[00:00:03]
WELL WELCOME TO THE AUGUST 5TH, 2020, 25 MEETING OF THE GARLAND FOUNDATION FOR DEVELOPMENT.OUR FIRST ITEM ON OUR AGENDA IS PUBLIC COMMENTS.
AND MADAM SECRETARY, DO WE HAVE ANY SPEAKERS SIGNED UP TO SPEAK TO THE FOUNDATION TODAY? NO, SIR.
VERY WELL, WE'LL MOVE ON TO ITEM NUMBER TWO.
APPROVAL OF THE MINUTES FROM THE JULY 22ND, 2025 ANNUAL BOARD OF DIRECTORS MEETING.
WE HAVE A, UH, OH, UH, COUNCIL MEMBER, OR I SAY DIRECTOR MOORE.
WELL, I WAS GONNA MOVE FOR APPROVAL, BUT IT'S OKAY.
ALL RIGHT, WELL THEN WE HAVE A MOTION BY, UH, DIRECTOR WILLIAMS AND A SECOND BY DIRECTOR MOORE.
UM, SECRETARY, PLEASE PREPARE THE VOTE FOR US.
IS EVERYONE, WE WILL DO IT BY HAND THEN.
ALL IN FAVOR OF APPROVAL OF THE MINUTES.
AND WE'LL MOVE ON TO OUR ITEM FOR INDIVIDUAL CONSIDERATION.
IT'S CONSIDERED THE AUTHORIZATION OF THE EXECUTIVE DIRECTOR TO EXECUTE A LEASE OF APPROXIMATELY 22,000 SQUARE FEET WITHIN A PROPOSED MULTIPURPOSE BUILDING TO BE OWNED BY THE FOUNDATION AND LOCATED GENERALLY AT THE SOUTHWEST CORNER OF HALFORD ROAD AND PRESIDENT GEORGE BUSH TURNPIKE, CONSISTENT WITH THE TERM SHEET AGREEMENT REGARDING SOCCER TRAINING HQ AND MULTI FIELD COMPLEX APPROVED BY THE CITY COUNCIL OF THE CITY OF GARLAND ON JUNE 17TH, 2025.
UM, UH, GOOD EVENING, CHAIRMAN AND BOARD MEMBERS.
UM, I'D LIKE TO GIVE YOU A LITTLE BIT OF AN UPDATE AND KIND OF A, A CONFIRMATION THAT WE'RE ON THE RIGHT TRACK.
YOU MAY HAVE RE RECALL FROM, FROM PREVIOUS DISCUSSIONS ABOUT THE, UM, THE GENERAL TERMS OF THIS PROJECT IN, IN THE TERM SHEET.
UH, WE'RE MOVING FORWARD IN THE NEGOTIATIONS.
UH, SO FAR, UH, WE'RE LOOKING AT A APPROXIMATELY 22,000 SQUARE FOOT BUILDING.
THIS WOULD BE ON LAND OWNED BY THE, THE, UH, GARLAND ECONOMIC, UH, DEVELOPMENT FOUNDATION.
UH, THEY WOULD BE THE LEASE OR, UH, AND THE TEAM WOULD BE THE TENANT.
UH, THIS WOULD BE A 20 PROPOSED TO BE A 20 YEAR LEASE TERM, UH, APPROXIMATELY, ACCORDING TO THE TERM SHEET, APPROXIMATELY $350,000 PER YEAR, UH, IN A LEASE PAYMENT FOR 20 YEARS.
UH, I BELIEVE IT ALSO, UH, IN THE TERM SHEET IS 10% OF, UH, SPONSORSHIP REVENUE OR $50,000, WHATEVER IS, UH, GREATER.
UM, MAKE SURE I'M NOT LEAVING ANYTHING OUT.
UH, THERE'S A TWO AND A HALF PERCENT, I BELIEVE THAT'S RIGHT, MATT.
TWO AND A HALF PERCENT ESCALATOR YEAR OVER YEAR.
UM, AND THEY'RE REQUESTING, UH, APPROXIMATELY 18 MONTHS OF, OF RELIEF, UH, FROM RENT PAYMENTS UNTIL THE 19TH MONTH.
UM, MATT, IF YOU ARE AVAILABLE TO GIVE ANY, ANY ADDITIONAL UPDATES THAT I MAY HAVE LEFT OUT, UH, BUT ESSENTIALLY THIS IS, UM, THE NEXT STEP WOULD BE TO BRING THIS, THE TIF THREE BOARD, UH, TO MODIFY THE PLAN, UH, THE, THE FINANCE AND PROJECT PLAN.
UM, A LITTLE BIT OUT, OUT OF ORDER IN THAT REGARD IN TERMS OF, OF TONIGHT AND THAT SCHEDULING THAT MEETING.
BUT THAT HAS, UH, BEEN SCHEDULED, UH, COMING UP SOON.
UM, I BELIEVE THAT'S THE UPDATES.
ANYTHING ELSE I MAY HAVE LEFT OUT, GENTLEMEN? TREY, IF YOU WANT TO ADD ANYTHING? NO, I THINK THAT'S IT.
YEAH, THE, IT NEEDS TO GO TO TIF THREE AND THEN WE'RE WORKING ON THE ACTUAL LEASE DOCUMENT ITSELF.
SO AGAIN, JUST GENERAL, UH, CONFIRMATION THAT WE'RE IN THE RIGHT DIRECTION, STILL MOVING FORWARD IN THE, IN THE MANNER THAT THE BOARD EXPECTS.
UH, I JUST WANNA MAKE SURE THAT AS A REMINDER, THAT THE, THE FOUNDATION IS THE, THE LANDLORD IN THIS CASE AND THE TEAM WILL BE THE TENANT.
IS THERE ANY QUESTIONS OR COMMENTS ON THIS ITEM? ALL RIGHT, COUNSEL, OUR DIRECTOR BASS MOTION TO APPROVE.
WE HAVE A MOTION BY DIRECTOR BASS AND DIRECTOR WILLIAMS PUNCHED IN ON THE BUTTON.
WE'LL TRY USING OUR, OUR BUTTONS OR WE HAVE THE TECHNOLOGY, LET'S GO AHEAD AND USE IT.
SO, UH, WE HAVE A MOTION BY DIRECTOR BASS, SECOND BY DIRECTOR WILLIAMS. IS THERE ANY DISCUSSION?
[00:05:01]
MADAM SECRETARY, IF YOU WOULD PLEASE PREPARE THE VOTE AND THAT ITEM PASSES UNANIMOUSLY.ALL RIGHT, THE LAST ITEM ON OUR AGENDA THEN AT 10 38, THE FOUNDATION MEETING IS ADJOURNED.
IT'S 'CAUSE THERE WASN'T THE MOTION BACK.