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[(EDC) Board Meeting/(CDC) Board Meeting]
THE TIME IS NOW SIX 30 AND I CALL THE HU ECONOMIC DEVELOPMENT CORPORATION TYPE A AND B BOARD OF DIRECTORS, UM, TO SESSION.MAY I GET A ROLL CALL, PLEASE? CHAIRMAN MIKE AZ MENDEZ, VICE CHAIR DON CARLSON, TREASURER LUCAS HERE.
UH, MEMBER BOARD MEMBER COLEMAN.
PRESENT BOARD MEMBER CLARK PRESENT BOARD MEMBER SNYDER HERE.
SO IF WE COULD JUST, UH, DO THE PLEDGE OF ALLEGIANCE.
PLEDGE OF ALLEGIANCE OF ALLEGIANCE, THE FLAG, THE UNITED STATES OF AMERICA, AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE WITH LIBERTY.
HONOR THE TEXAS FLAG OF PLEDGE ALLEGIANCE TO THE TEXAS ONE STATE.
DO WE HAVE ANY CITIZENS? SI WISHING TO SPEAK, UH, FOR, UH, PUBLIC COMMENT.
UH, THE ECONOMIC DIRECTOR'S REPORT, UH, CHAIR AND THE BOARD.
WE HAVE A COUPLE OF ITEMS TONIGHT FOR YOU ALL.
JUST A REALLY QUICK CATCH UP ON A COUPLE THINGS.
NUMBER ONE, TOMORROW WE WILL BE SPEAKING TO THE COURT IN EXECUTIVE SESSION ON A NUMBER OF THINGS IN ECONOMIC DEVELOPMENT, REL RELATIVE TO HAO.
WE HAVEN'T REALLY HAD AN OFFICIAL, UH, TIME WITH THE COURT AS A FULL GROUP, UH, IN SOME TIME.
SO TOMORROW'S MORE OF A KIND OF FOR THEM TO GET TO KNOW WHAT WE'RE DOING AND TO GET A LITTLE BIT BETTER AWARENESS OF WHAT'S GOING ON IN HU WHICH WE FEEL LIKE PERHAPS IS, UH, IT'S TIME HAS COME SO TO SPEAK.
SOME OF THAT WILL BE TALKING ABOUT THE DATA CENTER PROJECT, BUT MOST OF IT'S JUST TO GIVE THEM AN OVERVIEW OF TRENDS.
IT'LL BE 15, 20 MINUTES IN EXECUTIVE SESSION.
UM, SO THAT IS HAPPENING TOMORROW.
UM, WE DO HAVE WITH THE WILCO ECONOMIC DEVELOPMENT GROUP, A SITE SELECTORS TOUR THAT'S COMING THROUGH AT THE END OF MARCH.
UM, WE'LL HAVE THE FINAL AGENDA OUT TO YOU GUYS PROBABLY BY EMAIL, UH, SOMETIME IN THE NEXT 24 TO 48 HOURS.
UM, YOU'RE CERTAINLY WELCOME TO JOIN US FOR PART OF THAT.
I WANTED THE WHOLE AGENDA TO BE OUT, BUT THEY DIDN'T FINISHED IT TONIGHT, SO I DIDN'T HAVE A CHANCE TO SHARE IT WITH YOU.
BUT THEY ARE NATIONAL FIRMS FOR THE MOST PART, PEOPLE WHO ARE OUTSIDE THE REGION, BUT DO PROJECTS IN TEXAS OR THROUGHOUT THE SOUTHWEST.
UH, AND SO IT'S A PRETTY GOOD GROUP.
MCGUIRE THOMAS, A VARIETY OF OTHER FIRMS THAT WORK ON THE NATIONAL INTERNATIONAL, UM, SITE SELECTION STAGE.
SO PART OF THE RETURN ON INVESTMENT FOR THE MONEY THAT WE SPENT TO BE PART OF THAT WAS FOR US TO HAVE OPPORTUNITIES TO BRING THINGS IN ON THEIR NICKEL, UM, AND PARTIALLY OUR NICKEL TO, UH, BE ABLE TO HAVE MORE MARKET EXPOSURE FOR HATO AND WILLIAMSON COUNTY.
SO AGAIN, JUST AN UPDATE, UM, WITH MORE DETAIL, UH, TO FOLLOW.
THERE'LL BE OTHER EVENTS LIKE THAT DURING THE COURSE OF THE YEAR.
UH, BUT THIS IS THE FIRST IN THE SERIES.
SO JUST A, A, A QUICK, UH, UPDATE.
AND THEN CHENEY HAS A COUPLE THINGS RELATED TO ICSC AND BUSINESS RETENTION.
UM, ALL OF THE TICKETS HAVE BEEN PURCHASED.
UM, OUR EXHIBITOR SPACE WAS PAID FOR, SO WE GOT ACCESS TO THE FULL, FULL SUITE OF ONLINE ACCESS FOR THE EXHIBITOR AND FOR THE SESSION.
SO, UM, I'LL BE REACHING OUT TO THOSE OF YOU THAT ARE GOING SO THAT WE CAN PLAN OUR ATTACK FOR THAT EVENT.
UM, AND I'M ALSO WORKING WITH COMMUNICATIONS TO DEVELOP A MARKETING PACKAGE FOR THAT AS WELL, FOR THE BOOTH, AS WELL AS THINGS THAT WE CAN GIVE OUT TO, UM, KIND OF LEAVE BEHINDS FOR, FOR RETAILERS OR TENANTS AS WELL AS DEVELOPERS.
SO BUSINESS RETENTION AND EXPANSION.
UH, I HAD AN OPPORTUNITY THIS LAST WEEK TO VISIT WITH, UM, PFLUGERVILLE GEORGETOWN AND ROUND ROCK, THEIR B R E PERSON, UM, AT EACH AREA AND KIND OF GLEAN FROM THEM HOW BEST TO START UP A B R E PROGRAM.
THAT'S A REALLY IMPORTANT PART OF ECONOMIC DEVELOPMENT AND I KNOW IT'S SOMETHING THAT, UM, UPON MY HIRING WAS, UM, SOMETHING TO PUT MORE FOCUS ON.
SO WE'RE STARTING TO, TO HAVE THE BANDWIDTH TO DO THAT A LITTLE BIT.
UM, WORKING WITH STAFF, THE A TWO TEAM TO DEVELOP A MORE PRECISE SET OF RESPONSIBILITIES AND DUTIES.
AND WE WILL BE COMING BACK TO THE BOARD, UM, TO REQUEST A FULL-TIME POSITION FOR THAT FOR THE NEXT BUDGET YEAR.
SO WE'LL HAVE A FULL BUSINESS CASE FOR THAT READY TO GO.
SO YOU CAN SEE WHAT YOU'LL BE INVESTING IN, UM, MEGASITE INFRASTRUCTURE UPDATES.
SO I'M NOT SURE WHO MAY HAVE SEEN THE CITY COUNCIL, UH, MEETING
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THE OTHER NIGHT, BUT, UH, OUR CITY ENGINEER, MATT RECTOR, GAVE AN UPDATE AND ALL OF OUR PROJECTS RELATED TO THE MEGASITE WATER WASTEWATER AND ROAD SHOULD BE COMPLETED BY Q3 OF 2024, WHICH DOES ALIGN WITH MOST OF THE PROJECTS THAT WE'RE SEEING.UM, WE ARE WORKING TO CONDENSE THAT TIMELINE JUST A BIT MORE TO SEE IF WE CAN GET IT ALL DONE BY Q2, WHICH WOULD BE MORE FAVORABLE AND, AND REALLY PUT US IN A GREAT POSITION.
SO JUST WANTED TO PROVIDE THAT UPDATE TO THE BOARD.
THANK YOU BOTH OF YOU VERY MUCH FOR THE UPDATE.
ITEM SIX ONE, CONSIDER AND APPROVE CORPORATE MINUTES FOR THE MEETING ON FEBRUARY OF THE 13TH, 2023.
DO YOU ALL GET AN OPPORTUNITY TO REVIEW THE MINUTES FOR THAT, FOR THAT MEETING? IF SO, A MOTION WILL BE IN ORDER NUMBER.
WELL, I WILL MAKE A MOTION TO APPROVE THE MEETING MINUTES FOR, UH, FEBRUARY 13TH, 2023 AS PRESENTED SECOND.
GOT A AND THAT WAS FROM YOU? YES.
MOTION BY, UH, TREASURER LUCAS.
SECOND BY BOARD MEMBER, UH, CLARK.
CAN I GET A ROLL, PLEASE? YOU BET.
THE MOTION PASSES, UH, FIVE TO ZERO.
ARE WE GOING RIGHT INTO PRESENTATIONS NEXT OR AGENDA ITEMS? I THINK WE'RE GOING STRAIGHT INTO AGENDA ITEMS. OKAY, GREAT.
SO WE'RE GOING INTO AGENDA ITEMS EIGHT ONE, DISCUSS AND CONSIDER ACTION APPROVING THE BUDGET AMENDMENT FOR THE BUDGET YEAR BEGINNING OCTOBER 1ST, 2022, AND ENDING IN SEPTEMBER 30TH, 2023 TO ALLOCATE AND EXPAND FUNDS FOR THE PAYMENT OF MONTHLY INTEREST FOR THE 15 MILLION LOAN FROM ALLIANCE BANK TAKEN OUT BY THE CORPORATION IN ORDER TO PURCHASE THE APPROXIMATE 250 ACRES OF LAND OWNED BY THE COTTONWOOD DEVELOPMENT CORPORATION.
SO, UH, ONE OF THE CLOSING CONDITIONS FOR THAT LOAN AND THIS INFORMATION WAS PROVIDED IN YOUR AGENDA ITEM REPORT FOR THE SUMMARY SUMMARY AS WELL.
BUT JUST TO, UH, GET EVERYBODY UP TO SPEED.
UM, ONE OF THE ITEMS FOR CLOSING ON THAT LOAN WAS PUT AS A POST CONDITION OF CLOSING.
WE HAVE 60 DAYS TO SHOW IN OUR BUDGET THAT THOSE INTEREST PAYMENTS FOR THE REMAINDER OF THE FISCAL YEAR HAVE BEEN BUDGETED FOR.
UM, SO THAT'S WHAT THIS REQUEST IS FOR TONIGHT.
ONE, FINANCE HAS REVIEWED OUR SALES TAX REVENUES, UM, AND FEEL CONFIDENT IN SUGGESTING THAT OUR BUDGET SHOULD MOVE FROM 2.5 MILLION FOR THE YEAR TO 3 MILLION, WHICH WOULD GIVE US 500,000.
UM, SO THE TOTAL DUE ON THE PAYMENTS FOR THE LOAN IS 671,875.
SO THEN LESS THAT $500 DIFFERENTIAL THERE WOULD LEAVE A BALANCE OF WHERE DID IT GO? 171,875.
AND SO WE'RE PROPOSING THAT WE REALLOCATE FUNDS FROM OUR MARKETING SERVICES BUDGET, WHICH IS CURRENTLY BUDGETED FOR 250,000.
UM, AND THAT WOULD COVER THE WHOLE AMOUNT AND LEAVE US STILL WITH ABOUT $78,000 FOR MARKETING.
AND WE'VE COMMUNICATED WITH THE COMMS TEAM AND INTERNALLY AND WE FEEL LIKE THAT IS SUFFICIENT BUDGET FOR THE YEAR FOR THAT LINE ITEM.
CHAN, ANY QUESTIONS? COULD, COULD YOU CLARIFY THE 671,000 WAS FOR WHAT PERIOD? EXCEPT FOR THE REMAINDER OF THIS 20 YEAR.
IT'S, IT'S ONE DAY IN FEBRUARY BECAUSE WE CLOSED ON, WELL TECHNICALLY IT PROCESSED ON THE 28TH, SO WE WOULD BE CHARGED THE ONE DAY IN FEBRUARY AND THEN THE REMAINDER OF THE MONTHS MARCH, APRIL, MAY, JUNE, JULY, AUGUST AND SEPTEMBER FOR THIS YEAR.
CALCULATED ON DAILY RATE OF INTEREST.
ANY OTHER QUESTIONS OR DISCUSSION? NO.
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LET'S SEE.DO YOU GUYS HAVE QUESTIONS? ANYTHING THAT YOU GUYS CAN ASK CHENEY OR YOU GUYS UNDERSTAND WHAT WE'RE DOING? YES, SIR.
IT IS JUST, WE'VE BEEN ABLE TO REVIEW A LOT OF THE DOCUMENTATION PRIOR, SO IT DOES SEEM LIKE AN AWKWARD SILENCE, BUT IT'S NOT DUE TO ILL PREPAREDNESS.
I JUST WANT TO ADD THAT IN THERE.
I MAKE A MOTION TO CONSIDER APPROVING A BUDGET AMENDMENT FOR THE BUDGET YEAR, BEGINNING OCTOBER 1ST, 2022, ENDING SEPTEMBER 30TH, 2023 TO ALLOCATE AND EXPAND THE FUNDS FOR THE PAYMENT OF MONTHLY INTEREST FOR THE 15 MILLION LOAN FROM ALLIANCE BANK TAKEN OUT BY THE CORPORATION AND TO DIRECT STAFF TO TAKE THE, UH, SHORTFALL DIFFERENCE OUT OF THE MARKETING, UH, WHAT WAS IT, MARKETING BUDGET, UM, TO DR.
DRAW IT DOWN TO 78,000 LEFT FOR THE YEAR TO COVER THE DIFFERENCE BETWEEN THE 500,000 FROM THE SALES TAX INCREASE AND THE 667,000 NEEDED.
THAT WAS THE MOTION BY BOARD MEMBER CLARK.
I'LL SECOND SECOND BY, UH, SECRETARY CLANCY.
ANY OF THE DISCUSSION? CAN I GET A ROLL CALL PLEASE? TREASURER LUCAS AYE.
UM, A TWO IS A LITTLE BIT MORE OF A HOUSEKEEPING ITEM.
UM, CADENCE BANK HAS LET US KNOW ESSENTIALLY THAT THEY'RE CLOSING, UM, THIS BRANCH HERE IN TOWN.
UM, AND AS PART OF THAT WE'VE BEEN ASKED BY FINANCE AND SO ON TO SEE WHETHER OR NOT WE MIGHT WANT TO CONSIDER GETTING ANOTHER, UH, ACCOUNT WITH A LOCAL BANK.
UM, AND WE WOULD NEED AN APPROVAL FROM YOU GUYS TO GO OUT AND LOOK FOR A PARTICULAR OPTION FOR THAT REGARD, UM, IF WE WERE TO ESSENTIALLY GO DOWN THAT PATH.
SO IT'S JUST LOOKING FOR SOME GUIDANCE FROM YOU ALL AS TO WHETHER THAT'S SOMETHING THAT YOU WOULD ALLOW US TO COME BACK WITH SOME OPTIONS FOR YOU AT THE NEXT, UH, NEXT REGULAR BOARD MEETING.
IS QUESTION I HAVE IS, IS THERE A PARTICULAR VESTED INTEREST IN ONE BANK OVER THE OTHER? LIKE ARE THERE CERTAIN BENEFITS THAT WE'RE LOOKING FOR? UM, WELL, I MEAN THAT'S SOMETHING WE WOULD WANT TO COME BACK TO YOU WITH.
I THINK THE MAIN THING WE WERE LOOKING FOR WAS SOMEBODY HERE IN TOWN THAT WE COULD, YOU KNOW, DO BUSINESS WITH DIRECTLY.
UM, AND, AND NOT NECESSARILY GET OURSELVES IN A COMMUTING RELATIONSHIP TO GO TO A DIFFERENT BANK SOMEWHERE ELSE IN RON ROCKER ELSEWHERE IN THE AREA.
I WOULD JUST, SO PROCEDURALLY DO I NEED TO READ THIS BEFORE WE DISCUSS IT? THE SUBJECT MATTER NEEDS TO BE READ.
DISCUSS AND CONSIDER ACTION APPROVING THE OPENING OF A NEW BANK ACCOUNT FOR THE CORPORATION AND TRANSFER THE, THE BALANCE OF FUNDS IN THE CURRENT BANK ACCOUNT.
CURRENT ACCOUNT TO THE NEW ACCOUNT DUE TO THE CLOSURE OF THE CORPORATION'S CURRENT BANK CADENCE BANK IN JUDO.
THE ONLY THING I WOULD ADD TO THAT, UH, BOARD MEMBER COLEMAN IS THAT, UM, THE CITY BANKS WITH WELLS FARGO.
SO IF THAT'S SOMETHING THAT YOU'D FIND EFFICIENCY IN, WE'RE HAPPY TO DO THAT AS WELL.
UM, I THINK SOME OPTIONS WERE PROVIDED IN YOUR, UM, AGENDA ITEM REPORT FOR THIS AS WELL THAT JUST HAVE BRICK AND MORTAR LOCATIONS IN HU IF THAT'S NOT OF IMPORTANCE, WE CAN, UM, LOOK INTO OPTIONS THAT MAYBE HA ALIGN WITH THINGS THAT ARE IMPORTANT TO Y'ALL.
I DON'T KNOW IF IT WOULD BE AROUND WHAT SERVICES ARE AVAILABLE OR WHAT ACCOUNT WE'D BE ABLE TO KEEP OUR GENERAL OPERATING FUNDS IN PERHAPS A SAVINGS ACCOUNT VERSUS THE CHECKING ACCOUNT.
I KNOW INTEREST RATES ARE
WE JUST NEED SOME DIRECTION OR IF SOMEONE HAS A STRONG PREFERENCE, I GUESS THE ONLY ASK THAT I HAVE WOULD BE THE PRIMARY LOCATION HAS AT LEAST TWO TO THREE WITHIN A, LET'S SAY A 20 MILE RADIUS OR SOMEWHERE AROUND THERE JUST IN CASE ONE BRANCH CLOSES.
IT'S A GOOD CHANCE THAT THAT LEADERSHIP MAY BE ABLE TO GO ALONG TO ANOTHER BRANCH, BUT I'M MORE OF A LOCAL PERSON AS MUCH AS POSSIBLE TO CONTINUE BUILDING THOSE RELATIONSHIPS OR STARTING ANY NEW POTENTIAL RELATIONSHIPS.
SO I UNDERSTAND CADENCE BANK AND I GOT THE OPPORTUNITY TO KINDA LOOK THROUGH AND SEE SOME OF THE ONLINE FEATURES AND THINGS LIKE THAT.
WITH, NOWADAYS WITH BANKS, HOW OFTEN
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DO YOU PLAN ON VISITING A LOCATION? HOW CENTRAL IS IT TO ACTUALLY HAVE A LOCAL PLACE? SURE.SO SOME OF THAT'S GONNA DEPEND ON Y'ALL.
WE DO CURRENTLY HAVE A SAFE DEPOSIT BOX AT CADENCE THAT DEPENDING ON THE CONTENTS YOU MAY DECIDE ARE WORTH KEEPING IN A SAFE DEPOSIT BOX SOMEWHERE.
SO THAT WOULD BE A FACTOR TO CONSIDER.
THE OTHER THING IS THAT THERE IS, I BELIEVE FINANCE, UH, SHARED THAT WE GO MAKE A DEPOSIT ONCE A MONTH.
SO WE'RE HAPPY TO GO OUTSIDE OF HU ONCE A MONTH IS REALLY NOT THAT TAXING.
UM, SO IT REALLY IS JUST UP TO THE BOARD ABOUT PRIORITIES AND, AND WHAT YOU DIRECT US TO DO.
I WAS GONNA SAY CUZ MOST BIG BANKS NOWADAYS, YOU CAN DO ALMOST EVERYTHING REMOTE, INCLUDING DEPOSITS.
AND I WOULD ASSUME OUTSIDE OF CASH YOU CAN'T DEPOSIT CASH REMOTELY.
I MEAN THERE IS WAYS, BUT THE COST, THERE'S A FEE TO THAT.
I MEAN, I CAN'T SEE WHY, YOU KNOW, KNOWING BANKS AND KNOWING TECHNOLOGY AND KNOWING KIND OF WHERE CADENCE IS NOT
UM, I, I, A LOT OF THE LARGER BANKS ARE GONNA HAVE ABILITIES TO BE ABLE TO SELF-SERVICE THEM.
WHETHER A LOCATION IS HERE 500 MILES AWAY.
I MEAN IT'S JUST THAT, THAT'S JUST THEIR FOOTPRINT.
HOW ARE YOU MAKING THE SELECTION? IS ARE YOU JUST GOING WITH WELLS FARGO? DO YOU WANT GUIDANCE ON THAT? BECAUSE THIS SAYS JUST APPROVING FOR A NEW BANK ACCOUNT AND THEN TRANSFER THE FUNDS.
UL ULTIMATELY THIS WILL BE ONLY A DIRECTION ITEM, NOT ONE THAT WILL TAKE FINAL ACTION BECAUSE YOU'LL NEED A RESOLUTION FOR THE BANK TO TRANSFER THAT YOU'LL HAVE TO REDO YOUR SIGNATURE CARDS.
ALL THOSE KIND OF THINGS WILL GO ON.
SO, UM, THIS ONE IS ONLY DIRECTION, NOT A FINAL ACTION.
AND THEN COUNCIL BRINGS UP A GOOD POINT REGARDING THE AUTHORIZED SIGNATURE COMPONENT CUZ I KNOW THAT WAS A POINT OF CONTENTION THAT WE WERE GETTING THROUGH.
DOES THIS HAVE, ARE WE GOING TO BE TAKING THE EXACT SAME AUTHORIZED SIGNERS AND MOVING 'EM OVER TO THE NEW BANK OR DO WE HAVE SOME FLEXIBILITY TO POTENTIALLY MAKE CHANGES OR IS THAT TOO CUMBERSOME? WE, WE HAVE FLEXIBILITY TO MAKE CHANGES.
THERE'S, THERE'S NO DOUBT, AS I SAID TONIGHT WAS REALLY JUST MORE OF A SINCE ONE BANK'S CLOSING.
DO YOU WANT US TO GO AND EXPLORE A FEW THE OPTIONS IN WHICH WILL INCLUDE HOW WE WANT TO DO SIGNATURES, HOW WE DO DEPOSIT? YEAH.
I'M MORE OF A PICK THE BEST OUT OF THREE KIND OF YEAH.
I THINK IT'S IMPORTANT TO DO DILIGENCE AND SEE WHAT THE BEST OPTION IS FOR EVERYONE.
AND, AND WE, OUR PLAN WAS TO BRING YOU BACK SOME CHOICES AT THE, AT THE NEXT MEETING.
SO TONIGHT WAS JUST TO KIND OF PUT EVERYBODY ON NOTICE THAT THIS WAS HAPPENING.
WE HAVE TO GET STUFF OUT OF THE SAFETY DEPOSIT BOX.
I BELIEVE IT'S APRIL, THE END OF APRIL.
UM, SO THERE'S SOME THINGS THAT ARE COMING UP ON THE TIMETABLE THAT WE JUST HAVE TO TAKE ACTION ON.
SO IT'S KIND OF GIVING YOU AWARENESS AND MAKING SURE THAT Y'ALL DON'T HAVE A PROBLEM WITH, WITH WHAT WE'RE ABOUT TO HAVE TO DO WITH CADENCE.
I DON'T WANT TO ASSUME, I'M SORRY SEAN.
I DON'T WANT TO ASSUME, BUT JUST IN CASE WE'RE NOT CLEAR OR WE'VE DECIDED ON A PARTICULAR BRANCH, WHAT WOULD HAPPEN TO THE SAFE DEPOSIT BOX? WHERE WOULD IT BE STORED TEMPORARILY? UM, WELL FIRST OF ALL, WE'RE GONNA RETRIEVE THE CONTENTS.
I THINK, UH, MIKE A. MENDEZ IS, IS IS GONNA BE DOING THAT, UM, SOMETIME IN THE NEXT, YOU KNOW, 30 DAYS.
UM, AND AT THAT POINT WE WE'RE NOT A HUNDRED PERCENT SURE OF EVERYTHING THAT'S IN THERE VERSUS, YOU KNOW, WHAT WE THINK MIGHT BE IN THERE.
SO PART OF THE ANSWER TO THAT QUESTION IS WHAT'S WHAT'S CONTAINED, OBVIOUSLY.
YEAH, SO WHAT DOCUMENTS AND SO ON.
SO FOR ME, I'M, I'M NOT AS CONCERNED ABOUT IT BEING A LOCAL BANK BECAUSE QUITE HONESTLY THE LOCAL BANKS IN HUDA ARE ALL NATIONAL BANKS.
AND SO WHETHER YOU HAVE WELLS FARGO OR REGIONS OR CHASE, UM, DEPENDING ON WHERE WE'RE GONNA GO WITH SOME OF OUR DEVELOPMENT, UM, OPPORTUNITIES, I WOULD EITHER STAY WITH CADEN BANK, UH, BANK WITH THEM, NOT PERSONALLY, BUT BUSINESS WISE AND I, I CAN'T REMEMBER THE LAST TIME I ACTUALLY WENT INTO A BRANCH AND I DEPOSIT CHECKS, NOT, NOT VERY MANY, BUT I DON'T HANDLE CASH.
SO I KNOW THEY HAVE ALL THE FEATURES THAT I THINK WE NEED.
SO WE CAN EITHER MAINTAIN THE RELATIONSHIP THERE OR IF WE'RE GONNA START UP A NEW ONE, I WOULD STRONGLY LOOK AT ONE OF THE MORE REGIONAL BANKS THAT'S EITHER JUST IN TEXAS OR JUST IN THE AUSTIN AREA TO WHERE WHEN WE DO HAVE THINGS THAT COME UP, LIKE TO SAY THIS 15 MILLION LOAN, SOMETHING LIKE THAT THROUGH A WELLS FARGO, WE'D STILL BE WORKING ON THE PAPERWORK.
TRUE KNOW IF THAT'S TO THE BIG BANKS, BUT THE SMALLER REGIONAL ONES, WERE ABLE TO, THERE YOU CAN BUILD RELATIONSHIPS WHEREAS LIKE I THINK YOU PERSONALLY JUST MOVED OUT OF HU AND WENT TO ANOTHER ONE, RIGHT? WHICH ONE? YEAH.
SO IN A NATIONAL BANK THEY CAN MOVE GUYS AROUND.
SO ONE DAY YOU, YOU HAVE A CONNECTION AND YOU HAVE A RELATIONSHIP AND IT'S GONE.
SO I WOULD JUST SU SUGGEST THAT AND, AND THERE MAY BE OTHER BRANCHES LOOKING AT COMING IN THE HUDDLE AS WE'VE GROWN THAT POTENTIALLY RELATIONSHIP COMES AND UM, BUT I DON'T KNOW THAT I HAVE A STRONG PREFERENCE REALLY WHERE WE BANK.
IT'S JUST, IT'S JUST A FUNCTION OF A COMPUTER NOWADAYS.
BUT MY ONLY THING I WOULD ADD IS THAT, YOU KNOW, A LOT OF, SOME OF THE LOCAL BANKS DON'T HAVE NEARLY THE RESOURCES
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TO PUT INTO CUSTOMER FORWARD FACING EXPERIENCE LIKE ONLINE BANKING.THE ONES THAT DO HAVE JUST REMOTE CAPABILITIES THAT WOULD MAKE EVERYONE'S LIVES A LOT EASIER, ESPECIALLY WHEN IT COMES TO TRANSFERRING AND MOVING OF FUNDS.
UM, I WOULD JUST SAY THAT'S GOTTA BE PART OF THE PROCESS IS LOOKING AT WHAT THEIR ONLINE CAPABILITIES ARE.
CADENCE BANK, ALTHOUGH THEY DO HAVE ONLINE CAPABILITIES, I'VE JUST SEEN SOME OF THE STUFF IS STILL MANUAL.
UM, THERE'S A LOT OF PROCESSES THAT, THAT AREN'T AS UM, UH, THEY'RE JUST NOT AS GOOD AS OTHER BIGGER BANKS.
SO I WOULD JUST SAY THAT JUST BALANCE THAT.
I MEAN I, I AGREE WITH WHAT MIKE'S SAYING OVER THERE.
HAVING A, YOU KNOW, A BANK THAT'S KIND OF ON DECK TO ASK FOR A 15 MILLION LOAN WOULD BE GREAT.
UM, BUT I THINK THEY'RE STILL GONNA DO THEIR DUE DILIGENCE.
IT'S JUST GONNA GO A LITTLE BIT FASTER YEAH.
THAN SOME OF THE REGIONAL BANKS.
SO I DEFINITELY SEE THAT, BUT BALANCING THAT WITH SOME GOOD ONLINE CAPABILITIES WOULD BE MY PREFERENCE.
WE, WE CAN TAKE THAT UNDER ADVISEMENT AND COME BACK WITH SOME OPTIONS IN THE APRIL MEETING.
ANY OTHER DISCUSSION QUESTIONS? OKAY, THIS, UH, DO WE NEED TO TAKE ACTION ON THIS? NO.
SO NO ACTION IS TAKEN ON EIGHT TWO? CORRECT.
SO ITEM EIGHT THREE, DISCUSS AND CONSIDER ACTION APPROVING A REFUNDING AGREEMENT WITH WILLIAMSON COUNTY FOR THE COST ASSOCIATED WITH THE DESIGN AND CONSTRUCTION OF THE TURN LANE FROM FM 33 49 ONTO THE MEGASITE SPINE ROAD, NOT TO EXCEED 600,000.
UH, BY WAY OF BACKGROUND, UM, AS WE'VE BEEN LOOKING AT VARIOUS DESIGN ISSUES AND COORDINATING WITH THE COUNTY ON THE SPINE ROAD ISSUES, ACCESS TO THE SITE REQUIRES A LITTLE BIT OF A CHANGE TO THEIR ORIGINAL ENGINEERING AND CONSTRUCTION.
UM, AND MOST OF IT INVOLVES PRETTY MUCH A DES CELL LANE.
SO THAT AS YOU COME OFF OF THE INTERSECTION AT 79, 33 49 AND COME DOWN TO OUR, UM, ENTRANCE TO THE, TO THE MEGASITE, UM, NOT ALL OF THAT WAS BAKED INTO THE ORIGINAL, UM, ENGINEERING THAT WAS DONE BY THE COUNTY FOR THAT ROAD.
UM, AND MATT AND I HAVE BEEN TALKING TO THEM BACK AND FORTH AND WITH K FREEZE WHO'S ALSO DOING OUR ENGINEERING WORK RELATIVE TO THE ACTUAL SPINE ROAD DESIGN ITSELF.
UH, THEY CAME BACK TO US WITH AN ASK, UM, NOT NECESSARILY NEW MONEY, BUT A NEW EXPENSE THAT WE HADN'T PREVIOUSLY UH, BEEN TALKING ABOUT.
AND WE'VE BEEN GOING BACK AND FORTH WITH THEM ON THAT NUMBER.
UM, BUT WE'RE AT KIND OF A SENSITIVE POINT RELATIVE TO WHERE THEY ARE IN THEIR DESIGN AND OUR DESIGN AND WE DON'T WANT TO START DOWN THIS PATH AND THEN WIND UP HAVING TO TEAR THINGS OUT OR SLOW DOWN THE PROCESS OF MAKING THE CONNECTION.
SO I DON'T KNOW IF YOU WANT TO VISIT WITH THEM JUST A LITTLE BIT ABOUT WHAT WE'VE BEEN TALKING TO THE COUNTY ABOUT, UM, IN THAT REGARD.
FOR THE RECORD, THAT RECORD, I'M THE NEW CITY ENGINEER.
UH, BOB ALLUDED TO, WE'VE BEEN WORKING BETWEEN THE COUNTY WHO'S WORKING ON THE FM 33 49 AND K THREE WHO'S OUR CONSULTANT TO DO THE EASTWOOD FLYING ROAD.
UH, WE DO HAVE THAT OVERLAP RIGHT THERE AT 33 41 CONNECTING TO THEIR ROAD.
UM, WE'VE ASKED THE COUNTY TO LOOK AT ADDING IN A A TURN LANE SOUTHBOUND ON 33 40 TO BE ABLE TO MAKE THAT RIGHT TURN SITE.
UH, THEY, THEY HAVE BEEN WORKING WITH US, UM, UNFORTUNATELY COST US FUNDS.
UH, THEY'VE ADDED IN, I DON'T REMEMBER ALL THE DIMENSIONS EXACTLY, IT'S 200 FEET OF TURN LANE THAT'S OVER WITH.
UM, THEY ARE ADDING IN SOME RCB BOXES UNDER OUR DRIVE.
SO THEY WILL ACTUALLY CONSTRUC THE PORTION OF OUR DRIVE THAT IS WITHIN THEIR, THEIR RIGHT OF WAY AND THEN WE WOULD CONNECT OUR ROAD TO THAT TO THE WEST.
THE ASK IS ROUGHLY ABOUT $600,000, UM, SUBJECT TO, TO REIMBURSE THEM FOR THE ADDITIONAL DESIGN AND CONSTRUCTION OF FRIENDLY AND FOR OUR THANK YOU SIR.
HAVE WE GOTTEN OUR OWN COST ESTIMATE? I KNOW UM, SOME OF THE NUMBERS THAT HAVE BEEN THROWN OUT PREVIOUSLY WERE SO ASTRONOMICALLY HIGH THAT I QUESTIONED IT.
DO WE INTERNALLY KNOW OR LIKE CUZ FROM YOUR EXPERIENCE IS 600,000 FOR, CUZ 200 FEET SEEMS, I MEAN WE PUT IN 200 FEET TURN LANES ALL THE TIME AND ENGINEERING CONSTRUCTION ON THAT IS NOWHERE NEAR 600.
UM, AND OBVIOUSLY YOU SOUNDS LIKE YOU GOT SOME KIND OF STORMWATER THING WE'RE WORKING ON, BUT HOW FAR AWAY ARE WE FROM WHAT IT ACTUALLY
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IS GONNA COST VERSUS WHAT WE'RE HAVING TO PAY? SO THEY HAVE BASED THIS OFF OF OTHER PROJECTS AND THIS IS COMING STRAIGHT FROM THE COUNTY'S THIRD PARTY CONSULTANT.UM, WE'VE HAD OUR CONSULTANTS LOOKING AT IT.
WE HAVEN'T GOT A COST ESTIMATE FROM OUR CONSULTANT.
YOU DON'T HAVE LIKE A CONTRACTOR'S ESTIMATE VOLUME COUNTINGS.
BEST GUESS ON WHAT THAT NUMBER IS ARE 13 LOOKING AT, I HAVE PERSONALLY GONE IN AND MEASURED OUT THE QUANTITIES TO MAKE SURE THOSE ARE ALL CORRECT, BUT I CAN'T GIVE YOU EXACT ON UNIT PRICES CAUSE THOSE ARE ALL THESE KIND GUESSES AT THIS POINT.
SO AS SOON AS AS SOON K THREE GIVES ME THEIR BEST GUESS ON PRICES, WHEEZING IN ON THAT NUMBER A LITTLE BIT MORE.
BUT EVEN, EVEN THEY WILL TELL YOU IT'S A GUESS AT THIS POINT.
CAUSE YOU DUNNO WHAT CONSTRUCTION PRICES, WHAT'S GONNA HAPPEN WITH CONSTRUCTION PRICES BY THE TIME WE GET TO POINT MY TRIGGER.
BUT I MEAN, I SIT ON BID MEETINGS AT LEAST ONCE A MONTH AND WE KNOW PRETTY CLOSE WHAT IT'S GONNA BE.
LET'S NOT TO SAY CONCRETE PRICES CAN'T GO UP 8%, BUT IF WE SAY IT'S GONNA BE 400,000, WE DON'T EVER TURN AROUND AND GO, MY GOD IT'S 900 GRAND.
HOW DID WE MISS THAT? IT'S USUALLY PRETTY CLOSE TO THAT AMOUNT.
UM, FOR ME, I I I THINK WE NEED TO WORK WITH THEM, BUT I THINK IT WOULD, IF PART OF OUR DUE DILIGENCE NEEDS TO BE, WE NEED TO KNOW WHAT WE THINK IT'S GONNA COST BECAUSE IT'S LIKE AN ASK.
IF YOU GO WORKED WITH A NEIGHBORING PROPERTY OWNER, THEN THEY SAY, WELL I NEED YOU TO EXTEND MY DRIVEWAY.
WELL YOU DON'T SAY YES UNTIL FIRST YOU GO FIND OUT WHAT IT COSTS TO DO THAT EXTENSION.
OTHERWISE YOU'RE AGREEING TO SOMETHING THAT, AND WE'D LOOK LIKE FOOLS IF WE DID THIS AND THEN WE AGREED TO IT, SIGNED IT AND THEN K FREEZE CAME BACK IN THREE WEEKS AND SAID IT CAN GET KNOCKED OUT FOR TWO 50.
BUT ONCE WE APPROVE UP TO 600, I MEAN LET'S FACE IT, IT'S GONNA GET SPENT.
AND SO, UM, THAT'S JUST MY THOUGHTS THAT UM, AND I WOULD THINK IT'S SOME SORT OF AGREEMENT.
I THINK WE NEED TO AT LEAST IRON OUT THAT OUR ACCESS POINTS, THERE'S NO MORE MONKEYING AROUND WITH OUR ACCESS POINTS AND EVERYBODY AGREES CUZ THAT'S ANOTHER THING WE SPEND THE MONEY TO BUILD IN THIS RIGHT TURN LANE FOR A DRIVE AND THEN TWO YEARS FROM NOW THEY TAKE OUR FULL ACCESS AWAY AND TELL US WE CAN'T HAVE IT.
UM, I THINK WE NEED TO PROTECT OUR ACCESS RIGHTS ALSO.
AND TO, TO THAT POINT, WE, WE HAVE BEEN WORKING WITH THEM.
THE ACCESS POINT IS LOCKED IN.
WE'VE GIVEN THEM WHERE WE WANT IT TO BE.
SO EVEN AFTER A FULL BUILDOUT THAT'S BEEN WORKED OUT.
SO THE FULL BUILDOUT, WE KNOW THAT AT SOME POINT OUR ROADS WILL BE RIGHT IN RIGHT OUT.
ONLY EVERYBODY'S WEARING THAT.
SO THE SPINE ROAD WILL EVENTUALLY BE RIGHT IN RIGHT OUT EVENTUALLY ONCE, ONCE THEY ACTUALLY GO IN WITH THE FULL OVERPASS BECAUSE WE CAN'T GET BACK DOWN TO GRADE FROM THE FAST ENOUGH.
SO WE WOULD BE ON A RIGHT IN, RIGHT OUT FOR THE ACCESS ROAD.
DOES THIS WORK FOR EVERYBODY? WE'RE BUILDING A 20 MILLION ROAD THAT WON'T BE ABLE TO ACCESS A HIGHWAY CERTAIN WAYS.
SORRY, I DON'T UNDERSTAND FOR EVERYBODY.
WELL LIKE IF WE BUILD OUT SAY 10 BILLION WORTH OF INVESTMENT AND EVERYBODY THINKS WE'RE GONNA COME OUT AND I'LL BE ABLE TO TAKE A LEFT AND GO STRAIGHT TO 79, BUT THEN THEY BUILD THEIR WHOLE FACILITY UP AND THEN ALL OF A SUDDEN ACCESS GETS KNOCKED OUT IN FIVE YEARS, ARE WE OKAY WITH THE RISKS THAT THESE BUILDINGS AREN'T GONNA BE ABLE TO GO NORTHBOUND ON 33 49 ANYMORE? THE TURNAROUND SCENARIO THAT'S THERE FROM WHEN THE RIGHT LANE EVENTUALLY BECOMES THE ONLY WAY IN AND OUT IS ESSENTIALLY GONNA A 1 32 HOOKUP UNDERNEATH THE OVERPASS AND COME BACK UP ON THE OPPOSITE SIDE.
UM, NOBODY THAT WE'VE TALKED TO SO FAR ON THE USER SIDE HAS RAISED A HUGE CONCERN ABOUT THAT CUZ THEY'RE NOT AT THE MOMENT ANYWAY, THEY'RE NOT HEAVY, HEAVY TRUCK DEPENDENT USERS.
UM, AND MOST OF THEM ARE GOING DOWN TO SAMSUNG AND ACROSS.
SO BY AND LARGE THAT'S ESSENTIALLY ADEQUATE FOR THEIR SHORT TERM NEEDS.
UM, IT DOES ARGUE THOUGH THAT WE'RE GONNA HAVE TO HAVE SOME NORTH SOUTH ACCESS AND THE PROPERTY BACK DOWN TO 1 32 AT SOME POINT, WHICH CURRENTLY CROSSES PROPERTY THAT WE DON'T OWN.
SO IF YOU'RE LOOKING AT THE LONG TERM BUILDOUT, SINCE WE KNOW WE CAN'T CROSS 79, THERE'LL STILL BE A NEED FOR US TO HAVE SOME ADDITIONAL RIGHT IN LEFT OUT CAPACITY ON THE 1 32 SIDE OF THE PROPERTY.
BUT WE ALSO DON'T KNOW EXPOSURE'S GONNA OCCUR.
THEY HAVEN'T GIVEN US A DEFINITIVE ANSWER AND FOR THE MOMENT THERE AREN'T PROHIBITIONS ABOUT GOING IN AND COMING OUT ON THAT ROAD.
[00:30:01]
IT COULD BE KICKED DOWN THE ROAD SOME PERIOD OF TIME.WE DON'T HAVE A DEFINITIVE AND FINAL ANSWER FROM THE, ALL RIGHT, SO LAST QUESTION.
DOES THE ROAD STILL NEED TO BE A FOUR LANE DIVIDED SINCE THE ULTIMATE BUILD OUT OF EVERYTHING IS NOT GONNA HAVE, BECAUSE LET'S FACE IT, IT WON'T HAVE THE AMOUNT OF TRAFFIC.
IT'S NOT GONNA HAVE A HUGE AMOUNT OF EASTBOUND TRAFFIC BECAUSE YOU WON'T BE ABLE TO GO EASTBOUND ON THAT SPINE ROAD AND GET TO SAMSUNG.
YOU'D HAVE TO GO, YOU'D HAVE TO GO SOUTH AND I DON'T KNOW, NAVIGATE SOMEWHERE DOWN.
SO DO WE, IS THE PROJECTIONS OF THE USAGE OF THE ROAD WHAT IT WAS, WHAT WE THOUGHT IT WAS BEFORE? OR DO WE NEED TO SCALE THAT BACK SOME BECAUSE THAT'S ANOTHER THING I HATE TO SEE A HUGE ROAD BUILT MM-HMM
CUZ NOW WE'VE BUILT A NORTH-SOUTH ROAD AND THEN THEY ALL GO DOWN THAT SOUTH ROAD AND CUT OVER ORANGE.
I BRINGING THIS UP, A LOT OF CONTRACTS, I DON'T KNOW HOW IT IS FOR INDUSTRIAL, YOU WOULD KNOW THIS, BUT THERE'S A LOT OF LEASES THAT HAVE LANGUAGE IN THERE TO WHERE IF YOU LOSE A CERTAIN ACCESS POINT, THE LEASE BECOMES NULL AND VOID.
I MEAN IT'S, IT'S A BIG ENOUGH THING WITH A LOT OF, I MEAN TO ME THIS AFFECTS THE WHOLE RETAIL CORRIDOR, THE WHOLE, UM, OFFICE, ALL OF THAT BECAUSE A LOT OF THAT'S IMPULSIVE AND IF YOU CAN'T GET TO IT, UM, WELL AS I, AS I SAID, I DON'T THINK THE ONES THAT WE'RE SEEING RIGHT NOW, WE, WE HAVEN'T SEEN ANY LANGUAGE THAT WOULD SUGGEST THAT THEY WOULD BE RELUCTANT TO GO IN THERE BASED ON THE CURRENT CONDITIONS.
NOW YOU'RE RIGHT, WHEN YOU DO THE FRONTAGE AND YOU START TO HAVE PEOPLE COMING IN, GOING OUT, UH, THEY'RE GONNA HAVE TO BE ABLE TO GO LEFT AT SOME POINT.
AND SO PART OF THAT STRATEGY, OF COURSE THAT BUILD OUT MIGHT BE FIVE, SIX YEARS FROM NOW, BUT PART OF THAT STRATEGY IS TO GET BETTER ACCESS ALONG 1 32 NORTH AND SOUTH INTO THE PROPERTY.
UH, I'M JUST TELLING YOU IT'S GONNA CHANGE IT FOR A RESTAURANT.
YOU'RE NOT GONNA HAVE A, I'M ALMOST POSITIVE YOU WON'T HAVE A RESTAURANT OPEN UP IN A CORNER BY A BUNCH OF HOTELS.
LIKE I'D LIKE TO SEE PROJECT CHICAGO PEOPLE TELL US IT'S OKAY TO GO NORTHBOUND ON 33 49 AND MAKE A LEFT 8,000 FEET BEFORE THE PLACE AND COME UP THAT WAY BECAUSE THEY'RE GONNA BE BUILDING A BUSINESS ON A LONG-TERM DEAL AND KNOWING THAT TODAY YOU CAN TAKE A LEFT END DIRECTLY TO THE SITE, BUT THAT GOES AWAY SOMETIME IN THE FUTURE.
WE DON'T KNOW WHEN OR A U-TURN AROUND THE BRIDGE AS IT'S ELEVATED UP AT THAT POINT AT THE NORTH END RIGHT BEFORE 79.
THERE COULD BE A U-TURN UNDER THE BRIDGE.
THE OVERPASS IS GOING OVER 79 BUT THERE'S A COME DOWN AND CIRCLE OVER.
SO THEY COULD STILL GET INTO THE HOTELS AT THE YEAH, IT'LL, THAT'LL WORK FOR DESTINATION.
BUT I THINK WE PROBABLY, HERE'S WHAT I WOULD ADVISE.
WE NEED TO REALLY MEET WITH SITE SELECTOR.
TAKE A SITE SELECTOR FROM A RETAIL PERSON AND FIND OUT IF THAT'S GONNA SPOOK RETAIL PEOPLE BECAUSE IF IT DOES THEN WE DON'T NEED TO, WE DON'T NEED A PLAN TO HAVE A BUNCH OF RETAIL CUZ WE'LL NEVER GET IT DONE.
BUT YEAH, IF THEY COME IN AND SAY NO, THEY'RE, THEY'RE DIFFERENT OVER THERE.
WE DON'T CARE ABOUT SOME OF THAT STUFF.
UM, CUZ THEY PUT THAT, YOU KNOW, ON AW GRIMES, THEY PUT A MEDIUM AND IT KILLED OFF EVERYTHING BUT THE ICE CREAM PLACE AND EVERYTHING SHUT DOWN AND THEN IT TOOK A COUPLE YEARS AND SOMEONE ELSE COMES IN BUT THE FIRST PERSON LOSES THE MONEY LIKE TACO BUENO WAS THERE.
UM, THE SONIC DIED, ALL THAT WENT AWAY AS SOON AS THEY PUT THE MEDIAN UP.
BUT I, YEAH, I WAS THINKING THAT WAS GETTING WORKED OUT TO WHERE WE ARE.
WE'RE GONNA UH, RESERVE UH, FULL TERM MOVEMENT SIR.
BUT WELL, AND AGAIN, IF WE HAD A MORE DEFINITIVE ANSWER AS TO WHEN THIS COULDN'T HAPPEN, IT JUST, IT'S SOMETHING THAT'S ON THE HORIZON, IT MIGHT HAPPEN.
WE DON'T HAVE A TIME CONSTRAINT SPECIFICALLY TO IT AT THIS STAGE OF THE GAMES.
SO IF I'M UNDERSTANDING CORRECTLY, IT'S ONE WAY OR ANOTHER WE'RE EITHER PAYING FOR SOMETHING NOW AND HOPING THAT LET'S SAY FIVE, SIX YEARS FROM NOW, THE COST TO MAKE CHANGES WOULD BE MINIMAL OR THERE'S NOT A OPPORTUNITY TO SAY WELL LET'S JUST NOT DO ANYTHING AND WAIT AS WE TRY TO GET MORE STAKEHOLDERS AT THE TABLE TO SAY LIKE, HEY WE NEED A RETAIL SPACE.
CUZ I JUST KNOW THAT SOME HOTEL LOCATIONS ACTUALLY PREFER A CERTAIN TYPE OF SETUP TO WHERE AS YOU DRIVE IN, ALL YOU SEE IS THE HOTEL.
SO IT'S A DESTINATION FOR SURE.
BUT THINK ABOUT IT, YOU WOULDN'T HAVE A DESTINATION, YOU WOULDN'T HAVE A HOTEL HERE FOR LOCALS.
SO ESSENTIALLY YOU'RE TRADING ONE FOR THE OTHER ANYWAY.
YOU EITHER MAKE THINGS MORE SUITABLE TO THOSE THAT OCCUPY THIS CITY ON A REGULAR BASIS OR DO YOU SAY, HEY WE GOT THE HOTEL HERE, YOU'RE NOT GONNA BE HERE PASS ON TWO DAYS OR WHATEVER.
SO DO WE APPEAL TO THAT CROWD? SO TRYING TO FIGURE OUT WHAT THAT HAPPY BALANCE LOOKS LIKE.
BUT THIS IS FOR THE DEAC ACCELERATION LANE TO GET INTO OUR PROPERTY.
I MEAN ULTIMATELY YOU GOT TO PUT A, YOU GOT TO PUT A DECEL LANE
[00:35:01]
IN REGARDLESS.THAT, THAT HAS NOTHING TO DO WITH THE WE, WE GOTTA FIGURE THAT OUT.
BUT FOR THIS, IT'S JUST FOR THE TURN LINK.
I DO THINK WE NEED TO WAIT UNTIL WE GET THE NUMBERS BACK FROM FREEZE FREEZE.
SO I THINK WE TABLED THIS TO THE NEXT MEETING.
SO WE TABLE THIS TO, AND PARDON ME, IS THERE, WAS THERE A, ON THE UH, MAP THAT WAS PROVIDED, EVERYTHING WAS CLEAR ON THAT MAP, CORRECT.
THAT HAD THE, THE LANE ON THERE THAT ANY OTHER DOCUMENTATION THAT YOU PROVIDED? CHENEY? OH, YOU WERE ASKING ME A TOUGH QUESTION.
UM, ARE YOU TALKING THE ACTUAL YEAH, JUST BECAUSE I'M TRYING TO VISUALIZE WHAT IT WOULD LOOK LIKE AND I CAN'T RECALL IF THERE WAS ANY DOCUMENTATION THAT HAD THAT I DON'T HAVE ANYTHING.
YEAH, I DIDN'T SEE ANYTHING FOR THE, I DUNNO ANYTHING ON THAT SCHEMATIC FOR THAT.
SO WE DO HAVE A MOTION ON THE TABLE BY, UH, BOARD MEMBER CLARK TO TABLE THIS.
UH, TABLE IT ACTION ITEM EIGHT THREE POSTPONE UNITED ME POST POSTPONED.
POST POSTPONE UNTIL NEXT MEETING.
THANK YOU UNTIL THE NEXT MEETING.
DO I HAVE A SECOND? I'LL SECOND THAT MOTION.
SO I HAVE A UH, MOTION AND A SECOND IF WE COULD CALL ROLL PLEASE.
MOTION PASSES FIVE ZERO ITEM 84, DISCUSS AND CONSIDER ACTION APPROVING THE RELEASE OF THE EARNEST, EARNEST EARNEST MONEY IN THE AMOUNT OF 200,000 HELD IN ESCROW PER THE TERMS THE OPTION AGREEMENT FOR PROJECT ACROPOLIS.
UH, AGAIN, BOARD, WHEN WE HAD AN AGREEMENT, UM, FOR A, UH, OPTION PERIOD, WHICH EXTENDED THROUGH JANUARY OF THIS PAST YEAR WITH ACROPOLIS, UH, THEY HAD PUT $200,000 INTO AN ESCROW ACCOUNT, THE TITLE COMPANY, UM, TO HOLD THAT OPTION IN PLACE.
WHEN WE DECIDED AND THEY DECIDED RATHER TO DROP THAT OPTION AND NOT PROCEED, WE JUST HADN'T TAKEN ANY SPECIFIC ACTION TO REFUND THAT MONEY.
AND SO ESSENTIALLY WHAT WE HAD TONIGHT, UM, WAS A, UH, AN AGREEMENT TO BE ABLE TO LET THEM GET THE MONEY BACK, UH, SINCE THEY HAVE NO CURRENT PLANS TO, UH, TO CONTINUE OUT THERE WITH, WITH ANY PROJECTS.
AND THAT WAS, I DIDN'T SEE THAT I DIDN'T GO BACK TO CHECK FOR THE CONTRACT THAT WAS REFUNDABLE WITH THAT EXTENSION.
ANY OTHER QUESTIONS ON THE BOARD THEN? I'LL MAKE THAT MOTION TO APPROVE EIGHT FOUR AS PRESENTED.
I'LL SECOND THAT MOTION FOR THEM TO SIGN.
DO RIGHT WHEN ARE, WE'RE DONE? GREAT.
GOT A, UH, MOTION BY TREASURER LUCAS.
UH, SECOND BY BOARD MEMBER COLEMAN.
CAN I GET A ROLL CALL PLEASE? BOARD MEMBER CLARK AYE.
MOTION PASSES FIVE ZERO ITEM EIGHT FIVE.
DISCUSS AND CONSIDER ACTION TO APPROVE THE CONDITIONAL, UH, IMMEDIATE REPAYMENT OF THE 700,000 TO THE CITY OF HUTTO PER THE FUNDING AND REFUNDING AGREEMENT RELATED TO THE RESOLUTION R 2023 DASH 63 AND R DASH 2023 DASH 0 64 FOR FUNDS SECURED TO PAY FEES ASSOCIATED WITH THE H E D C PURCHASE OF THE APP APPROXI THE APPROXIMATE 250 ACRES OF LAND OWNED BY THE COTTONWOOD DEVELOPMENT CORPORATION PENDING THE AUTHORIZATION FROM THE WILLIAMSON COUNTY COMMISSIONER'S COURT TO WAIVE THE APPROXIMATE $771,000 FEE.
OKAY, SO IF YOU'LL RECALL JUST LAST WEEK, UM, AT THE EDC MEETING, SPECIAL CALLED EDC MEETING AND THEN SUBSEQUENTLY AT THE STUDY COUNCIL MEETING, UH, FUNDING AND REFUNDING AGREEMENT WAS APPROVED UP TO $700,000, UM, TO PAY SOME OF THESE ASSOCIATED FEES.
SINCE THEN, UH, COUNCIL MEMBER GORDON WAS ABLE TO SPEAK WITH THE COMMISSIONER, UH, BOLES AND THAT IS ON THE AGENDA FOR THEM TO WAIVE THAT FEE TOMORROW AT THEIR MEETINGS.
SO WE'RE ASKING FOR A CONDITIONAL IMMEDIATE REPAYMENT SHOULD THEY DECIDE TO MOVE FORWARD WITH WAIVING THAT FEE.
WE WOULD BE IN A POSITION TO REPAY THE CITY THAT $700,000 THAT THAT WAS PART OF THAT FUNDING AND REFUNDING AGREEMENT.
[00:40:01]
CONSIDER TO REPAY THE CITY THE 700,000 FOR R 2023 DASH 63 AND R 2023 DASH ZERO SIX FOR PENDING THE AUTHORIZATION OF THE WILLIAMSON COUNTY COMMISSIONER'S COURT TO WAIVE THE $771,000 FEE.GOT A MOTION BY BOARD MEMBER CLARK SECOND BY, UH, TR SECRETARY CLANCY.
UM, DO WE HAVE ANY OTHER DISCUSSION? NOPE.
YOU COULD PLEASE CALL ROLL BOARD MEMBER SNYDER.
MOTION PASSES FIVE SECTION NINE EXECUTIVE SESSION.
THE BOARD WILL NOW RECESS THE OPEN MEETING AND CONVEY AND RECONVENE AN EXECUTIVE SESSION PURSUANT TO TEXAS GOVERNMENT CODE SECTION FIVE 50 ONE.ZERO SEVEN ONE ATTORNEY CONSULTATION 5 50 40 ONE.ZERO EIGHT SEVEN ECONOMIC DEVELOPMENT AND 5 51 0 7 2 REAL PROPERTY TO DELIBERATE AND SEEK LEGAL ADVICE REGARDING CITY TURS PROJECT IMPACT AND POTENTIAL BOARD'S ROLE, UM, RETAIL AND RESTAURANT INCENTIVES PENDING LEGAL ISSUES.
A LEGAL ACTION AGAINST B L C OF TEXAS PROJECT PRIMERO PROJECTS STRAT THREE PROJECT V, PROJECT N Q2 PROJECT GRACELAND PROJECT E S L O PROJECT, TITAN PROJECT SKYBOX PROJECT POLY PROJECT, CHICAGO PROJECT E PROJECT CP TWO PROJECT ACROPOLIS, THE MEGASITE PROJECT ACQUISITION OF THE COTTONWOOD DEVELOPMENT CORPORATION PROPERTIES AND ANY NEW PROSPECTS FOR POTENTIAL INCENTIVE EVALUATION AND CONSIDERATION.
SO YOU GUYS READY? CERTIFIED AGENDA TIME IS NOW NINE 17.
WE RETURN FROM, UH, EXECUTIVE SESSION.
NO ACTION WAS TAKEN DURING EXECUTIVE SESSION.
SO ITEM TEN ONE TO DISCUSS AND CONSIDER ACTION ON APPROVING A RESOLUTION AUTHORIZING THE CORPORATION TO ENTER INTO A REVISED ECONOMIC DEVELOPMENT, UH, PERFORMANCE AGREEMENT WITH THE DEVELOPER OF PROJECT N.
Q2 ENTER INTO A SALES TAX FUNDING AGREEMENT WITH THE CITY OF JUDO, TEXAS AND AUTHORIZE THE CHAIR TO EXECUTE THE AGREEMENTS IN A FORM APPROVED BY CORPORATE COUNSEL.
UH, PRESIDING OFFICER, I GUESS.
UM, ON, ON THIS ITEM, I BELIEVE THAT THE, UM, COUNSEL HAS PROVIDED DIRECTION TO STAFF IN ORDER TO, UH, WORK ON, UH, ADDITIONAL DEVELOPMENTS THAT WE'RE INTERESTED IN THE PROJECT, BUT WE, WE HAVE SOME ADDITIONAL, UH, ISSUES TO WORK OUT WITH THE, UH, WITHIN Q2.
AND SO NO OTHER ACTIONS NECESSARY.
SO ITEM TEN TWO, UM, DISCUSS AND CONSIDER ACTION APPROVING THE PURCHASE AND SALES AGREEMENT FOR PROJECT STRAT THREE UNDER THE TERMS DISCUSSED IN EXECUTIVE COUNSEL EXECUTIVE SESSION.
AND AUTHORIZE THE CHAIR TO EXECUTE ALL NECESSARY CLOSING DOCUMENTS, DOCUMENTATION IF APPROVED AS TO FORM BY THE CORPORATE COUNSEL TO COMPLETE THE SALE.
ENTERTAIN A MOTION FOR TEN TWO.
WE HAVE TO MAKE A MOTION FIRST.
I AM, I'M MAKING A MOTION FOR TEN TWO, UM, TO APPROVE AS WRITTEN.
SO WE HAVE A MOTION BY, UH, SECRETARY CLANCY, A SECOND BY, UH, BOARD MEMBER COLEMAN.
ANY OTHER QUESTIONS? ANY DISCUSSION? WERE WE WANTING TO MAKE THE SUGGESTED REVISION? YES.
WE NEED, YEAH, WE A FRIENDLY AMENDMENT TO SAY THAT.
TO RENEGOTIATE THE, TO REMOVE THE, UH, BY FIRST REMOVAL, YEAH.
AND, AND THAT WOULD'VE BEEN IN ACCORDANCE WITH THE INSTRUCTIONS AND EXECUTIVE SESSION.
SO THAT WOULD'VE BEEN INCLUDED IN THE, UH, ORIGINAL.
JUST WANTED TO MAKE SURE IT WAS THERE.
SO DOES EVERYONE UNDERSTAND THE MOTION WITH THE AMENDMENT? FRIENDLY AMENDMENT? YES.
[00:45:02]
MOTION CARRIES FIVE ZERO.I THINK THERE'S NO, UM, ACTION ON TEN THREE IS, AM I CORRECT WITH THAT? CORRECT.
NO ACTION WAS TAKEN ON TEN THREE.
TEN FOUR TO DISCUSS AND CONSIDER ACTION TO AUTHORIZE THE MODIFICATION OF CERTAIN TERMS IN THE EXISTING REPAYMENT AGREEMENT FOR THE SMALL BUSINESS LOAN, UH, PROGRAM LOANS, AND ANY ACTION NECESSARY REGARDING RULE 2 0 2 PROCEEDING AGAINST B C B C L OF TEXAS.
UM, I WOULD LIKE TO MAKE A MOTION TO AUTHORIZE THE MODIFICATION OF CERTAIN TERMS IN THE EXISTING REPAYMENT AGREEMENT FOR THE SMALL BUSINESS LOAN PROGRAM AS DISCUSSED IN EXECUTIVE SESSION.
SO WE GOT A MOTION BY BOARD MEMBER CLARK SECONDED BY, UH, SECRETARY CLANCY.
ANY OTHER DISCUSSION, UH, THAT MAKE THAT MAKE MAKE THAT A SEPARATE, LET'S BREAK IT UP.
NOAH DOES NO OTHER DISCUSSION.
CAN I GET A ROLL CALL PLEASE? SECRETARY CLANCY.
WAS THERE ANY OTHER I ACTION ITEM THAT WE NEEDED TO DO ON TEN FOUR? YES.
ON THE VERY END PORTION WITH REGARDS TO THE RULE 2 0 2 PROCEEDING TO PROVIDE DIRECTION, DON'T YOU? MOTION YOU SAID, SORRY.
DOES ANYONE MAKE A MOTION AGAIN? I MAKE A MOTION TO DIRECT THE ATTORNEY, UH, TO SEND A DEMAND LETTER TO BCL BASED ON THE STIPULATIONS IN EXECUTIVE SESSION.
GOT A MOTION FROM, UH, BOARD MEMBER SNYDER, SECONDED BY BOARD MEMBER COLEMAN.
ANY OTHER DISCUSSION IN REGARDS TO THIS MOTION? GREAT.
CAN I GET A ROLL CALL PLEASE? TREASURER LUCAS AYE.
SEEING THAT THERE'S NO OTHER BUSINESS BY THE BOARD.