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UH, ALL DIRECTORS

[00:00:01]

ARE PRESENT.

UH, THE FIRST ITEM ON OUR AGENDA IS APPROVAL OF THE MINUTES OF THE OCTOBER 18TH, 2021 MEETING.

AND I DON'T THINK THE QUEUING SYSTEM IS WORKING.

SO I HAVE A MOTION BY COUNCIL MEMBER ALBAN AND A SECOND BY COUNCILMAN REVERA OR I'M SORRY, DIRECTOR.

YES.

OKAY.

ALL IN FAVOR.

THAT IS UNANIMOUS.

NEXT ITEM ITEM TO CONSIDER THE PURCHASE OF A 168 ACRE 1.68, EXCUSE ME.

1.68 ACRE PROPERTY NEAR THE INTERSECTION OF MARION DRIVE AND RESIST ALL ROAD FOR FUTURE REDEVELOPMENT PURPOSES AND AUTHORIZED THE EXECUTIVE DIRECTOR TO EXECUTE SUCH DOCUMENTS NECESSARY.

BUT I THINK YOU'RE READING THE, OH, SORRY.

SORRY.

YES.

SORRY.

I KNOW YOU'RE NEW AT THIS.

UH, INTERESTINGLY ENOUGH, HANG ON.

I DON'T HAVE THE AGENDA IN FRONT OF ME.

THANK YOU.

SORRY ABOUT THAT.

THE FOUNDATION'S ATTORNEY OR IS IT? THANK YOU.

I'M GLAD SOMEBODY DOES.

ALL RIGHT.

AND LET'S JUST MAKE SURE THAT WE'RE CORRECT HERE.

UH, AGENDA ITEM ONE WAS APPROVED THE MINUTES OF THE NOVEMBER 16TH, 2021 MEETING, NOT OCTOBER 18TH.

ALL RIGHT, EVERYBODY UNDERSTANDS ALL.

ALRIGHT, ITEM NUMBER TWO.

CONSIDER THE PURCHASE OF TWO TRACKS OF LAND OF 0.8, SIX ACRES IN AGGREGATE NEAR THE INTERSECTION OF PARK.

CHRIS DRIVE ENRICH CHRIS DRIVE AND AUTHORIZED THE EXECUTIVE DIRECTOR TO EXECUTE SUCH DOCUMENTS NECESSARY TO COMPLETE THE TRANSACTION.

NOW SOUND A LITTLE MORE LIKE WHAT YOU WERE GOING TO PRESENT.

UH, THANK YOU, DIRECTORS.

UM, SO OUR FIRST ITEM TONIGHT IS CONSIDERATION OF A PURCHASE THAT WE'VE DISCUSSED BEFORE.

UM, YOU'LL RECALL THAT LAST YEAR IN SEPTEMBER, WE PURCHASED TWO PROPERTIES ON LAKE MERE DRIVE, UH, FOR A FUTURE PARK PROPERTY.

UH, THIS'LL BE ADJACENT TO THE CENTRAL PARK DEVELOPMENT AND WE, WE HAVEN'T USED THAT WORD CENTRAL PARK A LOT ON THIS DEVELOPMENT BECAUSE WE HAVE ANOTHER CENTRAL PARK IN GARLAND.

AND SO WE DON'T WANT TO CONFUSE THE TWO, BUT THE SINGLE FAMILY DEVELOPMENT THAT'S BEEN APPROVED, UM, WE'LL DEDICATE APPROXIMATELY 3.27 ACRES.

AND THE TWO PROPERTIES THAT WE PURCHASED.

UM, WE'LL ADD ABOUT ANOTHER, A 1.3 OR SORRY, 2.3 ACRES TO THAT 2.2 ACRES.

UH, THE, THE PROPERTY FOR CONSIDERATION TONIGHT IS 24 0 2 RIDGECREST, UH, WHICH TOTALS, UM, ALMOST AN ACRE 0.8, SIX ACRES.

UH, THIS IS KIND OF A ZOOMED UP, UH, ZOOMED UP MAP HERE.

SO IN YELLOW ARE THE TWO PROPERTIES THAT WE'VE PURCHASED ALREADY.

2,102 LAKE MIRROR IN 2106 LAKE MIRROR.

UH, THIS IS 2,400 TO RIDGECREST, WHICH IS, UM, TWO TRACKS OF LAND, UH, ONE THAT HAS A HOME AND THE PROPERTY, AND THEN A VACANT LOT.

UH, THIS VACANT LOT USED TO BE PART OF 2102 LAKE MIRROR.

UM, AND THEN THERE WAS A, UH, TRANSACTION A COUPLE OF YEARS AGO, UH, WHERE THAT MOVED THOUGH CHANGED OWNERSHIP.

UH, SO THE, UH, THE, THE CONTRACT DETAILS ON THESE, THERE'S ACTUALLY TWO CONTRACTS.

UM, AND THESE ARE NOT YOUR RUN OF THE MILL CONTRACTS.

WHAT WE'RE TRYING TO DO WITH THIS PROPERTY REALLY IS TO TIE IT UP FOR FUTURE PARKLAND, UH, THE OWNERS, UH, PLAN TO STAY IN THE HOME, UM, AND CONTINUE TO USE THE VACANT LOT.

UM, IF YOU'VE BEEN TO THAT PROPERTY AND AN OLD COUNCIL OR A DIRECTOR ALBAN HAS BEEN THERE AND WORKED WITH THE SANDBORNE, UH, FAMILY ON THIS IT'S REALLY BEAUTIFUL LAND, THEY HAVE LANDSCAPED IT WELL, THEY USE IT.

UM, IT'S, IT'S REALLY NICE.

THEY WANT TO KEEP BOTH PROPERTIES.

AND SO THE WAY THAT WE'VE STRUCTURED THESE CONTRACTS IS THAT, UM, IT'S BASICALLY A 10 YEAR WINDOW, UH, THAT WE HAVE TO, OR THAT THE SELLER HAS TO CHOOSE A CLOSE DATE.

AND AS LONG AS THEY GIVE US 120 DAY NOTICE, UM, OF WHEN THEY PLAN TO CLOSE ON THE PROPERTY, UH, THAT WILL SET THE CLOSE DATE AND THEN THE SALES PRICE, UM, FOR THE HOME IN LAW, THE ACTUAL 24 0 2 RIDGECREST PROPERTY, UH, WILL BE, UH, $350,000 PLUS ANNUAL 2% INCREASE, OR THE AVERAGE OF THREE APPRAISALS, WHICHEVER IS HIGHER.

AND THEN FOR THE VACANT LOT, UM, THAT PRICE WILL NOT CHANGE.

IT'S $102,500.

SO AGAIN, KIND OF A WEIRD DIFFERENT SCENARIO.

THE OTHER TWO PROPERTIES WE BOUGHT OUTRIGHT, UM, THIS ONE IS REALLY JUST TRYING TO TIE IT UP, UM, SO THAT THE CITY HAS ACCESS TO THE PROPERTY WHEN WE DEVELOP A PARK IN THE FUTURE

[00:05:02]

AND, UH, APPRECIATE OUR CITY ATTORNEY FOR HELPING DROP THE LANGUAGE ON THIS AND, AND DIRECTOR ROBIN FOR KIND OF WORKING OUT THE, UH, WITH THE SANBORNS TO MAKE THIS HAPPEN.

UM, THEY'VE BEEN REALLY GOOD TO WORK WITH AND, AND WE LET THEM KNOW WE'RE VERY FLEXIBLE ON THIS, BUT, UH, IN THE END, WE DO WANT TO JUST BE ABLE TO TIE THIS PROPERTY UP SO THAT IT CAN, IT CAN BE PART OF THIS PARK IN THE FUTURE.

UH, SO WITH THAT, I'LL PAUSE THERE AND, UH, WE ARE ASKING FOR APPROVAL OF THIS PURCHASE.

AND, UM, AT THIS TIME ONLY, THE ONLY MONEY THAT'S GOING TO BE DUE IS THE ESCROW FUNDS, UH, WHICH WILL TOTAL $60,000.

AND, UH, THE PLAN IS TO USE OUR, UM, ECONOMIC DEVELOPMENT, LAND, ACQUISITION FUNDS FOR THAT, UH, FOR NOW, UM, AGAIN, JUST FOR THE ESCROW AT A LATER TIME, WE'LL BUDGET FOR THE FULL PURCHASE AND, AND, UH, WE'LL COMPLETE THAT SOMETIME IN THE NEXT 10 YEARS.

OKAY.

UH, CHRISTOPHER SMITH, DO YOU HAVE A QUESTION I SAW YOU POP IN FIRST? GO AHEAD.

YEAH.

UM, THAT 10 YEAR TIMEFRAME IS A LITTLE WEIRD, UH, AS FAR AS WHAT WE'VE, UM, THE, THE TYPES OF DEALS WE'VE DONE IN THE PAST.

AND I GUESS I'VE GOT TWO QUESTIONS ALONG THOSE LINES.

AND, UH, LET ME SAY AT THE OUTSET, I DON'T WANT TO DO ANYTHING DIRECT TO THE DEAL.

SO LET ME MAKE SURE THAT I'M LOOKING AT THIS CORRECTLY.

SO SOMETIME IN THE NEXT 10 YEARS, THEY MAY SELL IT TO US OR THEY HAVE TO, AT THE END OF THE TEN-YEAR PERIOD HAVE TO AT THE END OF THE TEN-YEAR PERIOD.

OKAY.

AND SO DO WE HAVE SOME IDEA OF WHEN WE WANT TO START PUTTING A PARK TYPE AMENITIES INTO THAT AREA, BECAUSE, AND I'LL SKIP AHEAD TO THE POINT, WHICH IS, HOW DO WE KNOW, OH, ARE WE GOING TO HAVE A HALF-FINISHED PARK FOR 10 YEARS? OR WHAT'S THE PLAN FOR, FOR THAT SECTION OF LAND? IS IT JUST GOING TO WALK, BE A WALK THROUGH PATH? IS IT JUST GOING TO BE OPEN AREA? UH, CAN YOU, CAN YOU TELL ME MORE ABOUT THE OVERALL VISION AND I, AND I CAN DEFER TO DIRECTOR ROBIN ON THIS, UH, OR, OR IF YOU WANT TO TAKE THE QUESTION EITHER WAY.

YEAH.

AND I'LL, I'LL TRY.

AND THEN DIRECTOR ROBIN, YOU FILL IN THE BLANK, PRIMARILY THIS WAS GOING TO BE A PEDESTRIAN CONNECTION.

SO A TRAIL CONNECTION FROM THE MAIN CORE OF THE PARK OVER TO PARK CREST.

UM, SO I, YOU KNOW, AND I WON'T SPEAK FOR OUR PARKS FOLKS, BUT THEY'VE BEEN A PART OF THIS AND, AND HAVE SAID THAT THIS LONG-TERM, YES, WE DO NEED THIS, BUT WE CAN STILL DEVELOP THE PARK AMENITIES THAT WE'VE LOOKED AT, UH, WITH THE PROPERTY THAT WE HAVE NOW.

OKAY.

AND THE, THE FOUNDATION ITSELF HAS THE MONEY.

I'M ASSUMING TO EXECUTE ON THIS DEAL AT ANY TIME WE NEED TO, WITHOUT FUNDS TRANSFERS, OR IS THIS SOMETHING THAT WE'LL HAVE TO WORK WITH THE COUNCIL ON AS WELL? UM, WE'LL PROBABLY WHAT WE'LL DO SINCE THIS WAS A, IT'S NOT IN, WE'RE USING ED LAND ACQUISITION FUNDS JUST TO GET THE, GET THE CONTRACTS IN PLACE, THE EARNEST MONEY, WE'LL BUDGET FOR THIS IN THE FUTURE.

UM, THE FULL PURCHASE, SINCE WE HAVE TIME TO DO THAT.

OKAY.

SO WE'LL SEE THIS SAY IN A FUTURE CIP, UH, THIS'LL BE MONEY THAT'S SET ASIDE IN YOUR MARKED OUT OF E OUT OF THE ED BUCKET SPECIFICALLY FOR THIS PURPOSE, OR HOW DO WE, HOW DO WE GUARANTEE THAT THE MONEY IS THERE WHEN IT'S CALLED FOR IT'LL EITHER BE THROUGH OPERATIONAL OR CIP BUCKET SPECIFIC FOR THIS? GO AHEAD.

OKAY.

HANG ON, HANG ON.

I'M HAPPY TO DEFER TO DIRECTOR ROBIN, GO AHEAD.

OH, IT WILL.

IT WILL NOT BE ED MONEY THOUGH.

IT WILL NOT COME OUT OF ECONOMIC.

I MEAN, I'M A LITTLE CONCERNED ABOUT PULLING THE ECONOMIC DEVELOPMENT MONEY AT ALL, EVEN FOR THE ESCROW, BUT THE ULTIMATE PURCHASE, THIS WILL MORE LIKELY COME OUT OF, YOU KNOW, WE SET A FEE SIDE FUNDS IN THE PAST FOR PARKING FOR PARK ACQUISITION, PARKLAND ACQUISITION.

SO THAT'S WHERE WOULD COME FROM, WOULD HAVE TO FUND THAT THROUGH WHETHER IT COMES OUT OF OPERATIONAL CIP.

I DON'T KNOW.

BUT, UM, YOU KNOW, THAT'S SOMETHING THAT WE HAVE PREVIOUSLY FUNDED.

I DON'T KNOW WHERE THAT CURRENT FUND IS RIGHT NOW.

IT'S PROBABLY MOSTLY DEPLETED AFTER THE FIRST GO AROUND, BUT YEAH, WE DID.

SO THE OTHER PURCHASES, WE USE THE PARK ACQUISITION FUND AND BASICALLY DRAIN THOSE FUNDS.

UM, SO WE WOULD NEED TO, UH, COUNSEL WOULD NEED TO ALLOCATE THAT IN THE FUTURE.

THAT'S CORRECT.

WE HAVE ABOUT $2.1 MILLION OF THIS CASH RESERVE THAT YOU'RE SPEAKING OF.

AND WE WERE PLANNING ON PAYING FOR THE EARNEST MONEY OUT OF THAT, BUT IT'D BE UP TO THE FOUNDATION AND COUNSEL ON HOW THEY WOULD ALLOCATE AT THAT TIME WHEN WE PURCHASED THE LAND, IF WE WERE TO ROLL IT INTO A BIGGER CEO ISSUANCE OR TO, TO EARMARK THE MONEY NOW OUT OF THE ED RESERVE, IT'D BE UP TO THE FOUNDATION, THE CITY COUNCIL TO MAKE THAT DECISION.

WE WITHIN OUR BOND

[00:10:01]

TERM.

SO TO, TO USE ED MONEY FOR THIS, THE CASH, IT WOULD NOT BE A PART OF OUR ADY PROPOSITION.

THIS IS CASH.

OKAY.

I MISSPOKE.

I, I THINK I'VE MENTIONED THE BOND ED BOND FUNDS.

OKAY.

I JUST WANT TO MAKE SURE WE'RE CLEAR THAT NO ONE COME BACK LATER AND SAY THAT THE PURCHASE WAS WITH MONEY.

THAT WAS INAPPROPRIATE.

THE TIMING ON IT TO 10 YEARS IS A LITTLE UNUSUAL, BUT WHAT WE'RE TRYING TO DO IS THESE ARE THE SANDBAR.

HOLLY SANBORN HAS LIVED THERE FOR 30 YEARS OR SO, AND HAS DONE AN INCREDIBLE AMOUNT OF WORK ON THIS PROPERTY.

AND, UH, AND I ENCOURAGE ALL OF YOU TO, I MEAN, I'LL BE HAPPY TO REACH OUT TO SOHO HOLLY.

SHE ABSOLUTELY, THEY'D LOVE TO HAVE PEOPLE COME BY AND SEE THE PROPERTY AND KIND OF SEE THE VISION.

AND YOU CAN GO ACROSS THE STREET ACROSS THE CREEK TO THE ARMITAGE'S AND YOU CAN PET THE LLAMAS AND WHATNOT CAUSE THEY HAVE LITTLE PETTING THROUGH THERE.

BUT, UM, BUT THE QUESTION HERE, THE PROPOSITION TO THEM WAS TO SELL THIS IN THE FUTURE TO TIE IT UP SO THAT WHEN THEY'RE READY TO RETIRE AND MOVE ON, WE HAVE IT.

AND WE'VE TRIED.

WE TRIED AND, AND, UH, REALLY ALL CREDIT TO, TO JUDD AND TO CYNTHIA AND TO BRIAN, BECAUSE WE HAVE TRIED, UH, PRETTY MUCH EVERY POSSIBLE COMBINATION OF, YOU KNOW, COULD WE BUY IT AND LEASE IT BACK? COULD WE BUY IT AND DO SOME FORM OF DEVELOPMENT? COULD, YOU KNOW, ARE YOU OKAY IF WE PUT THE TRAIL THERE? NOW, IF YOU GUYS GET IN AND ULTIMATELY WHAT IT REALLY CAME DOWN TO WAS IT, THEY WERE NOT COMFORTABLE, UM, WITH THAT SECTION.

AND I CAN'T REALLY SHOW IT TO YOU GUYS HERE, BUT, BUT WITH THE SECTION THAT, THAT, THAT INCLUDES THE GREEN SPACE THERE, THEY WERE NOT COMFORTABLE WITH THAT PIECE BEING DEVELOPED AND HAVING PEOPLE ON THE TRAIL AND BEING THAT CLOSE TO THEIR HOUSE AND ALL THAT OTHER STUFF UNTIL, UNTIL THEY WERE DONE.

SO, YOU KNOW, 10 YEARS IS AT THE OUTSET.

AT ONE POINT, WE REALLY THOUGHT THEY WERE GOING TO GO FOR FIVE YEARS.

UM, AND SO WE JUST DON'T KNOW, BUT MEANWHILE, BECAUSE OF THE ACQUISITION OF 2106 LAKE MERE, KIND OF TO THE WEST, WHICH DOES GO ALL THE WAY THROUGH TO PARK CREST, WE WILL BE ABLE TO ACHIEVE THAT FUNDAMENTAL THING OF BRINGING UP A PATH THAT CONNECTS, UM, THAT THEY, THEY, THAT CONNECTS THE BACK OF THE FARM AND ALL THESE OTHER THINGS.

YEAH.

WE DON'T REALLY HAVE A ZOOMED OUT PICTURE THAT, BUT WE'LL CONNECT THESE THREE DISTINCT NEIGHBORHOODS.

UM, WE'LL BE ABLE TO BUILD THAT PATH AND, AND WE'LL DO THAT SOONER RATHER THAN LATER, ONCE WE GET ALL OF THAT STUFF PULLED TOGETHER, JOHN AND I WERE JUST TALKING ABOUT THIS, WE'LL BE ABLE TO DO THAT AND CUT THROUGH.

AND SO THAT WOULD ACTUALLY ULTIMATELY BE THE SUGGESTION FROM ANDY WAS THAT THERE WOULD BE TWO BRIDGES ACROSS THE CREEK, ONE ON THE LAKE MIRROR, ONE ON THE ONE ON THE PROPERTY TO THE WEST.

AND THEN ONE THROUGH THE PROPERTY THAT WE'RE TALKING ABOUT ACQUIRING TONIGHT.

UM, BUT YOU COULD STILL HAVE KNOW, YOU COULD STILL HAVE A PATH.

IT WOULD NOT BE A CIRCULAR PATH, BUT YOU COULD SOLVE A PATH.

AND MOST OF THE AMENITIES, MOST OF THE AMENITIES WOULD BE ON THE ARMITAGE PROPERTY, 2,102 IN ALL LIKELIHOOD, JUST BASED ON SOME PRELIMINARY DRAWINGS.

NOT THAT THERE WOULD BE A LOT OF AMENITIES.

THIS IS GOING TO BE A VERY KIND OF QUIET, LOW INTENSITY, FAIRLY IDYLLIC KIND OF PASTORAL SETTING, ENJOY THE CREEK, THE BIRDS, WHATEVER, WALK AROUND.

UM, SO IT'S GOING TO BE FAIRLY CHILL, UH, BUT, BUT WE GET MOST OF THE WAY THERE.

UM, YOU KNOW, BEFORE WE EVER INCORPORATE THE SANDBORNE PROPERTY, IT'S MY, I, MY, IF I GOT THAT, MOST OF THE RIGHT JUDGE SOUNDS CONSISTENT, SO THAT'S KIND OF WHERE WE ARE ON IT.

AND THAT'S KIND OF THE REASON WHY I KNOW IT'S VERY UNUSUAL, BUT, BUT THE, THE, THE CONCEPT HERE IS TO LOCK UP THIS PROPERTY.

NOW, YOU KNOW, WE HAVE A, THIS IS A DONE DEAL.

IT'S JUST A QUESTION OF WHEN IT CLOSES.

AND SO THE GOAL IS TO LOCK THE PROPERTY DOWN NOW SO THAT WE WILL HAVE IT AT THE LATEST, YOU KNOW, 10 YEARS, NINE YEARS FROM NOW.

SO ANYWAY, BUT KUDOS, I MEAN, THIS TOOK A LOT, THEY'VE BEEN NEGOTIATING CONSISTENT.

I MEAN, YOU KNOW, WE APPROVED THE ARMITAGE IS BACK IN SEPTEMBER AND THEY'VE BEEN NEGOTIATING CONSISTENTLY WITH THE SANBORN SINCE BEFORE THAT.

SO THIS IS, IT'S TAKEN LIKE SIX MONTHS OR SO TO GET THIS DONE.

SO VISITS OUT TO THE PROPERTY, WHICH IS WHERE THEY WANTED TO NEGOTIATE, NEGOTIATE.

YEAH.

YOU HAVE TO COME AND YOU HAVE TO KIND OF SIT OUTSIDE AND IT'S REALLY NICE.

YEAH.

I'M STILL ON.

I THINK I AM.

UM, YOU KNOW, I LOOK AT, I'M ALWAYS TOLD WE CAN'T BIND A FUTURE COUNCIL, BUT YOU KNOW, IT'S KIND OF WHAT OUR BOND PROGRAM IS.

IT'S WHAT OUR CRP CIP PROGRAM IS, AND THIS IS PROPERTY ACQUISITION AND,

[00:15:01]

YOU KNOW, WE'RE ENTERING INTO A LONG-TERM AGREEMENT HERE.

I DON'T THINK THAT THAT, THAT DOESN'T, UM, UH, I'M NOT TRIGGERED BY THAT AT ALL.

UH, I DON'T THINK IT VIOLATES ANY OF THOSE, THOSE PRECEPTS, BUT I'D LOOK TO LEGAL FOR AN OPINION ON THAT.

I, I DON'T SEE PROBLEM WITH THIS.

WE ENTER INTO OTHER LONG-TERM PROPERTY AGREEMENTS LIKE THIS.

AND BRIAN, IS THERE ANY ISSUE AT ALL HERE WITH THAT? BECAUSE THERE IS, I'M NOT SEEING ONE.

YEAH.

THERE'S A WAY TO GET THIS DONE.

UM, I WOULD RECOMMEND THAT, UM, UM, WE DO ONE OF TWO THINGS THAT EITHER YOU AND I TALK, UM, UM, OFFLINE, UM, OR WE SET A SECOND MEETING AND THEN I HAVE A, UM, EXECUTIVE SESSION WITH COUNSEL TO GIVE LEGAL ADVICE ON THAT.

THAT'D BE MY RECOMMENDATION.

OKAY.

AGAIN, I'M, UH, THERE'S NO WARNING FLAGS ON MY HEAD, BUT I'M TRYING TO MAKE SURE WE COMPLETELY COVER THE ISSUE.

CAUSE THIS IS JUST KIND OF A UNIQUE AGREEMENT, SO WANTED TO MAKE SURE WE GIVE IT THE, THE TIME AND OVERSIGHT THAT IT'S DUE.

UH, THANK YOU, MR. PRESIDENT, SIR.

I ANY ADDITIONAL QUESTION? WAIT A MINUTE, COUNCILOR MORE.

WE'LL TAKE THEM IN ORDER HERE.

OKAY.

THANK YOU, MR. MAYOR.

SO BOTTOM LINE I HEARD THERE WAS ONE PARCEL THAT WE'RE TALKING 350,000.

THAT WOULD INCREASE 2% PER YEAR OVER THE NEXT 10 YEARS.

IS THAT CORRECT? THAT'S CORRECT.

YES.

SO WHAT WOULD THE HAMMER CONVICTION BE? IF WE JUST SAID, IT'S GOING TO TAKE 10 YEARS TO DO THIS ENTIRE LIST OF FOUNTAIN CAPITALIZATION, THE MATH, AND IT'S CLOSE TO 400, 460,000.

I THINK IF THE LAND IS WORTH 460,000 TODAY MARKET FOR A MARKET THE DAY, I DOUBT IT WOULD APPRAISE FOR THAT, UM, 10 YEARS FROM NOW IT'S CRYSTAL BALL.

I HARD TO SAY IT'S WRITTEN.

IT COULD BE HARD.

YEAH.

YEAH.

I WOULD, BASED ON THE APPRAISAL, IT'S THAT IT'S THE HIGHER OF 2% OR THE AVERAGE OF THREE APPRAISALS WILL BE BUYING.

OKAY.

WHEW.

UM, WHAT, WHAT STARTED OUT SOUND LIKE A VERY GOOD, WE'RE TRYING TO TIE THEM UP.

THAT'S OBVIOUS, BUT ARE WE TYING OURSELVES UP HERE? I MEAN, IF YOU'RE TALKING ABOUT FAIR MARKET VALUE AT THE 10 YEAR PLUS ALL THE LANGUAGE ABOUT IT, I'M NOT, I DON'T, AGAIN, I'M NOT A, I'M NOT A NUMBERS PERSON, BUT I'M JUST, I TRY TO DO THINGS VERY SIMPLE AND KEEP IT SIMPLE.

IF WE'RE TALKING 350200% OVER THE NEXT 10 YEARS, AND YOU'RE TALKING 400,000, IF WE'RE, IF IT'S WORTH THAT TODAY, LET'S JUST PAY HIM FOR IT AND BE THROUGH WITH IT.

BUT IF NOT, IF WE'RE TALKING ABOUT FOR HIM, FAIR MARKET VALUE AND GETTING THREE APPRAISALS AT THAT TIME, WHAT'S ALL THIS LANGUAGE ABOUT.

YEAH.

AND THAT, THAT WOULD BE OUR PREFERENCE WOULD BE TO PURCHASE IT NOW FOR THIS AND CLOSE TOMORROW OR 30 DAYS FROM NOW.

UH, BUT THE SELLERS SIMPLY WANT TO STAY AT THE PROPERTY.

SO THIS WAS, THIS WAS THE WAY FOR US TO BE ABLE TO GET A COMMITMENT, TO BUY IT, UM, IN THE FUTURE, UH, AND, AND BE ABLE TO HAVE THIS LAND IN THE FUTURE.

OKAY.

10 YEARS IS OVER, CORRECT.

10 YEARS, THEY GOT TO DO SOMETHING THE WAY YOU HAVE IT PRESENTLY.

AND I GUESS ALL I'M SAYING AT THIS POINT IS IF THAT BE THE CASE AND THEY'RE PROBABLY GOING TO DO IT FOR 10 YEARS, UNLESS THEY DIE OFF OR WHATEVER WE COULD SIMPLIFIED BY JUST GOING AHEAD AND TAKING THE PROPERTY, THEY CAN STAND INTO IT 10 YEARS OR SHOULD THEY DIE OR WHATEVER.

BUT WHEN GOT THE PROPERTY, NOW IT'S OURS AND WE DON'T HAVE TO WORRY ABOUT THIS AMORTIZATION AND THESE DIFFERENT VALUATION OVER THE NEXT 10 YEARS.

NOT GOING TO BE WAY OUT IN LEFT FIELD WITH, BUT, UM, AGAIN, FOR ME, THAT MAKES IT MUCH MORE SIMPLER.

THANK YOU TO SPARE DR.

WILLIAMS. GOOD QUESTION.

YEAH.

UM, YEAH, MY, MY QUESTION IS, I GUESS, FOR CITY ATTORNEY, UM, AS PRESENTED, I DON'T HAVE ANY QUESTIONS, YOU KNOW, ABOUT IT, IT'S A TWO-PARTY DEAL.

AND MY UNDERSTANDING IS THAT THAT THEIR PORTION OF IT, THEY WANT TO STAY, STAY THERE, USED TO LIVE ON A PROPERTY, DO WHAT THEY WANT TO DO FOR 10 YEARS.

RIGHT.

OKAY.

ALL RIGHT.

SO I DON'T, I DON'T, IT'S DIFFERENT AND UNIQUE, BUT I DON'T, I DON'T HAVE A PROBLEM WITH THAT.

BUT MY QUESTION IS, AND THE FINAL AGREEMENT, MISSISSIPPI ATTORNEY, WHAT, WHAT, WHAT THE CANCELLATION OF THE REVOCATION PROVISIONS LOOK LIKE IN THIS DEAL? WHAT THEY'VE BEEN, WOULD IT BE DEATH OR I DON'T KNOW ABOUT ERRORS.

COULD THERE BE, WHAT ARE THE KINDS OF THINGS THAT COULD, IF WE AGREED TO THIS, WHAT ARE THE KINDS OF THINGS THAT COULD, UH, CHANGE

[00:20:01]

THE DEAL OR ARE CANCELED A DEAL OR BLOW THE DEAL UP? CAN YOU JUST SHARE, WHAT ARE SOME OF THE KINDS OF THINGS THAT WOULD GO THAT WOULD PROTECT US AGAINST IF WE PULL THE TRIGGER ON THIS, WHAT, WHAT PROTECTION WOULD WE BUILT IN SO THAT IF X, Y, AND Z HAPPENED AND WHAT ARE THOSE, SOME OF THOSE KINDS OF X, Y, AND Z THINGS THAT WOULD, UM, WOULD NOT BE IN THE CITY'S BEST INTEREST, CAN YOU SHARE, UM, IT'S A, THIS DEAL WAS DONE ON A STAND ON THE STANDARD TREK FORMS, MEANING THAT, UM, THEY'RE PRETTY WELL BALANCED TO PROTECT BOTH THE BUYER AND THE SELLER, UM, IN THIS PARTICULAR CASE, UM, THERE ARE YOUR STANDARD OUTS THAT YOU SEE ON ANY, ANY, ANY, UM, UH, TREK FORM.

AND THOSE ARE SOME OF THE ONES YOU MENTIONED.

UM, BUT IF THE CURRENT OWNERS WERE TO PASS, THEN IT WOULD NOT RELIEVE THE ESTATE OF THE CONTRACTUAL OBLIGATIONS AT THAT POINT.

SO, UM, UM, ONE OF THE THINGS THAT WE CAN DO AND YOU ACTUALLY TRIGGERED THIS IN MY HEAD, UH, ONE OF THE THINGS WE CAN DO IS ACTUALLY PUT A PROVISION IN THE, UM, UM, AND THE CONTRACT THAT ENABLES US TO FILE, PUT A, PUT A, PUT THE PUBLIC ON NOTICE IN REAL PROPERTY RECORDS, THAT THERE IS A CONTRACT OUT ON THE FORM.

SO IF SOMETHING WERE TO HAPPEN, BUT, UM, IF THEY WERE TO DIE, THEN THEIR, THEIR ESTATE IS STILL OBLIGATED TO SELL THAT TO US.

SO THAT'S NOT SOMETHING THAT YOU HAVE TO, UH, THE FOUNDATION WOULD BE CONCERNED ABOUT AT THAT POINT, UM, IN REGARD TO OTHER, UM, UH, THINGS THAT COULD OCCUR ON THE PROPERTY.

UM, YOU KNOW, THERE ARE STANDARD FORCE MATURE ON THERE, BUT IN THAT CASE, IF THE PROPERTY WERE TO BURN, IT WOULDN'T BE THE RESPONSIBILITY OF US.

IT WOULD STILL BE THEIR PROPERTY.

THEY WOULD HAVE THE OPTION AT THAT POINT TO EITHER GO AHEAD AND CLOSE IT THEN OR REBUILD AND THEN CLOSE IT LATER.

BUT AGAIN, THEY'RE OBLIGATED CONTRACTUALLY TO CLOSE IT WITHIN 10 YEARS, UM, AT THE, AT THE LATEST DATE, 2031, UM, UM, THEY CAN CLOSE IT EARLIER IF THEY'D LIKE, IF, UM, WE CERTAINLY WOULD LIKE THAT.

UM, UM, BUT THEY WOULD BE OBLIGATED TO CLOSE IT BY, UH, DECEMBER 31ST, 2031.

SO WE'RE ESSENTIALLY, WE'RE ESSENTIALLY BUYING THE DIRT.

YES, THAT'S CORRECT.

OKAY.

OKAY.

ALL RIGHT.

THANK YOU.

MA'AM SIR.

ALRIGHT, MORRIS, GO AHEAD, DIRECTOR MORRIS, WHATEVER.

THANK YOU.

UM, QUICK QUESTION, UM, THIS FOR THE CITY ATTORNEY, WOULD THEY BE ALLOWED? WHAT, WHAT WOULD HAPPEN IF THEY ALLOWED A LIEN TO BE PLACED ON THE HOUSE AFTER WE EXECUTE THIS? IS THERE SOMETHING THAT WOULD PREVENT THAT FROM HAPPENING AND THEN WHAT WOULD BE THE IMPACT ON US? NO, THAT WOULD BE A RISK IF THE LIEN WAS PLACED ON, WE'D BE AT RISK AT THAT POINT.

IS THERE ANY WAY TO STOP THAT FROM HAPPENING OTHER THAN THE SUGGESTION THAT WE EXECUTE IT NOW AND JUST GIVE THEM A, UM, ELISE BACK? YEAH.

OKAY.

THAT IF WE DID THAT, IF WE GAVE THEM, IF WE EXECUTED NOW AND SOLD AND GAVE HIM A LEASE, WE COULD, WE COULD PREVENT THAT FROM HAPPENING.

THAT WOULD BE, BUT I'M NOT SURE OF DEPENDING ON HOW THE NEGOTIATIONS WENT AND WHY THEY WERE NOT WILLING TO DO A LEASE.

I'M NOT SURE ABOUT THAT.

THAT'S SOMETHING THAT, UM, JEN WOULD HAVE TO ANSWER.

YEAH.

WE TALKED ABOUT THAT OPTION WITH, UM, UH, CAUSE THAT, THAT'S WHAT WE DID WITH THE ARMITAGE PROPERTY.

WE BOUGHT IT, THEY THEY'RE LEASING IT BACK EVEN FOR A, YOU KNOW, 12 TO 18 MONTH PERIOD, PERIOD.

THIS THERE, THEY WERE JUST A LITTLE BEYOND THAT AND WANTED TO MAKE SURE THAT THEY HELD ONTO IT UNTIL THEY WERE READY TO PULL THE TRIGGER.

THAT'S WHAT IT BOILED DOWN TO.

OKAY.

BUT WE HAVE NO WAY TO PREVENT THEM AND WE CAN ALL SAY, OH WELL, THEY'RE NICE PEOPLE.

AND FROM WHAT I UNDERSTAND, THEY'RE GREAT PEOPLE, BUT IN LEGAL LAND, PEOPLE OFTEN DO THINGS OR THEIR HEIRS DO THINGS.

UM, SO HAVING LEAVING THAT BARN DOOR OPEN, I'M NOT COMFORTABLE WITH THAT.

SO THAT'S PROBLEMATIC UNLESS WE CAN FIGURE OUT A SOLUTION.

I THINK I HAVE ONE.

UM, OKAY.

IF THEY'RE AMENABLE TO IT, YOU CAN, I CAN ACTUALLY PUT A CONTRACT, SOME PROVISION IN THE CONTRACT THAT STATES THAT IN THE EVENT THAT A LIEN IS PLACED ON THE PROPERTY AND THEY WOULD HAVE TO BE A CONSTRUCTION.

WE HAVE MECHANICS LIEN BECAUSE IT IS CURRENTLY, AT LEAST ONE OF THESE TRACKS IS THEIR HOMESTEAD.

AND SO THERE'S ONLY A LIMITED AMOUNT OF LIENS THAT CAN DO THAT.

BASICALLY IF THEY HIRED SOMEBODY TO COME DO WORK ON THE HOUSE AND THEY DIDN'T PAY IT, THEY COULD LEAN IT TO THAT POINT.

WHAT WE CAN DO IS WE CAN PUT AN OFFSET INTO THE, IN THE PURCHASE PROCESS OF THE CONTRACT.

IF THEY WERE TO DO THE ETHYLENE GETS PLACED ON IT BY THE TIME IT CLOSES AND THAT'S AN OFFSET TO THE FINAL PURCHASE PRICE.

OKAY.

I THINK THAT WORKS FOR ME.

THANK YOU.

OKAY, EVERYBODY GOOD DOWN HERE, FLIP OVER TO THE OTHER SIDE,

[00:25:04]

DIRECTOR SMITH JUST REAL QUICK.

UM, OBVIOUSLY YES.

THE LEAN IDEA WAS A GREAT ONE.

AND IF WE CAN WORK THAT IN IT'S WONDERFUL.

WHEN WE GO BACK TO THE TABLE WITH THESE FOLKS, I'M ASSUMING IF, IF WE HAD PURCHASED THIS AND RELEASING IT BACK TO THEM, THEY WOULDN'T HAVE TO PAY PROPERTY TAXES BETWEEN NOW AND WHEN THEY LEFT.

CORRECT.

THAT'S CORRECT.

DID WE REMIND THEM OF THAT? ALL RIGHT.

OH WAIT.

CAUSE IT WOULD NOT BE FOR A GOVERNMENTAL USE.

WE WOULD OWN THE PROPERTY, BUT THEY WOULDN'T BE, THEY'D BE USING IT FOR A NON-GOVERNMENTAL PURPOSE AT THAT POINT.

SO THEY WOULD STILL BE OBLIGATED TO PAY PROPERTY TAXES.

GOT IT.

SORRY.

I THOUGHT I'D FOUND A LITTLE WAY TO SWEETEN THE POT FOR THEM.

ALL RIGHT.

I'M OUT.

THANK YOU.

UM, I MEAN, THIS IS, LIKE I SAID BEFORE, THERE'S BEEN AN EXTENSIVE CONVERSATION WITH THEM.

THEY ARE NOT WILLING, THEY'RE NOT INTERESTED IN HAVING THE CITY BE THEIR LANDLORDS OR WHETHER IT'S FIVE YEARS OR 10 YEARS OR WHATEVER IT IS.

AND, AND CANDIDLY, AND THEY'RE NOT STUPID.

THEY'RE NOT GOING TO AGREE TO SELL TODAY, YOU KNOW, TO, TO TAKE A PRICE TODAY FOR A PURCHASE 10 YEARS FROM NOW.

I MEAN, THEY'RE JUST NOT GOING TO, IT DOESN'T MAKE, IT WOULDN'T MAKE ANY SENSE FOR THEM TO DO THAT.

I MEAN, IN, AND IN THAT REGARD, IT'S, YOU KNOW, THEY ARE IN THAT SENSE, DOING US A FAVOR, THEY HAVE NO OBLIGATION TO SELL US THIS PROPERTY WOULD NEVER CONDEMN IT, BUT THEY DO.

THEY DO WANT THIS PROPERTY TO GO TO THE CITY TO BECOME PART OF A PARK.

THEY, THEY THINK THAT'S A GREAT AND, AND, BUT THEY'RE, BUT THEY'RE NOT WILLING, BUT THEY WANT IT TO BE, WHAT'S A, WHAT IS A FAIR PRICE AT THE TIME OF, OF THAT? SO ALL WE'RE REALLY DOING HERE IS ENSURING THAT THERE'S AN OBLIGATION FOR THAT PROPERTY TO COME TO THE CITY THAT WE HAVE, THAT WE HAVE A, WE HAVE A FIRM CONTRACT AND WE'RE BUYING IT, BUT I DON'T BLAME THEM.

I WOULDN'T PAY IT.

I WOULDN'T TAKE TODAY'S MONEY FOR IT, YOU KNOW, BASED ON WHAT THEY WANT TO DO.

SO I, I GET IT.

UM, AS FOR THE LIENS, I MEAN, WE CAN ASK THEM, I THINK THAT'S A, THAT'S A GOOD IDEA AND A GOOD COMMENT BY, UM, COUNCIL MEMBER MORRIS, THAT, THAT WE MAKE SURE THAT THEY HAVE AN OBLIGATION NOT TO ALLOW ANY VOLUNTARY LIENS ON THE PROPERTY.

AND ANYTHING ELSE IS, YOU KNOW, I MEAN, I CAN'T SEE ANYONE PUTTING ANY W YOU KNOW, THE ONLY KIND OF LEANS IN WHAT HAPPENS IF THEY DON'T PAY THE TAXES, I GUESS, I DON'T KNOW WHICH CASE WOULD COME TO US EVENTUALLY ANYWAY, BUT, UM, SO, YOU KNOW, WHATEVER OTHER PROTECTIONS WE CAN PUT IN THERE, BUT, BUT, AND I DON'T EVEN KNOW THAT THEY'LL AGREE TO SOME OF THOSE.

SO THE ONES THAT MAKE SENSE TO THEM, THEY'LL, I'M SURE THAT THEY'RE NOT UNREASONABLE PEOPLE, I DON'T THINK, BUT THEY'VE JUST, THEY'RE VERY SPECIFIC ABOUT HOW THEY WANT TO DO THESE THINGS.

SO, UM, SO, BUT WHAT, AND WITH THAT, UM, HOLD ON ONE SECOND, LET ME FINISH THAT.

OKAY.

AND AS FOR FINDING FUTURE COUNCILS AND ALL THIS OTHER STUFF, THIS COUNCIL BINDS FUTURE COUNCILS IN THE FUTURE ACTIONS OF THE CITY ALL THE TIME, ALL THE TIME WE APPROVE MULTI-YEAR CONTRACTS FOR CONCRETE, WE APPROVE MULTI-YEAR PURCHASING CONTRACTS FOR OTHER THINGS THAT ARE LIKE, THIS IS A, YOU KNOW, FOR RENEWALS AT THE OPTION OF THE, YOU KNOW, OF THE VENDOR FOR, YOU KNOW, TO GO OUT FOR FIVE, SIX YEARS.

SO WE'RE, WE'RE, YOU KNOW, WE'VE APPROVED.

WE ARE, WE HAVE A CONTRACT WITH, UH, THE FOLKS WHO OWN THE, WHO, WHO ARE OPERATING THE GAS PLANT OUT AT THE, AT THE LANDFILL.

THAT'S PROBABLY A LONG-TERM CONTRACT.

SO IT'S NOT, IT'S REALLY NOT.

I KNOW WE HAVE THAT DISCUSSION.

WE CAN'T FIND FUTURE COUNCILS, BUT WE BIND THE CITY GOING FORWARD FOR YEARS AND YEARS, IF NOT MUCH LONGER AT A TIME.

SO THAT'S ALL I HAVE ON THAT.

AND, AND WHEN THE DISCUSSIONS OVER AND PREPARE TO MAKE THE MOTION.

THANK YOU.

GOOD.

OKAY.

SO THE CONTRACT IS FOR 10 YEARS, BUT IT COULD BE FIVE YEARS, THREE YEARS OR SIX YEARS.

RIGHT.

WE DON'T, WE DON'T KNOW WHEN IT'S GOING TO BE.

I MEAN, THEY CAN GO INTO A ROUGH TIME IN THEIR LIVES THAT THEY GOT TO GET RID OF IT, YOU KNOW? SO WE'RE JUST GIVEN THE SELF 10 YEARS, RIGHT? YEAH.

USUALLY YOU'RE PUTTING A CLOSE DAY OF 30 DAYS.

THIS IS JUST 10 YEARS.

YEAH.

WELL, I MEAN, YOU KNOW, IT'S DIFFERENT, BUT, AND THAT, THAT'S ALL I WANT TO KNOW.

THANK YOU.

ALL RIGHT.

ANYBODY ELSE? I SEE.

NO ONE, GO AHEAD, SIR.

THANK YOU, MAYOR.

I MOVED IT.

OH, THANK YOU,

[00:30:01]

PRESIDENT MR. PRESIDENT, WHOEVER YOU ARE.

UH, I, I, I MOVED THAT.

WE APPROVED THIS ITEM SUBJECT TO THE CONDITIONS THAT WE'VE DISCUSSED, WHERE WE GET THE, NOW I'M NOT GONNA EVEN REMEMBER WHAT THOSE CONDITIONS ARE, REPRESENTATIONS REGARDING THE LIEN STATUS.

AND, UH, GO AHEAD, BRIAN.

OKAY.

IF, UM, I GUESS, I GUESS FOR A POINT OF CLARIFICATION, IF WE GO BACK TO NEGOTIATE FOR THE LIEN STATUS, WHICH I THINK IS A VERY REASONABLE ASK ON, ON THE, ON THE BOARD'S PART.

UM, AND IF THEY SAY, NO, DO YOU WANT US TO COME BACK? I THINK THAT NEEDS TO BE PART OF THE DIRECTION.

I THINK THAT'S GOING TO HAVE TO COME BACK THAT THE AUTHORIZATION IS THAT IF, IF, IF WE GET SOMETHING THAT I DON'T THINK IT HAS TO, IF THEY AGREE ON THE LEAN PIECE AND YOU'RE COMFORTABLE WITH THAT AS ATTORNEY FOR THE FOUNDATION, WHICH I GUESS WE'RE PAYING YOU, GOING TO PAY YOU EXTRA FOR IT.

BUT IF WE ARE GOING TO DOUBLE MY SALARY, BUT IF IT, IF THEY COME, I BELIEVE IT'S A NON-PROFIT THOUGH.

RIGHT? SO, UH, BUT ANYWAY, UH, IT, IF IT MEETS, IF, IF IT MEETS WHAT YOU THINK ARE THE GUIDELINES THAT WE'VE SAID HERE, THEN, THEN, YOU KNOW, THEN I THINK YOU'RE AUTHORIZED TO GO AHEAD AND EXECUTE THE CONTRACT.

IT DOESN'T NEED TO COME BACK TO US, BUT IF THEY SAY, NO, I THINK I'D LIKE IT TO COME BACK AND GET AN UPDATE AND, AND SEE WHAT OTHER OPTIONS WE HAVE, BECAUSE I DON'T WANT TO PUT THE CITY AT RISK.

I DON'T WANT US TO PUT 60 GRAND DOWN ON THIS ONLY TO FIND OUT WE HAVE SOME OTHER KINDS OF PROBLEM.

UM, BUT I THINK THAT WAS THAT THE ONE, OR WAS THERE SOME OTHER CONDITION WE WANTED TO ADD OR CHECK ON? I THINK THAT, I THINK THAT WAS THE ONE.

I THINK THAT WAS THE ONE.

SO THAT'S MY VERY LONG ELOQUENT MOTION.

YEAH.

YES.

WHICH I KNOW I COULD NEVER REPEAT WITH, IT'S SUCH WAIT TILL WE GET THE MINUTES FOR THE NEXT ONE.

UM, MOTION BY DIRECTOR AUBIN AND A SECOND BY DIRECTOR SMITH, UH, TO APPROVE THIS PURCHASE WITH THE AMENDED LANGUAGE, ANY BROTHERS TRAINING, HANG ON, WE TALKED ABOUT SOME OF THE EXAMPLES OF VOIDING THE CONTRACT AND, AND HAD A LIST.

ARE YOU GOING TO PROVIDE SOME ADDITIONAL LANGUAGE OF THE COVER, THOSE KINDS OF THINGS? CAUSE WHEN I, WHEN I THINK TH YOU SAID, THERE'S THE SECOND THING REGARDING MAKING SURE WE COVER OUR BASES AND YOU WERE GOING TO CRAFT, IS THAT RIGHT? WELL, TH TH THERE'S LANGUAGE IN THERE ALREADY IN THE TREK FORUMS, UM, THERE'S OUTS BUILT INTO THOSE FOR BOTH PARTIES, BUT YOU HAD MENTIONED, I'M THINKING ABOUT GIVING NOTICE OR DOING SOMETHING.

SO THE, IF EVER, SO IF THEY ALL DIE.

OH, OKAY.

I SEE WHAT YOU'RE SAYING.

YEAH.

SO IF THEY DIED, YEAH, WE CAN, I CAN PUT LANGUAGE I'M S I'M SORRY.

I'M TRACKING WITH YOU NOW.

YES.

I CAN PUT LANGUAGE IN THERE ALSO SUGGEST LANGUAGE TO THEM THAT, UM, UM, STATES THAT, UM, THERE IS A CONTRACT ON THE PROPERTY AND WE CAN ACTUALLY GIVE THE PUBLIC NOTICE THROUGH THE REAL PROPERTY RECORDS.

OKAY.

WE'LL FILE SOMETHING THERE.

OKAY.

OKAY.

OKAY.

ALL RIGHT.

THE SECOND APPROVES CONCURS.

ALL RIGHT.

ALL IN FAVOR THAT WOULD APPEAR TO BE UNANIMOUS.

THANK YOU.

ALL RIGHT.

ITEM THREE, CONSIDER APPROVING A 2022.

UH, SO ONE OF THE THINGS THAT THE BYLAWS FOR THE FOUNDATION TALK ABOUT IS APPROVING AN ANNUAL BUDGET.

SO, UM, THAT'S PART OF YOUR RESPONSIBILITY AS WELL.

AND SO I APPRECIATE THE BUDGET OFFICE, UH, PULLING TOGETHER THE FOUNDATION BUDGET.

WHAT YOU SEE HERE ON THE TABLE IS, UM, ACTUAL 20, 21 EXPENDITURES.

AND WE'LL HAVE THIS BUDGET FOLLOW A CALENDAR YEAR VERSUS A FISCAL YEAR.

UM, SO YOU SEE THE 20, 21 ACTUAL, UM, ACTUAL REVENUE AND EXPENDITURES.

UM, AND THEN WHAT'S PROPOSED FOR 2022.

SO I'LL, I'LL TALK A LITTLE BIT ABOUT THIS.

YOU SEE THE BEGINNING FUND BALANCE, UM, THE TRANSFER FROM THE CITY OF GARLAND, UH, THIS WAS SPECIFICALLY FOR THE PURCHASES THAT WE MADE LAST YEAR, THE FOUNDATION.

SO IT WAS THE TWO LAKE MERE PROPERTIES, AND THEN THE MEDICAL DISTRICT PROPERTY, UM, GETTING US THE 4.7 MILLION, UH, THIS MISCELLANEOUS REVENUE AND INTEREST.

UM, SO ONE OF THE PROPERTIES WE OWN IS THE FORMER HYPERMARKET SITE, WHICH IS LEASED TO, UH, PEGASUS AS PART OF THE 6 35 PROJECTS.

SO THIS IS THE REVENUE THAT'S COMING OFF OF THAT LEASE, UH, INTO THE FOUNDATIONS FUND.

UM, SO YOU GET YOUR TOTAL REVENUE EXPENDITURES.

UM, UH, AGAIN, THE CAP BASICALLY IT'S MONEY IN MONEY OUT FOR THE CAPITAL EXPENDITURES FROM 2021, UM, FOR NEXT YEAR, UH, WHAT YOU SEE PLANNED OUT, UH, TRANSFERRING FROM THE CITY, THIS 8.631 MILLION.

UH, THIS IS THE SUM OF THE TWO CIP PROJECTS

[00:35:01]

THAT ARE TIED TO THE, UH, 2019 ECONOMIC DEVELOPMENT BOND FUNDS.

SO IN YOUR, IN YOUR PROPOSED CIP, THERE'S TWO SHEETS, THERE'S ONE FOR ECONOMIC DEVELOPMENT AND REDEVELOPMENT.

UH, THAT'S ABOUT $6 MILLION.

AND THEN THERE'S ONE FOR LAND ACQUISITION.

THAT'S ABOUT $2 MILLION.

SO ESSENTIALLY THAT BECOMES THE FOUNDATION BUDGET, UH, THROUGH THOSE TWO CIP PROJECTS.

UH, AND THEN YOU HAVE THE REVENUE THAT WILL COME OFF OF THE LEASE FOR THE HYPERMARKET SITE.

AND, UH, THAT'S THE PROPOSED BUDGET FOR NEXT YEAR? UM, MATT, DID I BUTCHERED THAT TOO BAD? GOOD.

ALL RIGHT.

UM, WITH THAT, I'LL KIND OF ANSWER ANY QUESTIONS.

WE DO NEED ACTION ON THIS IN TERMS OF APPROVING A BUDGET, WHICH WE'LL BRING BACK TO YOU EVERY YEAR, UM, AROUND THE CIP TIME.

OKAY.

OKAY.

QUESTIONS ON THE SAND? UH, LET'S SEE HERE.

GO AHEAD, SIR.

YEAH.

AT JET QUESTION, HOW DO WE, WE EXPLAIN HOW DO WE TRACK FOUNDATION EXPENDITURES? WHAT'S OUR BACKUP? HOW DO WE TRACK THOSE LINE ITEMS EXPENDITURES? WHAT'S, WHAT'S A BACKUP, CAN YOU KIND OF EXPLAIN TO ME THERE IS IT'S, IT'S A SEPARATE SYSTEM.

MATT, CAN YOU EXPLAIN THAT? AN EXAMPLE THAT WHERE IT SAYS TOTAL EXPENDITURES, 47, UM, THE FOUR SEVEN, THE TOTAL EXPENDITURE LINE THERE'S SOMEBODY ASKS, WELL, WHAT'S IN THAT, UH, HOW WOULD, WHAT KIND OF REPORTING IS WE COULD TELL YOU EVERY TRANSACTION THAT'S THERE, THIS IS, WAS DESIGNED TO MIRROR KIND OF THE FUND SUMMARY YOU SEE HERE IN THE OPERATING BUDGET.

BUT YEAH, WE COULD W WE BASICALLY USE AS A SEPARATE FINANCE SYSTEM FROM THE CITY, BUT WE, WE TRACK IT JUST LIKE ANY OTHER ACCOUNTING SOFTWARE, EVERY TRANSACTION OF IT.

SO EVERY RECEIPT, YOU KNOW, EVERY REVENUE SOURCES WE HAVE RECORD OF ALL THAT.

RIGHT.

RIGHT.

AND SO YOU COULD ROLL OUT THAT KIND OF REPORT IF YOU'VE GOT THAT KIND OF REQUEST.

CORRECT.

WE COULD, WE COULD TELL YOU EVERYTHING THAT'S BEEN SPENT OUT THERE SINCE WE CREATED IT.

OKAY.

ALL RIGHT.

THANK YOU.

THANK YOU.

MA'AM ALL RIGHT.

OKAY.

ANYBODY ELSE DOWN HERE? DOWN HERE? NOPE.

ALL RIGHT.

YEAH, WE DO NEED ACTION ON, RIGHT.

IF SOMEBODY WANTS TO HAVE, I HAVE A MOTION BY DIRECTOR ALBAN AND A SECOND BY DIRECTOR MOORE, WE'LL ROTATE THINGS AROUND HERE TONIGHT TO APPROVE, UH, ALL IN DRIVER THAT WOULD APPEAR TO BE UNANIMOUS.

THANK YOU.

ITEM FOUR, STAFF PRESENTATION OF 2021 FOUNDATION ACTIVITY.

THANK YOU.

UM, JUST BRIEFLY, I WANTED TO KIND OF RUN THROUGH, UM, THE ACTIVITY THAT WE HAD THIS PAST YEAR, AND THEN ALSO, I, I HANDED OUT A, BASICALLY A LIST OF ALL THE PROPERTIES THAT THE FOUNDATION OWNS, UM, ALONG WITH A MAP.

SO YOU HAVE THAT IN FRONT OF YOU.

UH, WE HAD A LOT OF ACTIVITY THIS PAST YEAR, UM, OVERALL PURCHASED ABOUT 42 ACRES, UH, FOR ABOUT $10.4 MILLION, UH, WHICH BRINGS THE TOTAL HOLDINGS UP TO A 78 ACRES.

UM, ABOUT 23.2 MILLION THAT'S SPENT, SPENT ON LAND SO FAR.

UM, SO TOUCHING ON THE 2021 ACQUISITIONS, UM, YOU'LL RECALL SOME OF THESE, THESE WILL LOOK FAMILIAR TO YOU.

THE MEDICAL DISTRICT, UH, WAS THE, UH, WAS ONE OF THE LARGER PURCHASES, UM, LITTLE OVER FOUR ACRES FOR FUTURE REDEVELOPMENT.

UM, IF YOU'VE BEEN BY THE SITE, IT'S BEEN, THE PROPERTY HAS BEEN DEMOLISHED, THE BUILDINGS ARE LEVELED TO THE GROUND.

UM, SO WE'RE, UH, KIND OF QUEUING UP FOR FUTURE REDEVELOPMENT THERE, UH, THE MILLER ROAD PARKLAND, WHICH WAS SUBJECT TO THE EARLIER AGENDA ITEM, UM, THAT'S, UH, AGAIN, THREE DIFFERENT, REALLY FOUR DIFFERENT PROPERTIES THAT ARE, HAVE BEEN A PART OF THOSE PURCHASES.

UM, THE FORMER CINEMARK THEATER ON SOUTH GARLAND AVENUE, UH, SHILOH ROAD, UH, DEMOLITION ON THAT'S PENDING, UH, IT ACTUALLY WAS GONNA START THIS WEEK, PROBABLY NOT GOING TO HAPPEN WITH THE WEATHER.

SO, UH, THAT MAY GET KICKED OUT A WEEK OR TWO, UH, BUT THAT'S PENDING AS WELL.

UM, YOU'LL RECALL THAT WE PURCHASED THE SMALL PARCEL NEXT TO THE, UM, WOMEN'S BUILDING AND CENTRAL LIBRARY, UH, ON GLEN BROOK.

UH, AGAIN, THAT'S, THAT'S, UH, GEARED UP FOR FUTURE REDEVELOPMENT AND THEN LATE THIS LATE THIS YEAR, UM, WE, UH, THE FOUNDATION RECEIVED A DONATION FROM A DEVELOPER, UM, AROUND FIREWALL TOWN CENTER, UH, THAT TOTALED ABOUT 31 ACRES.

THAT'S GOING TO BE A FUTURE TRAILS AND OPEN SPACE, UM, AS PART OF THE RELIC CREEK AND FIRE WILL BUNKER HILL AREA, UM, TRAILS AND OPEN SPACE PLAN.

AND THEN THE, ONE OF THE LIGHT LATEST CLOSINGS WAS THE LAS BRISAS RESIDENTS CLUB, UH, WHICH WE ARE ALSO PENDING DEMOLITION ON.

[00:40:01]

SO AGAIN, JUST WANTED TO KIND OF RECAP THOSE, UM, PAST YEAR ACQUISITIONS.

UM, AND THEN YOU HAVE, UM, UH, LISTING AND SHOWING UP HERE AS WELL, ALL THE HOLDINGS OF THE FOUNDATION, AND, UM, LOOK FORWARD TO ANOTHER GREAT YEAR FOR THE FOUNDATION AND, AND, UH, HOPEFULLY MOVING FORWARD ON SOME OF THE REDEVELOPMENT HERE, EASY PARTS PURCHASING THE LAND, THE DIFFICULT PART IS GETTING A DEVELOPMENT AND REDEVELOPMENT PLAN AND, AND EXECUTING ON IT.

SO, UH, WITH THAT, I'LL STAND FOR ANY QUESTIONS.

OH, I BELIEVE BOTH SIDES ARE CLEAR WITH CLEAR.

THANK YOU.

THANK YOU.

APPRECIATE IT.

AND WITH THAT, UH, NOW BEING OUR LAST ITEM, UH, AT 8 35, WE ARE ADJOURNED