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[(EDC) Board Meeting/(CDC) Board Meeting]
30 AND I CALL THIS, UH, HEAD OF ECONOMIC ECO ECO ECONOMIC DEVELOPMENT CORPORATION, TYPE A AND HEAD OF ECONOMIC DEVELOPMENT CORPORATION.WE HAVE A QUORUM PRESENT AND TIME FOR THE PLEDGE.
FLAG OF THE UNITED STATES OF AMERICA, AND TO THE REPUBLIC, WHICH STANDS? ONE NATION.
ONE NATION UNDER GOD, INVISIBLE LIBERTY AND JUSTICE FOR ALL.
HONOR THE TEXAS FLAG AND PLEDGE ALLEGIANCE TO THE TEXAS ONE STATE UNDER UNDERGRAD ONE.
UH, IS ANYBODY SIGNED UP FOR PUBLIC COMMENT? SAY NONE.
WE'RE GOING TO MOVE ON TO ITEM FIVE.
ONE, DEC, OR EXCUSE ME, DISCUSS AND CONSIDER PURCHASING A TABLE FOR 10 ATTENDEES FOR $1,250 TO ATTEND THE HUTTO CHAMBER GALA TAKING PLACE ON JANUARY 28TH, 2023.
UH, BO AT THIS ITEM, UH, WE WERE LAST YEAR, I BELIEVE, IN ATTENDANCE AT THIS EVENT.
IT'S BECOME, I THINK, A, A REALLY GOOD WAY FOR US TO CREATE A NETWORK AND THE WARMTH FOR OUR CHAMBER PARTNERS.
UM, AND HU AND SO WE HAVEN'T SPECIFICALLY IDENTIFIED THIS AS AN ITEM IN THE BUDGET, ALTHOUGH WE HAD MONEY IN THE BUDGET TO BE ABLE PAY FOR IT.
SO THIS IS JUST TO GO BACK TONIGHT AND MAKE SURE THAT WE HAD SPECIFIC AUTHORIZATION TESTIMONY ON THAT PARTICULAR ITEM TO WHICH, UH, YOU WILL ALL BE INVITED.
WELL, UM, I THINK THIS IS A VERY APPROPRIATE USE, UH, FOR THE EDC.
UM, I HAVEN'T BEEN ONE, I'VE BEEN AGAINST DOING IT AS A CITY LEVEL BECAUSE THAT'S A DIFFERENT ORGANIZATION.
AND SO I THINK, UM, OUR INVOLVEMENT OF THIS HELPS BECAUSE WE'RE THERE FOR THE BUSINESSES, WE'RE THERE FOR BUSINESS GROWTH, FOR ECONOMIC DEVELOPMENT.
A LOT OF OUR AREA BUSINESS PEOPLE, UM, ARE GONNA BE THERE.
AND IT'S, I THINK IT'S IMPORTANT WE'RE SUPPORTING THE ORGANIZATION THAT IS SUPPOSED TO BE SUPPORTING THEM.
UM, DO WE KNOW THE VENUE THAT IT'S GOING TO BE AT THIS YEAR? I HAVEN'T GOTTEN THE FINAL, UH, LOCATION FROM THEM, BUT I BELIEVE IT'S GOING BACK TO KALAHARI.
BECAUSE THAT WAS A BIG TO-DO LAST YEAR WITH IT NOT BEING HELD IN HU AND SO ON AND SO FORTH, SO MM-HMM.
SO I AGREE, AND I HOPE, UH, I HOPE ONE DAY THIS NEXT YEAR WE HAVE A, WE HAVE AN ITEM FOR THE EDC TO HELP BRING A VENUE HERE THAT WE CAN, UM, BUT I ALWAYS FEEL TOUGH.
I DO UNDERSTAND THE PEOPLE THAT SAY IT SHOULDN'T BE HELD OUTSIDE OF HU BUT THEN IT'S TOUGH TO BE ABLE TO SAY, WE'VE GOT THE ONE VENUE WE HAVE, YOU CAN'T SELL, YOU CAN'T SERVE ALCOHOL AT BECAUSE OF STATE COLLEGE.
UM, SO BOB, UH, WHAT IS THE ANTICIPATED TURNOUT? UM, LAST YEAR, I BELIEVE WE HAD ABOUT FOUR OR 500, UM, KUO FULL IS WHAT WE SAW AT THE WILLIAMSON COUNTY, UM, DEAL YESTERDAY.
BUT THE PRETTY, PRETTY COMPLETE, AND EVERY YEAR THEY SEEMS TO GO UP A LITTLE BIT.
SO WHAT IS THE BARRIERS THAT ARE PREVENTING IT FROM BEING HELD IN THE CITY OF HU? WELL, HISTORICALLY, IT'S BEEN A SCALE ENVIRONMENT AND LESS SERVE ALCOHOL, WHICH THEY HAVE.
THAT'S, THAT'S BEEN A PROBLEM, BUT JUST GETTING A ROOM BIG ENOUGH TO TAKE IN THAT AMOUNT OF, OF TRAFFIC.
I THINK THE ONLY OTHER VENUE IS A Y M C A AND I DON'T KNOW THEIR, UH, BASKETBALL COURT.
IF I HAD TO, OR THE BASKETBALL GYM, IF I HAD TO GUESS YOU'VE BEEN THERE, WHAT COULD THAT HOLD? MAYBE? YEAH.
UM, SO IT, IT IS A PROBLEM THAT ADDS AS THE EVENTS GROWN.
UM, WE JUST DON'T HAVE THE, WE DON'T HAVE THE PLACE, PLUS THEY TYPICALLY, THEY HOLD THEIR GALA IN THE EARLY PART OF THE YEAR, SO THE WEATHER IS A FACTOR.
SO, I MEAN, YOU CAN'T DO AN OUTSIDE VENUE.
I MEAN, WE'VE GOT A LOT OF OUTSIDE VENUES THAT COULD, THAT COULD POSSIBLY HOST, BUT, YOU KNOW, HAVING IT AN INSIDE VENUE AND IT'S A GALA, RIGHT? SO YOU DRESS UP NICE.
YOU, YOU KNOW, YOU HAVE YOUR SUIT ON AND YOU KIND OF SHOW UP.
SO, UM, AND THEY HAVE A FUNDRAISER TOO, LIKE THEY DO AUCTION ITEMS. MM-HMM.
WE DON'T HAVE A SPACE BIG ENOUGH AS A CITY, SO, OKAY.
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I'LL SAY THAT I, I, I ALSO SUPPORT THIS TOO, BECAUSE OF THE FACT THAT, I MEAN, IT, IT, IT'S SOMETHING THAT WE'VE ATTENDED.I KNOW I'VE ATTENDED TWO OTHERS OR SO.
THIS WILL BE THE THIRD THAT, THAT I'VE BEEN A PART OF.
AND I DO SEE THE COMMUNITY, UH, THERE, IT'S A COMMUNITY THAT WE ALL SERVE AND, UM, IT'S, I I THINK IT'S, UH, A WORTHWHILE CAUSE TO PUT TOWARDS.
SO, UM, WITH THAT, I'LL MAKE THE MOTION TO APPROVE FIVE ONE RABBI MOTION FROM TREASURER LUCAS.
IS THERE A SECOND? I'LL SECOND THE MOTION.
WE HAVE A MOTION FROM TREASURER LUCAS.
A SECOND BY BOARD MEMBER COLEMAN.
CONDUCT A PUBLIC HEARING ON E S L O, UH, BOARD.
AND I HEREBY OPEN THIS PUBLIC HEARING ON FIVE TWO.
WE HAVE A NUMBER OF PROJECTS WE'RE GONNA BE PLAYING.
UH, START WITH PROJECT AS LOW, WHICH IS A PLANNED RETAIL AND RESTAURANT CLUSTER.
AT LEAST FOUR OR FIVE FACILITIES AT THE CORNER OF EDGE SCHMID RESTAURANTS WILL FEATURE REGIONAL GENERATE ABOUT TAXABLE SALES, OPERATING NEW FOOD AND RETAIL OPTIONS, CHICAGO, THE APPROXIMATE CAPITAL INVESTMENT OF 10 TO 15 MILLION POST AND OVER A HUNDRED PART AND FULL-TIME JOBS.
ALRIGHT, WITH THAT, DO WE HAVE ANYBODY, UH, WISHING TO FROM THE VOTE TO COMMENT ON THIS? SEEING NONE, I CLOSE THIS AT 5 37.
ITEM FIVE THREE, CONDUCT A PUBLIC HEARING ON PROJECT STRAT THREE, AND THE PUBLIC HEARING IS HEREBY OPENED AT 5 38 BOARD PROJECT STRAP THREE IS A THREE P LOGISTICS PROVIDER SUPPORTING INBOUND AND OUTBOUND FREIGHT, VARIOUS OTHER SUPPLY CHAIN LOGISTICS FOR SAMSUNG AND OTHER SEMICONDUCTOR RELATED CUSTOMERS.
CLIENT'S INITIAL NEED WILL BE FOR APPROXIMATELY 200,000 SQUARE FEET.
CAPITAL INVESTMENT IN BILLING WILL ADD AT LEAST, UH, 1 MILLION TO THE TAX ROLLS.
UH, PLUS PERSONAL PROPERTY FOR GOOD OR NOT.
TAX EXEMPT INITIAL JOBS WILL BE SOMEWHERE BETWEEN 50 AND, ALL RIGHT, OPEN THIS FOR PUBLIC COMMENT.
SEEING NONE, CLOSING THIS ITEM AT 5 39.
ITEM FIVE FOUR, CONDUCT A PUBLIC HEARING ON PROJECT CHICAGO AND OPEN THIS UP.
UH, AT 5 39, WELL, BOARD PROJECT CHICAGO IS A PROPOSED MISUSE DEVELOPMENT AT THE NORTHEAST CORNER OF HA OMEGA SITE.
BASICALLY, NORTH 33 49 AND 79 COME TOGETHER.
UM, CURRENTLY, UH, BEING ANCHORED BY TWO HOTEL BRANDS.
EACH HOTEL IS PLANNED TO HAVE AT LEAST 126 KEYS EMPLOYEE, APPROXIMATELY 30 PART-TIME, FULL-TIME EMPLOYEES, PLUS A PLANNED CAPITAL OF INVESTMENT JUST ON THE HOTELS OF 30 MILLION.
WE ARE EXPECTING THAT PROJECT WILL ALSO EXPAND INTO A 30 ACRE DESTINATION RESTAURANT ENTERTAINMENT OVER THE NEXT.
SO OPEN US UP FOR A PUBLIC COMMENT.
SEEING NONE HEREBY CLOSE THIS AT FIVE 40.
UH, ITEM FIVE, FIVE, CONDUCT A PUBLIC HEARING ON PROJECT N Q2.
BOARD N Q2 WILL KICK OFF THE DEVELOPMENT OF THE PHASE TWO, THE TOWERS COMMON CENTER LOCATED THE NORTHEAST CORNER OF, UH, HIGHWAY 79 AND COUNTY ROAD ONE 19 PROJECT WILL INCLUDE OVER 170,000 SQUARE FEET OF RETAIL RESTAURANT ENTERTAINMENT AND BASIC NECESSITY.
USES CURRENTLY INCREASE IN SHOPPING AND DINING OPTIONS IN THE CITY OF CITY'S EXPANSION.
WILL GENERATE OVER 40 MILLION IN TAXABLE SALES.
SHOULD OPEN THIS UP FOR A PUBLIC COMMENT.
ITEM FIVE SIX, CONDUCT A PUBLIC HEARING ON PROJECT PRIMERO.
UH, AT 5 41, UH, BOARD, UH, PROJECT PRIMERO CONTEMPLATES A MULTI-PHASE
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FLEX DEVELOPMENT TOTAL SQUARE FOOTAGE BETWEEN 220,200 50,000 SQUARE FEET OF OFFICE WAREHOUSE AND MANUFACTURING.ABOUT 25 ACRES ON THE AUTO SITE.
INITIAL PHASE WILL BE A HUNDRED THOUSAND SQUARE FEET, WILL HANDLE OFFICE AND ADVANCED MANUFACTURING JOBS.
ABOUT 120 STARTING AT BUILDUP SALARIES REALLY TRIPLED THE COUNTY AVERAGE DEVELOPMENT COSTS FOR THE ENTIRE PROJECT ARE ESTIMATED TO BE OVER 50 MILLION PRIOR TO THAT.
THAT'S PRIOR TO INVESTMENTS BY TENANTS IN THE REMAINDER OF IT.
ALL RIGHT, OPEN THIS UP FOR PUBLIC COMMENT.
SEEING NONE, UH, WE'LL CLOSE THIS AT 5 42.
UH, ITEM FIVE SEVEN, DISCUSS AND CONSIDER ACTION ON A RESOLUTION APPROVING AN ECONOMIC DEVELOPMENT PERFORMANCE AGREEMENT WITH THE DEVELOPER FOR PROJECT N Q2, PROVIDING ECONOMIC INCENTIVES, PROVIDING FOR ALL STATUTORY REQUIREMENTS IN AUTHORIZING THE CHAIR TO EXECUTE THE AGREEMENT AND OTHER RELATED MATTERS.
UH, GOOD EVENING, UH, BOARD BEFORE YOU IS AN ECONOMIC DEVELOPMENT PERFORMANCE AGREEMENT, UH, BETWEEN NUQUEST AND THE UH HA ECONOMIC DEVELOPMENT CORPORATION.
THERE WERE A FEW FORM MATTER ITEMS THAT WE WERE UNABLE TO, UH, CAPTURE BEFORE TONIGHT'S MEETING, AND THEREFORE, WHEN I'M ASKING FOR, UH, YOUR, UH, DISCUSSION AND ACTION ON THE ITEM, I WOULD ASK THAT YOU, UH, ADD, UH, IN A FORM APPROVED BY GENERAL COUNSEL SO THAT WE CAN COMPLETE THOSE A FEW ITEMS. UM, THE, THE AGREEMENT ITSELF IS VERY SIMILAR, IF NOT IDENTICAL, TO, UM, THE AGREEMENT THAT WE APPROVED UNANIMOUSLY FOR PROJECT, UM, E OR V, I'M SORRY, V AS IN VICTOR.
UM, AND SO WHICH, WHICH IS ACTUALLY LOCATED, UH, ON THE, THE, THE PROPERTY OF WHICH THIS IN, IN INCLUDES, UM, THE, UH, THIS WAS THE, THE PROJECT WHICH WE JUST RECENTLY DID THE PUBLIC HEARING FOR.
SO WE'LL HAVE 60 DAYS BEFORE ANY FUNDING CAN BE DONE.
ALSO PROJECT V AND PROJECT AND THE N Q2 WILL GO THROUGH A FUNDING AGREEMENT, UM, TO, UH, COMBINE THE SALES TAX OF THE CITY WITH THE SALES TAX OF THE ECONOMIC DEVELOPMENT CORPORATION FOR PAYMENT.
AND IN SHORT, IF YOU'LL WANT TO TURN TO PAGE FIVE, WHAT THIS PROJECT IS VERY SIMILAR TO THE, UH, TO, TO THE, UH, V PROJECT.
THE INCENTIVES ARE, UH, $500,000 FOR THE FIRST TWO YEARS AFTER A CERTIFICATE OF OCCUPANCY, UH, $400,000 FOR YEAR THREE OF OCCUPANCY, AND THEN $450,000 FOR YEAR FOUR THROUGH 10 IN, UM, UH, GRANTS OVER THAT TIME PERIOD.
UH, WE ANTICIPATE THAT AT THE SAME TIME PERIOD, THERE'LL BE OVER 16 MILLION OF SALES TAX ASSOCIATED WITH THE PROJECT, NOT INCLUDING THE E V O PROJECT.
AND SO THE, THE FUNDING HERE IS, IS, UH, PERFORMANCE BASED.
AND THEN SECONDLY, THE, THESE CONDITIONAL SALES TAX INCENTIVES ARE FOR THE FIRST YEAR A 100% INCENTIVE.
AND FOR OUR FIRST TWO YEARS, AND IN THE FIRST THREE AND FOUR YEARS, IT'S UH, 90%, 10% IN THE PROJECT V WE HAD A 10 YEAR PERIOD FOR PURPOSES OF, OF SALES TAX, UH, ALLOCATION INCENTIVES, UH, THAT WERE UNDER THE SAME FEATURE HERE.
WE STOPPED THAT, THAT, UH, SALES TAX INCENTIVE, UH, AFTER THE YEAR FOUR.
AND, UM, IF THEY DON'T MAKE THEIR, THE CAP IS $5 MILLION, BUT IF THEY DON'T MAKE THAT $5 MILLION IN THOSE FOUR YEARS, UM, THEY GET WHATEVER THEY GET.
AND SO, UM, THOSE ARE THE SA SAME TERMS, BUT ACTUALLY SHORTER TERMS FOR PURPOSES OF THE SALES TAX.
UM, THE, UH, CLAWBACKS AND, UM, OTHER TERMS ARE, ARE THE SAME THAT WE'VE, UH, ALREADY APPROVED FOR PROJECT E, UH, V I'M SORRY, I KEEP ON SAYING THE WRONG LETTER.
AND THERE IS AN, UH, ADOPTIVE RESOLUTION THAT I'VE PROVIDED FOR THE BOARD, UH, THAT WILL ASK FOR THIS, THIS TO, UH, GO TO THE CITY COUNCIL FOR APPROVAL.
ALL RIGHT, SO I JUST WANNA MAKE SURE I'M SAYING THIS RIGHT.
SO YEAR ONE IT'S $500,000 IN A GRANT PLUS A HUNDRED PERCENT OF SALES TAX.
ALL RIGHT, SO WE'LL HAVE TO REALLY MAKE SURE WE'RE BUDGETING THIS FOR THE NEXT 10 YEARS.
AND WITH THAT NAME, THAT'S THERE, DOES THAT MEAN THAT'S CATS OUT OF THE BAG? YEAH, NO, THE, THE, THE, THOSE ARE ALL, I MEAN, THIS IS A PUBLIC DOCUMENT AS SOON AS IT'S, NOW THAT WE'VE USED IT IN HERE, SO IT'S AVAILABLE.
SO THOSE, SO THIS INCENTIVE IS FOR WHICH RETAILER? THIS INCENTIVE IS FOR THE
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DEVELOPER.THE DEVELOPER WHO IS GOING TO BRING THE THREE PARTICULAR, UH, STORES TO THE DEVELOPMENT, RIGHT? SO ARE WE SAYING WHO THOSE STORES ARE? YES.
THEY'RE IN THE, THEY'RE IN THE, WHEREAS PROVISIONS OF THE AGREEMENT, UH, QUESTION I HAVE IS, ARE ANY RIGHT HERE OF THE TAX INCENTIVES CONTINGENT SPECIFICALLY ON THAT RETAILER STAYING IN THAT SPACE FOR A CERTAIN AMOUNT OF TIME? THEY ARE THAT IT REQUIRES THAT THEY, THEY CONTINUE THERE AND, AND THEY'RE, THEY ARE THE THREE, UM, ENTITIES FROM WHICH THE SALES TAX IS DERIVED FROM.
AND ALSO WHAT IS THE EXPECTED COMPLETION FOR WHEN THOSE, CUZ YOU THERE SAYS ARE PROJECTED TO CREATE 200 JOBS.
LIKE ANYTIME I HEAR THE WORD PROJECTION, I I ALWAYS KIND OF, IT'S LIKE A TOSS IT IN THE AIR KIND OF WORD.
SO HOW DO WE, IS THERE A WAY TO SET LIKE A DEADLINE TO EVALUATE, HEY, THESE 200 JOBS HAVE BEEN CREATED BY THIS DATE? OR IS IT JUST THE, THE NUMBER OF JOBS IS NOT A CONTINGENCY WITH REGARDS TO, UH, BREACH, UH, A BREACH OF THE AGREEMENT.
IT'S NOT A JOBS PROVISION, BUT, UM, UNDER THE, UH, SOFTWARE ANALYSIS THAT'S USED FOR THESE PROJECTS, THIS IN THIS, UH, COMMONS, WHAT'S THE, WHAT'S THE FIRST TOWN? TOWN? WEST COMMONS TOWN WEST? YEAH.
UM, IT IS AN EXHIBIT TO THE AGREEMENT AND IT, IT'S THE ENTIRE AREA.
SO THERE'S A NUMBER OF OTHER STORES AND ANOTHER, A NUMBER OF OTHER, UM, LOCATIONS THAT ARE WITHIN THE ENTIRE AREA MORE THAN THE, THESE THREE STORES AND E V O.
UH, AND SO THE 200, UH, JOBS IS, IS PROJECTED BASED ON THE, UM, ECONOMIC DEVELOPMENT SOFTWARE FOR A PROJECT OF THIS SIZE WITH THAT MANY SQUARE FOOT OF, OF, UH, OF RETAIL SALES.
SO DOES THIS MEAN NOW ALL FOUR ARE ALLOWED TO BE TALKED IN PUBLIC? YES.
UNLESS IT'S OUT THERE, IT'S OUT THERE.
WHAT I'M SAYING IS THAT WHAT, IT'S, IT'S OUT THERE.
THEY'RE THE DEVELOPER AND THE COMPANIES CONSIDER TO COME IN AND THE ONLY REASON THEY HAVEN'T COME IN IS THEY WERE GONNA DO, I THINK THEY'RE GONNA DO A FORMAL ANNOUNCEMENT AT THE NEXT CITY COUNCIL MEETING.
SO COUPLE MORE QUESTIONS TO MAKE SURE I UNDERSTAND THIS.
SO EACH YEAR THAT THEY COMPLY WITH THE OBLIGATIONS, THEY'RE GONNA GET THIS, THAT FIRST ONE 4 MILLION ELIGIBLE INCENTIVE POSSESSION OF FINAL CERTIFICATE OF OCCUPANCY AND ONE YEAR AFTER A CO THAT, THAT CONFUSED ME A LITTLE BIT.
ONE YEAR THEIR PAY PAYMENT MILESTONES.
AND SO THE, THE AMOUNT THAT THEY RECEIVE IS $500,000 A YEAR FOR THE F UPON FINAL CERTIFICATE OF OCCUPANCY AND ONE YEAR AFTER RECEIVING THEIR CERTIFICATE OF OCCUPANCY UHUH.
CUZ I, I WAS READING THAT LIKE THEY HAD TO DO MULTIPLE, LIKE THERE WAS GONNA BE MULTIPLE LOCATIONS SO THEY COULD REALLY, REALLY JUST HAVE ONE LOCATION COULD COME AND DO IT AS LONG AS THAT ONE LOCATION PER PARAGRAPH THREE THAT THEY HAVE TO FOLLOW HAD A 20 MILLION CAPITAL INVESTMENT, UH, HAD AT LEAST 40 NEW JOBS PER DAY.
SO I MEAN, I GUESS WHILE WE'RE NOT SAYING THEY NECESSARILY HAD TO BRING IN ALL THREE OF THE RETAILERS, IF THEY BRING THE INVESTMENT IN WITH THE JOBS IN, LET ME CLARIFY THAT FOR YOU CUZ I DON'T, AND AGAIN, JUST SO YOU KNOW, ALL OF ALL OF THESE ADDRESSED PRETTY FAR ALONG IN TERMS THIS NEGOTIATION PLANS FORWARD.
SO I JUST WANNA MAKE SURE THERE'S NO, LIKE I'M NOT GONNA, AGAIN, I DON'T THINK THEY'RE GONNA BAIT AND SWITCH, BUT I WANNA MAKE SURE IF WE'RE THINKING, YOU KNOW, CHEWY'S, PETCO AND ACADEMY SPORTS, THAT WE PASS IT AND THEN ALL OF A SUDDEN IT BECOMES LIKE, NOT CHEWIES, NOT THIS, NOT THAT, BUT AS LONG AS THEY PUT 20 MILLION IN 40 JOBS, IF THERE'S ONE THAT WE'RE SO SURE ON, I'D ALMOST LIKE IF IT'S NOT TRIGGERED IN HERE, I'D ALMOST LIKE TO SEE LIKE THIS THING'S CONTINGENT ON ACADEMY SPORTS.
CUZ I'LL BE HONEST, I DON'T LIKE GIVING AWAY TAX MONEY FOR RETAIL, BUT ONE OF THE THINGS PEOPLE HAVE SAID IS THEY WANT PEOPLE TO COME TO HUTTO AND SPEND MONEY OUTSIDE OF HU AND I SEE THESE THREE RETAILERS BEING DESTINATION PLACES.
SO IF THEY'RE NOT DESTINATION PLACES I HAVE NO INTEREST IN IN THE DEAL.
IF IT'S ONE OF 'EM, I'M NOT, I DON'T WANNA BE A JERK AND BLOW EVERYTHING UP BECAUSE IT HAS TO BE EXACTLY.
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IF IT'S NOT LIKE ACADEMY, THEN I'M LIKE, IT'S A WHOLE DIFFERENT DEAL FOR ME.SO YEAH, THAT WAS MAKE, THAT WAS MY POINT, WHICH IS WHY I SAID IS IT CONTINGENT ON JUST LIKE IF YOU'RE BUILDING A MALL, HOW YOU HAVE YOUR ANCHOR STORE, BUT ONCE THAT ANCHOR STORE LEAVES, DO THE LEASES OF THE OTHER PEOPLE CHANGE? YEP.
LET, LET ME DO TWO THINGS FOR YOU.
UM, IF YOU, IF YOU'LL TURN TO PAGE THREE, SECTION THREE, SUBSECTION B.
IT SAYS IN Q2 SHALL DEVELOP TOWN WEST COMMONS WITHIN THE CITY LIMITS OF THE CITY OF JUDO TEXAS TO BE COMPLETED SUBJECT TO FORCE DELAYS WITHIN TWO YEARS FROM THE EXECUTION DATE OF THIS AGREEMENT.
AND THE FACILITY WILL INCLUDE THE RETAILERS AND RERATE TOUR NAMED IN THE RECITALS ABOVE AND SHALL BE CONSIDERED COMPLETED BASED ON THE DATE OF THE LAST CERTIFICATE OF OCCUPANCY IS OBTAINED.
THE CITY OF JUDO, TEXAS, FOR ALL THREE BUILDINGS CONSTRUCTED AS PART OF THE PROJECT YOU HAD ME AT AS RE NAMED IN RECITALS ABOVE.
CAUSE WHEN I GO TO THOSE, IT SAYS EXACTLY THE THINGS I NEED.
SO I THOUGHT THAT WAS ANSWER YOUR QUESTION.
WELL THEN I, BASED ON THAT, I WOULD LIKE TO MAKE A MOTION THAT WE, UH, CAN PROVE AND CONSIDER THIS RESOLUTION.
WAS THERE ANY ADDITIONAL CHANGE, GEORGE, THAT YOU SAID NEED MADE BASED ON? NO.
UM, FOR INSTANCE, I DON'T HAVE THE NOTICE ADDRESSES HERE.
I DON'T HAVE THE PROPER SIGNATURE BLOCK FOR, FOR NEWQUEST.
I WANNA MAKE SURE THAT THEY, THEY DON'T HAVE A, A SINGLE PARTY LLC.
THOSE ARE THE INFOR THOSE ARE THE KIND OF THINGS I NEED TO MAKE CHANGES TO.
THEY'RE NOT INCENTIVE-BASED OR MATERIAL CHANGES OF THAT TYPE.
AND SO THAT'S THE PORTION THAT I'M ASKING FOR YOU TO APPROVE SUBJECT TO MY APPROVAL AS TO FORM AS YOUR, AS YOUR, AS YOUR LAWYER.
SO I MAKE A MOTION THAT WE APPROVE THIS RESOLUTION AS PRESENTED WITH THE ABILITY FOR LEGAL TO APPROVE AS A BASED ON FORM FOR COMPLETION OF THE FINAL DOCUMENTS.
I'LL SECOND THAT MOTION AND AUTHORIZE THE CHAIR TO EXECUTE THE AGREEMENT.
WE HAVE A MOTION BY BOARD MEMBER CLARK, A SECOND BY TREASURER LUCAS ON FIVE SEVEN.
UM, INCLUDING THAT IT IS SUBJECT TO FORMER APPROVED BY GENERAL COUNSEL.
WE CAN GET A ROLL CALL BOARD MEMBER SNYDER.
GREAT JOB GETTING THESE, UH, THESE GUYS TOGETHER AND GETTING THIS GOING.
THE BOARD WILL NOW RECESS THE OPEN SESSION MEETING AND RECONVENING EXECUTIVE SESSION PURSUANT TO TEXAS GOVERNMENT CODE PURSUANT TO SECTIONS 5 51 0 7 1 ATTORNEY CONSULTATION 5 51 0 8 7 ECONOMIC DEVELOPMENT AND 5 51 0 7 2 REAL PROPERTY TO DE TO DELIBERATE AND SEEK LEGAL ADVICE REGARDING PROJECT VER ROMERO, PROJECT STRAT THREE PROJECT V AS IN VICTOR, PROJECT N, Q2, PROJECT GRACELAND PROJECT E S L O PROJECT, TITAN PROJECT CY BOX PROJECT POLY PROJECT, CHICAGO PROJECT E AS IN EDWARD, THE MEGASITE PROJECT, COTTONWOOD DEVELOPMENT CORPORATION PROPERTIES USED FOR ECONOMIC DEVELOPMENT AND ANY NEW PROSPECTS FOR POTENTIAL INCENTIVE EVALUATION AND CONSIDERATION.
WE ARE ENTERING EXECUTIVE SESSION AT 5 53.
THE TIME IS 6 31 AND WE HAVE RETURNED FROM EXECUTIVE SESSION.
THERE WAS NO ACTION TAKEN AND EXECUTIVE SESSION AND WITH NO OTHER ITEMS ON THE AGENDA.
THIS MEETING IS HEREBY ADJOURNED AT 6 31 GEORGE.