[*This meeting was joined in progress* ]
[00:00:09]
IS YOUR TURN? YEAH, MY LIGHT IS TURNING ON.
I WAS START, I WAS BEGINNING TO FEEL LIKE JOURNEY AT THE RODEO CONCERT
I THOUGHT WE WERE GONNA BE OVER AND DONE.
DO WE HAVE TO START OVER? YOU? YOU'RE GOOD.
I, I'VE TAKEN ALL MINUTES, SO WE SHOULD BE ALRIGHT.
[Business - C]
FOR THOSE OF YOU WHO ARE UNABLE TO HEAR US, WE ARE ON ITEM THREE C, BUSINESS CONSIDERATION AND ACTION ON THE FINANCIALS AND PAYABLES FOR THE CORPORATION FOR THE PERIOD ENDING JANUARY 31ST, 2025.AND IF YOU WEREN'T IMPRESSED BY THE 31% FOR OUR JANUARY REMITTANCES, UM, THESE ARE SALES TAX REVENUES RECEIVED IN MARCH.
WE WERE UP 43% FROM THE SAME PERIOD THE PREVIOUS YEAR.
SO WE'RE AT 38.5% OF THE BUDGET, UM, FOR 33% OF THE YEAR.
IS THERE ANYTHING THAT IN PARTICULAR THAT WE CAN POINT TO FOR THAT INCREASE? IT'S JUST WE CAN'T, WE GET SICK.
I, WELL, I MEAN, UH, IS THERE A REASON FOR THAT INCREASE AND IS IT SUSTAINABLE OVER THE COURSE OF THIS YEAR? UH, SO WE, WE ARE ABLE TO TRACK THAT DOWN.
WE JUST CAN'T SHARE THAT, THAT DATA WHERE IT'S COMING FROM.
BUT I THINK YES, YOU CAN EXPECT IT TO CONTINUE AT NOT AT THIS INCREASE, BUT AT THIS COLLECTION AMOUNT.
I MEAN, I THINK THAT IN GENERAL, YOU KNOW, WE WENT THROUGH SOME ORGANIZATIONAL CHANGES, YOU KNOW, LAST YEAR OR WHEN IT OR SO, AND I THINK WE HAVE SOME REALLY GOOD STABILITY.
UM, WE PUT OUT A POSITIVE MESSAGE.
UH, WE'RE BEING PROACTIVE WITH THE FEW PROGRAMS THAT WE HAVE, AND I THINK, YOU KNOW, IT'S, IT'S, THAT'S DEFINITELY HELPING.
NOT SAYING IT'S THE TOTAL CAUSE, BUT IT CAN'T HURT IF THERE AREN'T ANY FURTHER QUESTIONS.
CAN WE HAVE A MOTION TO APPROVE THE PAYABLES ENDING JANUARY 31ST? I'LL MAKE A MOTION
TO APPROVE THE PAYABLES ENDING IN JANUARY 31ST.
DO WE HAVE A SECOND? I'LL SECOND.
MOTION'S BEEN MADE AND SECONDED TO APPROVE THE FINANCIALS AND THE PAYABLES FOR THE CORPORATION FOR THE PERIOD ENDING JANUARY 31ST, 2025.
AND, UM, YOU KNOW, I THINK THIS IS VERY POSITIVE FOR US AS WE LOOK TO HELP, UH, DEVELOP, UH, FUTURE, CHER'S FUTURE, UH, AND BE A PARTICIPANT WITH THE CITY LEADERS, UH, WITH INFRASTRUCTURE AND OTHER NEEDS.
UH, SO I'M REALLY HAPPY TO SEE THIS.
THERE ARE NO FURTHER COMMENTS.
ALL OPPOSED? THE MOTION CARRIES.
[Business - D]
IS PRESENTATION AND DISCUSSION ON THE PROPOSED RESORT DEVELOPMENT PARTNERSHIP.ANELLE, DID YOU HAVE A, A SUMMARY OR LEAD IN FOR THIS? UM, SURE.
I JUST, UH, WOULD LIKE TO CALL UP MR. ALEX WONG OF PROJECT LONG DEVELOPMENT.
UM, HE WILL PROVIDE A PRESENTATION ON A PROPOSED RESORT DEVELOPMENT.
UM, TONIGHT WE ARE BRINGING THIS PROJECT BEFORE YOU SO THAT YOU CAN GET TO ASK ALL OF YOUR QUESTIONS, UM, FROM THE MAN HIMSELF, UM, AND JUST GET TO BE PART OF, OF, UH, THE PROCESS.
CITY COUNCIL HAS HEARD OF THIS PROJECT, UH, AND THEY HAVE ASKED US TO JUST CONSIDER INVOLVEMENT, UM, IN IT MOVING FORWARD.
SO HE'LL KIND OF OUTLINE WHAT THE PROJECT ENTAILS AND WHAT YOUR INVOLVEMENT WOULD BE.
JUST, I KNOW THAT YOU SENT US AN EMAIL WITH A PRESENTATION THIS AFTERNOON, BUT I DID NOT HAVE A CHANCE TO REVIEW THAT YET.
SO THIS IS THE FIRST TIME I'M SEEING ANY OF THIS INFORMATION.
BUT, UH, ALEX, WE APPRECIATE, UH, YOUR INTEREST IN THE CITY OF RE UM, AND THANK YOU FOR SPENDING SOME TIME WITH US TO SHARE YOUR, UH, VISION AND YOUR IDEAS.
I CAN BE VERY LOUD TO BEGIN WITH, SO I DON'T WANNA LIKE OVERDO IT.
UM, WE'RE VERY EXCITED TO BE HERE THIS EVENING.
UH, UH, I GREW UP HERE IN HOUSTON AND A LEAF.
I REMEMBER DRIVING OUT TO SHORE IN THE EARLY TWO THOUSANDS WHEN WEST PARK WAS A TINY ROAD, UH,
I HAD FRIENDS THAT LIVED OUT HERE.
UH, IT'S BEEN VERY EXCITING TO KIND OF HAVE MY CAREER BE HERE IN HOUSTON AS AN ARCHITECT AND AS A DEVELOPER.
AND WE'RE, UH, SUPER EXCITED TO SHOW WITH YOU GUYS THIS EVENING.
SO, UM, I DON'T SEE THE NEXT LINE, SO I'M JUST, IF YOU JUST
[00:05:01]
ARROW, THERE YOU GO.SO, UH, MY BACKGROUND, I AM AN ARCHITECT BY TRAIN.
I HAVE BEEN AN ARCHITECT FOR 15 YEARS.
UH, AND MY BACKGROUND HAS PREDOMINANTLY BEEN, UH, IN THE MUNICIPAL ARCHITECTURE SPACE.
SO I'VE DONE A LOT OF CITY HALLS, POLICE STATIONS, FIRE STATIONS, AIRPORTS, UM, AND PROBABLY IN THE LAST, I DON'T KNOW, SEVEN TO 10 YEARS OF MY CAREER, WE'VE BEEN DOING A LOT OF RESORT DEVELOPMENT WORK.
UH, AND SO IN THE LAST THREE YEARS, WE'VE STARTED TO TAKE THE ROLE OF BEING LEAD DEVELOPER WITH THESE TYPES OF PROJECTS.
UH, AND WE'VE FORMED A COMPANY CALLED PROJECT DEVELOPMENT THAT SPECIFICALLY LOOKS AT DEVELOPING, UM, MUNICIPAL ASSETS, UM, WITH CITIES AS PARTNERS IN THE DEAL.
UM, CURRENTLY WE HAVE ABOUT $900 MILLION WORTH OF PROJECTS, UH, IN AND AROUND TEXAS, UH, WEST VIRGINIA AND FLORIDA, UH, THAT ARE ACTIVELY IN PROCESS, UH, IN THE SAME TYPE OF PROJECT THAT WE'RE GONNA SHOW YOU GUYS THIS EVENING.
UH, SO WHAT DO WE DO? RIGHT? SO, UH, PROJECT LOAN DEVELOPMENT, UH, ENCOMPASSES, UH, FINANCE DEVELOPMENT, DESIGN BUILD, UH, AND OPERATIONS.
WE DO ALL FIVE, UH, INTERNALLY.
UM, WE ARE, UH, A, A GROUP ASSOCIATED, UH, WITH AN INDEPENDENT OPERATOR, UH, A DEVELOPMENT COMPANY, ARCHITECTURE AND CONSTRUCTION, UM, IN THE AMENITY RESORT SPACE.
SO THINK, UH, GREAT WOLF KALAHARI, CRYSTAL LAGOONS, UM, SWIMMING HOLES TYPE OF KIND OF WORLD.
UH, WE HAVE WORK IN ABOUT 21 STATES RIGHT NOW, AND THIS INCLUDES DEVELOPMENT, OPERATIONS AND FINANCE.
UM, WE OPERATE TWO, UH, OF THE LAGOONS THAT ARE HERE IN THE HOUSTON AREA.
UH, A COUPLE WATER PARKS HERE IN TEXAS.
UH, GROUNDBREAKING FOR ONE OF OUR WATER PARKS, UH, UP IN, UH, NEBRASKA IS HAPPENING NEXT WEEK.
IT'LL BE THE FOURTH LARGEST WATER PARK IN THE UNITED STATES WHEN IT'S OPEN.
THAT IS ALSO A MUNICIPAL, UM, WATERPARK AS WELL.
UM, UH, AND WE ALSO OPERATE THE ONE IN GRAND PRAIRIE, TEXAS, UH, WHICH IS THE FIFTH LARGEST WATERPARK IN THE UNITED STATES TODAY.
UM, SO WE HAVE A LOT OF EXPERIENCE IN THIS BACKGROUND, AND I WANT TO STRESS THAT IT'S EXPERIENCE IN ALL PHASES.
UM, WE HAVE ABOUT EIGHT PROJECTS CURRENTLY IN THE TEXAS REGION.
I DON'T LIKE TO TRAVEL THAT MUCH.
UH, SO WE, WE REALLY LIKE DOING THINGS CLOSE TO HOME.
AND I LIVE RIGHT DOWN WEST PARK TOTALLY.
UM, LIKE I SAID, WE, WE ENCOMPASS A COMPLETE DEVELOPMENT ETHOS, RIGHT? UM, WE ARE NOT JUST A FEE DEVELOPER THAT THEN SUBS EVERYTHING.
WE ARE ONE INTEGRATED COMPANY TOP TO BOTTOM.
UH, IF THIS GOES FORWARD, YOU SEE MY FACE FOR THE NEXT 25 YEARS.
UH, AND I'M YOUNG AND BEAUTIFUL, AND I'LL STAY YOUNG AND BEAUTIFUL.
UM, SO, YOU KNOW, WE, WE LOOK AT ENTERTAINMENT DEVELOPMENT EXCELLENCE, RIGHT? UM, AND, YOU KNOW, WHEN SOMEBODY THINKS OF A WATERPARK OR A RESORT, YOU THINK OF ONE-OFF INDIVIDUALS.
YOU THINK OF SCHLUTER BOND, YOU THINK OF TYPHOON, TEXAS.
IT IS ONE TYPE OF WATERPARK, BUT IT DOES NOT ENCOMPASS A COMPLETE EXPERIENCE FOR A GUEST.
UH, WE LOOK AT ALL ASPECTS OF THIS.
WE WANT TO FIGURE OUT, YOU KNOW, WHAT DRIVES DEMAND, WHERE DOES THAT DEMAND WANT TO GO? AND THEN MORE IMPORTANTLY, HOW DO WE DE-RISK THE PROJECT BY CREATING BROAD STROKE, BROAD DEMAND
UM, YOU KNOW, WE, WE LOOK AT CREATIVE MUNICIPAL FINANCING.
UH, SO WE'RE ALL FAMILIAR WITH BONDS.
UM, IN OUR WORLD, UM, LEASE FINANCING IS VERY POPULAR IN THE MEDICAL AND PRISON KIND OF WORLD.
UH, BUT IT CAN BE DONE, UH, FOR JUST ABOUT ANYTHING.
UM, WE LOOK AT PLANNING AND DESIGN, RIGHT? SO ONE OF THE THINGS, UH, THAT WE THINK OF AS AN ARCHITECT LED DEVELOPER IS THAT CREATIVITY THAT WE BRING TO BUILDINGS, WE BRING TO ALL ASPECTS OF DEVELOPMENT.
YOU KNOW, INCLUDING FINANCING.
AND TO BE VERY CLEAR, THIS IS AN ENRON CREATIVITY
UM, WE HAVE IN-HOUSE CONSTRUCTION OVERSIGHT.
UH, WE'VE BEEN DOING THIS FOR A LONG TIME.
WE DON'T NECESSARILY SUB THIS WORK OUT.
AT THE END OF THE DAY, THE PRODUCT THAT WE BUILD IS THE PRODUCT THAT WE OPERATE.
WE CERTAINLY DON'T WANT TO GIVE THAT UP TO SOMEBODY ELSE AND THEN GET IT BACK, YOU KNOW, IN SOME STATE THAT MAYBE THAT'S NOT EXACTLY HOW WE INTENDED IT TO BE.
WE DON'T GO GET SOMEBODY ELSE.
UH, AND ULTIMATELY IT'S TO CREATE A DESTINATION, A PLACE THAT PEOPLE WANT TO GO TO.
SO WHAT HAVE WE DONE? WE OPERATE OVER A DOZEN HOTELS ACROSS THE COUNTRY.
RAN YOU FROM BOUTIQUE HOTELS ON LONG ISLAND TO, YOU KNOW, FULL OUT FLAG HOTELS, UH, IN INDIANA AND ILLINOIS.
UH, WE'VE WORKED FOR MANY MAJOR FLAGS, ALMOST ALL OF THEM.
UH, WE DO A LOT OF WORK IN THE WATERPARK SPACE.
UM, AND ONE OF THE ONES THAT WE'RE MOST PROUD OF IS, IS THE ONE RIGHT IN THE MIDDLE OF WILD RIVERS.
WILD RIVERS WAS A DERELICT, UM, WATERPARK ABOUT THREE YEARS AGO.
IT WAS UNDERWATER, WAS LOSING MONEY, WAS GOING TO POTENTIALLY GO OUTTA BUSINESS.
WE WERE CALLED IN TO GO FIX THAT SITUATION AND MAKE IT STABLE AND PROFITABLE.
WE DID THAT, UH, IN UNDER TWO YEARS.
UM, YOU KNOW, YOUR, THE EPIC WATERS, UH, WATER PARK IS UP IN GRAND
[00:10:01]
PRAIRIE, TEXAS.UH, JAY'S PEAK VERMONT, IT'S ACTUALLY A REALLY NEAT ONE.
IT'S A WATER PARK THAT'S ASSOCIATED WITH THE SKI RESORT.
UH, SO YOU CAN HIT THE SLOPES, THEN GO SIT IN A LAZY RIVER ALL DAY LONG.
UM, WE ALSO OPERATE SPORTS CENTERS.
UM, AND SO, UH, YOU KNOW, MOST MUNICIPALITIES, YOU KNOW, IF YOU'RE A CITY YOU'RE REALLY GOOD AT POLICE, FIRE, WATER, SEWER, TRASH, THAT'S THEIR JOB, RIGHT? UH, PARKS AND REC IS A GREAT THING.
PARKS AND REC DOES WHAT PARKS AND REC NEEDS TO DO.
MAINTAINS THE FIELDS, GIVES COMMUNITY, FIELDS, PARKS AND REC IS NOT IN THE BUSINESS OF OPERATING A FULL-FLEDGED SPORTS FACILITY.
THAT'S A WHOLE KIND OF DIFFERENT WORLD.
UH, WE OPERATE THEM BOTH PRIVATELY AND PUBLICLY FOR VARIOUS CITIES AND PRIVATE ENTITIES.
UM, THE, THE REAL MONEY IN SPORTS TOURISM IS NOT IN THE COURTS OR THE FIELDS, RIGHT? UH, YOU'LL GO SPEND A MILLION DOLLARS ON A BASEBALL FIELD, UM, AND RENT IT OUT FOR 240 BUCKS A GAME.
THE REAL BENEFIT OF SPORTS TOURISM IS HEADS IN BEDS.
IT'S CAPTURING THAT FAMILY OF 2, 3, 4 FOR FOUR DAYS IN MAKING SURE THAT THEY SPEND EVERY DOLLAR WITH YOU, RIGHT? THAT'S, THAT'S THE REAL KIND OF METHOD BEHIND HOW THESE BECOME PROFITABLE.
SO THE ECONOMICS, RIGHT? SO WHEN WE LOOK AT, AT DIFFERENT CITIES TO DO DEVELOPMENT IN WHAT WE'RE LOOKING FOR, CITIES THAT ARE GROWING, WE'RE LOOKING FOR CITIES THAT HAVE THE RIGHT COMBINATION OF POLITICAL WILL AND ECONOMIC WHEREWITHAL.
UM, DOES THIS NOT COME UP ON YOUR LAPTOP SCREENS? NO, IT DOESN'T.
AND WHAT YOU SENT US EARLIER, I THINK WAS A MORE OF A PROPOSAL.
SO WE DON'T, I THINK WE NEED TO BE SENT THIS AFTER THE MEETING TONIGHT, SIR.
I SEE EVERYBODY'S NECK CRANING SIDEWAYS.
SORRY,
WE'RE, WE'RE LOOKING, UM, LIKE, IS THAT BETTER? SO, SO, YOU KNOW, WHEN WE LOOK AT, AT DIFFERENT CITIES, UM, YOU KNOW, OUR, OUR MODEL REVOLVES AROUND LEASE FINANCE AND BEING THE OPERATOR FOR THE DURATION OF THE PROJECT.
THESE ARE LONG-TERM RELATIONSHIPS.
THIS ISN'T BUILD IT AND LEAVE IT, IT'S YOUR PROBLEM.
YOU KNOW, CALL ME AFTER MY TWO DAY WARRANTY EXPIRES.
UM, AND SO WHEN WE LOOK AT CITIES IN WEST HOUSTON SPECIFICALLY, AND WE LOOK AT, YOU KNOW, WHERE, WHERE'S THE GROWTH? WHERE ARE THERE CITIES THAT, UM, A A AMENITY RICH DESTINATION MAKES A LOT OF SENSE.
YOU KNOW, WE SEE KATIE'S BEING MOSTLY BUILT OUT.
WE SEE OTHER CITIES ALONG I 10 AND WE SEE SHORE.
AND, YOU KNOW, GIVEN OUR EXPERIENCE WORKING OUT HERE AND JUST KIND OF WATCHING THIS GROW MADE A LOT OF SENSE THAT FOR A, FOR A LOCALITY LIKE THIS, UH, IN THE ACREAGE THAT'S AVAILABLE, THIS MAKES A LOT OF SENSE, RIGHT? AND SO, HOW DO WE DO THIS? UH, SO THE FINANCING COMES TO A PUBLIC-PRIVATE PARTNERSHIP.
UH, SO PROJECT LOAN DEVELOPMENT CREATES A SPECIAL PURPOSE ENTITY, AN SPE, UH, FOR EACH PROJECT.
AND SO WE'VE ALREADY GONE AHEAD AND CREATED THE OLD 300 DEVELOPMENT COMPANY.
Y'ALL HAVE AN ABSOLUTELY FANTASTIC LOGO.
THERE'S NO REASON TO GO MESS WITH IT ANYMORE,
SO WE WANTED TO BUILD OFF THIS IDEA OF MAKING AN IDENTITY FOR THE CITY OF FULCHER.
SO WE SHAMELESSLY STOLE YOUR LOGO, UH, AND CREATED ONE FOR OURSELVES AS A DEVELOPMENT COMPANY.
UM, BUT IN THIS PUBLIC PRIVATE PARTNERSHIP, UH, LIKE I SAID, WE, WE DO FINANCE, DEVELOPMENT, DESIGN, BUILD, AND OPERATE.
WE DO ALL THESE THINGS IN-HOUSE IN PARTNERSHIP WITH THE MUNICIPALITIES THAT WE WORK WITH.
AND SO THIS IS, THIS IS KIND OF A BROADER VIEW, UTILIZING A TENANT CREDIT FINANCE MODEL.
WHAT ENDS UP HAPPENING IS THAT THE CITY MAINTAINS BENEFICIAL TITLE AND OWNERSHIP TO BOTH THE LAND AND THE ASSET PROJECT LOAN DEVELOPMENT VIS-A-VIS THE OLD 300 DEVELOPMENT COMPANY TAKES A GROUND LEASE ON THAT LAND.
THE, WE BUILD THE ENTIRE ASSET, THE CITY WILL LEASE IT BACK FROM US, AND THEN IN TOTAL, ALL OF THE FUNDS, UH, FROM THAT ASSET GET FUNNELED BACK THROUGH THE CITY TO MAKE ALL THE LEASE PAYMENTS, UH, AND ULTIMATELY GENERATES REVENUE BACK TO THE CITY.
UM, WHAT'S REALLY IMPORTANT IN ALL OF THIS, AND AS WE KIND OF TALK THROUGH THIS AND, AND, AND THINK ABOUT IT, MOST MUNICIPAL ASSETS ARE ASSUMED TO LOSE MONEY, RIGHT? YOU'RE GONNA BUILD A FITNESS CENTER, YOU'RE GONNA BUILD A COMMUNITY CENTER.
WE'RE GONNA GO SPEND A BUNCH OF BOND MONEY, GO BUILD IT, AND THEN WE'RE GOING TO EAT IT.
ON THE OPERATIONS SIDE, THIS IS HOW EVERY CITY KIND OF THINKS IT'S REALLY IMPORTANT AS WE TALK ABOUT WHAT WE'RE PROPOSING.
IT'S AN AIRPORT, IT'S A PORT, IT'S AN INVESTMENT OVER TIME.
AND IT'S SOMETHING THAT AS WE PUT MONEY BACK INTO IT, IT GENERATES THE STIMULUS BEHIND IT, UH, THAT, THAT ULTIMATELY PUMPS REVENUE BACK INTO THE CITY.
SO WHAT ARE WE BUILDING? IT'S AN ENTERTAINMENT DESTINATION, RIGHT? AND I'LL, THERE'S, THERE'S PRETTY PICTURES TO FOLLOW, I PROMISE.
UM, IT'S AN ENTERTAINMENT DESTINATION THAT'S ANCHORED BY A HOTEL IN A WATERPARK.
AND THIS IS, ISN'T A TYPHOON TEXAS OUTDOOR WATER PARK.
IT'S AN INDOOR WATERPARK, RIGHT? THINK GREAT WOLF KALAHARI, EXCEPT NOT.
HAS ANYBODY HERE BEEN TO A GREAT WOLF WATER KALAHARI? RIGHT? I WAS A SWIMMER MANY POUNDS AGO, UM,
UM, WHEN YOU WALK INTO AN AUDITORIUM OR, OR A WATERPARK, THAT SMELL OF CHLORINE WILL HIT YOU IN THE FACE, SOMETHING
[00:15:01]
AWFUL.UM, LOVE GREAT WOLF IN KALAHARI.
IT'S A VERY DARK, ENCLOSED LAT ATMOSPHERE.
OUR WATER PARKS ARE GLASS, TRANSLUCENT WATER PARKS.
AND I'LL SHOW YOU A PHOTOGRAPH OF ONE HERE IN A SECOND.
UM, THEY'RE LIGHT FILLED RICH SPACES THAT HAVE RETRACTABLE ROOFS AND RETRACTABLE DOORS.
SO THINK OF AN AIRCRAFT HANGAR.
UM, WE ALSO BASE AROUND A HOTEL.
SO WE'RE LOOKING AT A 300, UH, ROOM FULL SERVICE HOTEL.
UM, AND WHAT'S IMPORTANT ABOUT THIS IS THAT THE HOTEL IS GEARED TOWARDS THE WATERPARK DESTINATION.
SO IT'S NOT YOUR STANDARD BUSINESS HOTEL.
THESE ARE HOTELS THAT HAVE BUNK ROOMS THAT ARE FAMILY CATERED, RIGHT? UM, I'VE GOT TWO DAUGHTERS.
I'VE GOT AN 8-YEAR-OLD AND A 6-YEAR-OLD.
THEY'RE MY PERFECT SOUNDING BOARD
SO THE IDEA OF BEING ABLE TO GO AND NOT SLEEP ON A TRUNDLE BED, BUT SLEEP IN A BUNK BED.
IT'S SOMETHING AWESOME TO THEM.
UH, AND IT'S GREAT FOR ME 'CAUSE I DON'T HAVE TO GO BY A SUITE.
IT'S ALSO A TRAVEL SPORTS DESTINATION.
UM, AND SO WITHIN THE TRAVEL SPORTS WORLD, UH, YOU KNOW, EVERYBODY'S FAMILIAR WITH BASEBALL AND SOFTBALL AND FIELD SPORTS, AND CITY OF RE HAS A VERY ROBUST, UH, FIELD SPORT, UM, PROGRAM ALREADY.
WE'RE NOT TRYING TO COMPETE WITH THAT IN ANY WAY, SHAPE OR FORM.
UH, WE'RE PROPOSING A 90,000 SQUARE FOOT INDOOR COURT FACILITY.
IT'S EIGHT BASKETBALL COURTS CONVERTIBLE IN A 16 VOLLEYBALL COURTS.
YOU CAN DO PICKLEBALL, SAL, UH, GYMNASTICS, UH, UH, DANCE COMPETITIONS.
UM, WHAT WHAT DRIVES THIS ENGINE IS TRADITIONALLY TRAVEL, WOMEN'S SPORTS, UM, TRAVEL, WOMEN'S VOLLEYBALL, TRAVEL WOMEN'S, UH, BASKETBALL, UM, IS WHERE THAT ECONOMICS IS AT.
UM, AND IN CONJUNCTION WITH THAT, IT'S A 30,000 SQUARE FOOT, THE TECHNICAL CONFERENCE OF FAMILY ENTERTAINMENT CENTER.
THINK MAIN EVENT, RIGHT? IT'S A GAME ROOM.
UH, WHAT YOU'RE TRYING TO DO, AND I REMEMBER DOING THIS, UH, YOU KNOW, SIBLING IS PLAYING BASKETBALL.
I REALLY DON'T WANNA SIT HERE, WATCH IT, GREAT.
I HAVE SOMETHING ELSE TO DO, RIGHT? AND THAT'S WHAT THIS WHOLE, UH, THING KIND OF REVOLVES AROUND.
IT'S ALSO AN ECONOMIC DESTINATION.
UM, SO WE HAVE ABOUT 12, ACTUALLY.
IT, IT'S 20,000 SQUARE FEET OF INDOOR BALLROOMS AND BEAUTY SPACE.
UH, SO IT'S YOUR STANDARD CONVENTION CENTER CONFERENCE CENTER, RIGHT? YOU GET YOUR TWO BIG ROOMS, BOTTOM ONE TO FOUR, UM, AND THEN AN AMENITY RICH FOOD AND BEVERAGE.
SO ABOUT 24,000 SQUARE FEET OF, UH, FOOD, BEVERAGE RETAIL THAT'S ON A WATERFRONT.
AND AGAIN, I'LL SHOW YOU THE PICTURES HERE IN A SECOND.
SO PART OF THESE THREE THINGS, RIGHT? UM, WHEN WE TALK ABOUT DESTINATIONS AND WHAT MAKES THEM SUCCESSFUL, IT'S ABOUT HAVING A BROAD, UH, RANGE OF DEMAND, RIGHT? WE WANT TO CATER TO THE KIDS, THE ADULTS, THE LOCALS, THE GUESTS, THE TRAVELERS.
WHEN YOU GO AND PUT ONLY A COUPLE OF THOSE THINGS IN THERE, YOU CREATE RISK IN THE PROJECT, RIGHT? SO, I'LL, I'LL, I'LL PICK ON GREAT WOLF FOR A SECOND, PLUS THEIR HEART.
UM, YOU, YOU GO TO GREAT WOLF AND WEBSTER, YOU'RE CREATED BY A GIANT PARKING LOT
THIS IS NOT FOR YOU, THE RESIDENT.
THIS IS FOR MY GUEST, THANK YOU.
UM, YOU KNOW, WHEN YOU ONLY CREATE A HOTEL WITH A CONFERENCE CENTER THAT DOESN'T HAVE A WATER PARK, DOESN'T HAVE A SPORT COMPONENT, YOU REALLY RELY ON CONFERENCING TO, TO BE YOUR BACKBONE.
AND EVERYBODY KNOWS THAT CONFERENCING IS A LOSS LEADER, RIGHT? THEY, THEY DON'T SURVIVE ON THEIR OWN.
UM, YOU CAN LOOK AT FORT BEND COUNTY, BUILT THE EPIC.
THE EPIC IS A, IS A WELL THEM IN SUGARLAND.
THEY BUILT A SMART FINANCIAL CENTER IN THE EPIC, WHICH ARE LOVELY FACILITIES IN THE MIDDLE OF NOWHERE WITH NOTHING AROUND THEM.
AGAIN, A SEA OF PARKING, RIGHT? THERE'S NOTHING THAT GENERATES, UH, DEMAND OR DESTINATION.
THEY'RE, THEY'RE JUST BIG FACILITIES OUT THE MIDDLE OF NOWHERE.
ALL THOSE THINGS ARE NOT WHAT WE'RE DOING.
WHAT WE'RE TRYING TO DO IS CREATE THAT MIXTURE THAT'S GOING, UM, BE OF VALUE TO THOSE IN THE COMMUNITY, UM, TO THOSE THAT ARE TRAVELING HERE THAT ARE GONNA SPEND THEIR TIME AND THEIR MONEY IN THIS COMMUNITY.
SO WHAT DOES THAT LOOK LIKE? SO, UM, THIS IS THE MASTER PLAN.
UH, THIS IS ABOUT 70 ACRES OF LAND, RIGHT? THAT AWAY
SO, UH, THE, THE ROAD ON THE FAR LEFT IS FULL TRACE.
UH, WE'RE RIGHT ACROSS FROM DOWNTOWN.
UH, THERE'S ABOUT A 70 ACRE PARCEL THERE.
SO WHAT WE'RE SHOWING HERE, AND I, I APPRECIATE THAT.
I CAN'T ZOOM IN AND YOU CAN'T ZOOM IN EITHER,
UM, SO TRUST ME ON THIS, UM, WHAT YOU'RE SEEING IS THE WEST PARK TOLLWAY AT THE VERY TOP.
AND WHAT IS REFLECTED HERE IS NOT THE FULL FREEWAY, UH, BUT THE CAT PARK THAT THE CITY IS SO VERY INTERESTED IN HAVING.
UM, WE ARE ALSO INCREDIBLY INTERESTED IN HAVING THAT.
WE WOULD PREFER NOT TO HAVE A FREEWAY GO THROUGH OUR FRONT YARD, BUT, UM, WE'VE DECIDED TO REFLECT THE CAT PARK HERE.
UM, YOU KNOW, EVERYBODY KNOWS THAT THERE'S A FUTURE HEB ON THAT CORNER AT SOME POINT IN TIME.
UM, ON THE SOUTH SIDE OF THE PARCEL, UH, IS BEL AIR BOULEVARD, OR I THINK IT'S BUCHANAN NOW, BUT IT MAYBE BECOME BEL AIR.
UH, THE IDEA TO PULL IT DOWN AND THROUGH THE SITE, UH, TO CONNECT FROM RE TRACE, KIND OF OVER TO THE HEINZ TRACK, YOU KNOW, FURTHER TO THE EAST.
AND SO WE'VE CREATED, IS THIS BIG V-SHAPE, RIGHT? OR IF YOU'RE A LONGHORN, HOOK THEM.
UM, SO THE FIST OF THE PROJECT,
[00:20:01]
THE, THE CENTER OF THE PROJECT IS THE HOTEL.UH, AND SO THIS THOUGHT IS THAT, YOU KNOW, IT'S, IT'S TWO ARMS, UH, OF A PROJECT.
YOU WALK INTO THE HOTEL, UH, IF YOU'RE A, A GUEST STAYING FROM THE WATERPARK, GREAT.
YOUR WATER PARK'S OFF TO THE RIGHT.
YOU GO THAT WAY, UH, THROUGH YOUR FAMILY ENTERTAINMENT CENTER.
UH, IF YOU'RE A GUEST FOR SPORTS, GREAT.
WE CAN, WE CAN SIPHON OFF THOSE, THOSE GROUPS, RIGHT? IF YOU'RE A RESIDENT OF THE CITY OF RE THIS IS ALSO FOR YOU.
YOU CAN COME, YOU PARK IN THE PARKING GARAGE, YOU WALK RIGHT INTO THE WATERPARK.
UM, IF YOU ARE COMING FOR SPORTS, UH, SO TRADITIONALLY TRAVEL, SPORTS, TOURISM, YOU KNOW, YOU'RE, YOU'RE, YOU'RE THE, THE THURSDAY TO SUNDAY CROWD IS KIND OF WHAT YOU'RE GRABBING.
UH, YOUR, YOUR MONDAY TO WEDNESDAY, MONDAY TO THURSDAY.
CROWD IS YOUR LOCAL, IT'S YOUR OPEN GYM.
IT'S YOUR OPEN COURTS, RIGHT? UM, SO THIS IDEA THAT YOU CAN PARK, UH, ON THE WEST SIDE OF THE SITE AND WALK RIGHT INTO THE SPORTS COMPLEX.
UM, THE CENTER, UH, OF OUR DEVELOPMENT IS, IS A WATERING HOLE.
SO THINK, THINK BARTON SPRINGS, UH, BUT LESS SPRINGY AND MORE SHORE RISK.
UM, SO THE IDEA IS TO HAVE THIS OUTDOOR COMPONENT.
AND, UM, YOU KNOW, THERE'S, THERE'S, THERE'S PLENTY OF OTHER OUTDOOR THINGS AROUND HERE.
UM, THIS IDEA OF CREATING A NARRATIVE.
WE'VE DONE A LOT OF WORK FOR DISNEY OVER THE YEARS.
YOU TAKE SOMETHING THAT'S 65% THE TRUTH, YOU ADD 35% MORE, AND IT'S MAGICAL
UH, AND SO THIS IDEA OF KIND OF BUILDING OFF THE OLD 300, BUILDING OFF THIS IDEA OF ORIGINALITY IN TEXAS AND SAYING, LOOK, YOU KNOW, THIS IS, THIS IS THE WATERING HOLE WHERE STEVEN AUM WAS AT, WHAT HAVE YOU.
UM, BUT IT GIVES YOU THAT OUTDOOR DESTINATION PIECE RIGHT IN THE MIDDLE.
UM, THE, THE NORTHERN PART OF THE SITE THAT'S UP AGAINST WEST PARK TOLLWAY.
THIS IS THAT, THAT RETAIL ACTIVATION SPACE.
NOW, I'LL BE VERY CLEAR ABOUT THIS.
THE, THE FOUR PURPLE BOXES THAT YOU CAN KIND OF SEE JUST NORTH OF THE FOUNTAIN, THOSE ARE THE FOUR THAT WE'RE PROPOSING.
THAT'S THE 24,000 SQUARE FEET THAT LOOKS RIGHT OVER, UH, KINDA A WATER FOUNTAIN FEATURE THAT WE'RE GONNA SHOW HERE IN A SECOND.
UH, EVERYTHING ELSE ALONG THE NORTH SIDE, IT'S ABOUT EIGHT TO 10 ACRES UP THERE IS RIGHT NOW, MASTER PLAN IS RETAIL, BUT IT COULD BE ANYTHING, RIGHT? THIS COULD BE, UH, ANOTHER ENTERTAINMENT DESTINATION, UH, I'M SORRY, RESTAURANTS, FOOD BARS.
UM, AND PART OF WHAT WE'RE TRYING TO BE VERY CONSCIOUS OF, WE DON'T WANT THIS DEVELOPMENT TO SUCK THE LIFE OUT OF DOWNTOWN, RIGHT? WE DON'T WANT TO COMPETE WITH DOWNTOWN.
WE WANNA BRING PEOPLE HERE THAT ARE IN OUR LITTLE DISNEYLAND, BUT THAT ALSO CAN GO VISIT DOWNTOWN SHORE AS IT STARTS TO GROW AND KIND OF BECOME SOMETHING.
SO WE'VE, WE'VE SHOWN IT AS RETAIL.
IT, IT COULD BE, YOU KNOW, A CHICKEN AND PICKLE TYPE OF SOMETHING.
IT COULD BE ANOTHER ENTERTAINMENT, SOMETHING YOU COME HERE.
UM, BUT SHOPPING MIGHT HAPPEN SOMEWHERE ELSE.
THIS IS WHAT IT'S REFLECTED AS IN, IN THE MASTER PLAN.
NOW, UM, THERE'S TWO PIPELINES ON THIS PROPERTY, WHICH MAKE IT REALLY KINDA DIFFICULT.
SO MOST OF THE PIPELINE WORK ON, ON THE FAR WHAT IS THE RIGHT SIDE OF THE IMAGE HERE? UH, THAT'S FOR THE PARKING GARAGE, UM, DETENTION, UM, UM, TRANSIT THROUGH THE SITE, RIGHT? UM, THE IDEA IS THE PROJECT'S ALSO PHASED OVER TIME, RIGHT? SO THIS, THIS ISN'T ALL BUILT ON DAY ONE.
SO THE CORE ASSET, THE, THE CORE DAY ONE, AS IT IS CURRENTLY ENVISIONED, THIS IS SUBJECT TO CHANGE AS WE KIND OF WORK THROUGH, UH, THE PROJECT IS TO HAVE THE SPORTS, THE HOTEL, AND THE WATER PARK AS, AS KIND OF THAT CORE WITH THE PARKING GARAGE.
AND WHERE THE, THE FINGER IS KIND OF TILT INWARDS.
SO IT'S A PHASE TWO WELLNESS CENTER, A POTENTIAL SECOND HOTEL, UH, AND AN EXPANSION TO THE WATERPARK, RIGHT? UM, YOU, YOU WANT TO KEEP THE ASSET FRESH.
YOU DON'T WANT IT TO BE THE SAME THING FOR 20 YEARS.
IT CAN'T BE THE SAME THING FOR 20 YEARS, RIGHT? UM, YOU KNOW, EVERY EIGHT TO 10 YEARS IT NEEDS TO HAVE SOMETHING DONE TO IT TO KEEP UP WITH IT SO THAT IT CONTINUES TO BE A DESTINATION.
IT CONTINUES TO BE, BE AN ECONOMIC ENGINE FOR THE CITY FOR GENERATIONS, RIGHT? UM, SO AS AN EXAMPLE OF OUR INDOOR WATER PARKS, THIS IS EPIC WATERS IN GRAND PRAIRIE, TEXAS.
THIS KIND OF GIVES YOU A, A, A FEEL FOR WHAT THE INDOOR OF THE WATER PARK LOOKS LIKE.
UH, WE, WE CONSTRUCT OUR WATER PARKS, UH, OUT OF ALUMINUM.
SO THEY'RE NOT STEEL, THEY DON'T RUST, THEY DON'T CORRODE.
UH, THEY'RE, THEY'RE HIGH STRENGTH ALUMINUM.
UH, ALL OF THE, UH, PANELS ARE, ARE LEXAN GLASS.
THEY'RE HURRICANE RATED, LEXAN GLASS.
THEY'RE, THEY'RE A TYPE OF PLEXI.
UM, SO WHAT'S WHAT'S AWESOME ABOUT THIS IS THAT IT STAYS ABOUT 82 DEGREES YEAR ROUND.
UH, ONE OF THE BUSIEST DAYS IN GRAND PRAIRIE IS THE FIRST SATURDAY AFTER KIDS GET OUT FOR WINTER BREAK.
I HAVEN'T LEFT YET FOR VACATION, BUT I'M STILL HERE.
WHAT DO I DO? LET'S GO TO THE WATER PARK.
UM, WE WERE THERE DECEMBER 21ST OR THEREABOUTS, AND THERE'S PROBABLY 2000 PEOPLE INSIDE THE WATER PARK, UH, WHICH IS ABSOLUTELY AWESOME.
IT'S, IT'S A REALLY COOL PLACE TO BE.
UH, SO, UH, ACTUALLY IN THE WINTERTIME, WE'LL CRACK THE ROOF OPEN A LITTLE BIT, AND IT LETS THE, THE AIR AND THE CHEMICALS GO OUT.
IT ALWAYS SMELLS A VERY FRESH INSIDE.
SO AGAIN, THAT, THAT KIND OF, YOU KNOW, I'M IN A SUPER OVERLY STERILE, DARK ENVIRONMENT.
THAT'S NOT THE TYPE OF FACILITY THAT WE EVER DESIGN AROUND.
[00:25:01]
WE'VE ACTUALLY STARTED WORKING ON THE WATERPARK, UH, AS WE GO THROUGH.UM, SO AS WE PLAN THIS, YOU KNOW, PART OF THE THING WE PLAN FOR IS WHAT ARE THE ACTIVATIONS OF THE WATERPARK, RIGHT? UM, AND I GO BACK TO, YOU KNOW, WHAT AN OUTDOOR WATERPARK IS LIKE, AND WHAT AN INDOOR ONE IS.
IT'S ABOUT THE ABILITY TO STAY INSIDE.
IT'S ABOUT CATERING TO DIFFERENT GROUPS, HAVING A KIDS' AREA, HAVING A SURF MACHINE, HAVING A LAZY RIVER, HAVING SLIDES THAT GO OVER THE LAZY RIVER.
SO IT'S KIND OF THIS LIKE SHOOTS AND LADDERS.
IT'S ALSO ABOUT HAVING VISUAL CONTROL FOR PARENTS.
I, I WANNA BE ABLE TO SEE MY KID FROM EVERYWHERE AND NOT HAVE TO FOLLOW THEM.
UH, AND SO, YOU KNOW, WE PUT A GREAT DEAL OF THOUGHT INTO SIGHT LINES AND VIEW LINES AND SAFETY AND SECURITY AS WE GO THROUGH OUR DESIGNS.
UH, AND SO, YOU KNOW, WHERE, WHERE, UH, SOME MASTER PLANS JUST HAVE A BIG OLD BOX.
AND THAT'S, THAT'S WHERE THE WATERPARK IS.
WE ACTUALLY GO FAIRLY FAR INTO OUR WATERPARK DESIGNS, EVEN AT THE MASTER PLAN STAGE.
'CAUSE IT'S SO VERY IMPORTANT TO US.
UM, OUR, OUR WATERPARK DESIGNER, UH, JUST SO HAPPENS TO BE THE SAME GUYS THAT DESIGNED WATERPARKS FOR DISNEY FOR THE LAST 30 YEARS, RIGHT? SO THIS ISN'T, UH, MY COUSIN
UH, WE LOOK AT THE SPORTS SIDE OF THE HOUSE, UM, NOT NEARLY AS SEXY, BUT DOES A LOT OF THINGS FOR US.
UH, SO HAVING EIGHT BASKETBALL COURTS KIND OF LINED UP IN A LONG STRETCH, UH, GIVES US THE ABILITY, YOU KNOW, TO HAVE AT MAXIMUM 16 VOLLEYBALL TEAMS, OR EXCUSE ME, 16 VOLLEYBALL GAME TOURNAMENTS.
YOU, YOU KIND OF SEE HOW THE MATH GOES HERE, RIGHT? UM, BUT IT ALSO GIVES US THE ABILITY TO CUT THE SPACE UP.
WE CAN CUT THE SPACE UP TO DO CONVENTION.
WE CAN COVER THE FLOOR AND, AND DO A CONFERENCE SPACE.
IT BECOMES A VERY VERSATILE SPACE FOR THE CITY.
UM, YOU KNOW, IN TERMS OF DEVELOPMENT, IN TERMS OF TRACKING OTHER BUSINESSES AND HAVING THAT VERY FLEXIBLE SPACE.
SO I REALIZE, I, I THINK I'M PRESENTING FROM A PDF, RIGHT? YOU ARE.
OKAY? SO UNFORTUNATELY YOU CAN'T SEE THIS.
UH, WE'VE ALL BEEN TO THE BELLAGIO ARE FAMILIAR WITH IT.
I'VE SEEN OCEANS 11
UH, SO UP IN GRAND PRAIRIE, UM, THERE'S A 19 NOZZLE FOUNTAIN SHELL.
IT SITS OUT IN FRONT OF THE LAKE, IN FRONT OF THE WATERPARK.
AND ACTUALLY, YOU CAN KIND OF MAKE OUT THE WATERPARK BEHIND IT.
IT'S THE BIG, IT'S THE BIG BUILDING BEHIND US.
UM, EVERY NIGHT WE DO WATER SHOWS OUT THERE, AND THIS BECOMES THE DRAW.
AND WHERE YOU'RE STANDING IN THIS IMAGE IS ACTUALLY WHERE THE RETAIL COMPONENT IS.
YOU'RE SITTING THERE, YOU'RE ENJOYING YOUR DRINKS, YOU'RE ENJOYING YOUR DINNERS, AND THERE'S THIS KIND OF FOUNTAIN SHOW THAT'S HAPPENING OUT FRONT.
IT'S, IT'S A POOR MAN'S BELLAGIO, BUT IT DOES A LOT OF COOL THINGS.
WE CAN, WE CAN PROJECT IMAGES ONTO IT.
UM, THEY DO DIFFERENT THEME LIGHT SHOWS THROUGHOUT THE YEAR, JULY 4TH HALLOWEEN.
UM, YOU KNOW, THE, THE, THE NOZZLE COMPONENT GIVES US A CANVAS.
AND WE CAN GO DO ALL KINDS OF THINGS ON THAT CANVAS THAT, AGAIN, KEEP IT FRESH, KEEP PEOPLE COMING BACK, KEEP THEM VERY ENGAGED IN THE PROJECT.
SO WHAT IS ALL THIS GONNA COST? SO WE ARE IN THE VERY EARLY STAGES OF PUTTING THE PROJECT TOGETHER.
AND, AND PART OF, AND I THINK A**L HAD TALKED ABOUT THIS EARLIER.
YOU, YOU KNOW, THERE'S, THERE'S KIND OF TWO WORLDS OF THOUGHT ON HOW YOU PRESENT SOMETHING THIS BIG.
GO COOK THE CAKE ALL THE WAY AND PRESENT IT AS A FINISHED PRODUCT.
DO YOU WANT IT OR NOT? AND THEN IT BECOMES AN ARM WRESTLING MATCH.
OR TALK ABOUT IT IN ITS INFANCY.
AND MAKE SURE YOU HAVE COALITION.
MAKE SURE YOU HAVE COMMUNITY SUPPORT.
MAKE SURE YOU'RE ACTIVELY ENGAGING FOLKS IN THE DESIGN OVER TIME SO THAT WE CAN ANSWER QUESTIONS, WE CAN EDUCATE, WE CAN MAKE, UH, CHANGES AS NEEDED.
SO I WANNA BE VERY CLEAR, VERY HIGH LEVEL AT THE MASTER PLANNING STAGE.
UM, TOTAL EXPENSE RIGHT NOW IS ABOUT THREE $70 MILLION.
UM, UH, THIS DOES NOT YET INCLUDE, UH, OR DOES NOT YET CONSIDER ANY KIND OF REBATE, SUBSIDIES, INCENTIVES.
THIS IS JUST THE STRAIGHT, BIG NUMBER, BECAUSE THAT'S THE ONE WE WANNA TALK ABOUT, RIGHT? THAT'S THE ONE THAT IF NOTHING ELSE HAPPENS, THAT'S WHAT, YOU KNOW, IT ENDS UP COSTING ALSO THE VISITOR NUMBER, RIGHT? AND SO, AGAIN, YOU CAN GO BACK AND FORTH TO, AS WE THINK ABOUT THIS, UM, WE WANT TO BE VERY TRANSPARENT, RIGHT? THESE TYPES OF PROJECTS SUCCEED ON TRANSPARENCY AND HONESTY.
SO WHEN WE TALK ABOUT VISITORS, WE LOOK AT THE FOUR MAJOR COMPONENTS AS INDIVIDUAL REVENUE CENTERS.
SO EACH ONE OF THESE NUMBERS REPRESENTS HOW MANY FOLKS WE THINK ARE GOING IN AND OUTTA THE SWIMMING HOLE, IN AND OUTTA INDOOR SPORTS, IN AND OUTTA FAMILY ENTERTAINMENT.
YOU CAN THINK OF THEM AS AGGREGATE THAT THERE'S A MILLION VISITORS HERE.
AND THAT MIGHT SCARE A FEW FOLKS.
YOU CAN THINK OF IT AS, OKAY, WELL MAYBE WE ONLY HAVE 230,000 VISITORS, BUT THEY DO EACH THING FOUR TIMES, RIGHT? SO WE DON'T NECESSARILY KNOW YET WHAT THE BIG NUMBER IS.
WE DO KNOW WHAT THE GATE NUMBERS ARE FOR EACH ONE, RIGHT? UM, I THINK IT'S ALSO VERY IMPORTANT TO, TO PUT IN CONTEXT WHAT VISITOR NUMBERS ARE.
SO HOW WE ALL BEEN TO LACENT TERRA, RIGHT? LAER DOES 8 MILLION
[00:30:01]
VISITORS A YEAR, JUST TO PUT THAT IN PERSPECTIVE, RIGHT? THAT'S WHAT 8 MILLION VISITORS LOOKS LIKE.LAER, YOU DRIVE THERE TODAY, IT'S, IT'S NOT A CRUSHING NUMBER, RIGHT? UNLESS YOU HAPPEN TO LIVE BEHIND IT.
BUT YEAH, AS, AS YOU TALK ABOUT HOW BIG SOMETHING IS, RIGHT? HAVING BETWEEN HALF A MILLION AND A MILLION VISITORS, UH, YOU KNOW, IT'S, IT'S A FRACTIONAL PERCENTAGE OF WHAT THE TOLL ROAD DOES, RIGHT? JUST TO PUT THAT IN PERSPECTIVE.
SO WHAT DOES IT RETURN? AND AGAIN, I WILL PREFACE THIS AS THIS IS, UH, HIGH LEVEL MASTER PLANNING.
THIS IS OUR OWN IN-HOUSE ECONOMIC ANALYSIS.
UM, BUT WE LOOK AT THE CITY'S HOT TAX, WE LOOK AT THE CITY'S SALES TAX, LOOK AT THE EDC HALF CENT FOR EACH ONE.
UH, IT'S ABOUT $135 MILLION IN DIRECT REVENUE BACK TO THE CITY.
AND I THINK THIS IS A VERY IMPORTANT POINT, RIGHT? UM, AS WE TALK ABOUT IT BEING A CITY OWNED FACILITY, THAT THE CITY OWNS BE TITLE TO THE LAND OF THE ASSET, WE ARE ASSUMING THAT THE, THAT THE PROPERTY IS TAX FREE, CITY OWNED ASSETS, TAX FREE ASSET ON THE AVALOR SIDE.
SO WHAT WE'RE LOOKING AT IS THE CITY'S PORTION OF THE REVENUE SHARE MONEY.
THAT IS A CHECK CUT BACK TO THE CITY EVERY YEAR.
AND WE'RE LOOKING AT THE SALES TAX IMPACT RIGHT NOW.
THIS DOESN'T YET INCLUDE THE INDIRECT, WE'RE JUST LOOKING AT US.
SO THERE IS SPILLOVER, UH, BUT IT'S ABOUT $44 MILLION IN HOT TAX BACK TO THE CITY OF SHORE, 23 MILLION IN SALES TAX, AND THEN 11 AND A HALF MILLION TO EACH EVCA AND EVCB OVER 25 YEARS.
UM, WHEN WE TALK ABOUT SPILLOVER FOR A HOT SECOND, RIGHT? UM, THERE'S ABOUT 109,000 ROOM NIGHTS, 300 ROOMS TIMES 365.
THE WATERPARK BY ITSELF WILL FILL THAT HOTEL.
THE WATERPARK DRIVES EVERYTHING.
WHEN WE LOOK AT THE SPORTS SIDE, THE SPORTS SIDE WILL GENERATE ABOUT AS MANY ROOM NIGHTS, OR WE'RE NOT GONNA GO BUILD A 600 ROOM HOTEL IF THAT'S INSANE, RIGHT? UM, AND SO WE TALK ABOUT SPILLOVER.
THE ANTICIPATION IS THAT AS THE PROJECT RAMPS UP, AS THE PROJECT IS SPILLING ROOM NIGHTS INTO ADJACENT HOTELS, THIS IS SPURRING ECONOMIC DEVELOPMENT AROUND US AS WELL.
AND AS I UNDERSTAND, THERE'S NOBODY THAT PAYS THE HOT TAX TODAY, RIGHT? YEAH.
UM, SO THE IDEA IS THAT THAT NOT ONLY, YOU KNOW, ARE WE GENERATING DIRECT HOT TAX TO THE CITY, THAT WE'RE LEAVING ENOUGH CAPACITY OUT THERE, THAT IT COULD POTENTIALLY SPUR ADDITIONAL HOTEL DEVELOPMENT AROUND US, RIGHT? HIGH TIDE RISES ALL BOATS.
UM, SO, UM, YOU KNOW, WHERE ARE WE NOW? UH, WE, WE DO OUR OWN INTERNAL DEMAND STUDIES.
UM, I THINK IT'S VERY IMPORTANT, UH, THAT YOU DON'T TAKE MY WORK FOR IT.
AGAIN, GOING BACK TO BEING TRANSPARENT AND MAKING SURE THAT WE'RE ALL ON THE SAME PAGE.
UM, WE DO OUR OWN ESRI REPORTS.
WE DO OUR OWN PLACE, OUR AI REPORTS LOOKING AT, YOU KNOW, HERE IS THE TARGET DEMOGRAPHIC, HERE'S THAT DEMOGRAPHIC OVERLAID INTO SHORE.
AND THEN WITHIN THREE HOURS OF A DRIVE, WE CAN FEEL FAIRLY CONFIDENT THAT WE HAVE, YOU KNOW, 8 MILLION PEOPLE IN OUR AREA THAT WE CAN DRAW FROM TO MAKE THIS SUCCESSFUL.
WE ALWAYS ADVOCATE FOR THE CITY TO GO PURCHASE THEIR OWN REPORT, GET A THIRD PARTY STUDY, MAKE SURE THAT YOU ARE BENCHMARKING YOUR NUMBERS AGAINST MINE.
UM, WE'VE ADVANCED, UH, UH, OUR NEXT STEP IS TO ADVANCE THE MASTER PLAN AND ACTUALLY GET ARCHITECTURAL DRAWINGS OUT THERE SO WE CAN GET GOOD COST ESTIMATES ON IT, RIGHT? IT'S ONE THING TO GO FROM BLOCKS OF COLOR ON A SHEET, IT'S A WHOLE DIFFERENT DISCUSSION.
AND ACTUALLY GET SQUARE FOOTAGES AND AREAS AND ACTUALLY WORK THROUGH THAT.
UM, AND THEN REALLY WORKING OUT THE FULL REVENUE AND FINANCIAL MODEL, WHICH WE'VE ACTUALLY ALREADY DONE, UM, AS OF THIS MORNING
UM, SO WE, WE'VE WORKED FOR OUR FINANCIAL MODEL, UM, AND IT HAS BEEN PROVIDED TO THE CITY, UH, FOR THEIR REVIEW.
UM, PART OF THE ASK THIS EVENING, UH, AND PART OF WHAT I THINK ANELLE HAD SHARED AND KIND OF WHERE WE'RE HEADING WITH THIS IS THAT IN THE OTHER CITIES THAT WE WORK WITH, UM, WHERE THE EDC IS A POWERFUL FORCE, UH, WE ASK THAT THE EDC HELP SUPPORT THE PROJECT, UM, AND HELP PAY, UH, FOR SOME OF THE PRELIMINARY STUDY AND ENGINEERING TO HELP DE-RISK THE PROJECT.
SO AS AN ARCHITECT LED DEVELOPMENT, WE CAN PUT THE ARCHITECTURE IN ALL DAY LONG.
UM, YOU KNOW, OUR, OUR ARC FEES, UH, GET WAIVED IN ALL OF THIS UPFRONT.
WE'RE ABOUT $200,000 IN ON THE PROJECT TO DATE, UH, KIND OF ADVANCING INTO THIS STAGE, WORKING THROUGH, UH, THE DESIGN FOR THE WATER AND HAUL, WORKING THROUGH THE DESIGN FOR THE WATERPARK.
UM, AND SO, YOU KNOW, PART OF THE ASK IS, IS FOR THE CITY VDDC TO LOOK AT AN INDEPENDENT DEMAND STUDY, UH, AN INDEPENDENT APPRAISAL FOR THE LAND PURCHASE.
WE HAVE THE LIST PRICE, BUT IT OUGHT TO BE APPRAISED.
MAKE SURE WE'RE ON THE SAME PAGE.
AND THEN LOOKING AT DE-RISKING THE, THE PHASE ONE ENVIRONMENTAL AND THE WETLANDS.
WE KNOW THERE'S A WETLAND OUT THERE, WE JUST DON'T KNOW HOW BIG IT IS.
UM, AND WHETHER OR NOT IT'S OFFICIALLY REGISTERED, UH, WITH THE ARMY CORPS OF ENGINEERS, IF IT'S NOT
[00:35:01]
HOORAY, IF IT IS HOORAY, UH, WE'LL FIGURE IT OUT.UM, AND THEN GETTING YOUR OWN ECONOMIC IMPACT ANALYSIS.
I WANNA BE VERY CLEAR ABOUT THIS.
FOR, FOR ANY MONEY THAT THE EDC SPENDS IN SUPPORT OF THE PROJECT, WHEN WE GET TO FINANCIAL CLOSE, WE REFUND THE EDC ALL MONEY SPENT, RIGHT? MAKE SURE WE'RE ON THE SAME PAGE ABOUT THAT.
SO, IN ALL THE PROJECTS THAT WE DO, IF THE EDC IS OUT MONEY IN TERMS OF ALL THE INITIAL, UH, CONCEPT DESIGN ENGINEERING STUDIES, WHEN WE GET TO A FINAL AGREEMENT WITH THE CITY, WE WILL REFUND ALL THE MONEY THE EDC SPENT.
AND PART OF THIS IS WANTING TO BE A GOOD NEIGHBOR.
WE DON'T WANT TO SUCK ALL THE MONEY OUTTA THE EDC THAT THEN PROHIBITS THE EDC FROM BEING ABLE TO SPEND THAT MONEY ON OTHER PROGRAMS THAT ARE EITHER CURRENTLY HAPPENING OR SUPPORTING OTHER BUSINESSES.
WE DON'T WANNA BE THE ONLY GUYS IN TOWN, RIGHT? THAT THAT DOESN'T MAKE FOR GOOD NEIGHBORS, ESPECIALLY IF YOU'RE GONNA BE HERE FOR 25 YEARS.
UM, AND IN THE BIG SCHEME OF THINGS, THE AMOUNT OF MONEY THAT EDC SPENDS UP FRONT TO HELP ASSIST THIS, IT'S NOT A HUGE NUMBER TO THE OVERALL PROJECT, BUT IT HELPS DE-RISK IT AT THE VERY BEGINNING, RIGHT? UM, AND SO WE WILL REFUND EVERY PENNY, UM, WHETHER IT BE THE EDC OR THE CITY.
EITHER WAY, THE MONEY GETS REFUNDED.
SO, UM, IN A PERFECT WORLD, YOU KNOW, WHERE THIS HAPPENS BEFORE SEPTEMBER 30TH, UH, IT ACTUALLY DOESN'T COME OUTTA YOUR BUDGET
UM, SO IT'S A VERY IMPORTANT POINT THAT I WANNA MAKE AS WE START TALKING ABOUT WHAT THE ASK IS HERE.
UM, SO IN GENERAL, WHAT WHAT WE HAVE TRIED TO DO IS, YOU KNOW, WE PUT IN ALL OF OUR ARCHITECTURAL, ALL OF, UH, THE DESIGN, THE, UH, FINANCING, THE DEVELOPMENT, UM, THE, UM, MARKETING, BRANDING, NARRATIVE WORK.
UM, AND THEN THE PARTNERSHIP COMES IN AND SPENDING SOME MONEY ON THE INITIAL ENGINEERING.
'CAUSE THOSE GUYS DON'T LIKE WORKING FOR FREE, UNFORTUNATELY.
UM, AND SOME OF THE EARLY FINANCIAL MODELS.
UM, AND SO I THINK, I THINK THAT'S IT.
SO THAT'S A LOT TO GO THROUGH.
I'M GONNA TAKE A HOT SECOND AND I THOUGHT I HAD A WATER BOTTLE.
I'LL, I'LL PAUSE FOR QUESTIONS.
THANK YOU FOR, UH, THE PRESENTATION.
UM, I HAD A JUST MAYBE A COUPLE OF QUESTIONS.
IT WAS A LOT TO GO THROUGH AND I WAS TRYING TO CATCH UP.
SO CAN YOU JUST MAYBE PUT IN LAYMAN'S TERMS, YOU KNOW, WHO'S, WHO'S MAYBE, WHO ARE YOU THINKING ABOUT DOING? WHAT IS THE, THE CITY SLASH THE EDCS? WHAT'S BEING ASKED OF THEM IN GENERAL? NOT SPECIFIC NUMBERS OR ANYTHING, AND THEN WHO'S LEASING WHAT FROM WHO? AND IS THE BENEFIT TO US A CITY FACILITY? OR IS IT JUST TO TRY TO LAUNCH A PROJECT? YES,
SO, SO I'LL, I'LL ANSWER THE LAST QUESTION FIRST.
I THINK IT'S, IT'S THE MORE OVERARCHING NARRATIVE.
HAS ANYBODY HERE EVER BEEN TO, UH, HYATT HILL COUNTRY OR HYATT LOST PINES? YES.
YOU DRIVE DOWN A THREE MILE ROAD, NOBODY FROM THE CITY OF BASTROP GOES THERE.
THAT'S NOT FOR THEM, RIGHT? UM, I, I'VE ALREADY USED THE EXAMPLE OF, OF KALAHARI AND GRAY WOLF.
YOU CAN'T BUY A DAY PASS THERE, RIGHT? OR YOU COULDN'T BEFORE.
I THINK THEY DO ALLOW IT TO HAVE BID.
NOW, THE INTRINSIC VALUE PROPOSITION HERE IS THAT WE BELIEVE WE CAN BUILD A RESORT THAT CHECKS BOTH BOXES.
THAT IS A VALUE ADD TO THE CITIZENRY PAID FOR BY TOURISM, RIGHT? YOU GET THE BENEFIT.
YOU, THE RESIDENT GETS THE BENEFIT OF HAVING AN AMAZING WATER PARK AS A CITY AMENITY.
THERE IS A COST TO THAT, BUT YOU HAVE IT, IT'S YOURS.
UM, IN A WAY THAT, THAT NO OTHER PRIVATE VENTURE WOULD EVER CONSIDER GIVING S WHAT? WHY WOULD YOU, WHAT? WHAT'S OURS? YOU SAID IT'S YOURS.
WHAT? WHAT ARE YOU SAYING YOU ACCESS TO IT? THE LAND, THE BUILDINGS, THE WATER PARK, FLOOD, EVERYTHING.
AT THE END OF THE DAY, EVERYTHING BELONGS TO THE CITY.
EVERYTHING IS OWNED BY THE CITY.
DOES THAT ALSO MEAN THAT THE CITY GETS TO DICTATE, UM, HOW IT'S USED? THE PARKING THE DAY PASSES? IT ALL BOILS DOWN TO REVENUE, RIGHT? SO THE ANSWER IS YES, PROVIDE A BIT OF PAYS FOR ITSELF, RIGHT? SO HERE'S A GREAT EXAMPLE.
IN THE CITY OF GRAND PRAIRIE, UM, WATERPARK PASSES IS $52, $42.
IF YOU'RE A RESIDENT, IT'S 22, RIGHT? UH, THAT DELTA, THAT SUBSIDIZATION HAS TO PAY FOR ITSELF SOMEHOW.
'CAUSE WE'RE NOT USING AD VALOREM TAX REVENUE TO SUPPORT THIS PROJECT.
THE REVENUES FROM THE PROJECT PAY THE DEBT AND THE OPERATIONS OF THE PROJECT, RIGHT? SO THERE, THERE IS NO CITY FUNDING
[00:40:01]
FOR OPERATIONS.THERE IS NO, YOU KNOW, EVERY YEAR WE GOTTA GO BUY CHLORINE.
UH, THAT IT'S OUR JOB AS THE OPERATOR.
AND TO BE VERY CLEAR, AS THE DEVELOPER OPERATOR, WE DON'T MAKE MONEY ON THE FINANCING.
I DON'T MAKE MONEY LOANING YOU MONEY, RIGHT? WE MAKE MONEY ON THE OPERATIONS OF THE PROJECT, RIGHT? SO IF THERE'S NO REVENUE IN THE PROJECT, WE DON'T MAKE ANYTHING.
THERE'S NO REASON FOR US TO BE HERE, RIGHT? THAT IS, THAT IS THE IMPETUS OF THE ECONOMICS.
SO IT'S GOTTA OPERATE AT A PROFIT.
IT'S GOTTA OPERATE AT ENOUGH OF A PROFIT TO MAKE IT WORTHWHILE FOR EVERYBODY INVOLVED.
SO TO THE EXTENT THAT YES, THE CITY HAS CONTROL, YOU CAN SAY ABSOLUTELY WHATEVER YOU WANT TO SAY ABOUT IT.
IF THE CITY SAID IT'S FREE FOR EVERYBODY, GREAT.
NOW WE'VE GOTTA GO PAY A LEASE PAYMENT.
WHERE IS THAT MONEY COMING FROM? RIGHT? SO THE DISCUSSION ABOUT OPERATIONAL CONTROL ULTIMATELY BOILS DOWN TO WHAT PAYS FOR ITSELF.
I, I'M SORRY, MR. AL, I GUESS I CHANGED THE NAME PLACE OUT EACH TIME.
UM, FOR HOT SEGMENTS, I GUESS THAT'S DEBORAH, UM,
SO MAKE SURE I ANSWER YOUR QUESTION FULLY BEFORE YOU JUMP IN.
I'M NOT DEBORAH
SO NOW I'M GETTING GASLIT
'CAUSE THE HEAD AND YOU, YOU DON'T FORGET ABOUT IT.
UM, THE, THE QUESTION ABOUT WHO OWNS IT.
SO CITY ULTIMATELY OWNS EVERYTHING, RIGHT? WE, AND THIS IS WHAT THIS GRAPHIC IS ABOUT.
WE TAKE A GROUND LEASE, WE GROUND LEASE, THE LAND CITY OWNS THE LAND.
THE GROUND LEASE GIVES US RIGHTS TO BUILD AND RIGHTS TO THE APPRECIATION OF THE LAND VALUE, RIGHT? EVENTUALLY, THE LAND APPRECIATES THE VALUE.
WE HAVE TO HAVE THAT APPRECIATION VALUE, UH, IN ORDER TO WRITE THE LEASE BACK.
SO WE BUILD THE ASSET, THE CITY'S GONNA LEASE THAT ASSET BACK FROM US FOR 25 YEARS WITH A WHOLE BUNCH OF RENEWALS BEHIND IT.
THAT'S HOW THE MONEY FLOWS, AND THAT'S WHAT MAINTAINS ITS TAX EXEMPT STATUS.
UH, THE TAX EXEMPT STATUS IS WHAT ULTIMATELY MAKES THIS WORK, UH, FOR EVERYBODY.
UM, WE OPERATE THE FACILITY AND WE REMIT ALL THE REVENUES BACK TO THE CITY, RIGHT? AND SO THE CITY TAKES THEIR SHARE, WE GET OUR SHARE.
THERE'S, THERE'S A WHOLE OTHER PRESENTATION ABOUT THIS THAT COUNCIL SAW, UM, THAT TALKS ABOUT SETTING MONEY ASIDE FOR A LEASE RESERVE SETTING MONEY ASIDE FOR A CAPITAL RESERVE.
UM, AS AN ASIDE, GRAND PRAIRIE WE'RE ABOUT WE TO UNDERTAKE A $40 MILLION EXPANSION OF THAT PROJECT SIX YEARS AFTER IT OPENED.
THAT $40 MILLION EXPANSION IS PAID FOR OUT OF THE PROFITS OF THE WATER PARK CITY RESIDENTS DO NOT HAVE TO PAY FOR THE EXPANSION OF GRAND PRAIRIE CAME OUT OF THE OPERATING REVENUE, RIGHT? UM, GRAND PRAIRIE, I WANT TO SAY, UH, COULD MAKE UP TO $8 MILLION IN REVENUE.
BUT BECAUSE OF THE SUBSIDIES, IT MAKES ABOUT $3 MILLION IN REVENUE.
THAT IS A $3 MILLION CHECK THAT UNDERWRITES THE ENTIRE PARK'S RIGHT.
DEPARTMENT FOR THE ENTIRE CITY OF GRAND PRAIRIE.
THAT YOUR CLOSEST FACILITY? YES, MA'AM.
WELL, WELL IT'S CLOSEST INDOOR, OUR WATERPARK.
WE ALSO OPERATE THE LAGOONS OUT IN TEXAS CITY AND AN ANGEL, UH, OUT IN DAYTON, TEXAS.
BUT YES, IT WOULD INVITE EVERY ONE OF YOU TO COME TO DAYTON
UH, UM, THE MAYOR AND THE FORMER CITY MANAGER THAT WENT THROUGH THE CONSTRUCTION PROCESS ARE HUGE ADVOCATES FOR US.
THEY WILL SIT DOWN WITH JUST ABOUT ANYBODY AND TALK TO YOU ABOUT HOW WE OPERATE IT, HOW THE CITY FEELS ABOUT IT, HOW THE CITY TOOK A RISK TO GO BUILD THIS WATER PARK IN THE FIRST PLACE.
NOW, GRANTED, BACK THEN THEY USED PARK AND TRANSPORTATION FUNDS.
THEY DIDN'T USE THIS EXACT METHODOLOGY.
UM, BUT THAT ASSET HAS GENERATED REFERENCE FOR THE CITY FOR EIGHT YEARS.
AND GOING, YOU SAID THAT WAS THE CITY OF DAYTON? UH, SORRY.
IT'S IT'S GRAND PRAIRIE, TEXAS GRAND PRAIRIE.
SO IS YES, MA'AM IS THE ONE IN GRAND PRAIRIE, OR, I MEAN, I'VE BEEN TO SOME OF THEM THAT YOU MENTIONED, BUT, UM, ARE THEY SIMILAR IN WHAT THEY HAVE, UH, THE ONE IN GRAND PRAIRIE TO WHAT YOU'RE PROPOSING HERE? IT'S A SIMILAR BUILDING.
OUR BUILDING WILL BE A LITTLE WIDER, UH, TO GRAND PRAIRIE.
WELL, NO, I MEANT THE NUMBER, LIKE, LIKE THE COURTS AND THE HOTELS AND THE WATER PARKS AND ALL OF THE DIFFERENT THINGS.
SO GRAND PRAIRIE, UH, DIDN'T DO AN INDOOR SPORT COMPONENT.
SO A ACROSS THE ENTRYWAY TO THE, TO THE BUILDING, THEY HAVE A 120,000 SQUARE FOOT COMMUNITY CENTER THAT THEY BUILT INSTEAD OF, UH, JUST BASKETBALL COURTS.
AND THAT COMMUNITY CENTER HAS A BLACK BOX THEATER, RECORDING STUDIO, PODCAST STUDIO, COOKING CLASSES, KITCHEN CLASSES, THINGS THAT A MODERN COMMUNITY CENTER HAS.
IT'S, IT'S NOT OUR GRANDPARENTS LIKE LET'S GO PLAY BRIDGE, RIGHT? IT'S A MUCH MORE AMENITY RICH COMMUNITY CENTER.
UH, THAT'S WHAT THEY CHOSE TO BUILD INSTEAD.
AND WE, WE OPERATE PART OF IT IN PARTNERSHIP WITH THE CITY AND ABOUT BREAKS.
EVEN AGAIN, MOST EVERY REC CENTER IN THE STATE IS GONNA BE AN OPERATIONAL LOSS.
THE FACT THAT IT BREAKS EVEN IS HUGE.
RIGHT? IT'S NOT A DRAIN ON THE CITY AND IT'S A MASSIVE AMENITY.
AT GRAND PRAIRIE, THEY, THEY DIDN'T THINK THE HOTEL, THEY THOUGHT THE HOTEL WOULD BE BETTER SERVED BEING REMOTE.
AND SO IT'S ACTUALLY LOCATED ABOUT 500 FEET KIND OF DOWN THE WAY.
AND WE REALIZED REAL FAST THAT THAT WAS A TERRIBLE IDEA.
THEY REALLY OUGHT TO HAVE BEEN CONNECTED BACK THEN.
AND SO THE, THE HOTEL ACTUALLY FACES THE, THE, THE, UM, WATER SHOW.
[00:45:01]
ABOUT 300 ROOMS, DUAL BRANDED HOTEL.UM, THAT WHEN WE LOOK AT WHO STAYS THERE, 65% ARE FOR THE WATERPARK.
AND SO WE'RE TAKING THE LESSONS LEARNED AND PUTTING THEM TOGETHER.
SO, SO I HAVE A, I I JUST HAVE A PROCESS QUESTION HERE, RIGHT? SO I'VE SEEN THIS IN EXECUTIVE SESSION BEFORE, AND I THINK YOU WENT THROUGH THE FINANCIALS AND THE LEGAL OWNERSHIP IN MORE DETAIL THAN YOU'VE DONE HERE TONIGHT.
I PERSONALLY DON'T SEE ANY WAY THAT YOU CAN GET THESE BOARD MEMBERS UP TO SPEED WITH THE, THIS IS A COMPLEX, UH, PROPOSAL, RIGHT? I DON'T REALLY CARE THAT MUCH ABOUT WHAT'S INSIDE OF IT.
I SORT OF GET IT SPORTS COMPLEX WATER THIS, WATER THAT, RIGHT? WHAT THIS BOARD NEEDS TO UNDERSTAND ARE THE LEGAL CHALLENGES, RIGHT? THE FINANCIAL CHALLENGES AND THE, THE STRUCTURE OF THE DEAL THAT YOU'RE PROPOSING, WHICH YOU HAVEN'T GONE THROUGH, UH, IN ENOUGH DETAIL TONIGHT.
I JUST DON'T KNOW HOW WE ALL GET UP TO SPEED TO BE ABLE TO TRULY UNDERSTAND THE SCOPE AND MAGNITUDE OF WHAT YOU'RE PROPOSING IN THIS SESSION TONIGHT.
'CAUSE I'M NOT GONNA BE HERE AT MIDNIGHT.
UM, SO I DO THINK THAT WE DO UNDERSTAND THE ASK THAT YOU ARE GIVING TO THE EDCS 'CAUSE WE SAW THE NEXT STEPS, RIGHT? AND SO THAT'S WHAT WE NEED TO DELIBERATE TONIGHT, IS WHETHER OR NOT WE AS A BOARD ARE WILLING TO SPEND MONEY TO TAKE CARE OF THE NEXT STEPS, WHICH IS YOUR ASK.
ANYONE DISAGREE WITH WHAT I AM SAYING OR WHAT, UM, I, I'M NOT COMMENTING WHETHER I AGREE OR DISAGREE, BUT I HAVEN'T HEARD THE ASK.
I HAVEN'T HEARD, LIKE IS THERE A NUMBER THAT WE LEFT OFF THE TABLE? I KNOW YOU'RE ASKING FOR.
WE ALSO, WE DO HAVE, UH, IT'S, UH, 70, THE BOARD DOES HAVE AN EXECUTIVE SESSION TO DISCUSS SOME DETAILS AS WELL WITH, UH, STAFF.
SO BECAUSE OF THE SCHEDULING AND THE FACT THAT LAST WEEK WAS SPRING BREAK, WE DIDN'T GET ALL THE PROPOSALS IN.
SO I HAVE THE FIRST ONE, WHICH IS FOR THE, UH, INDEPENDENT STUDY FOR THE HOTEL AND WATER PARK.
UM, IN OTHER CITIES, WE, WE'VE DONE TWO DIFFERENT THINGS.
UH, WE'VE SIGNED A, UH, UH, A DEVELOPMENT AGREEMENT WITH AN EDC THAT HAS A MAX NUMBER TO IT.
HEY, WE THINK IT'S GONNA BE $200,000.
UM, AND THAT WE FEED PROPOSALS AS IT GOES THROUGH AND THAT'S THE NUMBER EVERYBODY'S KINDA SHOOTING FOR.
AND OTHER ONES WE'VE GIVEN EACH INDIVIDUAL PROPOSAL THROUGH AND EACH TIME IT'S DELIBERATED AND, AND, AND GONE THROUGH.
SO THERE'S, THERE'S TWO WAYS TO DO IT.
UM, EACH BOARD HAS THEIR OWN PREFERENCE.
SO THAT'S JUST STILL OUT THERE.
WE DON'T HAVE A NUMBER FOR THAT.
WE DON'T HAVE A NUMBER YET FOR HIM.
I'VE GOT THE ONE, I DON'T HAVE THE MAX NUMBER YET.
I DON'T KNOW WHAT THE REST OF 'EM ARE.
AND I DID SEND THE POWERPOINT PRESENTATION TO YOUR INBOX WHILE HE WAS PRESENTING.
AND THEN YOU HAVE THE PROPOSAL AS WELL TO VIEW, IS IT PROPOSAL PUBLIC? 'CAUSE I DID SAY THE NUMBER, UH, THE, SO IT IT SHOULD HAVE BEEN PART OF THE PACKET.
WE JUST GOT IT TOO LATE TO INCLUDE.
SO I DON'T THINK THERE'S A PROBLEM WITH OKAY.
MENTIONING THE AMOUNT HE JUST DID, IT'S THE $74,000.
UM, YOU KNOW, I, JOEL, TO YOUR POINT, I DON'T KNOW IF WE CAN REALLY COMMIT UNLESS WE KNOW THE FULL SCOPE, AND I MEAN THE LEGAL STUFF IS GONNA BE BEYOND ME, OBVIOUSLY, BUT, UM, ANY, ANY WAY YOU CAN DO THIS ON A PRIVATE, UH, CAPITAL RAISE? NO.
AND WHY IS THAT? BECAUSE YOU SAID THE TAX ADD.
I MEAN, ULTIMATELY IF YOU GO DOWN PRIVATE FUNDING AVENUE, UH, WITH, SO WE, WE BORROW AT THE CITY'S BOND RATING, THIS IS WHAT MAKES EVERYTHING VERY DIFFERENT, RIGHT? BEING ABLE TO BORROW AT, YOU KNOW, 5.5% PLUS 50 BASIS POINTS OF INTEREST IS VERY DIFFERENT THAN RAISING PRIVATE EQUITY.
THAT'S GONNA COST YOU 22%, RIGHT? IT'S, IT'S MATH.
AND THEN THE SECOND ONE WAS, UM, HOW DID YOU COME TO THE VOLLEYBALL TOURNAMENT? LIKE IS THAT JUST A PLACEHOLDER EVENT? SORRY, IN TERMS OF SAID YEAH.
UH, MENTIONED THAT IT WAS GONNA BE LIKE A VOLLEYBALL.
IT'S THE BIGGEST, IT'S IT'S TRAVEL DESTINATION.
SO IT'S, IT'S BASED ON EIGHT BASKETBALL COURTS.
BUT THE BIGGEST EVENT YOU CAN HOLD IS A 16 COURT VOLLEYBALL TOURNAMENT.
THAT WOULD BRING THEM, IT'S JUST AN EXAMPLE.
IT'S THE, YEAH, IT'S AN EXAMPLE.
THAT'S THE MOST PEOPLE YOU COULD BRING.
AND THEN, UM, DO YOU HAVE MORE SPECIFICITY ON THE TRANCHES OF THE FINANCING? LIKE HOW MUCH UPFRONT AND THEN WHAT PHASE HOW MUCH WOULD YOU NEED TO, TO CONSTRUCT? SO I THINK THIS IS WHERE JOEL IS GOING.
THERE'S A VERY DIFFERENT PRESENTATION OUT THERE ABOUT HOW THE FINANCING WORKS.
UM, THE HIGHLIGHTS OF THAT IS THAT IT'S ALL DEBT.
IT'S ALL ONE, UH, DEBT FUNDED SOURCE THAT'S BACKED BY
[00:50:01]
A LEASE.SO IF YOU EVER LEASE THE CAR, UM, YOU KNOW, IF YOU LEASE A $50,000 VOLVO, YOU'LL PAY, YOU KNOW, LEASE PAYMENTS FOR THE FIRST THREE YEARS.
AT THE END OF THREE YEARS, YOU CAN CHOOSE TO BUY THE VEHICLE, RELEASE IT OR, OR GIVE IT UP, RIGHT? TAKE THAT AND APPLY IT TO REAL PROPERTY JUST WITH A LOT MORE ZEROS BEHIND IT IN EFFECT.
SO WHAT ENDS UP HAPPENING, UH, IS THAT THE CITY HAS A LEASE PAYMENT, LET'S CALL IT 10 MILLION A YEAR, OVER 25 YEARS.
THAT'S TWO $50 MILLION IN LEASE PAYMENTS.
IT'S HOW HOME MORTGAGES ARE PACKAGED AND SOLD, RIGHT? YOU SECURITIZE THAT, SELL IT, AND THAT'S WHAT GIVES YOU THE UPFRONT CASH TO GO BUILD THE PROJECT.
AND THEN YOU PAY IT OFF AS A LEASE FINANCE OVER TIME, BUT YOU DON'T PAY OFF THE FULL AMOUNT.
UH, THERE'S A RESIDUAL VALUE JUST LIKE YOU WOULD IN A LEASE CAR.
SO YOU, YOU, YOU BITE OFF THE FIRST 50%, THE FIRST 25 YEARS, THEN THE NEXT 25 YEARS YOU BITE OFF THE NEXT 50, THE NEXT 50, THE NEXT 50.
SO THE LEASE PINS GO DOWN OVER TIME.
THAT'S A PHD THESIS IN FIVE SENTENCES.
YOU, YOU HAVE A AMORTIZATION SCHEDULE OF WHAT THAT LOOKS LIKE.
HAS THAT BEEN PRE, WAS THAT PRESENTED TO COUNCIL? SO IT'S A LEASE PAYMENT SCHEDULE OVER WHAT IS EFFECTIVELY A HUNDRED YEARS.
AND SO THE, I THE IDEA IS YOU GET THE LEASE PAYMENT SO LOW THAT THE OPERATIONAL REVENUE COVERS IT AND THEN SOME, RIGHT? THAT'S, THAT'S ULTIMATELY THE NAME OF THE GAME IS YOU SOLVE FOR REVENUE, SOLVE FOR WHAT COVERS THE COST.
AND SO, TO YOUR POINT, IN A PRIVATE WORLD, WE DON'T CARE ABOUT THE CITIZENS.
WE DON'T WANT THEM 'CAUSE YOU DON'T MAKE AS MUCH MONEY OFF OF THEM.
SO PART OF THIS IS, YOU KNOW, BEING A A, A PUBLIC GOOD CORPORATION, UH, IN BEING ABLE TO PROVIDE A VALUE ADD TO THE CITIZENRY, VIS-A-VIS HAVING IT BEING OWNED BY THE CITY, HAVING ACCESS TO IT AT A DISCOUNTED RATE BECOMES AN AMENITY THAT NO CITY WOULD EVER GO BILL FOR THEMSELVES.
THERE WOULD BE NO REASON TO, UH, AND IT WOULD BE NOTHING THAT A PRIVATE ENTERPRISE WOULD EVER GO AHEAD AND DO, UH, BECAUSE IT WOULDN'T PAY THE COST.
IT, IT WOULDN'T GENERATE ENOUGH REVENUE.
SO THERE'S THAT MIDDLE GROUND.
THAT'S WHAT YOU'RE SHOOTING FOR.
I THINK THIS IS, UH, DEFINITELY A LOT TO TAKE IN HERE AT OUR FIRST GLANCE.
IF, IF YOU WERE TO SUM UP JUST LET'S SAY TWO RISKS TO THE EDC AND THE EDC AND THE CITY ARE THE SAME IN THIS SCENARIO, IN MY OPINION, SURE.
BUT WHAT ARE THE RISKS IN THE CITY? SO RISK IS, IS THERE'S DIFFERENT FLAVORS OF RISK, RIGHT? SO I'LL, I'LL GIVE AN EXAMPLE AND COME BACK TO YOUR QUESTION.
IF, IF YOU CREATE A TOURISM, YOU FLOOD A REVENUE BOND ON A BUSINESS THAT'S SUPPOSED TO GO THERE AND THAT BUSINESS NEVER ACTUALLY GOES THROUGH, YOU TOOK A RISK, AND THE CITY'S GONNA GO PAY THAT BOND, WHETHER THE TAX DOLLARS WERE THERE OR NOT, RIGHT? CLASSIC EXAMPLE IS THE HOTEL UP IN CONROE, RIGHT? UH, OR ACTUALLY THE ONE IN BAYTOWN, THEY BOTH HAVE THE SAME PROBLEM.
THEY WERE PAID FOR ON REVENUE BONDS.
THAT HOTEL DOES 25% OCCUPANCY WHAT IT'S SUPPOSED TO DO, 80%.
AND THE CITY OF BAYTOWN HAS TO BACKFILL OUT OF THE GENERAL FUND EVERY YEAR JUST TO MAKE THE LEASE PAYMENT, OR JUST TO MAKE THE BOND PAYMENT, RIGHT? UH, THAT IS TRADITIONALLY HOW RISK IS ASSUMED.
IN OUR MODEL, THE RISK IS THE LEASE PAYMENT.
AT THE END OF THE DAY, THE CITY TAKE TWO STEPS BACK UNDER GS B, FAS B, GS B UNDER GS BA LEASE PAYMENT IS NOT DEBT, AND IT IS NOT A BALANCE SHEET ISSUE.
IT SHOWS UP AS A LINE ITEM IN YOUR ANNUAL, UM, UH, LEDGER, RIGHT? SO, UH, IT IS NOT SECURED BY ADVIL ALARM TAXES, THEREFORE YOU DON'T HAVE TO GO TO A VOTE.
THE, THE, YOU KNOW, LOOKS LIKE A DUCK, ACTUALLY, A QUACKS, LIKE A BOND KIND OF THING, BUT IT'S NOT A BOND.
SO AT THE END OF THE DAY, THE RISK IS THAT THE CITY IS USING THE FULL FAITH AND CREDIT OF THE CITY OF SHORE TO BACK A LEASE.
WE HAVE TO OPERATE THIS ENGINE SUFFICIENTLY TO COVER THE LEASE.
SO WHAT HAPPENS IF IT DOESN'T COVER? RIGHT? UH, SO IT'S REALLY IMPORTANT IS THAT IN OUR FINANCIAL MODELS, HOW WE DO THIS, WE DON'T GO TO BAT ON 90% OCCUPANCY.
AND WHEN WE LOOK AT, I, I TALKED ABOUT THE, UH, UH, SPORT COMPONENT AND THE HO AND THE WATERPARK COMPONENT.
WE DISREGARD 50% OF THE ROOM NIGHTS, UH, ON THE SPORTS SIDE AND LET THE WATERPARK CARRY THE DAY.
AND WE BUILD IN, UH, BACKSTOPS INTO THE FINANCIAL MODELS TO MAKE SURE THAT THE REVENUE NUMBER WE'RE TALKING ABOUT, UH, IS ATTAINABLE, REALISTICALLY, AND EVEN IS ON THE CONSERVATIVE SIDE OF CONSERVATIVE, RIGHT? UM, SO WHEN YOU TALK ABOUT RISK, THIS PUTS THE CITY IN THE DRIVER'S SEAT OF RISK, BUT IT GIVES THE CITY THE REWARD.
SO FIRST DOLLAR OFF THIS ASSET GOES TO THE CITY TO PAY THE LEASE.
SO THIS THING, UM, BIG PICTURE MATH, I'M MAKING UP NUMBERS.
IF IT, IF THE ASSET GENERATES $25 MILLION IN NOI, THIS IS AFTER OPERATIONS
[00:55:01]
IS PAID FOR AFTER O AND M $25 MILLION.THAT'S THE CASH OUT OF THIS THING.
CITIES EXPERIENCE 10 MILLION, GET $50 MILLION LEFT OVER, WE PUT, UM, BETWEEN FIVE AND 10% OF THAT EXTRA MONEY INTO A LEASE RESERVE ESCROW, RIGHT? UM, PUT THAT MONEY AWAY, SAVE IT.
UH, WE PUT BETWEEN TWO AND 10% OF THAT AWAY FOR CAPITAL, RIGHT? WE WILL NEVER HAVE TO TAKE MONEY FROM THE CITY TO GO DO A CAPITAL EXPANSION.
WE PUT THAT MONEY ASIDE SO THAT, THAT 25 MINUS 10 15, LET'S SAY WE TAKE FIVE OUTTA THAT, THERE'S 10 MILLION LEFT.
WE SPLIT THAT WITH THE CITY PERRY PASS 50 50, RIGHT? SO THE RISK IS THAT IF WE UNDERPERFORM, THERE'S A LEASE RESERVE THERE.
UM, WHEN YOU PAY A BOND, YOU ISSUE A BOND.
TODAY, YOU GET A BUILDING IN THREE YEARS.
ON DAY ONE, YOU HAVE, UH, A SINKING AN INTEREST FUND, RIGHT? YOU'RE PAYING INTEREST ON THAT MONEY BEFORE THE ASSETS EVER BILLED.
UH, IF THE CITY GOES INTO A LEASE AGREEMENT IN THE TH 24 TO 30 MONTHS THAT TAKES TO BUILD THIS, THERE IS NO PAYMENT.
AND THE LEASE STEPS UP WITH THE REVENUES OFF THE ASSET, RIGHT? SO THERE'S, THERE'S NO MONEY DUE, THERE'S NO CAPITALIZED INTEREST THAT HAPPENS ON DAY ONE.
UM, SO, YOU KNOW, RISK, IF THE ASSET OPENS LATE, WHAT HAPPENS? THE INTEREST, THE LEASE PAYMENT SLIDES WITHIN, RIGHT? SO THERE, THERE IS TIME IN THERE SO WE CAN, WE CAN MITIGATE THAT RISK.
UM, YOU KNOW, IF COVID HAPPENS, RIGHT? THAT'S, THAT'S THE OTHER KIND OF BIG THING OUT THERE.
THE WATERPARK INDUSTRY TOOK ABOUT AN EIGHT TO 12% HIT IN COVID.
UM, LUCKY FOR US, IT DIDN'T HAPPEN IN TEXAS.
BUT WE'RE IN TEXAS, WE DON'T REALLY WORRY SO MUCH ABOUT THAT.
UM, WE WORRY ABOUT, UH, UH, FORCE MAJEURE, RIGHT? HURRICANE HARVEY COMES TO SHUTS IT DOWN.
OUR JOB IS TO CARRY THE INJURY AS OUR JOB IS TO ENSURE THAT THERE'S ENOUGH RESERVE, UH, THAT'S THERE.
THAT IT DOESN'T GO BACK TO THE CITY'S GENERAL FUND.
SO THE IMPORTANT PART IN ALL OF THIS IS THAT FIRST DOLLAR GOES TO THE CITY'S LEASE, SECOND DOLLAR GOES TO THE CITY'S LEASE RESERVE.
THIRD DOLLAR GOES TO THE CAPITAL RESERVE.
IT'S ONLY UNTIL THE FOURTH DOLLAR THAT WE ACTUALLY GET PAID, RIGHT? IT'S ACTUALLY THE FIFTH DOLLAR.
'CAUSE THE FOURTH DOLLAR GOES TO THE CITY AND THE FIFTH DOLLAR COMES HOUSE.
WE'RE THE LAST GUY IN THE TOTEM POLE.
UH, AND THAT'S KIND OF OUR VALUE PROPOSITION IN THIS WHOLE, UH, DEAL, IS THAT WE DON'T GET PAID FIRST.
WE GET PAID LAST BASED ON THE OPERATIONS.
THE RISK IS THAT THERE'S THIS BIG NUMBER FLOATING OUT THERE, BUT IT'S A MANAGED RISK.
IT'S A MITIGATED RISK BECAUSE WE KNOW THE OPERATIONS, WHEN WE LOOK AT ALL THE WATER PARKS ACROSS THE COUNTRY THAT ARE AN INDOOR WATER PARK WITH A HOTEL COMPONENT, YOU KNOW, 58% OCCUPANCY IS THE WORST PERFORMING ONE.
WE COULD HIT THAT AND STILL MAKE MONEY FOR THE CITY.
THAT'S HOW CONSERVATIVE WE DO OUR FINANCIAL MODELS, RIGHT? WE'RE NOT LOOKING TO BE 90% OCCUPIED TO SQUEAK OUT OF A PROFIT.
WE TOOK THE WORST PERFORMING, WE'D HAVE TO BE THE WORST PERFORMING ASSET IN THE COUNTRY.
UM, AND THIS IS WHERE WE GET INTO MITIGATED RISK VERSUS UNMITIGATED RISK.
THERE'S NOTHING I CAN DO ABOUT THAT, RIGHT? WE ASSUME BASED ON OUR REPUTATION, BASED ON THE WORK WE'VE DONE, GO TALK TO THE CITY MANAGER IN GRAND PRAIRIE, TALK TO THE MAYOR.
WE'RE VERY GOOD AT WHAT WE DO.
SO EVEN IN THE WORST CASE SCENARIO, WE WOULD STILL EEK OUT A PROFIT AND BREAK EVEN.
DOES THAT SOMEWHAT ANSWER YOUR QUESTION? DOES THAT GIVE YOU SOME CONTEXT? YES.
UM, I APPRECIATE YOUR, UH, PREPARATION.
UM, I KNOW THAT WE'LL PROBABLY HAVE SOME QUESTIONS OF STAFF IN OUR EXECUTIVE SESSION, UM, BECAUSE IT IS NEW, UM, FAIRLY COMPLEX.
UH, PROJECT FINANCE MODEL AND, UM, YOU KNOW, WE HAVE TO DO OUR DUE DILIGENCE.
SO, AND WE DO THAT WITH EVERY PROJECT, LARGE OR SMALL.
UH, UH, IT'S JUST THE NATURE OF OUR BOARD.
OF COURSE, WE HAVE TO REPORT TO CITY COUNCIL.
UH, WE GET SCRUTINIZED BY THAT BODY.
THEY APPOINT US, THEY EXPECT US TO DO OUR HOMEWORK.
AND SO, UH, WE HAVE TO, UH, YOU KNOW, UM, WE HAVE TO BE RESPECTFUL OF OUR POSITION WITH THE COUNCIL AND THE MAYOR.
DO YOU WANT TO DO THE EXECUTIVE SESSION NOW, OR, UH, YES, SIR.
[Business - E]
E EXEC EXECUTIVE SESSION PURSUANT TO SECTION 5 51 0.087 OF THE TEXAS OPEN MEETING ACT DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS.WE HAVE NUMBER ONE, THE RESORT DEVELOPMENT ENGAGEMENT THAT WE JUST HEARD THE PRESENTATION ON.
AND THEN WE HAVE THE RFEI FOR THE EDC OWNED PROPERTY AT 3 0 6 0 3 FM 10 93
[01:00:01]
AND 3 0 6 1 9 FM 10 93 SHORE, TEXAS 7 7 4 4 1.WE'LL ADJOURN INTO EXECUTIVE SESSION AT 7:04 PM THANK Y'ALL.
SO WE'LL RESUME, UH, BACK INTO REGULAR SESSION AT 7:56 PM ARE THERE ANY ACTIONS THAT NEED TO BE TAKEN FROM EXECUTIVE SESSION? OKAY, BEING NONE.
[Business - G]
CONSIDERATION AND POSSIBLE ACTION ON FDC RESOLUTION 2025 DASH OH ONE.A RESOLUTION OF THE FULCHER DEVELOPMENT CORPORATION OF THE CITY OF FULCHER, TEXAS AMENDING, APPROVING AND ADOPTING THE FULCHER DEVELOPMENT CORPORATION BYLAWS AND DECLARING AN EFFECTIVE DATE.
UM, SO IF YOU REMEMBER, WE VISITED ABOUT THE BYLAWS A FEW MONTHS AGO.
UM, THERE ARE SEVERAL OUTDATED, UM, COMPONENTS OF THE BYLAWS.
THESE WERE, UM, THEY HAVEN'T BEEN EDITED OR REVISED SINCE THE CORPORATION WAS CREATED IN 2007.
AND SO, UM, WE AS A BOARD SET A COMMITTEE TO, TO ESTABLISH, UM, REVIEW AND AMENDMENTS.
SO WE SENT TO YOU ALL KIND OF A RED LINE OF ALL OF THE EDITS THAT WERE MADE.
UM, I THINK THAT MOST OF WHAT YOU SEE STRUCK HERE WAS AT THE RECOMMENDATION OF OUR LEGAL COUNSEL, UM, ON BASICALLY, UM, THE FEELING THAT THE ITEMS THAT ARE BEING REMOVED ARE REALLY THE PURVIEW OF THE COUNSEL.
AND SO THEY DON'T REALLY HAVE A PLACE IN BELONGING IN THE BYLAWS OF THE EDC BECAUSE WE DON'T REALLY GET TO MAKE THOSE DECISIONS.
AND SO, UM, THERE WILL BE A RESOLUTION PRESENTED SO THAT THE ITEMS THAT ARE REMOVED HERE ARE A POLICY THAT THE CITY ADOPTS THAT WOULD ANSWER THOSE QUESTIONS, LIKE THE QUALIFICATIONS, EX OFFICIO DIRECTORS, AND ALL OF THOSE ITEMS. UM, WE DID SEND IT OUT THAT, OR SEND IT OUT TO ALL OF YOU.
AND DEBRA RESPONDED WITH A FEW QUESTIONS.
DEBRA, DO YOU WANT ME TO SHARE THOSE OR WOULD YOU LIKE TO SHARE KIND OF WHAT YOUR QUESTIONS WERE ON THE QUESTIONS ABOUT MORE OF COUNCIL AUTHORITY? DID I HAVE ANY, OH, I HAVE IT RIGHT HERE.
THE ONLY OTHER QUESTION THAT I, I WAS CURIOUS ABOUT THE EX OFFICIO AND HAYDEN ANSWERED THAT.
UM, AND THE ONLY OTHER THING I THINK I WAS CURIOUS ABOUT, I'VE BEEN ON BOARDS BEFORE WHERE WE WERE COVERED BY THE CITY OR WHATEVER'S INSURANCE, AND THEN OTHERS WHERE WE WEREN'T AND I JUST DIDN'T KNOW YES.
WHETHER THERE WAS INSURANCE COVERAGE FOR US.
I DID CHECK WITH OUR HR TEAM MM-HMM
AND YES, WE ARE COVERED UNDER THAT UMBRELLA INSURANCE FOR THE CITY.
I DON'T THINK I HAD ANY OTHER QUESTIONS, BUT EXCEPT FOR THE ONE PLACE WHERE IT SAID THAT THE EXECUTIVE DIRECTOR WAS A, UM, A HIM.
SO I POINTED THAT OUT THAT MAYBE, MAYBE WE OUGHT TO CHANGE THAT.
OTHERWISE YOU WON'T BE ABLE TO STAY HERE.
ARE THERE, UH, ANY OTHER QUESTIONS OR COMMENTS OR ANYTHING ELSE YOU WOULD LIKE TO SEE EDITED? IF NONE, CAN WE HAVE A MOTION ON THAT? WELL, THAT WILL APPROVE THE RESOLUTION.
IF WE COULD, UM, IF WE COULD GET APPROVAL OF THE RESOLUTION.
THIS IS WHAT WILL BE PRESENTED TO COUNCIL, ALONG WITH A DRAFT OF THE BYLAWS AT NEXT COUNCIL, NEXT MONTH'S COUNCIL MEETING, UM, FOR THEIR FINAL APPROVAL.
IT SAYS I'M THE SECRETARY ON HERE ON PAGE 47.
I DON'T REMEMBER WHO THE SECRETARY IS.
IS IT BLAKE? AM I JUST FILL, AM I JUST FILLING IN FOR BLAKE? UH, WHEN YOU SIGN? YEAH.
USUALLY WHEN, WHEN BLAKE SIGN HERE, WE'LL GET YOU TO SIGN.
DO WE HAVE A SECOND? I SECOND.
MOTIONS BEEN MADE AND SECONDED.
ANY FURTHER DISCUSSION OR COMMENTS? MAY NONE.
ALL OPPOSED? THE MOTION CARRIES.
AND, UH, JOEL, THANKS FOR WORKING ON THAT COMMITTEE FOR US.
[01:05:01]
ITEM THREE[Business - H]
H IS CONSIDERATION AND POSSIBLE ACTION ON THE FTC RESOLUTION 25 0 2, A RESOLUTION OF THE SHORE DEVELOPMENT CORPORATION OF THE CITY OF SHORE TEXAS, APPROVING AND ADOPTING THE SHORE CORPORATION ECONOMIC INCENTIVE POLICY AND DECLARING AN EFFECTIVE DATE.UH, FOR THOSE OF YOU THAT HAVE SAT ON THE BOARD FOR A FEW YEARS, YOU MIGHT REMEMBER WE DID APPROVE A INCIDENT POLICY, I THINK IN 2022, UM, THAT WENT AND, UH, WENT BACK TO STAFF AND WAS SUPPOSED TO BE PRESENTED BEFORE COUNCIL, UM, BUT NEVER WAS.
UM, SO IN, IN ITS MEANTIME, BETWEEN THAT ADOPTION AND, AND WHAT YOU'RE SEEING IN FRONT OF YOU NOW, STAFF HAS KIND OF REWORKED THAT, THAT ORIGINAL INCENTIVE POLICY AND STREAMLINED IT TO MAKE IT A LITTLE BIT EASIER TO READ, UM, WHILE ALSO INCORPORATING, UM, A LOT OF THE ECONOMIC DEVELOPMENT MECHANISMS THAT CITY COUNCIL IS ABLE TO DO.
UM, SO IN THE EMAIL THAT I SENT YOU, UM, YOU'LL NOTICE THAT I, I THINK I HAD HIGHLIGHTED THE LIST OF AVAILABLE INCENTIVES.
REALLY THE INCENTIVES THAT WE ARE FOCUSING ON AS A BOARD, WHICH WOULD BE OUR ECONOMIC DEVELOPMENT GRANTS AND OUR INFRASTRUCTURE ASSISTANCE.
A LOT OF THE OTHER INCENTIVES THAT ARE LISTED THERE ARE GONNA BE MECHANISMS, UM, UH, THAT THE CITY WOULD TAKE ON.
UM, SO TONIGHT, REALLY, WE REALLY WANT YOUR FEEDBACK ON KIND OF THE BEGINNING SECTION OF, OF THE DOCUMENT.
UM, A LOT OF THE, UM, VALUE ADDED AND, AND TAX ABATEMENT AND ELIGIBLE ACTIVITIES IS MORE STATUTE DRIVEN, WHERE THE FRONT, UH, FRONT PART OF THE DOCUMENT IS REALLY ABOUT OUR GUIDING PRINCIPLES, OUR TARGETED, UM, DEVELOPMENTS AND, AND GOALS FOR THE EDC.
UM, SO IF YOU GOT, IF YOU HAVE ANY SUGGESTIONS OR COMMENTS, UH, ON THOSE SECTIONS OR AS WELL AS THE REST OF THE DOCUMENT, UM, WE WOULD INVITE ANY FEEDBACK, UM, BEFORE WE, UH, SEEK INITIAL APPROVAL BEFORE IT GOES BEFORE CITY COUNCIL.
UM, THIS AND THAT, THAT WAS UNCHANGED FROM THE PREVIOUS VERSION, THE FIRST COUPLE PAGES, WHICH YOU'RE REFERRING TO.
SO, SO THE FIRST COUPLE, IT IS CHANGED IN ITS STRUCTURE, UM, BUT ALL OF THE, UH, GOALS AND GUIDING PRINCIPLES AND MISSION STATEMENTS ARE PULLED FROM EITHER THE CITY'S STRATEGIC PLAN OR OUR ECONOMIC DEVELOPMENT STRATEGIC PLAN.
YEAH, I THOUGHT THAT WAS, UM, GREAT TO KIND OF PUT THAT AT THE VERY BEGINNING OF THE POLICY SO THAT HOPEFULLY IT WOULD INDICATE THAT, YOU KNOW, THESE ARE THE GOVERNING PRINCIPLES THAT, YOU KNOW, WE'VE GONE THROUGH A PROCESS TO IMPLEMENT THE STRATEGIC PLAN, THE DOWNTOWN, ALL THE OTHER STUDIES THAT THE CITY HAS CONDUCTED, AND, YOU KNOW, THAT'S WHAT WE WANT TO ACCOMPLISH WITH THE INCENTIVE POLICY IN GENERAL.
SO, UH, THANKS FOR INCLUDING THAT.
ONE THING IF I COULD ASK YOU, 'CAUSE IT WAS A QUESTION THAT I HAD FOR BOTH OF Y'ALL.
UM, WHICH BEING NEWER, I DIDN'T REALIZE THAT THERE WERE TWO SEPARATE, AND I'D LIKE YOU TO, TO MAYBE GO INTO IT AND EXPLAIN IT A LITTLE BIT MORE, UM, IN DETAIL ABOUT THE SEPARATE SMALL BUSINESS THAT KIND OF MORE ALIGNS WITH RE TRACK THE SEPARATE, IT HAD A NAME.
I CAN'T REMEMBER WHAT IT IS, BUT WOULD YOU JUST GO INTO THAT A LITTLE BIT MORE TOO? YES, MA'AM.
UM, TO, SO TO GIVE SOME CONTEXT FOR, UM, OUR AUDIENCE THAT MIGHT BE WATCHING, UM, WHAT DEBORAH'S REFERRING TO IS, UM, THE EDC BUDGETED THIS FISCAL YEAR, UH, A LINE CALLED TARGETED INCENTIVES.
THE INTENT THERE WAS TO PROVIDE SUPPORT TO OUR SMALL BUSINESS AND, UH, COMMUNITY AND DEVELOP KIND OF A, A PROGRAM, IF YOU WILL, WITH MORE SPECIFICS ON THAT, WHAT THAT WOULD LOOK LIKE.
UM, YOU KNOW, WE BRAINSTORMED THINGS LIKE FACADE IMPROVEMENTS OR SAFETY IMPROVEMENTS, THINGS OF THAT SORT.
UM, HOWEVER, AT THE SAME TIME THAT WE WERE WORKING ON THAT, WE'VE ALWAYS HAVE BEEN TRYING TO GET A CITY, UM, A CITYWIDE INCENTIVE POLICY ON THE BOOKS.
IT'S BEEN SOMETHING LIKE HAYDEN MENTIONED THAT WE'D BEEN WORKING ON, UM, FOR THE LAST TWO YEARS TRYING TO GET ACROSS THE FINISH LINE.
AND SO WE JUST WANNA MAKE IT VERY CLEAR THAT IT'S TWO COMPLETELY SEPARATE ITEMS. UM, THIS INCENTIVE POLICY IS NOT, IT'S NOT A BUDGET LINE.
IT WOULD CREATE A PROCESS THROUGH WHICH ANYONE THAT'S SEEKING, UM, AN INCENTIVE FROM THE EDC COULD BE FILTERED, UM, THROUGH ALL THE COMPONENTS IN HERE.
THERE WOULD BE AN APPLICATION PROCESS AND THEN, UM, YOU KNOW, WE, WE WOULD MOVE IT STAFF WOULD DO THE INITIAL ASSESSMENT BASED ON WHAT'S OUTLINED HERE, THEN IT WOULD COME TO YOU AND THAT WOULD BE DECIDED SEPARATELY.
SO TWO VERY DIFFERENT THINGS TO KIND OF TARGET, UM, JUST DIFFERENT, DIFFERENT AREAS THAT THE A DC IS FOCUSING ON, WHICH IS, YOU KNOW, OUR, OUR BIGGER DEVELOPMENTS, UM, DEVELOPING OUR BIGGER TRACKS OF LAND AND THEN ALSO PROVIDING SUPPORT TO OUR EXISTING BUSINESSES, OUR,
[01:10:01]
OUR DOWNTOWN SMALL BUSINESS, THAT, THAT SORT OF THING.AND THAT INCENTIVE POLICY HAS YET TO BE CREATED? YES.
WE'VE, WE'VE, UM, I BELIEVE WE'VE HAD ONE IN PERSON MEETING, MAYBE A COUPLE EMAILS FOLLOW UP, BUT YES.
THIS, THAT WOULD BE COMPLETELY DIFFERENT MM-HMM
UM, PROCESS AND HAVE A COMPLETELY DIFFERENT, UM, LAYOUT THAN THIS WOULD.
JUST, JUST A FEW, UH, QUESTIONS AND COMMENTS.
UM, NUMBER ONE, USUALLY I'M USED TO THE APPLICATION FEE BEING BASICALLY THE AMOUNT OF MONEY THAT, IN THIS CASE IT WOULD KIND OF TAKE YOU TO EVALUATE THE APPLICATION.
THESE ARE VERY LARGE PROGRAMS AND INCENTIVES THAT WE'RE TALKING ABOUT $500 PROBABLY A DROP IN THE BUCKET OF WHAT YOU PROBABLY WOULD SPEND TO EVALUATE AN APPLICATION LIKE THIS AND THE SIZE, SCOPE OF THE INCENTIVE.
SO I WAS, I WAS KIND OF THINKING IT WAS GONNA BE MORE THAN THAT JUST TO KIND OF, UM, UH, MAKE SURE PEOPLE ARE SERIOUS SURE.
AND ALSO, UH, TAKE CARE OF SOME OF THE EXPENSES AND TIME THAT IT WOULD TAKE FOR US TO EVALUATE, UH, AN INCENTIVE APPLICATION OF THIS AMOUNT AND TYPE.
AND, AND THAT AMOUNT IS SOMETHING THAT WE'VE KIND OF WORKED THROUGH THREE OR FOUR TIMES.
WE'VE, WE'VE HAD IT AS HIGH AS, I THINK $1,500 ISN'T AS LOW AS A HUNDRED DOLLARS.
SO WE WERE TRYING TO NOT MAKE IT SO PROHIBITIVE TO, TO A DEVELOPER THAT THEY JUST DON'T WANT TO WASTE THEIR TIME.
OBVIOUSLY, IF THEY'RE INVESTING A SIGNIFICANT AMOUNT OF MONEY, IT'S NOT THAT BIG OF A DEAL IN THE GRAND SCHEME.
UM, SO WE'RE, WE'RE DEFINITELY MORE, MORE THAN WILLING TO HEAR IF YOU GUYS HAVE ANY SUGGESTIONS FOR YEAH.
THIS IS, THIS IS, THIS IS BILLIONS OF, YOU KNOW, POTENTIALLY HUNDREDS OF THOUSANDS AND MILLION OF DOLLARS OF TAX ABATEMENT POTENTIAL.
I'M, I'M JUST SAYING POTENTIAL SURE.
IN INCIDENT PROGRAMS LIKE THIS.
SO I WOULD, I WOULD THINK, YOU KNOW, A $2,500 FEE OR SOMETHING LIKE THAT.
I, I DON'T KNOW WHERE PEOPLE ARE AT ON THAT, BUT I, I THINK $500 PROBABLY WHAT IT COSTS YOU TO CASH A CHECK.
SO, UM,
BUT ALSO IF THE NUMBER OF THESE APPLICATIONS GO UP IN TERMS OF HOW MANY WE WOULD HAVE TO EVALUATE, WE WOULD WANT THOSE FUNDS TO HAVE SOME, UM, SOME OFFSET TO WHAT WE WERE GONNA SPEND.
DID YOU WORK WITH CHARLIE OR, UM, DAN ON THIS? WE, WE DID.
DID THEY GET THAT $500 FIGURE? NO.
NO, THAT, THAT, THAT'S SOMETHING WE HAD PLUGGED IN.
UM, MOST OF CHARLIE AND DAN'S, UH, READING INTO THIS WAS JUST MAKING SURE THAT WE ALIGNED WITH THE STATUTES AND, UH, OUR ABILITIES TO PROVIDE INCENTIVES.
WELL, THIS IS A RELATIVELY COMMON SORT OF, UM, UH, DOCUMENT OR WHATEVER.
I MEAN, I WOULD THINK IT WOULD BE NOT TOO DIFFICULT TO FIND OUT WHAT, WHAT THE NUMBER IS FROM OTHER CITIES SURE.
AND, AND WE, AND WE DID, AND THAT'S, OH, YOU DID.
THAT'S KIND OF, THAT'S KIND OF HOW WE BENCHMARK BENCHMARKED, UH, WHERE WE, WE'VE LOOKED AT AND IT'S LIKE WE MENTIONED IT'S BEEN AS LOW AS A COUPLE HUNDRED DOLLARS AND AS HIGH AS 5,000.
UM, SO IT, IT'S NOT OUT OF THE REALM.
2,500 IS NOT OUT OF THE REALM OF POSSIBILITY FOR, FOR ANYTHING LIKE THIS.
UM, AND IF THAT'S WHAT THE, UH, THE BOARD FEELS IS APPROPRIATE FOR INSTEAD OF ASKS OF THIS CALIBER, UM, WE, WE'D BE HAPPY TO PUT IT BACK IN.
UH, IN, IN ADDITION, YOU KNOW, I, I SEE THIS AS BEING SOMETHING THAT WE DEAL WITH RATHER FREQUENTLY OVER THE NEXT SEVERAL YEARS.
YOU KNOW, UM, ONCE WE PUT, ONCE YOU PUT THIS SORT OF PROGRAM IN PLACE, ONE OF THE THINGS THAT I THINK WOULD SPEED UP THE PROCESS AND PROBABLY ENCOURAGE EVEN MORE PEOPLE TO PARTICIPATE IS IF THERE'S A COUPLE OF DIFFERENT AGREEMENTS REFERENCED IN THE DOCUMENT, LIKE A TAX ABATEMENT AGREEMENT, LIKE A, UM, UH, I DON'T, I DON'T KNOW, BUT THERE'S, THERE'S A COUPLE DIFFERENT PORTIONS AND THERE'S A COUPLE PORTIONS OF THAT AGREEMENT THAT WE COULD PROBABLY PRE DECIDE UPON.
I KNOW IT ADDS TO THE COMPLEXITY OF THE DOCUMENT, BUT IT WOULD PROBABLY INCREASE THE AMOUNT OF PEOPLE WHO WOULD PARTICIPATE IF THEY KNEW AT LEAST THE STRUCTURE THAT THEY'RE NEGOTIATING FROM.
UM, WE DO THAT ALL THE TIME IN BIG BUSINESS.
IT SPEEDS UP THE PROCESS FOR A STANDARD TYPE AGREEMENT, NDAS, LEASE AGREEMENTS, THINGS LIKE THAT.
YOU PUT OUT A STANDARD OF WHAT YOU WANT AND THAT BECOMES A STANDARD THAT YOU START FROM.
SO I THINK THAT WHETHER WE WANT TO CONSTRUCT AS PART OF THIS OR MODIFY OR HAVE, UM, UH, AN ADDENDUM TO HERE THAT KIND OF LISTS OUT WHAT OUR STANDARD TAX ABATEMENT AGREEMENT WOULD BE OR WHAT OUR
[01:15:01]
STANDARD, UM, INDEMNITY AGREEMENT WOULD BE, WHATEVER IT IS, UM, I THINK IT WOULD PROBABLY SPEED UP THE PROCESS BECAUSE, UH, YOU FILL OUT THE APPLICATION, BUT YOU ALSO KNOW WHAT THE SECOND STEP IS IF YOU GET TO THAT STEP.AT LEAST WHAT YOU'RE NEGOTIATING FROM.
AND, AND THAT'S KIND OF WHY WE BUILT THIS STRUCTURE.
UM, AS I MENTIONED, A LOT OF THE INCENTIVES THAT ARE LISTED HERE ARE MORE APPLICABLE TO CITY COUNCIL.
SO FOR INSTANCE, IT MENTIONS PI AND, AND TURS UNDER A, A LIST OF INCENTIVES.
WE WE'RE RELYING ON CITY COUNCIL TO HAVE A TS AND PI POLICY DEVELOPED TO, TO KIND OF OUTLINE WHAT THEY LOOK FOR, UH, IN THAT POLICY.
SO WE'RE ABLE TO, TO ADD ADDENDUMS IN THE, AND FLESH OUT EACH OF THESE INCENTIVE AS, AS WE COME TO IT.
UM, BUT THIS JUST KIND OF GIVES A, A GENERAL IDEA OF THIS IS WHAT COULD BE ON THE TABLE.
UM, THIS IS KIND OF WHAT WE'RE LOOKING FOR FOR A, UH, A DEVELOPMENT TO EVEN APPROACH US TO, TO ASK FOR INCENTIVES.
UM, WE DON'T WANNA WASTE OUR TIME, WE DON'T WANNA WASTE THEIR TIME IF IT JUST DOESN'T ALIGN WITH THE VISION THAT WE HAVE FOR THE CITY.
JUST AS LONG AS WE, AS SOON AS WE HAVE THAT FIRST ONE AND WE LIKE IT, THEN WE CAN KIND OF MAKE IT THE STANDARD AND MAKE EVERYBODY ED BY THAT STANDARD.
BECAUSE THE, THE, THE $500 FEE OR WHATEVER FEE IS ASSOCIATED WITH THIS APPLICATION, THAT DOESN'T PROHIBIT THESE OTHER AGREEMENTS FROM HAVING FEES ASSOCIATED WITH THEM.
I KNOW THAT FOR IN THE PAST, LIKE CHAPTER THREE 80 AGREEMENTS, THE CITY HAS NEGOTIATED TO HAVE, YOU KNOW, A LOT OF THE LEGAL FEES PAID FOR SOME OF THOSE TRANSACTIONS.
THIS IS JUST FOR EVALUATION OF THE APPLICATION ITSELF.
SHOULD THERE MAYBE, SHOULD THERE BE A BASIC FEE AND THEN A NOTE OR SOMETHING THAT SAYS THE, I DON'T KNOW, THE ANALYSIS OR LEGAL OR NO, YOU CAN'T, I WOULDN'T, YEAH.
JUST A HIGHER FLAT FEE TO MAKE SURE THAT THEY'VE CROSSED A THRESHOLD OF SERIOUSNESS.
AND I'LL PUT OUT MY STANDARD RIGHT NOW.
I THINK TEXAS A AND M MAKES, LIKE WE DID THE CALCULATION, THEY MAKE $2.5 MILLION JUST IN APPLICATION FEES.
I MEAN, THEY HAVE, AND THEY HAVE TWICE AS MANY TO EVALUATE.
BUT I MEAN, NOT TWICE AS MANY, A FEW MORE THAN THAT, BUT, UM, YEAH, IT'S JUST, IT'S JUST A SERIOUSNESS FACTOR.
BUT THEY'RE NOT GOING OUT AND HIRE A PROFESSIONAL CONSULTANT TO ANALYZE THAT APPLICATION.
SO ARE WE ABLE TO APPROVE THE RESOLUTION GIVEN THE DISCUSSION ON THE POTENTIAL CHANGES? OR WE, WE CAN.
UM, WE, I, I DON'T KNOW PROCEDURALLY IF WE CAN, WE CAN APPROVE AND WITH THE, WITH THE EDIT TO THE FEE, IF THAT'S THE ONLY, IS THAT THE ONLY, IS THAT THE ONLY THING, THE FEE APPLICATION THE ONLY COMMENT THAT I HAVE, YEAH.
I THINK WE COULD HAVE A MOTION.
AND, UH, WITH THAT BEING A REVISION, WOULD THAT BE ACCEPTABLE? YES, YOU CAN, YOU CAN APPROVE THE RESOLUTION WITH A CONDITION AND DIRECTION TO STAFF.
MARK, YOU WANNA MAKE THAT, SO, YEAH, WHAT IS THE, WHAT IS THE NEW FEE YOU'RE PROPOSING? UH, I WAS PROPOSING 2,500 FOR THE APPLICATION FEE.
CHAIRMAN, I'LL MAKE A MOTION THAT WE APPROVE FDC RESOLUTION 2025 DASH ZERO TWO, A RESOLUTION OF THE FULL STREET DEVELOPMENT CORPORATION OF THE CITY OF RE TEXAS, I APPROVING ADOPTING THE FULL STREET DEVELOPMENT CORPORATION ECONOMIC INCENTIVE, NOT INVENTIVE POLICY, AND DECLARING AN EFFECTIVE DATE, UM, WITH A NOTE TO, UM, CHANGE THE APPLICATION FEE TO $2,500.
SECOND MOTION'S BEEN MADE AND SECONDED, UH, TO APPROVE 25 20 25 DASH OH TWO FDC RESOLUTION WITH THE CHANGE THAT THE APPLICATION FEE HAS INCREASED FROM $500 TO, TO $2,500.
ANY DISCUSSION ON THAT? CAN 2,500 SEEMS, UH, TOO HIGH? YEAH.
IS THERE A REASON THAT 25 WAS THE NUMBER INFLATION? YEAH.
[01:20:01]
I DON'T KNOW WHY 25 SEEMS I WOULD GO WITH ANY RECOMMENDATION THAT Y'ALL REALLY HAVE.I, I JUST, I JUST THOUGHT WE WERE GONNA SPEND MORE, MORE TIME, EFFORT, AND MONEY AND HOURS EVALUATING THE APPLICATION THAN $500.
SO WE HAVE A MOTION IN A SECOND, BUT YOU CAN MAKE A MOTION TO AMEND THE MOTION IF YOU WOULD PRE PREFER.
I WOULD, I WOULD HAVE A MORE AROUND 15 OR LEAVE THE AMOUNT UP TO DISCUSSION.
LIKE, DO WE HAVE TO HAVE A CONCRETE NUMBER RIGHT NOW OR WE JUST, SO I WOULD SAY 15.
IS THAT A MOTION TO AMEND THE ORIGINAL MOTION? MOTION TO AMEND THE AMENDMENT TO 15? OR CAN WE JUST WITHDRAW THE MOTION OR FOR APPLICATION? NO, WE CAN'T WITHDRAW THE MOTION.
WE CAN VOTE ON THE MOTION, BUT SO WE HAVE A MOTION TO AMEND IT TO THE FEE TO $1,500.
DO WE HAVE A SECOND FOR THAT? I'LL SECOND.
SO NOW WE HAVE A MOTION TO AMEND THE MAIN MOTION, UH, BEING THE FEE CHANGE FROM $2,500 TO $1,500.
ANY DISCUSSION ON THAT? IS, IS THIS THE, IS THIS THE FINAL, THIS IS THE APPROVAL OF THE INCIDENT PROGRAM AT THE TIME? NO, THIS IS, THIS IS JUST CHANGING THE MOTION AND THEN WE'LL GO BACK TO THE MOTION IF IT'S WHETHER IT'S CHANGED OR NOT.
ALL THOSE IN FAVOR OF REVISING THE FEE FROM $2,500 TO $1,500, WOULD YOU SAY? AYE.
SO THE MOTION ON THE TABLE IS APPROVING FDC RESOLUTION 25 DASH OH TWO WITH A $1,500 APPLICATION FEE.
ANY FURTHER DISCUSSION ON THAT? UM, I JUST, WE'VE, WE'VE HAD THE DISCUSSION IN THE, IN THE CORPORATION AND MANY TIMES ABOUT THIS INCIDENT PROGRAM.
UM, AND JUST JUST TO COMMENT, UM, IS THAT, UH, INCENTIVE PROGRAMS ALLOW FOR THE CITY TO, UM, INCENTIVIZE WHO THEY WANT TO INCENTIVIZE.
UM, AND, UH, I'VE MADE THAT COMMENT AS WELL BEFORE.
SO, UM, AND I JUST WANTED TO MAKE THAT COMMENT AGAIN BEFORE WE TALK ABOUT APPROVING THE INCENTIVE PROGRAM, UH, BEFORE US TONIGHT.
UM, LIKE I SAID, THERE ARE MANY GOOD THINGS.
THERE ARE MANY BAD THINGS, BUT IT DOES ALLOW FOR BOTH.
ANY FURTHER DISCUSSION? ALRIGHT.
ALL OPPOSED? OPPOSED? THE MOTION CARRIES, UH, WITH ONE NAY.
UH, SO FTC RESOLUTION 2025 DASH OH TWO PASSES WITH THE CHANGE OF THE APPLICATION FEE BEING $1,500.
QUESTION, WHO MADE THE MOTION? AND SECOND FOR THE $1,500? NO, NO, THERE WAS A, FOR THE AMENDMENT FOR NOT, NOT FOR THE AMENDMENT.
SO JI HAVE, I HAVE JOEL APPROVED WITH A CHANGE OF $2,500.
THEN MOTION TO AMEND THE MOTION TO $1,500 SECONDED BY JAMES.
SO THEN THE, IT'S THE ORIGINAL MOTION BACK TO JOEL AND DEBORAH.
Y'ALL ARE TESTING MY PARLIAMENTARY PROCEDURE SKILLS
AND SO FAR, SO FAR STAN HASN'T GRABBED ME YET.
WE ALREADY, MY, UH, MY FFA TRAINING FOR PARLIAMENTARY PROCEDURE IS PAYING OFF RIGHT HERE.
SO THAT MOTION PASSED AS, UH, STATED ITEM THREE
[Business - I]
I IS FUL FAST TRACK DISCUSSION? YES.UM, SO AT LAST MONTH'S COUNCIL MEETING, UM, I WENT BEFORE COUNCIL AND GAVE, GAVE THEM AN UPDATE ON THE PROGRESS BASED ON THE METRICS ESTABLISHED IN THE INITIAL CONTRACT BETWEEN THE EDC AND SHORE FAST TRACK.
UH, THERE WAS A LOT OF DISCUSSION THERE.
UM, BUT OVERALL COUNCIL HAD, UM, EXPRESSED AN ISSUE WITH A COUPLE OF THINGS.
THEY ARE REALLY WANTING TO SEE A RETURN ON INVESTMENT IN TERMS OF SALES TAX FOR THE PROGRAM,
[01:25:01]
AND THEY ARE REALLY WANTING TO SEE THE SERVICES OF THE PROGRAM BE LIMITED TO ONLY PARTICIPANTS WHO ARE RESIDENTS WITHIN THE CITY OF FULLER CITY LIMITS.UM, THAT WAS A DISCUSSION THAT THE BOARD HAD WHEN WE WERE DOING THE NEGOTIATIONS FOR THE CONTRACT.
AND, UM, ULTIMATELY THE BOARD DECIDED THAT THEY WANTED TO TAKE A REGIONAL APPROACH AND, UM, ALLOW PEOPLE TO PARTICIPATE, YOU KNOW, WHETHER THEY WERE IN THE ETJ OR SURROUNDING COMMUNITIES.
UM, AND SO COUNCIL HAS ASKED THE, THE BOARD TO RECONSIDER THAT.
UM, AND THEY'VE ASKED US TO TRY AND FIND A MEASURE OF THE RETURN ON INVESTMENT THAT'S MORE CLOSELY TIED, UM, TO REVENUE SALES, TAX REVENUE.
UM, AS STAFF, WE HAVE FOUND THAT VERY CHALLENGING.
UM, IT IS NOT, IT'S NOT AN APPROPRIATE METRIC OR I THINK THE INTENDED, UH, RESULT OF THE PROGRAM AT THIS STAGE.
I THINK ULTIMATELY WE WANT, WE WANT IT TO LAUNCH NEW BUSINESSES AND OF COURSE, RESULT IN BRICK AND MORTAR AND SALES TAX GENERATION, OF COURSE.
UM, BUT THE, THE REAL INTENT OF IT IS TO, TO WORK TOWARDS A PHYSICAL INCUBATOR, YOU KNOW, BUSINESS ENTREPRENEURSHIP HUB WHERE PEOPLE CAN, UM, COME TOGETHER AND IT CAN REALLY OPERATE AS A, A COWORKING SPACE.
SO THAT HAS ALWAYS BEEN THE, THE BIG END GOAL, BIG PICTURE.
UM, AND I THINK RIGHT NOW, THE, THE FACE THAT WE ARE IN, UM, WE'RE REALLY TRYING TO ESTABLISH A COMMUNITY OF ENTREPRENEURS AND REALLY PROVIDE THEM ALL THE RESOURCES THAT THEY NEED ON MANY DIFFERENT LEVELS, WHETHER THEY'RE LOOKING TO START A BUSINESS AND, UM, HAVE THEIR BUSINESS PLAN REVIEWED OR IMPROVE THEIR, THE CURRENT BUSINESS MODEL, THE NUMBER OF CLIENTS THEY HAVE, UM, YOU KNOW, EVERYTHING FROM MARKETING TO HR TO FINANCES, THAT SORT OF THING.
UM, WE, WE'VE TRIED TO TAKE SOME STEPS SINCE THAT MEETING, UM, WITH MATT YELVINGTON, WHO'S THE MANAGING DIRECTOR OVER THE PROGRAM, UM, THROUGH THE CANON.
AND WE'VE CREATED AN INTAKE FORM FOR ANY LIKE UPCOMING ADVISING SESSION.
YOU HAD ALL REQUESTED TO KIND OF GET A BETTER TALLY OF, UM, WHAT PE THE PARTICIPANTS WERE ASKING FOR HELP ON TO GET AN IDEA.
YOU KNOW, ARE THEY LOOKING FOR THE MARKETING, ARE THEY LOOKING FOR WEB DEVELOPMENT, THAT TYPE OF THING.
UM, SO WE'RE TRYING TO GET BETTER ABOUT TRACKING THOSE NUMBERS.
UM, I THINK, I THINK THERE'S A LOT OF DIFFERENT CONVERSATIONS THAT CAN BE HAD HERE, BUT OVERALL, THE, THE MESSAGE THAT WE GOT FROM COUNCIL WAS THAT THEY'RE VERY HESITANT TO SEE THE PROGRAM CONTINUE.
UM, THEY'RE UNCOMFORTABLE WITH THE AMOUNT THAT'S BEING SPENT ON THE PROGRAM.
UM, AND WE JUST WOULD REALLY LIKE YOUR DIRECTION IN TERMS OF WHAT YOU ENVISION FOR THE PROGRAM AND HOW WE RESPOND AND HOW WE ADJUST, UM, BASED ON WHAT WE'RE HEARING FROM COUNCIL.
UM, WE HAVE SEEN GREAT MOMENTUM, UM, WITHIN THE PARTICIPATION OF THE PROGRAM AND, UM, JUST REALLY HAVE SEEN IT TAKE OFF.
AND WE'VE MET EVERY METRIC THAT YOU ALL HAVE SET OUT.
UM, IT'S JUST NOW A QUESTION OF ARE THOSE METRICS WHAT WE WANNA CONTINUE MEASURING? WHAT DO WE WANT TO ADD TO THAT? UM, UH, ACTUALLY THIS EVENING WE HAVE A SOCIAL MEDIA WORKSHOP TAKING PLACE, UM, RIGHT DOWN THE HALL IN OUR HR TRAINING ROOM.
UM, AND IT WAS FULL WITHIN DAYS OF ANNOUNCEMENT.
UM, SO WE FEEL THAT IT'S ADDED A BENEFIT TO THE COMMUNITY THAT THERE WERE A COUPLE OF MEMBERS THAT CAME AND GAVE, UM, PUB OR COMMENT ON THAT AGENDA ITEM.
UM, BUT I GUESS RIGHT NOW, IF Y'ALL HAVE QUESTIONS FOR US ABOUT HOW THE PROGRAM IS RUNNING OR WHAT YOU WOULD, WE'D LOVE TO HEAR WHAT YOU WANNA SEE.
UM, WE ARE GETTING READY TO MEET WITH OUR ADVISORY BOARD, UM, NEXT, NEXT WEEK.
REMEMBER NEXT WEEK, UM, WE'VE ACTUALLY INVITED TOMMY AND BRIAN, UM, OUR BOARD PRESIDENTS TO PARTICIPATE IN THAT SO THEY CAN KIND OF HAVE A FRONT ROW SEAT TO THE FEEDBACK THAT WE'RE GETTING FROM THE BUSINESS COMMUNITY.
UM, AND THEN OF COURSE, KAY, UM, FROM A BOARD AND LEO O' BRYAN FROM B BOARD HAVE BEEN PART OF THAT SINCE IT WAS CREATED.
SO NOW I'M NOT CLEAR EXACTLY WHAT YOUR OBJECTIVE IS FOR THIS EVENING, HAVING THIS DISCUSSION.
I MEAN, THERE ARE, AND SOME COUNCIL MEMBERS WHO WANT TO SEE SPECIFIC, UM, METRICS, UH, REGARDING ROI, UM, THIS FAST TRACK PROGRAM HAS NOT BEEN MET WITH, UH, YOU KNOW, HIGH PRAISES FROM SOME CITIZENS, RIGHT? WHO ARE QUESTIONING THE, WHAT WE'RE DOING, SPENDING IT.
[01:30:01]
QUESTIONING, UH, THE VALUE OF THE PROGRAM.THERE'S A COUPLE OF COUNCIL MEMBERS THAT WANT TO SEE SPECIFIC, UH, METRICS ON SALES TAX, WHICH, UH, DOESN'T MAKE A LOT OF SENSE TO ME BECAUSE SOME BUSINESSES DON'T CHARGE SALES TAX DEPENDS ON WHAT THE BUSINESS IS, RIGHT? UM, SO I THINK THAT FOR ME, BEING ON THIS BOARD AND THE DECISIONS THAT WE'VE MADE, IT, IT, IT DOESN'T CHANGE ANYTHING FOR ME.
NOW, I WILL SAY THAT COUNCIL MEMBER, UH, CANNOT BE ASKED FOR QUARTERLY UPDATES.
FINE, WE CAN DO THAT, RIGHT? SOME OF THESE ARE METRICS ARE GONNA BE SOFT.
THEY'RE NOT ALL GONNA BE HARD.
UM, WE, AND AND IT'S INTERESTING BECAUSE COUNCIL ACTUALLY APPROVED BOTH PROJECTS, RIGHT? THE RESOLUTIONS WERE APPROVED BY THE BOARD.
THE BOARD WENT TO, DURING THE BUDGETING PROCESS, WENT TO COUNCIL, COUNCIL APPROVED THOSE PROJECTS AND THE EXPENDITURES, RIGHT? SO NOW THEY'RE COMING BACK AND SAYING, OH, WELL, I DON'T KNOW.
I HAVE A SHORT TERM MEMORY PROBLEM HERE BECAUSE I DON'T REALLY REMEMBER APPROVING IT THAT WAY.
AND I WANT THIS AND I WANT THAT.
I THINK THAT THE DIRECTION THAT WE'RE TAKING, IN MY OPINION, IS THE DIRECTION WE SHOULD CONTINUE TO GO.
WE CAN GIVE, UH, COUNCILMAN KOPPI AN UPDATE EVERY QUARTER, RIGHT? WITH THE INFORMATION THAT WE HAVE.
BUT I'M NOT GOING TO SIT HERE TONIGHT AND DISCUSS, UH, POSSIBLE CHANGES OR ANYTHING THAT WE WANNA SEE DIFFERENT, BECAUSE NOTHING HAS CHANGED OTHER THAN THE FEEDBACK THAT YOU'RE GETTING FROM SOME COUNCIL MEMBERS, WHICH DIDN'T REPRESENT THE ENTIRE COUNCIL, RIGHT? UH, AND, AND MAYBE SOME OTHER FOLKS.
SO THE PROJECTS, WE APPROVE THE RESOLUTIONS.
WE'VE WORKED ON THESE THINGS FOR YEARS.
THEY'RE THERE, THEY'RE APPROVED BY COUNCIL, THEY'RE OUT THERE.
WE HAVE A PLAN, WE HAVE A MANAGING DIRECTOR.
WE CONTINUE TO MOVE FORWARD AND WE GIVE UPDATES.
WE JUST STARTED THIS SIX MONTHS AGO.
CORRECT? SO IT'LL ACTUALLY BE A YEAR SINCE LA SINCE LAUNCH.
UM, WHAT, WHAT IS THE BENEFIT OF LIMITING IT TO, TO RESIDENTS OF FULCHER? BECAUSE WE HAD SEVERAL PEOPLE FROM, UH, CINCO RANCH, UH, KATIE RICHMOND.
I MEAN THAT, THAT EVENT, IT BROUGHT PEOPLE TO FULCHER.
SO I'M JUST CURIOUS AS TO WHAT, WHAT'S THE, WHAT'S THE, WELL, THE DISCUSSION, AGAIN, THE DISCUSSION AT COUNCIL MEETING WAS THAT, YOU KNOW, WE HAVE NO GUARANTEE THAT WE, IF WE HAVE SOMEONE COMES IN, COME IN FROM, UH, WHARTON COUNTY, FROM KATIE, FROM RICHMOND, FROM WHEREVER, UH, STARTING A BUSINESS AND THEY GET SOME ASSISTANCE FROM FAST TRACK, THERE'S NO GUARANTEE THAT THEY'RE GONNA STAY AND CREATE JOBS HERE AND KEEP THEIR BUSINESS HERE, RIGHT? SO THEY MAY JUST USE IT AND THEN GO, AND, I MEAN, IT DOESN'T MAKE SENSE, RIGHT? THAT, THAT, THAT WHOLE LOGICAL DISCUSSION ABOUT, YOU KNOW, WHETHER THEY'RE NOT, THEY MAY NOT BE HERE, THEY MAY NOT BE, UH, THEY MAY NOT STAY HERE.
WELL, YOU KNOW, UH, THAT'S A RISK, RIGHT? THAT YOU TAKE.
BUT THAT'S NOT THE INTENT OF, UH, I MEAN, SO YOU TAKE THE CANNON DOWNTOWN HOUSTON, YOU TAKE THE CANON IN HOUSTON, THAT, THAT BUILDING AND THE THINGS THAT THEY'RE DOING THERE, I MEAN, THERE'S NO GUARANTEE THAT ANY OF THOSE BUSINESSES ARE GOING TO STAY, THAT THEY'RE GOING TO BE SUCCESSFUL.
IT'S, UH, THE CONCEPT IS IT'S AN INCUBATOR, RIGHT? YOU CREATE SOMETHING AND THEN MAYBE, MAYBE IT GROWS INTO SOMETHING BIGGER.
MAYBE THEY STAY, MAYBE THEY DON'T, MAYBE THEY BECOME THE NEXT GOOGLE AND, YOU KNOW, WE HAVE, UH, ALL KINDS OF MONEY, BUT MAYBE YOU DON'T, RIGHT? SO THERE'S NO GUARANTEE.
JAMES, I THINK THE SENTIMENT FROM, I, I THINK IT'S REALLY OUR MAYOR, IS YOU'RE TAKING OUR RESIDENTS TAX DOLLARS AND YOU'RE POTENTIALLY COVERING THE COST FOR SOMEONE THAT ISN'T A RESIDENT TO START A BUSINESS SOMEWHERE ELSE.
BUT IT'S NOT JUST OUR RESIDENTS.
THESE ARE SALES TAX DOLLARS, RIGHT? THESE ARE PEOPLE THAT ARE COMING FROM RICHMOND, COMING FROM KD, COMING FROM ALL AROUND AND COMING HERE AND SPENDING MONEY IN OUR RESTAURANTS.
HEB GUARANTEE YOU, HEB IS NOT JUST SRE RESIDENTS, RIGHT? SO THE MONEY THAT YOU'RE GETTING OUT OF HEB, THESE ARE FROM PEOPLE COMING ALL AROUND.
SO WHY, IF THEY'RE SPENDING TAX DOLLARS, SHOULDN'T THEY GET THE BENEFIT OF SOMETHING THAT, THAT WE'RE OFFERING THAT'S, UH, THAT'S NOT JUST A RESIDENT? AGREED.
I DON'T KNOW THAT THAT'S NECESSARILY THE BEST, UM, VIEWPOINT TO TAKE ABOUT, YOU KNOW, IF YOU PAY HERE, THEN YOU'RE THE ONLY ONE THAT CAN BENEFIT FROM IT, BECAUSE I KNOW OUR POLICE DEPARTMENT HELPS NUMEROUS PEOPLE WITHIN THE BORDERS OF RE AND OUTSIDE OF THE BORDERS, AND WE DON'T SAY THAT, WELL, HEY, WE'RE THE ONES THAT PAID THE TAXES FOR THEIR SERVICE.
LET'S JUST STOP OR CUT IT OFF.
I THINK WHAT WE HAVE TO LOOK AT IS, YOU KNOW, THIS WAS SOMETHING THAT,
[01:35:01]
YOU KNOW, WE WEREN'T TASKED WITH JUST BRINGING IN THE MOST SALES TAX DOLLARS BECAUSE I MEAN, THERE'S A LOT OF BUSINESSES WHO WOULD LIKE TO BE HERE WHO COULD GENERATE SALES TAX, BUT IT'S NOT MAYBE THE PREFERENCE OF THE CITIZENS AND RESIDENTS OF SHORE BASED ON OUR STRATEGIC PLANS.SO WE'RE TRYING TO DO SOMETHING THAT, YOU KNOW, IS, IS NOT, YOU KNOW, PUTTING IN SOME SORT OF FAST FOOD JOINT, RIGHT? THEY DO THAT EVERY SINGLE DAY.
UH, CITIES AND ENTITIES DON'T DO THE INCUBATOR HUBS EVERY SINGLE DAY.
SO THERE WERE GOING TO BE CHALLENGES.
THE EASY, SOME THINGS ARE VERY EASY TO DO, BUT THEY'RE VERY SHORT, UH, TERM FOR REWARD.
I THINK WE HAVE TO LOOK AT THE LONG PICTURE.
UM, YOU KNOW, WE HAD QUESTIONS ON THIS PROBABLY SIX MONTHS AGO, AND WE WERE REALLY JUST GETTING STARTED WITH THE PROGRAM, AND I FELT THAT THAT, YOU KNOW, WE WERE, IT WOULD BE UNFAIR TO JUDGE IT ON SUCH A SHORT TERM WITH SOMETHING THAT TAKES TIME TO GET TRACTION WITH OUR RESIDENTS, WITH BUSINESSES, UH, AND THE PROGRAM ITSELF.
SO I THINK THAT, YOU KNOW, AT THAT TIME WE WENT BACK, WE TALKED TO MATT WITH FULL SURE FAST TRACK AND REALLY STRESS TO HIM THAT, LOOK, WE'VE GOT TO MAKE PROGRESS.
AND I'M, YOU KNOW, WE DO HAVE TO MAKE PROGRESS AND EVALUATE IT, UH, UH, FAIRLY.
UM, AND, YOU KNOW, WITHOUT JUDGMENT OF, HEY, IF WE STARTED SOMETHING AND IT'S, IT'S NOT WORKING WELL, WE NEED TO BE BIG ENOUGH TO ADMIT THAT.
BUT WE ALSO, I THINK, DON'T NEED TO, UH, THROW IN THE TOWEL PREMATURELY WHEN, YOU KNOW, WE HAVE SOMETHING THAT IS STARTING TO BUILD TRACTION AND GIVE IT A FAIR CHANCE TO BE, UM, THE INCUBATOR HUB THAT, YOU KNOW, WE KNOW THAT IT CAN BE.
UH, SO I'M, YOU KNOW, THERE'S, WE DO MANY THINGS THAT ARE HARD TO MEASURE.
UM, I MEAN, I THINK AN, YOU AND KELSEY WENT TO ICSC, UM, I MEAN, LET'S SEE, EMPTY THE SALES TAX MONEY FROM YOUR POCKETS.
OH WAIT, YOU DON'T HAVE ANY, BUT I KNOW IT WAS BENEFICIAL TO THE CITY OF RE AND TO THE DEVELOPMENT OF OUR ECONOMIC ENGINE THAT WE HAVE HERE.
UM, I SAY THAT FACE FACETIOUSLY, AND I SHOULDN'T BE JOKING ABOUT IT, BUT, YOU KNOW, THERE ARE MANY THINGS WE DO THAT ARE HARD TO MEASURE.
UH, BUT, YOU KNOW, WE HAVE TO DO OUR BEST TO HOLD EVERYONE ACCOUNTABLE, UH, TO THE MEASURES THAT WE DO HAVE AND OUR EXPECTATIONS OUT OF THAT.
UM, WE USE TERMS FOR FULL SURE FAST TRACK, LIKE INCUBATOR, STARTUP, ALL OF THESE, YOU KNOW, THESE TERMS THAT ARE THE INFANCY OF COMPANIES.
AND THE ONE THING THAT YOU HAVE TO HAVE WITH AN INFANT, I THINK
OKAY? AND SO WE DO HAVE TO HAVE A LITTLE PATIENCE WITH PROGRAMS SUCH AS THIS TO SAY THAT WE DON'T WANT ENTREPRENEURS IN THE CITY OF SHORE WOULD BE, NO ONE WOULD SAY THAT.
AND, UM, THIS IS A PROGRAM SPECIFICALLY HELPING ENTREPRENEURS TAKE THE STEP TO BECOMING A BUSINESS.
UM, ONE RECOMMENDATION THAT I THINK WE CAN TAKE, I'M ALL FOR TRACKING, AND I LOVE THE IDEA OF THAT, BUT EVERY COMPANY THAT INTERACTS WITH SCHER FASTTRACK SHOULD BE ONE OF THOSE COMPANIES THAT HAVE THE POTENTIAL TO BENEFIT.
NOT JUST THE PERSON GAINING THE KNOWLEDGE, IT'S THE PERSON GIVING THE KNOWLEDGE AS WELL, BECAUSE THAT'S GOING TO LEAD.
YOU DON'T KNOW HOW MANY PERS PEOPLE THAT PERSON TALKED TO AND GAVE THAT INFORMATION TO.
AND WE DON'T HAVE ANY RECORD OF THAT.
OKAY? BUT WE GAVE THE INFORMATION AND THE KNOWER GAVE THAT INFORMATION, AND THEY HOPE THAT IT COMES BACK TO THEM IN THE TERMS OF BUSINESS.
AND SO, UM, BOTH PATIENTS AND JUST, BUT I, I DO, YOU KNOW, IF MATT COULD TRACK EVERY COMPANY WITH AN EIN NUMBER WOULD PROBABLY BE BEST THAT HE EITHER HAS PARTICIPATE IN THE, IN THE CONVERSATIONS ARE BENEFIT FROM, AND THE LEARNINGS OF THE CONVERSATIONS BECAUSE THEIR SALES TAX FROM THOSE NEW STARTUPS THAT ARE EVENTUALLY GONNA HAPPEN, THERE'S ALSO KNOWLEDGE DISSEMINATED BY THAT BUSINESS THAT WANTED TO GET THAT KNOWLEDGE OUT THERE SO THAT THEY CAN HAVE MORE CUSTOMERS.
AND WE CAN'T, IT'S VERY HARD WITH A PROGRAM LIKE THIS TO TRACK EVERY CUSTOMER THAT THEY'RE GONNA GET FROM FULL SUR PASS TRACK.
THE ONLY THE ONLY THING WE KNOW IS THEY'RE GONNA BE SOME.
AND SO, UM, JUST LITTLE PATIENCE.
[01:40:02]
YEAH, I THINK THAT'S DEFINITELY KEY.I DID WANNA ADD JUST TWO THINGS, AND, UM, ONE OF THEM, MARK, YOU, YOU KIND OF HIT ON THERE, IT'S THAT I THINK THE, THE MESSAGE THAT THE FULL SHERE PASTOR PARTICIPANTS RECEIVED AND OTHER RESIDENTS FROM THAT COUNCIL MEETING WAS THAT WE DON'T WANNA SUPPORT SMALL BUSINESSES AND ENTREPRENEURS.
AND WE'VE SEEN, UM, THE EFFECTS OF THAT ALMOST IMMEDIATELY.
WE HAD, UM, PROMINENT BUSINESS OWNERS THAT HAVE BEEN JUST HUGE SUPPORTERS THAT WOULD IMMEDIATELY FOLLOWING A POST, WOULD SHARE THE POST, AND, UM, JUST REALLY ENCOURAGE PEOPLE TO ATTEND.
WE'VE HAD BUSINESS OWNERS THAT WE'VE HAD A GREAT RELATIONSHIP WITH THAT HAD REGISTERED TO PARTICIPATE IN SOME OF THE PROGRAMMING, COMPLETELY JUST NOT RESPOND ANYMORE.
AND I THINK WHAT THEY'RE HEARING FROM COUNCIL IS THAT WE'RE NOT SURE IF THIS PROGRAM IS GONNA CONTINUE.
SO IT'S CREATED THIS HESITATION FOR THEM TO CONTINUE PARTICIPATING, WHICH OF COURSE NOW IT'S, IT'S DIFFICULT FOR US WHEN THE REPORTING AND ALL OF THAT IS RAMPED UP, BUT THE MESSAGES, BECAUSE WE DON'T WANT THIS HERE, UM, TO REALLY FIND A WAY TO CAPTURE THE, THE BENEFIT OF THAT.
UM, WE'RE TRYING OUR BEST TO, TO TELL OUR BUSINESS OWNERS THAT AS FAR AS OUR STAFF IS CONCERNED, WE'RE COMMITTED TO SEEING THE PROGRAM CONTINUE.
BUT I THINK THAT'S, THAT'S VERY HARD WHEN YOU'RE GETTING THOSE COMMENTS FROM COUNSEL THAT THEY'RE, THEY'RE SEEING, AND ULTIMATELY IT'S COUNSEL'S DECISION.
WELL, THERE'S NO CHANGE HERE RIGHT NOW.
THERE'S NO CHANGE IN FRONT OF US.
IT WAS A DISCUSSION ITEM TONIGHT.
THERE'S NO CHANGE HERE RIGHT NOW.
CONTINUE TO PARTICIPATE IN FULL FAST TRACK
UM, AND THEN WE'LL COME TO A CONSENSUS.
IT'LL BE THE OTHER, THE OTHER COMMENT THAT I DID WANNA MAKE IS THAT THERE WAS ALSO KIND OF A, A SENTIMENT THAT BECAUSE WE'RE FUNDING FULL SURE FAST TRACK, IT'S, IT'S NOW, UM, IMPOSSIBLE, OR IT'S IMPACTING OUR ABILITY TO FUND OTHER THINGS SUCH AS PARKS OR JUST OTHER PROJECTS THAT IMPACT ECONOMIC DEVELOPMENT.
AND I, YOU KNOW, I, I DO MY BEST TO TRY AND POINT BACK TO OUR SUPPORT OF THE HARRIS STREET PROJECT, THE EAST SIDE TRIBUTARY, YOU KNOW, ALL THE, THE THINGS THAT WE'VE RECEIVED ASKS ON, AND, YOU KNOW, RESPONDED POSITIVELY TO.
AND TO SAY THAT THE EDC IS STILL OPEN FOR THAT, DOING THIS PROJECT DOESN'T MEAN THAT WE CAN'T DO THAT.
UM, I THINK IS REALLY IMPORTANT FOR US TO CONTINUE TO COMMUNICATE TO COUNCIL.
SO, SO SOMETIMES WE TALK IN TERMS OF MULTIPLES, LIKE FOR COMPANIES, VALUING COMPANIES, RIGHT? A BIG COMPANY IS GONNA HAVE A LOWER MULTIPLE THAN THAT STARTUP COMPANY THAT HAS EXPONENTIAL TYPE GROWTH POTENTIAL.
SO TO KEEP UP WITH A CITY LIKE SHORE, WE GOTTA CONTINUE TO HAVE SOME OF THOSE BITS AND PIECES AND PARTS THAT HAVE ALMOST EXPONENTIAL GROWTH POTENTIAL.
AND THAT'S, THAT'S THE STARTUPS, THAT'S THE SMALL GUIDE, UH, YOU KNOW, SMALL COMPANY.
AND SO, UH, NO, THEY'LL, THEY'LL KEEP UP WITH US, WE'LL HELP, PLENTY OF GROWTH.
UH, WE JUST GOTTA KEEP PROMOTING IT.
THANK Y'ALL FOR THOSE COMMENTS.
AND, UH, JUST KEEP US UPDATED ANELLE WITH WHATEVER YOUR FEEDBACK YOU'RE HEARING, AND WE'LL DO OUR BEST TO PROVIDE, I THINK AS, UH, THE BOARD MEMBERS, JOEL AND JAMES EXPRESSED, YOU KNOW, PROVIDE UPDATES TO THEM, UH, WHENEVER WE CAN TO THE FULLEST EXTENT THAT WE CAN, UH, SO THAT THEY'RE AS INFORMED AS THEY CAN BE.
ITEM FOUR IS RECURRING ITEMS, OUR ECONOMIC DEVELOPMENT
[Recurring Items - A]
REPORT.UM, SO I'LL START OFF FIRST, UM, WITH AN UPDATE ON OUR MURAL.
THE CITY COUNCIL APPROVED THE MURAL EASEMENT AGREEMENT AT THE MARCH 4TH MEETING.
SO WE WILL WORK TO HAVE THE PROPERTY OWNER SIGN SOME TIME THIS WEEK WITH SPRING BREAK.
LAST WEEK THEY WERE OUT OF TOWN, SO WE'LL KEEP THAT PROJECT MOVING FORWARD.
UM, FOR THE SECOND ITEM, TRAININGS AND CONFERENCES.
SO, UH, MARCH 5TH THROUGH SIXTH, I ATTENDED THE COMMUNITY DEVELOPMENT INSTITUTE TRAINING AT, UH, LONE STAR IN THE WOODLANDS.
AND I ALSO, UM, TOOK THE EXAM AND PASSED.
SO
SO VERY, VERY HAPPY TO MAKE THAT HAPPEN.
YEAH, CONGRATULATIONS ON THAT.
I HAD PRINTED OUT EXACTLY WHAT THIS IS.
SO THREE YEARS YOU'VE BEEN GOING, OR AT LEAST THREE YEARS, AND YOU TOOK THE EXAM AND YOU PASSED.
APPRECIATE YOU, UH, CONTINUING YOUR EDUCATION, BUILDING
[01:45:01]
YOUR EXPERIENCE TO HELP US HERE IN RE YES, DEFINITELY, UM, THANKFUL TO THE BOARD AND THE CITY FOR SUPPORTING ONGOING TRAINING FOR, FOR ALL OF STAFF.UM, AND THEN ON THAT SAME NOTE WITH TRAINING AND CONFERENCES, HAYDEN AND I HAVE BOTH REGISTERED TO ATTEND RETAIL FORWARD ON APRIL 10TH.
THIS IS HOSTED BY ICSC AND WILL TAKE PLACE IN HOUSTON.
THERE'S OVER A HUNDRED ATTENDEES CURRENTLY, AND I THINK THIS IS THE FIRST YEAR THAT THEY DO THIS IN HOUSTON.
SO IT'LL BE JUST REALLY INTERESTING TO SEE HOW, UM, HOW THAT ALL WORKS OUT.
BUT WE FELT WE'D, UM, TAKE THE OPPORTUNITY SEEING AS IT'S JUST RIGHT UP THE ROAD TO REPRESENT FUL AND, UM, SEE WHAT RETAILERS, RESTAURANTS WE CAN, WE CAN ENGAGE WITH.
UM, ITEM THREE, THE THP GATEWAY SIGN.
STEPHANIE LEE WITH KGA DEFOREST HAS SENT OUR APPROVAL, UM, WITH A REVISED LOCATION AND SHE'S WORKING ON NEXT STEPS TO KEEP IT MOVING FORWARD.
SO THAT'S ALL DEPENDENT ON WHEN THEY SCHEDULE THEIR NEXT MEETING.
UM, AND THEN WE WILL REPORT BACK TO YOU ALL, UH, ITEM FOUR, UM, RETAIL RECRUITMENT.
SO RETAIL STRATEGIES IS STILL IN THE INITIAL PHASE OF DATA GATHERING, AND THEY'RE ACTUALLY SCHEDULED TO BE HERE TOMORROW AFTERNOON FOR A MEETING WITH STAFF AND A TOUR OF THE CITY.
SO, FOLLOWING THAT, UM, AS SOON AS WE GET ALL THAT INITIAL, UM, DATA REPORT, WHICH IS PRETTY EXTENSIVE, UM, WE WILL SHARE IT WITH YOU ALL.
UH, AND THEN, YOU KNOW, BEGIN MOVING FORWARD WITH WHAT THAT STRATEGY WILL LOOK LIKE.
SO FIRST HARRIS STREET, UM, THE WATER LINE OFFSET WAS SUCCESSFULLY COMPLETED AFTER HOURS ON FEBRUARY 17TH.
THE WATER AND WASTEWATER MASTER PLAN IDENTIFIED THE NEED TO UPSIZE THE SANITARY SEWER ALONG HARRIS STREET, WHICH WOULD BE IDEAL TO ACCOMPLISH PRIOR TO POURING THE NEW ROADWAY.
SO THE CONSTRUCTION OF THE ROADWAY WAS DELAYED WHILE, UM, STAFF NEGOTIATED A PROPOSAL FOR THE UPSIZING OF THE SANITARY SEWER WITH THE CONTRACTOR.
UM, STAFF PRESENTED THE CHANGE ORDER TO COUNSEL FOR UPSIZING THE SANITARY SANITARY SEWER ON MARCH THE FOURTH.
AND THE CONTRACTOR BEGAN INSTALLING THE STORM SEWER PIPE IN THE CURRENT PHASE BETWEEN FM 10 93 AND FIRST STREET.
THEY ARE WORKING ON THE SIDEWALK NEAR THE DETENTION POND AT FIFTH STREET.
SO STAFF WILL CONTINUE TO WORK WITH AT AND T AND PROPERTY OWNERS TO REMOVE ITEMS WITHIN THE RIGHT OF WAY.
AND THEN SECOND ON CIP PROJECTS FOURTH STREET.
SO STAFF HAS REENGAGED WITH THE LAND ACQUISITION CONSULTANT WHO WILL CONTINUE NEGOTIATIONS TO ENSURE WE OBTAIN THE DRAINAGE EASEMENT REQUIRED FOR THE PROJECT.
SO THAT ONE'S KIND OF THE SAME AS LAST MONTH, SO WE'LL KEEP YOU POSTED ON THAT AS WELL.
AND THEN LASTLY, UM, TTDC RECOGNITION, YOUR TURN
UM, THE AWARD RECOGNIZES ECONOMIC DEVELOPMENT ORGANIZATIONS THAT DEMONSTRATE PROFESSIONALISM, STRONG LEADERSHIP, AND A COMMITMENT TO CONTINUE GROWTH THROUGH TRAINING AND VARIOUS CERTIFICATIONS.
SO WE ARE ONE OF AMONG 71 ORGANIZATIONS THAT WERE RECOGNIZED, UH, OR TWO, YEAH, TWO AMONG THE 71, UM, THAT WERE RECOGNIZED AT THE WINTER CONFERENCE IN AUSTIN.
UM, SO THANK YOU ALL SO MUCH FOR YOUR TIME AND DEDICATION.
UM, NOT, NOT JUST FOR YOUR TRAININGS THAT YOU HAVE TO DO INITIALLY AS YOU'RE APPOINTED, BUT THE TIME THAT YOU TAKE OUTSIDE OF THESE MEETINGS TO THOROUGHLY REVIEW THESE DOCUMENTS, THE PHONE CALLS, THE EMAILS YOU SEND WITH FOLLOW UP QUESTIONS.
UM, WE ARE JUST VERY GRATEFUL TO HAVE, UH, DEDICATED CITIZENS THAT SERVE ON THESE BOARDS.
WE OBVIOUSLY COULDN'T DO IT WITHOUT YOU.
[Recurring Items - B]
NEXT ITEM, ITEM FOUR B PRESENTATION BY CITY COUNCIL LIAISON REGARDING RELEVANT ACTION TAKEN AT PREVIOUS CITY COUNCIL MEETINGS.ALRIGHT, SO WE'VE, UH, NOT MET FOR A WHILE.
SO I HAVE, UM, I'LL GIVE AN UPDATE FOR THE SPECIAL CITY COUNCIL MEETING FOR JANUARY 7TH OF 25, THE SPECIAL CITY COUNCIL MEETING FOR JANUARY 28TH, AND THE SPECIAL CITY COUNCIL MEETING FOR FEBRUARY 4TH AND THE REGULAR CITY COUNCIL MEETING FEBRUARY 18TH.
SO WE DIDN'T HAVE A REGULAR COUNCIL MEETING IN JANUARY BECAUSE WE HAD TO CANCEL THAT BECAUSE OF THE WINTER STORM, AND THAT'S WHY THERE ARE TWO SPECIAL COUNCIL MEETINGS.
AND JANUARY 7TH, I, I THINK IT'S, UH, IF YOU WEREN'T THERE, UH, CAPTAIN MCCOY AND CHIEF SEYMOUR, UH, GAVE A LIFESAVING AWARD TO OFFICER BENNETT.
SO THAT WAS, UH, UH, WELL RECEIVED BY THE COMMUNITY.
[01:50:01]
WE DISCUSSED THE, WHICH IS THE FIRST TIME IN THE SEVEN YEARS I'VE BEEN ON COUNCIL, WELL THROUGH THREE LEGISLATIVE SESSIONS THAT WE ACTUALLY DISCUSSED, UH, THE 89TH LEGISLATIVE SECTION AND FROM A CITY LEGISLATIVE PRIORITY STANDPOINT.UM, AND WE DISCUSSED HAVING A LOBBYIST.
UH, WE DID IN THE NEXT MEETING ACTUALLY APPROVE A RESOLUTION AROUND THE LEGISLATIVE PRIORITIES FOR THE 89TH LEGISLATIVE SESSION.
UH, THERE WAS A LOT OF DISCUSSION AND COUNCIL SELECTED HTX, UH, SOCCER ASSOCIATION, UH, SPORTS ASSOCIATION TO, TO BE RECOGNIZED TO DO THE EAGLE LANDING PARK FIELD USE.
UM, THERE WERE TWO, UH, FINALISTS.
UH, ONE WAS FULL SPORTS ASSOCIATION.
THE OTHER ONE'S H-T-X-H-T-X IS, UH, A SPINOFF FROM WHAT WAS LEFT OF THE DYNAMO YOUTH PROGRAM AND HAVE A TON OF EXPERIENCE AND HAVE INCREDIBLE PARKS THROUGHOUT THE, AND AROUND THE CITY OF HOUSTON.
UM, IT'S JUST GONNA BE AWESOME TO HAVE THEM THERE.
AND I THINK HOPEFULLY THE CITY AND COUNCIL WILL TAKE ADVANTAGE OF, OF WORKING WITH THEM TO HAVE THEM ACTUALLY MANAGE THE FIELD AS WELL, BECAUSE THEY UNDERSTAND WHAT IT TAKES TO HAVE GRASS TO PLAY SOCCER ON, UH, VERSUS DIRT LIKE WE HAVE AT, UH, BEAR CREEK PARK.
BUT, UM, SO WE'RE REALLY EXCITED ABOUT THAT.
WE DID UPDATE THE MASTER FEE SCHEDULE FOR PARKS AND RECREATION.
UH, WE DID AGREE TO A BOND ELECTION IN MAY FOR THE MAY BALLOT.
UH, THAT'LL BE PRIMROSE PHASE THREE, UH, AND TO PURCHASE ADDITIONAL PARKLAND, UH, THAT WILL BE A, UH, GENERAL OBLIGATION BOND.
SO THERE WILL BE A, UH, TAX COMPONENT TO THAT, AND THAT'S WHY IT'S GOING TO, UH, ON ONTO THE BALLOT.
WE AGREED TO A GENERAL ELECTION FOR MAY 3RD.
UM, WE ACTUALLY, INTERESTINGLY ENOUGH, WE DID A WRITTEN SERVICES AGREEMENT WITH THE FULCHER SPORTS CLUB LLC FOR THE ANNEXATION OF 9.06 ACRE TRACK OF LAND IN THE ETJA.
SO THERE'S LAND THERE THAT, UM, OBVIOUSLY BEFORE YOU CAN ANNEX IT, YOU'VE GOTTA HAVE A, A SERVICE AGREEMENT BETWEEN THE OWNER AND THE CITY FOR THE SERVICES THAT THE CITY'S GOING TO PROVIDE.
UH, IN THAT MEETING, WE DID ADOPT RESOLUTION 20 25, 652.
THIS IS THE 2025 LEGISLATIVE PROGRAM FOR THE CITY.
SO KELSEY AND ZACH AND OTHER STAFF, UH, WITH INPUT FROM COUNCIL, UM, IDENTIFIED THE THINGS, POTENTIAL THINGS WITHIN THE LEGISLATIVE SESSION THAT WE WANTED TO HAVE POT.
WELL, WE HAVE A LOBBYIST TO, TO LOBBY FOR ON CERTAIN THINGS TO PAY ATTENTION TO, UH, AND, AND BE ABLE TO GET FEEDBACK TO THE CITY, UH, ON HOW SOME OF THESE, UH, BILLS, UH, UH, HOUSE AND SENATE BILLS WILL PROGRESS.
SO IT'S THE FIRST TIME THAT WE'VE DONE THIS IN THE CITY.
UM, I KNOW THAT, UM, UH, THE, UM, WHO'S OUR, I JUST WENT BLANK.
WE USE, UM, OUR LEG, OUR LEGAL OH, OLSON AND OLSON? NO, NO, NO.
THE ALL THE CITY, THE, WE ALL USE THE LEGAL, WE GET LEGAL.
OH, TML, YEAH, TML IT WENT BLANK.
RIGHT? SO TML EVERY LEGISLATIVE SESSION HAS A VERY SIMILAR, UH, CENTER PRIORITIES AROUND, UH, THE LEGISLATIVE SESSION, JUST LIKE WE DID FOR THIS TIME FOR THE CITY.
SO, UM, I THINK THAT, UM, EVEN THOUGH TM L'S THERE AND THEY LOBBY ON OUR BEHALF, AND THEY HAVE A REALLY GOOD PROGRAM THAT THEY PUT TOGETHER, UH, WITH THEIR PRIORITIES.
WE DID THIS THIS YEAR, UM, AS A CITY.
UH, I THINK THAT, UH, LATER, THE NEXT SESSION WE APPROVED, UH, MAYBE $30,000 FOR A LOBBYIST.
NOT MUCH, NOT GONNA GET YOU A LOT.
UM, BUT IT WAS, UH, COUNCIL, CERTAIN MEMBERS OF COUNCIL AND, AND THE MAYOR WANTED TO DO THAT.
SO, UM, WE APPROVED THE AGREEMENT FOR THE DESIGN OF THE CONDO, PLANT OFFSITE WELLS AND IMPROVEMENTS.
UM, WE DID HAVE THE DISCUSSION ON THE LOBBYISTS, WHICH I'VE ALREADY TALKED ABOUT, SPECIAL CITY COUNCIL MEETING.
UH, SO WE ACTUALLY APPROVED THE BOND ELECTION, SO THAT ORDINANCE 2025 DASH 1478, THE $10.75 MILLION FOR PRIMROSE PHASE THREE AND $2.75 MILLION FOR PARK AND FACILITIES LAND ACQUISITION.
[01:55:02]
SO THAT'S, THAT WILL BE ON THE, THE BALLOT IN MAY.UM, AND SO THEN WE DID AWARD AN AGREEMENT FOR THE DESIGN OF THE PEON WATER PLANT ON SITE, SHALLOW WELL AND FREEZE THE TWO FRIES AND NICHOLS, FEBRUARY 18TH.
UM, THIS WAS THE FIRST TIME, UM, THIS WAS A NEW AWARD.
UH, CJ MCDANIEL, UH, PRESENTED THE FIRST COMMUNITY SERVICE AWARD, UM, TO AMANDA, HOW DO YOU SAY HER NAME? ME? AZAR.
UM, THIS IS SOMETHING THAT THE FULCHER POLICE FOUNDATION STARTED THIS YEAR, UH, IN HONOR OF, UM, MS. MCCOY.
AND SO THAT WAS THE FIRST, UM, THE FIRST AWARD.
YOU KNOW WHO I'M TALKING ABOUT.
YOU KNOW, THE, THE MASCOT, THE FULL POLICE MASCOT.
I ALWAYS THOUGHT IT WAS A REAL POLICEMAN.
AND THERE'S LIKE, YOU KNOW, 20 MORE THAT CAN BE OUT IN THE NEXT 20 YEARS.
UH, UPDATE ON WATER PLANT NUMBER TWO, CONSTRUCTION, 64% COMPLETE.
THE ELEVATED STORAGE TANK IS 99% COMPLETE.
SO THIS IS GOOD, RIGHT? WE NOW WE'LL BE HEADING INTO SUMMER, UH, AND WE SHOULD HAVE PLENTY OF, PLENTY OF WATER.
WE HAD A VERY LONG MEETING, PUBLIC HEARING ON THE ANNEXATION OF THE 9.06 ACRES OF LAND, UH, PUBLIC HEARING ON THE ZONING, UH, MAP, 9.06 ACRES TO BE REZONED TO DOWNTOWN DISTRICT PUBLIC HEARING ON ZONING MAP OF 2.1784 ACRES AND, UH, TO THE DOWNTOWN DISTRICT AND PUBLIC HEARING ON THE CDO FOR A SPECIAL USE PERMIT FOR 2.102 ACRES FOR THE CONSTRUCTION OF THE CELL TOWER.
UM, SO WE DID APPROVE THE ANNEXATION.
WE DID APPROVE THE REZONING TO DOWNTOWN DISTRICT FOR BOTH OF THOSE.
AND WE DID APPROVE THE SPECIAL USE PERMIT TO ALLOW THE CONSTRUCTION OF THE CELL TOWER THAT'S ON CROSS CREEK BEND LANE OVER BY THE WATER PLANT.
UH, THERE WAS A PRESENTATION ON FULL FAST TRACK.
I'VE PROBABLY ALREADY TALKED ABOUT THAT ENOUGH.
UM, BUT I THINK THE ONE REAL, UM, I MEAN FOR YOU, I KNOW THAT YOU WERE LISTENING AND IT WAS, UM, PROBABLY STRESSFUL FOR YOU TO HEAR ALL THE VARIOUS COMMENTS AND THAT KIND OF THING.
BUT THE THING THAT I HEARD REALLY COME OUT OF THAT THAT MATTERS IN MY OPINION, IS LESS CONTINUE TO DO THE UPDATES, DO THE UPDATES MORE FREQUENTLY, QUARTERLY, RIGHT? LET'S TAKE, YOU KNOW, THE METRICS THAT WE HAVE.
YOU KNOW, IF COUNCIL WANTS TO, I GUESS THEY CAN, I DON'T KNOW HOW, BUT, YOU KNOW, WE CAN JUST CONTINUE TO GIVE THEM UPDATES AND BE AS TRANSPARENT AS POSSIBLE ABOUT WHAT WE THINK THE SUCCESSES ARE AND CONTINUE TO MOVE FORWARD.
UM, AND WE DID DO A BUDGET AMENDMENT FOR THE $30,000 FOR LOBBYISTS.
AND THEN, UH, CHIEF SEYMOUR PRESENTED THE 2024 RACIAL PROFILING REPORT, WHICH IS ALWAYS INTERESTING.
UM, AND THAT WAS A LONG DEAL AND THAT WAS A LONG UPDATE.
ALL RIGHT,
WHY DIDN'T I? SO WE, THE LAST MEETING THAT WE HAD, I DIDN'T GIVE AN UPDATE ON IT.
I HAVEN'T SEEN THE MINUTES OF THE MEETING, SO I'LL HAVE THAT FOR NEXT TIME.
ITEM FOUR C IS FUTURE AGENDA ITEMS. I'M SURE ANELLE HAS A FEW THINGS LISTED ALREADY, BUT ANYTHING ELSE SPECIFIC? ALRIGHT, ITEM FOUR D
[Recurring Items - D]
IS ANNOUNCEMENTS AND JOEL TALKED ABOUT IT, BUT I WAS JUST GONNA MENTION THAT THE CITY HAS POSTED, UH, TOWN HALL MEETINGS FOR THE UPCOMING BOND ELECTION.SO YOU CAN LEARN MORE ABOUT THAT.
AND THEN I KNOW THAT THE BUSINESSES ALONG FM 1463 HAVE BEEN STRUGGLING, SO I WOULD ENCOURAGE EVERYONE TO GO EAT AND SHOP AT THE BUSINESSES ALONG FM 1463.
IT MAY BE A LITTLE PAINFUL, BUT YOU WILL REALLY HELP THEM OUT IN A TREMENDOUS WAY.
SO THOSE ARE THE TWO ANNOUNCEMENTS I HAD.
THEY'RE GIVEN ALL SORTS OF INCENTIVES, NEW DRINKS, AND $10 CARD TO GO AND GO SEE 'EM.
YEAH, ORLEANS, THERE'S ALL SORTS OF, I SAW ORLEANS INCENTIVE OR COUPON OR WHATEVER.
YEAH, VISIT THEIR SOCIAL MEDIA PAGES ON FACEBOOK AND
[02:00:01]
INSTAGRAM FOR ANY BUSINESS LOCATED ALONG 1463.AND THEY'LL MOST LIKELY HAVE SOME KIND OF OFFER COUPON THAT THEY'RE POSTING.
UM, AND JUST TAKE FLUE IN AND TAKE THAT BACK WAY IN THERE.
YOU WILL NOT GET STUCK IN THREE HOURS OF TRAFFIC.
YOU JUST KIND OF HAVE TO KNOW WHICH ROUTE TO TAKE.
UM, AND THEY'RE ALL SHARING MAPS AND EVERYTHING, SO IF ANYONE'S UNFAMILIAR, JUST FOLLOW ONE OF THEIR BUSINESS PAGES AND YOU CAN SEE THAT.
UM, AND I DIDN'T WANNA ADD TO ANNOUNCEMENTS THAT WE ARE TAKING APPLICATIONS TO SERVE ON BOARDS AND COMMISSION.
SO IF YOU'RE INTERESTED IN SERVING ON THE EVC, UM, PLEASE SUBMIT YOUR APPLICATION TO THE CITY SECRETARY'S OFFICE.
DO WE HAVE A MOTION TO ADJOURN? MOTION TO ADJOURN? WE HAVE A MOTION TO ADJOURN AT 8 56.
ALL OPPOSED? WE ADJOURNED AT 8 56.