[00:00:06] WELCOME TO THE FINANCE UTILITIE AND RULES COMMITTEE MEETING FOR WEDNESDAY, MAY 13 FOR PEOPLE CALL THE MEETING TO ORDER AT 5: 32:00 P.M. TO BE HAVE TWO ITEMS ON OUR AGENDA AND BOTH AR REGARDING THE PURSUING ORDINANC 2815-26 AND ORDINANCE 2816-26. [Items a. & b.] AND TODAY OUR FOCUS WILL BE REVIEWING THE CHANGES TO THESE PROJECTS RELATED TO THE STRUCTURE OF THE FINANCING AND COMPONENTS OF THE PROJECT WE HAVE RECTORY HENRY OR CHESKY HERE THAT HAS A REVIEW OF THE CHANGES. IF YOU ARE OKAY, WE WILL TURN I OVER TO HENRY TO PRESENT. >> THANK YOU, COMMITTEE CHAIR TAYLOR. ON THE CARMEL REDEVELOPMENT ROCHE REDEVELOPMENT DIRECTOR. THIS IS THE LAST ACTION I AM RELATED TO THE PROJECT IN FRONT OF CITY COUNCIL AND THIS IS PRODUCED ON A THE PREVIOUS MONDAY AND HAD ALREADY BEEN LOOKED AT IN LAND USE COMMITTEE AND VOTED BACK TO COUNCIL WITH THE POSITIVE ORAL RECOMMENDATIO SO I'M HOPING JUST TO QUICKLY G THROUGH THE PRESENTATION FROM LAST TIME AND HIT SOME OF THE POINTS THAT WERE PART OF THE TOPICS OF LAND USE THAT I THOUGHT WOULD BE HELPFUL TO YOU. AS A STARTING POINT I DO HAVE THE SLIDE THAT THE COUNCIL HAD LOOKED AT WHEN INITIALLY APPROVING THE BOND AND SO I WANTED TO JUST VERY CAREFULLY G THROUGH THE SPECIFIC CHANGES. WHAT USED TO BE 63,000 SQUARE FEET OF AN OFFICE BUILDING WITH DEDICATED 15,000 SQUARE FEET OF RETAIL SPACE HAS BECOME HUNDRED THOUSAND SQUARE-FOOT OFFICE BUILDING WITH OBVIOUSLY A FIRST-FLOOR OF RETAIL JUST THE SAME. THE SAME HOTEL WAS THERE BEFORE WITH A THOUSAND SQUARE-FOOT DEDICATED RESTAURANT AND THE MULTIFAMILY UNITS ARE NOW 154 O THEM WERE PREVIOUSLY WE DISCUSSED 150 TO 160. THERE'S 26 TARGETED UNITS OF TH TOP FLOOR OF THE PROJECT WERE PREVIOUSLY WE DISCUSSED 30-49 WILL GET INTO THAT IN JUST A LITTLE BIT. THERE ARE FEWER PARKING SPACES THAN BEFORE AND I WOULD LIKE TO SPEND SOME TIME TALKING ABOUT THE PARKING CHART AND GENERALLY THE FINANCES OF THE PROJECT CHANGED AND THAT BOND ABOUT IS THE SAME BUT THE SPLIT GOES FRO 95-5 TO 100%. SO THIS IS THE VIEW LOOKING NORTH ON THE RIDGELINE OF THE HOTEL AND THE OFFICE BUILDING. AND THERE'S ANOTHER VIEW WITH THE MULTIFAMILY AND I POINT THI OUT A COUPLE TIMES, THE STAIR TOWER AND IT SERVES AS A PUBLIC OBSERVATION DECK OVER THE JAPANESE GARDEN AND IT IS VISIBLE IN THE CENTER. THIS VIEW ALSO HIGHLIGHTS THE I ARTFUL WAY THAT I INITIALLY AND CITY COUNCIL DESCRIBED DESCRIBE THE HOTEL SPACE WHERE I SAID NO MORE 15,000 SQUARE FEET OF RETAIL SPACE. AND ON THE RIGHT THERE IS AN OFFICE FLOOR PLAN OF THE OFFICE BUILDING AND THERE'S A RESTAURANT, AND AN OFFICE BUILDING SO TO SAY THAT THERE I NO RETAIL IS REALLY A MISTAKE O MY PART BECAUSE ANY AMOUNT UP THAT FIRST-FLOOR COULD JUST AS EASILY BECOME RETAIL SPACE. THIS IS THE VIEW OF THE PROJECT FROM THE VETERANS WAYSIDE SO THIS DOES A GOOD JOB OF SHOWING HOW THIS IS THE ENTRANCEWAY TO THE PARKING GARAGE. AND I WILL HAVE ANOTHER PICTURE HERE IN A SECOND THAT SHOWS THAT . THIS ALSO REALLY SHOWS HOW YOU CAN GO FROM THE GARAGE THROUGH THE COVERED WALKWAY INTO THE FIRST FLOOR OF THE HOTEL THAT I ALSO LOOKING OVER THE VETERANS THEY ARE AND THERE'S ANOTHER SHOT OF SOMEONE GOING TO THE HOTEL FRONT LOBBY AND CAN ALSO WALK UNDER THE COVER OF THE DEC AND IT WILL GET RAINED ON STRAIGHT TO THE ELEVATOR TOWER THAT ALSO SERVES AS THE FOCAL POINT OF MOVEMENT OF HUMAN CIRCULATION THROUGHOUT THAT PROJECT AND THAT'S A PUBLIC VIEWING DECK THERE AT THE TOP. AS DISCUSSED, THEY'RE INTENDED TO GO INTO ESSENTIALLY THESE [00:05:05] PUBLIC DECKS ON TOP OF THE GARAGE THAT FACE VETERANS WAY THAT WAS A HEAVY DISCUSSION OF LAND USE AND I WILL AND A SECON SHOW A DEPICTION OF WHERE THE ADA CIRCULATION IS BECAUSE EVEN THOUGH YOU SEE THOSE GRAND STAIRCASE AND THAT IMAGE, THOSE PUBLIC SPACES ARE PUBLICLY ACCESSIBLE SO I WILL SHOW YOU THAT IN A MOMENT. THIS IS A SITE PLAN, SO THIS IS A TOP-DOWN VIEW THAT DOES A PRETTY GOOD JOB OF SHOWING HOW THE PROJECT IS SITUATED SO WHAT YOU'RE SEEING ON THE LEFT IS KIND OF THE PODIUM LEVEL SO YOU CAN TURN INTO THAT AND YOU CAN SEE PARKING SPACES AROUND THE OFFICE BUILDING AND THAT IS APARTMENTS TOP LEFT AND OFFICE BUILDING TOP RATE AND HOTEL AT THE BOTTOM SO YOU REALLY SEE AT A PODIUM LEVEL WE ARE MAXIMIZIN THE PARKING IS MUCH AS POSSIBLE AND THEN YOU CAN SEE THE IMAGE ON THE RIGHT AND THAT IS THE PARKING LEVEL SO YOU CAN SEE AS MUCH PARKING AS WE ARE ABLE TO FIT INTO THE GARAGE WE HAVE AND THEN YOU CAN KIND OF SEE THE WALKWAY THAT IS ON THE SAME KIN OF LEVEL AS THE GARAGE THAT TAKES YOU STRAIGHT INTO THE LOBBY OF THE HOTEL PICKS THAT I ALL THE SAME LEVEL. THIS IS SLIGHTLY TOUGH TO SEE BUT I THOUGHT IT WAS A USEFUL CONVERSATION AT LAND USE AND IF EVERYTHING IS OKAY, I'M GOING T GO THROUGH THIS CHART. THIS IS THE PARKING CHART FOR THE CITY PROJECT SO I WILL GIVE FROM THE TOP DOWN ALL LAY OF TH LAND AND THE TOP GRAB EXPLAINS THE USES THAT WE HAVE HERE BECAUSE THAT GETS USED FOR ESSENTIALLY PARKING. EVEN THOUGH IT IS 104 PARKING UNITS, WE COUNTED ON SPACE PER BAD, ABOUT A 6,000 SQUARE-FOOT RESTAURANT RELATED TO THE HOTEL AND YOU CAN SEE THOSE SPACES UNDERGROUND ON TOP OF THE DECK, 440 TOTAL PENCIL AWAY TO THINK ABOUT THIS PROJECT, THE BIG PICTURE IS THERE IS A 100-FOOT OFFICE BUILDING AND WE KNOW PEOPLE WILL NOT BE THERE IN THE EVENING AND NIGHT OF HER ALWAYS GOING TO HAVE EXTRA SPACES IN THE EVENING AND AT NIGHT IN THE REAL QUESTION YOU HAVE TO ASK YOURSELF IS WHAT IS HAPPENING REALLY AT THE BUSIEST TIME OF THIS PROJECT. SO IF WE GO TO THE USE, THIS IS THE THIRD TABLE THAT YOU CAN SEE . YOU CAN SEE WE ARE GETTING A ON BED SPACE COUNT EVER MAKING ASSUMPTIONS ABOUT THE UTILIZATION OF THOSE SPACES. I THINK IT IS MOST IMPORTANT TO TALK ABOUT THE UTILIZATION FROM 10:00 A.M. SO EVERYONE IS OKAY WITH THAT I WILL GO BY THAT LIN BY LINE. SO FROM 10:00 A.M. TO 2:00 P.M. WE ARE ASSUMING OUT OF 221 BEDS IN THE APARTMENTS THAT BETWEEN 10-2, 35% OF THE RESIDENTS ARE THERE AND WERE ASSUMING BETWEEN 10-2 COME IN THE OFFICE BUILDIN 85% OF THOSE USERS ARE THERE. WERE MAKING 75% ASSUMPTION FOR THE RESTAURANT AT THAT TIME AND WERE MAKING A 50% ASSUMPTION FO THE HOTEL AND IN ALL CASES EVEN THOUGH THIS IS AN 80% OPENED UP THE PUBLIC FIRST COME FIRST SERVE HOTEL AS FAR AS PARKING SPACES GO, THIS GARAGE HAS BEEN UP SIZED TO HAVE 20 EXTRA SPACE FOR CITY PARKING AND CITY VEHICLES AND THOSE ARE NOT GOIN TO BE ASSIGNED AS CITY VEHICLES BUT THIS GARAGE DID GET UP SIZE TO ACCOUNT FOR THOSE CITY VEHICLES. SO WE ARE LOOKING AT TWO MOST IMPORTANT TIMES OR WHAT'S GOING ON WITH MOST OF THE APARTMENT DOLLARS COMING BACK AFTER 6:00 P.M. AND THERE IS AN EMPTY OFFICE BUILDING THERE AND THAT IS HOW YOU KNOW THERE IS A GAZEBO CONCERT AND THIS GARAGE IS ALWAYS GOING TO HAVE A BUNCH OF EMPTY SPACES IN THE EVENINGS OR ON THE WEEKENDS BECAUSE OF THE GIANT OFFICE BUILDING IN TH REAL QUESTION IS WHAT KIND OF STRESS IS THE PARKING GARAGE HAVING DURING THIS TIME. SO ALL IN IT SHOWS THAT WE HAVE PLENTY OF UTILIZATION. I WANT TO DRAW ATTENTION TO A COUPLE OF THINGS OF DO YOU HAVE A DEVELOPER HERE WITH US, TONY BURKLE. AND READ DID GET INTO THIS [00:10:01] CONVERSATION FOR A MOMENT AT LAND USE WHICH I THOUGHT WAS HELPFUL 26 UNITS ON THE TOP FLOOR ARE AGE RESTRICTED. THE MAJORITY OF THOSE ARE TWO BEDROOM UNITS PIXAR REPAIRED AL OF THOSE ARE TWO BEDROOM UNITS ARE FOR PARKING COUNT, WE ARE COUNTING TWO CARS FOR EACH OF THOSE UNITS AND WE KNOW FROM CONVERSATIONS ABOUT OTHER AGE RESTRICTED DEVELOPMENTS IN THIS CITY AND OTHER CITIES THAT A MAJORITY OF THE TIME THAT UNIT IS GOING TO BE FILLED BY A SINGLE FEMALE WITH ONE VEHICLE MAJORITY OF THE TIME SO EVEN IN THESE KINDS, THERE IS A LOT OF CONSERVATIVE ESTIMATES GOING INTO THESE COUNTS, LIKE WE ARE COUNTING TWO CARS FOR EVERY AGE TARGETED UNIT AND WILL PROBABLY ONLY HAVE ONE CAR THAT IS WHAT THE DATA SHOWS. SO IN ALL THIS SHOWS THAT THIS PARKING GARAGE IS SUFFICIENT TO PARK THIS PROJECT AND PROVIDE SOME ADDITIONAL OVERFLOW PARKIN FOR VEHICLES. TWO MORE THINGS I WANTED TO SHO THIS MIGHT NOT BE PERFECTLY CLEAR BECAUSE IT IS A SMALL SLIGHT BUT THIS IS THE PODIUM LEVEL SO IF YOU CAN SEE MY MOUSE , THIS IS YOUR ENTRANCE INTO THE ELEVATOR TOWERS, STAIR TOWER FROM THE PODIUM LEVEL THA HAS A FULLY ADA ACCESSIBLE WALKWAY INTO ALL THE PUBLIC SPACES. SO OBVIOUSLY THE QUICKEST WAY FOR EVERYONE TO GET THE PUBLIC SPACES IS THROUGH THE GIANT STAYERS BUT IT IS ALSO A FULLY ADA ACCESSIBLE. AND OF COUNCIL WAS COMFORTABLE, YOU HAVE KIND OF EXPLAINING WHA THE TWO THINGS BUT THE VOTE IN FRONT OF YOU ARE AN EARLIER LAS YEAR, WE TOOK THIS PROJECT TO CITY COUNCIL AND ASKED FOR BOND APPROVAL KNOWING WE WOULD BE COMING BACK TO PUT IN THE CITY PARCEL AS A CONTRIBUTION TO THI PROJECT SO COUNCIL APPROVED BONDS AND KNOW WE ARE BACK HERE FOR THE CONTRIBUTION OF THE PARCEL SO BEFORE WE CAN CONTRIBUTE THE CITY PARCEL, THE NEEDED TO PROTECT THE CITY. SO WHAT YOU ARE VOTING ON TODAY IS A VOCATION THAT ESSENTIALLY SPLITS THIS CITY PARCEL LAND INTO THREE DIFFERENT THINGS. ONE OF THEM IS THE NORTHERN HAL OF THIS CENTRAL RECTANGLE, ONCE VACATED, ABLE TO JOIN THIS PRIVATE PARCEL AND THEN THE OTHER TWO THAT LIST BEST BOX RIGHT HERE. THE SECOND PART IS THE SOUTHERN HALF OF THIS RECTANGLE THAT WIL JOIN THIS OPTION PARCEL AND THA IS THE SOUTHERN PART RIGHT HERE AND THEN THE THIRD IS ON THE LEFT THAT IS DEPICTED RIGHT HER THAT WILL ALSO JOIN THIS OPTION PARCEL. THE OPTION PARCEL IS OWNED BY THE CITY AND THE DEVELOPMENT PARCEL IS NOT. SO THE CITY'S TASK IS TWOFOLD. WE NEED TO PUT THE DEVELOPER IN A POSITION WHERE THE PROJECT ASSIGN A CONSTRUCTION LOAN AND FOR THEM TO DO THAT THEY NEED T HAVE THE LANDS OF THIS PUTS THE LAND INTO THE PROJECT AND AT TH SAME TIME THIS CITY NEEDS TO BE PROTECTED AND IF IT DOESN'T MOV FORWARD THEY NEED TO GET THE LAND BACK AND THE REASON IT TOO SO LONG IS THE BOTTOM PARCELS G TO A CITY PARCEL AND THE TOP PORTION GOES TO A PRIVATE PARCE WITH THE OPTION TO GIVE IT BACK IF THE PROJECT DOES NOT MOVE FORWARD SO WE ARE BACK YEAR LATER BECAUSE WE NEEDED TO PUT IN PLACE THE PROTECTIONS FOR TH CITY OF THIS PROJECT DOES NOT MOVE FORWARD AND NOW THEY ARE I PLACE MAY HAVE A MEMO OF THIS OPTIONAL REPORTING ON THE LAND AND THERE'S NO MORTGAGES OR OTHER LIENS AND THIS PROTECTS THE CITY AND NOW ALLOWS THE COUNCIL IF THE COUNCIL IS WILLING TO SUPPORT THIS PROJECT TO TAKE THE FINAL STEP, WHICH I THIS. THAT IS A BROAD SUMMARY, COUNSELOR. I'M HAPPY TO HAVE MR. BERKLEY COME UP AND I'M HAPPY TO ANSWER ANY QUESTIONS THAT ARE GIVEN IN THIS DETAIL. >> COMMENTS, PLEASE. >> FIRST OF ALL, SORRY FOR BEIN LATE. I DO LIVE IN CARMEL. A LITTLE CROSS THE STREET AND I THOUGHT THE MEETING WAS AT 6 TO MY APOLOGIES FOR BEING A LITTLE LATE. SO LET ME REPEAT A COUPLE THING THAT WERE SAID. AT I HEARD A COUPLE MEMBERS SAY THIS PROJECT IS COMPLETELY DIFFERENT FROM THE PROJECT THAT WAS PRESENTED TO YOU A YEAR AGO AND I JUST WANTED TO HIGHLIGHT COUPLE THINGS FIRST AND FOREMOS THE HOTEL. THE HOTEL IS A KEY COMPONENT TO THIS PROJECT. [00:15:02] LAST YEAR WE DID NOT HAVE A LAG. WE WERE LOOKING FOR IF LIKE IT WE NOW HAVE A FLAG. IT'S A TRUE FIVE-STAR HOTEL, HEALTH AND TAPESTRY, 125 ROOMS, WHICH IS EXACTLY THE SAME NUMBE OF ROOMS THAT WE HAD LAST YEAR AND THE ONLY DIFFERENCE IS THIS HOTEL NOW HAS A SPA, CONFERENCE CENTER, AND A RESTAURANT. WHEREAS THE PREVIOUS HOTEL WE WERE LOOKING AT WAS JUST A HOTE AND LOBBY AND BAR SO THIS IS A TRUE FIVE-STAR HOTEL FEEL IT ON THE APARTMENT SIDE YEAR AGO WE PRESENTED ABOUT 130 UNRESTRICTE RESIDENTIAL UNITS AND ABOUT 25- 30 UNITS. THAT IS EXACTLY WHAT WE HAVE HERE. THE AGE RESTRICTED UNITS WAS CONDENSED A LITTLE BIT BECAUSE LAST YEAR WE HAD ONE BEDROOMS I STUDIO SEVEN WHAT WE LEARNED IN THIS MARKET FOR 55 AND OLDER IS THEY WANT TWO BEDROOM SO ALL OF OUR UNITS ARE NOW TWO BEDROOMS AND THE OTHER THING THAT IS DIFFERENT ON THIS PROJECT IS WE KEEP THEM AS THE PENTHOUSE UNITS , THE PREMIUM UNITS ON THE PROJECT SO THAT IS A UNIQUE THING. I'M SORRY. AND THEN THE BIGGEST DIFFERENCE LAST YEAR WE HAD 80,000 SQUARE FOOT OF OFFICE AND RETAIL. I THINK WE PRESENTED ABOUT 15,000 SQUARE-FOOT OF RETAIL INCLUDING THE HOTEL SPACE AND THEN THE FIRST RETELLING THE OFFICE AND THIS OFFICE NOW HAS 100,000 SQUARE FEET OF OFFICE AND RETAIL SO WE COULD GO UP TO 25,000 SQUARE-FOOT OF RETAIL AS WE MARKET THAT SPACE AND IT COULD BE RETAIL, COULD BE OFFICE , AND SO THAT IS THE BIGGEST DIFFERENCE ON THIS BEFORE THE OTHER MAJOR COMPONEN IS WE HAVE AN OUTSIDE ARCHITECT FROM OUT OF THE CITY DO A DESIG THAT I THINK IS A LITTLE TOO MODERN FOR THIS PROPERTY AND IT WAS NOT CONDUCIVE TO COMPLEMENT THE BUILDING WE ARE IN. THE BUILDING YOU SEE HERE NOW I A MUCH MORE TRADITIONAL ARCHITECTURAL DONE BASED DUTY A M AND THAT COMPLEMENTS THIS BUILDING HERE BEING SO CLOSE AN I APPRECIATE THE ARCHITECTURE AND I'M PROUD OF WHAT WE PRESENTED HERE THE OTHER MAJOR COMPONENT IS RETOOK THE HOTEL ENTRANCE DOWN TO VETERANS AND NOW THE HOTEL ENTRANCE YOU CAN SEE RIGHT HERE IS DIRECTLY ACROSS FROM THIS BEAUTIFUL JAPANESE POND THAT WE HAVE AND THIS IS GOING TO BE A MAJOR DESTINATION FOR ANYBODY COMING TO VISIT CARMEL AT A FIVE STAR HOTEL DIRECTLY ACROSS FROM THE JAPANESE GARDEN. ONE THING I WANT TO REALLY FOCU ON, MOST OF THE PROJECTS THAT HAVE APARTMENT PROJECTS, MOST O THE APARTMENT PROJECTS HERE IN THE CITY ARE 200 PLUS UNITS. WE LIKE TO THINK THAT WE ARE MORE BOUTIQUE SO WE CAN CONCENTRATE OUR EFFORTS TO A MORE TARGETED AUDIENCE. SO THIS WILL BE THE FIRST, AND I'VE RESEARCHED THIS. AND I DON'T KNOW IF I CAN SAY THIS BUT THERE'S NOT ONE PROJEC IN THE STATE OF INDIANA TAKES A APARTMENT PROJEC AND COMBINES WITH A FIVE-STAR HOTEL AND SHARES ALL THE AMENITIES, SPA, POOL, THE FITNESS. AND THIS GIVES US A TOTAL ADVANTAGE. AND IT GIVES US RESIDENTIAL UNITS TO SHARE IN A FIVE-STAR HOTEL BUT THE RESIDENTIAL COMPONENT. WE ARE SUPER PROUD OF THAT AND THAT MEANS IF WE HAVE RESTAURAN SERVICE, HOTEL SERVICE TO THE RESIDENCE, TO THE HOTEL. IT IS THE FIRST OF ITS KIND AND WE ARE VERY PROUD OF THAT. ALSO SO I DEVELOP -- WITH THE RETAIL. I DEVELOPED. STUDY THEM TONIGHT BEEN IN THE PROCESS OF LEASING THAT UP AND WE ARE LEAST NOW AND THE BIGGES KICKBACK THAT WE GIVE FROM RESTAURANTS AND RETAIL IS NOT THE DAYTIME TRAFFIC, IT IS THE NIGHTTIME TRAFFIC SO THE FAMILY IS THE MAJOR COMPONENT TO THE DEVELOPMENT FOR THAT NIGHTTIME TRAFFIC. I DO LIKE TELLING PEOPLE WHERE LIVE BUT I IN THE CENTER PENTHOUSE OVERTURE SO I LOOK OVER THAT ROUNDABOUT. I SEE PRESIDIUM ONE AND I SEE WHAT WE ARE PROPOSING HERE AND WE NEED THAT TRAFFIC FROM HOTEL AND RESIDENTIAL, THE 100,000 [00:20:05] SQUARE FEET AND WE'VE GOT MULTIPLE ALLIES CIRCLING AROUND. AND WE ARE EXCITED ABOUT THAT NOW. AND I BELIEVE IN THE PROJECT FROM THE USE PERSPECTIVE IS ONL DIFFERENT FROM THE PERSPECTIVE OF THE OFFICER BE ADDED ABOUT THOUSAND SQUARE FEET OF RETAIL AND OFFICE BECAUSE WE SEE THE DEMAND. WE HEAR IT AND WE SEE IT. IF YOU HAVE THE QUESTIONS I'M HAPPY TO ANSWER THOSE. >> WE WILL OPEN IT UP FOR QUESTIONS. >> COUNSELOR GREEN GREEN. >> THANK YOU. DURING THE LAND-USE EVENT, IT WAS ABOUT A FLOWER AND A LOT OF THE CONVERSATION WAS ABOUT PARKING AND THE IMPACT OF PARKING AND YOU GO TO THE SLIDE ABOUT PARKING AND YOU GET THAT NUMBER BREAKDOWN. >> THAT IS KIND OF INTERESTING. I DON'T KNOW IF YOU BROUGHT THA UP BUT THAT WAS AN INTERESTING POINT FOR THE AGE RESTRICTED, INCREASING THE SIZE. AND THE DEMOGRAPHIC INFORMATION PROBABLY MAKES SENSE, PROBABLY OLDER FEMALE, PROBABLY WITH ONE CAR. AT ONE OF THE THINGS I THINK AN I CAN'T REMEMBER THE SPECIFIC DISCUSSION BUT LOTS OF DISCUSSION ABOUT THE PARKING. ASIDE FROM THE AGE RESTRICTED APARTMENTS, ONE SPACE IN ONE BE SO THE ASSUMPTION IS ONLY ONE PERSON AND A CAR OR IT WOULD BE TWO PEOPLE IN THE BED AND TWO CARS. >> NO, I MEAN THEY ARE ASSUMING IF A PLACE HAS TWO BEDROOMS THA THERE IS A CAR FOR EACH BED. ANECDOTALLY -- THAT'S NOT A BIRD. I THINK WE ALL KNOW PEOPLE THAT RENT TWO BEDROOM APARTMENTS WIT THE BEDROOM AND ONE AND AN OFFICE IN ANOTHER AND IT IS STILL ONE CAR. SO TO ME WHEN SOMEONE IS DOING THE RATIO BASED ON BEDS AND NOT JUST A BLANKET NUMBER FOR JUST APARTMENTS, I THINK THAT IS A BETTER RATIO. THE OTHER POINT AND I'M SORRY I YOU ARE ABOUT TO SAY THIS. WE ALSO AT LAND-USE DISCUSSED WHAT IT MEANS TO HAVE HOTEL PARKING ARE LIKE A FIVE-STAR HOTEL, UPSCALE HOTEL VERSUSAN EXTENDED STAY HOTEL. WE KNOW THAT MOST PEOPLE ARE GOING TO UBER TO THIS HIGH-END HOTEL AND SO THE HIGHER END OF THE HOTEL, NATURALLY THERE ARE LESS OVERNIGHT CARS, WHICH IS THE NATURE OF THE KIND OF PRODUCT THAT IT IS. >> COUNSELOR MENARDS. >> THANK YOU SO MUCH FOR THE PRESENTATION. I REALLY APPRECIATE IT PAID A COUPLE OF THINGS. THE PARCEL THAT YOU ARE VACATING , CAN YOU SHOW ME ON A MAP AND OVERVIEW OF HOW MUCH OF THAT LAND IS BEING TAKEN UP BY THE PROJECT? I JUST CAN'T SEEM TO VISUALIZE IT IN MY HEAD PAID CAN YOU SHOW ME THAT SPECIFICALLY? >> COUNSELOR, THIS IS PROBABLY THE IMAGE THAT DOESN'T BEST. I HAD COUNTED 45 SPACES OUT THERE AND ESPECIALLY NOW, PROBABLY FIVE OR SIX CARS. THIS REMINDS ME OF ANOTHER ITEM THAT WE DISCUSSED RELATED TO PARKING. THE PARKING LOT WAS BUILT WHEN THE CITY HALL SERVICE LUCK COURTS AND THE CLERK'S OFFICE. AND THEN THE CITY MOVED THE CLERKS AND THE COURT OPERATIONS TO A DIFFERENT BUILDING AND BUILT THEM THEIR OWN PARKING GARAGE. SO LOAD FOR CITY HALL IS NOT WHAT IT WAS WHEN IT WAS INITIALLY DESIGNED. SO THAT BEING SAID, THIS PROJEC IS GOING TO HAVE 20 EXTRA SPACE FOR CITY VEHICLES WITHIN KIND O THE PARK DRAWING. PLUS EVERY OTHER GARAGE WE HAVE A 75% OPEN TO THE PUBLIC, FIRST-COME, FIRST SERVE COMMENT THIS WILL BE 80% AND IT GIVES U GREATER CHRISTIAN SO EVERY GAZEBO CONCERT, I WILL BE PARKING IN THIS GARAGE. >> I DON'T YOU MEMBER GIVING US A REASON WHY THE PARKING NUMBER WENT DOWN PITT IS THERE REASON FOR THAT SPECIFICALLY? [00:25:04] >> YES. ABSOLUTELY. SO THE PLAN THAT WE SHOWED A YEAR AGO WE DID NOT SURVEY THE PROPERTY. WE DID NOT SURVEY UTILITIES. SO THIS PLAN WE FLICKED THAT HE UTILITIES ON THE RANGE LINE AND TO DO THE OTHER PLANNING, COST COUPLE MILLION DOLLARS JUST TO RETAKE -- RELOCATE THOSE YOU KILL AT EASE SO WE BROUGHT THE EASTERN EDGE AND WE CREATED MUCH MORE EFFICIENT GARAGE AND THEN MORE IMPORTANTLY FROM THE HOTEL BECAUSE OF HAS THE POOL, WE PUT THAT IN ONE GREAT SO WHAT WE'RE DOING IS WE'RE TAKING THE DIRT AND WE ARE FILLING IN FOR THE HOTEL IS SO THAT WE CAN PUT A POOL AND THEN THE HOTEL FACILIT ON GREAT SO THAT REDUCED THE PARKING BY A LITTLE BIT. ALL I DO IS MIX CUES. THIS PARKING GARAGE IS SIMILAR TO ONE WHERE WE'VE BEEN VERY, VERY SUCCESSFUL AND IT IS VERY SIMILAR TO PRESIDIUM 2 AND THIS IS VERY EXPENSIVE GARAGE, PROBABLY THE MOST EXPENSIVE FOR SPACE BECAUSE IT'S BELOW GRADE AND IS NOT A TWO-TONE GARAGE, A YOU PROBABLY KNOW. THIS ONE YOU WILL NOT KNOW WHAT IS THERE. ALL THE BUILDINGS ARE ON TOP WITH THE EXCEPTION OF THE HOTEL BUT BY LOOKING AT THE UTILITIES NOT WASTING MONEY TO RELOCATE .TILITIES ON AN EXPENSIVE GARAG- THAT IS ONE OF THE MAJOR REASON WHY THEY REDUCE THIS PARKING AMOUNT. >> APPRECIATE THAT. GO AHEAD. SORRY. >> YOU WOULDN'T KNOW THE GARAGE IS THERE EXCEPT FOR THOSE GIANT PUBLIC PARKING SIGNS THAT WERE PUT ALL OF THE PROJECT SO PEOPL WILL KNOW. >> LET ME MAKE ONE MORE COMMENT. SO I WAS AT THE SPRING FEST AND I WANT TO MAKE SURE THAT EVERYBODY UNDERSTANDS WHAT THE NORTH AND ENTRANCE AND THE SOUT AND ENTRANCE CAN BE OUTSIDE SO THAT THE PUBLIC SPACE FOR EVENT CAN STILL BE NON-VEHICLE OR PAPER WE HAVE THE ABILITY TO SHUT DOWN THE NORTH END ALLOW THE SOUTH INTO STILL ACCESS WHILE THE HOTEL VALET AREA CAN BE ACCESSED AND YOU CAN SHUT DOWN THE WHOLE NORTHERN SECTION. AND WE HAD 200 CARS PARKING HER IN ADDITION TO PRESIDIUM 1 AND WE SAW THE TRAFFIC OBVIOUSLY AN I JUST WANTED TO HIGHLIGHT THAT THAT THIS DOES NOT REQUIRE A SHUTDOWN OF THE ABILITY TO HAVE THE CITY HALL PARKING LOT FOR MAJOR EVENTS. >> I KNOW WHAT OUR COUNCIL MEETING COUNCILOR SNYDER HAD ASKED FOR SOME BOND INFORMATION. DOES ANYBODY RECALL EXACTLY WHA HE SAID? WE HAVEN'T RECEIVED IT. >> I BELIEVE I STILL OWE YOU THAT ANSWER OR BASICALLY WE CHECK WITH BOND COUNCIL AND BON COUNCIL SAID SO THERE ARE NO CHANGES TO THE BOND DOCUMENTS. REMEMBER WHEN PROJECTS HAPPEN, WE DISCUSS UNDER STATE LAW IT I THE COUNCIL THAT PASSES THE BON ORDINANCE AND IT IS THE REDEVELOPMENT COMMISSION THAT PASSES A TIF RESOLUTION WHERE THAT ACTUAL SPLIT IS MADE. SO SO LONG AS WE DISCUSSED THAT THS IS MOVING FROM 95 TO 100 AND THAT SAID, THEN NOTHING FURTHER ON THE BOND NEEDS TO HAPPEN SO LONG AS THEY IMPROVE THE -- I WILL FOLLOW UP WITH THEM BIT ASKED THEM TO USE FOLLOW-UP BY E-MAIL. >> COUNCILOR WORRELL. >> THANK YOU. CAN YOU TELL ME HOW THE VALET WILL WORK FOR THE HOTEL AND WHERE THE BALLET IS AND HOW IS THAT ACCESS. HOW MANY SPACES. THE REASON I ASKED THE QUESTION IS BECAUSE A FIVE-STAR HOTEL, YES, THERE IS UBER, BUT AS WE KNOW FROM THE CARMICHAEL, THERE IS ALSO A TREMENDOUS DEMAND ON BALLET AND IT WAS ONE OF THOSE THINGS THAT HAD TO EVOLVE OVER TIME SO I WOULD LIKE TO UNDERSTAND THAT. THAT IS MY FIRST QUESTION. >> SO THIS IS SORT OF A VIEW LOOKING NORTH ALONG THE [00:30:05] ENTRANCES. AND THEN THE SHARE IS TO THE RIGHT. FROM THE POOR TO SHARE IT HAS A DIRECT ENTRANCE INTO THE GARAGE AND THAT'S WHERE THE BALLET WOULD START, IT WOULD START FRO UNDERNEATH AND GO TO THE GARAGE AND THEN THERE ARE SPACES AND THERE WILL BE DEDICATED SPACES FOR VALET AND IT WILL BE THE GARAGE IN GENERAL SO THE GARAGE IS WHERE THE VALET PARK WOULD B IN THE NOSE AND EXIT COMING OUT OF THE GARAGE AND YOU CAN SEE I THERE UNDER THAT TOWER. THAT IS WHERE ALL THE VALET WOULD BE. >> I'M HEARING THERE WILL NOT B A BUNCH OF LITTLE SIGNS WITH SPACES RESERVED FOR VALET? >> NO PAY OR IN FACT, I OWN A FEW GARAGES. RESERVING SPACES MAKES IT VERY DIFFICULT TO KEEP THE ROTATION OF PARKING SO THERE WON'T BE VALET SPACES BUT THEY WILL BE I THE GARAGE, NOT DEDICATED, BUT WITHIN THE GARAGE. >> I THINK THAT IS GREAT. THAT IS A BETTER ANSWER THAN I THOUGHT I WAS GOING TO GET. OKAY. SO JUST A QUICK COMMENT ABOUT THE DIRECTORS COMMENT ABOUT THE BIG PARKING SIGNS. I REMEMBER THAT PRESIDIUM 1 PARKING WAS HARD TO FIND IN THE BEGINNING SO ARE WE DOING SOMETHING DIFFERENT OR DID WE LEARN OR HOW WILL PEOPLE KNOW THAT THERE IS PARKING AND WHERE TO FIND IT. >> YOU ARE ABSOLUTELY RIGHT. BECAUSE WE HAD THE PARKING UNDERGROUND, IT IS HARD TO FIND AND SO WAY BINDING IS SUPER IMPORTANT, ESPECIALLY ON THE PLAZA LEVEL. ONE THING THAT -- I DON'T KNOW IF HENRY HAS A PICTURE OF THIS OR NOT BUT WE DID A MUCH BETTER JOB OF THE SURFACE LEVEL PARKING SPECIFICALLY FOR THE OFFICE. OFFICE GUESTS DON'T WANT TO GO ON THE GARAGE THEY THAT WENT UP BY THE FRONT DOOR AND SO WE DID A NICE JOB I THINK ON CREATING MUCH BETTER PARKING SCENARIO ON THE PODIUM AND THEN WE WILL DO MUCH BETTER JOB ON WAYFINDING. AND IT'S A ONE-WAY DOWN BACK GRADING THESE PARKING SPACES. AND WE GOT A MUCH BETTER SCENARIO OF PARKING ON THE SURFACE LEVEL AND DIDN'T HAVE VERY MANY PARKING SPACES AND THAT IS WHERE ALL THE PARKING I THAT TIGHT AND THEN WHAT WE WIL DO US A MUCH BETTER JOB ON WAYFINDING TO KEEP PEOPLE FROM HERE DOWN AND AROUND IT IS A CHALLENGE. I'M NOT GOING TO FLY TO YOU ON THAT. YOU HAVE TO DO A MUCH BETTER JO ON SIGNAGE AND WAYFINDING TO GE PEOPLE DOWN AND AROUND. THE LOCAL TRAFFIC GETS IT. PEOPLE TAT COME ONCE OR TWICE, THAT'S THE BIG THING. SO WERE GOING TO HAVE A RESTAURANT AND 4101 THAT WAS A CHALLENGE FOR NOT JUST A COUPLE OF MONTHS BUT FOR A COUPLE OF YEARS AND IT MAYBE STILL IS. AND THEN I THINK WHEN YOU GO FROM 95% TIF 20100% TIF, THAT I THE TRIGGER, A NEGATIVE TRIGGER FOR SOME PEOPLE AND I HAVE NOT REALLY, I DON'T KNOW BUT I HAVEN'T HEARD AND EXPRESSED BLITHE THAT CHANGES BEING MADE AND I PUT LIKE TO HEAR YOU FOR THE RECORD AND FORMER COMMUNITY -- AND THAT I HAVE ONE OTHER COMMENT. IT'S PRETTY SIMPLE, THE CHANGE IN THE LAW FOR PRESIDENTIAL AND CREATING THOSE VALUES TO HELP SUPPORT THE TIF IS ONE OF THOSE REASONS. ADDING MORE OFFICE, THAT GARAGE ACROSS -- WHEN I TALKED ABOUT HEAVY CHANGES TO NOT MOVE UTILITIES COME OF THOSE WERE COSTS ABOVE AND BEYOND. SAID TO BE ABLE TO CREATE THE NUMBER OF SPACES AND TO FILL IN THE GAP OF FILLING IN THE SPACES . AND SO FOR THE REST OF THE PROJECT, THAT IS THE REASON WE WENT FROM 95 TO 100 IS TO HELP FILL THAT GAP OF 15 AND 16 AND $17 MILLION GARAGE SPACE COULD YOU PUT A DOLLAR VALUE ON THAT QUICKSET DON'T HAVE THE AUTHORS SCREEN. >> I DON'T HAVE THAT ANSWER OFF THE TOP OF MY HEAD. [00:35:02] >> WHEN WE TALK ABOUT THIS I WOULD LIKE TO HAVE THAT NUMBER AND THEN SO FOR ME, YOU KNOW, THERE'S A COUPLE OF THINGS HAPPENING -- DID YOU WANT TO SAY SOMETHING? I'M SORRY. >> I DON'T WANT TO CONFUSE PEOPLE THE STATE PASSED A LAW THAT DROPPED THE FUTURE TAXES THAT MULTIFAMILY IS GOING TO PA BY ABOUT 30% -- >> 36% THROUGH 2031. >> THE GARAGE COST IS THE SAME BUT THERE IS LESS MONEY COMING OFF OF THE PROJECT TEAM CAN FIL THE. AND THE DEVELOPER IS GETTING MONEY. AND THERE IS NO EXTRA MONEY COMING TO THE DEVELOPER AND THE EXTRA 5% TO CAPTURE SOME OF THE CHANGE IN THE STATE LAW. >> THAT IS WHAT I WAS STARTING TO SAY IS THAT FOR ME WE USE THESE TIF IN ORDER TO INCENTIVIZE THE PROJECT IN ORDE TO GET. AND THEN THERE'S AN ENTERTAINMENT AREA AND WE ARE GETTING THERE IS A PRETTY COOL ASSET IN THIS TOWER, THE STAIR TOWER OVERLOOKING THE JAPANESE GARDEN I LIKE THAT A LOT AND THAT IS VERY UNIQUE AND I THINK THAT WILL BE AN ATTRACTION TO PEOPLE AND I THINK YOU'LL START TO SEE THAT ON PAINTINGS AND AS AN ICON FOR CARMEL AND I THINK WE SHOULD REALLY CONSIDER THAT THAT IS HOW THE TOP IS FINISHED OUT THAT IS AS UNIQUE AS IT CAN BE JUST BY THAT COMMENT. THE HOTEL, THE MOST IMPORTANT THING TO ME, 100,000 SQUARE FEE OF OFFICE SPACE, EVERYWHERE I GO , THERE ARE NOT ONLY EXISTING, WHICH I KNOW THAT COUNCILOR TAYLOR BROUGHT UP THAT CONCERN. AND THIS NEW STYLE OF OFFICE SPACE THAT KEEPS US CURRENT AND COMPETITIVE AND IT ATTRACTS NEW AS WELL AS EXISTING TAXPAYERS, THINK IT IS HUGELY IMPORTANT TO US BUT I DON'T KNOW IF HUGELY I A WORD AND I JUST WANT TO SAY I THINK THIS IS A GREAT PROJECT AND I DO WANT TO JUST KIND OF REMEMBER THAT WE TOOK A CHANCE, I DON'T KNOW IF PONY, COUNCILOR GREEN WAS ON THE PROGRAM, A HUG RISK, UNKNOWN DEVELOPER TO US, CRAZY SITE, NOT A GREAT SITE, PARABLE EYESORE AND A LOT OF CHALLENGES, DUKE ENERGY AND THA WHOLE FIASCO. WE GOT PRESIDIUM 1 AND WE WENT AHEAD AND DID PRESIDIUM TO MAKE FOR THE PUBLIC THAT MIGHT BE WATCHING THIS FOR PRESIDIUM 3 AND THEN PASS OR FAIL, HOW IS PRESIDIUM 1 AND PRESIDIUM 2 GONE AND I DIDN'T CALL YOU AHEA OF TIME TO TELL YOU I WAS GOING TO MAKE THAT COMMENT SO THAT I WAS PREPARED BUT HAVE WE RECEIVED WHAT WE THOUGHT WE WER WEAK AT -- WE WERE GOING TO GET. >> YES AND YES. >> YOU ARE GOING TO HAVE TO DO BETTER THAN THAT. HENRY, I KNOW YOU WANT TO TALK FOR AN HOUR. LET'S JUST DO IT. I'VE SHOWN THAT BEFORE TO PEOPL THIS IS THE VALUE BREAK AT THE CITY. SO PRESIDIUM 1 PROVIDED RESILIENCY AND WALK ABILITY AND SOMETHING FOR PEOPLE TO DO IN THE EVENING AND CREATED A PLACE THAT USED TO BE A WAREHOUSE AND ALSO THEY SOLD PARTY EQUIPMENT BEFORE THAT AND THAT WAS A TOOL DIE SHOP BEFORE THAT. AND THIS IS A MAP OF ASSESSED VALUES TO WHAT YOU SEE IN YELLO AND RED IS ABOUT A HALF MILLION TO 1.5 MILLION ASSESSED VALUE AND WHAT YOU SEE IN BLUE IS ABOUT $50 BILLION OF ASSESSED VALUE. ONE OF THE PRESENT OF THIS MAP SO MUCH IS AS CARMEL PEOPLE, WE RECOGNIZE THESE LANDMARKS TO LE ME JUST DO THIS FOR YOU. THIS IS THE KROGER PARKING LOT THIS PARCEL IS THE GAS STATION BY THE KROGER PARKING LOT AND A A BIT MORE DENSITY TO IT THAT I WHY IT IS ASSESSED SLIGHTLY HIGHER AND THEN THIS MONTH'S TAXPAYING RIGHT HERE, WITH A [00:40:02] GIANT OFFICE BUILDING ON THE CORNER VALUED AT HUGE AMOUNT, APARTMENT BUILDINGS ABOVE IT AN THEN WE CAN ALL TELL THAT THIS IS THE CONDO BUILDING RIGHT HER BECAUSE IT IS A BUNCH OF INDIVIDUAL OWNERSHIPS OF THESE SUPEREXPENSIVE THINGS THAT COST A BUNCH OF MONEY SO IF I'M CONCERNED ABOUT WHAT IS THE CIT GOING TO BE LIKE IN THE FUTURE FROM A FINANCIAL STANDPOINT, DO WE HAVE TAX TO SUPPORT ALL THIS THIS IS WHAT IS DELIVERED BY TH MARKET, KROGER BUILDS A PARKING LOT AND THIS IS THE KIND OF TAXPAYING PEOPLE THAT EXIST FOR PROPER CHECKS LIKE THE PRESIDIU PROJECT. THAT IS HUGE TAXPAYING STOP AND SO NOW WE ARE TALKING ABOUT THE NEXT LEVEL SET OF YOU CAN TELL WHAT THESE ARE. THIS IS A SORORITY AND THAT IS WHY THEY ARE VALUED AT WHAT THE ARE VALUED. THESE ARE THE LITTLE HOUSES THA HAVE BEEN TORN DOWN AND THEIR VALUE IS TINY. SO APART FROM VIBRANCY, APART FROM DAYTIME AND A TIM ACTIVITY APART FROM FREE GARAGE PARKING FOR ITS CITIZENS, WE ARE BUILDING A. BANK THAT IS GOING TO -- IF YOU HAVE A HOUSE ON THE WEST OR EAST SIDE, YOU SHARE A BURDE AND TAXPAYING EVERY TIME A GIAN DEVELOPMENT POPS UP IN THE MIDDLE WORTH $130 MILLION, IT REDUCES THE BURDEN PAID BY OUR SINGLE-FAMILY RESIDENCE THAT IS JUST AS IMPORTANT AS THE VIBRANCY THAT YOU SEE WHEN YOU PULL UP THEIR TWO PRESIDIUM. >> THANK YOU. THANK YOU VERY MUCH. >> PRESIDIUM ALSOP WAS THE WINNER OF THE MONUMENTAL AWARD BY THE CHAMBER. >> THANK YOU ONE MORE BITE OF THE APPLE HERE. I JUST WANT TO GO BACK TO THE PARKING HERE BECAUSE I REALIZE IT'S ALL GOING TO GO UNDERNEATH AND IT'S A PARKING GARAGE, BUT IT IS GOING TO BE A PRIVATE PARKING GARAGE AND THE PARKING SPACES THAT YOU SHOWED, THE PODIUM SPACES, YOU ARE 100% SUR -- I JUST WANT TO MAKE IT REALLY CLEAR ON THE RECORD BECAUSE I AGREE WITH WHAT JEFF IS SAYING, THAT THOSE PARKING SPOTS AT 6:0 OR NOT ALL GOING TO HAVE SIGNS ON THEM THAT SAY NOBODY CAN PAR THERE WHATSOEVER. >> THE DEVELOPER WILL GET TO SE ASIDE 20% OF THE PUBLIC AND ASSIGN THEM HOWEVER THE DEVELOPER LIKES I'M NOT SURE TODAY IF IT'S GOING TO BE THE TOP DECK OR THE BOTTOM BUT 20% IS ALL THEY GET. >> CAN WE GO BACK TO THE PARKIN RATIO. >> LET ME JUST ADD ONE THING THAT THAT. THE 20% WOULD GENERALLY BE DELIVERED TO THE CORPORATE EXECUTIVES EXECUTIVES THAT PARKING BEFORE THEY MAKE A COMMITMENT. >> AND THE OTHER THING ABOUT LIKE TO ADD, JUST ONE LAST THING , JEFF ASKED THE QUESTION ABOUT VIBRANCY AND WHAT DID YOU BRING TO THE CITY OF CARMEL WIT PRESIDIUM 1 AND 2. I WAS IN ST. LOUIS VISITING MY SON AND WE WERE HAVING BRUNCH A A RESTAURANT AND THE YOUNG WOMA WALKS IN WITH A T-SHIRT ON AND ASKED HER, I SENT YOU A COLTS FAN AND SHE SAID, NO, I'M A COLTS CHEERLEADER AND I'M HERE VISITING MY PARENTS AND I SUPPORT YOU LIVE AND SHE SAID CARMEL I SUPPORT YOU THERE FOR SHE SAID I LIVE IN THE PRESIDIU AND. I SAID FANTASTIC, WHAT DO YOU THINK UP AND SHE LITERALLY GUSHED ABOUT WHAT A GREAT PLAYS IT WAS TO LIVE AND HOW CLOSE IT WAS EVERYTHING. SO AT LEAST ONE PERSON WHO DOES NOT COME FROM CARMEL AND LIZZIE ARE NOW FULLY ENJOYS THAT AREA. I JUST WANTED TO ADD THAT TO TH CONVERSATION. >> QUESTIONS? >> NOT A QUESTION BUT MORE OF A COMMENT. THE DISCUSSION ABOUT THE 95% TO 100%. WE DEFINITELY NEED TO HEAR IT A THE CITY COUNCIL. COUNCILOR TAYLOR IS A GOOD HEADLINER BUT I DON'T KNOW HOW MANY PEOPLE TUNE INTO THE FINANCE MEETING AND IT WOULD BE GOOD FOR THE WHOLE CITY COUNCIL TO HEAR REASONS WHY IT'S GOING FROM 95 TO 100% IN THE LEGISLATION AND THE IMPACT AND EVERYTHING ELSE SO I APPRECIATE THAT QUESTION GOING THROUGH IT PARK IMPACT PLEASE. HOW DOES THAT PLAY OUT AND HOW DO THE NUMBERS SHAKE OUT, THE DECISION ON USING PARKING. BUT THERE WERE NUMBER PROJECTS THAT VISA PROVED A COUPLE YEARS AGO AND THIS WAS ONE OF THOSE [00:45:03] PROJECTS OF THIS IS UNDER CURRENT AGREEMENT WITH THE PREVIUS VERSION OF THIS PROJECT SIMILARLY HAD THE SAME NOTION O PUBLIC FACING SPACES FACING VETERANS WAY. SO THAT WAS A CONCEPT THAT WAS DISCUSSED AT AND THE PREVIOUS VERSION, MICHAEL CLEANSING WAS THE FIRST PERSON TO SEE THIS IMAGE BEFORE ANYONE ELSE SAW THIS IMAGE AND HE HAS NO ISSUE PICKED WAS THE SAME KIND OF DEA THAT WAS THERE BEFORE. AND FRANKLY, A LARGER PART OF THIS CONVERSATION IS THAT PARK IMPACT FEES DIFFER FROM TOWN TO TOWN PARKING IMPACT FEES DIFFER FROM -- IN SEVERAL TOWNS THERE IS ONE FEE FOR A SINGLE-FAMILY HOME AN A SECOND FEE FOR A STUDIO APARTMENT, WITH THE THINKING THAT THE DIFFERENT UNITS PUT A DIFFERENT MODE ON OUR PARK USE, FOR EXAMPLE. LIKE MAYBE A HOUSE WILL HAVE A FAMILY THERE VERSUS A STUDIO APARTMENT. IT IS THE SAME COSTS FOR ANY DWELLING UNIT IN THE CITY. SO THERE ARE TIMES LIKE EVER PRODUCTION HOME NEIGHBORHOOD, SOMEONE IS BUILDING A NEIGHBORHOOD, THEY SHOULD VERY MUCH PAVE THE PARK FEES BUT THA IS THE KIND OF DEAL THAT IS NOT BEING OTHERWISE INCENTIVIZED HERE TO HEAR THE CITY IS PUTTIN IN MONEY TO MAKE THIS PROJECT DOES SO EVERY MILLION DOLLARS HAS TO COME OUT AND FEED THE PARKS DEPARTMENT AND THAT WOULD JUST BE THROWING IN THE GAP BY THE SAME MILLION DOLLARS SO ON THESE URBAN PROJECTS, ON THESE URBAN AND PUBLIC AND PRIVATE PARTNERSHIPS WITH THE PUBLIC GARAGE, IF WE ARE NOT PUTTING THE FEES BACK INTO THE PROJECT, THE PROJECT ENDS UP FAILING BECAUSE THERE IS NOT ANNEXED OR 1.5 MILLION ANYWHERE SO THIS IS A WAY TO UTILIZE THE PARK AND PACK IN A WAY THAT MAKES THEM ACCESSIBLE AND GIVES THEM A NIC PUBLIC SPACE AND LAND USE, SOME ACCOUNTS -- MAYBE THIS PLACE IS GOING TO BE USE UNEVENLY LIKE DURING THE CARMEL FEST, I CAN SEE THESE PLACES BEING PACKED WITH PEOPLE AND OTHER TIMES IN THE WINTER MAY NOT BE AND THAT'S OKAY. THIS WAS THE PARK IMPACT BE KIN OF USE THAT WAS DISCUSSED IN FRONT OF THIS COUNCIL. >> ADDITIONAL QUESTIONS OR COMMENTS I JUST HAVE A FEW. COULD YOU JUST REVIEW FROM A TO LEVEL THE ESTIMATED TOTAL DEVELOPMENT COST, AND REVIEW FO AMOUNT IN THE ORDINANCE THAT WE PASS. >> I THINK THE MAX WAS ABOUT 19 MILLION AND I WILL FOLLOW UP IF I SAY THAT WRONG BUT I BELIEVE IT WAS 19 MILLION AND THE BOND AMOUNT IS NOT CHANGING. ALL IN S $123 MILLION PROJECT S WE KNOW THAT THE TIF COMPONENT OF THAT IS UP TO 19 MILLION, HOWEVER MUCH THE DEVELOPER CAN MONETIZE THAT. WE DID NOT UPDATE SOME OF THOSE METRICS ON THE SLIDE. CAN YOU REVIEW THE ORDINANCE THAT WE PASSED. >> YES, COUNCILOR. SO THIS WOULD FIT UNDER THAT PREVIOUS VERSION THAT HAS AN AGREEMENT IN PLACE SO WILL HAPPEN AS IS THERE IS AN AGREEMENT ALREADY. >> WHEN DID THAT AGREEMENT -- WAS UP PRIOR TO 2024? >> YES IT WAS. IT WAS ANOTHER DEVELOPMENT PROPOSAL FOR WHICH THE CREDIT WAS APPROVED. >> IT WAS FOR THIS DEVELOPER PRAYING TO BRING THE CURRENT VERSION OF THE PROJECT IN FRONT OF CITY COUNCIL BUT WAS ONE OF THOSE THAT WAS APPROVED. WITH THAT BEING SAID, WE HAVE DISCUSSED THESE FEES EVERY TIME. IS ALSO USED FOR THE TOWER. [00:50:09] WE HAVE TO MAKE SURE WE HAD OUR PARKS QUALIFIED USES. >> SO WE TALKED ABOUT THIS BUT ALSO RECEIVED SOME QUESTIONS ABOUT IT AND WE HAVE THE CITY O CARMEL THAT HAS A MAJOR INVESTMENT. CAN YOU TALK A LITTLE BIT ABOUT THE DIFFERENCE BETWEEN THIS BRAND AND HOW OUR HOPES ARE THA THIS WILL NOT CANNIBALIZE THE SUCCESS OF THE HOTEL CARMICHAEL THAT WE JUST APPROVED THE EXPANSION OF KEYS TO THAT PROJECT. >> IF I COULD, I WOULD LIKE TO TAKE A BROADER APPROACH TO THAT ANSWER. WE ARE GOING TO CONTINUE TO ADD HOTEL ROOMS THAT JUST BECAUSE O THINGS GOING ON IN CARMEL. GRANT PARK SPINS OFF SO MUCH TRAVEL AND SO MANY ROOMS THAT A WILL KNOW, HOTEL LEADERS ATTEMPTING TO PUT UP HOTELS ALL OVER THIS COUNTY. SO HOTELS ARE GOING TO GET BUIL IN CARMEL EITHER WAY. AND WE COULD HOPEFULLY STEER TH UPSCALE FLAGS AWAY FROM THE TRANSIT NATURE WHERE SOME OF OU LIMITED SERVICE HOTELS ARE TODAY . INTO A WALKABLE DOWNTOWN WITH THESE HOTELS ADD VALUE. AND AS WE CONTINUE SMART DEVELOPMENT, OUR DOWNTOWN SHOUL BE PLACED WITH WALKABLE HOTELS WITH THE GRANDEST FLAGS TO BENEFIT -- WE ALL BENEFIT WHEN PEOPLE STAY IN HOTEL ROOMS IN OUR CARMEL HOTEL ROOMS BUT THERE IS A BENEFIT WHEN THEY AVAIL THEMSELVES TO THE WALKABLE STEA HAITIANS AND THOSE HAPPEN IN OU WALKABLE -- AND EXTENDED-STAY HOTELS ALONG US 31. I THINK THE ANSWER IS THOSE ROOMS ARE COMING EITHER WAY AND THE CITY SHOULD DO ITS BEST TO PUT DEVELOPERS IN THE COURT ON AN EQUAL FOOTING TO GO GET THOS LUXURY AND UPPER UPSCALE FLAGS BECAUSE IT ONLY BENEFITS US IT' NOT LIKE, THE ROOMS WILL COME ANYWAY. AND THOSE WILL STILL COME. I THINK ACTUALLY THE HOTEL CARMICHAEL WILL PROVE THE CONCEPT SO THE DEVELOPER, LIKE TONY, KENT ATTRACT THE HOTEL TAPESTRY WITHOUT US HAVING A COMPLICATED OWNERSHIP I JUST WANTED TO MAKE SURE TO GET THAT ON RECORD. AND I LIKE THE COMMITMENT TO HAVING OUTSIDE USER FOR THE COMMERCIAL OFFICE. THAT SEEMS VERY IMPORTANT FOR U TO CONTINUE TO ATTRACT NEW HEADQUARTERS AND NEW COMPANIES TO OUR CENTRAL CORE WE HAVE THE HIGHEST OFFICE SPACE IN THE STATE OF INDIANA, MAY BE BRIDLE BY COKE BOTTLING PROJECT DOWN NEAR MASS AVENUE. JUST TO HIT ON A FEW OTHER ITEMS , I DIDN'T WANT TO TALK ABOUT DOUBLE WHAT I TALK ABOUT THE PARKING AND WE BE LIKE MULT FAMILY, WE TYPICALLY LOOK AT 1.5 , SO I'M COMFORTABLE WITH THE PARKING RELATED TO THE MULTIFAMILY END THIS PROJECT. USUALLY WE TYPICALLY LOOK AT ABOUT 4 PER 1000 FEED. JEFF RT ADDRESSED MY QUESTION ABOUT THE VALET. MANY TIMES RECUSING PUBLIC STREET PARKING TO DO THE VALET SO I APPRECIATE HOW YOU ARE ADDRESSING THE VALET IN THIS PROJECT. PLEASE MAKE SURE YOU FALL THROUGH -- FOLLOW THROUGH WITH THAT COMMITMENT. I UNDERSTAND WHY THE MULTIFAMIL IS NEEDED. I APPRECIATE HOW YOU HAVE LIMITED IT TO 154 UNITS THAT IT'S A NECESSARY EVIL TO MAKE THE UNITS WORK BUT I'M A LITTLE CONCERNED ABOUT THE FUTURE, WHICH I TALKED ABOUT THIS, IS THIS SOMETHING THE CITY IS GOIN TO HAVE TO ADDRESS, THE AMOUNT OF TRAFFIC THAT'S GOING TO BE [00:55:02] PLACED ON VETERANS WAY TO THINK WERE GOING TO HAVE TO CONTINUE TO LOOK AT THAT AND HOW THAT IS ADDRESSED THROUGH OUR COURT. I THINK I AGREE WITH THE -- SO YOU HAVE TO LOOK WITH ENGINEERING TO LOOK AT SOME COMBING MEASURES AND IF YOU TAL TO BRETT ABOUT THEM. IT IS JUST SOMETHING THAT IS GOING TO HAVE TO PROVE TO YOUR OWN -- ONE THING WE HAVE DEBATED AND DEBATED PARKING IN THE VERY THING THAT, LET ME ASK THE QUESTION FIRST. IS STUDIO M LOSING -- USING A PARKING CONSULTANT. THEY ARE NOT TYPICAL GARAGE DESIGNERS OR ENGINEERS. ARE YOU GUYS USING, HAVE THEY ENGAGED A PARKING CONSULTANT WHEN YOU REEVALUATED THE GARAGE AND THE EFFICIENCY OF THE GARAG APPEARS. >> NO, THEY HAVEN'T I THINK THE USE THEM IN THE PAST AND THEY HAVE REALLY FOCUSED ON WHAT WE DID ON PRESIDIUM 1 AND PRESIDIUM 1 HAS SIX SIMILAR CONSULTANTS AND OFFICE AND RETAIL AND THEN WE ALSO OBVIOUSLY FOR SALE SO PRESIDIUM 1, THE 24 UNITS THAT WE SOLD EACH CAME WITH TWO PARKING SPACES THAT LEAD LED TO 48 SPACES OUT OF PARKING COMPONENT. THE ONLY THING THAT DID NOT HAV WAS THE HOTEL SO WE USE THOSE RATIOS TO COME UP WITH THE RATIOS HERE AND WE HAVE HAD GOO SUCCESS THEY ARE. SO I AM GOING TO RECOMMEND SOMETHING AND WE DO THIS OFTEN IN THE COMMUNITY IS DOING THIS SO THE PROBLEM IS, IT'S NOT THA PEOPLE DON'T TRUST THE DEVELOPE PIERCE SOMETIMES THEY DON'T AND THEY HAVE A FINANCIAL MOTIVE AN YOU WANT TO DEVELOP PROJECT THA IS SUCCESSFUL AND PERKY HAS BEE A BIG STICKING POINT FOR MANY PEOPLE, THE NUMBER OF PEOPLE ON THE COUNCIL CONTINUE TO BRING I UP AND THAT IS A PRESENTATION FROM THE DEVELOPER SAYING THAT THE PARKING WORKS. ONE THING THAT WAS AN IMPORTANT PROCESS OF GETTING THE PARKING GARAGE NEXT TO CARMEL PD COME OVER TO THE NORTH OF US APPROVE AND I BELIEVE IT WAS JANELLE -- YOU BROUGHT IT INTO DO IN THIS OTHERS OUT THERE AND THE NUMBER OF THEM OUT THERE TWO DO A PARKING GARAGE STUDY AND WERE GOING TO CONTINUE TO SEE AND THAT MAYBE WILL COME FORWARD AN WE HAVE COME UP WE JUST DID THE LARGER AREA PARKING STUDY BUT FOR A NOMINAL COST YOU COULD HAVE A THIRD-PARTY UNBIASED CONSULTANT COME IN AND HELP VALIDATE THESE NUMBERS AND MAKE THIS CONVERSATION FOR US ON THE CONSUL TO -- I GET THIS. I UNDERSTAND THIS BUT FOR CERTAIN PEOPLE IS SOMETIMES HAR TO WRAP YOUR HEAD AROUND AND YO HAVE 154 UNITS AND TRIP OR NUMBER OF BEDS AND HOW MANY PARKING SPACES ARE BRIGHT FOR OPEN THOUSAND SQUARE FEET OF OFFICE AND THE NUMBER OF KEYS FOR HER HOTEL AND IT PUTS MAY B JUST A SUGGESTION TO PROVIDE CLARITY FOR FUTURE PROJECTS IS THAT WORTH THOUSAND DOLLARS FOR A STUDY TO BE FORMED OR BRING I A THIRD-PARTY THIRD PARTY TO DO THAT. I THINK IT HELPS CLARIFY THIS NEBULOUS CONVERSATION AROUND PARKING BY AN OUTSIDE THIRD-PARTY CONSULTANT SO THAT WAS JUST A SUGGESTION I WAS GOING TO MAKE. THE OTHER THING I THINK IS IMPORTANT IS TO REVIEW FOR THE PUBLIC HOW WE APPROACH THE OWNERSHIP STRUCTURE AND PUBLIC USE OF THE SCRATCHES. AND YOU TALK ON THAT FOR A MOMENT. FUTURE TAX DOLLARS ARE BEING USED TO PAY FOR THE GARAGE. >> IT'S REALLY THE BEST POSSIBL SCENARIO. HONESTLY, WE HAVE OUR NEIGHBORS TODAY BUILDING GARAGES ARE NEIGHBORS IN HAMBLEN COUNTY ARE [01:00:01] DOING THAT AS WE SPEAK. THIS IS A DEVELOPER BOND AND WE ARE NOT ON THE HOOK IN ANY WAY FOR THE OBLIGATION TO BUILD THI GARAGE. AFTER IT IS BUILT THERE IS GOIN TO BE A PUBLIC EASEMENT THAT IS GOING TO GET RECORDED ON THIS GARAGE, VERSION OF THE DOCUMENT I JUST SAID TO ANOTHER DEVELOPE YESTERDAY IT MAKES PARKING SPACES OPEN TO THE PUBLIC ON A FIRST-COME, FIRST-SERVED. IN PERPETUITY. AS LONG AS THIS GARAGE STANDS AND EVEN AFTER THE BONDS ARE PAID OFF, IF THE GARAGE STILL EXISTS, IT'S GOING TO BE OPEN FOR PUBLIC USE FOREVER AND IS GOING TO BE MAINTAINED AND MANAGED BY NOT OUR MONEY, WHICH IS INCREDIBLE. I WILL JUST SAY I RESPECTFUL RIGHT AS A LOT. I'VE USED ARE MANY, MANY TIMES HAVE WE USED HER TO STUDY MIDTOWN. WE KNOW HER ACCOUNTS AND THAT PARKING ASSUMPTIONS GET PRETTY STANDARDIZED BUT THIS IS SOMETHING MY TEAM SPENDS LOTS O TIME PUTTING TOGETHER, SO ALL O THIS IS VETTED BY US BEFORE ANYONE ELSE SO IT IS A QUESTION I CAN SEE THIS IS LIKE A CASE-BY-CASE BASIS BUT THE QUESTION IS HOW MUCH MONEY DO YOU WANT TO SPEND ON A CONSULTANT BEFORE KNOWING A PROJECT IS APPROVED. >> IT JUST PROVIDES CLARITY. I'M NOT. VOTING -- ONE INDIVIDUAL FIRM. >> THERE ARE MANY GOOD FIRMS. IT COULD BE SOMETHING THAT PROVIDES ADDITIONAL CLARITY FOR PEOPLE PICKED THIS IS AN IMPORTANT PROJECT. THIS PROJECT HAS TO HAPPEN ON A. PROJECT COME IF WE WERE NOT ABL TO TRACK UNDER A 1,000 SQUARE-FOOT OFFICE IN THE TAPESTRY HOTEL BECAUSE PEOPLE WERE NOT ABLE TO WRAP THEIR HEADS AROUND PARKING AND FEEL LIKE WE ARE NOT PROPERLY VETTIN THE PROJECT, THAT WOULD BE UNFORTUNATE. >> I COULD SAY, I THINK IT IS FAIR TO SAY THAT THESE ACCOUNTS OF THIS REVIEW, THESE ASSUMPTIONS HAVE BEEN VETTED BY LDR BECAUSE THEY ARE THE ASSUMPTIONS WE HAVE USE USED FO A LONG TIME INCLUDING TO ASSIST US IN OUR ACCOUNT. OUT THIS IS INDUSTRY STANDARDS VACANCY IN A CASE-BY-CASE BASIS. >> I KNOW YOU GUYS WILL DO A GREAT JOB BUT AS WE MOVE FORWAR WITH THE PROJECT, LUCKILY PEOPL IN OUR COMMUNITY, PEOPLE COME T OUR COMMUNITY ARE STARTING TO UTILIZE GARAGES MORE BECAUSE WE DONE SUCH A GREAT JOB AT HIDING OUR GARAGES ON THE PSYCHOLOGY I WEIRD BUT WHETHER PEOPLE USE A GARAGE. THEY WILL WALK THREE BLOCKS SOMETIMES AND THEY ARE NOT USED TO USING A GARAGE READ WRITER AND RATE THE DEVELOPMENT AND USING THE GARAGE. SO WAYFINDING IS VERY IMPORTANT ON THIS PROJECT PARTICULARLY BECAUSE WE HAVE PUBLIC USES FOR THIS FACILITY RIGHT ACROSS THE STREET AND WE DON'T WANT ALL OF THESE SPACES BEING CONSUMED BY USERS OF THIS DEVELOPMENT WHEN THEY HAVE NEEDS FOR STAFF AND CITY FUNCTIONS AT THIS BUILDING. >> JUST MY GUESS, ONCE THIS PROJECT IS BUILT, WE ARE PROBABLY ASSIGNING A CITY HALL PARKING LOT. >> THOSE ARE MY QUESTIONS. COUNCILMAN MINNAAR. >> SORRY, HAD TO TAKE ANOTHER BITE OF THE APPLE. YOU SAID THERE'S GOING TO BE A CONFERENCE SPACE WITHIN THE HOTEL? HOW BIG IS THAT GOING TO BE? >> WE ARE HAVE NOT DETERMINED HOW BIG IT IS GOING TO BE. WE ARE WORKING TO DETERMINE HOW BIG IT IS GOING TO BE BUT IT WILL BE A SMALL CONFERENCE SPAC FOR GUESTS GENERALLY WERE ALSO GOING TO OPEN THAT UP FOR THE OFFICER SOMETIMES THE OFFICE USERS WANT TO GET OUT OF THEIR BUILDING AND UTILIZE THE CONFERENCE SPACE HAS FOLLOWED I'M THINKING 5-6,000 SQUARE FEE SO IT'S NOT GOING TO BE OVERLY LARGE. >> ONE OF MY BIGGEST COMPLAINTS ABOUT PROSCENIUM, AND IS NOT REALLY A COMPLETE -- COMPLAINT, BUT THE PARK BEING DESIGNED TO PUT THE GREEN SPACE THEY ARE PICKED LET'S JUST CALL IT WHAT IT IS, IT IS A BATHROOM SPACE FOR ANIMALS WHICH IS FINE. I'M NOT BANGING ON THAT BUT I JUST WANT TO BE SURE WITH THIS PROJECT THAT IT DOES NOT BECOME THAT SAME THING. ARE AT THEIR PLACE TO MARK THAT PROPERTY SO THAT PEOPLE DON'T I IS A PARK SPACE ARE MEANT FOR PUBLIC USE BUT I KNOW YOU CAN'T KEEP ANIMALS OFF THE GRASS THAT I UNDERSTAND THAT BUT JUST SO PEOPLE KNOW THAT IT IS USED FOR [01:05:02] PUBLIC CONSUMPTION. >> ABSOLUTELY. ONE OF THE FLAWS IN PROSCENIUM 1'S THERE WAS NO PROGRAMMING IN THAT SPACE AND WHAT WE ARE DOIN NOW AND IT HAS COME BEFORE HENRY , WE ARE GETTING READY TO BUILD A NEW BUILDING AND IT WAS ORIGINALLY DESIGNED AND WILL HAVE A WINE AND COFFEE BAR AND ADDITIONAL OFFICE SPACE AND THA WILL TAKE UP SOME OF IT, WHICH WILL RE-ACCLIMATE THAT SPACE. CLEARLY AND MULTIFAMILY, THERE' A LOT OF DOGS AND IN TRYING TO FIND AND WITH THE NEW DETENTION POND, WE ALWAYS BELIEVED THAT WAS WHERE PETS AND THINGS WOULD GO BUT THAT'S BEEN A LONG TIME COMING. THAT ENDED UP GOING TO THAT SPACE. >> IT WAS JUST AN OBSERVATION AND IN THE MIDDLE OF THE SUMMER -- >> I WOULD ASSUME THAT THAT GREEN SPACES SPACE IS ONE OF TH TOP REASONS WHY PET LOVERS MOVE INTO THE PROSCENIUM. IT IS QUITE AN AMENITY FOR THEM. >> I'M NOT GOING TO ARGUE ABOUT THIS. WE CAN TALK ABOUT IT. >> ONE LAST COMMENT BUT I WANT TO CLARIFY MY STATEMENTS FROM THE CITY COUNCIL MEETING. RELATED TO 2% OF ASSESSED VALUE. BUT I SAY 2% ASSESSED VALUE UNDER WHAT HAS BEEN RATIFIED IN THE STATE CONSTITUTION, THEY AR CAPPED AT 2% OF THE ASSESSED VALUE FOR MULTIFAMILY. IT PROVIDED DEDUCTIONS TO THE ASSESSED VALUE TO REDUCE THE PROPERTY TAX BURDEN OF MULTIFAMILY UP TO AS I STATED COME AROUND 36% TO 2031 AND AS YOU STATED THIS IS DRIVING THE REDUCTION OF TAX INCREMENT THAT IS ACHIEVED ON THE PROJECT FOR THE MULTIFAMILY COMPONENT. WHICH WILL CHANGE THE TIF SPLIT. IN MY COMMENT WAS THAT FOR COMMUNITIES THAT DO THAT DEVELOPMENT. I DON'T KNOW ANY MULTIFAMILY DEVELOPER THAT IS NOT GOING TO CHARGE THE HIGHEST MARKET RENTS THAT THEY CAN ACHIEVE THIS IS ABOUT THIS DEVELOPER AND THE HIGHEST PER SQUARE-FOOT RENT THAT THEY CAN RECEIVE REGARDLES REDUCTION OF AN OPERATING WANT TO MAKE THAT VERY CLEAR, M POSITION ON THIS. I UNDERSTAND PROPERTY TAX REFOR FOR HOMESTEADS FOR PEOPLE WHO LIVE AT HOME AND THOSE ARE ON FIXED INCOMES. IT JUST BOGGLES MY MIND WHY DURING PROPERTY TAX REFORM THEY GAVE A DEDUCTION OF PROPERTY TAXES TO MULTIFAMILY DEVELOPERS. I JUST WANTED TO CLARIFY THAT. SO SEE NO OTHER COMMENTS, WE NEED A MOTION ON IT. >> I SEE NO OTHER COMMENT THAT WE NOW MOTION FOR DECISION OF HOW WE WANT TO SEND THIS BACK T COMMON COUNCIL. >> MR. PRESIDENT, WE WOULD LIKE TO MOVE THAT WE SAID ORDINANCE 2815-26 AND D-2,016TH S26 BACK TO CONSOLE FOR A POSITIVE RECOMMENDATION. >> SECOND. >> WE WILL VOTE. JUST FOR THE RECORD. THE RECENT WEISS BESSIE UNANIMOUSLY AND THREE POSTS IS THAT JEFF WORRELL HAD ANOTHER COMMITMENT HE HAD TO MAKE SO HE STEPPED OUT SO THE MOTION PASSE UNANIMOUSLY WITH A POSITIVE RECOMMENDATION. SEEING NO OTHER BUSINESS ON THI AGENDA, * This transcript was compiled from uncorrected Closed Captioning.