WEBVTT 00:00.000 --> 00:05.080 to all the person sharing made the motion. 00:05.080 --> 00:07.160 All the person Bailey seconded it. 00:07.160 --> 00:16.920 It was unanimous that we come out of closed session at 742. 00:16.920 --> 00:23.480 OK, so let's go down to item 35. 00:23.480 --> 00:28.400 Decision regarding a 2026, 2027 operator license for a Roronano 00:28.400 --> 00:30.280 Bissero. 00:30.280 --> 00:34.040 This is a council wish to take any action. 00:34.040 --> 00:39.480 I move to grant an apparatus license for a Roronano Bissero. 00:39.480 --> 00:41.480 Is there a second? 00:41.480 --> 00:42.080 Second. 00:42.080 --> 00:44.240 Second by all the person who's a wiki. 00:44.240 --> 00:46.680 All in favor? 00:46.680 --> 00:48.720 All opposed? 00:48.720 --> 00:51.080 Motion carries. 00:51.080 --> 00:52.160 Two passes. 00:52.160 --> 00:57.000 So you'll contact her office tomorrow, right? 00:57.000 --> 01:00.320 Your office will reach out to you tomorrow with your license 01:00.320 --> 01:01.320 information. 01:01.320 --> 01:03.320 OK, you can go. 01:03.320 --> 01:04.920 Thanks. 01:04.920 --> 01:20.280 All right, so now we're going to go to item 32 and 36. 01:20.280 --> 01:24.160 We don't need to go into closed session for those items, right? 01:24.160 --> 01:25.000 Do we? 01:25.480 --> 01:27.400 I don't think so. 01:27.400 --> 01:35.760 So as part of this, so this is like the seventh amendment to the second. 01:35.760 --> 01:38.440 Well, it's the seventh amendment to the second development agreement. 01:38.440 --> 01:40.080 Is it the second or the third? 01:40.080 --> 01:41.080 So. 01:41.080 --> 01:43.880 I'm going to mention the first of all, I'm bringing in the second amendment to the 01:43.880 --> 01:48.520 second amendment to the second amendment. 01:48.520 --> 01:52.160 OK, so when you start hearing things like there's seven amendments, 01:52.200 --> 01:57.360 it's like there's a lot of stuff going on over the course of time, right? 01:57.360 --> 01:59.520 So Cobalt is here. 01:59.520 --> 02:05.200 And what they wanted to do, because it's sort of you can get confusing, right? 02:05.200 --> 02:06.920 It's like, well, what do you mean this restaurant? 02:06.920 --> 02:07.680 What do you mean? 02:07.680 --> 02:14.760 So wanted to provide a more universal global overview of what's going on, OK? 02:14.760 --> 02:16.640 Which Deb and Mr. 02:16.640 --> 02:26.400 Yolk apparently have been vigorously going through negotiations and discussions to make 02:26.400 --> 02:34.480 sure that the city, Deb, that our interests are taking care of and Scott to be in another 02:34.480 --> 02:35.960 magazine cover or something. 02:35.960 --> 02:36.960 That's it. 02:36.960 --> 02:37.960 Probably. 02:37.960 --> 02:38.960 No, I don't know. 02:38.960 --> 02:39.960 No, he's. 02:39.960 --> 02:42.560 So if we have it, can we start it? 02:42.560 --> 02:43.800 Yeah, come on up. 02:43.800 --> 02:46.160 And I think there's a mic there. 02:46.160 --> 02:47.160 Oh, yeah. 02:47.160 --> 02:48.160 Let's see. 02:48.160 --> 02:49.160 Close it. 02:49.160 --> 02:50.160 Close it. 02:50.160 --> 02:51.160 This one. 02:51.160 --> 02:55.280 They might not like that. 02:55.280 --> 02:58.680 So is it on your area monitors working? 02:58.680 --> 03:03.360 So this is trying to put everything that's happened with hit six and today in perspective. 03:03.360 --> 03:05.440 As best as I can do that. 03:05.440 --> 03:08.120 Good evening, Scott Yolk with Cobalt Partners. 03:08.120 --> 03:11.840 Thank you for letting us present for you this evening. 03:11.840 --> 03:14.520 And thanks for having the rain clear up a little bit. 03:14.520 --> 03:18.320 It was pretty heavy coming down a little bit ago. 03:18.320 --> 03:21.280 So just wanted to give an update as the mayor indicated. 03:21.280 --> 03:25.760 And we're going to go through just real briefly, 84 South and then Loomis Crossing. 03:25.760 --> 03:27.400 So project updates. 03:27.400 --> 03:30.960 Some of this you know, but it kind of picks up where some of the prior amendments left 03:30.960 --> 03:31.960 off. 03:31.960 --> 03:35.000 We've got a site plan that shows all of you guys see this in your screen in front of 03:35.000 --> 03:39.520 you right where we where we left off previously. 03:39.520 --> 03:43.880 There's really one remaining parcel now at 84 South, which is the one highlighted in 03:43.880 --> 03:44.880 yellow. 03:44.880 --> 03:49.480 And that's the one between Steinhoffals and the parking structure for the Aurora Medical 03:49.480 --> 03:50.480 Office Building. 03:50.480 --> 03:55.760 If you want to go next slide again, some of the images of what was there prior to this 03:55.760 --> 03:57.440 you're all certainly aware of it. 03:57.440 --> 04:00.920 But you know, really proud of a lot of the buildings over there in the architecture and 04:00.920 --> 04:04.120 where this is and we are down now to the final parcel. 04:04.120 --> 04:11.040 When we were here back in 2015, it's a long time ago and set up the TID and the PUD. 04:11.040 --> 04:14.220 We had projected increment about 114 million. 04:14.220 --> 04:17.680 As of the most recent report this year, it's 226 million. 04:17.680 --> 04:21.600 So it's significantly higher than originally projected. 04:21.600 --> 04:23.280 So that's certainly good news. 04:23.280 --> 04:28.040 Recent things we've completed here are Cooper's Hawk, as you know, on the corner that I think 04:28.040 --> 04:31.560 has really been very successful and we're pleased with what's going on there. 04:31.640 --> 04:38.080 Next we Chipotle that you know opened recently and then we've got Starbucks that also opened 04:38.080 --> 04:42.640 recently and then Kava's going to be opening in the place where Mod Pizza used to be. 04:42.640 --> 04:47.280 Mod closed down most of their Wisconsin locations, but Kava's coming and people are really excited 04:47.280 --> 04:48.600 about that. 04:48.600 --> 04:54.840 So again, the one remaining parcel, I know that the mayor has made it no secret that 04:54.840 --> 04:59.000 he'd love to see a hotel here and we've been working on some other retail options at that 04:59.040 --> 05:03.920 last location, but I think a hotel really brings a nice component to a mixed-use development. 05:03.920 --> 05:08.320 It's nice to have the grocery, it's nice to have the medical office building, the residential 05:08.320 --> 05:09.480 and the right mix of restaurants. 05:09.480 --> 05:12.880 The hotel would be a nice addition to that. 05:12.880 --> 05:19.800 This particular hotel flag is called Cobblestone and they're based in Nita, Wisconsin. 05:19.800 --> 05:26.040 They've got about 160 hotels in about 29 states. 05:26.040 --> 05:30.720 We had gone to the grand opening and I know the mayor attended and Aldrin Bailey attended 05:30.720 --> 05:33.800 as well and got to tour this very nice product. 05:33.800 --> 05:39.360 We have other hotels that we own and operate, some home to suites and Spring Hills. 05:39.360 --> 05:43.200 This was the inside and the finishes were just as nice as those products. 05:43.200 --> 05:45.520 It was really very impressive. 05:45.520 --> 05:52.520 So we are working with this group to bring the hotel to this final parcel itself. 05:52.520 --> 05:56.320 They tend to be in, I would say, they're not in the larger cities. 05:56.320 --> 05:59.440 They tend to be in cities, you know, the size of Greenfield and even smaller. 05:59.440 --> 06:03.640 They've got three different product offerings, but this is their highest end offering. 06:03.640 --> 06:05.400 They call it the upscale Main Street product. 06:05.400 --> 06:07.040 It would have a pool. 06:07.040 --> 06:08.880 It's got kind of a lounge area. 06:08.880 --> 06:13.440 The one we toured as a restaurant, that wouldn't be the case here, but it has business centers, 06:13.440 --> 06:15.760 conference rooms, fitness centers. 06:15.760 --> 06:20.080 There's a couple of suites and then there's just the regular, you know, non-suite rooms 06:20.080 --> 06:21.080 as well. 06:21.960 --> 06:22.960 You can go to the next one. 06:22.960 --> 06:25.360 They've got a rewards program and so forth. 06:25.360 --> 06:29.960 They're excited about that location and kind of the mix of the amenities that are there. 06:29.960 --> 06:35.880 So that's the latest 84 South, 84 South and I'm sure the attorney time check will talk 06:35.880 --> 06:37.680 a little bit about this. 06:37.680 --> 06:41.400 You may recall there was a point in time, I forget when it was, but one of those amendments 06:41.400 --> 06:47.720 when there's some transfer from TID-6, which is 84 South to TID-8, which is Loomis Crossing. 06:47.720 --> 06:49.920 So a lot of what happens at 84 South. 06:49.920 --> 06:54.680 Some of that feeds into Loomis Crossing, so it's good that 84 South has been the success 06:54.680 --> 06:55.840 that it is. 06:55.840 --> 07:01.040 So then going to Loomis Crossing, you can go on to the next one if you would, please. 07:01.040 --> 07:02.040 Thanks. 07:02.040 --> 07:05.040 This was back when we kicked off this project. 07:05.040 --> 07:10.200 There were a number of parcels, a fair amount of acreage here and two phases, two sides 07:10.200 --> 07:15.520 of the interstate, as you know, and it had a very low tax base, a little over $6 million 07:15.520 --> 07:16.520 of tax base. 07:17.520 --> 07:23.760 Ultimately, this will be close to $80 million of increment. 07:23.760 --> 07:26.920 We assembled all these various parcels at the time to make all this work. 07:26.920 --> 07:30.640 If you want to go on to the next one, I don't think it'll go through. 07:30.640 --> 07:33.600 These are slides from last time, but really there was a number of challenges here that 07:33.600 --> 07:38.760 was the old DOT, Park and Ride, it was tax exempt, there was the ATC transmission lines 07:38.760 --> 07:39.760 that run through there. 07:39.760 --> 07:44.680 There were some other AT&T infrastructure that had to be removed. 07:44.680 --> 07:48.880 There has been a fair amount of environmental cleanup, nothing real significant, but things 07:48.880 --> 07:52.800 that are spread out given some of the prior uses that were there. 07:52.800 --> 07:59.280 So we had a number of challenges to work through at the same time, assembling lands that are 07:59.280 --> 08:04.200 ultimately going to be conveyed to the turf park along with the parking facility and parking 08:04.200 --> 08:08.240 area that we're building there at the next one. 08:08.240 --> 08:10.840 I think I hit all those things and go on to the next one. 08:10.840 --> 08:15.000 And so again, a lot of the images of what you see there today, and if you see in the 08:15.000 --> 08:17.800 lower right corner, that's the parking lot that's under construction. 08:17.800 --> 08:20.880 If anyone's been by recently, you see we got all the curb and gutter in, or most of it 08:20.880 --> 08:25.080 in today, I know the mayor gets out there a lot and checks on what's going on and we're 08:25.080 --> 08:29.920 making good progress that parking lot will be in the next couple of weeks. 08:29.920 --> 08:33.720 We've got two of the multifamily buildings that are complete at Luma's Crossing Apartments 08:33.720 --> 08:36.320 site that we had a meeting today with our partner on that. 08:36.320 --> 08:38.120 We're at 100% occupancy right now. 08:38.120 --> 08:39.880 There's no vacancies at the moment. 08:39.880 --> 08:44.240 That ebbs and flows every month, but we've had steady lease up there. 08:44.240 --> 08:49.520 The last building is 114 units, which is the largest of the three buildings. 08:49.520 --> 08:53.800 We'll open next June, so you can see that if you drive by certainly under construction 08:53.800 --> 08:56.160 and we're on schedule there. 08:56.160 --> 08:59.280 If you want to go on to the next one. 08:59.280 --> 09:04.240 So I'm going to leave this to Dabby, but there were some things that in the amendment 09:04.240 --> 09:12.040 that you see today, where we used cities and secured throughout the duration of these 09:12.040 --> 09:19.640 amendments, and that the structure set up in a way that certainly is protected for the 09:19.640 --> 09:23.120 city and the taxpayers, and I'll again, I'll let the attorney, Tom Chick, talk about that. 09:23.120 --> 09:28.720 If you want to go on to the next one, please, you can go on one more. 09:28.720 --> 09:33.840 There's a number of costs, though, that are being covered in excess of about $5 million 09:33.840 --> 09:35.480 for land that was acquired. 09:35.480 --> 09:39.000 There was a point when the city had purchased some of the parcels that were there for about 09:39.000 --> 09:40.000 $1.3 million. 09:40.000 --> 09:45.160 Those dollars were paid by the project back to the city, as well as other parcels that 09:45.160 --> 09:46.160 we acquired. 09:46.160 --> 09:50.800 All of that land, which is in excess of $3 million of purchase price, will be conveyed 09:50.800 --> 09:54.760 to the city along with the construction of the parking lot for the turf, as well as the 09:54.760 --> 09:59.960 former DOT parking ride lot, which, through the efforts of the city, the number of parking 10:00.000 --> 10:07.000 stalls that the DOT wanted to retain went from about $150 down to $39, something like 10:07.000 --> 10:08.880 the mid-30s, so that certainly helped. 10:08.880 --> 10:11.720 That demand for the parking really hasn't been there anymore. 10:11.720 --> 10:15.120 Again, Lumis Crossing apartments, you'll see, we're in the final building, which is the 10:15.120 --> 10:17.520 one on the farthest background, right? 10:17.520 --> 10:18.520 That's under construction now. 10:18.520 --> 10:24.400 If you want to go to the next one, just a couple of images of what you might recall 10:24.400 --> 10:26.280 a little bit before we started not too long ago. 10:26.280 --> 10:29.920 It's kind of hard to remember what was there, but it's quite a change, as well as 10:29.960 --> 10:34.080 the Lumis are late in reconstruction and on the Lumis Bridge, so that area is really 10:34.080 --> 10:40.400 seen a big transformation, I think, gives some more images of the apartments. 10:40.400 --> 10:46.040 And then the final phase now is the technology park, and we've been through all the approval 10:46.040 --> 10:47.520 process for the buildings there. 10:47.520 --> 10:52.080 There's three buildings, totally about 250,000 square feet. 10:52.080 --> 10:55.040 The first two buildings, give back just one for a second. 10:55.040 --> 11:00.080 The one at the very top that's outlined is building A, and then building C is the one 11:00.080 --> 11:01.880 down at the bottom. 11:01.880 --> 11:04.200 The top one's about 122,000 square feet. 11:04.200 --> 11:08.880 The one down along the freeway is 89,000 square feet. 11:08.880 --> 11:12.040 Those two will start construction in September. 11:12.040 --> 11:13.040 That's our plan. 11:13.040 --> 11:16.000 We're really ready to go, and frankly, down to the wire. 11:16.000 --> 11:20.680 If we need to release some things as early as tomorrow, so I'm glad we're here today 11:20.680 --> 11:25.640 on precast that has to be poured, otherwise we'll miss the window. 11:25.640 --> 11:30.400 But that's building A, and there's a next slide just shows an image of what that building's 11:30.400 --> 11:31.400 like. 11:31.400 --> 11:34.520 These, as you may recall from when we came through the process before, are really what's 11:34.520 --> 11:39.920 called flex type buildings, so they have an office component, typically 20 to 40 percent 11:39.920 --> 11:45.840 of these are an office type use with other either processing showroom, you know, things 11:45.840 --> 11:48.200 in the back of the building. 11:48.200 --> 11:52.960 So they're not heavy duty industrial buildings, they're quasi office buildings. 11:52.960 --> 11:58.520 The next one, that's just a floor plan of that building, and then building C, the one 11:58.520 --> 12:05.160 at the bottom, is similar look, I mean, they'll all have a uniform look, and then the last 12:05.160 --> 12:06.600 one, I think, is just a floor plan. 12:06.600 --> 12:09.480 So that's kind of the overall, just want to show you some images and kind of pictures 12:09.480 --> 12:12.040 of what's going on, what the plan is. 12:12.040 --> 12:18.160 I can answer any questions if you want now, and certainly turn it over to project. 12:19.160 --> 12:20.160 Yeah, okay. 12:20.160 --> 12:21.160 Any questions up there? 12:21.160 --> 12:22.160 That can answer is done. 12:22.160 --> 12:29.160 My only question is, how many projects does cobalt have in the works in southeastern Wisconsin 12:29.160 --> 12:30.720 at this very moment? 12:30.720 --> 12:39.280 Well, there's probably 10-ish, some happen and some don't happen, so we, we, you never 12:39.280 --> 12:43.520 know what's going to go all the way through and what isn't, so sometimes projects are 12:43.520 --> 12:47.880 out there that are underway that, you know, for whatever reason, a user doesn't materialize 12:47.880 --> 12:51.160 or there's due diligence issues, but yeah, it's in that range. 12:51.160 --> 12:55.920 I just, I'm concerned about the ones in Greenfield quite honestly, can you prioritize those? 12:55.920 --> 13:00.960 Yeah, we are, well, we, we, this, I mean, you know, it's going to sound like I'm sucking 13:00.960 --> 13:06.280 up and maybe I am, but, but this 84 South has been a really special project from us from 13:06.280 --> 13:10.120 the beginning, and it was one of our early projects for the second to the one in Monomony 13:10.120 --> 13:12.320 Falls, so we love that project. 13:12.320 --> 13:14.440 This project finishes everything out. 13:14.440 --> 13:19.520 This will actually fully build out 84 South and fully build out everything at Loomis, 13:19.520 --> 13:22.960 and I think if you look at the quality of the building's architecture, they're really, 13:22.960 --> 13:24.680 I think they're pretty special. 13:24.680 --> 13:29.880 Any other questions I can answer about the slides? 13:29.880 --> 13:34.800 Okay, I'll get out of the way. 13:34.800 --> 13:40.960 Hi, Debbie Tamchek with Brinehart Burner, and we have been special counsel to the city 13:40.960 --> 13:47.680 on the 84 South and the Loomis Crossing projects, and you all should be commended because, 13:47.680 --> 13:53.000 as, as Mr. York indicated, the successes here are really admirable, and I think admirably 13:53.000 --> 13:56.520 admired by other municipalities as well. 13:56.520 --> 14:02.400 I didn't kill a bunch of trees to bring copies of all documents, but we're happy to do that. 14:02.400 --> 14:06.160 Really the, the documents themselves are pretty simple. 14:06.160 --> 14:10.200 There are two amendments to existing development agreements as the mayor indicated. 14:10.200 --> 14:16.440 There's a seventh amendment to the 84 South development agreement and a second amendment 14:16.440 --> 14:21.240 to the Loomis Crossing development, but this is a summary of the terms that we've been 14:21.240 --> 14:22.440 negotiating. 14:22.440 --> 14:26.880 We do ask that we're not 100% final, but I think we're just down to language changes 14:26.880 --> 14:31.760 at this point, and I know there are timelines that people are trying to, to meet to keep 14:31.760 --> 14:34.240 the development on, on track. 14:34.240 --> 14:40.360 So in the 84 South development agreement, as Mr. York indicated, when there was a projection 14:40.360 --> 14:49.200 of $114 million worth of value increment, and you're already at $227 million of value increment, 14:49.200 --> 14:53.440 so almost double what was projected, and that has created great, another great opportunity 14:53.440 --> 14:58.120 for the city because there is positive increment that can be allocated and has been allocated 14:58.120 --> 15:03.760 already to undertake some infrastructure improvements, the turf, things that didn't have a source 15:03.760 --> 15:08.480 of funds without that, that 84 South increment. 15:08.480 --> 15:14.800 So what's being proposed in that 84 South amendment is that up to $6 million of positive 15:14.800 --> 15:20.840 increment would be allocated from TID6 for infrastructure for the turf, for the turf's 15:20.840 --> 15:25.920 parking lot, and those are things that, that Mr. York indicated his companies already started 15:25.920 --> 15:32.040 to undertake, have already been constructed, so we're incurring the cost already for those 15:32.120 --> 15:36.600 that, that infrastructure work, and we need to pay for it. 15:36.600 --> 15:40.840 In the meantime, we've gone back and forth with our financial consultant with Ellers 15:40.840 --> 15:47.640 to make sure that we can still continue to cash flow, pay existing debt, pay what's projected 15:47.640 --> 15:54.840 in all of the, in all everything that's coming forward, and we've asked for commitments from 15:54.840 --> 15:58.840 Cobalt to do all the wonderful things that you saw on the screen, and to make sure that 15:58.840 --> 16:02.240 our projections of revenue will actually be realized. 16:02.240 --> 16:07.840 So the one remaining pad that has yet to be developed at 84 South will generate additional 16:07.840 --> 16:13.440 increment, another $8.5 million worth of value, and we're asking to ensure that Cobalt actually 16:13.440 --> 16:14.960 produces that. 16:14.960 --> 16:18.840 That's really the essence of what's happening at the 84 South Development Agreement amendment. 16:18.840 --> 16:21.560 It's actually pretty simple on that side. 16:21.560 --> 16:30.160 To be clear, too, with regard to the $6 million of transfer, about a million, million, two 16:30.160 --> 16:36.240 is for the turf, and I think it's about right, and the rest is for the traffic signals and 16:36.240 --> 16:39.160 for the rest of the stuff that's required. 16:39.160 --> 16:44.480 I actually think one of the slides had everything immemorated, it was back for the, it was one 16:44.480 --> 16:49.480 that my old eyes, it was, go forward, it was with the highlighted yellow, that was the one 16:49.480 --> 16:52.040 I couldn't read, because there you go. 16:52.040 --> 16:57.280 That's actually the enumeration of what that infrastructure cost is. 16:57.280 --> 17:01.320 On the Loomis Crossing side, again, we're looking at a second amendment. 17:01.320 --> 17:06.760 We've already actually there achieved $48 million worth of value increment, and that's 17:06.760 --> 17:11.000 with the medical office building that's completed and the two multifamily buildings that are 17:11.000 --> 17:12.000 complete. 17:12.000 --> 17:16.720 As you know, the third one is under construction, and Cobalt is committing to complete that 17:16.720 --> 17:20.480 timely so that we have additional increment that's being generated. 17:20.480 --> 17:25.920 They're also committing to the development at the technology park to the north. 17:25.920 --> 17:30.360 And Cobalt, again, when working through all the projections with Ehlers, they're committing 17:30.360 --> 17:34.960 to and recording short roll covenants on the properties that they own to make sure that 17:34.960 --> 17:39.480 the revenues that we're projecting are actually generated, so that we're sure we have that 17:39.480 --> 17:43.040 cash flow that we need to continue to pay the bills. 17:43.040 --> 17:47.440 In fact, Scott is actually personally guaranteeing a couple of the significant payments that 17:47.440 --> 17:56.040 will be needed through that cash flow, $500,000 in 2027, $550,000 in 2030. 17:56.040 --> 18:00.960 And then the city's obligation will be to allocate those TID-6 increments, primarily 18:00.960 --> 18:06.680 for infrastructure for the turf, for the technology park, including the signal. 18:06.680 --> 18:11.280 And the city has an existing mortgage that they will retain on the third of the three 18:11.280 --> 18:18.240 technology park pads at the north, and that also enables us to make sure that performance 18:18.240 --> 18:19.880 continues to happen. 18:19.880 --> 18:24.560 But then when we refinanced some existing bonds that are outstanding in 2029, we'd have 18:24.560 --> 18:30.140 some additional borrowing, $2.75 million to fully fund out all the infrastructure at 18:30.140 --> 18:35.320 Loomis North, including the turf, and be able to have the city release a guarantee that's 18:35.320 --> 18:41.240 currently outstanding on one of the borrowings that's out there. 18:41.240 --> 18:47.040 Other development things that we'll be considering is one of the extra potential developments 18:47.040 --> 18:51.760 at Loomis Crossing would be a potential restaurant pad. 18:51.760 --> 18:55.680 And then there'd also be consideration, and these are things you haven't committed to, 18:55.680 --> 19:03.840 but you'd also have to consider an existing static billboard at 10123 West Oklahoma being 19:03.840 --> 19:08.720 converted to a digital billboard so that that would generate some additional revenue. 19:08.720 --> 19:13.360 So those are things that would be additional revenue sources for some of the North Loomis 19:13.360 --> 19:15.800 development. 19:15.800 --> 19:20.640 We have negotiated almost all of the language in the two amendments, and we have copies 19:20.640 --> 19:25.600 of all those, but we're not quite final, and we would ask that if you're considering 19:25.600 --> 19:29.720 these two amendments that you delegate to staff to work on the final details and then 19:29.720 --> 19:36.280 authorize the mayor and the clerk once we have final documents and all exhibits, including 19:36.280 --> 19:41.200 Eller's final blessing on the projections, which we now have Department of Revenue 19:41.200 --> 19:47.080 Numbers for to validate that all of our numbers are correct, and then only when everything 19:47.080 --> 19:52.880 is signed, when the recorded shortfall covenants that Cobalt is committing to make sure that 19:52.880 --> 19:57.160 they can make those payments and that the revenue we're expecting will be in place, 19:57.160 --> 20:02.240 only then would we actually consider the additional transfer of the TID-6 funds. 20:03.240 --> 20:05.240 Sounds like a lot. 20:05.240 --> 20:07.240 Questions, thoughts? 20:07.240 --> 20:15.400 I do have one question about, it says your third bullet point, 84 South, with preference 20:15.400 --> 20:16.960 for a hotel. 20:16.960 --> 20:24.400 So if the hotel does not happen, what's, what is going to be there? 20:24.400 --> 20:30.080 I don't want to speak to what's, you know, but my concern is mostly the revenue part 20:30.080 --> 20:35.040 of it, so they're agreeing that the revenue that we've projected from a development that 20:35.040 --> 20:41.000 I think you may have heard about in the past will be there whether the development happens 20:41.000 --> 20:42.920 or whether it's a different development. 20:42.920 --> 20:46.400 And I'll let Scott answer what that would be. 20:46.400 --> 20:52.720 Yeah, the plan, we have been working on a retail, it's a combined, it's 30,000 square 20:52.720 --> 20:58.000 feet of two retailers, one of which is done and approved through what they call Real Estate 20:58.000 --> 21:01.160 Committee, all these national retailers can go through this process. 21:01.160 --> 21:08.040 The second one is not, to that point yet, they went through a first round of it and had approval, 21:08.040 --> 21:09.040 which is preliminary. 21:09.040 --> 21:13.440 So we do have a backup that we could probably pursue, but the preference now has been the 21:13.440 --> 21:14.440 hotel. 21:14.440 --> 21:18.840 We're on board with that idea, we like it, and I think I don't see anything really getting 21:18.840 --> 21:22.520 in the way of the hotel moving forward. 21:22.520 --> 21:25.600 So I think that's likely what you'll see. 21:25.600 --> 21:29.920 If I had one other thing too, and I know Attorney Time Check mentioned this allocation 21:29.920 --> 21:34.920 of those dollars, right now there's a model, there's a financial model that she referenced 21:34.920 --> 21:36.000 that Ellers puts together. 21:36.000 --> 21:40.360 We go through it every year with Ellers and with city staff and it gets updated to reflect 21:40.360 --> 21:42.080 all the actual numbers. 21:42.080 --> 21:46.720 Nothing in this plan right now transfers more money than was previously transferred, it 21:46.720 --> 21:47.720 moves it up. 21:47.720 --> 21:52.480 So we've had these conversations and I know Attorney Time Check might not disagree, but 21:52.480 --> 21:54.800 she probably doesn't want to make those representations. 21:54.800 --> 21:59.840 But there's not an additional transfer of dollars, that amount is staying fixed. 21:59.840 --> 22:05.280 What's happening is the recent numbers that came back at 84 south are about 10 million 22:05.280 --> 22:11.160 higher than we projected, I want to get complicated, the mill rate has to be determined yet. 22:11.160 --> 22:14.040 So that could change what that revenue is, but we're 10 million higher, we had a very 22:14.040 --> 22:15.040 conservative projection. 22:15.040 --> 22:21.000 So we're 10 million higher on the equalized value than what we thought we were. 22:21.000 --> 22:27.880 So there's added revenue and then with the development at Loomis there's about 25 million 22:27.880 --> 22:32.400 of additional development there, so that's helping create all those sources. 22:32.400 --> 22:36.720 So again there's not an additional transfer, the amount of transfer that's been authorized 22:36.720 --> 22:40.640 was authorized by the council and that number doesn't change and I don't think it can change 22:40.640 --> 22:42.160 without further authorization. 22:42.160 --> 22:48.000 So it's not changing, the timing is moving up to do some of this work is really the difference. 22:48.000 --> 22:53.640 So going back to my question, I was like a politician, I answered that wrong question. 22:53.640 --> 23:00.040 It sounds like you're fairly certain that the hotel will happen or... 23:00.040 --> 23:06.800 Yeah, but if it doesn't, then it would be retail, but I mean we can't, it took that 23:06.800 --> 23:11.360 parcel and maybe to Alderman Caster's point, it isn't our lack of focus on that. 23:11.360 --> 23:16.440 I mean retail, it really leased up quickly and then it kind of peered out for a while, 23:16.440 --> 23:18.040 we had COVID and a lot of other things had happened. 23:18.040 --> 23:24.720 So the other problem is if you look kind of universally, there's almost no new retail 23:24.720 --> 23:28.000 construction happening without TIFF. 23:28.000 --> 23:32.160 The numbers just have not caught up the rents that they're willing to pay, so that's been 23:32.160 --> 23:36.080 a bit of a struggle as well, but they're starting to recognize they get to pay a little more 23:36.080 --> 23:37.080 rent. 23:37.080 --> 23:46.320 So we're very close under a different user group being those two retailers, but the hotel 23:46.320 --> 23:47.320 will happen. 23:47.320 --> 23:48.320 I feel pretty confident. 23:48.320 --> 23:50.320 I mean they're ready to move forward. 23:50.320 --> 23:51.320 Great. 23:51.320 --> 23:57.200 And then I just have a question about the digital billboard, which I'm not really excited 23:57.200 --> 24:05.480 about, but can you tell me a little bit about, is that going to disturb? 24:05.480 --> 24:13.320 It's the location of an existing sign that was there about 110th in Oklahoma, and so 24:13.320 --> 24:17.840 we're able to, by converting it to digital, a couple of things happen, one, we can create 24:17.840 --> 24:22.920 more revenue, which so there's a $250,000 that we kind of commit as a result of that 24:22.920 --> 24:24.920 conversion to helping the gap. 24:24.920 --> 24:29.760 We had a gap on here, and as attorney Topshick mentioned, through a lot of efforts that turned 24:29.760 --> 24:36.440 into us coming up with about a million won, roughly toward that, and one source was through 24:36.440 --> 24:37.440 that. 24:37.440 --> 24:42.040 The other thing with those digital signs, you can create this condition where the diodes 24:42.040 --> 24:45.880 are faced a certain way, and if you move out of a certain distance, you don't see it, 24:45.880 --> 24:51.560 they kind of black out, so they adjust at night from an ambient perspective, and we 24:51.560 --> 24:55.720 also allow some community service announcements and public usage on that. 24:55.720 --> 24:59.160 We've done that in the past with the turf. 24:59.160 --> 25:02.400 Why am I having a hard time figuring out where we're 110th in Oklahoma? 25:02.400 --> 25:03.400 No, I see. 25:03.400 --> 25:06.400 So this is the off-room to get off on a one-place cell phone. 25:06.400 --> 25:07.400 It's by the rehabilitation. 25:07.400 --> 25:12.000 I would call that one of a heart that the rehabilitation has to do by the printing shaft. 25:12.000 --> 25:13.000 That's by 101st. 25:13.000 --> 25:16.600 There's existing static sign that was there, and we just took it down. 25:16.600 --> 25:18.800 Our intent would be West Dallas. 25:18.800 --> 25:19.800 Are you interested? 25:19.800 --> 25:20.800 It's 101st. 25:20.800 --> 25:21.800 101 or 110. 25:21.800 --> 25:22.800 101. 25:22.800 --> 25:23.800 I'm sorry. 25:23.800 --> 25:24.800 I got my... 25:24.800 --> 25:30.080 So, with regard to that sign, there isn't any intrusion into residential properties or 25:30.080 --> 25:31.080 anything. 25:31.080 --> 25:33.080 It's clearly on the freeway. 25:33.080 --> 25:34.080 Yeah. 25:34.080 --> 25:35.080 Yeah. 25:35.080 --> 25:36.080 West Dallas across the street. 25:36.080 --> 25:41.200 They're not asking for that now, but they're asking us to essentially, when it comes through 25:41.200 --> 25:42.200 to B. 25:42.200 --> 25:48.800 So, we're not asking for any approvals of any development opportunities, including the 25:48.800 --> 25:52.720 static sign today, other than that you'd consider it if it comes forward. 25:52.720 --> 25:58.240 We're not asking you to approve what happens at A2 definitively on the Loomis Crossing, 25:58.240 --> 25:59.240 or an... 25:59.240 --> 26:00.240 I'm sorry, an 84 South. 26:00.240 --> 26:04.920 What we are asking for is the financial deal that you consider approval of the financial 26:04.920 --> 26:05.920 deal. 26:05.920 --> 26:10.280 And all the things we talked about are components that will provide revenue to make sure the 26:10.280 --> 26:11.280 financial deal works. 26:11.280 --> 26:14.520 How did Cobalt get control of that location? 26:14.520 --> 26:16.520 On Oklahoma? 26:16.520 --> 26:17.520 Yeah. 26:17.520 --> 26:19.040 I think they probably bought the sign. 26:19.040 --> 26:20.040 We did. 26:20.040 --> 26:21.040 Yeah. 26:21.040 --> 26:22.040 The sign? 26:22.040 --> 26:23.040 Just the sign? 26:23.040 --> 26:24.040 Well, an easement. 26:24.040 --> 26:25.040 And it's really an easement. 26:25.040 --> 26:26.040 Yeah. 26:26.040 --> 26:27.040 Okay. 26:27.040 --> 26:29.040 So, the building that's in the current shape? 26:29.040 --> 26:30.040 Yeah, not the building. 26:30.040 --> 26:31.040 No. 26:31.040 --> 26:32.040 That will stay the same. 26:32.040 --> 26:33.040 It's a little rough. 26:33.040 --> 26:40.040 And on that highlighted list, you showed that you have to make additional costs to make 26:40.040 --> 26:41.800 it a city standard. 26:41.800 --> 26:46.520 Does that mean we're taking possession of the streets? 26:46.520 --> 26:47.520 What are you talking about? 26:47.520 --> 26:48.520 I didn't follow. 26:48.520 --> 26:49.520 Sorry. 26:49.520 --> 26:50.520 I don't know. 26:50.520 --> 26:51.520 It's halfway down. 26:51.520 --> 26:54.520 We had sub road, utilities, city standards, 825. 26:54.520 --> 26:58.240 Oh, is that in the list up there? 26:58.240 --> 26:59.240 On that? 26:59.240 --> 27:00.240 Yeah. 27:00.240 --> 27:01.240 Can you read? 27:01.240 --> 27:02.240 I can't see it. 27:02.240 --> 27:03.240 I'm sorry. 27:03.240 --> 27:04.240 What bullet is it? 27:04.240 --> 27:05.240 Stop. 27:05.240 --> 27:06.240 Oh, I have to know. 27:06.240 --> 27:09.240 It says, stub road and utilities at city standard, the fourth from the bottom. 27:09.240 --> 27:12.360 Oh, so, yeah, that's part of the, at the interchange coming in. 27:12.360 --> 27:22.920 There's a 250 foot segment of roadway that'll go south east, mainly east, off of Loomis. 27:22.920 --> 27:26.680 That's got to be in, I mean, maybe Jeff Katz can, a pine tube, but that's... 27:26.680 --> 27:28.680 The adjacent to a state-of-the-light. 27:28.680 --> 27:29.680 Control light. 27:29.680 --> 27:30.680 Yeah. 27:30.680 --> 27:32.200 Yeah, signalized intersection. 27:32.200 --> 27:35.320 And there's a bunch of off-site work being done, but the totals are, but that's that 27:35.320 --> 27:38.400 stub road section going into the, to the east. 27:38.400 --> 27:41.920 The 900,000 that you see on there is the turf parking lot. 27:41.920 --> 27:42.920 Correct. 27:42.920 --> 27:43.920 Along with some of the... 27:43.920 --> 27:44.920 Some DOT, too. 27:44.920 --> 27:45.920 Yeah. 27:45.920 --> 27:46.920 Okay. 27:46.920 --> 27:53.360 I'm just, we are not taking possession of the entire industrial or... 27:53.360 --> 27:54.360 It's private. 27:54.360 --> 27:55.360 It's a private road. 27:55.360 --> 27:56.360 That'll be a private road. 27:56.360 --> 27:57.360 That's still a private road. 27:57.360 --> 27:58.360 Correct. 27:58.360 --> 27:59.360 Yes. 27:59.360 --> 28:05.880 And we just need to be that city standard on that 250 feet, I believe. 28:05.880 --> 28:10.480 Because it's intersection with a state highway, there has to be just a small segment. 28:10.480 --> 28:11.480 Yeah, I got that. 28:11.480 --> 28:13.880 I was afraid we were taking possession of that whole road. 28:13.880 --> 28:14.880 Yeah, no. 28:14.880 --> 28:18.040 I'll be dead by the time you have to put a new one in, but I still care. 28:18.040 --> 28:22.880 Yeah, all private. 28:22.880 --> 28:24.880 Okay. 28:24.880 --> 28:34.840 So, one thing I think that sort of gets lost sometimes, I mean, we... 28:34.840 --> 28:41.000 The four south, when we started, it was worth six or seven million dollars, which is 28:41.000 --> 28:42.000 10-6. 28:42.000 --> 28:44.600 Today was worth six million. 28:44.600 --> 28:48.880 So a total of about 13 million dollars of taxable tax base, right? 28:48.880 --> 28:50.440 Which we're still getting taxes on. 28:50.440 --> 28:54.600 I mean, that base is still there paying taxes. 28:54.600 --> 29:00.920 If you add up the numbers, and we have looked at these numbers, and they're accurate and 29:00.920 --> 29:07.400 they're reported to the state, we're almost at 300 million dollars of new tax base or 29:07.400 --> 29:10.360 280, 290, something like that. 29:10.360 --> 29:11.360 How much? 29:11.360 --> 29:13.560 But when it's gone, it'll be 300. 29:13.560 --> 29:14.560 It'll be 300. 29:14.560 --> 29:19.920 So, while this is complicated, I mean, this is the struggle that we have sometimes, it's 29:19.920 --> 29:25.160 like, while this is complicated and Deb's expensive, right, and very good, and she's 29:25.160 --> 29:30.400 being paid for by him on our behalf. 29:30.400 --> 29:31.960 And while we... 29:31.960 --> 29:37.600 So while we do all of these things, right, we're leaving a legacy in the city of a tax 29:37.600 --> 29:42.120 base of 300 million when we started at 13. 29:42.120 --> 29:45.480 And by the way, we're still collecting the 13. 29:45.480 --> 29:49.120 So that's pretty good. 29:49.120 --> 29:53.600 So it gets complicated and we talk about seventh amendments and we talk about the price of 29:53.600 --> 29:57.200 lumber and we talk about the price of steel and we talk about all of these things and 29:57.200 --> 30:04.600 we talk about having to have hugely times on concrete precast buildings, and electrical 30:04.600 --> 30:09.200 controls, and toilets, and all this other stuff. 30:09.200 --> 30:16.160 And we talk about creating a turf, right, and trying to get some benefit immediately 30:16.160 --> 30:21.840 out of the 300 million dollars of new tax base that we will once enjoy completely. 30:21.840 --> 30:25.840 Well, the turf we had to do because we got the land for the price we got. 30:25.840 --> 30:31.400 So while we got the turf for a buck, but to be honest, we didn't really have a place 30:31.400 --> 30:33.440 to park. 30:33.440 --> 30:35.960 He was going to build a... 30:35.960 --> 30:39.240 These are some of the other discussions that you may not... 30:39.240 --> 30:46.520 The original parking lot was anticipated in the modeling to be about 200,000 dollars. 30:46.520 --> 30:53.360 This parking lot, and if you drive by today, the 90 stalls and the interconnectivity, we 30:53.360 --> 31:01.280 have created a destination for the Midwest's second largest skateboard park, which has 31:01.280 --> 31:07.800 historical underpinnings with Tony Hawk's turf card from 1980 is actually being auctioned 31:07.800 --> 31:08.800 right now in line. 31:08.800 --> 31:11.200 I don't know if I sent you guys to that. 31:11.200 --> 31:13.880 So this is like a hollowed ground now. 31:13.880 --> 31:18.360 I know this isn't the packers and this isn't any of those kinds of things which go back 31:18.360 --> 31:24.840 to the teams, but as far as skateboarding and this sport go in the world, this is a 31:24.840 --> 31:32.000 sacred place, and it's in our city, and through all of these amendments and all of these things 31:32.000 --> 31:35.720 and all of this posturing and all of the arguments and all of the... 31:35.720 --> 31:39.640 You can't believe you're doing this to me. 31:39.640 --> 31:47.800 Discussions that we have, we've created something pretty special, and then we can start working 31:47.840 --> 31:53.840 towards expanding the skateboard park, by the way, someday, and be the largest skateboard 31:53.840 --> 31:59.240 park in the Midwest that has every single skateboarding feature there is, and there are 31:59.240 --> 32:03.520 not many skateboard places like this in the world. 32:03.520 --> 32:10.200 I mean, Jeff and I, we get the turf.org, we get emails from people all over the place 32:10.200 --> 32:11.200 that are just... 32:11.200 --> 32:17.720 And if you go there on any given night, while it's raining tonight, there's 50, 60, 70, 32:17.800 --> 32:19.440 90 people there. 32:19.440 --> 32:23.760 I'd encourage you to go there on Saturday, and I know I'm making this about the turf 32:23.760 --> 32:29.360 and not the hotel and all of that, but even the hotel, it's taken... 32:29.360 --> 32:33.880 Well, by every candidate, every person that's run against me saying, why don't we have 32:33.880 --> 32:34.880 a hotel? 32:34.880 --> 32:35.880 We should have a hotel. 32:35.880 --> 32:36.880 Why don't you get a hotel? 32:36.880 --> 32:40.520 Well, in order to get a hotel, you need a hotel study, right? 32:40.520 --> 32:45.160 And you have to spend four or five hours with a hotel consultant driving around the city 32:45.200 --> 32:50.040 explaining why we should have a hotel and why it will work and look at this and look 32:50.040 --> 32:55.040 at that, which I did about a year ago, a year and a half ago, right? 32:55.040 --> 33:02.120 Then she went to 84 South with me, and I think we had lunch at Cafe Zoopers, I can't... 33:02.120 --> 33:04.720 I bought it, she didn't buy it. 33:04.720 --> 33:08.840 Didn't ask for him, but I get an expenses, right? 33:08.840 --> 33:13.680 And she's like, this is like the kind of thing where it would be natural. 33:13.680 --> 33:18.640 She didn't say that right away, and I also asked about a hotel near the turf, and I 33:18.640 --> 33:23.600 took her over there and we saw the Mexican restaurant, which doesn't look quite as nice 33:23.600 --> 33:29.960 as it does now, and there was like an apartment and a half building there, and the Greenfield 33:29.960 --> 33:35.960 Coin Exchange is still there, and it didn't look all that, she's like, you know, maybe 33:35.960 --> 33:41.240 three or four years, this might be the place, but right now this isn't the place, right? 33:41.240 --> 33:45.920 So all of this stuff, and I can't believe we've been doing this for 10 or 15 years, 33:45.920 --> 33:53.600 it takes forever to do, but if you have good quality people behind you that have sort of 33:53.600 --> 34:01.040 the vision that are kept in line sometimes by financial people with maybe cooler heads 34:01.040 --> 34:06.800 and legal people to say, no, no, you know, just not jump ahead there, right? 34:06.800 --> 34:16.960 Maybe good stuff can happen, and I think in this case, with both TID6 and TID8, we're 34:16.960 --> 34:22.400 properly leveraging things to make the city a better place in the long run and to survive 34:22.400 --> 34:28.600 as a first-range community around sometimes a struggling, bigger city, right? 34:28.600 --> 34:30.540 We have to do these things. 34:30.540 --> 34:35.840 For everybody that owns a home and everybody that owns property, we have to do these things 34:35.840 --> 34:41.640 to make the city a place to live and prosper. 34:41.640 --> 34:45.360 So would Deb ask such a hard time with this? 34:45.360 --> 34:46.360 Why you? 34:46.360 --> 34:47.360 I don't know. 34:47.360 --> 34:52.520 I mean, while we're looking at right here, I don't see how it's being funded from all 34:52.520 --> 34:55.160 the things we're doing. 34:55.160 --> 35:00.040 I don't see any of the funding going towards the assurance back to Shirley's point that 35:00.040 --> 35:01.960 this will get developed in this manner. 35:02.960 --> 35:11.760 So this is the thing with the, if it's the hotel, if that's the part, you know, we're 35:11.760 --> 35:17.520 going to do all this stuff and he's going to do the best he can with the hotel. 35:17.520 --> 35:24.400 I've been, so it was going to be, and I will generally say this, so if you don't object 35:24.400 --> 35:30.800 or I can say whatever I want, kind of, if the president can, I can, sorry, I shouldn't 35:30.800 --> 35:31.800 have said that. 35:31.800 --> 35:34.400 You can't afford to be sued like him though. 35:34.400 --> 35:38.120 I, well, I'm sitting, well, I'm sitting up here, I can basically say anything that, 35:38.120 --> 35:39.600 I mean, that's kind of a lot. 35:39.600 --> 35:42.520 We have some sort of immunity while we were conducting businesses. 35:42.520 --> 35:47.040 I think that's a little, Ryan, can you verify that? 35:47.040 --> 35:50.680 There are limits, but yeah, but I'm not trying to get into that part. 35:50.680 --> 35:56.560 The point is that three and four months ago, it was going to be retail and that's what 35:56.600 --> 36:01.640 it was going to be, and the modeling that we were going to do was going to be that. 36:01.640 --> 36:05.560 And I didn't like that. 36:05.560 --> 36:15.120 I wanted a hotel, in essence, and we had a hotel study finally that said we could have 36:15.120 --> 36:16.120 one. 36:16.120 --> 36:17.120 You can't get a hotel without a hotel studying. 36:17.120 --> 36:18.120 There's no financing of it. 36:18.120 --> 36:19.280 You can't do it. 36:19.280 --> 36:21.840 You can't have, without that, you can't have it. 36:21.840 --> 36:25.960 Are you in this proposal, are we seeing that there's going to be a hotel with funding 36:25.960 --> 36:26.960 that we're going to do? 36:26.960 --> 36:36.560 So this is the matter of trust because I have met and Bruce met the owner of the hotel chain 36:36.560 --> 36:40.960 or one of the owners of the hotel chain or one of the guiding principles who is like, 36:40.960 --> 36:41.960 we want to be there. 36:41.960 --> 36:45.600 You don't trust our president, so how can you trust this person? 36:45.600 --> 36:50.480 Because he's not our president and he's a guy that wants to build a hotel. 36:50.480 --> 36:55.720 Because I've taught, I do, I, yeah, I don't trust our president sometimes. 36:55.720 --> 36:59.040 That is true. 36:59.040 --> 37:03.440 And I'm kind of a Republican-y kind of guy, and I've said that publicly, I'm sort of 37:03.440 --> 37:07.680 trying not to say that too loud because we're in a purple community, but I'm also like to 37:07.680 --> 37:11.000 fish and I like the environment and so I'm kind of a Democrat when I come to say that. 37:11.000 --> 37:14.080 Well, there's one fuzzy feeling from talking to this person. 37:14.080 --> 37:15.640 So I'm supposed to get it too? 37:15.640 --> 37:16.920 You're supposed to get what? 37:16.920 --> 37:20.120 A warm, fuzzy feeling you got from this hotel person? 37:20.120 --> 37:25.480 If you, I invited you and I invited Gina to go that same night and I was hoping that 37:25.480 --> 37:28.880 you would go and I was hoping, and I knew you had other things going on and you couldn't 37:28.880 --> 37:29.880 make it. 37:29.880 --> 37:30.880 Yeah, my life had complicated. 37:30.880 --> 37:31.880 But yeah. 37:31.880 --> 37:37.200 So, and while we're straying from this, I have a warm, fuzzy feeling and I have a sense 37:37.200 --> 37:40.520 that yes, this hotel is going to happen. 37:40.520 --> 37:44.480 The civil engineers are already working on the layout as I understand it. 37:44.480 --> 37:47.400 They're already looking at the utilities. 37:47.400 --> 37:50.440 Part of this, it's been laid out on the site. 37:50.440 --> 37:52.240 I've seen some of the site plans, yeah. 37:52.240 --> 37:56.360 The good thing is that the utilities are there, the parking is there. 37:56.360 --> 38:04.520 It requires a pad and it requires to go vertical and no city funding and no city funding. 38:04.520 --> 38:06.160 What do you think we're talking about? 38:06.160 --> 38:08.600 Do you know how much it costs to build a hotel? 38:08.600 --> 38:11.840 It costs about $13 or $14 million to build a hotel. 38:11.840 --> 38:15.480 Do you know what the assess valuation of a hotel is once it's built? 38:15.480 --> 38:16.480 Seven or eight. 38:16.480 --> 38:18.680 Seven and a half. 38:18.680 --> 38:26.000 This modeling assumes, so that other half, the expensive part, right? 38:26.000 --> 38:28.040 The equity pays for that. 38:28.040 --> 38:33.780 Part of it, the other part is coming from us to help subsidize the financing over the 38:33.780 --> 38:35.840 course of that. 38:35.840 --> 38:37.840 And that's what we've, I hope I explain that right. 38:37.840 --> 38:39.640 Did I miss the slide that shows that? 38:39.640 --> 38:44.400 We're borrowing from the equity valuation to be able to actually pay to do these things 38:44.400 --> 38:45.400 in the first place. 38:45.400 --> 38:49.200 There's some funding coming from the city for something that could probably explain 38:49.200 --> 38:53.260 much that's inherently what's happening is we're borrowing against the 226 million 38:53.260 --> 38:55.560 valuation to actually continue to do. 38:55.560 --> 39:02.600 We're using the instrument that's generated from the hotel and all these other sources 39:02.600 --> 39:03.600 to do what you're saying. 39:03.600 --> 39:05.600 We borrow at a 20 or 30 years ago. 39:05.600 --> 39:06.600 I just don't see it. 39:06.600 --> 39:07.600 I don't see the picture. 39:07.600 --> 39:08.600 That's right. 39:08.600 --> 39:09.600 That's right. 39:09.600 --> 39:13.440 So, and to your question about what happens without, there is no guarantee of a hotel. 39:13.440 --> 39:19.600 But if, what there is a guarantee of is that the projections that, and the revenue 39:19.600 --> 39:25.000 that we're expecting through the model will be there because if they're not, Scott and 39:25.000 --> 39:31.160 his company have to pay that, or he could love his special. 39:31.160 --> 39:35.760 But there's a, there's a mechanism to make sure that the funding will be there. 39:35.760 --> 39:41.160 So if, if something doesn't come to fruition that we're expecting, we have a revenue source 39:41.160 --> 39:42.400 to make sure that that happens. 39:42.400 --> 39:47.360 So he has yet another incentive to make sure that we're actually bringing the development 39:47.360 --> 39:49.560 that you want to see. 39:49.560 --> 39:52.320 It's, how much are we given to the hotel? 39:52.320 --> 39:54.200 I'm sorry, what was that? 39:54.200 --> 39:56.200 We're not giving anything to a hotel. 39:56.200 --> 39:57.200 We're not giving anything to a hotel. 39:57.200 --> 39:59.200 There's nothing in here that says anything about a hotel. 39:59.200 --> 40:02.400 All this says is that there's going to be something there. 40:02.400 --> 40:04.360 It's going to generate increment. 40:04.360 --> 40:09.240 And all of these interrelationships between six and eight will work. 40:09.240 --> 40:12.560 That's essentially what it says. 40:12.560 --> 40:19.760 We're saying that if it's a retail building that's worth three and a half million, three 40:19.760 --> 40:21.560 and a half million, eight and a half I think it is. 40:21.560 --> 40:28.040 The retail is, is an eight and a half, well they, so that's the parking lot is. 40:28.040 --> 40:30.240 So the hotel generates more increment if we can get it. 40:30.240 --> 40:32.400 We want to get it because it's worth more. 40:32.400 --> 40:41.880 It's seven and a half million versus three, well, it's two and a half million dollars 40:41.880 --> 40:44.760 more of increment if there's a hotel. 40:44.760 --> 40:49.520 And if there isn't a hotel, everything else on today works, right? 40:49.520 --> 40:53.080 The industrial buildings start going up and all this stuff happens and everything is good 40:53.080 --> 40:57.520 and the signals start going in and all that stuff, right? 40:57.520 --> 41:05.760 We're saying that the hotel is likely going to be the thing that occupies that site and 41:05.760 --> 41:11.560 it's mixed the model kind of better because there's more money in the model because the 41:11.560 --> 41:16.240 hotel is worth a million and a half, two million more, right? 41:16.240 --> 41:17.840 Does that make sense? 41:17.840 --> 41:23.840 I'm still lost on how the hotel is going to be built with money because I don't see it 41:23.840 --> 41:25.960 being itemized down here. 41:26.960 --> 41:27.960 There's no lights. 41:27.960 --> 41:28.960 Pretend there's no hotel. 41:28.960 --> 41:29.960 We don't know what's going to go there. 41:29.960 --> 41:30.960 It could be a trailer. 41:30.960 --> 41:36.600 It could be a trailer park, but he's guaranteeing that there's going to be the number going 41:36.600 --> 41:37.600 to be there. 41:37.600 --> 41:38.600 Okay. 41:38.600 --> 41:42.560 On the projections will be there, but what generates that? 41:42.560 --> 41:43.560 We don't know. 41:43.560 --> 41:46.360 And how much money is going to go towards? 41:46.360 --> 41:52.520 I see what street lights are being projected to go towards the hotel. 41:52.520 --> 41:55.360 If there was a hotel development, it would come back to you. 41:55.360 --> 41:58.520 You'll have to approve all the pretty pictures and the site plan, et cetera. 41:58.520 --> 42:05.240 Well, I got that, but where's this money going back to that site? 42:05.240 --> 42:08.240 There's not any money going back to the site. 42:08.240 --> 42:13.760 So the hotel can build this is where I started without city help. 42:13.760 --> 42:17.600 So if there would be any city help, none is proposed today. 42:17.600 --> 42:21.600 There would not be any unless the city would authorize that in the future. 42:21.600 --> 42:25.640 So there's no funding from this move to fund a hotel. 42:25.640 --> 42:26.640 That's correct. 42:26.640 --> 42:31.520 We're just hoping something adds so we can afford things that we've already approved. 42:31.520 --> 42:39.160 So what this does do is ensure that the revenue that we projected in the model, including 42:39.160 --> 42:43.840 revenue from development on the yellow pad, will happen. 42:43.840 --> 42:48.360 And Mike just told me it can't be built without having city help. 42:48.360 --> 42:53.840 So if the yellow pad does not develop as anticipated, which right now we're actually 42:53.840 --> 42:59.320 using the lower retail projection number, then there's a shortfall covenant that will 42:59.320 --> 43:02.080 be recorded against the site. 43:02.080 --> 43:07.720 And if there's a shortfall in the revenue that's generated, Scott and his team have to 43:07.720 --> 43:09.720 write a check. 43:09.720 --> 43:15.280 I don't think either one of those could be built without city funding. 43:15.280 --> 43:19.480 Well or retail establishment was going to be built without city funding. 43:19.480 --> 43:21.800 Retail is not proposed for any city funding. 43:21.800 --> 43:23.440 It's not getting anything. 43:23.440 --> 43:24.960 We have all those numbers. 43:24.960 --> 43:30.400 The short for the hotels and I don't want to get into all of this stuff because it's. 43:30.400 --> 43:32.200 It's too speculative at this point. 43:32.200 --> 43:33.200 It is very. 43:33.200 --> 43:36.760 If there was a hotel proposal, it might come back to you and there might be a request 43:36.760 --> 43:37.760 for city funding. 43:37.760 --> 43:40.920 But that's not what we're asking for today. 43:40.920 --> 43:45.600 We're asking for the hope that this gets developed so we can take the money from that 43:45.600 --> 43:50.240 development to find something that we've already approved. 43:50.240 --> 43:54.360 So TID6 already has ample cash flow. 43:54.360 --> 43:55.880 Ample increment has been developed. 43:55.880 --> 44:02.320 227 million dollars of value increment is in the ground there today. 44:02.320 --> 44:08.360 The only add-on would be the yellow pad at eight or so. 44:08.360 --> 44:10.560 All I can say is you have to trust me that it's going to work. 44:10.560 --> 44:16.240 And we spend days and days and days and days and days going through every single iteration 44:16.240 --> 44:18.000 that there possibly can. 44:18.000 --> 44:22.320 And everything that's in this agreement to do this or the seventh amendment and the 44:22.320 --> 44:29.640 second amendment is to make sure both kids get built out the way they need to. 44:29.640 --> 44:34.080 The hotel. 44:34.080 --> 44:39.040 This is so Scott over the years has promised a lot of things, right? 44:39.040 --> 44:45.160 And I'll just say Scott, Cobalt, the team has promised a lot of things, right? 44:45.160 --> 44:49.640 They have. 44:49.640 --> 44:55.440 And sometimes it pains me to admit it, they've delivered on every one. 44:55.440 --> 44:57.440 Except a hotel. 44:57.440 --> 45:03.040 And Cafe Hounder or the beer thing on the corner, right? 45:03.040 --> 45:08.880 And neither of those were his fault. 45:08.880 --> 45:14.160 That's that he is delivered on everything that he's promised. 45:14.160 --> 45:23.760 And I, there are no other, and I'm not trying to be like, oh, look at what we've done. 45:23.760 --> 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 45:32.960 --> 45:37.720 if it's a retail center or 304, right? 45:37.720 --> 45:45.480 And I have one thing that maybe helps to the, most of the, when there's TIFF in most communities, 45:45.480 --> 45:50.480 end result is community gets a development, but there's not a, there's not a something 45:50.480 --> 45:52.600 added to the city's balance sheet. 45:52.600 --> 45:56.280 But through the TIFF, and this is kind of the struggle that it's kind of dawned on me 45:56.280 --> 46:00.280 as we work through this over the last, it's been like five months. 46:00.280 --> 46:03.000 You know, like I said, there was that million two that was I think out of the sewer fund 46:03.000 --> 46:06.440 I don't where came from, but the city had spent those dollars at one point. 46:06.440 --> 46:11.320 So that got paid back the land we bought, you saw it itemizes about, I think, two plus 46:11.320 --> 46:12.640 million dollars. 46:12.640 --> 46:16.320 But when it all said it's done, there's about five million dollars of value going basically 46:16.320 --> 46:22.120 to the city's balance sheet to a parcel that's tax exempt where we can't create increment. 46:22.120 --> 46:25.800 So that's kind of created some of this gap. 46:25.800 --> 46:29.800 But the end result today is there's no additional transfer. 46:29.800 --> 46:33.000 So I mean, we're kind of talking about this transfer, but the transfer is not going up 46:33.000 --> 46:37.880 from what it has always been that was approved, you know, a few years ago between Ted six 46:37.880 --> 46:38.880 and today. 46:38.880 --> 46:42.200 What's happening is we are creating more increment at 84 South and then we're creating 46:42.200 --> 46:44.880 about 30 million of additional increment at Loomis. 46:44.880 --> 46:48.000 So all of those become the sources to make all this happen. 46:48.000 --> 46:52.120 I can tell with the hotel, I mean, short of something that just is outside of our control, 46:52.120 --> 46:53.760 I mean, we'll build the hotel there. 46:53.760 --> 47:00.720 And this group is local, he's based on a Nina, I've spent months working with them. 47:00.760 --> 47:04.480 And as a mayor said, there was a hotel study that was commissioned that was paid for by 47:04.480 --> 47:09.920 the project to do both a study and then creation of a pro forma. 47:09.920 --> 47:10.920 I mean, in the end. 47:10.920 --> 47:12.920 So what about all the person casting his question? 47:12.920 --> 47:13.920 Where's the money? 47:13.920 --> 47:17.920 Where can you see the money in all of this to build that hotel? 47:17.920 --> 47:20.080 I don't follow the question. 47:20.080 --> 47:22.240 So that I think that's your question, right? 47:22.240 --> 47:23.240 But I'm not sure. 47:23.240 --> 47:26.560 Are you going to come back to us and ask for money for the hotel because they're this 47:26.560 --> 47:28.080 close to getting the hotel. 47:28.080 --> 47:29.080 Yeah. 47:29.160 --> 47:36.000 I mean, needed to use the tax revenue from the hotel room in order to do it. 47:36.000 --> 47:37.760 Is that coming back to us? 47:37.760 --> 47:38.760 Because it may. 47:38.760 --> 47:39.760 Yeah. 47:39.760 --> 47:40.760 I mean, it's a hotel. 47:40.760 --> 47:42.920 And I'll say, yes, we want to do that. 47:42.920 --> 47:46.080 But let's be living on a table. 47:46.080 --> 47:47.080 Yeah, for sure. 47:47.080 --> 47:48.080 And no one's trying not to. 47:48.080 --> 47:52.600 We're just not to that point as Debbie said, what we modeled in the current model is not 47:52.600 --> 47:53.600 include that hotel. 47:53.600 --> 47:57.600 It includes just the retail, but likely it needs some help. 47:57.600 --> 47:58.600 I mean, yeah, I think that's right. 47:58.600 --> 48:02.040 You're telling me the retail does not need any assistance. 48:02.040 --> 48:03.040 Correct. 48:03.040 --> 48:04.040 Right. 48:04.040 --> 48:05.040 Right. 48:05.040 --> 48:06.040 Whatever. 48:06.040 --> 48:07.040 Correct. 48:07.040 --> 48:08.040 And can be built and will be built. 48:08.040 --> 48:09.040 But the retail is not done. 48:09.040 --> 48:10.520 Like I said, just to be clear, there's always, you know, there's always something, right? 48:10.520 --> 48:13.200 And it's waiting on an approval. 48:13.200 --> 48:17.240 I don't think it creates the best. 48:17.240 --> 48:22.160 I think the hotel creates a better mix of sustainable uses, you know. 48:22.160 --> 48:23.160 But correct. 48:23.160 --> 48:24.160 That's right. 48:24.160 --> 48:25.160 Who's going to pay for that gap in between there? 48:25.160 --> 48:26.160 Yeah. 48:26.160 --> 48:27.160 Well, I mean, there is a couple million. 48:27.160 --> 48:30.400 Yeah, there's, you know, two and a half, three million of additional value there that 48:30.400 --> 48:34.880 that may be sufficient to cover that difference and the hotel tax could cover some of that. 48:34.880 --> 48:37.360 But, and I'm not trying to misrep, we don't know yet. 48:37.360 --> 48:38.360 We're just not there. 48:38.360 --> 48:39.360 I got you, but. 48:39.360 --> 48:40.800 But yeah, it may need it there. 48:40.800 --> 48:41.800 You're right. 48:41.800 --> 48:47.200 There's nothing in this model that funds any gap in the hotel's financial performance. 48:47.200 --> 48:49.200 That's that's accurate. 48:49.200 --> 48:50.200 Okay. 48:50.200 --> 48:52.840 Does that make sense? 48:52.840 --> 48:54.680 This is my first blush of this. 48:54.680 --> 48:55.680 Yeah. 48:55.680 --> 48:56.680 Okay. 48:56.680 --> 48:57.680 Okay. 48:57.680 --> 48:58.680 Let's fair question. 48:58.680 --> 48:59.680 Yeah. 48:59.680 --> 49:00.680 Okay. 49:00.680 --> 49:13.760 My discussions with the hotel guys said he's very excited to be there and his partner is 49:13.760 --> 49:15.440 very excited to be there. 49:15.440 --> 49:20.960 There's a small shortfall annually with regard to the financing models that they would use. 49:20.960 --> 49:25.040 Part of that depends when you look at the hotels too and you go to a hotel and you say, 49:25.040 --> 49:29.800 you know, I don't want, um, drive it or what do they call it? 49:29.800 --> 49:30.800 Yeah. 49:30.800 --> 49:31.800 Yeah. 49:31.800 --> 49:32.800 You don't want that. 49:32.800 --> 49:34.800 You want a, you want a better fixture finish. 49:34.800 --> 49:35.960 You want it to look better. 49:35.960 --> 49:42.880 You want those are all per square foot things that go into a financing model, right? 49:42.880 --> 49:44.280 I mean, it's all of that. 49:44.280 --> 49:45.600 So we don't even have a picture. 49:45.600 --> 49:51.120 So we went to look at a hotel and I, there were things that Bruce and I, I think we said, 49:51.120 --> 49:56.560 well, you know, it would look better like, like that we didn't say that, right? 49:56.560 --> 49:59.320 And it's like the guys like, yeah, we can do that. 49:59.320 --> 50:00.320 We can do that. 50:00.320 --> 50:01.320 It's all different. 50:01.320 --> 50:02.560 We have construction people. 50:02.560 --> 50:03.860 We have contractors. 50:03.860 --> 50:07.360 We have, you know, we can, we can figure that out. 50:07.360 --> 50:12.880 So when you don't even know what it is yet that you're building and the materials have 50:12.880 --> 50:18.000 an impact on the cost of the building, then it's hard to completely financially model 50:18.000 --> 50:19.200 it. 50:19.200 --> 50:21.720 But as I understood it, it's close. 50:21.720 --> 50:25.520 I mean, it's like really close. 50:25.520 --> 50:30.040 So that's all I could say and I don't know if I've misrepresented anything or if I said 50:30.040 --> 50:35.240 anything improperly, but I think that's kind of where that's at. 50:35.240 --> 50:37.680 I'm done. 50:37.680 --> 50:38.680 Yeah. 50:38.680 --> 50:39.680 Okay. 50:39.680 --> 50:45.480 I mean, I got the answers out loud and that that's a, that's, but that's true because 50:45.480 --> 50:49.240 you can't answer yet. 50:49.240 --> 50:54.600 You can't because you don't know what the numbers completely. 50:54.600 --> 50:58.640 So what is, okay. 50:58.640 --> 51:03.760 So I think where that was item 32 and we're in 36 combined and that was to discuss and 51:03.760 --> 51:07.040 take actions regarding the investment of public funds and then was crossing and entering 51:07.040 --> 51:14.520 into agreements relating to such investments as delineated by our, our council denied in 51:14.520 --> 51:18.200 the proposed 84 south and was crossing development agreement amendments, which is 51:18.200 --> 51:25.280 amendment seven to six and amendment two to eight, which are in process and substantially 51:25.280 --> 51:32.480 comply with the items as they're placed on this piece of paper. 51:32.480 --> 51:38.960 So I'm a, a, we can call special common council meeting if we have to with regard to these, 51:38.960 --> 51:43.680 you know, if you want to see what the legal, the legal mumbo jumbo looks like or you can 51:43.680 --> 51:50.800 be provided with copies of the draft agreements that we have that are need ministerial changes, 51:50.800 --> 52:00.040 truly ministerial, I think at this point, everything has been agreed to, I think, right? 52:00.040 --> 52:05.880 So our satisfaction, Deb and I have talked on the phone way too much about this, I think 52:05.880 --> 52:12.800 at some point, I feel very comfortable that where we are is good. 52:12.800 --> 52:17.120 And I feel very comfortable that the agreements that I've seen the last draft, which was this 52:17.120 --> 52:22.720 afternoon, there were two of them, the seventh and the second, were where they needed to 52:22.720 --> 52:23.720 be. 52:23.720 --> 52:27.920 There were a couple of things that you wanted to verify with regard to covenants that needed 52:27.920 --> 52:29.160 to be filed. 52:29.160 --> 52:34.360 None of this stuff is, is effective until the things that are discussed on the status 52:34.360 --> 52:37.640 down below are taken care of. 52:37.640 --> 52:38.800 That's the checklist. 52:38.800 --> 52:45.760 So I guess I'm looking for authorization to execute the amendments that are consistent 52:45.760 --> 52:50.360 with the agreement amendments as they identified in this memorandum. 52:50.360 --> 52:57.600 I will make it almost by elder person, Serena, is there a second? 52:57.600 --> 52:58.600 Second. 52:58.600 --> 53:04.600 Second by elder person Bailey, under discussion, it's also under, just under discussion when 53:04.600 --> 53:09.560 it gets to the part of the hotel, which is pretty kind of exciting for most of us, 53:09.560 --> 53:10.560 right? 53:10.560 --> 53:15.280 All diversion casters absolutely right, there's still more to do, right? 53:15.280 --> 53:21.520 But there seems to be the resources within to six to handle it at that time. 53:21.520 --> 53:26.360 None of that is being addressed with regard to this amendment at all. 53:26.360 --> 53:33.160 All of that, whatever the hotel might look like, what kind of treatment it has, what 53:33.160 --> 53:41.280 all of those things still has to go before site landscaping at planning, or planned 53:41.280 --> 53:47.000 planning, I like to call planning commission, others call planned commission, right? 53:47.000 --> 53:51.800 All of that stuff has to happen in any other further amendment, which could potentially 53:51.800 --> 53:58.680 be amendment eight, right, with regard to the hotel would be coming forward in the future. 53:58.680 --> 53:59.680 Okay. 53:59.680 --> 54:04.960 All of the bill of rights, it's a ten or twelve, first ten amendments to the Constitution 54:04.960 --> 54:05.960 Bill of Rights. 54:05.960 --> 54:06.960 I didn't know that. 54:06.960 --> 54:07.960 So we have. 54:07.960 --> 54:10.960 Are you just to get some money? 54:10.960 --> 54:11.960 Huh? 54:11.960 --> 54:12.960 What? 54:12.960 --> 54:13.960 I kind of knew. 54:13.960 --> 54:19.120 That's why I'm a mayor and those guys are making 500 bucks an hour, so, or 350. 54:19.120 --> 54:20.120 She makes really good. 54:20.120 --> 54:25.760 I don't know what he made, volume, I think. 54:25.760 --> 54:31.800 So, okay, that motion was made and seconded, and just the minute should reflect that there 54:31.800 --> 54:39.240 would be, we'd be coming back for any revision to the schedules with regard to the hotel. 54:39.240 --> 54:42.640 We would have to do that at some point, right, or nothing. 54:42.640 --> 54:45.120 I'm not asking for any approvals for the hotel. 54:45.120 --> 54:46.280 It's not baked yet. 54:46.280 --> 54:53.720 So this is just to authorize the mayor and the clerk to approve the final amendment. 54:54.720 --> 54:59.240 So, yeah, this isn't, this isn't, this is the wet the appetite that that's coming in. 54:59.240 --> 55:04.600 We're, we're working through that, and that chid six is going to have even more increment, 55:04.600 --> 55:09.320 and the last parcel is going to be, you know, likely built, okay? 55:09.320 --> 55:12.320 So this, don't vote for this, well, it includes a hotel. 55:12.320 --> 55:17.760 This isn't to include a hotel, but this was to, to show you what both things were doing 55:17.760 --> 55:21.280 and how they sort of intertwined, okay? 55:21.280 --> 55:26.120 So, motion was made and seconded. 55:26.120 --> 55:33.160 I mean, I would, I would, I would ask the council because, because at the planning commission, 55:33.160 --> 55:37.240 there's always conceptual review, then site landscaping and all that, I've been told 55:37.240 --> 55:42.440 that potentially, and maybe it's too late in the building season, I've been asked whether 55:42.440 --> 55:50.520 site landscaping could go maybe directly to the plan commission, maybe an expedited basis, 55:50.520 --> 55:52.920 maybe it can't, I don't know, right? 55:52.920 --> 56:00.600 There's still lots to do, and would you be okay with that? 56:00.600 --> 56:04.760 Well, if it's happening that fast, why don't we wait till that happens, then we can look 56:04.760 --> 56:06.960 at the final numbers and we don't need it. 56:06.960 --> 56:11.080 Apps, well, did, just, we wouldn't need the eighth thing, we could do it at seven, and 56:11.080 --> 56:12.560 calculate all of it. 56:12.560 --> 56:20.280 Sometimes, sometimes, sometimes the, the speed of government is very slow, and, you know, 56:20.280 --> 56:24.200 it's like, well, we could, by the time this gets into the winter constructions season 56:24.200 --> 56:27.800 and by that, we should just wait until spring, and then everything changes again. 56:27.800 --> 56:33.520 I know, but, I'm just saying, okay, motion was made and seconded, would you please call? 56:33.520 --> 56:34.680 Alder person, choose wiki. 56:34.680 --> 56:35.680 Aye. 56:35.680 --> 56:36.680 Alder person, Bailey. 56:36.680 --> 56:37.680 Aye. 56:37.680 --> 56:38.680 Alder person, Kastner. 56:38.680 --> 56:39.680 Aye. 56:39.680 --> 56:40.680 Alder person, Sarion. 56:40.680 --> 56:41.680 Aye. 56:41.680 --> 56:42.680 Okay. 56:42.680 --> 56:47.280 So, that's done. 56:47.280 --> 56:48.280 Thank you all. 56:49.280 --> 56:50.280 Let's go back to 33. 56:50.280 --> 56:51.280 Okay. 56:51.280 --> 56:52.280 Got it. 56:52.280 --> 56:53.280 Thank you. 56:53.280 --> 56:54.280 Okay. 56:54.280 --> 56:59.720 So, now, we have to go to, just, let me just cross things off. 56:59.720 --> 57:03.720 Now, we're going to go in closed session. 57:03.720 --> 57:07.720 All right. 57:07.720 --> 57:15.160 Item 33 is the Common Council, we're going to have to go into closed session, pursuant 57:15.160 --> 57:20.680 to Wisconsin statutes 1985, parent 1, parent C, considering employment promotion, compensation 57:20.680 --> 57:24.520 and performance evaluation data of any public employee over which the government body has 57:24.520 --> 57:32.160 jurisdiction or exercises responsibility and parent F, considering financial, medical, 57:32.160 --> 57:37.080 social or personal histories or disciplinary data of specific persons, preliminary consideration, 57:37.080 --> 57:41.920 a specific personal problems or the investigation of charges against specific persons except 57:41.920 --> 57:44.880 where paragraph little B applies. 57:44.880 --> 57:49.480 If discussed in public would be likely to have a substantial adverse effect upon the 57:49.480 --> 57:54.920 reputation of any person referred to in any such histories or data or involved in any 57:54.920 --> 57:59.560 such problems or investigations, the council will meet in closed session to discuss and 57:59.560 --> 58:04.200 consider actions regarding the investigation involving the chief of police, Jay Johnson 58:04.200 --> 58:07.360 and to discuss options for the city to proceed. 58:07.360 --> 58:10.240 I brought this item. 58:10.240 --> 58:13.640 Is there a motion to go into closed session for those reasons? 58:13.640 --> 58:16.000 And motion to return to closed session. 58:16.000 --> 58:19.960 Motion to return to closed session by other person, Driswiki, is there a second by other 58:19.960 --> 58:22.400 person Bailey, would you please call the roll? 58:22.400 --> 58:23.560 Elder person, Joozwiki? 58:23.560 --> 58:24.560 Aye. 58:24.560 --> 58:25.560 Elder person Bailey? 58:25.560 --> 58:26.560 Aye. 58:26.560 --> 58:27.560 Elder person, Kastner? 58:27.560 --> 58:28.560 Aye. 58:28.560 --> 58:29.560 Elder person, Zarian? 58:29.560 --> 58:29.580 Aye.