEXT YEAR IS ONE OF THE TIGHT YEARS. NEXT YEAR AND '27, ONCE WE GET THROUGH THOSE, IT WILL DEFINITELY FLOW BETTER. THESE ARE THE THREE TIGHT YEARS. >> YEAH. >> OTHER QUESTIONS FOR MR. LEE? SEEING NONE. IF IT'S YOUR PLEASURE, GENTLEMAN, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL OF THE 2026 BUDGET PROPOSAL. >> SECOND. >> THANK YOU, COMMISSIONER. MR. BROOKS. >> SECOND. >> AND HAS SECONDED. IF YOU WOULD CALL THE ROLL, PLEASE. >> PRESIDENT HAMMER. >> SECRETARY BROOKS. >> AYE. >> COMMISSIONER SCHALLIOL. >> AYE. >> IT IS APPROVED. THANK YOU VERY MUCH, GENTLEMAN. WE WILL NOW MOVE ON TO OUR ACTION ITEM NUMBER TWO, WHICH IS RESOLUTION 2025-22. AND THIS IS THE FLOOR RESIDENTIAL HOUSING ALLOCATION AREA. ONCE AGAIN, MR. LEE. >> THANK YOU. SO YOU HAVE THREE RESOLUTIONS BEFORE YOU TONIGHT REGARDING HOUSING ALLOCATION AREAS. I JUST WANT TO STATE BEFORE WE GET INTO EACH ONE OF THEM INDIVIDUALLY, THAT I WANT TO MENTION WE HAVE RESIDENTIAL HOUSING ALLOCATION AREAS. [00:35:02] THERE'S ONE ADDITIONAL STEP. SO WITH THAT, THE STATE STATUTE REQUIRES TO HOLD A MEETING WHERE WE INVITE ALL OF THE POTENTIALLY AFFECTED PARTIES WITHIN THESE PROPOSED AREAS AS WELL AS TO ALL THE DIFFERENT TAXING UNITS. AND THE SCHOOL SUPERINTENDENT TO DISCUSS THE PROJECT AND ANSWER ANY QUESTIONS THAT THEY MAY HAVE. WE HELD THAT MEETING AT 6:00, IN THE SAME ROOM EARLIER TODAY. WE SENT OUT THE NOTICES TO EVERYONE. I WANT TO MAKE SURE EVERYONE CAN NOTE THAT FIRST STEP HAS ALREADY OCCURRED AND CHECKING THAT BOX. SO THIS FIRST ALLOCATION AREA IS LOCATED JUST NORTH OF 465 AND WEST OF SPRINGVILLE. WE ALREADY CREATED ALLOCATION AREA FOR OUR CONSTRUCTION UNITS. AS PART OF SETTING UP THAT ALLOCATION AREA, WE'LL CONTRIBUTE A CERTAIN AMOUNT OF DOLLARS TO HELP WITH THE INFRASTRUCTURE FOR OTHER ITEMS FOR THAT PROJECT SITE TO HELP IT BECOME THE FINAL VERSION OF THAT PROJECT. NOW, WE ARE TAKING ABOUT 90 PARCELS FROM THAT AREA AND REMOVING THEM FROM THAT CURRENT FLOOR AREA AND MOVING THEM INTO THIS NEW FLORA RESIDENTIAL HOUSING AREA. WE WILL STILL BE WORKING WITH THE DEVELOPER TO DETERMINE WHAT SORT OF CONTRIBUTION WILL BE NEEDED FOR THE PROJECT. BUT IT LIKELY WON'T BE A BOND. AND AGAIN, THIS IS THE FIRST STEP IN CREATING THIS ALLOCATION AREA. >> THANK YOU, MR. LEE. QUESTIONS TO MR. LEE REGARDING THE FLORA RESIDENTIAL ALLOCATION AREA? >> YES, COMMISSIONER SCHALLIOL. >> SO, THIS PROJECT IS ALREADY LARGELY BUILT. >> IT IS NOT. THERE IS ONLY A FEW UNITS THAT ARE ACTUALLY BUILT. LIKE THE ONES YOU SEE ON THIS IMAGE RIGHT HERE. THE ONES BUILT THERE. THOSE ARE IN THE ORIGINAL ALLOCATION, THE ONES WE'RE NOT CAPTURING. THOSE ARE THE ONLY ONES BUILT TODAY. >> OKAY. AS I DRIVE DOWN SPRING MILL ROAD, I SEE THE APARTMENT BUILDINGS BUILT THERE JUST NORTH AT THAT ROUND ABOUT. >> RIGHT. JUST NORTH OF THERE. >> AND ISN'T THAT WHAT WE'RE TALKING ABOUT? >> NO, THESE ARE INDIVIDUAL RESIDENTIAL UNITS. THESE ARE TOWNHOMES AND BROWN STONES. >> OKAY. AND THE SHADED AREA? THE NONCOLORED IS THE EXISTING? >> THE STUFF THAT IS NOT SHADED IN IS THE EXISTING. THE STUFF THAT IS SHADED IN, IS WHAT WE ARE PROPOSING TO CAPTURE FOR RESIDENTIAL ALLOCATION AREA. >> THANK YOU. >> THANK YOU. >> ANY OTHER QUESTIONS? >> YES, COMMISSIONER. >> DO YOU KNOW THE NATURE OF THE UNITS IN TERMS OF FAMILIES OR IF THEY ARE MORE FOR COUPLES OR INDIVIDUALS? >> I THINK IT'S MORE FOR -- THERE ARE SEVERAL DIFFERENT TYPES OF HOUSING IN THERE, AND IT'S PROBABLY MORE FAMILY AND JUST A COUPLE PEOPLE LIVING THERE. IT'S NOT LIKE ONE PERSON APARTMENT UNITS. IT DOES HAVE CAPACITY FOR MORE PEOPLE. IT REALLY DEPENDS ON THE TARGET COMMUNITY THEY ARE GOING FOR, AND WE HAVEN'T REALLY SURVEYED TO SEE WHO ARE IN THE CURRENT UNITS TO SEE HOW MANY PEOPLE ARE FAILIES VERSUS ONE PERSON OR TWO PEOPLE. IT HAS THE CAPACITY TO BE MORE THAN ONE OR TWO PEOPLE LIKE THE APARTMENTS DO. >> SO THERE IS POTENTIAL THAT CHILDREN WOULD BE MOVING IN AND GOING TO THE SCHOOLS. BUT YOU DON'T HAVE A GOOD -- >> WITH EACH OF THESE RESIDENTIAL ALLOCATION AREAS. THERE IS THAT POTENTIAL. THAT IS CORRECT. >> OKAY. ALL RIGHT. DO YOU KNOW WHEN WE WOULD BE MORE LIKELY TO KNOW WHERE THAT WOULD BE KNOWN? >> FOR TWO OF THE AREAS WE'RE TALKING ABOUT TODAY, THERE'S NO CONSTRUCTION. ALMOST NO CONSTRUCTION YET. SO, I THINK THAT GETS FIGURED OUT AS THE PROJECT MOVES FORWARD. >> OKAY. >> GREAT. >> THANK YOU. VERY GOOD. ANY OTHER QUESTIONS? SEEING NONE, IF IT'S YOUR PLEASURE, GENTLEMAN, THAT CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL. >> I MAKE THAT MOTION. SO MOVED. >> THANK YOU, COMMISSIONER BROOKS. IS THERE A SECOND? >> OKAY, I'LL SECOND. >> OKAY, IT'S BEEN MOVED AND SECONDED. MARIANNA, PLEASE CALL THE ROLL. >> PRESIDENT HAMMER. >> AYE. >> SECRETARY BROOKS. >> AYE. >> COMMISSIONER SCHALLIOL. >> AYE. >> THANK YOU, GENTLEMAN. IT IS APPROVED. WE MOVE ON TO OUR THIRD ACTION ITEM WITH THE RESOLUTION FOR THE NORTH END. THIS IS RESOLUTION 2025-23, NORTH END RESIDENTIAL HOUSING ALLOCATION AREA. ONCE AGAIN, MR. LEE, IF YOU WOULD DESCRIBE THIS FOR US. >> THANK YOU. THIS IS LOCATED [00:40:03] JUST NORTH OF SMOKY ROW, JUST BEFORE IT TURNS SOUTH AND BECOMES OLD MERIDIAN. WE PREVIOUSLY BROUGHT THE NORTH ONE PHASE PROJECT. THOSE BONDS WERE APPROVED. WITH THAT, WE CREATE AN ALLOCTION AREA OVER THE COMMERCIAL PORTION OF THAT PROJECT AND PLEDGE 100% OF THE TIF TO ECONOMIC DEVELOPMENT BONDS. AT THAT TIME, WE ARE NOT ABLE TO CAPTURE THE TIF FROM THE RESIDENTIAL UNITS. WE WOULD HAVE AT THE TIME TO HELP SUPPORT THIS PROJECT IN THAT RECORD. UNDER CURRENT STATE LAW, WE CAN. SO WHAT WE ARE PROPOSING IS TO CREATE THE NORTH END RESIDENTIAL HOUSING ALLOCATION AREA TO CAPTURE THE TIF FROM ROUGHLY 31 OF THESE UNITS, THAT WOULD NOT HAVE BEEN POSSIBLE IF WITHOUT THAT INFRASTRUCTURE THAT WE PROVIDED THROUGH THOSE ECONOMIC DEVELOPMENT BONDS IN PHASE ONE OF THIS PROJECT. >> THANK YOU, MR. LEE. QUESTIONSFOR MR. LEE REGARDING THIS PROPOSED ALLOCATION AREA? SEEING NONE, IF IT IS YOUR PLEASURE, GENTLEMAN, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL. >> SO MOVED. >> THANK YOU. COMMISSIONER SCHALLIOL. COMMISSIONER BROOKS, DO WE HAVE A SECOND (. >> IT'S BEEN MOVED AND SECONDED. >> PRESIDENT HAMMER. >> AYE. >> SECRETARY BROOKS. >> AYE. >> COMMISSIONER SCHALLIO. >> AYE. >> IT IS NOW APPROVED. WE ARE MOVING ON TO ACTION ITEM NUMBER 4. DECLARE 2025-24. THIS IS THE 146TH AND TOWN RESIDENTIAL ALLOCATION AREA. ONCE AGAIN, MR. LEE. >> THANK YOU. THIS IS AT THE SOUTHEAST CORNER OF 146 AND TOWN. THIS IS A BRAND-NEW ECONOMIC DEVELOPMENT AREA AND ALLOCATION AREA, JUST LIKE WITH FLORA, WE'LL BE WORKING WITH THE DEVELOPER TO DETERMINE THE CONTRIBUTION TO THIS PROJECT. LIKELY WILL NOT BE A BOND, BUT RATHER A CONTRIBUTION TO HELP WITH THE SITE AND HELP THE PROJECT BECOME, YOU KNOW, ITS BEST VERSION. THIS IS ESTIMATED TO HAVE ABOUT 50 UNITS. >> THANK YOU, MR. LEE. I DO HAVE A QUESTION. DO WE ANTICIPATE THIS WILL BE TOTALLY RESIDENTIAL OR DO WE ANTICIPATE OTHER USES? >> IT WILL BE TOTALLY RESIDENTIAL. >> THANK YOU. >> GENTLEMAN, QUESTIONS. >> IS IT TO BE RENTAL PROPERTY OR IS IT GOING TO BE INDIVIDUAL RESIDENTS? >> THIS IS A TRADITIONAL NEIGHBORHOOD. IT HAS ALREADY BEEN APPROVED AT PLAN COMMISSION AND COUNCIL. SO, IT'S MOVING FORWARD. >> THIS IS ONE THAT HAD CONTROVERSY IN THE EARLY, BUT IT'S BEEN APPROVED NOW BY COUNCIL? >> YOU'RE CORRECT. THERE'S A VERSION OF IT THAT WAS MORE DENSE. IT WENT THROUGH SOME REWORK AT PLANNING COMMISSION AND COUNCIL. IT WENT BACK TO JUST STANDARD HOMES. SO THIS IS THE FINAL VERSION AND WE, LIKE MIKE LEE SAID, WE ARE IN NEGOTIATIONS WITH THE DEVELOPER. WE HAVE TO TAKE THIS STEP NOW. >> THANK YOU MR. DIRECTOR. OTHER QUESTIONS? SEEING NONE, IF IT IS YOUR PLEASURE, GENTLEMAN, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL. >> I MAKE THAT MOTION TO APPROVE RESOLUTION 2025-24. >> SECOND. >> IT'S BEEN MOVED AND SECONDED. THANK YOU, COMMISSIONER BROOKS, COMMISSIONER SCHALLIOL. >> SECRETARY HAMMER. >> AYE. >> COMMISSIONER BROOKS. [9. OTHER BUSINESS ] >> AYE. >> SCHALLIOL. >> AYE. >> IT HAS BEEN APPROVED. WE NOW MOVE TO OTHER BUSINESS. DURING THE OTHER BUSINESS SESSION, WE WOULD LIKE TO CONDUCT A COMMITTEE OF THE WHOLE TO DO AN ARCHITECTURAL REVIEW AND LARISSA, WE'LL TURN IT OVER TO YOUR HANDS. IS THERE ANY OBJECTION, COMMISSIONERS, AT THIS POINT? >> DO WE WANT TO HAVE A FORMAL VOTE TO ADD THIS TO OUR AGENDA, PLEASE? >> RYAN, DO WE NEED -- OKAY. >> YEAH, YOU MAY DO THAT. >> OKAY. >> FORMAL MOVE AND SECOND. >> OKAY. GENTLEMAN, IF I COULD HAVE A MOTION TO ADD THIS TO THE AGENDA AT THIS POINT? >> SO MOVED. >> SECOND. >> IT HAS BEEN MOVED AND SECONDED. AND MARIANNA PLEASE CALL THE ROLL. >> PRESIDENT HAMMER. >> AYE. >> SECRETARY BROOKS. >> AYE. >> COMMISSIONER SCHALLIOL. >> AYE. >> IT'S BEEN APPROVED, GENTLEMAN, THANK YOU VERY MUCH. WE'LL TURN IT OVER TO YOU, LARYSA. [00:45:01] >> HELLO, COMMISSIONER. TODAY I'M GOING TO BE TALKING ABOUT THE THIRD RESIDENCE PROJECT, WHICH IS NEXT TO THE MERCHANTS BANK EXPANSION, WHICH YOU CAN SEE ON MY SCREEN, AND THE BUCKINGHAM RESIDENTIAL PROJECT. THE PROJECT WE'RE TALKING ABOUT HERE IS THIS 8 UNIT FOR SALE CONDOMINIUM PROJECT THAT IS RIGHT ADJACENT TO THIS PROJECT. HERE'S ANOTHER VIEW OF THE FRONT AND THIS IS RIGHT ALONG THIRD AVENUE. HERE'S THE ARCHITECTURE, WHICH IS DESIGNED TO BE VERY COMPLIMENTARY TO THE EXISTING MERCHANTS BANK AND THE EXPANSION. WE THINK IT WILL LOOK NICE RIGHT NEXT TO EACH OTHER. HERE'S THE ENTRANCE TO THE BUILDING. AND THEN ANOTHER VIEW ALONG THE STREET. AND AGAIN, THERE ARE ONLY EIGHT UNITS HERE AND ALL THE FOR SALE AND OWNER OCCUPIED WITH PARKING UNDERNEATH. PRIVATE GARAGE UNDERNEATH. >> LARYSA, CAN YOU GO BACK TO THE TOP FOR ONE SECOND? >> YUP. >> GO TO THAT SECOND PICTURE. SO I THINK THAT SECOND PICTURE DOES A VERY GOOD JOB OF SHOWING HOW THIS PROJECT HELPS THE MORE DENSE MIDTOWNURBANISM TRANSITION TO RESIDENTIAL SCALE AS IT GETS CLOSER TO THAT NEIGHBORHOOD. WE REMEMBER THE CONTROVERSY OF THE FIVE STORY BUILDINGS IN THE GARAGE, AND AS WE GO NORTH AND GET CLOSER TO THE NEIGHBORHOOD, THIS FOUR STORY, FOR SALE CONDO BUILDING, I THINK, IT SCALES APPROPRIATELY DOWN TO THE RESIDENTIAL NEIGHBORHOOD. I COULDN'T THINK OF A BETTER TRANSITION THAN THIS PORTION OF THIS PROJECT. >> THANK YOU, HENRY. AND THE ONLY COMMENT THAT WE HAVE FOR CONSIDERATION IS JUST ASKING THAT THE CONDO DEVELOPER COORDINATES THE PLAZA THAT IS ADJACENT TO THE MERCHANTS AND THE BUCKINGHAM PROJECT. MAKE SURE THAT INTERACTS APPROPRIATELY. AND THAT IS SOMETHING THAT WILL BE MINDFUL OF DURING THE ADL REVIEW PROCESS. DOES ANYONE HAVE ANY QUESTIONS ABOUT THIS PROJECT? >> MR. BROOKS, I KNOW YOU'VE BEEN WORKING ON THIS FOR SOME TIME. YOUR THOUGHTS AT THIS POINT? >> I THINK -- MR. MESTETSKY SAID IT PERFECTLY, IT'S A BEAUTIFUL TRANSITION. I'M GOING TO ASK THE ENTIRE COMMISSION TO VOTE AS A COMMITTEE AND WHOLE ON THE APPROVAL OF THE ARCHITECTURAL PLANS FOR THIS DEVELOPMENT. WHILE I SAY DEVELOPMENT, THE THIRD AVENUE RESIDENCE ALSO CALLED THE PETRIE CONDOS. I'M GOING TO ASK YOU TO LEAD THE VOTE, IF YOU DON'T MIND. >> THANK YOU, MR. BROOKS. COMMISSIONERS, QUESTIONS ABOUT THE ARCHITECTURAL PLANS BEFORE YOU? SEEING NONE. IF IT'S YOUR PLEASURE, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL OF THE COMMITTEE AS A WHOLE OF THE ARCHITECTURAL PLANS BEFORE US. MR. BROOKS. >> WELL, CERTAINLY, I WOULD ASK FOR A MOVEMENT. >> OKAY. >> I'LL SECOND. >> IT'S BEEN MOVED AND SECONDED. MARIANNA, WILL YOU PLEASE CALL THE ROLL? >> PRESIDENT HAMMER. >> AYE. >> SECRETARY BROOKS. >> AYE. >> SCHALLIOL. >> THANK YOU VERY MUCH. GENTLEMAN. I BELIEVE THAT CONCLUDES THE BUSINESS THAT IS BEFORE US THIS EVENING. I'D LIKE TO THANK EVERYBODY FOR THEIR HARD WORK THIS YEAR. IT'S BEEN AN INTERESTING YEAR. NEXT YEAR IS GOING TO BE EVEN MORE SO. AS WE MOVE FORWARD, BUT THANK YOU FOR ALL YOUR HELP AND YOUR TIME AND YOUR GOOD THOUGHTS. SO WITH THAT, I'D LIKE TO WISH EVERYONE A HAPPY HOLIDAY SEASON. >> CAN I ADD SOMETHING, MR. PRESIDENT? >> I WOULD LIKE TO SAY THAT OUR NEXT REGULAR MEETING -- EXCUSE ME. >> OH, EXCUSE ME, HENRY, GO AHEAD. >> I JUST WANTED TO, I APOLOGIZE FOR INTERRUPTING. I JUST WANTED TO ALSO NOTE THAT I WANT TO [00:50:03] APPRECIATE THE AMOUNT OF WORK THAT COUNCIL PRESIDENT HAS PUT IN SERVING ON THE REDEVELOPMENT COMMISSION. I DO KNOW THAT ON MONDAY, THE CITY COUNCIL HAD THEIR VOTE AND THEY APPOINTED COUNSELOR SHANNON TO TAKE THE PLACE NEXT YEAR ON THE COMMISSIONER. THERE'S NOT YET BEEN A REAPPOINTMENT OF THE COUNCIL'S OTHER APPOINTEES. I THINK THAT'S COMING SOON. I DO WANT TO NOTE WE WILL BE WELCOMING COUNSELOR MENAR IN JANUARY, AND I UNFORTUNATELY, COUNSELOR AASEN ISN'T HERE, BUT I WANT TO EXTEND MY GRATITUDE FOR THE SERVICE. HE HAS BEEN REALLY GREAT. >> THANK YOU FOR BRINGING THAT UP. I'D LIKE TO ALSO THANK COMMISSIONER AASEN FOR HIS WORK DURING SERVING ON THE COMMISSION. I KNOW HE'S VERY BUSY WITH THE COUNCIL ACTIVITIES. WE HAVE APPRECIATED HIS INPUT AND THOUGHTS. ANY OTHER THOUGHTS TO COME BEFORE US [10. EXECUTION OF DOCUMENTS ] AT THIS POINT? WELL, IF NOT, OUR NEXT REGULARLY SCHEDULED MEETING WILL BE HERE IN COUNCIL CHAMBERS ON JANUARY 21, AT 4:00 P.M. WE'RE GOING TO THE NEW SCHEDULE. ONE THING THAT WE WILL BE DOING IS FROM TIME TO TIME, AND WE'LL TRY TO BUNDLE THEM TOGETHER WHERE WE CAN, BUT WHEN WE HAVE PUBLIC MEETINGS, PUBLIC HEARINGS, THOSE SORTS OF THINGS, WE'LL TRY TO LOOK TO A LATER STARTING TIME, PERHAPS 6:00 P.M., SOMETHING LIKE THAT, THAT MIGHT WORK A LITTLE BETTER FOR PEOPLE THAT WISH TO BE BEFORE US. OTHERWISE, OUR REGULAR MEETINGS WILL BE TELEVISED. WE CERTAINLY ENCOURAGE ANYONE THAT WISHES TO COME AND PARTICIPATE IN OUR MEETINGS TO DO SO. EITHER BY TELEVISION OR IN-PERSON. SO, WITH THAT, WITHOUT OBJECTION, OR I WOULD LIKE TO DECLARE OUR MEETING TO BE IN ADJOURNMENT, PENDING THE EXECUTION OF DOCUMENTS. >> OKAY. >> I'M STILL GETTING THE MEETINGS AT 6:30, YOU NEED TO SEND THROUGH NEW SCHEDULE. >> WE WILL BE SENDING THAT OUT VERY SHORTLY. >> VERY GOOD. VERY GOOD. ANYTHING ELSE FOR THE GOOD AND WELFARE? I WILL DECLARE US IN ADJOURNMENT. THANK YOU ALL * This transcript was compiled from uncorrected Closed Captioning.