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to all the person sharing made the motion.

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All the person Bailey seconded it.

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It was unanimous that we come out of closed session at 742.

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OK, so let's go down to item 35.

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Decision regarding a 2026, 2027 operator license for a Roronano

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Bissero.

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This is a council wish to take any action.

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I move to grant an apparatus license for a Roronano Bissero.

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Is there a second?

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Second.

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Second by all the person who's a wiki.

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All in favor?

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All opposed?

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Motion carries.

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Two passes.

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So you'll contact her office tomorrow, right?

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Your office will reach out to you tomorrow with your license

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information.

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OK, you can go.

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Thanks.

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All right, so now we're going to go to item 32 and 36.

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We don't need to go into closed session for those items, right?

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Do we?

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I don't think so.

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So as part of this, so this is like the seventh amendment to the second.

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Well, it's the seventh amendment to the second development agreement.

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Is it the second or the third?

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So.

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I'm going to mention the first of all, I'm bringing in the second amendment to the

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second amendment to the second amendment.

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OK, so when you start hearing things like there's seven amendments,

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it's like there's a lot of stuff going on over the course of time, right?

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So Cobalt is here.

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And what they wanted to do, because it's sort of you can get confusing, right?

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It's like, well, what do you mean this restaurant?

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What do you mean?

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So wanted to provide a more universal global overview of what's going on, OK?

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Which Deb and Mr.

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Yolk apparently have been vigorously going through negotiations and discussions to make

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sure that the city, Deb, that our interests are taking care of and Scott to be in another

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magazine cover or something.

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That's it.

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Probably.

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No, I don't know.

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No, he's.

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So if we have it, can we start it?

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Yeah, come on up.

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And I think there's a mic there.

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Oh, yeah.

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Let's see.

51
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Close it.

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Close it.

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This one.

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They might not like that.

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So is it on your area monitors working?

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So this is trying to put everything that's happened with hit six and today in perspective.

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As best as I can do that.

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Good evening, Scott Yolk with Cobalt Partners.

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Thank you for letting us present for you this evening.

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And thanks for having the rain clear up a little bit.

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It was pretty heavy coming down a little bit ago.

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So just wanted to give an update as the mayor indicated.

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And we're going to go through just real briefly, 84 South and then Loomis Crossing.

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So project updates.

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Some of this you know, but it kind of picks up where some of the prior amendments left

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off.

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We've got a site plan that shows all of you guys see this in your screen in front of

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you right where we where we left off previously.

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There's really one remaining parcel now at 84 South, which is the one highlighted in

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yellow.

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And that's the one between Steinhoffals and the parking structure for the Aurora Medical

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Office Building.

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If you want to go next slide again, some of the images of what was there prior to this

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you're all certainly aware of it.

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But you know, really proud of a lot of the buildings over there in the architecture and

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where this is and we are down now to the final parcel.

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When we were here back in 2015, it's a long time ago and set up the TID and the PUD.

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We had projected increment about 114 million.

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As of the most recent report this year, it's 226 million.

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So it's significantly higher than originally projected.

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So that's certainly good news.

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Recent things we've completed here are Cooper's Hawk, as you know, on the corner that I think

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has really been very successful and we're pleased with what's going on there.

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Next we Chipotle that you know opened recently and then we've got Starbucks that also opened

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recently and then Kava's going to be opening in the place where Mod Pizza used to be.

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Mod closed down most of their Wisconsin locations, but Kava's coming and people are really excited

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about that.

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So again, the one remaining parcel, I know that the mayor has made it no secret that

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he'd love to see a hotel here and we've been working on some other retail options at that

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last location, but I think a hotel really brings a nice component to a mixed-use development.

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It's nice to have the grocery, it's nice to have the medical office building, the residential

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and the right mix of restaurants.

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The hotel would be a nice addition to that.

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This particular hotel flag is called Cobblestone and they're based in Nita, Wisconsin.

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They've got about 160 hotels in about 29 states.

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We had gone to the grand opening and I know the mayor attended and Aldrin Bailey attended

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as well and got to tour this very nice product.

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We have other hotels that we own and operate, some home to suites and Spring Hills.

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This was the inside and the finishes were just as nice as those products.

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It was really very impressive.

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So we are working with this group to bring the hotel to this final parcel itself.

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They tend to be in, I would say, they're not in the larger cities.

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They tend to be in cities, you know, the size of Greenfield and even smaller.

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They've got three different product offerings, but this is their highest end offering.

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They call it the upscale Main Street product.

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It would have a pool.

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It's got kind of a lounge area.

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The one we toured as a restaurant, that wouldn't be the case here, but it has business centers,

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conference rooms, fitness centers.

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There's a couple of suites and then there's just the regular, you know, non-suite rooms

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as well.

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You can go to the next one.

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They've got a rewards program and so forth.

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They're excited about that location and kind of the mix of the amenities that are there.

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So that's the latest 84 South, 84 South and I'm sure the attorney time check will talk

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a little bit about this.

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You may recall there was a point in time, I forget when it was, but one of those amendments

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when there's some transfer from TID-6, which is 84 South to TID-8, which is Loomis Crossing.

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So a lot of what happens at 84 South.

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Some of that feeds into Loomis Crossing, so it's good that 84 South has been the success

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that it is.

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So then going to Loomis Crossing, you can go on to the next one if you would, please.

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Thanks.

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This was back when we kicked off this project.

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There were a number of parcels, a fair amount of acreage here and two phases, two sides

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of the interstate, as you know, and it had a very low tax base, a little over $6 million

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of tax base.

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Ultimately, this will be close to $80 million of increment.

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We assembled all these various parcels at the time to make all this work.

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If you want to go on to the next one, I don't think it'll go through.

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These are slides from last time, but really there was a number of challenges here that

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was the old DOT, Park and Ride, it was tax exempt, there was the ATC transmission lines

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that run through there.

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There were some other AT&T infrastructure that had to be removed.

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There has been a fair amount of environmental cleanup, nothing real significant, but things

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that are spread out given some of the prior uses that were there.

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So we had a number of challenges to work through at the same time, assembling lands that are

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ultimately going to be conveyed to the turf park along with the parking facility and parking

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area that we're building there at the next one.

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I think I hit all those things and go on to the next one.

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And so again, a lot of the images of what you see there today, and if you see in the

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lower right corner, that's the parking lot that's under construction.

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If anyone's been by recently, you see we got all the curb and gutter in, or most of it

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in today, I know the mayor gets out there a lot and checks on what's going on and we're

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making good progress that parking lot will be in the next couple of weeks.

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We've got two of the multifamily buildings that are complete at Luma's Crossing Apartments

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site that we had a meeting today with our partner on that.

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We're at 100% occupancy right now.

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There's no vacancies at the moment.

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That ebbs and flows every month, but we've had steady lease up there.

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The last building is 114 units, which is the largest of the three buildings.

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We'll open next June, so you can see that if you drive by certainly under construction

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and we're on schedule there.

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If you want to go on to the next one.

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So I'm going to leave this to Dabby, but there were some things that in the amendment

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that you see today, where we used cities and secured throughout the duration of these

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amendments, and that the structure set up in a way that certainly is protected for the

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city and the taxpayers, and I'll again, I'll let the attorney, Tom Chick, talk about that.

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If you want to go on to the next one, please, you can go on one more.

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There's a number of costs, though, that are being covered in excess of about $5 million

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for land that was acquired.

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There was a point when the city had purchased some of the parcels that were there for about

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$1.3 million.

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Those dollars were paid by the project back to the city, as well as other parcels that

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we acquired.

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All of that land, which is in excess of $3 million of purchase price, will be conveyed

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to the city along with the construction of the parking lot for the turf, as well as the

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former DOT parking ride lot, which, through the efforts of the city, the number of parking

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stalls that the DOT wanted to retain went from about $150 down to $39, something like

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the mid-30s, so that certainly helped.

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That demand for the parking really hasn't been there anymore.

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Again, Lumis Crossing apartments, you'll see, we're in the final building, which is the

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one on the farthest background, right?

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That's under construction now.

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If you want to go to the next one, just a couple of images of what you might recall

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a little bit before we started not too long ago.

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It's kind of hard to remember what was there, but it's quite a change, as well as

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the Lumis are late in reconstruction and on the Lumis Bridge, so that area is really

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seen a big transformation, I think, gives some more images of the apartments.

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And then the final phase now is the technology park, and we've been through all the approval

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process for the buildings there.

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There's three buildings, totally about 250,000 square feet.

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The first two buildings, give back just one for a second.

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The one at the very top that's outlined is building A, and then building C is the one

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down at the bottom.

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The top one's about 122,000 square feet.

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The one down along the freeway is 89,000 square feet.

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Those two will start construction in September.

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That's our plan.

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We're really ready to go, and frankly, down to the wire.

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If we need to release some things as early as tomorrow, so I'm glad we're here today

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on precast that has to be poured, otherwise we'll miss the window.

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But that's building A, and there's a next slide just shows an image of what that building's

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like.

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These, as you may recall from when we came through the process before, are really what's

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called flex type buildings, so they have an office component, typically 20 to 40 percent

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of these are an office type use with other either processing showroom, you know, things

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in the back of the building.

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So they're not heavy duty industrial buildings, they're quasi office buildings.

200
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The next one, that's just a floor plan of that building, and then building C, the one

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00:11:58,520 --> 00:12:05,160
at the bottom, is similar look, I mean, they'll all have a uniform look, and then the last

202
00:12:05,160 --> 00:12:06,600
one, I think, is just a floor plan.

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So that's kind of the overall, just want to show you some images and kind of pictures

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of what's going on, what the plan is.

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I can answer any questions if you want now, and certainly turn it over to project.

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00:12:19,160 --> 00:12:20,160
Yeah, okay.

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Any questions up there?

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00:12:21,160 --> 00:12:22,160
That can answer is done.

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00:12:22,160 --> 00:12:29,160
My only question is, how many projects does cobalt have in the works in southeastern Wisconsin

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at this very moment?

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00:12:30,720 --> 00:12:39,280
Well, there's probably 10-ish, some happen and some don't happen, so we, we, you never

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00:12:39,280 --> 00:12:43,520
know what's going to go all the way through and what isn't, so sometimes projects are

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00:12:43,520 --> 00:12:47,880
out there that are underway that, you know, for whatever reason, a user doesn't materialize

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00:12:47,880 --> 00:12:51,160
or there's due diligence issues, but yeah, it's in that range.

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00:12:51,160 --> 00:12:55,920
I just, I'm concerned about the ones in Greenfield quite honestly, can you prioritize those?

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00:12:55,920 --> 00:13:00,960
Yeah, we are, well, we, we, this, I mean, you know, it's going to sound like I'm sucking

217
00:13:00,960 --> 00:13:06,280
up and maybe I am, but, but this 84 South has been a really special project from us from

218
00:13:06,280 --> 00:13:10,120
the beginning, and it was one of our early projects for the second to the one in Monomony

219
00:13:10,120 --> 00:13:12,320
Falls, so we love that project.

220
00:13:12,320 --> 00:13:14,440
This project finishes everything out.

221
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This will actually fully build out 84 South and fully build out everything at Loomis,

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00:13:19,520 --> 00:13:22,960
and I think if you look at the quality of the building's architecture, they're really,

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I think they're pretty special.

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Any other questions I can answer about the slides?

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00:13:29,880 --> 00:13:34,800
Okay, I'll get out of the way.

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00:13:34,800 --> 00:13:40,960
Hi, Debbie Tamchek with Brinehart Burner, and we have been special counsel to the city

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00:13:40,960 --> 00:13:47,680
on the 84 South and the Loomis Crossing projects, and you all should be commended because,

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as, as Mr. York indicated, the successes here are really admirable, and I think admirably

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admired by other municipalities as well.

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I didn't kill a bunch of trees to bring copies of all documents, but we're happy to do that.

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00:14:02,400 --> 00:14:06,160
Really the, the documents themselves are pretty simple.

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There are two amendments to existing development agreements as the mayor indicated.

233
00:14:10,200 --> 00:14:16,440
There's a seventh amendment to the 84 South development agreement and a second amendment

234
00:14:16,440 --> 00:14:21,240
to the Loomis Crossing development, but this is a summary of the terms that we've been

235
00:14:21,240 --> 00:14:22,440
negotiating.

236
00:14:22,440 --> 00:14:26,880
We do ask that we're not 100% final, but I think we're just down to language changes

237
00:14:26,880 --> 00:14:31,760
at this point, and I know there are timelines that people are trying to, to meet to keep

238
00:14:31,760 --> 00:14:34,240
the development on, on track.

239
00:14:34,240 --> 00:14:40,360
So in the 84 South development agreement, as Mr. York indicated, when there was a projection

240
00:14:40,360 --> 00:14:49,200
of $114 million worth of value increment, and you're already at $227 million of value increment,

241
00:14:49,200 --> 00:14:53,440
so almost double what was projected, and that has created great, another great opportunity

242
00:14:53,440 --> 00:14:58,120
for the city because there is positive increment that can be allocated and has been allocated

243
00:14:58,120 --> 00:15:03,760
already to undertake some infrastructure improvements, the turf, things that didn't have a source

244
00:15:03,760 --> 00:15:08,480
of funds without that, that 84 South increment.

245
00:15:08,480 --> 00:15:14,800
So what's being proposed in that 84 South amendment is that up to $6 million of positive

246
00:15:14,800 --> 00:15:20,840
increment would be allocated from TID6 for infrastructure for the turf, for the turf's

247
00:15:20,840 --> 00:15:25,920
parking lot, and those are things that, that Mr. York indicated his companies already started

248
00:15:25,920 --> 00:15:32,040
to undertake, have already been constructed, so we're incurring the cost already for those

249
00:15:32,120 --> 00:15:36,600
that, that infrastructure work, and we need to pay for it.

250
00:15:36,600 --> 00:15:40,840
In the meantime, we've gone back and forth with our financial consultant with Ellers

251
00:15:40,840 --> 00:15:47,640
to make sure that we can still continue to cash flow, pay existing debt, pay what's projected

252
00:15:47,640 --> 00:15:54,840
in all of the, in all everything that's coming forward, and we've asked for commitments from

253
00:15:54,840 --> 00:15:58,840
Cobalt to do all the wonderful things that you saw on the screen, and to make sure that

254
00:15:58,840 --> 00:16:02,240
our projections of revenue will actually be realized.

255
00:16:02,240 --> 00:16:07,840
So the one remaining pad that has yet to be developed at 84 South will generate additional

256
00:16:07,840 --> 00:16:13,440
increment, another $8.5 million worth of value, and we're asking to ensure that Cobalt actually

257
00:16:13,440 --> 00:16:14,960
produces that.

258
00:16:14,960 --> 00:16:18,840
That's really the essence of what's happening at the 84 South Development Agreement amendment.

259
00:16:18,840 --> 00:16:21,560
It's actually pretty simple on that side.

260
00:16:21,560 --> 00:16:30,160
To be clear, too, with regard to the $6 million of transfer, about a million, million, two

261
00:16:30,160 --> 00:16:36,240
is for the turf, and I think it's about right, and the rest is for the traffic signals and

262
00:16:36,240 --> 00:16:39,160
for the rest of the stuff that's required.

263
00:16:39,160 --> 00:16:44,480
I actually think one of the slides had everything immemorated, it was back for the, it was one

264
00:16:44,480 --> 00:16:49,480
that my old eyes, it was, go forward, it was with the highlighted yellow, that was the one

265
00:16:49,480 --> 00:16:52,040
I couldn't read, because there you go.

266
00:16:52,040 --> 00:16:57,280
That's actually the enumeration of what that infrastructure cost is.

267
00:16:57,280 --> 00:17:01,320
On the Loomis Crossing side, again, we're looking at a second amendment.

268
00:17:01,320 --> 00:17:06,760
We've already actually there achieved $48 million worth of value increment, and that's

269
00:17:06,760 --> 00:17:11,000
with the medical office building that's completed and the two multifamily buildings that are

270
00:17:11,000 --> 00:17:12,000
complete.

271
00:17:12,000 --> 00:17:16,720
As you know, the third one is under construction, and Cobalt is committing to complete that

272
00:17:16,720 --> 00:17:20,480
timely so that we have additional increment that's being generated.

273
00:17:20,480 --> 00:17:25,920
They're also committing to the development at the technology park to the north.

274
00:17:25,920 --> 00:17:30,360
And Cobalt, again, when working through all the projections with Ehlers, they're committing

275
00:17:30,360 --> 00:17:34,960
to and recording short roll covenants on the properties that they own to make sure that

276
00:17:34,960 --> 00:17:39,480
the revenues that we're projecting are actually generated, so that we're sure we have that

277
00:17:39,480 --> 00:17:43,040
cash flow that we need to continue to pay the bills.

278
00:17:43,040 --> 00:17:47,440
In fact, Scott is actually personally guaranteeing a couple of the significant payments that

279
00:17:47,440 --> 00:17:56,040
will be needed through that cash flow, $500,000 in 2027, $550,000 in 2030.

280
00:17:56,040 --> 00:18:00,960
And then the city's obligation will be to allocate those TID-6 increments, primarily

281
00:18:00,960 --> 00:18:06,680
for infrastructure for the turf, for the technology park, including the signal.

282
00:18:06,680 --> 00:18:11,280
And the city has an existing mortgage that they will retain on the third of the three

283
00:18:11,280 --> 00:18:18,240
technology park pads at the north, and that also enables us to make sure that performance

284
00:18:18,240 --> 00:18:19,880
continues to happen.

285
00:18:19,880 --> 00:18:24,560
But then when we refinanced some existing bonds that are outstanding in 2029, we'd have

286
00:18:24,560 --> 00:18:30,140
some additional borrowing, $2.75 million to fully fund out all the infrastructure at

287
00:18:30,140 --> 00:18:35,320
Loomis North, including the turf, and be able to have the city release a guarantee that's

288
00:18:35,320 --> 00:18:41,240
currently outstanding on one of the borrowings that's out there.

289
00:18:41,240 --> 00:18:47,040
Other development things that we'll be considering is one of the extra potential developments

290
00:18:47,040 --> 00:18:51,760
at Loomis Crossing would be a potential restaurant pad.

291
00:18:51,760 --> 00:18:55,680
And then there'd also be consideration, and these are things you haven't committed to,

292
00:18:55,680 --> 00:19:03,840
but you'd also have to consider an existing static billboard at 10123 West Oklahoma being

293
00:19:03,840 --> 00:19:08,720
converted to a digital billboard so that that would generate some additional revenue.

294
00:19:08,720 --> 00:19:13,360
So those are things that would be additional revenue sources for some of the North Loomis

295
00:19:13,360 --> 00:19:15,800
development.

296
00:19:15,800 --> 00:19:20,640
We have negotiated almost all of the language in the two amendments, and we have copies

297
00:19:20,640 --> 00:19:25,600
of all those, but we're not quite final, and we would ask that if you're considering

298
00:19:25,600 --> 00:19:29,720
these two amendments that you delegate to staff to work on the final details and then

299
00:19:29,720 --> 00:19:36,280
authorize the mayor and the clerk once we have final documents and all exhibits, including

300
00:19:36,280 --> 00:19:41,200
Eller's final blessing on the projections, which we now have Department of Revenue

301
00:19:41,200 --> 00:19:47,080
Numbers for to validate that all of our numbers are correct, and then only when everything

302
00:19:47,080 --> 00:19:52,880
is signed, when the recorded shortfall covenants that Cobalt is committing to make sure that

303
00:19:52,880 --> 00:19:57,160
they can make those payments and that the revenue we're expecting will be in place,

304
00:19:57,160 --> 00:20:02,240
only then would we actually consider the additional transfer of the TID-6 funds.

305
00:20:03,240 --> 00:20:05,240
Sounds like a lot.

306
00:20:05,240 --> 00:20:07,240
Questions, thoughts?

307
00:20:07,240 --> 00:20:15,400
I do have one question about, it says your third bullet point, 84 South, with preference

308
00:20:15,400 --> 00:20:16,960
for a hotel.

309
00:20:16,960 --> 00:20:24,400
So if the hotel does not happen, what's, what is going to be there?

310
00:20:24,400 --> 00:20:30,080
I don't want to speak to what's, you know, but my concern is mostly the revenue part

311
00:20:30,080 --> 00:20:35,040
of it, so they're agreeing that the revenue that we've projected from a development that

312
00:20:35,040 --> 00:20:41,000
I think you may have heard about in the past will be there whether the development happens

313
00:20:41,000 --> 00:20:42,920
or whether it's a different development.

314
00:20:42,920 --> 00:20:46,400
And I'll let Scott answer what that would be.

315
00:20:46,400 --> 00:20:52,720
Yeah, the plan, we have been working on a retail, it's a combined, it's 30,000 square

316
00:20:52,720 --> 00:20:58,000
feet of two retailers, one of which is done and approved through what they call Real Estate

317
00:20:58,000 --> 00:21:01,160
Committee, all these national retailers can go through this process.

318
00:21:01,160 --> 00:21:08,040
The second one is not, to that point yet, they went through a first round of it and had approval,

319
00:21:08,040 --> 00:21:09,040
which is preliminary.

320
00:21:09,040 --> 00:21:13,440
So we do have a backup that we could probably pursue, but the preference now has been the

321
00:21:13,440 --> 00:21:14,440
hotel.

322
00:21:14,440 --> 00:21:18,840
We're on board with that idea, we like it, and I think I don't see anything really getting

323
00:21:18,840 --> 00:21:22,520
in the way of the hotel moving forward.

324
00:21:22,520 --> 00:21:25,600
So I think that's likely what you'll see.

325
00:21:25,600 --> 00:21:29,920
If I had one other thing too, and I know Attorney Time Check mentioned this allocation

326
00:21:29,920 --> 00:21:34,920
of those dollars, right now there's a model, there's a financial model that she referenced

327
00:21:34,920 --> 00:21:36,000
that Ellers puts together.

328
00:21:36,000 --> 00:21:40,360
We go through it every year with Ellers and with city staff and it gets updated to reflect

329
00:21:40,360 --> 00:21:42,080
all the actual numbers.

330
00:21:42,080 --> 00:21:46,720
Nothing in this plan right now transfers more money than was previously transferred, it

331
00:21:46,720 --> 00:21:47,720
moves it up.

332
00:21:47,720 --> 00:21:52,480
So we've had these conversations and I know Attorney Time Check might not disagree, but

333
00:21:52,480 --> 00:21:54,800
she probably doesn't want to make those representations.

334
00:21:54,800 --> 00:21:59,840
But there's not an additional transfer of dollars, that amount is staying fixed.

335
00:21:59,840 --> 00:22:05,280
What's happening is the recent numbers that came back at 84 south are about 10 million

336
00:22:05,280 --> 00:22:11,160
higher than we projected, I want to get complicated, the mill rate has to be determined yet.

337
00:22:11,160 --> 00:22:14,040
So that could change what that revenue is, but we're 10 million higher, we had a very

338
00:22:14,040 --> 00:22:15,040
conservative projection.

339
00:22:15,040 --> 00:22:21,000
So we're 10 million higher on the equalized value than what we thought we were.

340
00:22:21,000 --> 00:22:27,880
So there's added revenue and then with the development at Loomis there's about 25 million

341
00:22:27,880 --> 00:22:32,400
of additional development there, so that's helping create all those sources.

342
00:22:32,400 --> 00:22:36,720
So again there's not an additional transfer, the amount of transfer that's been authorized

343
00:22:36,720 --> 00:22:40,640
was authorized by the council and that number doesn't change and I don't think it can change

344
00:22:40,640 --> 00:22:42,160
without further authorization.

345
00:22:42,160 --> 00:22:48,000
So it's not changing, the timing is moving up to do some of this work is really the difference.

346
00:22:48,000 --> 00:22:53,640
So going back to my question, I was like a politician, I answered that wrong question.

347
00:22:53,640 --> 00:23:00,040
It sounds like you're fairly certain that the hotel will happen or...

348
00:23:00,040 --> 00:23:06,800
Yeah, but if it doesn't, then it would be retail, but I mean we can't, it took that

349
00:23:06,800 --> 00:23:11,360
parcel and maybe to Alderman Caster's point, it isn't our lack of focus on that.

350
00:23:11,360 --> 00:23:16,440
I mean retail, it really leased up quickly and then it kind of peered out for a while,

351
00:23:16,440 --> 00:23:18,040
we had COVID and a lot of other things had happened.

352
00:23:18,040 --> 00:23:24,720
So the other problem is if you look kind of universally, there's almost no new retail

353
00:23:24,720 --> 00:23:28,000
construction happening without TIFF.

354
00:23:28,000 --> 00:23:32,160
The numbers just have not caught up the rents that they're willing to pay, so that's been

355
00:23:32,160 --> 00:23:36,080
a bit of a struggle as well, but they're starting to recognize they get to pay a little more

356
00:23:36,080 --> 00:23:37,080
rent.

357
00:23:37,080 --> 00:23:46,320
So we're very close under a different user group being those two retailers, but the hotel

358
00:23:46,320 --> 00:23:47,320
will happen.

359
00:23:47,320 --> 00:23:48,320
I feel pretty confident.

360
00:23:48,320 --> 00:23:50,320
I mean they're ready to move forward.

361
00:23:50,320 --> 00:23:51,320
Great.

362
00:23:51,320 --> 00:23:57,200
And then I just have a question about the digital billboard, which I'm not really excited

363
00:23:57,200 --> 00:24:05,480
about, but can you tell me a little bit about, is that going to disturb?

364
00:24:05,480 --> 00:24:13,320
It's the location of an existing sign that was there about 110th in Oklahoma, and so

365
00:24:13,320 --> 00:24:17,840
we're able to, by converting it to digital, a couple of things happen, one, we can create

366
00:24:17,840 --> 00:24:22,920
more revenue, which so there's a $250,000 that we kind of commit as a result of that

367
00:24:22,920 --> 00:24:24,920
conversion to helping the gap.

368
00:24:24,920 --> 00:24:29,760
We had a gap on here, and as attorney Topshick mentioned, through a lot of efforts that turned

369
00:24:29,760 --> 00:24:36,440
into us coming up with about a million won, roughly toward that, and one source was through

370
00:24:36,440 --> 00:24:37,440
that.

371
00:24:37,440 --> 00:24:42,040
The other thing with those digital signs, you can create this condition where the diodes

372
00:24:42,040 --> 00:24:45,880
are faced a certain way, and if you move out of a certain distance, you don't see it,

373
00:24:45,880 --> 00:24:51,560
they kind of black out, so they adjust at night from an ambient perspective, and we

374
00:24:51,560 --> 00:24:55,720
also allow some community service announcements and public usage on that.

375
00:24:55,720 --> 00:24:59,160
We've done that in the past with the turf.

376
00:24:59,160 --> 00:25:02,400
Why am I having a hard time figuring out where we're 110th in Oklahoma?

377
00:25:02,400 --> 00:25:03,400
No, I see.

378
00:25:03,400 --> 00:25:06,400
So this is the off-room to get off on a one-place cell phone.

379
00:25:06,400 --> 00:25:07,400
It's by the rehabilitation.

380
00:25:07,400 --> 00:25:12,000
I would call that one of a heart that the rehabilitation has to do by the printing shaft.

381
00:25:12,000 --> 00:25:13,000
That's by 101st.

382
00:25:13,000 --> 00:25:16,600
There's existing static sign that was there, and we just took it down.

383
00:25:16,600 --> 00:25:18,800
Our intent would be West Dallas.

384
00:25:18,800 --> 00:25:19,800
Are you interested?

385
00:25:19,800 --> 00:25:20,800
It's 101st.

386
00:25:20,800 --> 00:25:21,800
101 or 110.

387
00:25:21,800 --> 00:25:22,800
101.

388
00:25:22,800 --> 00:25:23,800
I'm sorry.

389
00:25:23,800 --> 00:25:24,800
I got my...

390
00:25:24,800 --> 00:25:30,080
So, with regard to that sign, there isn't any intrusion into residential properties or

391
00:25:30,080 --> 00:25:31,080
anything.

392
00:25:31,080 --> 00:25:33,080
It's clearly on the freeway.

393
00:25:33,080 --> 00:25:34,080
Yeah.

394
00:25:34,080 --> 00:25:35,080
Yeah.

395
00:25:35,080 --> 00:25:36,080
West Dallas across the street.

396
00:25:36,080 --> 00:25:41,200
They're not asking for that now, but they're asking us to essentially, when it comes through

397
00:25:41,200 --> 00:25:42,200
to B.

398
00:25:42,200 --> 00:25:48,800
So, we're not asking for any approvals of any development opportunities, including the

399
00:25:48,800 --> 00:25:52,720
static sign today, other than that you'd consider it if it comes forward.

400
00:25:52,720 --> 00:25:58,240
We're not asking you to approve what happens at A2 definitively on the Loomis Crossing,

401
00:25:58,240 --> 00:25:59,240
or an...

402
00:25:59,240 --> 00:26:00,240
I'm sorry, an 84 South.

403
00:26:00,240 --> 00:26:04,920
What we are asking for is the financial deal that you consider approval of the financial

404
00:26:04,920 --> 00:26:05,920
deal.

405
00:26:05,920 --> 00:26:10,280
And all the things we talked about are components that will provide revenue to make sure the

406
00:26:10,280 --> 00:26:11,280
financial deal works.

407
00:26:11,280 --> 00:26:14,520
How did Cobalt get control of that location?

408
00:26:14,520 --> 00:26:16,520
On Oklahoma?

409
00:26:16,520 --> 00:26:17,520
Yeah.

410
00:26:17,520 --> 00:26:19,040
I think they probably bought the sign.

411
00:26:19,040 --> 00:26:20,040
We did.

412
00:26:20,040 --> 00:26:21,040
Yeah.

413
00:26:21,040 --> 00:26:22,040
The sign?

414
00:26:22,040 --> 00:26:23,040
Just the sign?

415
00:26:23,040 --> 00:26:24,040
Well, an easement.

416
00:26:24,040 --> 00:26:25,040
And it's really an easement.

417
00:26:25,040 --> 00:26:26,040
Yeah.

418
00:26:26,040 --> 00:26:27,040
Okay.

419
00:26:27,040 --> 00:26:29,040
So, the building that's in the current shape?

420
00:26:29,040 --> 00:26:30,040
Yeah, not the building.

421
00:26:30,040 --> 00:26:31,040
No.

422
00:26:31,040 --> 00:26:32,040
That will stay the same.

423
00:26:32,040 --> 00:26:33,040
It's a little rough.

424
00:26:33,040 --> 00:26:40,040
And on that highlighted list, you showed that you have to make additional costs to make

425
00:26:40,040 --> 00:26:41,800
it a city standard.

426
00:26:41,800 --> 00:26:46,520
Does that mean we're taking possession of the streets?

427
00:26:46,520 --> 00:26:47,520
What are you talking about?

428
00:26:47,520 --> 00:26:48,520
I didn't follow.

429
00:26:48,520 --> 00:26:49,520
Sorry.

430
00:26:49,520 --> 00:26:50,520
I don't know.

431
00:26:50,520 --> 00:26:51,520
It's halfway down.

432
00:26:51,520 --> 00:26:54,520
We had sub road, utilities, city standards, 825.

433
00:26:54,520 --> 00:26:58,240
Oh, is that in the list up there?

434
00:26:58,240 --> 00:26:59,240
On that?

435
00:26:59,240 --> 00:27:00,240
Yeah.

436
00:27:00,240 --> 00:27:01,240
Can you read?

437
00:27:01,240 --> 00:27:02,240
I can't see it.

438
00:27:02,240 --> 00:27:03,240
I'm sorry.

439
00:27:03,240 --> 00:27:04,240
What bullet is it?

440
00:27:04,240 --> 00:27:05,240
Stop.

441
00:27:05,240 --> 00:27:06,240
Oh, I have to know.

442
00:27:06,240 --> 00:27:09,240
It says, stub road and utilities at city standard, the fourth from the bottom.

443
00:27:09,240 --> 00:27:12,360
Oh, so, yeah, that's part of the, at the interchange coming in.

444
00:27:12,360 --> 00:27:22,920
There's a 250 foot segment of roadway that'll go south east, mainly east, off of Loomis.

445
00:27:22,920 --> 00:27:26,680
That's got to be in, I mean, maybe Jeff Katz can, a pine tube, but that's...

446
00:27:26,680 --> 00:27:28,680
The adjacent to a state-of-the-light.

447
00:27:28,680 --> 00:27:29,680
Control light.

448
00:27:29,680 --> 00:27:30,680
Yeah.

449
00:27:30,680 --> 00:27:32,200
Yeah, signalized intersection.

450
00:27:32,200 --> 00:27:35,320
And there's a bunch of off-site work being done, but the totals are, but that's that

451
00:27:35,320 --> 00:27:38,400
stub road section going into the, to the east.

452
00:27:38,400 --> 00:27:41,920
The 900,000 that you see on there is the turf parking lot.

453
00:27:41,920 --> 00:27:42,920
Correct.

454
00:27:42,920 --> 00:27:43,920
Along with some of the...

455
00:27:43,920 --> 00:27:44,920
Some DOT, too.

456
00:27:44,920 --> 00:27:45,920
Yeah.

457
00:27:45,920 --> 00:27:46,920
Okay.

458
00:27:46,920 --> 00:27:53,360
I'm just, we are not taking possession of the entire industrial or...

459
00:27:53,360 --> 00:27:54,360
It's private.

460
00:27:54,360 --> 00:27:55,360
It's a private road.

461
00:27:55,360 --> 00:27:56,360
That'll be a private road.

462
00:27:56,360 --> 00:27:57,360
That's still a private road.

463
00:27:57,360 --> 00:27:58,360
Correct.

464
00:27:58,360 --> 00:27:59,360
Yes.

465
00:27:59,360 --> 00:28:05,880
And we just need to be that city standard on that 250 feet, I believe.

466
00:28:05,880 --> 00:28:10,480
Because it's intersection with a state highway, there has to be just a small segment.

467
00:28:10,480 --> 00:28:11,480
Yeah, I got that.

468
00:28:11,480 --> 00:28:13,880
I was afraid we were taking possession of that whole road.

469
00:28:13,880 --> 00:28:14,880
Yeah, no.

470
00:28:14,880 --> 00:28:18,040
I'll be dead by the time you have to put a new one in, but I still care.

471
00:28:18,040 --> 00:28:22,880
Yeah, all private.

472
00:28:22,880 --> 00:28:24,880
Okay.

473
00:28:24,880 --> 00:28:34,840
So, one thing I think that sort of gets lost sometimes, I mean, we...

474
00:28:34,840 --> 00:28:41,000
The four south, when we started, it was worth six or seven million dollars, which is

475
00:28:41,000 --> 00:28:42,000
10-6.

476
00:28:42,000 --> 00:28:44,600
Today was worth six million.

477
00:28:44,600 --> 00:28:48,880
So a total of about 13 million dollars of taxable tax base, right?

478
00:28:48,880 --> 00:28:50,440
Which we're still getting taxes on.

479
00:28:50,440 --> 00:28:54,600
I mean, that base is still there paying taxes.

480
00:28:54,600 --> 00:29:00,920
If you add up the numbers, and we have looked at these numbers, and they're accurate and

481
00:29:00,920 --> 00:29:07,400
they're reported to the state, we're almost at 300 million dollars of new tax base or

482
00:29:07,400 --> 00:29:10,360
280, 290, something like that.

483
00:29:10,360 --> 00:29:11,360
How much?

484
00:29:11,360 --> 00:29:13,560
But when it's gone, it'll be 300.

485
00:29:13,560 --> 00:29:14,560
It'll be 300.

486
00:29:14,560 --> 00:29:19,920
So, while this is complicated, I mean, this is the struggle that we have sometimes, it's

487
00:29:19,920 --> 00:29:25,160
like, while this is complicated and Deb's expensive, right, and very good, and she's

488
00:29:25,160 --> 00:29:30,400
being paid for by him on our behalf.

489
00:29:30,400 --> 00:29:31,960
And while we...

490
00:29:31,960 --> 00:29:37,600
So while we do all of these things, right, we're leaving a legacy in the city of a tax

491
00:29:37,600 --> 00:29:42,120
base of 300 million when we started at 13.

492
00:29:42,120 --> 00:29:45,480
And by the way, we're still collecting the 13.

493
00:29:45,480 --> 00:29:49,120
So that's pretty good.

494
00:29:49,120 --> 00:29:53,600
So it gets complicated and we talk about seventh amendments and we talk about the price of

495
00:29:53,600 --> 00:29:57,200
lumber and we talk about the price of steel and we talk about all of these things and

496
00:29:57,200 --> 00:30:04,600
we talk about having to have hugely times on concrete precast buildings, and electrical

497
00:30:04,600 --> 00:30:09,200
controls, and toilets, and all this other stuff.

498
00:30:09,200 --> 00:30:16,160
And we talk about creating a turf, right, and trying to get some benefit immediately

499
00:30:16,160 --> 00:30:21,840
out of the 300 million dollars of new tax base that we will once enjoy completely.

500
00:30:21,840 --> 00:30:25,840
Well, the turf we had to do because we got the land for the price we got.

501
00:30:25,840 --> 00:30:31,400
So while we got the turf for a buck, but to be honest, we didn't really have a place

502
00:30:31,400 --> 00:30:33,440
to park.

503
00:30:33,440 --> 00:30:35,960
He was going to build a...

504
00:30:35,960 --> 00:30:39,240
These are some of the other discussions that you may not...

505
00:30:39,240 --> 00:30:46,520
The original parking lot was anticipated in the modeling to be about 200,000 dollars.

506
00:30:46,520 --> 00:30:53,360
This parking lot, and if you drive by today, the 90 stalls and the interconnectivity, we

507
00:30:53,360 --> 00:31:01,280
have created a destination for the Midwest's second largest skateboard park, which has

508
00:31:01,280 --> 00:31:07,800
historical underpinnings with Tony Hawk's turf card from 1980 is actually being auctioned

509
00:31:07,800 --> 00:31:08,800
right now in line.

510
00:31:08,800 --> 00:31:11,200
I don't know if I sent you guys to that.

511
00:31:11,200 --> 00:31:13,880
So this is like a hollowed ground now.

512
00:31:13,880 --> 00:31:18,360
I know this isn't the packers and this isn't any of those kinds of things which go back

513
00:31:18,360 --> 00:31:24,840
to the teams, but as far as skateboarding and this sport go in the world, this is a

514
00:31:24,840 --> 00:31:32,000
sacred place, and it's in our city, and through all of these amendments and all of these things

515
00:31:32,000 --> 00:31:35,720
and all of this posturing and all of the arguments and all of the...

516
00:31:35,720 --> 00:31:39,640
You can't believe you're doing this to me.

517
00:31:39,640 --> 00:31:47,800
Discussions that we have, we've created something pretty special, and then we can start working

518
00:31:47,840 --> 00:31:53,840
towards expanding the skateboard park, by the way, someday, and be the largest skateboard

519
00:31:53,840 --> 00:31:59,240
park in the Midwest that has every single skateboarding feature there is, and there are

520
00:31:59,240 --> 00:32:03,520
not many skateboard places like this in the world.

521
00:32:03,520 --> 00:32:10,200
I mean, Jeff and I, we get the turf.org, we get emails from people all over the place

522
00:32:10,200 --> 00:32:11,200
that are just...

523
00:32:11,200 --> 00:32:17,720
And if you go there on any given night, while it's raining tonight, there's 50, 60, 70,

524
00:32:17,800 --> 00:32:19,440
90 people there.

525
00:32:19,440 --> 00:32:23,760
I'd encourage you to go there on Saturday, and I know I'm making this about the turf

526
00:32:23,760 --> 00:32:29,360
and not the hotel and all of that, but even the hotel, it's taken...

527
00:32:29,360 --> 00:32:33,880
Well, by every candidate, every person that's run against me saying, why don't we have

528
00:32:33,880 --> 00:32:34,880
a hotel?

529
00:32:34,880 --> 00:32:35,880
We should have a hotel.

530
00:32:35,880 --> 00:32:36,880
Why don't you get a hotel?

531
00:32:36,880 --> 00:32:40,520
Well, in order to get a hotel, you need a hotel study, right?

532
00:32:40,520 --> 00:32:45,160
And you have to spend four or five hours with a hotel consultant driving around the city

533
00:32:45,200 --> 00:32:50,040
explaining why we should have a hotel and why it will work and look at this and look

534
00:32:50,040 --> 00:32:55,040
at that, which I did about a year ago, a year and a half ago, right?

535
00:32:55,040 --> 00:33:02,120
Then she went to 84 South with me, and I think we had lunch at Cafe Zoopers, I can't...

536
00:33:02,120 --> 00:33:04,720
I bought it, she didn't buy it.

537
00:33:04,720 --> 00:33:08,840
Didn't ask for him, but I get an expenses, right?

538
00:33:08,840 --> 00:33:13,680
And she's like, this is like the kind of thing where it would be natural.

539
00:33:13,680 --> 00:33:18,640
She didn't say that right away, and I also asked about a hotel near the turf, and I

540
00:33:18,640 --> 00:33:23,600
took her over there and we saw the Mexican restaurant, which doesn't look quite as nice

541
00:33:23,600 --> 00:33:29,960
as it does now, and there was like an apartment and a half building there, and the Greenfield

542
00:33:29,960 --> 00:33:35,960
Coin Exchange is still there, and it didn't look all that, she's like, you know, maybe

543
00:33:35,960 --> 00:33:41,240
three or four years, this might be the place, but right now this isn't the place, right?

544
00:33:41,240 --> 00:33:45,920
So all of this stuff, and I can't believe we've been doing this for 10 or 15 years,

545
00:33:45,920 --> 00:33:53,600
it takes forever to do, but if you have good quality people behind you that have sort of

546
00:33:53,600 --> 00:34:01,040
the vision that are kept in line sometimes by financial people with maybe cooler heads

547
00:34:01,040 --> 00:34:06,800
and legal people to say, no, no, you know, just not jump ahead there, right?

548
00:34:06,800 --> 00:34:16,960
Maybe good stuff can happen, and I think in this case, with both TID6 and TID8, we're

549
00:34:16,960 --> 00:34:22,400
properly leveraging things to make the city a better place in the long run and to survive

550
00:34:22,400 --> 00:34:28,600
as a first-range community around sometimes a struggling, bigger city, right?

551
00:34:28,600 --> 00:34:30,540
We have to do these things.

552
00:34:30,540 --> 00:34:35,840
For everybody that owns a home and everybody that owns property, we have to do these things

553
00:34:35,840 --> 00:34:41,640
to make the city a place to live and prosper.

554
00:34:41,640 --> 00:34:45,360
So would Deb ask such a hard time with this?

555
00:34:45,360 --> 00:34:46,360
Why you?

556
00:34:46,360 --> 00:34:47,360
I don't know.

557
00:34:47,360 --> 00:34:52,520
I mean, while we're looking at right here, I don't see how it's being funded from all

558
00:34:52,520 --> 00:34:55,160
the things we're doing.

559
00:34:55,160 --> 00:35:00,040
I don't see any of the funding going towards the assurance back to Shirley's point that

560
00:35:00,040 --> 00:35:01,960
this will get developed in this manner.

561
00:35:02,960 --> 00:35:11,760
So this is the thing with the, if it's the hotel, if that's the part, you know, we're

562
00:35:11,760 --> 00:35:17,520
going to do all this stuff and he's going to do the best he can with the hotel.

563
00:35:17,520 --> 00:35:24,400
I've been, so it was going to be, and I will generally say this, so if you don't object

564
00:35:24,400 --> 00:35:30,800
or I can say whatever I want, kind of, if the president can, I can, sorry, I shouldn't

565
00:35:30,800 --> 00:35:31,800
have said that.

566
00:35:31,800 --> 00:35:34,400
You can't afford to be sued like him though.

567
00:35:34,400 --> 00:35:38,120
I, well, I'm sitting, well, I'm sitting up here, I can basically say anything that,

568
00:35:38,120 --> 00:35:39,600
I mean, that's kind of a lot.

569
00:35:39,600 --> 00:35:42,520
We have some sort of immunity while we were conducting businesses.

570
00:35:42,520 --> 00:35:47,040
I think that's a little, Ryan, can you verify that?

571
00:35:47,040 --> 00:35:50,680
There are limits, but yeah, but I'm not trying to get into that part.

572
00:35:50,680 --> 00:35:56,560
The point is that three and four months ago, it was going to be retail and that's what

573
00:35:56,600 --> 00:36:01,640
it was going to be, and the modeling that we were going to do was going to be that.

574
00:36:01,640 --> 00:36:05,560
And I didn't like that.

575
00:36:05,560 --> 00:36:15,120
I wanted a hotel, in essence, and we had a hotel study finally that said we could have

576
00:36:15,120 --> 00:36:16,120
one.

577
00:36:16,120 --> 00:36:17,120
You can't get a hotel without a hotel studying.

578
00:36:17,120 --> 00:36:18,120
There's no financing of it.

579
00:36:18,120 --> 00:36:19,280
You can't do it.

580
00:36:19,280 --> 00:36:21,840
You can't have, without that, you can't have it.

581
00:36:21,840 --> 00:36:25,960
Are you in this proposal, are we seeing that there's going to be a hotel with funding

582
00:36:25,960 --> 00:36:26,960
that we're going to do?

583
00:36:26,960 --> 00:36:36,560
So this is the matter of trust because I have met and Bruce met the owner of the hotel chain

584
00:36:36,560 --> 00:36:40,960
or one of the owners of the hotel chain or one of the guiding principles who is like,

585
00:36:40,960 --> 00:36:41,960
we want to be there.

586
00:36:41,960 --> 00:36:45,600
You don't trust our president, so how can you trust this person?

587
00:36:45,600 --> 00:36:50,480
Because he's not our president and he's a guy that wants to build a hotel.

588
00:36:50,480 --> 00:36:55,720
Because I've taught, I do, I, yeah, I don't trust our president sometimes.

589
00:36:55,720 --> 00:36:59,040
That is true.

590
00:36:59,040 --> 00:37:03,440
And I'm kind of a Republican-y kind of guy, and I've said that publicly, I'm sort of

591
00:37:03,440 --> 00:37:07,680
trying not to say that too loud because we're in a purple community, but I'm also like to

592
00:37:07,680 --> 00:37:11,000
fish and I like the environment and so I'm kind of a Democrat when I come to say that.

593
00:37:11,000 --> 00:37:14,080
Well, there's one fuzzy feeling from talking to this person.

594
00:37:14,080 --> 00:37:15,640
So I'm supposed to get it too?

595
00:37:15,640 --> 00:37:16,920
You're supposed to get what?

596
00:37:16,920 --> 00:37:20,120
A warm, fuzzy feeling you got from this hotel person?

597
00:37:20,120 --> 00:37:25,480
If you, I invited you and I invited Gina to go that same night and I was hoping that

598
00:37:25,480 --> 00:37:28,880
you would go and I was hoping, and I knew you had other things going on and you couldn't

599
00:37:28,880 --> 00:37:29,880
make it.

600
00:37:29,880 --> 00:37:30,880
Yeah, my life had complicated.

601
00:37:30,880 --> 00:37:31,880
But yeah.

602
00:37:31,880 --> 00:37:37,200
So, and while we're straying from this, I have a warm, fuzzy feeling and I have a sense

603
00:37:37,200 --> 00:37:40,520
that yes, this hotel is going to happen.

604
00:37:40,520 --> 00:37:44,480
The civil engineers are already working on the layout as I understand it.

605
00:37:44,480 --> 00:37:47,400
They're already looking at the utilities.

606
00:37:47,400 --> 00:37:50,440
Part of this, it's been laid out on the site.

607
00:37:50,440 --> 00:37:52,240
I've seen some of the site plans, yeah.

608
00:37:52,240 --> 00:37:56,360
The good thing is that the utilities are there, the parking is there.

609
00:37:56,360 --> 00:38:04,520
It requires a pad and it requires to go vertical and no city funding and no city funding.

610
00:38:04,520 --> 00:38:06,160
What do you think we're talking about?

611
00:38:06,160 --> 00:38:08,600
Do you know how much it costs to build a hotel?

612
00:38:08,600 --> 00:38:11,840
It costs about $13 or $14 million to build a hotel.

613
00:38:11,840 --> 00:38:15,480
Do you know what the assess valuation of a hotel is once it's built?

614
00:38:15,480 --> 00:38:16,480
Seven or eight.

615
00:38:16,480 --> 00:38:18,680
Seven and a half.

616
00:38:18,680 --> 00:38:26,000
This modeling assumes, so that other half, the expensive part, right?

617
00:38:26,000 --> 00:38:28,040
The equity pays for that.

618
00:38:28,040 --> 00:38:33,780
Part of it, the other part is coming from us to help subsidize the financing over the

619
00:38:33,780 --> 00:38:35,840
course of that.

620
00:38:35,840 --> 00:38:37,840
And that's what we've, I hope I explain that right.

621
00:38:37,840 --> 00:38:39,640
Did I miss the slide that shows that?

622
00:38:39,640 --> 00:38:44,400
We're borrowing from the equity valuation to be able to actually pay to do these things

623
00:38:44,400 --> 00:38:45,400
in the first place.

624
00:38:45,400 --> 00:38:49,200
There's some funding coming from the city for something that could probably explain

625
00:38:49,200 --> 00:38:53,260
much that's inherently what's happening is we're borrowing against the 226 million

626
00:38:53,260 --> 00:38:55,560
valuation to actually continue to do.

627
00:38:55,560 --> 00:39:02,600
We're using the instrument that's generated from the hotel and all these other sources

628
00:39:02,600 --> 00:39:03,600
to do what you're saying.

629
00:39:03,600 --> 00:39:05,600
We borrow at a 20 or 30 years ago.

630
00:39:05,600 --> 00:39:06,600
I just don't see it.

631
00:39:06,600 --> 00:39:07,600
I don't see the picture.

632
00:39:07,600 --> 00:39:08,600
That's right.

633
00:39:08,600 --> 00:39:09,600
That's right.

634
00:39:09,600 --> 00:39:13,440
So, and to your question about what happens without, there is no guarantee of a hotel.

635
00:39:13,440 --> 00:39:19,600
But if, what there is a guarantee of is that the projections that, and the revenue

636
00:39:19,600 --> 00:39:25,000
that we're expecting through the model will be there because if they're not, Scott and

637
00:39:25,000 --> 00:39:31,160
his company have to pay that, or he could love his special.

638
00:39:31,160 --> 00:39:35,760
But there's a, there's a mechanism to make sure that the funding will be there.

639
00:39:35,760 --> 00:39:41,160
So if, if something doesn't come to fruition that we're expecting, we have a revenue source

640
00:39:41,160 --> 00:39:42,400
to make sure that that happens.

641
00:39:42,400 --> 00:39:47,360
So he has yet another incentive to make sure that we're actually bringing the development

642
00:39:47,360 --> 00:39:49,560
that you want to see.

643
00:39:49,560 --> 00:39:52,320
It's, how much are we given to the hotel?

644
00:39:52,320 --> 00:39:54,200
I'm sorry, what was that?

645
00:39:54,200 --> 00:39:56,200
We're not giving anything to a hotel.

646
00:39:56,200 --> 00:39:57,200
We're not giving anything to a hotel.

647
00:39:57,200 --> 00:39:59,200
There's nothing in here that says anything about a hotel.

648
00:39:59,200 --> 00:40:02,400
All this says is that there's going to be something there.

649
00:40:02,400 --> 00:40:04,360
It's going to generate increment.

650
00:40:04,360 --> 00:40:09,240
And all of these interrelationships between six and eight will work.

651
00:40:09,240 --> 00:40:12,560
That's essentially what it says.

652
00:40:12,560 --> 00:40:19,760
We're saying that if it's a retail building that's worth three and a half million, three

653
00:40:19,760 --> 00:40:21,560
and a half million, eight and a half I think it is.

654
00:40:21,560 --> 00:40:28,040
The retail is, is an eight and a half, well they, so that's the parking lot is.

655
00:40:28,040 --> 00:40:30,240
So the hotel generates more increment if we can get it.

656
00:40:30,240 --> 00:40:32,400
We want to get it because it's worth more.

657
00:40:32,400 --> 00:40:41,880
It's seven and a half million versus three, well, it's two and a half million dollars

658
00:40:41,880 --> 00:40:44,760
more of increment if there's a hotel.

659
00:40:44,760 --> 00:40:49,520
And if there isn't a hotel, everything else on today works, right?

660
00:40:49,520 --> 00:40:53,080
The industrial buildings start going up and all this stuff happens and everything is good

661
00:40:53,080 --> 00:40:57,520
and the signals start going in and all that stuff, right?

662
00:40:57,520 --> 00:41:05,760
We're saying that the hotel is likely going to be the thing that occupies that site and

663
00:41:05,760 --> 00:41:11,560
it's mixed the model kind of better because there's more money in the model because the

664
00:41:11,560 --> 00:41:16,240
hotel is worth a million and a half, two million more, right?

665
00:41:16,240 --> 00:41:17,840
Does that make sense?

666
00:41:17,840 --> 00:41:23,840
I'm still lost on how the hotel is going to be built with money because I don't see it

667
00:41:23,840 --> 00:41:25,960
being itemized down here.

668
00:41:26,960 --> 00:41:27,960
There's no lights.

669
00:41:27,960 --> 00:41:28,960
Pretend there's no hotel.

670
00:41:28,960 --> 00:41:29,960
We don't know what's going to go there.

671
00:41:29,960 --> 00:41:30,960
It could be a trailer.

672
00:41:30,960 --> 00:41:36,600
It could be a trailer park, but he's guaranteeing that there's going to be the number going

673
00:41:36,600 --> 00:41:37,600
to be there.

674
00:41:37,600 --> 00:41:38,600
Okay.

675
00:41:38,600 --> 00:41:42,560
On the projections will be there, but what generates that?

676
00:41:42,560 --> 00:41:43,560
We don't know.

677
00:41:43,560 --> 00:41:46,360
And how much money is going to go towards?

678
00:41:46,360 --> 00:41:52,520
I see what street lights are being projected to go towards the hotel.

679
00:41:52,520 --> 00:41:55,360
If there was a hotel development, it would come back to you.

680
00:41:55,360 --> 00:41:58,520
You'll have to approve all the pretty pictures and the site plan, et cetera.

681
00:41:58,520 --> 00:42:05,240
Well, I got that, but where's this money going back to that site?

682
00:42:05,240 --> 00:42:08,240
There's not any money going back to the site.

683
00:42:08,240 --> 00:42:13,760
So the hotel can build this is where I started without city help.

684
00:42:13,760 --> 00:42:17,600
So if there would be any city help, none is proposed today.

685
00:42:17,600 --> 00:42:21,600
There would not be any unless the city would authorize that in the future.

686
00:42:21,600 --> 00:42:25,640
So there's no funding from this move to fund a hotel.

687
00:42:25,640 --> 00:42:26,640
That's correct.

688
00:42:26,640 --> 00:42:31,520
We're just hoping something adds so we can afford things that we've already approved.

689
00:42:31,520 --> 00:42:39,160
So what this does do is ensure that the revenue that we projected in the model, including

690
00:42:39,160 --> 00:42:43,840
revenue from development on the yellow pad, will happen.

691
00:42:43,840 --> 00:42:48,360
And Mike just told me it can't be built without having city help.

692
00:42:48,360 --> 00:42:53,840
So if the yellow pad does not develop as anticipated, which right now we're actually

693
00:42:53,840 --> 00:42:59,320
using the lower retail projection number, then there's a shortfall covenant that will

694
00:42:59,320 --> 00:43:02,080
be recorded against the site.

695
00:43:02,080 --> 00:43:07,720
And if there's a shortfall in the revenue that's generated, Scott and his team have to

696
00:43:07,720 --> 00:43:09,720
write a check.

697
00:43:09,720 --> 00:43:15,280
I don't think either one of those could be built without city funding.

698
00:43:15,280 --> 00:43:19,480
Well or retail establishment was going to be built without city funding.

699
00:43:19,480 --> 00:43:21,800
Retail is not proposed for any city funding.

700
00:43:21,800 --> 00:43:23,440
It's not getting anything.

701
00:43:23,440 --> 00:43:24,960
We have all those numbers.

702
00:43:24,960 --> 00:43:30,400
The short for the hotels and I don't want to get into all of this stuff because it's.

703
00:43:30,400 --> 00:43:32,200
It's too speculative at this point.

704
00:43:32,200 --> 00:43:33,200
It is very.

705
00:43:33,200 --> 00:43:36,760
If there was a hotel proposal, it might come back to you and there might be a request

706
00:43:36,760 --> 00:43:37,760
for city funding.

707
00:43:37,760 --> 00:43:40,920
But that's not what we're asking for today.

708
00:43:40,920 --> 00:43:45,600
We're asking for the hope that this gets developed so we can take the money from that

709
00:43:45,600 --> 00:43:50,240
development to find something that we've already approved.

710
00:43:50,240 --> 00:43:54,360
So TID6 already has ample cash flow.

711
00:43:54,360 --> 00:43:55,880
Ample increment has been developed.

712
00:43:55,880 --> 00:44:02,320
227 million dollars of value increment is in the ground there today.

713
00:44:02,320 --> 00:44:08,360
The only add-on would be the yellow pad at eight or so.

714
00:44:08,360 --> 00:44:10,560
All I can say is you have to trust me that it's going to work.

715
00:44:10,560 --> 00:44:16,240
And we spend days and days and days and days and days going through every single iteration

716
00:44:16,240 --> 00:44:18,000
that there possibly can.

717
00:44:18,000 --> 00:44:22,320
And everything that's in this agreement to do this or the seventh amendment and the

718
00:44:22,320 --> 00:44:29,640
second amendment is to make sure both kids get built out the way they need to.

719
00:44:29,640 --> 00:44:34,080
The hotel.

720
00:44:34,080 --> 00:44:39,040
This is so Scott over the years has promised a lot of things, right?

721
00:44:39,040 --> 00:44:45,160
And I'll just say Scott, Cobalt, the team has promised a lot of things, right?

722
00:44:45,160 --> 00:44:49,640
They have.

723
00:44:49,640 --> 00:44:55,440
And sometimes it pains me to admit it, they've delivered on every one.

724
00:44:55,440 --> 00:44:57,440
Except a hotel.

725
00:44:57,440 --> 00:45:03,040
And Cafe Hounder or the beer thing on the corner, right?

726
00:45:03,040 --> 00:45:08,880
And neither of those were his fault.

727
00:45:08,880 --> 00:45:14,160
That's that he is delivered on everything that he's promised.

728
00:45:14,160 --> 00:45:23,760
And I, there are no other, and I'm not trying to be like, oh, look at what we've done.

729
00:45:23,760 --> 00:45:32,960
We've turned 13 million into 300 and it could be 308 if it's a hotel or it could be 306

730
00:45:32,960 --> 00:45:37,720
if it's a retail center or 304, right?

731
00:45:37,720 --> 00:45:45,480
And I have one thing that maybe helps to the, most of the, when there's TIFF in most communities,

732
00:45:45,480 --> 00:45:50,480
end result is community gets a development, but there's not a, there's not a something

733
00:45:50,480 --> 00:45:52,600
added to the city's balance sheet.

734
00:45:52,600 --> 00:45:56,280
But through the TIFF, and this is kind of the struggle that it's kind of dawned on me

735
00:45:56,280 --> 00:46:00,280
as we work through this over the last, it's been like five months.

736
00:46:00,280 --> 00:46:03,000
You know, like I said, there was that million two that was I think out of the sewer fund

737
00:46:03,000 --> 00:46:06,440
I don't where came from, but the city had spent those dollars at one point.

738
00:46:06,440 --> 00:46:11,320
So that got paid back the land we bought, you saw it itemizes about, I think, two plus

739
00:46:11,320 --> 00:46:12,640
million dollars.

740
00:46:12,640 --> 00:46:16,320
But when it all said it's done, there's about five million dollars of value going basically

741
00:46:16,320 --> 00:46:22,120
to the city's balance sheet to a parcel that's tax exempt where we can't create increment.

742
00:46:22,120 --> 00:46:25,800
So that's kind of created some of this gap.

743
00:46:25,800 --> 00:46:29,800
But the end result today is there's no additional transfer.

744
00:46:29,800 --> 00:46:33,000
So I mean, we're kind of talking about this transfer, but the transfer is not going up

745
00:46:33,000 --> 00:46:37,880
from what it has always been that was approved, you know, a few years ago between Ted six

746
00:46:37,880 --> 00:46:38,880
and today.

747
00:46:38,880 --> 00:46:42,200
What's happening is we are creating more increment at 84 South and then we're creating

748
00:46:42,200 --> 00:46:44,880
about 30 million of additional increment at Loomis.

749
00:46:44,880 --> 00:46:48,000
So all of those become the sources to make all this happen.

750
00:46:48,000 --> 00:46:52,120
I can tell with the hotel, I mean, short of something that just is outside of our control,

751
00:46:52,120 --> 00:46:53,760
I mean, we'll build the hotel there.

752
00:46:53,760 --> 00:47:00,720
And this group is local, he's based on a Nina, I've spent months working with them.

753
00:47:00,760 --> 00:47:04,480
And as a mayor said, there was a hotel study that was commissioned that was paid for by

754
00:47:04,480 --> 00:47:09,920
the project to do both a study and then creation of a pro forma.

755
00:47:09,920 --> 00:47:10,920
I mean, in the end.

756
00:47:10,920 --> 00:47:12,920
So what about all the person casting his question?

757
00:47:12,920 --> 00:47:13,920
Where's the money?

758
00:47:13,920 --> 00:47:17,920
Where can you see the money in all of this to build that hotel?

759
00:47:17,920 --> 00:47:20,080
I don't follow the question.

760
00:47:20,080 --> 00:47:22,240
So that I think that's your question, right?

761
00:47:22,240 --> 00:47:23,240
But I'm not sure.

762
00:47:23,240 --> 00:47:26,560
Are you going to come back to us and ask for money for the hotel because they're this

763
00:47:26,560 --> 00:47:28,080
close to getting the hotel.

764
00:47:28,080 --> 00:47:29,080
Yeah.

765
00:47:29,160 --> 00:47:36,000
I mean, needed to use the tax revenue from the hotel room in order to do it.

766
00:47:36,000 --> 00:47:37,760
Is that coming back to us?

767
00:47:37,760 --> 00:47:38,760
Because it may.

768
00:47:38,760 --> 00:47:39,760
Yeah.

769
00:47:39,760 --> 00:47:40,760
I mean, it's a hotel.

770
00:47:40,760 --> 00:47:42,920
And I'll say, yes, we want to do that.

771
00:47:42,920 --> 00:47:46,080
But let's be living on a table.

772
00:47:46,080 --> 00:47:47,080
Yeah, for sure.

773
00:47:47,080 --> 00:47:48,080
And no one's trying not to.

774
00:47:48,080 --> 00:47:52,600
We're just not to that point as Debbie said, what we modeled in the current model is not

775
00:47:52,600 --> 00:47:53,600
include that hotel.

776
00:47:53,600 --> 00:47:57,600
It includes just the retail, but likely it needs some help.

777
00:47:57,600 --> 00:47:58,600
I mean, yeah, I think that's right.

778
00:47:58,600 --> 00:48:02,040
You're telling me the retail does not need any assistance.

779
00:48:02,040 --> 00:48:03,040
Correct.

780
00:48:03,040 --> 00:48:04,040
Right.

781
00:48:04,040 --> 00:48:05,040
Right.

782
00:48:05,040 --> 00:48:06,040
Whatever.

783
00:48:06,040 --> 00:48:07,040
Correct.

784
00:48:07,040 --> 00:48:08,040
And can be built and will be built.

785
00:48:08,040 --> 00:48:09,040
But the retail is not done.

786
00:48:09,040 --> 00:48:10,520
Like I said, just to be clear, there's always, you know, there's always something, right?

787
00:48:10,520 --> 00:48:13,200
And it's waiting on an approval.

788
00:48:13,200 --> 00:48:17,240
I don't think it creates the best.

789
00:48:17,240 --> 00:48:22,160
I think the hotel creates a better mix of sustainable uses, you know.

790
00:48:22,160 --> 00:48:23,160
But correct.

791
00:48:23,160 --> 00:48:24,160
That's right.

792
00:48:24,160 --> 00:48:25,160
Who's going to pay for that gap in between there?

793
00:48:25,160 --> 00:48:26,160
Yeah.

794
00:48:26,160 --> 00:48:27,160
Well, I mean, there is a couple million.

795
00:48:27,160 --> 00:48:30,400
Yeah, there's, you know, two and a half, three million of additional value there that

796
00:48:30,400 --> 00:48:34,880
that may be sufficient to cover that difference and the hotel tax could cover some of that.

797
00:48:34,880 --> 00:48:37,360
But, and I'm not trying to misrep, we don't know yet.

798
00:48:37,360 --> 00:48:38,360
We're just not there.

799
00:48:38,360 --> 00:48:39,360
I got you, but.

800
00:48:39,360 --> 00:48:40,800
But yeah, it may need it there.

801
00:48:40,800 --> 00:48:41,800
You're right.

802
00:48:41,800 --> 00:48:47,200
There's nothing in this model that funds any gap in the hotel's financial performance.

803
00:48:47,200 --> 00:48:49,200
That's that's accurate.

804
00:48:49,200 --> 00:48:50,200
Okay.

805
00:48:50,200 --> 00:48:52,840
Does that make sense?

806
00:48:52,840 --> 00:48:54,680
This is my first blush of this.

807
00:48:54,680 --> 00:48:55,680
Yeah.

808
00:48:55,680 --> 00:48:56,680
Okay.

809
00:48:56,680 --> 00:48:57,680
Okay.

810
00:48:57,680 --> 00:48:58,680
Let's fair question.

811
00:48:58,680 --> 00:48:59,680
Yeah.

812
00:48:59,680 --> 00:49:00,680
Okay.

813
00:49:00,680 --> 00:49:13,760
My discussions with the hotel guys said he's very excited to be there and his partner is

814
00:49:13,760 --> 00:49:15,440
very excited to be there.

815
00:49:15,440 --> 00:49:20,960
There's a small shortfall annually with regard to the financing models that they would use.

816
00:49:20,960 --> 00:49:25,040
Part of that depends when you look at the hotels too and you go to a hotel and you say,

817
00:49:25,040 --> 00:49:29,800
you know, I don't want, um, drive it or what do they call it?

818
00:49:29,800 --> 00:49:30,800
Yeah.

819
00:49:30,800 --> 00:49:31,800
Yeah.

820
00:49:31,800 --> 00:49:32,800
You don't want that.

821
00:49:32,800 --> 00:49:34,800
You want a, you want a better fixture finish.

822
00:49:34,800 --> 00:49:35,960
You want it to look better.

823
00:49:35,960 --> 00:49:42,880
You want those are all per square foot things that go into a financing model, right?

824
00:49:42,880 --> 00:49:44,280
I mean, it's all of that.

825
00:49:44,280 --> 00:49:45,600
So we don't even have a picture.

826
00:49:45,600 --> 00:49:51,120
So we went to look at a hotel and I, there were things that Bruce and I, I think we said,

827
00:49:51,120 --> 00:49:56,560
well, you know, it would look better like, like that we didn't say that, right?

828
00:49:56,560 --> 00:49:59,320
And it's like the guys like, yeah, we can do that.

829
00:49:59,320 --> 00:50:00,320
We can do that.

830
00:50:00,320 --> 00:50:01,320
It's all different.

831
00:50:01,320 --> 00:50:02,560
We have construction people.

832
00:50:02,560 --> 00:50:03,860
We have contractors.

833
00:50:03,860 --> 00:50:07,360
We have, you know, we can, we can figure that out.

834
00:50:07,360 --> 00:50:12,880
So when you don't even know what it is yet that you're building and the materials have

835
00:50:12,880 --> 00:50:18,000
an impact on the cost of the building, then it's hard to completely financially model

836
00:50:18,000 --> 00:50:19,200
it.

837
00:50:19,200 --> 00:50:21,720
But as I understood it, it's close.

838
00:50:21,720 --> 00:50:25,520
I mean, it's like really close.

839
00:50:25,520 --> 00:50:30,040
So that's all I could say and I don't know if I've misrepresented anything or if I said

840
00:50:30,040 --> 00:50:35,240
anything improperly, but I think that's kind of where that's at.

841
00:50:35,240 --> 00:50:37,680
I'm done.

842
00:50:37,680 --> 00:50:38,680
Yeah.

843
00:50:38,680 --> 00:50:39,680
Okay.

844
00:50:39,680 --> 00:50:45,480
I mean, I got the answers out loud and that that's a, that's, but that's true because

845
00:50:45,480 --> 00:50:49,240
you can't answer yet.

846
00:50:49,240 --> 00:50:54,600
You can't because you don't know what the numbers completely.

847
00:50:54,600 --> 00:50:58,640
So what is, okay.

848
00:50:58,640 --> 00:51:03,760
So I think where that was item 32 and we're in 36 combined and that was to discuss and

849
00:51:03,760 --> 00:51:07,040
take actions regarding the investment of public funds and then was crossing and entering

850
00:51:07,040 --> 00:51:14,520
into agreements relating to such investments as delineated by our, our council denied in

851
00:51:14,520 --> 00:51:18,200
the proposed 84 south and was crossing development agreement amendments, which is

852
00:51:18,200 --> 00:51:25,280
amendment seven to six and amendment two to eight, which are in process and substantially

853
00:51:25,280 --> 00:51:32,480
comply with the items as they're placed on this piece of paper.

854
00:51:32,480 --> 00:51:38,960
So I'm a, a, we can call special common council meeting if we have to with regard to these,

855
00:51:38,960 --> 00:51:43,680
you know, if you want to see what the legal, the legal mumbo jumbo looks like or you can

856
00:51:43,680 --> 00:51:50,800
be provided with copies of the draft agreements that we have that are need ministerial changes,

857
00:51:50,800 --> 00:52:00,040
truly ministerial, I think at this point, everything has been agreed to, I think, right?

858
00:52:00,040 --> 00:52:05,880
So our satisfaction, Deb and I have talked on the phone way too much about this, I think

859
00:52:05,880 --> 00:52:12,800
at some point, I feel very comfortable that where we are is good.

860
00:52:12,800 --> 00:52:17,120
And I feel very comfortable that the agreements that I've seen the last draft, which was this

861
00:52:17,120 --> 00:52:22,720
afternoon, there were two of them, the seventh and the second, were where they needed to

862
00:52:22,720 --> 00:52:23,720
be.

863
00:52:23,720 --> 00:52:27,920
There were a couple of things that you wanted to verify with regard to covenants that needed

864
00:52:27,920 --> 00:52:29,160
to be filed.

865
00:52:29,160 --> 00:52:34,360
None of this stuff is, is effective until the things that are discussed on the status

866
00:52:34,360 --> 00:52:37,640
down below are taken care of.

867
00:52:37,640 --> 00:52:38,800
That's the checklist.

868
00:52:38,800 --> 00:52:45,760
So I guess I'm looking for authorization to execute the amendments that are consistent

869
00:52:45,760 --> 00:52:50,360
with the agreement amendments as they identified in this memorandum.

870
00:52:50,360 --> 00:52:57,600
I will make it almost by elder person, Serena, is there a second?

871
00:52:57,600 --> 00:52:58,600
Second.

872
00:52:58,600 --> 00:53:04,600
Second by elder person Bailey, under discussion, it's also under, just under discussion when

873
00:53:04,600 --> 00:53:09,560
it gets to the part of the hotel, which is pretty kind of exciting for most of us,

874
00:53:09,560 --> 00:53:10,560
right?

875
00:53:10,560 --> 00:53:15,280
All diversion casters absolutely right, there's still more to do, right?

876
00:53:15,280 --> 00:53:21,520
But there seems to be the resources within to six to handle it at that time.

877
00:53:21,520 --> 00:53:26,360
None of that is being addressed with regard to this amendment at all.

878
00:53:26,360 --> 00:53:33,160
All of that, whatever the hotel might look like, what kind of treatment it has, what

879
00:53:33,160 --> 00:53:41,280
all of those things still has to go before site landscaping at planning, or planned

880
00:53:41,280 --> 00:53:47,000
planning, I like to call planning commission, others call planned commission, right?

881
00:53:47,000 --> 00:53:51,800
All of that stuff has to happen in any other further amendment, which could potentially

882
00:53:51,800 --> 00:53:58,680
be amendment eight, right, with regard to the hotel would be coming forward in the future.

883
00:53:58,680 --> 00:53:59,680
Okay.

884
00:53:59,680 --> 00:54:04,960
All of the bill of rights, it's a ten or twelve, first ten amendments to the Constitution

885
00:54:04,960 --> 00:54:05,960
Bill of Rights.

886
00:54:05,960 --> 00:54:06,960
I didn't know that.

887
00:54:06,960 --> 00:54:07,960
So we have.

888
00:54:07,960 --> 00:54:10,960
Are you just to get some money?

889
00:54:10,960 --> 00:54:11,960
Huh?

890
00:54:11,960 --> 00:54:12,960
What?

891
00:54:12,960 --> 00:54:13,960
I kind of knew.

892
00:54:13,960 --> 00:54:19,120
That's why I'm a mayor and those guys are making 500 bucks an hour, so, or 350.

893
00:54:19,120 --> 00:54:20,120
She makes really good.

894
00:54:20,120 --> 00:54:25,760
I don't know what he made, volume, I think.

895
00:54:25,760 --> 00:54:31,800
So, okay, that motion was made and seconded, and just the minute should reflect that there

896
00:54:31,800 --> 00:54:39,240
would be, we'd be coming back for any revision to the schedules with regard to the hotel.

897
00:54:39,240 --> 00:54:42,640
We would have to do that at some point, right, or nothing.

898
00:54:42,640 --> 00:54:45,120
I'm not asking for any approvals for the hotel.

899
00:54:45,120 --> 00:54:46,280
It's not baked yet.

900
00:54:46,280 --> 00:54:53,720
So this is just to authorize the mayor and the clerk to approve the final amendment.

901
00:54:54,720 --> 00:54:59,240
So, yeah, this isn't, this isn't, this is the wet the appetite that that's coming in.

902
00:54:59,240 --> 00:55:04,600
We're, we're working through that, and that chid six is going to have even more increment,

903
00:55:04,600 --> 00:55:09,320
and the last parcel is going to be, you know, likely built, okay?

904
00:55:09,320 --> 00:55:12,320
So this, don't vote for this, well, it includes a hotel.

905
00:55:12,320 --> 00:55:17,760
This isn't to include a hotel, but this was to, to show you what both things were doing

906
00:55:17,760 --> 00:55:21,280
and how they sort of intertwined, okay?

907
00:55:21,280 --> 00:55:26,120
So, motion was made and seconded.

908
00:55:26,120 --> 00:55:33,160
I mean, I would, I would, I would ask the council because, because at the planning commission,

909
00:55:33,160 --> 00:55:37,240
there's always conceptual review, then site landscaping and all that, I've been told

910
00:55:37,240 --> 00:55:42,440
that potentially, and maybe it's too late in the building season, I've been asked whether

911
00:55:42,440 --> 00:55:50,520
site landscaping could go maybe directly to the plan commission, maybe an expedited basis,

912
00:55:50,520 --> 00:55:52,920
maybe it can't, I don't know, right?

913
00:55:52,920 --> 00:56:00,600
There's still lots to do, and would you be okay with that?

914
00:56:00,600 --> 00:56:04,760
Well, if it's happening that fast, why don't we wait till that happens, then we can look

915
00:56:04,760 --> 00:56:06,960
at the final numbers and we don't need it.

916
00:56:06,960 --> 00:56:11,080
Apps, well, did, just, we wouldn't need the eighth thing, we could do it at seven, and

917
00:56:11,080 --> 00:56:12,560
calculate all of it.

918
00:56:12,560 --> 00:56:20,280
Sometimes, sometimes, sometimes the, the speed of government is very slow, and, you know,

919
00:56:20,280 --> 00:56:24,200
it's like, well, we could, by the time this gets into the winter constructions season

920
00:56:24,200 --> 00:56:27,800
and by that, we should just wait until spring, and then everything changes again.

921
00:56:27,800 --> 00:56:33,520
I know, but, I'm just saying, okay, motion was made and seconded, would you please call?

922
00:56:33,520 --> 00:56:34,680
Alder person, choose wiki.

923
00:56:34,680 --> 00:56:35,680
Aye.

924
00:56:35,680 --> 00:56:36,680
Alder person, Bailey.

925
00:56:36,680 --> 00:56:37,680
Aye.

926
00:56:37,680 --> 00:56:38,680
Alder person, Kastner.

927
00:56:38,680 --> 00:56:39,680
Aye.

928
00:56:39,680 --> 00:56:40,680
Alder person, Sarion.

929
00:56:40,680 --> 00:56:41,680
Aye.

930
00:56:41,680 --> 00:56:42,680
Okay.

931
00:56:42,680 --> 00:56:47,280
So, that's done.

932
00:56:47,280 --> 00:56:48,280
Thank you all.

933
00:56:49,280 --> 00:56:50,280
Let's go back to 33.

934
00:56:50,280 --> 00:56:51,280
Okay.

935
00:56:51,280 --> 00:56:52,280
Got it.

936
00:56:52,280 --> 00:56:53,280
Thank you.

937
00:56:53,280 --> 00:56:54,280
Okay.

938
00:56:54,280 --> 00:56:59,720
So, now, we have to go to, just, let me just cross things off.

939
00:56:59,720 --> 00:57:03,720
Now, we're going to go in closed session.

940
00:57:03,720 --> 00:57:07,720
All right.

941
00:57:07,720 --> 00:57:15,160
Item 33 is the Common Council, we're going to have to go into closed session, pursuant

942
00:57:15,160 --> 00:57:20,680
to Wisconsin statutes 1985, parent 1, parent C, considering employment promotion, compensation

943
00:57:20,680 --> 00:57:24,520
and performance evaluation data of any public employee over which the government body has

944
00:57:24,520 --> 00:57:32,160
jurisdiction or exercises responsibility and parent F, considering financial, medical,

945
00:57:32,160 --> 00:57:37,080
social or personal histories or disciplinary data of specific persons, preliminary consideration,

946
00:57:37,080 --> 00:57:41,920
a specific personal problems or the investigation of charges against specific persons except

947
00:57:41,920 --> 00:57:44,880
where paragraph little B applies.

948
00:57:44,880 --> 00:57:49,480
If discussed in public would be likely to have a substantial adverse effect upon the

949
00:57:49,480 --> 00:57:54,920
reputation of any person referred to in any such histories or data or involved in any

950
00:57:54,920 --> 00:57:59,560
such problems or investigations, the council will meet in closed session to discuss and

951
00:57:59,560 --> 00:58:04,200
consider actions regarding the investigation involving the chief of police, Jay Johnson

952
00:58:04,200 --> 00:58:07,360
and to discuss options for the city to proceed.

953
00:58:07,360 --> 00:58:10,240
I brought this item.

954
00:58:10,240 --> 00:58:13,640
Is there a motion to go into closed session for those reasons?

955
00:58:13,640 --> 00:58:16,000
And motion to return to closed session.

956
00:58:16,000 --> 00:58:19,960
Motion to return to closed session by other person, Driswiki, is there a second by other

957
00:58:19,960 --> 00:58:22,400
person Bailey, would you please call the roll?

958
00:58:22,400 --> 00:58:23,560
Elder person, Joozwiki?

959
00:58:23,560 --> 00:58:24,560
Aye.

960
00:58:24,560 --> 00:58:25,560
Elder person Bailey?

961
00:58:25,560 --> 00:58:26,560
Aye.

962
00:58:26,560 --> 00:58:27,560
Elder person, Kastner?

963
00:58:27,560 --> 00:58:28,560
Aye.

964
00:58:28,560 --> 00:58:29,560
Elder person, Zarian?

965
00:58:29,560 --> 00:58:29,580
Aye.