* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.
          IS 6:00 PM 
          [00:00:01]
SO WE'LL GET THIS SHOW ON THE ROAD. 
          UH, WELCOME THIS EVENING TO THE SHORE DEVELOPMENT CORPORATION, UH, SHORE. 
          IT'S MONDAY, NOVEMBER THE 18TH, OR CALL OUR MEETING TO ORDER AT 6:00 PM UH, JUST FOR THE RECORD, WE DO HAVE A QUORUM PRESENT. 
          WE ONLY HAVE ONE MEMBER THAT WAS UNABLE TO JOIN US. 
          UH, IT WAS JENNIFER HAGERMAN. 
          SO, AND SHE HAD LET US KNOW THAT SHE WASN'T GOING TO BE ABLE TO BE HERE. 
          ALL RIGHT. 
          ITEM NUMBER TWO, OR PUBLIC COMMENTS. 
          DO WE HAVE ANYONE SIGNED UP FOR PUBLIC COMMENTS? WE DO NOT. 
          OKAY. 
          SAVE ME FROM READING THAT LONG. 
          LEGAL PARAGRAPH. 
          ITEM THREE 
          [Business - A]
IS OUR BUSINESS. 
          UH, SO THREE A IS CONSIDERATION AND ACTION ON FINANCIALS AND PAYABLES FOR THE CORPORATION FOR THE PERIOD ENDING SEPTEMBER 30TH, 2024. 
          ANELLE. 
          YES. 
          UH, GOOD EVENING BOARD. 
          UM, YOU'LL SEE IN THE REPORT THAT SALES TAX REVENUES, UH, RECEIVED IN SEPTEMBER, UH, JULY RI INSTANCE WERE UP 13% FROM THE SAME PERIOD, UM, THE PREVIOUS YEAR. 
          SO WE ENDED THE YEAR AT 112 POINT 16% OF OUR BUDGET. 
          YEAH, ALSO, I JUST WANTED TO POINT OUT THAT WAS 9% OVER THE COLLECTIONS FROM THE PREVIOUS, UH, FISCAL YEAR. 
          SO WE'RE STILL GROWING, UH, TAPERED A LITTLE BIT, BUT, UH, WE'LL SEE WHAT THE NEXT YEAR HOLDS WITH ALL OF OUR CURRENT DEVELOPMENT. 
          ANY QUESTIONS, ANELLE, OR COMMENTS THAT ANYONE WANTS TO POINT OUT? I'LL MAKE A MOTION TO APPROVE THE, UM, PREVIOUS MONTH'S EXPENDITURES OF $9,440 AND 56 CENTS. 
          WE HAVE A MOTION. 
          DO WE HAVE A SECOND? SECOND. 
          MOTION'S BEEN MADE AND SECONDED TO, UH, APPROVE OUR PAYABLE. 
          ARE THERE ANY FURTHER COMMENTS OR QUESTIONS ON THAT? ALL RIGHT. 
          ALL THOSE IN FAVOR SAY AYE. 
          AYE. 
          AYE. 
          ALL OPPOSED? THE MOTION CARRIES. 
          AND THAT ITEM IS APPROVED. 
          ITEM THREE B IS 
          [Business -  B]
CONSIDERATION AND ACTION ON THE MINUTES OF THE CORPORATION FOR THE OCTOBER 21ST, 2024 MEETING. 
          YOU SHOULD HAVE THE MEETING MINUTES IN YOUR PACKET. 
          HOPEFULLY YOU'VE HAD A CHANCE TO REVIEW THOSE THERE. 
          ANY QUESTIONS ON THOSE OR COMMENTS THAT NEED TO BE TAKEN INTO ACCOUNT? YEAH, APPARENTLY I JUMPED AROUND AROUND A LOT  MY ECONOMIC DEVELOPMENT REPORT. 
          SO THAT'S WHY YOU SEE, FOR THE FIRST TIME EVER THIS ITEM WAS NOT DISCUSSED. 
          I JUST LIKE REPLACED AN ITEM WITH SOMETHING DIFFERENT. 
          I, I DON'T KNOW WHY I DID THAT. 
          THERE. 
          ANY ADJUSTMENTS NEED TO BE MADE? UH, JUST A CLARIFICATION. 
          IT SAYS ON HERE, UH, PAGE 16 THAT I ASKED DAN LAST MONTH. 
          IT IS FIVE YEARS TYPICAL FOR A STRATEGIC PLAN. 
          AND I SAY THAT IT'S JUST, IT'S TYPICAL. 
          IT'S TYPICAL. 
          NOTING FIVE YEARS IS TYPICAL. 
          IS THAT, WOULD, WOULD THAT BE ACCURATE? I I WAS UNDER THE IMPRESSION YOU SAID WE STRATEGIC PLANS ARE A LITTLE BIT MORE FREQUENT THAN FIVE YEARS. 
          IS IT? OKAY. 
          I'VE ONLY BEEN TO ABOUT 20 YEARS SINCE THAT. 
          I, I THINK, UH, I THINK WHAT I RECALL IS YOU SAID THAT IT SORT OF VARIES. 
          UH, FIVE YEARS IS PROBABLY TYPICAL, BUT BASED ON OUR CITY AND THE GROWTH, UH, AND THE RATE OF GROWTH THAT WE HAVE, IT PROBABLY SHOULD BE MORE FREQUENT. 
          [00:05:02]
YEAH. 
          I, I THINK IN THE MINUTES IT'S NOT REFLECTED, UH, ACCURATELY ENOUGH, I GUESS. 
          I DON'T KNOW IF EVERYBODY AGREES WITH THAT, BUT IT'S ON PAGE 16 TOWARD THE BOTTOM ON THE TOP OF PAGE 17. 
          NOTED. 
          WE CAN EDIT. 
          THANK YOU. 
          THIS MAY NOT BE THE, UM, RIGHT TIME IN THE MEETING TO ASK THIS, BUT I, AND IT'S KIND OF A QUESTION FOR AN ELLEN, UM, AND HAYDEN TOO. 
          SO I WASN'T SURE IN, IN MY OWN HEAD WHETHER WE HAD COME TO AN AGREEMENT OR A CLARIFICATION ON STRATEGIC PLAN, UM, OR THE RETAIL STUDIES TO GO ONE DIRECTION OR THE OTHER, OR TO DO THEM BOTH, OR, I MEAN, THERE WAS A LONG DISCUSSION ABOUT IT AND IT'S REFLECTED IN THE MINUTES, BUT DID Y'ALL GET A, WAS IT JUST ME THAT YEAH, OUR CONSENSUS WAS PURSUE BOTH, UM, BOTH TO SOME DEGREE. 
          OKAY. 
          I GUESS I JUST DIDN'T, UM, IN MY OWN HEAD, THAT WASN'T CLEAR TO ME, SO YES, MA'AM. 
          OKAY. 
          YEAH, I THINK ALSO THE REC MY RECOMMENDATION WAS TO, UH, HAVE A WORKSHOP, CORRECT? YEAH. 
          AND THAT'S RIGHT. 
          YES, SIR. 
          OKAY. 
          SO BACK TO THE MINUTES. 
          UH, WE CAN APPROVE, WE CAN APPROVE THE MINUTES WITH THOSE THINGS NOTED, RIGHT? HMM. 
          YEAH. 
          SO LET'S SEE HERE. 
          DO WE HAVE A MOTION FOR THE MINUTES? UM, I DON'T KNOW. 
          I DON'T REMEMBER HOW TO DO IT WITH THE NOTATION. 
          JUST AS AMENDED. 
          YEAH, APPROVE AS AMENDED. 
          UM, I'D LIKE TO APPROVE, UH, MOTION TO APPROVE THE PREVIOUS MONTH'S MINUTES, UM, AS AMENDED SECOND MOTION, AND A SECOND TO APPROVE THE MEETING MINUTES FOR THE OCTOBER 21ST, 2024 MEETING WITH THE AMENDMENTS AS DISCUSSED. 
          ANY FURTHER COMMENTS OR AMENDMENTS NEEDED? ALRIGHT. 
          ALL THOSE IN FAVOR SAY AYE. 
          AYE. 
          AYE. 
          ALL OPPOSED? THE REVISED MEETING MINUTES ARE APPROVED. 
          ITEM C IS PRESENTATION 
          [Business -  C]
ON REQUESTED EDC INCENTIVES FOR THE FULCHER CENTRAL DEVELOPMENT ANELLE. 
          UH, YES, I'D LIKE TO WELCOME, UH, MR. SATYA G**O, UH, UP TO, TO THE FRONT. 
          UM, HE IS THE CEO OF THE US REGION, UM, FOR JENNA PRIYA PROPERTIES. 
          AND, UM, TONIGHT HE WILL BE SHARING WITH YOU A DEVELOPMENT THAT HAS BEEN IN THE WORKS FOR A WHILE NOW. 
          UM, AND THEN THE, UH, ASK FOR HIS INCENTIVES AT THE END AND KIND OF GIVE YOU ALL THE DETAILS. 
          SO THIS IS YOUR OPPORTUNITY TO ASK ALL THE QUESTIONS THAT YOU MIGHT HAVE OF HIM AND HIS TEAM HERE WITH HIM. 
          GOOD EVENING, EVERYONE. 
          SO, UH, THIS IS A DEVELOPMENT THAT WE HAVE BEEN PLANNING FOR THE LAST TWO YEARS. 
          WE HAVE BEEN WORKING WITH THE CITY, UH, IN TERMS OF WHAT IS BEST, WHAT THEY CAN, WE CAN OFFER IN THE AREA, RIGHT? SO, UH, IT'S A COMMERCIALLY ZONED TRACK THAT, UH, WE HAVE ACQUIRED IN 2022. 
          AND I'LL QUICKLY GO OVER THE PRESENTATION WHILE I'M TALKING ABOUT IT SO YOU CAN UNDERSTAND, UH, THE DETAILS ABOUT IT. 
          IT'S A 23 ACRE, UH, COMMERCIALLY ZONED PROPERTY. 
          IT'S SOUTH SIDE OF, UH, 10 93, RIGHT NEXT TO THE OLD FULL SHARE, UH, CITY OFFICE, THE FACILITIES THAT ARE THERE. 
          SO WE BOUGHT THE 23 ACRES RIGHT NEXT TO THE CELL TOWER PROPERTY. 
          UH, SO IT IS ZONED COMMERCIAL. 
          UH, YOU CAN SEE THE LOCATION OF THAT, PROBABLY EVERYONE KNOWS THE LOCATION HERE. 
          SO, SO IT'S A LIFESTYLE CENTER. 
          WHEN WE STARTED THE CONVERSATIONS, IT WAS A RETAIL DEVELOPMENT THAT WE WANTED TO DO. 
          UH, INSTEAD OF PLANNING FOR A RUN OF A MILL RETAIL CENTER, WHICH IS JUST BUILDINGS AND PARKING, UH, WE BELIEVE THAT WE NEED TO BRING SOMETHING TO THE COMMUNITY WHERE THERE IS SOME KIND OF COMMUNITY INTERACTION AND SOME KIND OF PEOPLE GETTING TOGETHER, RIGHT? SO WITH THE CITY'S INPUTS, AND WE ALSO WERE TALKING TO, UH, PREVIOUS MAYOR OF FULL CITY OF FULL SHARE, AND WE DISCUSSED ABOUT WHAT WE CAN BRING TO THE CITY THAT LOOKS BEAUTIFUL, NICE, AND NOT THE RUN OF A MILL RETAIL CENTER. 
          SO WE CAME UP WITH THIS CONCEPT OF HAVING A PARK IN THE MIDDLE WALKING TRAIL, AND ALL THE AMENITIES AND FEATURES THAT THE CITY OF FULL SHARE CAN ALSO ENJOY. 
          SO THAT WAS THE INTENT. 
          AND AT THAT TIME, WE, THERE WERE DISCUSSIONS ABOUT SEVERAL ASPECTS OF IT IN TERMS OF, UH, INCENTIVES AND OTHERS, AND THAT'S WHAT WE ARE HERE TO PRESENT TODAY. 
          UH, WE ARE BUILDING A 76,500 RETAIL SPACE WITH 16,000 MIXED USE OFFICE SPACE ON THE SECOND LEVEL, IN THE FIRST NINE IN THE NINE BUILDINGS. 
          SO YOU CAN NOTICE ALL THE FRONT BUILDINGS ARE RETAIL. 
          THERE ARE NINE BUILDINGS IN TOTAL IN THE FRONT, FOUR ON THE 10 93 FRONTAGE AND FIVE, UH, BUILDINGS, 
          [00:10:01]
WHICH ARE INTERNAL. 
          AND THEY HOLD, UH, SECOND STORY OFFICE SPACE. 
          AND EVERYTHING ON THE GROUND FLOOR IS RESTAURANTS AND RETAIL. 
          AND ALL THE BUILDINGS AT THE BACK AROUND THE POND ARE OFFICE CONDOMINIUMS WHERE WE CAN BRING PREMIUM OFFICE, UH, SPACE WHERE PEOPLE CAN HAVE THEIR SMALL BUSINESSES, CAN HAVE THEIR OFFICES, THEY CAN WALK BEHIND, THEY HAVE A TRAIL, THEY CAN RELAX AND SIT AND, AND GO. 
          SO THESE ARE NOT, AGAIN, RUNOFF, A MILL OFFICE, UH, CONDOMINIUMS, THEY'RE PREMIUM WHERE IT BRINGS A LOT OF LIFESTYLE INTO IT. 
          UH, SO WE HAVE, WE DO HAVE 1.2 ACRES OF LIFESTYLE PARKS BETWEEN THE RETAIL BUILDINGS. 
          WE DO HAVE A MONUMENT, UH, PARK IN THE, IN THE FRONT, UH, WHICH I'LL SHOW YOU THE VIDEO IN SHORTLY. 
          UH, WE DO HAVE A CONCERT PODIUM, UH, WHERE WE, WE WILL BE SCHEDULING SOME SMALL CONCERTS AT THE END OF WEEKENDS, UH, OVER A PERIOD OF TIME, UH, 56,000 SQUARE FOOT OF OFFICE CONDOMINIUMS. WE DO HAVE FOUR ACRES OF DETENTION POND. 
          WHAT WE DID TO THE DETENTION POND IS INSTEAD OF DOING A DRY POND, WE ARE GOING DEEPER AND WE ARE ADDING SOME FOUNTAINS AND LANDSCAPING AROUND IT WITH A TRAIL TO MAKE IT MORE PEOPLE FRIENDLY THAT PEOPLE CAN COME WALK AND RELAX. 
          THERE. 
          UH, IT'S 0.5 MILES OF A WALKING TRAIL, AND WE ARE ALSO DEDICATING 1.3 ACRES, UH, TO THE CITY FOR THE WATER TREATMENT PLANT. 
          OF COURSE, IT'S AN OFFSET FOR SOME OF THE IMPACT FEES AND ALSO RIGHT OFF MC FOR THE MCLENNAN ROAD AND WATER AND MEDICATIONS. 
          SO IT'S A SMALL VIDEO. 
          UH, JUST PLAY THE RENDERING HERE. 
          SO THESE ARE THE LAYOUT, UH, THE OVERALL A HIGH LEVEL LAYOUT. 
          WE DO OUR CONSTRAINT FOR A COUPLE OF, UH, LAMPS TO SELL, UH, DEPENDING ON WHAT KIND OF USERS WE GET, WE DO, WE ARE CREATING A MASTER ASSOCIATION DOCUMENTATION FOR, UH, SO THAT INTERNALLY WE CONTROL THE LANDSCAPING REQUIREMENTS AND THE LOOK AND FEEL OF THE FACILITY SO THAT IT DOESN'T LOSE THE THEME OF THE, WHAT WE PLAN FOR. 
          SO THESE ARE SOME SAMPLES OF, UH, THE BUILDINGS, HOW THEY'RE GONNA LOOK LIKE THIS. 
          THIS IS AN OFFICE SPACE, UH, RECREATION FACILITY, LIFESTYLE AREA, THE POND AND THE TRAIL AREA, UH, BEHIND THE OFFICE, CONDOMINIUMS AND, UH, THE DEVELOPMENT STATUS. 
          AS OF NOW. 
          WE DID RECEIVE ALL OF OUR, UH, DRIVEWAY PERMITS FROM TDOT. 
          STORM SEWER HAS BEEN APPROVED BY TDOT, UH, WATER AND SEWER LINES, UH, THAT WE ARE PLACING, UH, AS A PUBLIC WORKS HAS BEEN APPROVED WITHIN THE TDOT EASEMENT, UH, CIVIL PLANS HAVE BEEN SUBMITTED TO CITY OF FULL SHARE. 
          WE ARE GOING THROUGH THE, UH, COMMENTS. 
          UH, PLAT IS IN THE PROCESS OF SUBMISSION, UH, DEVELOPMENT AGREEMENT WITH THE CITY IS IN PROGRESS, ALSO DEVELOPMENT AGREEMENT WITH FULL SHARE. 
          ECONOMIC DEVELOPMENT IS ALSO IN PROGRESS, AND THAT IS PART OF THIS MEETING. 
          AND THE DESIGN OF OFFICE BUILDINGS HAS ALSO STARTED. 
          UH, I GAVE THE HISTORY ALREADY. 
          WE ACQUIRED THIS LAND IN 2022. 
          UH, WE HAVE BEEN IN COLLABORATION WITH THE CITY TO COME UP WITH THIS CONCEPT. 
          AND, UH, THE IDEA IS TO DEVELOP A LOW DENSITY LIFESTYLE ORIENTED PLAN TO ENHANCE THE FULL SHARES, UH, UNIQUE CHARACTER AND QUALITY OF LIFE. 
          SO THESE ARE OUR DEVELOPMENT PARTNERS. 
          I'M BRINGING, I'M SHOWING THIS HERE BECAUSE THE QUALITY 
          [00:15:01]
OF THE, OF THE, UH, COMPANIES THAT WE ARE USING IN THE DEVELOPMENT, BGE, WHO'S INVOLVED WITH CROSSFIT BRANCH, UH, AS A CIVIL ENGINEER. 
          THEY HAVE EXTENSIVE KNOWLEDGE IN THIS AREA. 
          WE ARE USING THEM. 
           IS A VERY, UH, SOLID MIXED USE, UH, ARCHITECTS. 
          WE ARE USING THEM, UH, AGAIN, WIND STREETWISE. 
          THEY'RE PARTNERS IN, IN, UH, THE SURVEYS AND, UH, LEASING PARTNERS. 
          AND WE HAVE CARDWELL BANKER. 
          UH, WHAT WE ARE DOING IN TERMS OF DEDICATIONS AND PUBLIC WORKS, UH, FOR SOME OF THEM ARE OFFSETTING SOME OF OUR IMPACT FEES. 
          UH, WE ARE DOING, WE ARE DOING A DEDICATION OF 1.3 ACRES FOR THE WATER TREATMENT PLANT THAT, UH, CITY IS GONNA PLACE. 
          WE ARE ALREADY WORKING ON THE PLAT AS A DEDICATION. 
          I BELIEVE THERE IS SOME DISCUSSIONS ON HOW TO DO IT. 
          WE ARE WORKING WITH THE CITY ON IT. 
          UM, WE ARE INSTALLING 2,900 LINEAR FOOT OF, UH, EIGHT INCH, 10 INCH, 12 INCH WATER LINES, UH, TO COME UP TO THE WATER TREATMENT PLANT. 
          AND ALSO GOING FROM EAST TO WEST, UH, ALONG THE PROPERTY LINE ON THE NORTH, UH, WE ARE INSTALLING A SEWER LINE CONNECTING FROM EAST TO WEST ON THE NORTH OF THE PROPERTY. 
          UH, WE ARE BUILDING A PRIVATE ROAD, UH, CONNECTING MENAN TO 10 93 WITH A 10 FOOT EASEMENT FOR THE WATER LINE SO THAT IT CAN REACH THE WATER TREATMENT PLANT IN THE SOUTH. 
          AND, UH, THE 20, UH, 10 FOOT DEDICATION, SORRY, IT'S, UH, 20 FOOT IS WRONG. 
          UH, IT'S MODIFIED TO 10 FOOT, 10 FOOT DEDICATION TO THE MENAN ROAD FUTURE EXPANSION. 
          SO THOSE ARE THE, UH, THINGS THAT WE ARE WORKING WITH THE CITY TO ACCOMMODATE AND DO THE WORKS, UH, AS WE GO PART OF THE DEVELOPMENT, UH, AGREEMENT. 
          AND, UH, SO THE BENEFITS THAT THIS PROJECT WILL BRING TO CITY OF FULL SHARE, WE ARE LOOKING AT AN EMPLOYMENT CREATION OF CLOSE TO 390, UH, BETWEEN RETAIL AND OFFICE SPACES. 
          UH, SALES TAX, OBVIOUSLY ONE PERSON SALES TAX, UH, ECONOMIC DEVELOPMENT, AND, UH, A AND B TYPE HALF AND HALF. 
          AND THE PROPERTY TAX FOR THE CT AT, UH, 0.71% OF THE VALUE OF THE PROPERTY. 
          UH, WE DID AN ESTIMATE OF WHAT KIND OF SALES TAX THIS PROPERTY CAN GENERATE OVER A PERIOD OF TIME. 
          UH, THIS IS A SNAPSHOT OF IT. 
          THE INITIAL FIVE YEARS DURING YOUR DEVELOPMENT FROM 2025 TO 30, IT'S NOT GONNA BE FULLY DEVELOPED. 
          IT'S GONNA GO IN PHASES. 
          SO WE ARE ESTIMATING, UH, THAT WE WILL REACH 80% OCCUPANCY BY THE END OF 2030. 
          AND OUR ESTIMATED SALES TAX REVENUE FROM 2025 TO 20, UH, 2030, BASED ON THE HIGH REVENUE, LOW REVENUE ON AVERAGE REVENUES THAT WE HAVE CONSIDERED, THAT WE WILL GENERATE IS AROUND, UH, 300,000 FOR THE NEXT FIVE YEARS. 
          UH, FOR TYPE A, TYPE B, 300,000 IN THE CITY, 630,000. 
          AND THE NEXT 10 YEARS, UH, AFTER WE REACH 80% CAPACITY FROM 2031 TO 2040, WE ARE ESTIMATING ANYWHERE BETWEEN 1.6 MILLION SALES TAX REVENUE OVER THE 10 YEARS. 
          UH, AND FOR THE CITY, 3.3 MILLION FOR TYPE A AND TYPE 2 6, 1 0.6 EACH. 
          SO THAT'S THE AMOUNT OF, UH, UH, SALES TAX THAT WE COULD BE GENERATING IN THIS FACILITY OVER NEXT, UH, 10 TO 15 YEARS. 
          SO AGAIN, ON THE NEXT SLIDE, I DO HAVE THE BREAKDOWN OF WHAT WE ARE ESTIMATING YEAR BY YEAR, THE FIRST FIVE YEARS, 25, UH, SIX YEARS, 2025 TO 2030 UNTIL WE REACH THE FULL OCCUPANCY. 
          AND THEN, UH, UH, WE HAVE FROM 2031 ALL THE WAY TO 2040 AFTER WE REACH 80%, UH, SHOWING HOW MUCH WE CAN GENERATE. 
          AGAIN, THESE NUMBERS ARE VERY, VERY, UH, CONSERVATIVE. 
          UH, WE DID TRY TO PUT, UH, A VERY CONSERVATIVE APPROACH TO SHOW WHAT THAT, UH, PROPERTY CAN GENERATE IN TERMS OF SALES, UH, TAX FOR THE CITY. 
          UH, SO WHAT ARE WE REQUESTING? WE ARE REQUESTING THAT, UH, THERE IS SOME, UH, OFFSET FOR WATER IMPACT FEES THAT WE HAVE TO PAY TO THE CITY FOR THE WATER AND SEWER. 
          UH, APART FROM WHAT THE CITY IS PROVIDING, WE ARE REQUESTING FOR WHAT WORK WE ARE DOING. 
          IT'S JUST AN OFFSET OF WHAT WE ARE DOING AND WHAT THE CITY IS GIVING. 
          BUT IN HERE WE ARE REQUESTING AN, UH, OFFSET OF SOME, SOME OF THE IMPACT FEES. 
          IT'S A HUGE DEVELOPMENT. 
          WE HAVE A HUGE IMPACT FEE ON THE PROJECT. 
          UH, WE DO HAVE, UH, WE DO ARE REQUESTING SOME REIMBURSEMENT FOR THE TRAIL LANDSCAPING AND THE UTILITY POND UP TO 1.2 MILLION. 
          AND FOR PERFORMANCE AND MONUMENT AREAS, UH, WE ARE UP, UH, REQUESTING A REIMBURSEMENT OF UP TO 600,000. 
          NOW, AGAIN, THIS REIMBURSEMENT THAT REIMBURSEMENTS THAT WE ARE REQUESTING IS ONLY LIMITED AND CAPPED UP TO 
          [00:20:01]
THE SALES TAX THAT WE WILL BE ABLE TO GENERATE IN THE FACILITY, WHICH IS, UH, CAPPED AT, UH, BETWEEN 2031 AND 20 20 40, AROUND $2 MILLION IS WHAT WE ARE REQUESTING FROM THE OVERALL SALES TAX WE ARE GENERATING. 
          AND THESE NUMBERS ARE ALL UP TO, SO UP TO 500, UP TO 1.2, AND UP TO 600,000. 
          ANY QUESTIONS? WELL, FIRST I WOULD LIKE TO JUST, UH, UH, THANK YOU FOR BEING HERE. 
          UM, RE IS A GREAT PLACE TO BE OR YOU WOULDN'T BE STANDING BEFORE US. 
          UH, WE UNDERSTAND THAT. 
          AND YOU KNOW, IT'S, THE GROWTH HAS BEEN PHENOMENAL OUT HERE. 
          UH, SO I APPRECIATE YOUR INTEREST IN DEVELOPING IN THE CITY OF RE I KNOW IT EACH, UH, MUNICIPALITY HAS ITS, UM, DIFFERENT CHALLENGES HERE. 
          I CAN SEE THAT, UH, YOU KNOW, IMPACT FEES ARE, YOU KNOW, SOMETHING YOU HAVE TO CONTEND WITH. 
          UH, THE CITY'S IMPACT FEES ARE SUBSTANTIAL. 
          UH, AND IT SEEMS LIKE EVERY TIME I'M IN A MEETING, THEY SEND PEOPLE HERE TO THE DEVELOPMENT CORPORATION, . 
          SO, UH, BUT ONE OF THE THINGS THAT, YOU KNOW, WE DEFINITELY HAVE TO THINK ABOUT, YOU KNOW, WE HAVE LIMITED AMOUNT OF FUNDS AND PROJECTS THAT WE PARTICIPATE IN, AND THERE'S A LOT OF THINGS THAT ARE BEING BANNER ABOUT AND ON THE TABLE. 
          UM, WE TALKED EARLIER ABOUT OUR STRATEGIC PLAN. 
          AND SO I THINK AS A BOARD, YOU KNOW, ONE THING WE HAVE TO DO IS TRY TO WEIGH, YOU KNOW, PROJECTS LIKE THIS, UH, AGAINST THE STRATEGIC PLAN AND DETERMINE, YOU KNOW, DOES IT FIT HOW IT FITS? UM, AND, YOU KNOW, AS WE CONSIDER THINGS OF THIS NATURE, UM, I DON'T BELIEVE THAT WE'VE ENTERED INTO ANY OF THESE TYPES OF AGREEMENTS IN THE PAST. 
          SO THAT CAN BE A BLESSING AND A CURSE . 
          UH, SOME, YOU KNOW, WHEN YOU DO SOMETHING FOR THE FIRST TIME, IT MAY NOT ALWAYS BE AS EFFICIENT. 
          UH, SO WE HAVE TO, YOU KNOW, TALK ABOUT THAT AND WORK THROUGH THAT PROCESS BECAUSE WE DON'T, WHEN WE SET PRECEDENTS OF DIFFERENT PROJECTS, UH, WE HAVE TO MAKE SURE WE'RE DOING IT THE BEST WAY POSSIBLE BECAUSE OUR CITY COUNCIL AND OUR MAYOR, THEY DEFINITELY ARE WATCHING THIS BOARD AND THE OTHER BOARD TO ENSURE THAT, YOU KNOW, WE'RE MEETING THEIR EXPECTATIONS BECAUSE WE SERVE AT THEIR PLEASURE. 
          UH, AND SO THOSE ARE JUST A FEW THINGS I THINK THAT, THAT I WOULD MENTION JUST ON THE SURFACE THAT WE HAVE TO LOOK TO, UH, FOR THE PROJECTS THAT ARE PRESENTED TO US. 
          AND, UM, YOU KNOW, IT'S, IF WE MOVE A LITTLE BIT SLOW, IT MIGHT BE BECAUSE, YOU KNOW, THIS IS THE FIRST TIME WE'RE GOING THROUGH THIS. 
          WE'RE CONSIDERING PROJECTS OF THIS NATURE. 
          BUT I WANTED TO TELL YOU THAT I VERY MUCH APPRECIATE YOUR INTEREST IN FULCHER. 
          I MEAN, YOU'VE MADE A COMMITMENT TO PURCHASE THE LAND, YOU'VE DONE QUITE AN EXTENSIVE PLANNING, YOU HAVE GREAT CONSULTANTS ON BOARD, AND SO I APPRECIATE YOU BRINGING THAT LEVEL OF DETAIL TO US THIS EVENING. 
          AND WITH THAT, I'LL OPEN IT UP TO THE REST OF THE BOARD FOR QUESTIONS OR COMMENTS. 
          JUST SO I UNDERSTAND THE, UH, THIS LAST SLIDE HERE, THE, THE, UH, EDC PAYMENTS WILL BE FROM 2031 ONCE YOUR PROJECT IS UP AND GOING, CORRECT? THAT'S CORRECT. 
          AND THAT'S HOW REIMBURSEMENT WORKS? YEAH. 
          SPLIT EVENLY BETWEEN A BOARD AND B BOARD? YES. 
          OKAY. 
          AND WE ARE ONLY REQUESTING THE REIMBURSEMENT FROM THE SALES TAX THAT WE GENERATE WITHIN THE PROPERTY. 
          AND HOW WOULD THAT BE? SO EVERY YEAR, UH, FROM 2031 MM-HMM, , UH, WHATEVER THE SALES TAX WE GENERATE, UH, A OR B ONE OF THEM RIGHT, WILL BE REIMBURSED BACK TO THE DEVELOPER FOR THAT YEAR. 
          IF WE GENERATE MORE THAN WHAT WE ARE ESTIMATING, FOR EXAMPLE, THE 2 MILLION IS THE CAP THAT WE ARE REQUESTING, RIGHT? SO IF WE'RE ABLE TO GENERATE 400,000 PER YEAR, WE WILL BE ABLE TO CONSUME THAT IN FIVE YEARS, AND AFTER THAT, EVERYTHING WILL GO BACK TO THE CITY. 
          SO WE ARE REQUESTING THAT TO HELP. 
          SO WHAT IS HAPPENING HERE IS WE INCREASE THE PROJECT COSTS SO MUCH TO BRING THIS, UM, YOU KNOW, THE AMENITIES TO THE, TO THE BUSINESS, BUT WITHOUT THE INCENTIVES, THE PROJECT IS NOT MAKING A LOT OF SENSE. 
          INSTEAD OF GOING BACK TO A PROJECT THAT IS RUN OFF A MILL, THAT IS NOT GONNA BRING ANY VALUE. 
          WE HAVE SEEN SEVERAL OF THOSE AROUND, RIGHT? WE DON'T WANT TO DO THAT. 
          BUT FOR US, FOR US TO BE ABLE TO ACHIEVE THAT, THAT'S THE REASON WE ARE REQUESTING THE SUPPORT AT LEAST UP TO THE 2 MILLION WHICH WE WILL GENERATE WITHIN THE PROJECT. 
          IF I COULD JUMP IN, I 
          [00:25:01]
THINK, SORRY. 
          SURE. 
          IF I COULD JUMP IN. 
          UH, YOU KNOW, I THINK ANOTHER WAY TO PHRASE THIS, IT'S FULL DEVELOPER RISK, RIGHT? UM, IF GEN PRIYA DOESN'T DELIVER, THEY DON'T GET ANYTHING, RIGHT? IF THERE'S NO SALES TAX GENERATED OR LEASE OUT STRUGGLES, UM, AND THEY'RE NOT GENERATING THE SALES TAX, THE DOWNSIDE RISK IS ON THEM, RIGHT? THEY WON'T MAKE THE MONEY BETWEEN 2030 AND 2040 TO BE ABLE TO REIMBURSE THEMSELVES. 
          THEIR UPSIDE RISK IS ALSO CAPPED, RIGHT? SO THEY'RE ASKING FOR $2 MILLION, UM, IF THEY HIT IT OUT OF THE PARK, RIGHT? AND IT'S, YOU KNOW, SOMETHING IN THERE IS, IS GENERATING, YOU KNOW, HEB LIKE, YOU KNOW, SALES TAX REVENUE, UM, YOU KNOW, AND IT GETS PAID BACK, YOU KNOW, MUCH SOONER THAT ALL THAT UPSIDE IN YOURS TO THE BENEFIT OF, OF THE EDC, UM, WHICH, YOU KNOW, WILL HAVE THEM PAID BACK EARLIER. 
          AND THEN, YOU KNOW, WE'LL NOT HAVE THIS ONGOING OBLIGATION OVER TIME. 
          SO IF IT'S PAID BACK IN FIVE YEARS, IT'S PAID BACK IN FIVE YEARS AND THEN, YOU KNOW, YOU GUYS, UH, THEN HAVE ADDITIONAL FUNDS FROM THE SALES TAX, YOU KNOW, FROM THEN UN UNTIL FOREVER. 
          UNDERSTOOD. 
          THANK YOU. 
          AND THEN, UH, I GOT ANOTHER QUESTION ABOUT SIMILAR TO THAT. 
          UM, YOU KNOW, CONSTRUCTION COSTS HAVE GONE UP SOAR PAST FOUR YEARS, UH, FROM BEGINNING OF PROJECT TO END OF PROJECT. 
          WILL YOU HAVE THE, UH, CAPACITY INVESTMENT DOLLARS TO, TO COMPLETE THAT ON YOUR, ON YOUR OWN? YES. 
          UH, WE DO HAVE, UH, SECURED, WE ALREADY SECURED THE LOANS AND EVERYTHING RELATED TO THIS PROJECT. 
          AND THIS PROJECT IS STRUCTURED IN A WAY THAT THE OFFICE CONDOMINIUMS ARE ALMOST, SAY WE ARE SELLING THEM, RIGHT? SO WE ARE BUILDING AND SELLING. 
          SO THE, THE FRONT PORTION THAT WILL BE RETAINED BY US TO MAINTAIN WILL HAVE THE CASH FLOW FROM THE BACK TO BE ABLE TO MANAGE IT. 
          AND, UH, AGAIN, ALL THE 23 ACRE DEVELOPMENT WILL FALL 23 ACRE MINUS 1.6 21 ACRES WILL FALL UNDER THE MASTER ASSOCIATION TO KEEP THE VALUE OF MAINTENANCE THE SAME. 
          BUT WE ALREADY STRUCTURED IN A WAY THAT THE OFFICE CONDOMINIUM SALE REVENUE WILL FLOW INTO THIS AND ALSO OUR EQUITIES FLOWING INTO IT. 
          SO WE DO HAVE ENOUGH FINANCIAL UN UNDERSTOOD. 
          AND THEN FOR THE CONDOS, OFFICE CONDOS, UH, CAN YOU SPEAK TO THE DEMAND FOR THIS AREA? UH, SO HOW IN DEMAND DO YOU THINK THEY WOULD BE? I, I MEAN, I UNDERSTAND YOU PUT A BIG PROJECT TOGETHER, I JUST YEAH. 
          BUT AS FAR AS ACTUALLY TURNING THEM OVER. 
          YEAH. 
          WHAT, WHAT DO YOU, WHAT IS YOUR PROTECTION ON THAT? SO WE JUST STARTED, UH, SALES THREE MONTHS BACK, UH, PRE-CONSTRUCTION SALES, AND WE HAVE SEVEN UNDER CONTRACT OUT 44. 
          AND, UH, IT'S AMAZING HOW THE TURNOUT PIECE, RIGHT? AND THESE OFFICE CONDOMINIUMS ARE MAINLY, MAINLY FOCUSING ON SMALL BUSINESSES THAT ARE ABLE TO GROW. 
          WE DID TALK TO FULL SHARE TRACK, UH, AND, YOU KNOW, WE SPOKE TO THEM ALREADY TO SEE IF WE CAN ADD AND BRING VALUE ALSO, BUT UNFORTUNATELY IT DOESN'T MATCH. 
          BUT THESE OFFICE CONDOS ARE USUALLY UTILIZED BY DOCTORS, UH, INSURANCE COMPANIES, UH, PROFESSIONALS, REAL ESTATE AGENTS. 
          SO THERE IS A LOT OF DEMAND IN THE AREA, AND THERE IS NOT A PRODUCT AT THIS TIME THAT IS READILY AVAILABLE. 
          I'VE SEEN SOME COME UP, BUT WITH LOT MORE DENSITY. 
          BUT WE BELIEVE FOR CITY OF FULL SHARE, YOU WILL BE CAPPING AROUND 50 TO 60 OFFICES YOU'LL CAP. 
          SO WE ALREADY ARE PROVIDING THAT 44. 
          SO MOST OF THE OFFICES WILL END UP IN THIS AREA, IS WHAT WE ARE ANTICIPATING. 
          AGAIN, I CANNOT SAY THAT, UH, THAT'S RIGHT OR WRONG. 
          WELL, OKAY. 
          UM, SO I, I DIDN'T REALIZE YOU ALREADY STARTED THE PRE-LEASING ACTIVITY. 
          CAN YOU SPEAK TO THE RETAIL OR IS THAT PRE-CONSTRUCTION? PRECONSTRUCTION PRE-CONSTRUCTION SALE BECAUSE WE ARE SELLING THE OFFICE CONDOMINIUMS TO THE INDIVIDUALS. 
          AND, AND WHAT ABOUT THE DEMAND FOR THE RETAIL SPOTS? SO THE RETAIL IS, IS GONNA BE A LITTLE CHALLENGING, BUT WE DO HAVE EXPERIENCE IN DOING KT AND OTHER AREAS IN RETAIL. 
          SO WE DID ENGAGE STREETWISE. 
          WE ARE TRYING TO BRING THE CONCEPT, SOME OF THE CONCEPTS THAT WE HAVE RELATIONS WITH. 
          UH, BLACKROCK COFFEE IS ONE OF THEM THAT WE ARE TALKING TO. 
          I KNOW THAT THEY'RE ALREADY IN 1463. 
          UH, WE ARE TALKING TO SOME, UH, DUTCH BROTHERS IS ANOTHER COFFEE STORE THAT WE ARE TALKING TO. 
          WE PREFER, UH, A MIX OF RETAIL TENANTS THAT ARE, THAT ARE KNOWN AND HAVE SOME VALUE TO BRING TO THE, TO THE FACILITY. 
          SO IT IS GOING TO BE CHALLENGING, BUT NEXT FOUR YEARS, WE ARE HOPING THAT WE WILL HAVE SOME STRONG DEMAND GOING UP. 
          RIGHT. 
          SO HOPEFULLY THAT WILL BRING A LOT OF TRACTION. 
          THANK YOU. 
          YEAH, MAYBE JUST TAG ONTO THAT, UH, WHAT WE WERE JUST TALKING ABOUT, THE RE COMMUNITY HAS VERY STRONG OPINIONS ON WHAT THEY LIKE TO SEE IN THE COMMUNITY AND MAYBE WHAT IS NOT THEIR PREFERENCE. 
          SO I THINK, YOU KNOW, IF YOU COULD PROBABLY GET MORE INFORMATION ON KIND OF WHAT YOUR IDEAL ATTENDANCE 
          [00:30:01]
MAY BE, BECAUSE IF WE'RE INVESTING MONEY BACK INTO A PROJECT AND, YOU KNOW, WE GET A BUNCH OF BUSINESSES THAT MAYBE YOU'RE NOT PREFERENTIAL TO THE RE COMMUNITY, YOU KNOW, WE HAVE TO ANSWER FOR THAT. 
          YEAH. 
          AND SO I THINK THAT WAS A GREAT QUESTION THAT JAMES ASKED AND SOMETHING THAT WE HAVE TO LOOK AT AND BE, BE COGNIZANT OF IN YOUR PRESENTATION. 
          WHAT ARE THE PERFORMANCE IN THE MONUMENT AREAS? THE PERFORMANCE AREA IS, THAT'S LIKE THE ENTERTAINMENT AREA, THE GREEN SPACE? YES. 
          YES. 
          THE GREEN SPACE. 
          JUST WANTED TO MAKE SURE I WAS INTERPRETING YES, CORRECTLY. 
          OKAY. 
          SO, UH, IN REGARDS TO THE TENANT MIX, UH, THIS FACILITY IS GONNA BE VERY EXPENSIVE FIRST THING BECAUSE OF THE COST OF DEVELOPMENT AND THE LOOK AND FEEL THAT WE ARE CREATING. 
          SO IT'S VERY HARD FOR, UH, FOR AN, I MEAN, A TENANT OF THAT YOU DON'T, LIKE, YOU END UP PAYING THAT KIND OF RENT. 
          I, I MEAN, I DON'T KNOW HOW TO PUT THAT INTO THE WORDS, BUT IT'S VERY HARD FOR YOU TO FIND A TENANT THAT YOU WOULD NOT LIKE WHO CAN PAY THAT RENT. 
          AND WE ARE NOT GONNA BE, UH, UH, THE THINGS THAT ARE UNWANTED IN A COMMUNITY. 
          SOME OF THE THINGS WE ARE NOT GONNA ENTERTAIN THAT, AND THEY'RE NOT, THEY'RE OFF LIMITS FOR US TOO. 
          SO THE MIX OF TENANTS IS HARD TO PORTRAY. 
          I MEAN, I KNOW THAT THE CITY ALSO WAS WORKING WITH RETAIL CONNECTIONS. 
          IT'S VERY HARD. 
          WE HAVE BEEN WORKING WITH THEM ALSO TO TRY TO BRING THE BEST, WE WERE TALKING TO RES, WE ARE TALKING TO TALKS, WE ARE TALKING TO THE BEST OF THE RESTAURANTS KNOWN IN THE CITY, BUT IT'S HARD FOR US TO BRING US DOWN HERE. 
          AND I MEAN, JUST TO LET YOU KNOW, THE IMPACT FEES ALONE HAS THROWN A BIG COST IMPACT ON US THROWING THE RENTAL RATE WAS PREVIOUS RETAIL DEVELOPMENTS VERSUS CURRENT RETAIL DEVELOPMENT. 
          IT'S A 10% INCREASE IN RENTAL RATE FOR US TO BE ABLE TO MEET THAT DEMAND. 
          SO OBVIOUSLY IT'S A CHALLENGE FOR US ALSO, BUT WE WILL BE CAUTIOUS OF IT, OF WHAT WE ARE BRINGING BECAUSE IT'S OUR RETAIL CENTER. 
          AND IF THEY DON'T DO BUSINESS WELL, WE WILL BE THE ONE TAKING THE BURNT END AT THE BACK, WHICH WE'LL WILL, THE TENANTS COULD GO BANKRUPT OR LEAVE THE SPACE. 
          OKAY. 
          UH, THANK YOU. 
          SO, UH, WE'VE HEARD FROM, UH, WE KEEP TRACK OF, UH, YOU KNOW, FULL, FULL SHARE, UH, COMMUNITY FORUMS AND STUFF LIKE THAT ON FACEBOOK AND OTHER SOCIAL MEDIA. 
          SO WE'VE HEARD A LOT ABOUT THE REQUIREMENT FOR SIT DOWN DINING, UH, EXPERIENCES. 
          SO, UH, THE WAY WE HAVE IT STRUCTURED, THE, THE LAYOUT RIGHT NOW, IT SUITS WELL FOR A SIT DOWN DINING KIND OF EXPERIENCE AS OPPOSED TO A FAST CASUAL PICKUP KIND OF A SPOT FOR FOOD AND RESTAURANT STUFF. 
          YEAH. 
          SO WE'RE KIND OF CATERING TO WHAT THE COMMUNITY, BUT LIKE SATYA SAID, YOU KNOW, IT'S, IT'S MORE CHALLENGING TO BRING IN THOSE SIT DOWN KIND OF RESTAURANTS BECAUSE THERE'S A LOT OF UPFRONT COSTS BOTH ON OUR SIDE AS WELL AS THE TENANT SIDE. 
          OKAY, GOOD. 
          THANK YOU. 
          THE, UM, THE EVENT SECTION, UM, STAGE AND PAVILION AREA, WHAT SIZE EVENT ARE YOU THINK THAT THAT WOULD BE SPECIALIZED TO? IT'S MOSTLY FOR THE PEOPLE WHO WILL COME THERE, RELAX, ENJOY, AND EAT, AND WANT TO RELAX, RIGHT? UH, THE SPACE IS PROBABLY GONNA CATER AROUND 500 PEOPLE PLUS, UH, THERE WERE SOME CONVERSATIONS INITIALLY WITH THE CITY TO ALSO OFFER THAT SPACE TO THE CITY EVENTS FOR SMALLER EVENTS, OBVIOUSLY IT'S NOT A HUGE SPACE TO BE ABLE TO DO IT, BUT FOR CHRISTMAS OR THOSE KIND OF THINGS, WE WERE DISCUSSING ABOUT, UH, WHAT WE CAN OFFER ALSO IN THAT AREA. 
          AND WE WERE OPEN FOR THAT TOO. 
          UH, AROUND THE POND, THERE'S A BEAUTIFUL, UH, AREA SPACE THERE THAT WE CAN CLOSE OFF THE PARKING IN THAT AREA AND DO SOME EVENTS, BUT IT'S NOT, I THINK THE WHOLE FACILITY COULD TAKE PROBABLY A THOUSAND PEOPLE NO MORE THAN THAT IF YOU'RE ABLE TO ATTEND. 
          EXCELLENT. 
          UM, AND THE ON THE WATER TREATMENT PLANT, UM, HOW, HOW FAR ALONG ARE YOU WITH THE CITY IN TERMS OF THOSE, THOSE DISCUSSIONS? SO WE, UH, ACTUALLY ARE READY TO, THE, THE LAST MEETING THAT WE HAD IS THE DEVELOPMENT AGREEMENT NEEDS TO BE FINALIZED. 
          OBVIOUSLY THAT IS WHERE WE ARE WORKING ON, AND WE MADE A COMMITMENT, EVEN IF WE HAVE TO DONATE IT RIGHT AWAY, APART FROM THE DEVELOPMENT AGREEMENT, WE WERE READY TO DO THAT. 
          UH, THAT'S THE LAST COMMENT WE HAD WITH THEM. 
          UH, AGAIN, WE HAVE BEEN WORKING WITH THE CITY FOR THE LAST TWO YEARS. 
          I MEAN, THEY HAVE SEEN US, THEY HAVE SEEN OUR COMMITMENT. 
          I KNOW ANNAL AND, UH, THEY KNOW VERY WELL HOW COMMITTED WE ARE. 
          SO, UH, AND WE MENTIONED THE SAME TO THE CITY, WE ARE READY IF, IF THEIR PROJECT, I KNOW SHARON MENTIONED THAT IT IS NEEDED IMMEDIATELY AND WE OFFERED THAT WE CAN DO THE DEDICATION IMMEDIATELY ON THAT. 
          WOULD, DO YOU HAVE ANY, UH, SIMILAR DEVELOPMENTS IN THE AREA OR OTHER AREAS OF YES. 
          THE STATE THAT MAYBE YOU COULD GIVE US AN IDEA SO THAT WE COULD SEE SOME OF YOUR YES. 
          UH, PRODUCT AND WORK? YEAH, WE DID A DEVELOPMENT IN KATY. 
          IT'S 
          [00:35:01]
ON HIGHLAND MALLS AND, UH, GRAND PARKWAY. 
          IT IS, UH, RETAIL DEVELOPMENT. 
          YOU CAN SEE ALL OVER THREE BUILDINGS. 
          IT'S A VETERINARY EMERGENCY GROUP, BLACKROCK COFFEE, AND AT THE BACK WE DO HAVE A CANINE RESORTS AND A PEDIATRIC DENTISTRY. 
          OKAY. 
          SO IT'S RIGHT ON THE KRUGER CENTER. 
          IF YOU GO THERE, ALL THE NEWER DEVELOPMENT IS OURS. 
          OKAY. 
          I'VE BEEN TO THE COFFEE SHOP  BACK. 
          YEAH. 
          AND WE DO, WE ARE DOING ANOTHER DEVELOPMENT IN CYPRUS, WHICH IS OFFICE CONDOMINIUMS, UH, WHICH IS NOT AS PREMIUM AS WHAT WE ARE SUGGESTING IN FULL SHARE. 
          UH, FULL SHARE HAS A LOT MORE APPETITE FOR THAT KIND OF OFFICE. 
          CONDOM IS WHAT WE BELIEVE AND WE'LL KNOW ONCE WE DELIVER IT. 
          UH, WHAT IS THE TOTAL COST? UH, TOTAL INVESTMENT DOLLARS. 
          SO THE TOTAL PROJECT COST IS ESTIMATED AT $50 MILLION ON THE, ON THE SIDE. 
          AND THEN HOW MUCH ARE THE IMPACT FEES? IMPACT FEES ARE CURRENTLY AT, UH, I BELIEVE $3 MILLION IN TOTAL, WHICH IS THE 10%, UH, THAT I'M TALKING ABOUT THE RENTAL INCREASE. 
          YEAH, ACTUALLY, I THINK THERE'S AN EXAMPLE TABULATION OF THAT ON PAGE 43 IN YOUR PACKET, UH, WHERE IT LISTS OUT THE POTENTIAL, UH, TENANTS, THEIR SIZE OF THEIR TAPS AND THE COST OF THOSE. 
          YEAH. 
          AND I'M, YOU KNOW, THOSE ARE ESTIMATED. 
          YEAH. 
          AND THEN YOU'RE, Y'ALL ARE ASKING FOR, FOR IMPACT FEES UP TO 500,000 FROM BOTH BOARDS COMBINED? SO, OR JUST SO THE, I MEAN, BOTH WORDS. 
          UH, UH, WE ARE NOT SURE. 
          UM, I MEAN, I, WE LEAVE IT TO YOUR DECISION ON HOW IT'S GONNA BE STRUCTURED. 
          I MEAN, UH, WHAT, WHAT WE INTEND IS THE REMAINING TWO AND A HALF MILLION DOLLARS WE ARE WORKING FOR, WE ARE DOING THE WATER LINES, SEW LINES, AND SOME DEDICATIONS TO THE CITY THAT WE ARE TRYING TO OFFSET THAT COST. 
          BUT WE ARE SPENDING THAT MONEY, BUT WE NEEDED SOME HELP ON THE REMAINDER OF THAT. 
          SO NOT SURE IF A OR B IS GONNA BE FUNDING THAT. 
          I'LL NOTE THERE ISN'T, SORRY, GO AHEAD. 
          I'LL NOTE THAT THERE'S NOT A DISTRICT INVOLVED IN THIS, RIGHT? THERE'S NO SPECIAL DISTRICT OR MUD OR MANAGEMENT DISTRICT AS, AS PART OF THIS THAT COULD, YOU KNOW, ASSIST WITH THE REIMBURSEMENT FOR ANY OF THE PUBLIC INFRASTRUCTURE THAT'S REQUIRED. 
          DO YOU ANTICIPATE THE, YOU SAID THE OFFICE MAY BE, UH, PROFESSIONAL SERVICE LIKE DENTISTS, DOCTORS? WE PROBABLY WON'T. 
          I DON'T THINK A LOT OF THOSE HAVE MUCH ON THE WAY OF SALES TAX. 
          I THINK YOUR SALES TAX GENERATION WOULD BE CORRECTLY STATED THAT IT WOULD COME PRIMARILY FROM THE RETAIL. 
          THAT'S CORRECT. 
          MOST OF IT FROM THE RETAIL. 
          THERE WILL BE SOME SALES TAX GENERATOR FROM THE OFFICES, BUT WE HAVE NOT CONSIDER ANYTHING WE CONSIDERED ZERO ON THAT. 
          AND ALSO THE SALES TAX THAT YOU ARE SEEING THERE, AS I SAID, ARE VERY CONSERVATIVE NUMBERS. 
          AND IF THE WHOLE WHOLE AREA IS GONNA BE, UH, OCCUPIED, IT'S GONNA BE MUCH MORE THAN THAT. 
          OKAY. 
          WAS THERE, THIS IS MAYBE A LITTLE BIT OFF TRACK, SO IF WE DON'T WANT TO GET INTO THIS, BUT I THOUGHT ONCE UPON A TIME I HEARD THERE WAS MAYBE EXPLORATORY THOUGHTS AND INVESTIGATIONS FOR LIKE A HOTEL OR SOMETHING THERE. 
          IS THAT JUST, WAS IT SOMETHING THAT WASN'T FEASIBLE OR MAYBE THAT WASN'T EVEN YOU? I'M SORRY, . 
          . 
          SO THAT IS, UH, WE REALLY WANTED TO DO THE HOTEL. 
          WE DID A HUGE CONCEPT ON IT. 
          WE WANTED TO BRING IT TO FULL SHARE. 
          WE DID A STUDY, UH, WITH THE, WITH THE, WITH THE COMPANY THAT DOES THE STUDIES FOR THE BANKING, RIGHT? WE NEED TO GET THE FINANCING. 
          MM-HMM. 
          . 
          AND THE STUDY THAT INDICATED WAS THAT WE NEED, WE WILL BREAK EVEN AT 85% OCCUPANCY BECAUSE OF THE COST. 
          I MEAN, JUST THE WATER IMPACT FEES ALONE THROWS THROUGH AWAY, I MEAN, THE COST OF THE HOTEL. 
          WE WERE PLANNING A 10, A HUNDRED ROOMS HOTEL WITH THE CON, UH, WITH THE, I THINK, UH, ON THE WATER WE HAD LIKE 3000 CAPACITY CONVENTION OR 2000 CAPACITY CONVENTIONS, SOMETHING LIKE THAT. 
          BUT THE COST WAS COMING TO $13 MILLION AND WITHOUT INCENTIVES, 80% OCCUPANCY IS IMPOSSIBLE IN CITY OF A SHARE THIS TIME FOR THE NEXT 10 YEARS. 
          AND, UH, AND THE REPORT THAT SHOWED WAS THE 35 TO 45% AT THE BEST FOR THE NEXT 10 YEARS. 
          UH, I MEAN, IT'S GROWING, BUT IT'S NOT AT THE SAME RATE. 
          SO 
          [00:40:01]
WE WENT, WE DID, WENT BACK TO THE CITY TO SEE IF THERE ARE ANY INCENTIVES TO REMOVE THIS AND TOTAL MOTEL TAX, BUT EVEN THOSE INCENTIVES WERE NOT OFFSETTING THE COST, SO WE HAD TO BACK OFF. 
          OKAY. 
          THAT'S GOOD. 
          WE HAVEN'T HAD THAT DISCUSSION HERE, BUT, UH, THOSE ARE THINGS THAT WE NEED TO KNOW, UM, BECAUSE I MEAN, YOU HAVE TO, IT HAS TO MAKE FINANCIAL SENSE TO INVEST IN A PROPERTY LIFE THIS NATURE. 
          YEAH. 
          CAN YOU, UH, JUST ON, I WANT TO TOUCH BASE ON THAT HOTEL AGAIN, FOUR, UH, HUNDRED ROOMS. IT'S 13 MILLION. 
          AND WHAT WAS THE IMPACT FEES ON THAT? SO, BECAUSE AT THAT TIME, UH, THERE'S ONE CLARIFICATION I NEED TO GIVE. 
          AT THAT TIME, THERE WAS AN IMPACT FEE ON THE FIRE LINE ALSO, WHICH WAS RECENTLY REMOVED AFTER A, WE, WE WERE THE ONE WHO PURSUED THAT TOO, UH, WITH THE FIRE LINE AND EVERYTHING. 
          THE IMPACT WAS FEES WERE ALONE, UH, CLOSE TO TWO AND A HALF MILLION ON THE 13 MILLION PROJECT AT THAT TIME WITH THE CALCULATION. 
          I DON'T KNOW THE EXACT NUMBER, BUT PRETTY MUCH IT'S APPROXIMATE. 
          WELL, YEAH. 
          THANK YOU FOR THE ESTIMATE. 
          I THINK THAT THAT SOUNDS ABOUT RIGHT. 
          I REMEMBER WHAT WE TALKED ABOUT IN THE PAST, BUT THAT JUST THROWS OFF YOUR ENTIRE YES. 
          PROJECT. 
          WE, WE WERE, WE WERE SUPPOSED TO BE AT $7 MILLION IN, IN THE, IN THE COST OF CONSTRUCTION IS ALSO ANOTHER IMPACT. 
          AND, UH, WITH THE RETAIL, ALSO, THE REASON WHY WE ARE REQUESTING THE INCENTIVES, UH, IS ALSO BECAUSE OF ALL THE WATER IMPACT FEES AND THE CONSTRUCTION WILL IMPACTING. 
          AND THE MORE QUALITY WE GO, THE PROBLEM IS COST VERSUS WE CAN BUILD A REGULAR RETAIL CENTER FOR $30 LOWER COST PER SQUARE FOOT. 
          IT'S MUCH EASIER FOR US TO DEVELOP IT. 
          BUT AGAIN, DO WE WANT TO DO IT? I DON'T THINK SO. 
          AND OUR, OUR SAYING IS, YOUR HOME IS WHERE YOUR HEART IS, RIGHT? SO THAT'S WHAT WE BELIEVE IN AND THAT'S WHAT WE BUILD AND TO ADD ON THE HOTEL OCCUPANCY. 
          SO, UH, WE ANALYZED, I PULLED UP THE REPORT HERE, AND, UH, WE LOOKED AT THE OCCUPANCIES IN THE FULL SHARE AREA FOR THE LAST THREE YEARS, 20 19, 20 20 AND 2021. 
          UH, THE OCCUPANCIES ARE AROUND 62%, 54%, AND 59%. 
          SO THAT WAS NOT IN KATIE AREA. 
          I KNOW THAT WAS KIND OF AN ASIDE FROM WHAT YOU'RE DISCUSSING, BUT WE APPRECIATE THE INFORMATION. 
          WE REALLY WANTED TO DO A HOTEL. 
          I THINK THAT'S GONNA BE TRANSFERABLE NO MATTER WHERE YOU WANNA PUT IT. 
          RIGHT. 
          THE IMPACT FEES ARE GONNA BE IMPACT FEES ON A 13 MILLION HOTEL, WHEREVER YOU PUT IT, NOT JUST ON THIS PROPERTY, THAT WHAT, BUT, BUT WE'RE GETTING OFF TRACK. 
          RIGHT. 
          UM, ANY OTHER QUESTIONS OR COMMENTS? YES. 
          UH, FOR THE OFFICE CONDOS, IS THERE GONNA BE SOME TYPE OF MASTER AGREEMENT AS TO WHAT BUSINESSES CAN AND CANNOT BE IN THERE? YES. 
          OKAY. 
          THERE ARE SPECIFIC, UH, REQUIREMENTS ON WHAT KIND OF OFFICES THEY CAN BE. 
          THERE ARE SOME USERS THAT THEY CAN BE, BUT IT HAS TO BE IN THE WHOLE BUILDING. 
          FOR EXAMPLE, IT'S A NAIL SALON. 
          MM-HMM. 
          , WE ARE NOT GONNA COMBINE WITH THE PROFESSIONAL SPACE BECAUSE OF THE SMELL THAT IS GONNA BE. 
          SO IT HAS TO BE A WHOLE BUILDING, BUT IT'LL BE LIMITED TO PROFESSIONAL MEDICAL USERS. 
          MAINLY. 
          UH, THERE ARE SOME RESTRICTIONS I NEED. 
          THANK YOU. 
          SO I THOUGHT YOU SKIMMED OVER THE, UM, THE SALES TAX COMPONENT OF THE PRESENTATION PRETTY QUICKLY. 
          UM, I DID GO THROUGH AND DO SOME CALCULATIONS BASED ON WHAT I THINK YOU WERE PRESENTING. 
          SO, UM, IT LOOKS OKAY. 
          UH, I MEAN, OBVIOUSLY YOU HAVE A BUSINESS CASE, RIGHT? YOU'RE GOING TO DO THIS AND YOU'RE GOING FOR FINANCING AND YOU HAVE A, A WHOLE MODEL THAT YOU, YOU'VE PLAYED OUT. 
          I'M CURIOUS ABOUT THE, WHAT WENT INTO YOUR STUDY. 
          I MEAN, WE, WE KNOW WHAT THE DEMOGRAPHICS OF THE AREA ARE AS FAR AS GROWTH. 
          YES. 
          HAVE YOU DONE A SWAT ANALYSIS FOR YOUR COMPETITORS? BECAUSE YOU'RE NOT THE ONLY ONE THAT'S BUILDING, UH, COMMERCIAL SPACES IN THE RE AREA. 
          THERE'S ONE GOING ON 3 59 RIGHT NOW. 
          THERE'S OTHERS THAT ARE, YOU KNOW, PROPOSED AND, YOU KNOW, UH, I MEAN, I DID LIKE THAT YOU, YOU SHOWED THE, UH, ON RAMP TO THE YEAH. 
          WEST ROAD THAT'S FORWARD THINKING. 
          UH, BUT I'M JUST CURIOUS ABOUT YOUR SWOT ANALYSIS BECAUSE, YOU KNOW, KNOW YOU, THERE'S A SATURATION LEVEL. 
          UH, CURRENTLY THE ECONOMY I'M SURE WILL TURN AROUND AT SOME POINT, BUT THERE'S A SATURATION LEVEL, RIGHT? THERE'S ONLY SO MANY PEOPLE THAT HAVE SO MUCH MONEY TO ACTUALLY GO OUT AND SPEND. 
          YES. 
          UM, AND THAT SHOULD BE DRIVING, YOU KNOW, HOPEFULLY THOSE KINDS OF ANALYSIS ARE DRIVING YOUR DECISIONS ABOUT WHAT YOU'RE GOING TO PUT IN THERE AND WHAT KIND OF PEOPLE YOU THINK YOU'RE GONNA BRING IN FOR BUSINESS. 
          BUT I'M REALLY CURIOUS. 
          SO WE, WE DO, WE DO, ARE AWARE OF THE 3 59 DEVELOPMENT, EVEN THE 
          [00:45:01]
DEVELOPMENT ACROSS OUR PROPERTY. 
          SO THE WAY THE GROWTH IS HAPPENING AND THE WAY IT IS MOVING TOWARDS THE WEST, YOU NEED THE HUBS. 
          YOU, YOU, WE CANNOT HAVE A HUB IN KT AND ALL THE PEOPLE FROM THE WEST AND FROM HERE TO KEEP TRAVELING THERE. 
          RIGHT? SO OVER NEXT 15, 20 YEARS, THE HUB IS GONNA BE HERE IS WHAT WE, WE REALIZED IF YOU LOOK AT THE, UH, THE WHOLE DEVELOPMENT, WHAT IS HAPPENING, WHICH IS MOVING FURTHER WEST, THEY WILL NOT BE ABLE TO DEVELOP THIS KIND OF CENTERS. 
          SO THE 3 59 AREA IN TEXAS, HERITAGE PARKWAY HAS A HUGE, UH, UH, IT'S GONNA PLAY A BIG ROLE THERE, RIGHT? THERE IS SO MUCH LAND ON THE OTHER SIDE OF, UH, TEXAS HERITAGE PARKWAY THAT NEEDS DEVELOPMENT TOO. 
          AND IT'LL BE MOSTLY RESIDENTIAL THE WAY IT IS COMING UP IN THAT AREA. 
          SO YOU WILL NEED THAT KIND OF DENSITY AS IT MOVES. 
          I UNDERSTAND THAT SOUTH OF MENAN IS MORE, UH, ESTATES, UH, SO IT'S NOT GONNA BE HUGE, BUT THERE IS MORE ON THE WEST, EAST SIDE AND ON THE WEST SIDE THAT THIS IS REQUIRED. 
          NOW, OUR FACILITY THAT WE ARE DEVELOPING, THE 70,000 SQUARE FOOT SPACE IS GONNA CATER FOR 35 TENANTS, NO MORE THAN THAT. 
          UH, I DID NOTICE SOME OF THEM ARE REALLY GOING HIGH DENSITY IN TERMS OF, UH, UH, I MEAN, I DON'T WANT TO NAME IN DEVELOPMENT, BUT THE, WE THINK THAT HAVING THE SPACE WILL BRING US MORE VALUE. 
          I BELIEVE THE OTHER DEVELOPMENTS ARE ALSO CONSIDERING SOME OF THIS COMPETENCE IN THERE. 
          UH, BUT FULL SHARE HAS THE CAPACITY TO HANDLE LOOKING DOWN NEXT FIVE YEARS TO 10, 15 YEARS. 
          YES. 
          WHEN, JUST 'CAUSE I'M IGNORANT ON THIS TOPIC, BUT LET'S JUST SAY THERE IS, YOU KNOW, $2.4 MILLION OF IMPACT FEES. 
          DOES THE CITY REQUIRE THAT FROM YOU WHEN YOU SUBMIT YOUR PERMITS? OR IS THAT SOMETHING THAT IS PAID TO THE CITY AS THE DEVELOPMENT NEEDS THAT CAPACITY? SO WE ARE PAYING ALL THE IMPACT FEES TO THE CITY THROUGH PERFORMING THE WORK. 
          UH, RIGHT. 
          SO WE ARE DEDICATING THE LAND, WE ARE PERFORMING THE WATER LINE, UH, WHICH IS AN OFFSET TO OUR IMPACT FEES. 
          MM-HMM, . 
          OKAY. 
          SO WE DON'T HAVE TO PAY THE IMPACT FEES AT THE TIME OF THE PLAQUE, BUT AS SOON AS THE PLANS ARE APPROVED, WHEN WE START CONSTRUCTION, WE'LL BE DOING ALL THE PUBLIC WORK AND EVERYTHING TO OFFSET THE COST. 
          OKAY. 
          ALL RIGHT. 
          ANY ADDITIONAL QUESTIONS OR COMMENTS? ALL RIGHT. 
          THANK YOU AGAIN FOR JOINING US THIS EVENING. 
          UH, WE APPRECIATE THE TIME OF YOU BEING HERE AND PRESENTING TO US TO, AND SUCH A GREAT, UH, PACKAGE YOU'VE GIVEN US. 
          SO WE APPRECIATE THAT. 
          THANK YOU. 
          THANK YOU ALL FOR YOUR TIME. 
          THANK YOU. 
          APPRECIATE IT. 
          ANELLE, ANYTHING ELSE BEFORE WE GO TO THE NEXT ITEM? NO SIR. 
          ALRIGHT. 
          ITEM 3D 
          [Business -  D]
IS EXECUTIVE SESSION PURSUANT TO SECTION 5 5 1 0 8 7 OF THE TEXAS OPEN MEETINGS ACT DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS, CHER CENTRAL LLC. 
          AND WE WILL MOVE INTO EXECUTIVE SESSION AT 6:48 PM ALRIGHT. 
          ALRIGHT, LET'S, UH, WE'LL MOVE BACK INTO REGULAR SESSION AT 7:25 PM IS THERE ANY ACTION THAT NEEDS TO BE TAKEN FROM EXECUTIVE SESSION? OKAY, UH, NONE TONIGHT. 
          UH, WE'LL MOVE 
          [Recurring Items - A]
ON TO ITEM FOUR. 
          RECURRING ITEMS FOUR A IS ECONOMIC DEVELOPMENT REPORT. 
          UH, YES. 
          I'LL GO AHEAD AND START. 
          UM, WITH, UH, JUST A SUMMARY OF THE TEDC CONFERENCE. 
          WE, UM, ATTENDED THE CONFERENCE, OH GOSH, I'M BLANKING ON THE DATES NOW, BUT THIS PAST MONTH, UM, WE HAD SOME REALLY GREAT, UM, FEEDBACK FROM OTHER COMMUNITIES AND, UM, JUST DIFFERENT WORKSHOPS THAT WERE AVAILABLE THERE, UM, ARE, I THINK THE ONE THAT WE REALLY FELT THE MOST, UM, CONNECTED WITH WAS ONE DESCRIBING SUPPORTING STARTUPS AND ENTREPRENEURS WITHIN OUR COMMUNITIES. 
          UM, THE, IT WAS A PANEL, UM, MADE UP OF I THINK THE ROUND ROCK CHAMBER OF COMMERCE, UM, MCKINNEY, UH, DESOTO, AND THERE WAS ONE OTHER COMMUNITY. 
          UM, ALL OF THEM PERFECTLY DESCRIBES KIND OF THE, THE FACE OF THE LAUNCH OF THE, THE INCUBATOR THAT WE ARE, UH, EXPERIENCING RIGHT NOW. 
          KIND OF THAT TRYING TO REALLY HONE IN ON THE METRICS, 
          [00:50:01]
UM, AND WHAT THAT LOOKS LIKE, HOW IT BENEFITS THE COMMUNITY, HOW TO COMMUNICATE THAT TO THE COMMUNITY, UM, AND REALLY CAPTURE THE BENEFIT WHEN IT DOESN'T LOOK LIKE WHAT YOU TYPICALLY EXPECT, SUCH AS, YOU KNOW, SALES TAX, UM, GENERATION OR, UM, UH, A BUSINESS BEING LAUNCHED WITHIN FOUR MONTHS OF, OF THE PROGRAM BEING AVAILABLE AND THINGS LIKE THAT. 
          AND SO OUT OF THAT, I THINK WE HAVE A, AT LEAST ONE MEETING SCHEDULED, UM, FOR THE FIRST WEEK IN DECEMBER WITH THE CITY OF MCKINNEY. 
          UM, THEY DESCRIBED, UM, JUST A REALLY IN-DEPTH ANALYSIS OF WHAT THEIR INCUBATOR PROGRAM WAS OFFERING. 
          AND, UM, THEY DEVELOPED A LIST OF 25 METRICS THAT THEY USED AND THEY SAID, YOU KNOW, IT WAS REALLY HELPFUL WITH, UM, SHOWING THEIR CITY COUNCIL, THEIR ELECTED OFFICIALS AND THE COMMUNITY AT LARGE, HOW THE PROGRAM WAS BENEFICIAL. 
          SO WE'RE REALLY LOOKING FORWARD TO THAT MEETING AND THEN SHARING THAT WITH YOU ALL AS WELL AS WE COME UP ON, UM, THE YEAR OF FULL SUR FAST TRACK AND PLAN AHEAD FOR THE FUTURE. 
          IT IS ALSO WORTH NOTING THAT MCKINNEY, UM, IS PARTNERED WITH PLUG AND PLAY, UM, WHO SUGARLAND JUST RECENTLY, UH, LAUNCHED A PARTNERSHIP WITH, UM, PROBABLY JUST LAST WEEK. 
          UM, SO HOPEFULLY WE'LL GET SOME, SOME COMPARISON AND, AND WHAT WE CAN LOOK FORWARD TO DOWN HERE AS WELL. 
          AND WHAT, WHAT IS PLUG AND PLAY? UM, IT'S ESSENTIALLY LIKE, UH, YEAH, SIMILAR CONCEPT TO THE CANON MINUS THE COWORKING ASPECT. 
          UM, KIND OF A VERY RIGOROUS LIKE SHARK TANKLIKE PROGRAM. 
          UM, I DON'T KNOW IF YOU HAVE A BETTER WAY, . 
          YEAH, I THINK I, I EMAILED OUT AN ARTICLE THAT KIND OF COVERED IT, UM, BUT I CAN SEND IT OUT AGAIN. 
          MM-HMM, , UM, ITEM TWO, THE TADC SALES TAX WORKSHOP. 
          UM, THE NEXT VIRTUAL ONE IS SET FOR DECEMBER 12TH. 
          SO IF YOU WOULD LIKE FOR US TO GET YOU REGISTERED, UM, IT'S REALLY NICE. 
          THEY GIVE YOU ACCESS TO THE LIBRARY OF DOCUMENTS AND YOU KIND OF GO THROUGH ON YOUR OWN PACE. 
          AND THEN THEY HAVE A, UH, AT THE CONCLUSION OF THE TIME THAT THE MATERIALS ARE AVAILABLE FOR, THEY SET A ZOOM CALL AND ALL THE PARTICIPANTS GET TO GO ON THERE TOGETHER AND HAVE DISCUSSION AND ASK QUESTIONS. 
          UM, SO IF Y'ALL ARE INTERESTED IN REGISTERING FOR THAT, PLEASE LET US KNOW. 
          THERE WAS AN IN PERSON ONE IN HOUSTON, BUT I THINK THAT WAS EARLY THIS MONTH, SO IT'S ALREADY PASSED. 
          UM, ITEM THREE UPCOMING EVENTS. 
          WE DO HAVE THE CHRISTMAS TREE LIGHTING, UH, ON NOVEMBER 30TH, SO NOT THIS SATURDAY, BUT THE NEXT, UM, HERE AT THE MUNICIPAL COMPLEX. 
          AND THAT'S GONNA BE FROM FOUR TO 7:00 PM UM, I GUESS BEFORE THAT I'LL, UM, STEP BACK TOMORROW EVENING. 
          Y'ALL SHOULD HAVE RECEIVED AN INVITATION, UM, TO ATTEND OUR CITY COUNCIL MEETING. 
          THE MAYOR WILL BE, UM, READING OUT A PROCLAMATION TO DECLARE THAT SATURDAY SMALL BUSINESS SATURDAY. 
          SO WE JUST WANTED TO MAKE SURE, UM, TO DO THAT EARLY IN THE MONTH. 
          UM, WITH THAT WE WILL CONTINUE ADVERTISING ALL THE EVENTS THAT WE'VE PARTNERED WITH DIFFERENT BUSINESSES IN THE COMMUNITY. 
          UM, ON, I KNOW I PREVIOUSLY TOLD Y'ALL A LITTLE ABOUT PARTNERING WITH DOZERS. 
          WE'RE PARTNERING WITH, UM, TIFFANY'S TINY FLOWER TRUCK WITH DOGWOOD LANE, UM, AS WELL AS A FEW OTHERS. 
          WE'RE REALLY OPENING THAT DOOR TO ANY BUSINESS THAT'S, UM, HOSTING AN EVENT. 
          UM, HUMBLE GROUNDS IS ANOTHER THAT'S HOSTING A CHRISTMAS MARKET, SO IF THEY'RE ALREADY HOSTING IT, WE JUST WANT TO DO EVERYTHING WE CAN TO PROMOTE THAT AND PUT IT ALL IN ONE PLACE ON OUR WEBSITE, THE CITY WEBSITE. 
          UM, SO THAT THAT PAGE HAS BEEN CREATED. 
          WE'LL SHARE IT AS SOON AS ALL THE INFORMATION IS IN THERE, BUT THE IDEA IS THAT THERE WILL BE QR CODES AT THE TREE LINING ON SATURDAY, NOVEMBER 30TH, WHICH FAMILIES CAN SCAN AND SEE ALL THE EVENTS THROUGHOUT THE ENTIRE MONTH OF DECEMBER AT ALL OF OUR LOCAL BUSINESSES. 
          SO TO ENCOURAGE THEM TO SHOP LOCALLY. 
          WHEN WERE THOSE CHRISTMAS LIGHTS GONNA BE DONE? WAS IT BY THE 30TH ALSO, OR JUST AFTER THAT? UH, YES, THE DEADLINE IS NOVEMBER 29TH. 
          OKAY. 
          ALL RIGHT. 
          UM, ITEM FOUR, THE FULL SHARED FAST TRACK, UM, HOME BUSINESS ACCELERATOR. 
          UM, THANK YOU SO MUCH FOR THOSE OF YOU THAT WERE ABLE TO ATTEND. 
          UM, AND THOSE OF YOU ON THE ADVISORY BOARD THAT HELPED PLAN THIS EVENT. 
          UM, LEE, THANK YOU SO MUCH. 
          UM, IT WAS A HUGE SUCCESS. 
          WE HAD, UH, ABOUT A HUNDRED PEOPLE PARTICIPATE. 
          SOME OF THEM ARRIVED WHEN THE DOORS OPENED AND STAYED UNTIL WE WERE CLEANING UP  HELP DESK CLEAN UP. 
          UM, SOME OF THEM POPPED IN FOR 30 MINUTES, AN HOUR. 
          UM, THE ENTIRETY OF THE EVENT WAS RECEIVED VERY POSITIVELY. 
          UM, JAMES, JAMES WAS ACTUALLY SET UP THERE WITH, UM, THE BANK TO, TO SHARE ABOUT FINANCES AND THINGS LIKE THAT AVAILABLE. 
          UM, WE HAD JUST, UH, ADVISORS ON ALL DIFFERENT, UM, FIELDS AVAILABLE TO THOSE WHO REGISTERED. 
          UM, WE WERE VERY SURPRISED 
          [00:55:01]
THAT I THINK THE MAJORITY OF THOSE THAT ATTENDED HADN'T PRE-REGISTERED. 
          THEY JUST WALKED IN. 
          SO, UM, IT WAS JUST A REALLY GOOD CONSTANT FLOW OF PEOPLE. 
          UM, I THINK THERE WERE, UM, THREE DIFFERENT BUSINESSES THAT SHARED THEIR STORY. 
          UM, WE SCHEDULED KIND OF IN MORNING MIDDAY AND THEN TOWARDS THE END AND THAT JUST REALLY RESONATED WITH THE REST OF THE PEOPLE THERE. 
          IT WAS, UM, JUST VERY MOTIVATING. 
          I THINK THERE WAS A LOT OF CONNECTIONS BETWEEN OUR BUSINESSES THAT WERE MADE THAT DAY THAT WILL BE REALLY VALUABLE GOING FORWARD. 
          UM, JAMES, DO YOU WANNA ADD JUST YOUR PERSPECTIVE OR LEE, UM, IF Y'ALL KNOW OR YEAH, SORRY JOEL, I'LL GO FIRST. 
          YOU WERE THERE, I GUESS. 
          UH, I MEAN, IT'S A GREAT EVENT. 
          I, I WAS SHOCKED AT HOW MANY PEOPLE WERE THERE. 
          UH, WE, WE RAN OUTTA PARKING SPOTS 'CAUSE THERE WAS HEAVY EQUIPMENT IN THE LOT. 
          WE REALLY NEED TO LOOK INTO MOVING THAT SOMEWHERE DOWN THE STREET. 
          I GUESS THEY CAN, UH, YOU KNOW, PARK IT ON OUR LAND, I GUESS. 
          BUT IT'S VERY, VERY GOOD. 
          UH, SPEAKERS WERE GREAT. 
          UH, I WAS JUST BLOWN AWAY. 
          I YOU SAID THAT A LOT OF PEOPLE JUST KIND OF SHOWED UP. 
          THERE WERE A BUNCH OF NAME TAGS THAT WEREN'T PICKED UP TOO, SO, UM, YOU KNOW, WE COULD'VE HAD COULDA HAD MORE. 
          I THINK THE, YOU KNOW, WE GOTTA, YOU KNOW, FIGURE OUT THE PARKING, BUT MAN, I I WAS JUST BLOWN AWAY. 
          GREAT JOB. 
          I THINK IT LOOKED, IT LOOKED AWESOME. 
          EVERYBODY, YOU KNOW, SEEMED TO HAVE HAVE A GOOD TIME TOO. 
          SO, I MEAN, IT, IT, IT, I GUESS ADDED A DIFFERENT DYNAMIC TO WHAT THE FULL SHARE FAST TRACK OFFERED. 
          YOU KNOW, THERE WAS VERY MUCH SET UP TOWARDS, YOU KNOW, WHAT WE CAN OFFER AS A SMALL BUSINESS OR SPORTING A SMALL BUSINESS. 
          AND THAT COMPOUNDED WITH THE SUCCESS STORIES OF HUMBLE GROUNDS DOERS AND, UM, LIKE SWEET SUGARBERRY SUGARBERRY COOKIES. 
          YEAH, I MEAN, IT WAS, IT, IT WAS GOOD TO HEAR THE SUCCESS STORIES AND THEN THAT THEN COMPOUNDED FURTHER DISCUSSION IN INDIVIDUALLY WITH REGARDS, YOU KNOW, WHAT COULD, LOOKS LIKE IN SMALL BUSINESSES. 
          SO IT WAS WELL RECEIVED. 
          YEAH, I THINK ONE OF THE MOST VALUABLE ASPECTS OF, UM, HOSTING IT IN THAT WAY WAS THAT WHILE SOMEONE HAD SIGNED UP FOR AN ADVISORY TIME, UM, THEY WERE THERE, BUT FACILITATORS ENCOURAGED PEOPLE TO KIND OF SIT IN AND LISTEN ON EACH OTHER'S ADVISING SESSIONS AND MAKE IT A GROUP DISCUSSION. 
          AND SO THINGS THAT MAYBE THEY HADN'T EVEN YET CONSIDERED FOR THEIR BUSINESS, NOW THEY'RE HEARING THEIR PEERS DO IT. 
          UM, AND SO IT JUST, YOU KNOW, THAT OPPORTUNITY FOR GROWTH AND UNDERSTANDING, UM, WAS JUST ELEVATED THAT MUCH MORE. 
          SO, UM, REALLY ENJOYED IT. 
          WE ARE DISCUSSING NOW WITH THE ADVISORY BOARD WHAT IT'LL LOOK LIKE TO REPLICATE THAT EVENT, HOW WE CAN MAKE IT BETTER. 
          UM, I THINK MORE THAN HALF THE PEOPLE THAT LEFT ARE LIKE, WHEN IS THE NEXT ONE? BECAUSE I WANNA BE BACK. 
          UM, SO, YOU KNOW, I THINK YOU, YOU DON'T WANNA REPEAT THINGS LIKE THAT TOO OFTEN AND HAVE IT LOOSE ITS VALUE, UH, BUT DEFINITELY UNDERSTANDING WHAT THE COMMUNITY WANTS, UM, GETS US ONE STEP CLOSER TO DELIVERING WHAT THEY NEED. 
          UM, SO YEAH, IT, IT WAS GREAT. 
          JOEL, ANYTHING, UM, THAT YOU'D LIKE TO COMMENT ON? NO, I THINK THOSE, UH, KINDS OF NETWORKING THINGS ARE ALWAYS REALLY GOOD. 
          UM, I THINK GETTING TO, UM, HEAR FROM THE THREE BUSINESS OWNERS, UH, GIVING DIFFERENT PERSPECTIVES, UH, ON, YOU KNOW, WHAT'S IMPORTANT AND WHAT TO FOCUS ON. 
          HOW DO YOU GET STARTED? HOW DO YOU DO THESE THINGS? HAVING, UH, HAVING UH, BEEN A SMALL BUSINESS OWNER OF A, OF A FRANCHISE WHILE YOU HAD THE HELP OF THE FRANCHISOR, YOU STILL HAD TO CREATE YOUR LLC AND YOUR OPERATING AGREEMENT AND ALL THESE SORTS OF THINGS. 
          SO, UH, IT COULD HAVE BENEFITED FROM, UH, HAVING ACCESS TO THE ADVISORS, THE PEOPLE, THE LEGAL, THE FINANCE AND THOSE SORTS OF THINGS. 
          SO I THOUGHT THAT WAS GOOD AND, YOU KNOW, FOR PEOPLE JUST TO, TO BE ABLE TO, I HOPE PEOPLE WERE ACTUALLY ASKING THE OTHER BUSINESS OWNERS THAT WERE THERE. 
          YOU KNOW, HAVE YOU SEEN THESE SORTS OF THINGS? HOW ARE YOU DOING THIS? YOU GET AN OPPORTUNITY TO DO THAT. 
          BUT, AND HAVING ACCESS TO THE ADVISORS, UH, I THINK WAS VERY, UH, VERY VALUABLE. 
          NOT, YOU KNOW, SOMETHING THAT A LOT OF PEOPLE, UH, WOULD, WOULDN'T HAVE OTHERWISE. 
          AND THEN ONE MORE THING I WANT TO JUST TACK ON. 
          I MET A LOT OF PEOPLE THERE THAT SAID, I WANT TO DO SOMETHING, BUT I DON'T KNOW WHAT IT IS. 
          AND I THINK THAT WAS KIND OF A NEW PERSPECTIVE FOR ME, NOT EXPECTING, I THOUGHT PEOPLE WERE GONNA COME THERE WITH AN IDEA, HOW DO I GET THIS UP AND GOING? BUT THERE WAS A LOT OF PEOPLE THERE WHO SAID, I HAVE NO IDEA, NO IDEA WHAT I WANNA DO, BUT I WANNA DO SOMETHING. 
          I WANNA START A BUSINESS. 
          I DON'T KNOW WHAT IT IS. 
          SO IT WAS VERY, UH, IT SHOWED, SHOWED ME IMMEDIATELY THE, THE NEED, UH, FOR, FOR THIS BUSINESS ACCELERATOR. 
          SO HOPEFULLY WE CAN JUST KEEP THAT MOMENTUM GOING. 
          UM, HAVE EVENTS LIKE THAT IN THE FUTURE. 
          SOMETHING THAT REALLY STUCK WITH ME, UM, GOING BACK TO THE, THE TDC PANEL ON SUPPORTING STARTUPS AND, UM, JUST ENTREPRENEURS. 
          IT, ONE OF THE, THE PANELISTS SAID, WE CAN BE HUNTERS AND WE CAN ALWAYS BE GOING OUT THERE 
          [01:00:01]
TRYING TO CONVINCE SOMEBODY TO MOVE HERE AND COME HERE TO SHORE, OR WE CAN BE FARMERS AND WE CAN PLANT THE SEEDS AND HAVE THE PATIENTS TO GROW THEM LOCALLY AND KEEP THEM HERE BY PROVIDING ALL THE RESOURCES. 
          AND I THINK THAT EVENT WAS, UM, A REALLY BEAUTIFUL EXAMPLE OF WHAT THAT LOOKS LIKE. 
          YEAH, MAYBE THAT PERSON'S IDEA WOULD NEVER BE SPOKEN OUT LOUD IF IT WASN'T FOR A PLACE LIKE THIS AND AN OPPORTUNITY LIKE THIS TO HAVE ALL THOSE ADVISORS ACCESSIBLE IN ONE SPOT THAT YOU CAN TALK TO IN A COUPLE OF HOURS. 
          OKAY. 
          UM, LASTLY, I JUST WANTED TO COVER NEW STAFF. 
          SO WE DID HAVE, UH, THE NEW COMMUNICATIONS SPECIALIST START TODAY. 
          UM, SHE HAD A FULL DAY, SO I FELT LIKE BRINGING HER IN ON DAY ONE  AND EXTENDING THAT DAY WAS PROBABLY NOT THE BEST. 
          UM, SO WE'LL MAKE SURE SHE, UM, COMES IN AND INTRODUCES HERSELF AT HER NEXT MEETING. 
          HER NAME IS SIMONA BARKA, SO I THINK SHE'S GONNA DO A LOVELY JOB AND WE'RE VERY EXCITED, UM, THAT SHE'S FINALLY HERE. 
          AND THEN WE ALSO HAVE OUR NEW ASSISTANT CITY MANAGER WHO'S ATTENDING HER FIRST EDC MEETING, UM, KELSEY, JORDAN LEE. 
          UM, SO JUST LIKE BEFORE WHEN WE REPORTED TO ZACH WHEN HE WAS IN THAT POSITION, WE WILL NOW BE REPORTING TO KELSEY. 
          UM, SO WE'VE HAD SOME REALLY GREAT DISCUSSIONS OF JUST DIFFERENT THINGS THAT WE'LL BE WORKING ON GOING FORWARD. 
          AND THAT'S ALL I HAVE FOR MY REPORT. 
          ALRIGHT, WELCOME KELSEY. 
          ALRIGHT, THANK Y'ALL FOR THE REPORT AND, UH, THANKS TO EVERYONE WHO'S STAYING ENGAGED AND INVOLVED IN ALL OF OUR ACTIVITIES. 
          SO THAT'S, THAT WAS A GREAT REPORT. 
          ITEM 
          [Recurring Items - B]
FOUR B IS PRESENTATION BY CITY COUNCIL LIAISON. 
          OKAY, SHORT ONE, UM, CITY COUNCIL MEETING OCTOBER 15TH, 2024. 
          SO A COUPLE OF ITEMS THAT I THINK ARE RELEVANT FOR THIS BOARD IS TO, AGAIN, BE AWARE OF THE PROGRESS ON THE WATER PLANT. 
          NUMBER TWO, THAT'S IN PECAN RIDGE. 
          IT'S THREE WEEKS BEHIND SCHEDULE. 
          UM, IT IS 46% COMPLETE BASED ON THE DAYS ALLOCATED FOR THE PROJECT. 
          56% COMPLETE BASED ON THE DOLLAR SPENT SO FAR. 
          UH, 8 MILLION OF THE 14.4 MILLION. 
          THE ELEVATED STORAGE TANK IS 84% COMPLETE IN DAYS. 
          82% IN DOLLARS, SPENT THREE AND A HALF MILLION OF THE 4.2 MILLION. 
          AND THE ELEVATED STORAGE TANK SHOULD BE COMPLETED BY THE END OF 2024. 
          UH, I DON'T HAVE A ESTIMATED TIME FOR THE, FOR THE WATER PLANT AT SOMETIME IN MID 2025, I BELIEVE. 
          SO ONE OF THE OTHER BUSINESS ITEMS THAT WE HAD, UH, IN THE LAST COUNCIL MEETING WAS TO NOMINATE CITY REPRESENTATIVE AND ALTERNATE FOR THE HOUSTON GALVESTON AREA COUNCIL GENERAL ASSEMBLY, WHICH I BELIEVE IS IN JANUARY. 
          AND THAT WHERE THEY WILL BE VOTING FOR, UH, THE BOARD MEMBERS FOR THE HGAC AMONG OTHER THINGS. 
          UH, THE OTHER BIG ITEM THAT, UM, WE, WE DID FOR THE SECOND YEAR IN A ROW, UM, WE HAVE, UH, AUTHORIZED THE ISSUANCE OF SALE AND DELIVERY OF, OF, UH, AGGREGATE WELL OF, OF TAX AND REVENUE CERTIFICATES OF OBLIGATION. 
          THIS ONE WAS FORTY THREE MILLION TWO HUNDRED AND FIFTY FIVE THOUSAND TWO HUNDRED FORTY THREE MILLION TWO HUNDRED TWENTY FIVE THOUSAND DOLLARS IN AGGREGATE PRINCIPAL AMOUNT OF CITY OF RE TEXAS. 
          IT'S A COMBINATION TAX AND REVENUE CERTIFICATE OF OBLIGATION. 
          UM, AND WE, THAT WAS SOLD, UH, AT A 3.9721859999999998% , UH, TRUE INTEREST COST. 
          IT'S PRETTY GOOD. 
          YEAH, IT WAS VERY GOOD. 
          YEAH, THEY'VE DONE A GOOD JOB FOR US BOTH, BOTH YEARS. 
          UM, WE DID DISCUSS REZONING, UH, AGAIN, UH, WITH NO ACTION TAKEN. 
          I BELIEVE THAT, UH, OTHER THAN ADVISING STAFF TO COME BACK, UH, WITH SOME, TAKING OUR FEEDBACK AND COMING BACK AND LOOKING AT SOME OO OTHER OPPORTUNITIES THAT WE HAVE, FOR EXAMPLE, MAYBE HAVING ONE OF THE LARGE POSITIONS, UM, BEING REQUIRED TO MAYBE BE IN ONE OF THE DISTRICTS, UM, WHICH WOULD GIVE MORE REPRESENTATION TO THE EITHER DISTRICT ONE OR FOUR, WHICH ARE WAY OUT OF SYNC WITH THE, UH, TWO, THREE, AND FIVE. 
          WE ALSO DISCUSSED, UM, CITY COUNCIL MEETING START TIMES, UH, WHICH I'M NOT A FAN OF CHANGING, BUT WE, UH, WE DID TALK ABOUT THAT. 
          AND, UM, I THINK TOMORROW NIGHT THAT'S ON THE AGENDA AGAIN. 
          [01:05:01]
AND, UM, I THINK THERE'S A DESIRE TO START LATER. 
          UM, WE CURRENTLY START AT FIVE 30. 
          DESIRE TO START LATER. 
          PROBABLY SIX WILL BE THE, UH, PROBABLY THE TIME LOOKS LIKE, AND WE HAVE SOME EXAMPLES FROM A LOT OF CITIES AND IT'S REALLY COOL HOW SOME CITIES, THEIR CITY COUNCIL MEETING LAST 30 TO 45 MINUTES. 
          UH, I, I DON'T KNOW HOW, BUT YOU KNOW, 'CAUSE THEY, THEY ALL GAVE US EXAMPLES, UH, YOU KNOW, HOW OFTEN THEY HAVE MEETINGS, UH, WHETHER IT'S, YOU KNOW, AS, AS PART OF OUR HOME RULE CHARTER, UH, TO HAVE THE ONE MEETING. 
          AND, UH, BUT IT WAS JUST REALLY INTERESTING HOW SOME OF THEM, UH, DIDN'T LAST VERY LONG. 
          THAT'S PRETTY MUCH IT. 
          YEAH. 
          MEETINGS HAVE BEEN STREAMLINED OVER THE YEARS, SO I'VE BEEN IN SOME LONG ONES MYSELF. 
          SO, UH, THANKS FOR THE REPORT. 
          YOU'RE WELCOME, JOEL. 
          APPRECIATE THAT. 
          UM, ITEM FOUR C IS 
          [Recurring Items - C]
FUTURE AGENDA ITEMS. YEAH, WE'VE GOT A VERY, VERY LONG LIST, BUT MOST OF THE ITEMS ON THAT LIST REQUIRE MEETINGS. 
          SO, YOU KNOW, WE'VE GOT, UM, REVISITING THE STRATEGIC PLAN, THE WORKSHOP OPTION, UM, THE BYLAWS REVIEW, UM, UPDATE ON HARRIS STREET PROGRESS. 
          UM, BUT THE LIST GOES ON. 
          BUT IF THERE'S ANYTHING ELSE THAT YOU THINK IS NOT ON OUR RADAR THAT YOU'D LIKE TO SEE ON THERE, ON THAT BYLAWS REVIEW. 
          SORRY, I, IF YOU WERE GONNA SPEAK IT DIDN'T LOOK AROUND ON THE BYLAWS. 
          REVIEW THAT COMMITTEE. 
          WE HAVE ALTERNATES, RIGHT? SO, UH, YES. 
          MM-HMM. 
           ARE WE NOT, WERE WE NOT ABLE TO GET NOBODY'S, UH, SCHEDULE LINED UP WHEN I REACHED OUT, UM, FOR AVAILABILITY? SO I'M GONNA TRY, UH, TRY AGAIN TO SEE IF WE CAN GET IT LINED UP. 
          LEE. 
          NO, I WAS JUST ABOUT TO ASK ABOUT THE HARRIS STREET UPDATE. 
          I WAS HOPING FOR SOMETHING IN YOUR REPORT, BUT I GUESS IT SLIPPED THROUGH OTHER THAN BREAK GROUND. 
          I MEAN, I'M ASSUMING WE HAVEN'T DONE MUCH PROGRESS ON THAT. 
          UH, NO, THEY HAVE NOT STARTED, THEY'VE RUN INTO SOME ISSUES, BUT AS SOON AS WE HEAR ANYTHING DIFFERENT, WE'LL LET YOU KNOW. 
          THANK YOU. 
          IF YOU DO THINK OF ANYTHING ELSE, UH, AFTER OUR MEETING, JUST EMAIL US THOSE AND WE'LL BE GLAD TO ADD 'EM TO THE LIST. 
          UH, ITEM 
          [Recurring Items - D]
FOUR D OR ANNOUNCEMENTS. 
          SO Y'ALL HAVE A HAPPY THANKSGIVING NEXT WEEK. 
          SO THAT'S THE ONLY ANNOUNCEMENT I HAD. 
          ANY OTHERS? ALRIGHT, HAPPY ITEM FIVE. 
          IS ADJOURN HAPPY? DO I? HAPPY THANKSGIVING. 
          . 
          UH, DO I HAVE A MOTION TO ADJOURN? I'LL MAKE A MOTION TO ADJOURN. 
          DO WE HAVE A SECOND? SECOND. 
          ALL THOSE IN FAVOR SAY AYE. 
          AYE. 
          WE'RE ADJOURNED AT 7:45 PM THANK YOU.
* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.