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THE TIME'S NOW SIX 30 AND I CALL
[(EDC) Board Meeting/(CDC) Board Meeting on August 12, 2024.]
THIS HU, ECONOMIC DEVELOPMENT CORPORATION TYPE A AND TYPE B BOARD OF DIRECTORS INTO ORDER.MAY I GET A ROLL CALL, PLEASE? VICE CHAIR LUCAS HERE.
UM, IF YOU WILL ALL JOIN ME WITH THE PLEDGE OF ALLEGIANCE, PLEASE.
A PLEDGE OF ALLEGIANCE TO THE FLAG IN THE UNITED STATES OF AMERICA.
IN TWO, THE REPUBLIC FOR WHICH IT STANDS.
ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE.
FOR HONOR, HONOR OF THE TEXAS FLAG, I PLEDGE ALLEGIANCE CITY, TEXAS, ONE STATE UNDER GOD ONE AND INDIVISIBLE PUBLIC COMMENT.
DO WE HAVE ANYBODY SIGNED UP FOR PUBLIC COMMENT TODAY? NO, SIR.
GOING ON TO ITEM FIVE ONE, DISCUSS AND CONSIDER A PRESENTATION FROM MIDWAY REGARDING AN UPDATE ON DUE DILIGENCE PROCESS AND EVALUATION OF THE COTTONWOOD PROPERTIES UNDER THEIR CURRENT MOU WITH THE CORPORATION.
SO, JUST BRIEFLY, I WANNA WELCOME THE MIDWAY TEAM, UH, BACK TO HU WE HAVE ANNA, DEANS I'LL, I'LL LET YOU GUYS INTRODUCE YOURSELVES, BUT I FEEL LIKE I'M ON A TALK SHOW, SO I'M GONNA INTRODUCE EVERYBODY.
UM, DAVID HIGHTOWER AND BRAD REELS ARE ALL HERE, UH, TO FIELD QUESTIONS THAT Y'ALL MIGHT HAVE PROVIDE ADDITIONAL INPUT, BUT I KNOW THEY'VE BEEN HARD AT WORK.
I GOT A PREVIEW OF THE PRESENTATION TODAY, SO I'M REALLY EXCITED TO LET THEM TAKE IT AWAY FROM HERE AND EXCITED TO SEE WHAT THE DISCUSSION IS AND DIRECTION FROM THE BOARD.
THANKS EVERYONE FOR HAVING US THIS EVENING.
CAN Y'ALL HEAR ME OKAY? OH NO.
DO I JUST NEED TO GET REALLY CLOSE TO IT? THAT'S BETTER.
IT'S NOT AS, I TEND TO DO THAT ANYWAY.
I WAS TRYING TO, YOU KNOW, DO WHAT THEY NORMALLY TELL YOU TO BACK UP.
I'M AN INVESTMENT MANAGER WITH MIDWAY.
UM, I'M JOINED HERE TODAY BY BRAD FRILLS, OUR CEO AND DAVID HIGHTOWER, WHO IS ALSO AN INVESTMENT MANAGER WITH MIDWAY DAVID, PRIMARILY IS OUR KIND OF HORIZONTAL EXPORT, DEALING WITH ALL THE INFRASTRUCTURE LAND.
UM, AND MY FOCUS ON THIS PROJECT IS ALL THE VERTICAL DEVELOPMENT.
UM, BUT WE WORK VERY CLOSELY TOGETHER ON ALL ASPECTS OF THE PROJECT.
SO TODAY, UM, I WOULD LOVE IT IF Y'ALL WOULD JUST JUMP IN WITH QUESTIONS AS WE MOVE ALONG.
UM, BUT THE GOAL OF TODAY IS TO PROVIDE A GENERAL UPDATE ON OUR PROGRESS.
TO DATE, WE HAVE BEEN IN WHAT WE CALL THE EVALUATE PHASE.
SO I'LL GIVE THE RE A QUICK RECAP OF WHAT, UM, THAT INCLUDES AND MEANS TO US.
AND THEN WE'LL DO A HIGH LEVEL OVERVIEW OF THE DEVELOPMENT STRATEGY, AND THEN WE'LL ANSWER ANY ADDITIONAL QUESTIONS AT THE END.
BUT AGAIN, JUST CHIME IN IF YOU HAVE ANY QUESTIONS AS WE MOVE ALONG.
SO HIGH LEVEL, THIS IS A RECAP OF WHERE WE ARE TODAY.
SO WE HELD A KICKOFF MEETING WITH THE ECONOMIC DEVELOPMENT CORPORATION AND OUR TEAM, UM, HERE.
AND DURING THIS MEETING, WE ESTABLISHED HIGH LEVEL GOALS FOR THE PROJECT.
WE DISCUSS THE PROPERTY STATUS, UM, AND JUST KIND OF NEXT STEPS.
SO WE'LL REVIEW THOSE GOALS IN A FEW SLIDES, AND THEN WE'LL REFER BACK TO THOSE GOALS AT THE END AS WE TALK ABOUT, UM, CRITICAL INFORMATION TO CONSIDER AS WE MOVE FORWARD.
WE ALSO EXECUTED A MEMBER OF MEMORANDUM OF UNDERSTANDING IN APRIL.
UM, AND THE TERM OF THIS GOES THROUGH OCTOBER.
AND SO THIS OUTLINES, UM, THE PRE-DEVELOPMENT PHASE, DEVELOPMENT PHASE, HOW ALL THESE AGREEMENTS WILL IDEALLY COME TOGETHER.
AND THEN WE KICKED OFF CIVIL FEASIBILITY.
THIS IS A REALLY CRITICAL COMPONENT OF THIS PHASE FOR US.
THIS IS WHERE WE TRY TO IDENTIFY ANY, UM, VERY CRITICAL SITE CONDITIONS, UH, UTILITIES SURROUNDING CONTEXT THAT MIGHT CRITICALLY IMPACT THE DEVELOPMENT TIMELINE, THE BUDGET, OR ULTIMATELY THE, UM, DEVELOPABILITY OF THE SITE ITSELF.
AND WE'LL REVIEW SOME OF THE FINDINGS FROM THAT TODAY AS WELL.
UH, WE STARTED TO ALSO CONDUCT MARKET ANALYSIS.
SO THIS INCLUDED, UH, TALKING TO LOCAL BROKERS, UNDERSTANDING THE CURRENT MARKET, WHAT KIND OF RATES WE'RE GETTING FOR DIFFERENT TYPES OF PRODUCT CURRENTLY IN THE MARKET, WHAT THOSE NEEDS LOOK LIKE, AND HOW WE CAN FULFILL THOSE NEEDS IN COTTONWOOD.
WE ALSO KICKED OFF OUR COMMUNITY ENGAGEMENT.
UM, WE STARTED THAT BY ATTENDING THE SUNSET BLOCK PARTY BASH, AND I THINK I MET SOME OF YOU THERE.
UM, BUT WE HAD AN OPPORTUNITY AT THAT EVENT TO MEET WITH SOME OF THE RESIDENTS, UM, HEAR FROM THEM DIRECTLY ON WHAT THEY WERE HOPING TO SEE AT THE PROJECT, AND ALSO INTRODUCE MIDWAY IN OUR EXPERIENCE WITH MIXED USE DEVELOPMENT.
AND THEN FROM THERE, AND PROBABLY SOME OF THE MOST IMPORTANT PART HERE IS WE DEVELOPED A PROGRAM NARRATIVE WITH INPUT, UM, FROM CHENEY AND THE BOARD.
UM, AND WE'VE USED THAT TO GUIDE
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SOME VERY HIGH LEVEL INITIAL CONS, CONCEPTUAL MASTER PLANNING.NOW THAT CONCEPTUAL MASTER PLANNING WILL CONTINUE TO EVOLVE AS WE RECEIVE ADDITIONAL, UH, FEEDBACK FROM STAKEHOLDERS AND RESPOND TO MARKET CONDITIONS.
ALL RIGHT, SO THESE, THESE ARE THE GOALS THAT WE HAD ESTABLISHED IN THAT INITIAL MEETING.
SO I'LL JUST, THERE'S TWO SLIDES HERE, I'LL QUICKLY RUN THROUGH THEM.
UM, NUMBER ONE WAS TO CREATE A LEGACY DESTINATION THAT REINFORCES THE IDENTITY OF HUDU.
SO ESSENTIALLY CREATE A PLACE THAT PEOPLE ARE REALLY PROUD OF.
UM, YOU KNOW, A PLACE LIKE COTTONWOOD WHERE THAT HAS COOL PLACE, UH, GOOD VIBES AND INCORPORATES THE, UH, HU HIPPO CULTURE, WHICH EVERYONE LOVES.
UM, I KNOW WHEN WE CAME WITH MY KIDS TO THE EVENT, THEY ABSOLUTELY ADORED THE HIPPOS THAT ARE ALREADY HERE THROUGHOUT THE CITY.
SO I KNOW THAT'S A HUGE THING THAT EVERYBODY'S REALLY EXCITED ABOUT AND ABSOLUTELY SOMETHING THAT WE WANNA INCORPORATE INTO THE PROJECT.
UM, WITH THE DEVELOPMENT, WE WOULD ALSO INCREASE, UH, PUBLIC FACILITIES AND COMMERCIAL AND RETAIL OFFERINGS AND ESSENTIALLY CREATE A WALKABLE DISTRICT THAT CONNECTS TO ALL THE OTHER GREAT THINGS THAT ARE ALREADY HAPPENING HERE.
UH, THE FLIP SIDE OF THAT, UM, WHICH THESE TWO GO IN HAND IN HAND IS TO CREATE A SOURCE OF ECONOMIC GROWTH IN HUDU.
SO ENCOURAGE RESIDENTS TO SPEND THEIR TIME AND MONEY IN HUDU RATHER THAN LEAVING TO GO TO OTHER CITIES.
UM, WHICH IS SOMETHING WE TALKED A LOT ABOUT IN THAT INITIAL KICKOFF MEETING.
BECOME A DESTINATION FOR VI VISITORS OUTSIDE OF HUDU.
SO THEY COME HERE FOR THEIR WEEKEND STAYS.
SO CREATING THAT DESTINATION THAT DRAWS PEOPLE TO HUDU AND COTTONWOOD BECOME A CATALYST FOR ADDITIONAL INVESTMENT AND PROVIDE ADDITIONAL REVENUE FOR THE CITY THROUGH TAXES, WHETHER THAT BE SALES TAX, PROPERTY TAX, ET CETERA.
AND INSTILL TRUST IN CITY GOVERNANCE, GOVERNANCE THROUGH SUCCESSFUL AND TIMELY PROJECT EXECUTION.
SO WE KNOW THAT THERE WERE SOME OTHER, YOU KNOW, PREVIOUS PROJECTS PLANNED FOR THIS SITE THAT FELL THROUGH.
I KNOW EVERYONE WAS REALLY EXCITED ABOUT THOSE PROJECTS.
SO WE WANNA BE VERY CAREFUL ABOUT WHAT WE PUT OUT THERE AND MAKE SURE THAT WHAT WE PUT OUT TO THE PUBLIC WE CAN EXECUTE ON IN THE TIMELINE THAT WE COMMUNICATED TO THEM.
SO WE ARE, UM, IN WHAT WE CALL THE EVALUATE PHASE.
THESE ARE DIFFERENT PHASES OF PROJECTS THAT WE, UM, WE GO THROUGH AS WE WORK THROUGH A PROJECT AND WE BASICALLY START REALLY BIG PICTURE AND THEN WE GET MORE AND MORE, UH, SPECIFIC AND DETAIL ORIENTED AS WE MOVE ALONG.
SO IDENTIFY WAS THE FIRST PHASE.
THAT'S WHEN THIS PROJECT WAS PRESENTED TO US AS AN OPPORTUNITY.
UM, AND WE PITCHED OUR, UM, SERVICES AND ULTIMATELY WON THE PROJECT, WHICH WE'RE REALLY EXCITED ABOUT.
THE NEXT PHASE IS OUR DUE DILIGENCE PHASE.
WE'RE REALLY TRYING TO FIGURE OUT IF THE PROJECT IS STRATEGIC AND FEASIBLE.
SO THAT INCLUDES SITE ANALYSIS AND CIVIL DUE DILIGENCE.
THAT INCLUDES MARKET ANALYSIS, PROOF OF CONCEPT, CONCEPT PLANNING, DEVELOPING A STRATEGY FOR THE SITE AND PHASING, AND ALSO PROJECT TIMELINE.
SO IS THAT THE PHASE YOU'RE IN RIGHT NOW? YES.
OR HAVE YOU DEVELOPED THAT? WE ARE IN THAT PHASE NOW.
WE'RE, WE'RE NEAR THE END OF THE EVALUATE PHASE.
THE NEXT STEP WOULD BE TO MOVE TO SCHEMATIC DESIGN.
AS YOU MOVE ALONG IN THE PROCESS, THE COMMITMENT, UM, TO THE PROJECT INCREASES BECAUSE YOU'RE INVESTING MORE IN THE PROJECT, SO YOU'RE SPENDING MORE DOLLARS.
SO TYPICALLY AT THE END OF THE EVALUATE PHASE, WE WANNA HAVE, UM, AGREEMENTS IN PLACE TO KNOW THAT WHATEVER ADDITIONAL INVESTMENT IS PUT INTO THE PROJECT, UM, ARE NOT AT RISK.
AND SO THAT'S KIND OF WHERE WE ARE AT THE END OF THIS MOU PERIOD IS ESTABLISHING THOSE AGREEMENTS THAT REDUCE RISK OF FURTHER INVESTMENT.
AND WHEN WILL YOU THINK YOU GUYS WILL BE FINISHED WITH THAT? I KNOW BEFORE OCTOBER, BUT, UM, YEAH, AND THAT'S KIND OF THE PUNCHLINE OF THIS, UH, PRESENTATION IS BASED ON SOME OF THE INFORMATION THAT WE'VE GATHERED THROUGH CIVIL FEASIBILITY.
UM, THERE ARE SOME EXISTING CONDITIONS THAT MAY EXTEND THE TIMELINE.
UM, AND I CAN JUST SKIP AHEAD A LITTLE BIT TO, WELL, I HAVE A QUESTION ABOUT YES.
PROOF OF CONCEPT AND CONCEPT PLANNING.
WHAT HAVE YOU DONE SO FAR FOR PROOF OF CONCEPT OR CONCEPT PLANNING? SO WE HAVE, UH, PLANS FOR THE SITE.
WE HAVE A SITE DIAGRAM THAT SHOWS DIFFERENT USES.
WHERE WE'D LIKE TO SEE THOSE USES.
UM, WE'VE TESTED THAT WITH THE MARKET TO SEE HOW THEY WOULD RESPOND TO SAY, BIG BOX RETAIL AT THE CORNER, WHAT THEY WOULD REQUIRE TO BE AT A LOCATION LIKE THAT.
SO WE'VE GOTTEN SOME REAL MARKET FEEDBACK ON THAT KIND OF INITIAL PLAN.
UH, SOMETHING WE, WE LIKE TO SAY ABOUT ALL OUR PROJECTS OF THIS SCALE IS THAT THE ONE THING WE KNOW FOR CERTAIN IS THAT THE PLAN WILL CHANGE.
SO THIS IS REALLY JUST A STARTING POINT TO GATHER FEEDBACK, WHETHER THAT BE FROM, FROM YOU ALL, FROM THE COMMUNITY, FROM THE MARKET, IN TERMS OF LEASE ABILITY.
SO IT IS JUST A STARTING POINT.
UM, BUT I THINK THE MOST IMPORTANT THING TODAY IS TO DISCUSS HOW THOSE INITIAL CONVERSATIONS AROUND TIMELINE AND WHAT THE EARLY PHASES MIGHT LOOK LIKE COMPARED TO WHAT WE THINK MIGHT BE FEASIBLE EARLY ON.
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EVERYBODY'S ON THE SAME PAGE.'CAUSE LIKE WE SAID EARLIER, WE DON'T WANNA GO DOWN A PATH AND NOT BE ABLE TO DELIVER ON WHAT WE'RE, WE'RE PUTTING OUT THERE.
SO WE'LL GET INTO THE, THE CONCEPTUAL PLANNING IN A, IN A COUPLE OF SLIDES.
UM, AND I'LL WALK YOU THROUGH THAT.
BUT, UH, THE BIG THING ON THE CIVIL DUE DILIGENCE FINDINGS, AND DAVID FEEL FREE TO CHIME IN HERE, UM, IS THE, THE HIGHWAY INTERSECTION.
SO NOT HAVING CLARITY ON WHAT THAT LOOKS LIKE, UM, UNTIL THERE'S CLARITY ON WHAT THAT LOOKS LIKE, IT IS VERY DIFFICULT TO, TO MOVE FORWARD WITH A MORE REFINED PLAN.
UM, PRIMARILY THE ACCESS POINTS ARE WHAT MAKE THAT CHALLENGING.
ALSO THE VISIBILITY, WHETHER THAT'S ELEVATED OR AT GRADE.
AND WE, THAT WAS ONE OF THE, THE THINGS THAT WE IDENTIFIED EARLY AS A POTENTIAL CHALLENGE.
AND SO WE DEVELOPED A CONCEPTUAL PLAN SHOWING BIG BOX AT THAT CORNER, AND WE PUT IT IN FRONT OF SOME BIG BOX TENANTS THAT WE KNEW WERE INTERESTED IN THE AREA AND GOT REAL FEEDBACK THAT NOT HAVING ACCESS, THERE WAS A DEAL BREAKER FOR THEM FOR THAT CORNER.
UM, INITIALLY WE THOUGHT THEY MIGHT WANNA BE MOVED AWAY FROM THE CORNER, BUT ULTIMATELY IN THIS AREA, THEIR FIRST STEP WOULD BE TO GO TRY TO FIND ANOTHER CORNER FIRST, AND THEN IF THAT'S NOT AN OPTION, THEN THEY WOULD CONSIDER COMING OFF THE CORNER.
AND WE KNOW THE TIMELINE FOR THAT IS SOMEWHAT EXTENDED.
SO EVEN IF WE CAN GET THE ACCESS POINTS THAT WE WANT, WE WOULDN'T WANT TO OPEN RETAIL TOO FAR IN ADVANCE OF HAVING ANY KIND OF HIGHWAY CONSTRUCTION COMPLETE.
THE WORST THING YOU CAN DO FOR A LARGE MULTI-PHASE PROJECT IS HAVE, UH, RETAILERS OPEN AND, AND FAIL BECAUSE THERE'S CONSTRUCTION AND PEOPLE CAN'T GET TO THEM.
SO THE TIMELINE THAT WE'RE LOOKING AT, WE WOULD DELIVER THE FIRST PHASE AT THE SAME TIME THAT CONSTRUCTION ON THE HIGHWAY, WHATEVER THAT LOOKS LIKE WOULD BE COMPLETE.
SO IF I THINK WHAT WE WERE TOLD BY THE ENGINEER, THAT WOULD START FIRST QUARTER OF 27, AND WE'VE ASSUMED A 24 MONTH CONSTRUCTION TIMELINE.
LET ME, LET ME INTERJECT HERE A LITTLE BIT ON THIS.
THE, THE CITY HAD THIS HIGHWAY OVERPASS PROJECT.
I DON'T KNOW HOW FAMILIAR ALL OF Y'ALL ARE WITH IT, BUT, UM, WE BECA WE, WE BECAME AWARE OF IT AND THE FACT THAT THERE WERE SOME MATERIALS IN THE DUE DILIGENCE, AND WE LOOKED AT IT AND, YOU KNOW, WE STARTED GOING THROUGH IT.
AND THE MORE WE LOOKED AT IT, THE MORE CONCERNED WE BECAME ABOUT THE IMPACT OF THE OVERPASS PROJECT ON THIS PROPERTY AND, AND WHAT CAN BE DONE WITH IT.
AND IF THE VISION THAT WE'VE COLLECTIVELY DEVELOPED FOR THIS PROPERTY WITH RESPECT TO MIXED USE, MULTIPLE USE OF VERY, OF, OF A SHOWCASE PROPERTY, IF YOU WILL, FOR THE COMMUNITY, THAT OVERPASS WILL DEFINITELY NEGATIVELY IMPACT THIS PROPERTY.
AND, UH, CHENEY WAS ABLE TO, UH, GET ME INVITED TO SOME, UH, TEAMS MEETINGS WITH GARVER ENGINEERING.
AND THE MORE WE LOOKED AT IT, WE TALKED ABOUT SEVERAL THINGS.
UH, THE IDEA OF AN UNDERPASS AS OPPOSED TO THE OVERPASS WAS PUT OUT.
THE UNDERPASS IS BETTER THAN THE OVERPASS, BUT IT STILL HAS THE TIMING PROBLEM.
IT'S MORE EXPENSIVE AND THE ODD AND IT'S MUCH MORE DIFFICULT.
IT'LL BE MORE DIFFICULT TO GET THAT THROUGH TECH STOCK AND THE RAILROAD.
BUT WE, YOU KNOW, DEALING, GOING OVER THE RAILROAD WHERE YOU'RE NOT TOUCHING THEIR RIGHT OF WAYS IS ONE THING GOING UNDER WHERE YOU'RE DEALING WITH THEM AND, YOU KNOW, CONVERTING THAT ROAD BED TO A BRIDGE, THAT'S A, THAT'S A WHOLE BIGGER PROJECT, MUCH MORE EXPENSIVE.
AND SO, UH, I ACTUALLY SKETCHED UP AN IDEA, SENT IT TO MY ENGINEER, UH, P DAWSON, WHO'S OUR ENGINEER ON THIS PROJECT.
THEY DREW UP A SCHEMATIC FOR ME.
UH, AN ALTERNATIVE IDEA FOR, FOR, UM, IT HAS AN OVERPASS, BUT IT'S ALSO AN THAT GRADE INTERSECTION.
SO YOU STILL HAVE AN THAT GRADE INTERSECTION WITH 79.
SO YOU STILL, YOU DON'T HAVE FRONTAGE ROADS WITH THE OVERPASS, YOU DON'T HAVE ANY FRONTAGE ROAD, YOU HAVE NO ACCESS BETWEEN MAJOR 79 AND BETWEEN, UH, 1 32 AND ALMOST TO THE FLOODPLAIN, THERE WOULD BE NO ACCESS TO THE PROPERTY.
AND VERY LITTLE, EXCUSE ME, VERY LITTLE VISIBILITY BECAUSE OF THE WAY THE OVERPASS STRUCTURE WOULD WORK.
AND SO, UH, THIS, UH, ANNA SAID, WE'VE RUN THAT THIS BY SOME BIG BOX PEOPLE THAT WE KNOW HAVE AN INTEREST IN THIS MARKET, AND A COUPLE OF WHICH HAVE CALLED US SAYING, HEY, WE'RE HERE.
YOU'RE WORKING ON THIS, WHAT'S GOING ON? AND HE SAID, THAT'S, THAT'S REALLY NOT FOR US.
IF, IF WE DON'T HAVE THAT KIND OF VISIBILITY, WE DON'T HAVE THAT KIND OF ACCESS AT ON 79, THEN THAT'S, THAT'S, NOBODY USED THE WORD DEAL KILLER, BUT THEIR ENTHUSIASM JUST DROPPED OFF THE TABLE, SO TO SPEAK.
SO KNOWING THE ROAD'S GONNA COME IN AND WE'RE GONNA, IT'S GONNA KIND OF LOOK LIKE THAT AS, AS THE REALITY.
IS THERE ANY WAY OF RECONFIGURING THE SITE, ADDING DIFFERENT
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ACCESS POINTS AND RECONFIGURING THE SITE AWAY FROM THE ROAD? UH, THAT IS A POSSIBILITY THAT, BUT THE, THE, THESE BIG BOX RETAILERS WANT TO BE AT THE MAJOR INTERSECTION.UH, IF WE PUSH 'EM ALL THE WAY TO THE WESTERN END OF THE PROPERTY, IT MIGHT, THEY MIGHT FIND IT ATTRACTIVE, BUT THE FEEDBACK THAT WE'VE GOTTEN THROUGH OUR LEASING PEOPLE IS, YOU KNOW, WE, WE MIGHT CONSIDER IT, BUT WE'RE GONNA, BEFORE WE MAKE ANY COMMITMENT, WE WANNA MAKE SURE WE'VE ELIMINATED ALL THE OTHER MAJOR INTERSECTION POSSIBILITIES.
WELL, SO I THINK THERE'S A WAY TO ACHIEVE AN OVERPASS, UM, BUT STILL HAVE WHAT, WHAT WE NEED, WHAT THE CITY NEEDS FOR THIS PROPERTY TO BE OPTIMIZED, LIKE WE ENVISION.
ANYWAY, I SENT THE SCHEMATIC TO, TO CHENEY, SHE'S POPULATED.
I GOT AN EMAIL FROM THE ENGINEER, CITY ENGINEER WANTING ME TO COME AND TALK TO THE CITY COUNCIL ABOUT IT.
SO OTHER PEOPLE ARE REALLY THINKING ABOUT THIS RIGHT NOW.
JUST, YEAH, I THINK THAT I, I MEAN, AT LEAST THE BOARD, I KNOW WE ARE ALL TRYING, WE KNOW HOW MUCH THIS CAN IMPACT OUR SITE AND, AND HOW, UM, NEGATIVELY CAN IMPACT OUR SITE.
AND I, I FEEL LIKE WE HAVE A LOT OF PEOPLE WORKING TOGETHER TO TRY TO GET THIS MITIGATED AS MUCH AS POSSIBLE.
BUT WITH THE ROAD BEING PUT IN AND OBVIOUSLY THE RAILROAD AND ALL THOSE OTHER KIND OF THINGS, UM, YEAH, I, I WOULD HOPE THAT WE WOULD HAVE THEIR SUPPORT WITH THAT.
SO HOPEFULLY YOU'RE ABLE TO MAKE SOME TRACTION WITH IT.
WELL, AS, AS I SAID, WE, WE MADE A SUGGESTION ON AN ALTERNATIVE DESIGN THAT YOU, YOU STILL GET AN OVERPASS FOR THROUGH TRAFFIC, BUT YOU ALSO HAVE AN, THAT GREAT INTERSECTION, WHICH IS WHAT THE RETAILERS ARE LOOKING FOR IN ACCESS OFFICE 79.
AND, AND IT'LL SHOW YOU HOW THAT WORKS WITH THE CONCEPTUAL MASTER PLAN IN A FEW MINUTES.
MM-HMM,
THE, THE, THE OVERPASS THAT I KIND OF DREW UP AND P DAWSON DID THE MUCH MORE, UH, BETTER PRESENTATION OF, UM, IT'S, IT'S BASICALLY YOU'VE, IF YOU'RE COMING UP, LET'S SAY YOU'RE COMING UP 1 32 FROM THE SOUTH, YOU STILL HAVE A RAILROAD CROSSING AND A, A GREAT INTERSECTION SIGNALED INTERSECTION.
BUT IN THE MIDDLE OF IT, SOUTH OF THE RAILROAD TRACK, YOU'D HAVE TWO LANES, EITHER, BOTH DIRECTIONS THAT WOULD GO OVER THE RAILROAD TRACK OVER 79 AND COME DOWN BEFORE YOU GET TO MAJOR.
AND AT THE INTERSECTION YOU WOULD HAVE LEFT TURN LANES THAT FOR, UH, 1 32 TO 79 BOTH DIRECTIONS EAST TO WESTBOUND.
SO YOU'VE THE OVER, THERE'S NO ELEVATED INTERSECTION, IT'S JUST THROUGH LANES, THROUGH TRAFFIC GOES OVER.
BUT IT, UH, ONE OF THE THINGS THAT I, I THINK SHOULD BE ATTRACTIVE IS THE FACT IT STILL GETS DOWN TO MAJOR IN TIME TO INTERSECT WITH THAT STREET.
BUT THE BALLPARK, I WOULD SAY THAT'S A PROBABLY 40%, MAYBE EVEN A THIRD OF WHAT THE INTERSECTION COSTS WOULD BE AS IT'S CURRENTLY DESIGNED.
IT'S A MUCH LESS COMPLICATED INTERSECTION.
YOU STILL HAVE AN, THAT GREAT INTERSECTION WITH THE RAILROAD, BUT YOU HAVE THAT NOW.
SO IT'S, YOU KNOW, YOU HAVEN'T REALLY LOST ANYTHING IN THAT RESPECT.
IS IT, IS IT STILL THE SAME TIMEFRAME YOU THINK TO, TO CONSTRUCT POSSIBLY THAT VERSION OF IT VERSUS THE OTHER? WELL, THE BEAUTY, THE BEAUTY OF THIS PARTICULAR DESIGN, I SAY THE BEAUTY VERY ARROGANT OF ME SINCE IT WAS MY IDEA,
I HAVEN'T SEEN ANY STUDY THAT SHOWS THAT THE PROJECT IS NEEDED TO BEGIN WITH.
'CAUSE IT'S A VERY BIG, VERY EXPENSIVE OVERPASS INTERSECTION.
YOU COULD ALWAYS, YOU COULD DESIGN THE AT GREAT INTERSECTION, BUT LEAVE ROOM FOR THOSE LANES WHERE YOU CAN COME BACK AND PUT 'EM IN LATER WHEN TRAFFIC WARRANTS IT.
RIGHT NOW, I DON'T THINK YOU HAVE THE TRAFFIC, BUT, BUT IT'S OVER TIME, AS THIS PROJECT COTTONWOOD DEVELOPS, AS THE PROJECTS TO THE NORTH OF DEVELOPING THINGS TO THE SOUTH CONTINUE TO DEVELOP, YOU HAVING THAT OVERPASS WILL BE BENEFICIAL, PARTICULARLY TO YOUR EMERGENCY SERVICES.
SO YOU DON'T HAVE AN AMBULANCE STOPPED AT THE RAILROAD TRACK KIND OF THING.
UM, I THINK, UM, I MEAN, 'CAUSE I KNOW WE DID A WORKSHOP WITH, WITH CITY AND WITH, WITH, UM, COUNCIL ON THE, THE TWO OR THREE DIFFERENT VERSIONS WE LOOKED AT FOR THE BRIDGE AND CAME WITH THE CALLS.
AND I KNOW THIS IS, I FEEL LIKE THIS IS MAYBE A LITTLE BIT OVER THE EDC HEAD AND MORE OF A CITY AND CITY AND ENGINEER AND, AND A COUNCIL.
BUT I, I THINK IT'S VALID INFORMATION THAT WE CAN START SHARING AND SEEING.
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'CAUSE I DO BELIEVE, I UNDERSTAND THE FACT THAT, YOU KNOW, IF YOU DON'T HAVE ACCESS TO PROPERTY, THEN THERE'S NOT ANYONE THAT'S GONNA BE WILLING TO REALLY PUT FORTH THE TIME AND ENERGY.WELL, WE DON'T EVEN KNOW WHAT THE DESIGN OF THE ROADS, FINAL DESIGN OF THE ROADS.
AND I DON'T EVEN KNOW, I DON'T EVEN KNOW WHERE WE'RE AT WHEN ON THAT.
WE DON'T KNOW WHAT THE ROAD'S GONNA LOOK LIKE, BUT RIGHT, RIGHT NOW, UM, MY UNDERSTANDING BASED ON THE LAST CONVERSATIONS WE HAD WITH GARVER, THEY WERE SUBMITTING THEIR, THEIR SCHEMATIC CONCEPTUAL PLANNING DESIGN TO TECH STOCK TO START REVIEW.
SO THERE'S BEEN A LOT OF TIME AND MONEY INVESTED.
I'LL GRANT YOU THAT ON THAT PROJECT AND I'M, I'M NOT BEING CRITICAL OF THAT.
AND IF YOU BUILD THAT PROJECT, THAT'S NOT SAYING YOU, THIS PROPERTY, COTTONWOOD, THE COTTONWOOD PROPERTY COULDN'T BE DEVELOPED, BUT IT SURE WOULD NOT BE DEVELOPED IN THE WAY THAT I THINK YOU WOULD LIKE TO SEE, SEE IT DEVELOPED, IT, YOU KNOW, IT'LL STILL HAVE THINGS FOR THE CITY, BUT IT JU YOU JUST WON'T BE ABLE TO GET THE CRITICAL MASS THAT, THAT WE THINK WOULD BE NEEDED.
THAT WOULD BE A BENEFIT FROM HAVING MUCH BETTER ACCESS OFF OF 79.
SO THEN FROM THE, HAVE YOU GUYS SEEN THE THREE PLANS THAT WE LOOKED AT ON THE CITY COUNCIL SIDE FROM GARVER? THE ONLY THING I'VE SEEN IS, UH, ONE SCHEMATIC, TWO PAGES OF SCHEMATIC DRAWING.
THEY WEREN'T, UH, UNLESS GARVER SHARED THAT WITH YOU, SINCE THAT DECISION WAS MADE LAST FALL, THIS WAS THE GO FORWARD DESIGN.
BUT I CAN, I CAN LOOK AT THE PLANS THAT GARBER HAS AND I KNOW WHAT IT IS.
I'VE BEEN DOING THIS FOR A FEW YEARS.
'CAUSE I JUST WONDER IF WE'VE, IF WE'VE DECIDED, 'CAUSE AGAIN, I CAME OUT OF THAT MEETING THINKING THAT WE HAD DECIDED ON THAT ONE, LET'S TAKE THAT START MOVING FORWARD WITH SCHEMATICS, PRICING, WHAT THAT TIMEFRAME WOULD LOOK LIKE.
AND SO IF WE DECIDED ON THAT, AND NOW WE HAVE A DEVELOPER, WE SHOULD PROBABLY BACK UP REVISIT THAT, SEE WHAT YOU GUYS WOULD SUGGEST, AND MAKE SURE THAT WE'RE NOT CONTINUING DOWN THAT ROUTE.
IF THAT'S SOMETHING THAT WOULD NOT HAVE US DEVELOP THIS PROPERTY THE WAY YOU WOULD ENVISION AND WE WOULD ENVISION WE'RE, I DON'T THINK ANYONE'S TALKED ABOUT THAT SINCE WE'RE, WE'RE VERY HAPPY AND WILLING TO WORK WITH THE CITY.
IF I COULD OFFER ONE COMMENT, I THINK IT ALSO, I DON'T KNOW WHO'S PAYING FOR THAT OVERPASS, BUT LIKE DAVID ALLUDED TO, IS VERY EXPENSIVE.
AND WHERE IN THE HIERARCHY OF NEEDS THOSE DOLLARS, IS THERE A BETTER PLACE WAY TO SPEND THOSE DOLLARS TODAY ON OTHER THINGS THAT ARE MORE IMPORTANT? 'CAUSE YOU'LL HAVE PLENTY OF TIME TO BUILD THAT OVERPASS.
AND I DON'T THINK YOU NECESSARILY HAVE TO DO IT DAY ONE.
YOU CAN PLAN FOR IT AND BUILD IT WHEN REVENUE'S THERE AND WE HAVE SALES TAX AND WE HAVE PROPERTY TAX THAT HELPS SUPPORT IT.
'CAUSE I I, MY IMPRESSION IT'S NOT A TECH BRIDGE, IT'S A CITY OF HU BRIDGE.
AND I, I WOULD LOOK AT IT AND JUST THAT HIERARCHY OF NEEDS, PRIORITIES ARE TO SEE IF IT REALLY MAKES SENSE.
QUESTION THAT I HAD, AND I, AND I DON'T HAVE ALL THE CONTEXT, WHAT DRIVES THE DECISION FOR A NORTH SOUTH VERSUS AN EAST WEST OVERPASS? I, I GET, THERE'S PROBABLY GONNA BE SOME DIFFICULTY WITH THE RAIL IN GETTING THE RIGHT OF WAY YOU NEED, BUT IT SEEMS TO ME ULTIMATELY TDOT'S GONNA DRIVE LONG-TERM DECISIONS ABOUT MAKING 79 AND EXPRESSWAY ALL THE WAY EAST.
WE, WE UNDERSTAND THAT TDOT IS JUST NOW INITIATING WHAT THEY CALL THE 79 CORRIDOR STUDY, WHICH IS BASICALLY FROM ONE 30 ALL THE WAY TO TWO AND INTO HATO.
AND THAT STUDY WILL TAKE ABOUT TWO YEARS.
THERE APPEARS TO BE PLENTY OF RIGHT OF WAY LOG 70, 79 DEPENDING ON WHAT UNION PACIFIC LIKES TO HOG.
'CAUSE THEY DRIVE ALL OF OUR LIVES IN THIS COMMUNITY.
BUT IF THERE'S ENOUGH ROOM TO GO 3 75, 4 50 OR WHATEVER, RIGHT OF WAY WE WOULD NEED, UH, TO GO EAST WEST AS OPPOSED TO NORTH SOUTH.
BUT I DON'T KNOW WHAT THE CITY IN THEIR MOBILITY STUDY IS STRUGGLING WITH AS FAR AS SAFE INGRESS EGRESS OVER THE RAILROAD TRACK.
UM, AND IT MAY BE WAY TOO LATE TO GO BACK TO THE ENGINEERING TABLE, BUT I OFTEN WONDERED WHY ARE WE GOING, WHY ARE WE NOT GOING EXPRESSWAY WHERE YOU CAN THEN GET D CELL LANES, A CELL LANES AND GET UNDERPASSES SO YOU CAN GET TO THIS CORNER.
UH, IT MAY NOT BE THE SAME SEXY DRAG THAT A, THAT A A BOX RETAILER MIGHT WANT, BUT AT LEAST I COULD GET OFF THE HIGHWAY, MAKE A LEFT-HAND TURN, AND BOOM, I'M INTO THE COTTONWOOD DEVELOPMENT AREA.
THIS IS VERY SIMILAR TO THE WAY 71 AND BASTROP COUNTY DEVELOPED.
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BUT VERY, I DON'T THINK THERE'S ANY NORTH SOUTH CORRIDORS.I BELIEVE THEY'RE ALL EAST WEST.
THE ONLY DIFFERENCE BETWEEN 71 AND 79 IS, IS YOU'VE GOT A RAILROAD THAT I KNOW OUR, OUR EMERGENCY FOLKS STRUGGLE GETTING OVER.
BUT IF YOU'VE GOT 33 49 BEING DEVELOPED NORTH SOUTH, WHICH ESSENTIALLY PUTS THE LOOP INTO PLAY, YOU'VE GOT, UH, TEXAS ONE 30, YOU'VE GOT NORTH, SOUTH CORRIDOR FOR EMERGENCY INGRESS EGRESS.
WHEN I WORKED FOR THE SCHOOL DISTRICT, WE HAD AN ARRANGEMENT TO WHERE IF I NEEDED TO MOVE SCHOOL BUSES SOUTHBOUND FROM OUR, OUR BUS BARN, THEY WOULD ALLOW ME TO CONTRAFLOW WITH PROTECTED AGENCIES TO BE ABLE TO GO NORTH SOUTH IF A RAIL, UH, DERAILMENT TOOK PLACE AND I COULDN'T GET TO STUDENTS.
BUT IF YOU'VE GOT ONE THAT'S FOUR OR FIVE MILES TO THE EAST OF TOWN, YOU GOT TEXAS ONE 30.
IT SEEMS TO ME YOU'VE GOT THE MOBILITY NORTH SOUTH.
BUT AGAIN, I DON'T KNOW WHAT ALL THE PARTICULARS WERE IN THE CONTEXT OF THE CITY'S NEEDS TO MOVE MOBILITY, UH, NORTH AND SOUTH.
UH, YOU KNOW, WE, WE TOOK A LOT OF STUDY IN HOUSTON, YOU KNOW, TWO 90 RUNS ALONG, UH, THE F THE HIGHWAY THERE.
AND SO ALL THE WAY IN TWO 90 YOU HAVE THIS SAME SITUATION.
AND IT IS LIKE YOU DESCRIBED, THEY HAVE THE EAST, WEST, YOU KNOW, SOLVING THE PROBLEM.
THEN YOU HAVE AT GRADE THROUGH MOST OF THE INTERCHANGES.
BUT, AND, AND IT SEEMS TO WORK IN A LOT MORE POPULATED AREA.
SO, WELL, I DEFINITELY THINK THIS SOMETHING NEEDS TO BE KIND OF GO BACK AND REVISIT, REVISITED WITH CITY MANAGERS, CITY STAFF AND COUNCIL AND KIND OF GIVE US AN UPDATE MAYBE ON KIND OF WHERE WE'RE AT ON THE ROAD IN DESIGN.
SO, SO FROM THE MIDWAY TEAM, THE REVISED OVERPASS THAT Y'ALL HAVE INITIATED, DOES THAT SOLVE THE MARKETABILITY ISSUE FOR THE SITE AS WELL, BEYOND JUST THE ACCESS POINTS, BUT VISIBILITY WISE, DOES THAT RESOLVE YEAH, THOSE QUESTION MARKS.
YOU SAID YOU HAVE A SCHEMATIC OF THAT.
CAN WE SEE IT? WE DON'T HAVE THAT HIGHWAY SCHEMATIC, BUT JAMIE HAS OH, I THOUGHT, I THOUGHT YOU HAD SOMETHING ON THE PRESENTATION THAT WOULD SHOW THE LAYOUT.
TODAY IS FOCUSED MORE ON THE, THE SITE PLANNING ITSELF, AND WE ASSUME THAT THERE WOULD BE AN ACCESS POINT CLOSER TO THE INTERSECTION FOR THE PURPOSE OF TODAY'S, UM, PRESENTATION.
ONE OTHER QUESTION I HAD, JUST MY CURIOSITY.
DO YOU HAVE A, A IMPERVIOUS TARGET WHEN YOU ARE GOING TO DO THIS MASTER DRAINAGE STUDY? UM, HOW MUCH ARABLE LAND DO YOU PLAN TO TARGET THAT WILL BECOME IMPERVIOUS, THE DRIVING YOUR CIVIL ENGINEERING PLAN? WITH RESPECT TO DRAINAGE? WE DON'T HAVE A SPECIFIC TARGET, BUT IF THE, AS YOU'LL SEE IN OUR CONCEPTUAL PLAN, WE'VE GOT A LOT OF, UH, GREEN SPACE, UM, WE, AND WE BUILD IN A LOT OF GREEN SPACE AND PARK, PARK LAND INTO OUR PROJECTS.
DO I NEED TO REPEAT THAT PLEASE? NO, YOU'RE GOOD.
THE, UM, SO I, I CAN'T GIVE YOU A SPECIFIC TARGET RIGHT NOW.
UH, BUT WE ARE ALSO VERY SENSITIVE TO DRAINAGE.
THAT'S, UH, ALWAYS AN ISSUE IN OUR BUSINESS.
AND, AND P DAWSON WILL BE WORKING WITH THE CITY ENGINEERING DEPARTMENT ON THAT.
UM, ON THE RE ON THE NEXT ITERATION OF THE PLAN, WE MIGHT BE ABLE TO COME UP WITH CALCULATIONS TO SHOW YOU, BECAUSE PART OF THIS IS IN THE FLOODPLAIN, RIGHT? YES, IT IS.
ALL, UM, SO OBVIOUSLY THE INTERSECTION'S A A VERY CRITICAL ISSUE.
IT ALSO IMPACTS GETTING ANY SORT OF AGREEMENTS FINALIZED BECAUSE THE VALUE OF THE PROPERTY ITSELF IS PART OF THOSE AGREEMENTS.
SO, UM, THAT IS, UM, TOP PRIORITY RIGHT NOW.
THERE'S ALSO A, A SANITARY SEWER LINE THAT IS, UM, WOULD BE SERVING THE PROPERTY.
THERE'S A LITTLE BIT OF LACK OF CLARITY ON THE TIMELINE FOR THAT, AND THAT THAT WOULD BE ANOTHER THING THAT WE WOULD NEED TO HAVE CLARITY ON AS WELL.
UM, AND THEN THERE'S ADDITIONAL, UM, PROGRAM DENSITIES THAT WE NEED TO ESTABLISH TO CONFIRM THAT CAPACITY EXISTS.
AND THEN THE MASTER DRAINAGE STUDY.
IN TERMS OF COMMUNITY FEEDBACK, WE, YOU KNOW, IT'S CLEAR THAT EVERYONE'S SUPER EXCITED ABOUT THE PROJECT AND EAGERLY ANTICIPATING THE REVEAL OF THE MASTER PLAN.
WE ARE VERY AWARE OF THAT, AND SO THAT'S WHY WE'RE HESITANT TO PUT, YOU KNOW, ANYTHING OUT THERE UNTIL WE HAVE CLARITY ON SOME OF THESE CRITICAL ITEMS. UM, WE ALSO UNDERSTAND THAT TRAILS AND PARKS ARE A TOP PRIORITY.
UM, YOU'VE GOT A WONDERFUL TRAIL SYSTEM ALREADY HERE THAT WE REALLY WANNA TAP INTO AND EXTEND INTO THE SITE.
UM, AND IT'S, IT'S EARLY IN THE DEVELOPMENT OF THE CITY WHERE THIS COULD BE A REALLY, LIKE A MAIN KIND OF THOROUGHFARE FOR, FOR TRAVEL, THE ALTERNATIVE TO THE ROADS.
UM, WE ALSO HEARD THAT THERE WAS, UH, NEED FOR ADDITIONAL SPORTS FIELDS AND THERE WAS TOURNAMENTS, THERE WAS A DEMAND FOR THAT.
[00:30:01]
SO WE'VE, UM, SHOWN A LOCATION FOR THAT AS WELL.UM, SO WE ALSO LOOKED AT DEMOGRAPHICS.
YOU KNOW, WE'VE BEEN HEARING THAT HUDU IS THE FASTEST GROWING CITY, WHICH IT IS, UM, IF YOU LOOK AT A PERCENTAGE BASE.
BUT, UM, IF YOU LOOK AT THE TOTAL POPULATION, THIS IS WHERE WE REALLY HAVE TO FOCUS ON THE PROJECTIONS BECAUSE ULTIMATELY THE AMOUNT OF RETAIL THAT AN AREA CAN SUPPORT IS DIRECTLY DEPENDENT UPON THE POPULATION.
WE KNOW THAT EVERYBODY WANTS MORE RESTAURANTS, WANTS MORE RETAIL, BUT IF EVERYONE'S GOING TO THE SAME THREE RESTAURANTS NOW AND WE ADD, YOU KNOW, 10 MORE AND THERE'S NOT ADDITIONAL PEOPLE, WE'RE JUST SPREADING OUT THAT REVENUE AND, AND WE WANT EVERYONE TO BE SUCCESSFUL.
SO THAT IS WHY WE ARE VERY FOCUSED ON THE POPULATION GROWTH AND THE PROJECTIONS.
UM, DO YOU GUYS TAKE INTO CONSIDERATION SURROUNDING CITIES THAT ARE WITHIN 15, 20 MINUTE DRIVE, LIKE WE LOOKED AND SOME OF THAT STUFF, A ONE, THREE AND FIVE MILE RADIUS FROM THE SITE AND, AND WE COMPARED THAT TO ANOTHER SIMILAR PROJECT IN STAFFORD AS A COMPARISON.
AND I'LL SHOW YOU THAT IN A COUPLE OF SLIDES.
SO THAT CAN KIND OF, THESE ARE THINGS THAT RETAILERS LOOK AT WHEN THEY'RE LOOKING AT NEW SITES, AND SO WE DO HAVE SOME OF THAT IN HERE, WHAT YOU'RE REFERRING TO AS A TRADE AREA.
UM, AND IN TERMS OF MARKET FINDINGS, IT'S IMPORTANT FOR US TO UNDERSTAND WHAT THE RATES ARE ESSENTIALLY TODAY FOR SOME OF THE PRODUCT TYPES THAT WE'RE CONSIDERING AT THE SITE.
SO WE, WE SPOKE TO A FEW DIFFERENT BROKERS ABOUT THE OFFICE DEMAND.
UM, THERE DOES SEEM TO BE A LOT OF OFFICE INTEREST DUE TO THE SAMSUNG PROJECT, BUT IT IS DIRECTLY TIED TO THE SAMSUNG PROJECT.
SO WHEN THAT PROJECT STALLS, THINGS KIND OF SLOW DOWN, AND THEN WHEN IT PICKS UP THE OFFICE, UM, LEASING PICKS UP.
AND SO THE OTHER TRICK HERE IS THAT THERE SEEMS TO BE A SIX MONTH LEAD TIME FOR WHEN THAT OFFICE IS NEEDED.
AND SO IN OUR WORLD, WE TYPICALLY TRY TO PRE-LEASE A CERTAIN AMOUNT OF OFFICE BEFORE WE BUILD IT.
UM, WE DON'T BUILD IT COMPLETELY SPECULATIVELY BECAUSE THERE IS A LOT OF RISK INHERENT IN THAT.
AND SO THAT SIX MONTH TIMELINE IS A LITTLE BIT CHALLENGING BECAUSE YOU ESSENTIALLY HAVE TO START BUILDING IT AND ASSUME THAT PEOPLE WILL, WILL SHOW UP.
BUT GIVEN THE SAMSUNG PROJECT, UM, WE DO THINK THAT THERE IS A LOT OF FUTURE DEMAND FOR OFFICE.
THE RATE IS IN THE, THE MID TO HIGH FORTIES RIGHT NOW.
AND THAT IS A, A GOOD RATE FOR A MARKET LIKE THIS WITH TODAY'S CONSTRUCTION PRICING.
IT IS SOMEWHAT LIMITING ON WHAT YOU CAN BUILD TO MEET THAT RATE.
AND SO THAT'S ANOTHER THING THAT WILL DRIVE THE EARLY PHASES OF THE PROJECT, IS THE CONSTRUCTION TYPOLOGIES THAT WE CAN AFFORD TO BUILD BASED ON THOSE RATES.
IS, IS THERE A MARKET ANALYSIS WITH TAYLOR AS FAR AS WHAT THEY OFFER IN OFFICE SPACE? AND COULD WE BE COMPETITIVE WITH, TAYLOR WOULD STILL BE WITHIN A CLOSE DISTANCE WITH SAMSUNG BEING IN TAYLOR, UH, WANTING COMPANIES MAYBE WANTING TO JUST PLOP THEIR, THEIR, THEIR OFFICE SPACE INTO THEIR OWN BACKDOOR COMMUNITY.
WE, WE NEED TO DO A MORE THOROUGH ANALYSIS OF THE, THE EXISTING SUPPLY IN TAYLOR.
AND I KNOW THERE'S SOME FUTURE PROJECTS PLANNED THERE AS WELL.
UM, BUT WE WERE JUST HAVING THIS CONVERSATION WITH THE, THE GREAT SCHOOL SYSTEM THAT YOU HAVE HERE AND, YOU KNOW, THE QUALITY OF LIFE AND THE CLOSE PROXIMITY.
UH, WE DO THINK THAT THIS WOULD BE A, A VERY COMPELLING LOCATION FOR PEOPLE TO LIVE AND WORK.
UM, SO EVEN THOUGH THAT MAY BE THAT, THAT IS DEFINITELY SOMETHING THAT WE WANNA LOOK FURTHER INTO THOUGH.
UM, ON THE MULTIFAMILY SIDE, THERE IS A LOT OF, UM, SURFACE PARK THREE TO FOUR STORY, UH, TYPOLOGY HERE AT THIS POINT WITH THE AVERAGE RATES AT A DOLLAR 88, THAT IS BASICALLY WHAT YOU CAN AFFORD TO BUILD AT THAT RATE.
AS THE POPULATION INCREASES, THOSE RATES WILL, YOU KNOW, IN THEORY INCREASE AND THEN YOU CAN START TO GO MORE VERTICAL WITH PODIUM.
BUT EARLY ON, UM, AT LEAST AT THIS POINT, AND ESPECIALLY WITH, YOU KNOW, RENTS ACROSS THE COUNTRY DROPPING LAST YEAR, UM, WE WOULD SEE SURFACE PARKED IN EARLY PHASES OF THE PROJECT AND THEN GO DENSER AS WE, AS WE MOVE FORWARD.
UM, IN TERMS OF RETAIL AND RESTAURANT, WE TALKED BRIEFLY ABOUT THIS.
UM, WE KNOW THAT EVERYBODY'S REALLY EXCITED TO HAVE MORE RETAIL AND RESTAURANT OFFERINGS.
WE WOULD JUST NEED TO, UM, KEEP A CLOSE EYE ON THE POPULATION AND THE DEMAND THERE AND MAKE SURE THAT WHATEVER WE PUT OUT THERE EARLY ON IS GONNA BE SUCCESSFUL.
UM, THE RATES HERE ARE ALSO IN THE MID THIRTIES, SO AGAIN, THIS WOULD PUSH US MORE TOWARDS A, YOU KNOW, SINGLE STORY, LOW DENSITY, UM, BUT WITH AN ELEVATED DESIGN, I MEAN, EVERYTHING THAT WE DO, WE TRY TO BRING IN, UM, REALLY GREAT DESIGNERS TO MAKE IT FEEL LIKE A REALLY, YOU KNOW, SPECIAL PLACE.
SO, UM, AND THEN ON THE SINGLE FAMILY RESIDENTIAL SIDE, THERE HAS BEEN A LOT OF DEMAND IN THIS AREA AND WE WOULD EXPECT THAT TO CONTINUE WITH, WITH THE SAMSUNG PROJECT.
UM, I'M SORRY, IF YOU CAN GO BACK, UM, WITH THE MARKET FINDINGS AND STUFF, I MEAN, WE, YOU MENTIONED EARLIER ABOUT QUALITY OF LIFE AND I KNOW THAT THE PROPERTY IS THERE TO DEVELOP, UH, A CERTAIN WAY FOR RETAIL AND, UM, BUT WAS THERE ANY CONSIDERATION FOR, UH, MEDICAL, UM, AND PROVIDING SOME TYPE OF AVENUE OR SPACE AVAILABLE, AND
[00:35:01]
NOT MAYBE IN THE NEAR FUTURE, BUT AT, WHEN IT COMES TIME TO PROVIDING THAT QUALITY OF LIFE FOR OUR CITIZENS AND, AND FOR US, UH, TO BE ABLE TO HAVE THOSE MEDICAL SERVICES WITHIN OUR OWN COMMUNITY? YEAH, UM, THAT'S A GREAT QUESTION.UM, WHAT YOU'LL NOTICE WHEN ANNA PUTS UP THE PLAN, WE REFER TO IT SOMETIME AS A PLUG AND PLAY, UH, AND WE DESIGN A PRETTY GENERIC PLAN THAT YOU CAN PLUG A USE LIKE THAT IN PRETTY EASILY.
AND WHAT WE LIKE TO SAY IS, YOU KNOW, WE'RE GETTING READY TO THROW A PARTY, WE GOT INVITATIONS, WE'RE SETTING THE TABLE, WE JUST DON'T KNOW WHO'S GONNA SHOW UP FOR THIS PARTY
AND, AND, AND WE'LL BE SURPRISED AT WHO COMES OUTTA THE WOODWORK FOR USES LIKE THAT.
SO YOU'LL SEE IT MORE IN THE PLAN.
AND IF YOU CAN JUST IMAGINE AS YOU LOOK AT HOW YOU COULD DO MEDICAL HERE, YOU COULD DO MEDICAL HERE, YOU COULD DO IT AROUND, BUT IT'S, IT'S A VERY ADAPTIVE PLAN.
SO THE NEXT TWO SLIDES WE'LL LOOK AT, UM, HIGH LEVEL OPPORTUNITIES AND CONSTRAINTS SPECIFIC TO THE SITE.
A LOT OF THESE WE'VE TALKED ABOUT ALREADY, UM, BUT WE ENVISION THE HEART OF THE MIXED USE DE DESTINATION REALLY HAPPENING AT THE CENTER OF THE PROPERTY.
WE'D LOVE TO CONNECT THAT BACK TO, UM, LIVE OAK, WHETHER THAT'S A VEHICULAR CONNECTION OR JUST A PEDESTRIAN CONNECTION.
BUT HAVING CONNECTION BETWEEN THIS PROPERTY AND THE OTHER DISTRICTS IN HUDU IS IMPORTANT.
UM, WE ALSO LOVE THE IDEA OF EXTENDING THE COTTONWOOD CREEK TRAIL SYSTEM INTO THE SITE AND CREATING A LOOP THROUGH THE PROPERTY THAT IS, UM, SEPARATE FROM THE VEHICULAR CIRCULATION.
SO KEEPING THOSE TWO, AS, YOU KNOW, KEEPING THE TRAILS VERY SAFE FOR FAMILIES, UM, AND HAVING THOSE TWO WHERE THEY INTERSECT BE VERY COMPATIBLE AND SAFE AS WELL.
UH, WE THINK EARLY ON, UH, GIVEN THE CURRENT MARKET PAD, SITE RETAIL AND BIG BOX RETAIL WOULD BE THE FIRST PHASE.
AND THAT WOULD LIKELY OCCUR ALONG THE HIGHWAY JUST GIVEN, UM, WHAT OUR LEASING TEAM HAS SEEN IN THE MARKET, UM, AND WHAT THE DEMAND LOOKS LIKE TODAY FROM RETAILERS.
UM, AND THEN WE WOULD ALSO ENCOURAGE CONSIDERATION OF, OF SELLING OFF A LARGE PARCEL OF THE PROPERTY, WHETHER THAT'S SINGLE FAMILY, RESIDENTIAL OR MEDICAL EARLY ON IN THE PROJECT.
AND THAT WOULD ALLOW, UM, THE PROJECT TO START CASH FLOWING EARLIER AND ALLOW THAT, THOSE FUNDS TO BE REINVESTED INTO THE PROPERTY.
UM, AND WE'LL TALK ABOUT TIMELINE, WHETHER YOU DO SOMETHING LIKE THAT OR YOU HOLD OUT FOR MORE MIXED USE, UM, RETAIL AND WHAT THAT LOOKS LIKE TO THE OVERALL DEVELOPMENT TIMELINE.
UM, IN TERMS OF CONSTRAINTS, WE TALKED ABOUT THE UTILITIES AND TIMING OF INSTALLATION.
UH, WE TALKED ABOUT THE FINAL DESIGN OF THE HIGHWAY PLANS.
AN ELEVATED HIGHWAY OBVIOUSLY HINDERS RETAIL DEVELOPMENT AT THE CORNER.
UM, AND CURRENT MARKET CONDITIONS WILL LIKELY DICTATE LOW DENSITY DEVELOPMENT IN THE INITIAL PHASE.
UM, AND THEN QUICKLY WE'LL JUST TALK ABOUT, THIS IS ANOTHER PROJECT IN, IN STAFFORD CALLED THE GRID THAT WE THOUGHT WAS A GOOD COMP.
IT'S LOCATED AT THE INTERSECTION OF, OF TWO, UM, MAJOR HIGHWAYS AND IT WAS THE FORMER CAMPUS FOR TEXAS INSTRUMENTS.
SO THERE ARE EXISTING BUILDINGS AT THE CENTER OF THE SITE THAT THEY'VE ENVISIONED AS BEING THIS MIXED USE DESTINATION.
BUT EARLY ON IN THE PROJECT THEY SOLD OFF A LARGE PORTION OF THE PROPERTY FOR INDUSTRIAL AND MULTIFAMILY USES.
AND THEN, UM, AFTER THAT THEY STARTED TO DEVELOP RETAIL ALONG THE PERIMETER AND HAVE REALLY PRESERVED THIS, THIS CENTRAL CORE AS THE MIXED USE DESTINATION.
NOW THAT PORTION HAS NOT MOVED FORWARD YET, AND IT IS CURRENTLY FOR SALE.
UM, BUT THAT WAS THE LONG-TERM VISION.
AND SO THE IDEA HERE IS THAT YOU JUST GENERATE THAT MOMENTUM, GET THE TRAFFIC COUNTS, GET THE, YOU KNOW, PEOPLE LIVING ON SITE AND THEN THAT AFFORDS YOU TO GO VERTICAL AND MORE DENSE.
SO THIS IS THE, THE INTERESTING PART, THESE ARE THE DEMOGRAPHICS FOR THE TWO LOCATIONS.
UM, SO IF YOU'RE LOOKING AT THE FIVE MILE RADIUS, THE POPULATION IN AT THE GRID AND STAFFORD IS 400,000.
AND IF YOU LOOK AT, UM, HU IT'S ABOUT 70,000.
SO THERE'S A, A BIT OF A WAYS TO GO THERE.
UM, AND THEN FOR TRAFFIC COUNTS AT THE GRID, YOU'VE GOT OVER 200,000 HERE, YOU'VE GOT ABOUT 17,000.
SO THIS ISN'T TO SAY THAT WE CAN'T DEVELOP SOMETHING IN THE NEAR TERM AND THEN IT CAN'T BE A REALLY GREAT PROJECT.
IT'S JUST SAYING THAT THESE ARE THE TYPES OF, UM, THIS IS THE TYPE OF DATA THAT RETAILERS ARE GOING TO BE LOOKING AT WHEN THEY'RE CHOOSING WHERE TO GO, UM, AND HOW MUCH TO INVEST OF THEIR MONEY INTO A A SPACE.
SO HERE IS A LAND USE DIAGRAM.
UM, AND THIS IS KINDA WHAT BRAD WAS REFERRING TO IN TERMS OF PLUG AND PLAY.
SO THE GREEN OVER ON THE LEFT, UM, NEAR THE CREEK, THIS IS THE AREA THAT'S IN THE FLOODPLAIN.
THIS IS WHERE WE WOULD ENVISION, UM, SPORTS FIELDS.
I KNOW THERE'S A LOT OF, UH, DESIRE FOR BASEBALL FIELDS.
UM, THE TRAIL SYSTEM WOULD KIND OF CREATE A LOOP, WHICH YOU'LL SEE ON A FUTURE SLIDE.
UH, THE ORANGE PARCELS ARE THE EARLY DEVELOPMENTS.
SO THIS ASSUMES THREE MAJOR ACCESS
[00:40:01]
POINTS, TWO OF THOSE BEING CLOSER TO THE INTERSECTION.AND GOOD VISIBILITY WOULD ALSO BE REQUIREMENT, BUT BIG BOX RETAIL AT THE D PARCEL AND THEN PAD SITE RETAIL AT B AND C, WE WOULD, UM, THE B PARCEL, WE WOULD WANT THAT RETAIL TO REALLY, UM, CONNECT WITH THE PARKS THERE.
SO THERE'D BE GREEN SPACE, UM, HOPEFULLY THE TRAIL WOULD COME RIGHT THROUGH THERE.
SO IF YOU'RE HERE FOR A TOURNAMENT, UM, YOU CAN JUST WALK OVER AND HAVE DINNER WITH YOUR FAMILY AND IT'S VERY FAMILY FRIENDLY.
THE FUTURE PHASES WHERE WE WOULD GO MORE DENSE, UM, AND REALLY CREATE THAT DESTINATION WOULD BE IN THE BLUE GRAY COLOR.
AND THEN, SO BETWEEN B AND C AND C AND D, THOSE CURB CUTS, DO THEY, DO THEY EXIST? THERE'S ONE YOU CAN SEE BETWEEN THE TWO.
UM, THERE, UH, I DON'T HAVE A POINTER, BUT BETWEEN THE TWO AREA ARROWS ON 71, YOU CAN SEE THERE'S A ONE CURB CUT THERE.
THERE DOES, I DON'T THINK THERE'S ONE THAT EXISTS CLOSER, NO, THAN THAT RIGHT NOW.
SO IN YOUR, I GUESS YOU'VE TALKED TO TEXT DOT THAT IT'S FEASIBLE THAT WHERE YOU ARE KIND OF GENERICALLY PROPOSING CURB CUTS THAT THEY WOULD ALLOW THOSE NO, I DON'T, THOSE, THOSE WOULD BE PUBLIC STREET INTERSECTION AND THEN WHETHER OR NOT WE COULD GET CURB CUTS IN BETWEEN, YOU KNOW, THAT'S JUST GONNA BE A FUNCTION OF THE HALLWAY OFFICE 79, OFFICE 79 TALKING OFFICE 70, BECAUSE THEY'RE THE ONES THAT ARE GONNA REGULATE THAT.
THE DISTANCE BETWEEN THEM IS, IS SUFFICIENT.
YEAH, YOU PROBABLY WOULD THEN ABANDON THAT ONE THAT IS EXISTING.
AND IF Y ALWAYS MAKE SURE THAT Y'ALL USE THE MICROPHONE WHEN YOU'RE COMMENTING.
SO THE, THE UPPER PORTION OF THE SITE IS ABOUT 90 ACRES.
THIS IS WHERE IDEALLY WE WOULD, UM, DEVELOP THAT EARLY WITH A EITHER SINGLE FAMILY OR MEDICAL USE.
AND BY DOING THAT, THAT WOULD KEEP US WITHIN A 12 TO 15 YEAR TIMELINE, WE THINK FOR THE ENTIRE PROPERTY.
UM, BECAUSE THOSE, THOSE USES WOULD TAKE A LARGE CHUNK OF THAT, UM, AND MOVE IN PARALLEL TO THE REST OF THE PROJECT.
IF WE SAVE THOSE TWO PARCELS, J AND H AND WE CONTINUE TO DEVELOP MIXED USE RETAIL OR POTENTIALLY SOME OTHER USE THAT COMES ALONG, UM, THAT COULD POTENTIALLY EXTEND THE TIMELINE, UH, YOU KNOW, BY 10 YEARS.
WE TYPICALLY, YOU KNOW, WE HAVE SEVERAL LARGE, UM, OUR EAST RIVER PROJECT IS 150 ACRES.
UM, CITY CENTER WE'VE, YOU KNOW, BEEN WORKING ON FOR 15 YEARS.
UH, WE'VE ASSUMED ABOUT 20 ACRES EVERY THREE YEARS.
SO THAT TO GET TO THESE TIMELINES IN TERMS OF THE MIXED USE DESTINATION, AND THAT IS SOMEWHAT AGGRESSIVE, THAT MEANS YOU ARE PLANNING AND, YOU KNOW, PERMITTING WHILE YOU HAVE SOMETHING UNDER CONSTRUCTION.
YOU'RE ALSO PRE-LEASING FOR THE NEXT PHASE, WHILE YOU MAY STILL HAVE SOME SPACE AVAILABLE IN THE FIRST PHASE.
AND SO IT REALLY, YOU KNOW, THAT'S ASSUMING THAT THINGS ARE LEASING UP QUICKLY, THE POPULATION GROWTH CAN SUPPORT THAT.
UM, SO WE WANTED TO MAKE SURE THAT WE WERE BEING REALISTIC ABOUT WHAT THAT TIMELINE MIGHT LOOK LIKE.
WHAT CONSIDERATIONS BEING GIVEN TO CIVIC USES.
SO WE HAVE, UM, LET ME JUST SKIP AHEAD HERE.
SO THIS IS THE, THE LOWER SECTION OF THE SITE WHERE WE SPENT MORE TIME REALLY FOCUSING ON WHAT THIS COULD LOOK LIKE.
SO THIS IS WHERE WE'VE BROUGHT IN THE TRAIL SYSTEM AND CREATED THIS KIND OF ALTERNATE GRID THAT IS KIND OF OPPOSITE TO THE ROAD INFRASTRUCTURE.
UM, BUT WHERE WE WOULD REALLY, HERE, LEMME GO ONE MORE.
SO WHERE YOU SEE THE, THE GREEN OVERLAY IS WHERE WE WOULD ENVISION KIND OF A MORE FAMILY FRIENDLY ORIENTED DISTRICT WHERE EVERYTHING'S GOT GREAT VISIBILITY FROM THE ROAD, BUT IT'S REALLY ORIENTED TOWARDS THAT TRAIL.
SO HERE THE TRAIL WOULD GO UNDER THE ROAD AND HERE WE ENVISION, YOU KNOW, AT ONE END WE WOULD HAVE THE LIBRARY AT THE OTHER END WE WOULD HAVE THE REC CENTER.
AND THEN IN BETWEEN WE WOULD HAVE RESTAURANTS, BARS, ALL REALLY KIND OF OVERLOOKING THIS, THIS SPINE.
AND SO THIS WOULD CONNECT BACK TO THE BRIDGE THAT GOES OVER THE CREEK, YOU KNOW, RUNS SOUTH.
IT WOULD ALSO CONNECT NORTH TO THE EXISTING NEIGHBORHOOD WHERE THERE'S ANOTHER TRAIL THAT COMES DOWN AND THEN KIND OF STOPS.
SO THIS WOULD BE BRINGING ALL THOSE TOGETHER AND THEN WE WOULD PUT THE APPROPRIATE CIVIC USES KIND OF MIXED IN THERE SO THAT, YOU KNOW, YOU GO TO THE LIBRARY, YOU GO TO DINNER, YOU KNOW, YOU GO WORK OUT.
IT'S ALL KIND OF BECOMES ONE PLACE THAT YOU CAN SPEND ALL DAY.
UM, AND THEN THE BLUE AREA, THAT'S WHERE WE'RE ENVISIONING THIS WOULD BE A LATER PHASE.
UM, THAT'S WHERE WE'RE ENVISIONING MORE OF A NIGHTLIFE.
SO THIS WOULD BE HIGHER DENSITY.
YOU'D PROBABLY HAVE, UM, YOU KNOW, THIS IS WHERE YOU'D HAVE YOUR HOTEL WITH A CONVENTION CENTER.
YOU MIGHT HAVE A LARGE ENTERTAINMENT USE HERE.
THE ROAD WOULD BE VERY PEDESTRIAN FRIENDLY, BUT IT WOULD BE MORE FOCUSED AROUND THE CAR.
'CAUSE THAT'S WHERE YOU REALLY WANNA GET MORE VISIBILITY OF, YOU KNOW, YOUR BARS, RESTAURANTS, UM, SHOPS, THINGS LIKE THAT.
AND SO THESE TWO WOULD BE CONNECTED, BUT THEY WOULD HAVE VERY DISTINCT IDENTITIES.
[00:45:01]
IF, IF I CAN ADD HERE, THE, THE GREEN DOTS THAT YOU SEE OBVIOUSLY ARE THE TRAILS.AND THE HOPE IS THAT THESE WOULD TIE INTO YOUR TRAILS TO THE SOUTH.
THEY GO INTO THE REST OF IDAHO AND THEN UP TO THE NORTH INTO THE NEIGHBORHOODS.
AND AS YOU GROW BACK EAST TOWARDS TAYLOR, IT'S GROWING BACK INTO THAT DIRECTION.
SO THESE TRAILS, THIS ALMOST BECOMES A TRAIL HEAD, IF YOU WILL, THAT ALL THE TRAILS CONGREGATE HERE AND YOU CAN COME IN FROM DIFFERENT NEIGHBORHOODS AND THINGS AND END UP HERE AND A SOCIAL SETTING.
AND CREATING THE LOOP WITHIN THE PROPERTY IS ALSO IMPORTANT BECAUSE THAT ALLOWS YOU TO ACTIVATE THAT LOOP, UM, FOR EVENTS IF YOU'RE TO HAVE RACES.
UM, IT JUST PROVIDES KIND OF A CONTINUOUS CONNECTION WHERE YOU EXPERIENCE ALL DIFFERENT PARTS OF THE SITE.
SO, UM, THAT WHAT IS, WHAT DROVE THIS KIND OF BASIC INFRASTRUCTURE DIAGRAM FOR THE SOUTHERN HALF OF THE SITE.
IN TERMS OF THE JUSTICE CENTER, THAT'S SOMETHING WHERE WE COULD, YOU KNOW, FIND A PLACE EITHER IN THE NORTH TRACK OR, YOU KNOW, DEPENDING HOW SOME OF THE OTHER PARCELS PLAY OUT.
WE WOULD TRY TO WORK THAT IN AS WELL.
AND IF THERE'S ANY OTHER USES THAT WE NEED TO CONSIDER, THEN, YOU KNOW, THERE'S, THERE'S CERTAINLY SPACES WHERE WE COULD TRADE THINGS OUT, BUT THANK YOU.
UM, SO THIS IS SHOWING KIND OF THOSE EARLY PHASES, BIG BOX RETAIL AT THE CORNER.
THIS WAS THE CONFIGURATION THAT WAS, UM, PRESENTED TO THE LARGE, THIS IS 140,000 SQUARE FOOT BIG BOX WITH SURFACE PARKING AT THE CORNER.
UM, AND THEN THAT WOULD BE SOME PAD SITES AROUND THE PERIMETER THERE.
UM, WITHOUT ACCESS THEY WOULD NOT BE INTERESTED IN, IN THIS SITE.
SO THAT IS VERY IMPORTANT TO HAVE THE VISIBILITY AND ACCESS FOR THAT CORNER TO BE DEVELOPED IN THIS WAY.
IF THAT WERE NOT TO BE THE CASE, WE WOULD HAVE TO CONSIDER OTHER USES FOR THAT LOCATION.
THAT WOULD PROBABLY JUST BRING THE VALUE DOWN SIGNIFICANTLY.
UM, AND THEN, AND WHAT'S NICE ABOUT BIG BOX RETAIL LIKE THAT FROM A CITY STANDPOINT IS A SALES TAX REVENUE THAT'S GENERATED OUT OF THAT.
UM, IT ALLOWS YOU TO DO A LOT OF OTHER THINGS.
UM, IS ELEVATED PARKING A CONSIDERATION, STACK PARKING AS OPPOSED TO ALL SURFACE.
SO YOU MAXIMIZE YOUR FOOTPRINT USUALLY WHERE THAT, THAT'S A LOT MORE EXPENSIVE TO CONSTRUCT.
AND SO USUALLY THAT'S FORCED BY LAND VALUES.
LAND VALUES GET SO HIGH, YOU HAVE TO CONCENTRATE IT.
I FIND, I'D BE SURPRISED IF IT DICTATES THAT HERE AND THE, THE RETAILER'S NOT GONNA WANNA SPEND THAT MONEY ON RENT WHEN THEY DON'T NEED TO.
IT WOULD BE MY KNEE JERK REACTION OR A SHARED, LIKE, IF THIS BECOMES LIVE, WORK, PLAY, YOU'VE GOT YEAH.
RESIDENTS LIVING THERE THAT ALSO COULD ACCESS THE PARKING, RIGHT? YEAH.
SO THERE'S, THERE'RE DIFFERENT HOURS AT THAT POINT.
SO YEAH, THOSE, THOSE THINGS START TO WORK OVER TIME.
WE INCORPORATE SHARED PARKING IN MOST OF OUR, OUR, UM, URBAN PROJECTS.
AND SO THAT'S SOMETHING THAT WE HAVE PLANNED OUT IN THE NEXT PHASES IN BLUE WHERE WE GO MORE VERTICAL, WE SHARE THE PARKING GARAGES, BUT THEN ALSO WE WOULD FUTURE PROOF THIS PART OF THE SITE AS WELL SO THAT AS POPULATION INCREASES, WE COULD COME BACK, YOU KNOW, TAKE OUT SURFACE PARKING, ADD A GARAGE, AND THEN GO UP, FILL IN WITH ADDITIONAL RETAIL.
UM, BUT TODAY, BASED ON THE RENTS BEING IN THE MID THIRTIES, UM, A PARKING GARAGE IS TYPICALLY 20 TO $30,000 A SPACE.
AND SO THAT COST IS BUILT INTO THE RENT GOTCHA.
FOR THOSE RETAILERS, AND IT JUST CAN'T REALLY BE SUPPORTED AT THAT RATE.
ONE THING THAT'S HARD TO, A LITTLE BIT TO COMPREHEND ON THIS SITE, THIS IS A HUGE SITE, YOU KNOW, UH, SHE MENTIONED OUR CITY CENTER SITE, I THINK WE'RE 38 ACRES AND WE HAVE 4 MILLION SQUARE FEET OF OFFICE ON IT.
TWO HOTELS ABOUT, UH, 800 RESIDENTIAL UNITS AND PROBABLY 300,000 FEET IF NOT MORE, OF OFF OF RETAIL.
AND THAT'S ON, YOU KNOW, 36 ACRES.
SO, UH, AS, AS WE GROW INTO THIS, WHAT OUR HOPE IS IS TO DO SOME THINGS THAT CREATE REVENUE FOR THE CITY AND START DENSIFYING THE SITE.
AND THEN THE CORE BECOMES THAT REAL DENSE PIECE OVER TIME.
AND WE HAVE THE LUXURY OF DOING SHARED PARKING AND THOSE TYPES OF THINGS.
BUT WE WANNA PRESERVE THE ABILITY TO GO VERTICAL AND CREATE THAT DESTINATION IN THE NEAR TERM.
SO, YOU KNOW, WE WOULD ENVISION VISION OF A HOTEL ALONG THE PARKS.
AGAIN, THE LIBRARY, THE REC CENTER ALONG THAT TRAIL SYSTEM RESTAURANT AND RETAIL KIND OF SCATTERED THROUGHOUT.
UH, WE'RE SHOWING ONE, UM, SURFACE PARK MULTIFAMILY AND THEN TWO PODIUM PROJECTS HERE.
UM, BUT A AGAIN, A LOT OF THIS IS PLUG AND PLAY.
SO WE WOULD CREATE A MORE REFINED CONCEPTUAL PLAN LIKE THIS AS A NEXT STEP AND THEN START GOING TO ICSC GET FEEDBACK AND THEN WE WOULD START TO ADAPT THAT PLAN IN REACTION TO, TO THE MARKET.
UM, WE'VE HELD OFF ON PUSHING THIS MUCH FURTHER JUST BECAUSE WE, WE REALLY JUST DON'T KNOW, UM, WHERE THE DIRECTION OF THE, THE INTERSTATE, THE HIGHWAY.
SO JUST ONE MORE COMMENT ON SIZE, SOMETHING THAT MIGHT RESONATE WITH Y'ALL.
YOU, YOU KNOW, THE OLD MUELLER
[00:50:01]
AIRPORT, IT'S PROBABLY 300 ACRES.THIS IS TWO 50 AND THEY STARTED DEVELOPING THAT OUT 25 YEARS AGO AT LEAST.
AND, BUT YOU NOTICE A MIX OF RESIDENTIAL IN THE QUALITY OF THE, IN THE, THE RESIDENTIAL AND THEN THE RETAIL AND THE USES THAT HAVE COME OVER TIME.
IT'S TURNED OUT TO BE A VERY NICE PROJECT, BUT THAT, THAT'S THE SIZE OF WHAT YOU HAVE HERE.
AND, AND FORTUNATELY WE'RE NOT CHASING LAND VALUES THAT THEY WOULD CHASE UP THERE, SO, WE'LL, I THINK YOU'LL SEE IT HAPPEN A LITTLE BIT QUICKER BECAUSE THE VALUE, THERE'S A VALUE PROPOSITION HERE VERSUS THERE.
DOES THIS DIAGRAM, ASSUME IF YOU'LL GO BACK ONE SLIDE, DOES THIS DIAGRAM ASSUME YOUR PROPOSAL FOR THE OVERPASS? YEAH, IT DOES.
UM, SO EVEN IN EARLY PHASES THOUGH, WE CAN STILL, YOU KNOW, WORK TO ESTABLISH THE SENSE OF PLACE THROUGH, YOU KNOW, ELEVATING THE DESIGN, UM, YOU KNOW, FINDING A NICE BALANCE BETWEEN THE KIND OF NATURAL OUTDOORS AND, YOU KNOW, SLIGHTLY CONTEMPORARY, BUT STILL VERY AUTHENTIC.
SO WHEN WE WOULD GET INTO THE DESIGN OF THE BUILDINGS, WE WOULD REALLY LOOK MORE TOWARDS THE HISTORY OF THE AREA FOR INSPIRATION, AND THAT'S WHERE WE WOULD, WOULD REALLY, YOU KNOW, NOD TO THAT.
UM, BUT WITH A KIND OF TIMELESS BENT.
SO, UM, AND THEN AT THE BOTTOM MIDDLE, THIS IS KIND OF WHAT THE, WE WOULD ENVISION THE TRAIL CONDITION BEING AT SOME OF THOSE MAJOR ROADS.
SO, YOU KNOW, I HAVE TWO LITTLE GIRLS.
WE RODE THE TRAIL SYSTEM, THEY LOVED IT.
THEY'RE CITY GIRLS, SO THEY LOVE THE CREEK AND WANNA KNOW WHEN WE CAN COME BACK.
UM, BUT THE IDEA OF THEM BEING ABLE TO GO THIS WHOLE LOOP WITHOUT EVER, UM, HAVING TO CROSS THE STREET, YOU KNOW, AS A MOM THAT'S REALLY APPEALING.
AND I THINK JUST IF YOU CAN ESTABLISH THAT DISCONNECT BETWEEN THE ROADS AND THE TRAIL WHERE YOU DON'T HAVE TO WORRY, UM, THAT'S REALLY APPEALING.
SO THAT WOULD BE THE GOAL WITH THE, WITH THE LAYOUT THERE.
UM, SO I MEAN, I FEEL LIKE WE'VE, WE'VE SAID THIS SO MANY TIMES, THE CRITICAL, UH, TAKEAWAYS, HIGHWAY AND UTILITY PROJECTS ARE MAJOR.
I THINK WE'VE HIT ON ALL OF THIS ALREADY.
UM, BUT TIMING AND AND CLARITY ARE, ARE SUPER IMPORTANT.
UH, THE CURRENT MARKET CONDITIONS AND POPULATION WILL LIKELY PUSH US MORE TOWARDS LOW DENSITY EARLY PHASES, WHICH WE WOULD INCREASE OVER TIME.
AND LASTLY, THE EARLY LAND SALES ARE CRITICAL TO THAT MORE ACCELERATED TIMELINE OF DEVELOPMENT.
UM, AND WITHOUT THAT, YOU KNOW, THE PROJECT TIMELINE COULD BE EXTENDED BY 12 PLUS YEARS, UM, WHICH IS, YOU KNOW, VERY TYPICAL, BUT SOMETHING THAT WE WOULD WANT TO COMMUNICATE TO THE PUBLIC SO THAT THEY'RE NOT, UM, EXPECTING SOMETHING THAT JUST SEEMS TO KIND OF TAKE FOREVER DAY ONE.
SO WE WOULD JUST WANNA MAKE SURE THAT WE MANAGE THOSE EXPECTATIONS AND GET EVERYBODY ON THE SAME PAGE.
I THINK, UM, SOME OF THE REASON WHY WE HAVEN'T SOLD OFF PARCELS OF LAND IN THE NORTHERN PART IS BECAUSE WE WANTED IT TO BE USED FOR THE CITIZENS AND, AND WHAT THEIR NEEDS ARE.
AND SO I UNDERSTAND LIKE THE NEED OF SELLING PIECES TO GET CASH FLOW AND STUFF, BUT I THINK WE HAVE, WE MIGHT HAVE A LITTLE MORE CASH FLOW ONCE WE GET SOME PIECES SOLD SOUTH OF 79.
UM, AND I KNOW THAT IT IS A LARGE PIECE OF PROPERTY, 250 ACRES, AND IT'S GONNA TAKE TIME.
BUT I THINK OUR VISION IS TO BE ABLE TO HOLD ONTO IT SO THAT WE CAN MAKE IT COHESIVE ENVIRONMENT FOR OUR CITIZENS AND THE SURROUNDING COMMUNITIES.
WHAT I'D HAVE TO THAT IS, UM, WE NEED DENSITY TO SUPPORT THE RESTAURANT.
I MEAN, EVERY ONE OF THOSE RESTAURANTS GONNA BE LOOKING FOR THREE TO 500 COVERS A DAY TO BE, UM, PROFITABLE.
AND SOMETIMES WE CREATE THE DENSITY OF HOMES.
UH, AND, AND WE'RE TALKING ABOUT DIFFERENT TYPES OF HOMES, YOU KNOW, YOU KNOW, SMALLER FLOOR PLATE HOMES, LARGER FLOOR PLATE HOMES.
BUT, UH, JUST TO HAVE, UH, A POPULATION THAT'S IN A WALKABLE DISTANCE MAKES ALL THIS STUFF WORK.
AND, UH, YOU KNOW, AGAIN, I JUST WANNA ELABORATE.
YOU KNOW, 250 ACRES IS A TON OF LAND.
AND, UM, IT WOULD JUST TAKE, IN MY OPINION, DECADES TO GET ENOUGH DEMAND TO FILL OUT 250 ACRES OF ALL COMMERCIAL.
IT IT, IT ALMOST CRIES FOR A RESIDENTIAL USE BECAUSE THAT'S, THAT'S THE PEOPLE YOU WANT TO BE THERE AND BE PART OF IT AND, AND ON THEIR BICYCLES RIDING THROUGH AND CREATING THE IMAGERY THAT WE'RE LOOKING FOR.
UH, YOU DON'T HAVE TO DO ALL OF IT.
WE, WE NEED TO DO SOME OF IT IN, UH, YEAH.
IF, IF I MAY, WE, WE'VE HEARD, AND CORRECT ME IF I'M WRONG, BUT, YOU KNOW,
[00:55:01]
UH, LIBRARY, UH, CRIMINAL JUSTICE CENTER, UH, MAYBE AN EMERGENCY COMMAND CENTER.I'M NOT SURE WHAT THAT REALLY MEANS.
UM, MEDICAL USE, UM, OTHER THINGS LIKE THAT, ALL OF THOSE CAN BE FOUND A CAN.
UH, NOW IS THE TIME FOR US TO BE THINKING ABOUT WHERE WE MIGHT PUT 'EM.
BUT BEFORE WE DO THAT, WE NEED TO KNOW, YOU KNOW, IS YOUR CRIMINAL JUSTICE CENTER 50,000 SQUARE FEET OR 250,000 SQUARE FEET? I MEAN, WHAT, WHAT IS IT THAT YOU NEED? WE NEED TO KNOW.
SIZE, FOOTPRINT WOULD BE HELPFUL.
UH, JUST SO WE CAN SEE HOW THAT PIECE FITS IN THIS BIG PUZZLE.
AND MEDICAL, I'VE DONE, I'VE BEEN INVOLVED IN SEVERAL BIG MEDICAL COMPLEX TRANSACTIONS.
WE CAN, WE CAN WORK WITH THAT.
WE CAN SAY, OKAY, THIS PROPERTY'S GONNA BE SET ASIDE, SO YOU'RE GONNA OWN, KEEP OWNING THIS.
YOU'RE GONNA OWN IT AND YOU'RE GONNA HOLD IT FOR THE MEDICAL PEOPLE.
MAKE IT PART OF, SO IT FEELS LIKE PART OF THE COMMUNITY, PART OF THIS PROJECT.
BUT AGAIN, WE NEED TO KNOW MORE ABOUT WHAT THAT WOULD BE.
AND WE ARE HAPPY TO TALK TO ANYBODY THAT'S BEEN IN COMMUNICATION WITH THE CITY ABOUT MEDICAL.
UH, AS I SAID, I'VE DONE SEVERAL BIG MEDICAL HOSPITAL DEALS AND I'M VERY HAPPY TO MEET WITH 'EM.
I'M VERY COMFORTABLE MEETING WITH THEM.
AND WHAT'S NICE ABOUT THOSE USES IS THEY'RE TYPICALLY EIGHT TO FIVE USES TIME-WISE.
SO THE SHARED GARAGE IS WORKING THAT YOU GOT SHARED STRUCTURE.
UH, AND BUT WHERE YOU PLACE THEM'S IMPORTANT.
'CAUSE IF YOU HAVE A BIG USE LIKE THAT AND IT'S DARK AT FIVE O'CLOCK.
AND IT'S RIGHT IN THE MIDDLE OF YOUR CA YOU KNOW, CITY, A CITY OF SUGARLAND DID THEY PUT THEIR CITY HALL RIGHT IN THE MIDDLE OF THEIR PROJECT
AND IT'S, IT'S, IT'S A HOLE OF THE PROJECT.
THEY WOULD'VE PUT RETAIL AT THE BASE.
BUT, UH, AND, AND, AND, BUT THOSE KIND OF USES ARE VERY ACCRETIVE TO WHAT WE'RE TRYING TO DO BECAUSE THEY ALLOW US TO DO PARKING A LOT MORE EFFICIENTLY.
THEY ALLOW US, 'CAUSE YOU DO GET SHARED USES.
SO WE, WE WOULD LIKE TO USE THOSE USES.
AND I THINK WE HAVE, UM, YOU GO TO THE DOCTOR AND AFTER YOU'VE GONE TO THE DOCTOR AND THEY'VE TAKEN YOUR BLOOD, NOW YOU CAN GO HAVE THAT HIGH CHOLESTEROL LUNCH.
YOU'VE BEEN PUT OFF FOR TWO OR THREE YEARS,
SO, YOU KNOW, IT FEEDS THE RETAIL.
SO I THINK WE HAVE, UH, WE'VE GOTTEN A, WE'VE DONE A FEW STUDIES WHERE WE HAVE GOTTEN, UH, LIKE A, LIKE A FOUNDATION, A BASE OF CITY NEEDS FOR CERTAIN BUILDINGS, YOU KNOW, PUBLIC WORKS.
UM, I THINK THERE'S ONE FOR LIKE A LIBRARY, UM, A JUSTICE CENTER.
I BELIEVE THERE'S ONE OR ONE COMING.
AND SO I THINK THOSE ARE FOUNDATION, UM, SQUARE FOOTAGE THAT CAN BE USED.
UM, YOU KNOW, BY NO MEANS ARE THOSE, YOU KNOW, SET IN STONE AND WHAT WE'LL END UP USING.
I'M, YOU KNOW, PROBABLY 80% SURE IT'LL BE DOWNSIZED A LITTLE BIT.
BUT, UM, I THINK THERE'S, THERE'S A GOOD FOUNDATION PIECE THAT, YOU KNOW, CAN BE UTILIZED FOR YOUR GUYS' NEEDS.
AND MOST OF THOSE THINGS WE WANNA PLAN SOME EXPANSION INTO 'EM.
'CAUSE HU'S GONNA CONTINUE TO GROW.
AND THEY MIGHT BE, WE MIGHT SIZE IT FOR TODAY, BUT HAVE A PLAN FOR IT TO GROW ON SITE SO YOU DON'T HAVE TO MOVE.
I THINK CHANEY, WE CAN FOLLOW UP ON THAT.
FIGURE OUT WHAT THE, AT LEAST START CONVERSATIONS OF WHAT THAT LOOKS LIKE FROM A SQUARE FOOTAGE.
UM, TO BOARD MEMBER THOMPSON'S POINT, THERE ARE SEVERAL FEASIBILITY STUDIES THAT ARE CURRENTLY UNDERWAY AND PROPOSED IN THE NEXT FISCAL YEAR.
SO WE'RE, WE'VE BEEN SHARING ALL OF THOSE STUDIES.
LIKE THE, UM, ATHLETIC FIELD STUDY, THE PUBLIC, NO, WE DIDN'T DO PUBLIC WORKS.
'CAUSE THAT'S NOT SUPPOSED TO BE ON HERE.
UM, AND WE DID ATHLETIC FIELDS AND WE DID PARKS.
SO AS THOSE ARE COMPLETED, WE'RE, WE'RE SHARING THAT INFORMATION WITH MIDWAY SO THAT THEY CAN INCORPORATE THAT INTO THEIR PLANNING AS WELL.
I WOULD SAY IF THERE'S ANYTHING PRELIMINARY THAT WE CAN SHARE WITH THEM, BECAUSE, YOU KNOW, HOWEVER LONG THOSE FEASIBILITY STUDIES TAKE, WE DON'T WANT TO DELAY THIS PROJECT WHILE WE'RE WAITING ON THE CITY TO FINISH THEIR FEASIBILITY STUDIES.
GET SOME KIND OF APPROXIMATION OF A FOOTPRINT AT LEAST.
AND I, I JUST WANNA MAKE ONE LAST COMMENT.
UM, I THINK IT'S IMPORTANT FOR THE CDC BOARD AND FOR, UH, FOR US AND THE COMMUNITY TO BE TRANSPARENT AND TO COMMUNICATE WHERE WE'RE AT.
AND I THINK IT WOULD BE NICE TO GET A LITTLE BIT MORE CLARITY FROM THE CITY COUNCIL, UM, WHERE WE'RE AT WITH THE ROAD MM-HMM.
UM, THE HOT, THE, THE OVERPASS.
SO THAT FOR THE, FOR US, WE CAN BE ABLE TO UNDERSTAND MORE WHERE WE'RE AT AND WHAT'S BEING DECIDED IF THE CHANGES ARE BEING MADE OR WHERE WE'RE AT.
SO I THINK YOU GUYS WITH THE EXPECTATIONS, UM, WANTING TO NOT OVERSHOOT NOT OVER PROMISE, UH, NOT OVERSHOOT, NOT OVER PROMISE,
[01:00:02]
UH, THE EXPECTATIONS, BUT THE WILLINGNESS TO COME TO THE COMMUNITY AND SHARE WHAT, WHAT THE CHALLENGES ARE.BUT, UH, WE WANNA MAKE SURE, UM, EDC WANTS TO, AND I KNOW YOU GUYS WANT TO, AND THE CITY WANTS TO MAKE SURE THIS PRODUCT, PRODUCT PROJECT SUCCEEDS.
I KNOW I'VE BEEN PESTERING CHENEY FOR THE LAST FEW MONTHS NOW TO GET AN UPDATE FROM YOU GUYS.
I'M REALLY EXCITED ABOUT WHAT I'M SEEING SO FAR.
A LOT OF WHAT I ENVISIONED IS EXACTLY WHEN I WAS, WHEN WE WERE GOING THROUGH THE SELECTION PROCESS, A LOT OF WHAT WE, UH, WHAT I ENVISIONED OF WHAT YOU WERE ABLE TO DELIVER, YOU'RE STILL ON TRACK FOR THAT.
SO THANK YOU GUYS VERY MUCH FOR THE UPDATE AND I REALLY APPRECIATE YOU.
SO WHAT DO YOU THINK OUR NEXT STEPS ARE? I KNOW THAT WE'RE IN THE MOU UM, PHASE BETWEEN APRIL AND OCTOBER.
SO THEN, UM, WOULD WE NEED TO PUT A CON ANOTHER CONTRACT TOGETHER OR WHAT ARE OUR NEXT STEP WITH Y'ALL? WELL, FROM, FROM Y'ALL STANDPOINT, UH, YES.
THE, THE MOU OUTLINES THE TERMS OF A CONTRACT.
WE JUST NEED TO PUT IT IN A FORMAL PSA TYPE AGREEMENT.
AND WE'LL BE DOING THAT OVER THE NEXT COUPLE WEEKS, THREE WEEKS.
UM, YOU KNOW WHAT I'D ENCOURAGE Y'ALL TO IS ON THAT INTERSECTION, REALLY LOOK AT THE COST BENEFIT SIDE OF IT.
BECAUSE IT, IT'S, IT'S ALMOST BUILDING FOR EASTER SUNDAY, YOU KNOW,
AND I DON'T THINK YOU'RE GONNA HAVE THAT KIND OF TRAFFIC FOR QUITE SOME TIME.
AND IF WE CAN CREATE A BASE PLAN THAT WORKS, THAT ALLOWS IT TO BE EXPANDED EITHER NORTH, SOUTH, OR EAST WEST, WHICHEVER WAY THE CONFIGURATION WORKS, BUT I'D LOOK AT IT FROM A COST BENEFIT STANDPOINT.
'CAUSE I, THERE'S NOTHING CHEAP ABOUT IT.
ANY OTHER QUESTIONS? THANK YOU GUYS VERY MUCH.
HEY, BEFORE WE JUMP INTO THE PUBLIC HEARINGS, I, I, I SKIPPED RIGHT OVER THIS.
I WANNA WELCOME TWO NEW PEOPLE ON OUR BOARD.
SO KELLY, WELCOME TO ON THE BOARD.
JOIN AND WELCOME BACK, MR. HE HENRY GIDEON.
AND I ALSO WANT TO THANK DON CARLSON AND MARCUS COLEMAN FOR THEIR SERVICE.
BEFORE WE, WE JUST JUMP RIGHT INTO SEVEN, UH, WHEN I SHUT OFF THE, WHAT ARE THESE MONITORS? THERE WE GO.
IT TURNS OFF THE MICS, SO GIMME A SECOND.
SEVEN ONE, CONDUCT A PUBLIC HEARING REGARDING THE POSSIBILITY FOR INCENTIVES IN SUPPORT FOR OF PROJECT JPD FOR THE EXPANSION OF A LOCAL CUSTOM HAT BUSINESS IN DOWNTOWN HU.
THIS NOTICE SHALL CONSTITUTE PUBLICATIONS OF A TYPE B PROJECT AS REQUIRED BY THE TEXAS LOCAL GOVERNMENT CODE SECTION 5 0 5 0.160.
SO ALL THREE OF THESE PUBLIC HEARINGS ARE, UM, JUST ROUTINE TO MEET THE REQUIREMENT OF THE STATE.
SHOULD THIS BOARD CHOOSE TO INCENTIVIZE ANY OF THESE THREE PROJECTS, IT STARTS THAT 60 DAY CLOCK FROM THE TIME THAT THE PROJECT IS CONSIDERED TO WHEN YOU'RE ACTUALLY ABLE TO RELEASE FUNDS IN SUPPORT OF THAT PROJECT.
SO THIS BY NO WAY BINDS OR OBLIGATES THIS BOARD TO INCENTIVIZE IT JUST MAKES IT POSSIBLE TO INCENTIVIZE AT A TIME IN THE FUTURE AND HAVE THOSE FUNDS BE RELEASED IN 60 DAYS FROM TODAY.
SO, UM, PROJECT JPD FOR THE RECORD IS AN EXPANSION PROJECT FOR AN EXISTING BUSINESS IN, UH, DOWNTOWN HU.
UM, THEY'RE SEEKING TO EXPAND THEIR SHOP SIZE, ACQUIRE EQUIPMENT TO HELP INCREASE PRODUCTIVITY, AND ALSO BE ABLE TO ATTEND, UM, MORE EVENTS THROUGHOUT THE STATE, UM, AND HOST MORE, UH, NATIONAL VISITORS TO THEIR SHOP, UM, AND JUST INCREASE PRODUCTION.
IT ALSO INCLUDES THE POTENTIAL OF HIRING EMPLOYEES.
IT IS CURRENTLY A SINGLE, A ONE MAN SHOW, SO TO SPEAK, UM, BUT HOPING TO INCREASE BY TWO TO THREE EMPLOYEES OVER THE NEXT FEW YEARS AS WELL.
SO, UM, THAT'S JUST SOME NUTS AND BOLTS ON THAT PROJECT AS YOU ALL CONSIDER THAT.
AND ALL THREE OF THESE PROJECTS ARE ON EXECUTIVE SESSION FOR FURTHER DISCUSSION AS WELL.
ANY QUESTIONS? ARE YOU GONNA OPEN THE, DID YOU OPEN THE PUBLIC HEARING? I DIDN'T WRITE THE TIME DOWN.
DO YOU WANNA DO THAT? IS THAT WHAT MM-HMM,
SO THEN I'LL OPEN THE TIME IS NOW 7 36.
I'LL OPEN UP THE PUBLIC HEARING.
OR DO YOU WANNA SPEAK? I'LL ANSWER ANY QUESTIONS ANYBODY HAS.
[01:05:03]
SO LEGAL SO WE'RE NOT NOTICED FOR, UH, DISCUSSION.BUT WE ARE NOTICED FOR PUBLIC COMMENT FOR THE HEARING.
AND CODE COMMENT JUST WORKS THE SAME WAY.
SO I STARTED MY COMPANY IN 2005.
UH, SOMETIMES IT WAS PART-TIME, SOMETIMES IT WAS FULL-TIME.
UH, MOVED IT BACK TO HUD IN 2010.
SINCE 2020, IT HAS BEEN FULL-TIME.
UH, BY THE END OF THIS MONTH, I'LL ACTUALLY ALREADY BE EXPANDING THE SHOP.
UM, AND STARTING TO TRY AND TRACK DOWN EQUIPMENT, THE HARD PARTS, PAYING FOR THAT, UH, WITH THE EXPANDED SHOP AND THE NEW EQUIPMENT.
HONESTLY, WITHIN THE NEXT YEAR, I'LL PROBABLY HAVE THREE PEOPLE WORKING FOR ME.
UM, WITHIN, AND JUST DEPENDING ON THE BUSINESS GROWTH AND WHAT HAPPENS WITH THE EQUIPMENT THAT I ATTEND TO BUY AND THE SPACE I'LL HAVE, I COULD HAVE AS MANY AS PROBABLY UP TO 10, BUT PROBABLY MORE LIKE SIX TO EIGHT WITHIN THE NEXT FIVE YEARS.
PROVIDED THERE'S ENOUGH BUSINESS GOING ON AND ENOUGH CUSTOMERS COMING IN AND EVERYTHING ELSE.
UM, IN THE LAST YEAR I'VE HAD VISITORS FROM NEW YORK, NEW JERSEY, CHICAGO, FLORIDA, PENNSYLVANIA, INDIANA, COLORADO, CALIFORNIA, WASHINGTON, OREGON.
THEY ORDER A HAT AND THEY ACTUALLY FLY IN AND COME SPEND THE WEEKEND, UM, WHEN THEIR HATCH'S READY AND COME PICK IT UP.
UH, I ALSO HAVE PEOPLE COMING FROM ALL OVER THE STATE IN LOUISIANA, AND THEY JUST DRIVE IN AND THEY'LL DO IT TWICE.
THEY'LL COME TO GET THE ORDER PLACED AND THEN COME BACK WHEN IT'S READY.
UM, AND SO I'M BRINGING PEOPLE TO TOWN.
I'M LOOKING TO EXPAND AND HIRE PEOPLE, HAVE SOME NEW JOBS.
UH, IT'S THE EQUIPMENT PURCHASE THAT'S THE PROBLEM.
THESE, THERE'S ONLY ONE COMPANY IN THE US THAT MAKES 'EM, THERE'S ANOTHER ONE IN GERMANY, THERE'S ANOTHER ONE IN CHINA, AND THEY'RE ALL ABOUT THE SAME PRICE BY THE TIME YOU GET 'EM IN YOUR HANDS.
UM, THE, THE MAIN MACHINE THAT I'M LOOKING TO BUY IS $50,000.
UH, THE OTHER TWO ARE 15, ROUGHLY A PIECE.
UM, BUT THAT'LL TRIPLE MY OUTPUT EVEN IF IT WAS JUST ME WORKING.
THAT'S WHY I'M ASKING FOR MONEY.
SO,
YEAH, AGAIN, SO THIS IS JUST, UH, HAS BEEN NOTICED JUST FOR THE NOTICE REQUIREMENTS TO GET THE 60 DAY CLOCK RUNNING.
UM, THE AGENDA DOES NOT CALL FOR DISCUSSION IN ACTION.
THE PUBLIC COMMENT IS AVAILABLE FOR PEOPLE THAT, SO ANY OTHER PEOPLE, I GUESS? ANY OTHER SPEAKERS FOR THIS ITEM HEARING? NOPE.
WELL THEN WE'LL END, UM, PUBLIC COMMENT OR END THE, WHAT IS IT? PUBLIC HEARING.
ITEM SEVEN TWO CONDUCT A PUBLIC HEARING REGARDING THE POSSIBILITY OF INCENTIVE FOR PROJECT HP IN SUPPORT OF THE EXPANSION OF A LOCAL FOOD TRUCK BUSINESS INTO A BRICK AND MORTAR LOCATION WITHIN THE HU CITY LIMITS.
THIS NOTICE SHALL CONSTITUTE PUBLICATION OF THE TYPE B PROJECT AS REQUIRED BY TEXAS LOCAL GOVERNMENT CODE SECTION 5 0 5 0.160.
THE TIME IS NOW SEVEN 40 AND I OPEN UP THIS PUBLIC HEARING.
ANY ANYBODY HERE REPRESENTING THAT I CLOSE THIS PUBLIC HEARING AT 7 47 3 CONDUCT A PUBLIC HEARING REGARDING THE POSSIBILITY OF INCENTIVES FOR PROJECT WELCOME MATT IN SUPPORT OF A SHORT TERM RENTAL BUSINESS IN DOWNTOWN HU THIS NOTICE SERVES THIS NOTICE SHALL CONSTITUTE PUBLICATION OF THE TYPE B PROJECT AS REQUIRED BY TEXAS LOCAL GOVERNMENT CODE SECTION 5 0 5 0.160.
I OPEN IT UP OR OPEN UP PUBLIC HEARING AT 7 41.
WAS, WAS THIS PROVIDED IN, IN OUR NOTES OR EMAIL? I DIDN'T SEE IT.
NO, I'LL TALK ABOUT THAT IN EXEC.
OKAY, BECAUSE I DIDN'T SEE IT YET.
ANYONE HERE FROM THE PUBLIC TO SPEAK ON THIS ITEM? THEN I'LL CLOSE THIS ITEM AT
[01:10:01]
7 41 BEFORE I JUMP INTO AGENDA ITEM EIGHT ONE, UM, I SKIPPED SIX.DO YOU WANT TO GIVE ECONOMIC DIRECTORS REPORT? I HAVE NOTHING TO SAY.
WELL, IT LOOKS PRETTY LONG RIGHT HERE.
SO YOU WANNA GIVE US THE BRIDGE VERSION? YOU'RE WELCOME TO DO SO.
YEAH, IT'S, IT'S ACTUALLY, I WILL SAY THAT IT'S NOT THAT LONG BECAUSE USUALLY IT'S VERY LONG.
SO, UM, I ALSO JUST WANTED TO EXTEND A WELCOME TO OUR TWO NEW BOARD MEMBERS.
SO THANK YOU VICE CHAIR FOR, UH, BEATING ME TO THAT PUNCH.
UM, DID WANT TO JUST PROVIDE A PUBLIC UPDATE ON THE SPINE ROAD CONSTRUCTION PROJECT, THAT DRAINAGE REDESIGN OF THE REDESIGN.
UM, WE DID RECEIVE THE, THE CHANGE ORDER FROM JORDAN FOSTER.
AND, UM, WE ARE FACING SOME PRETTY SIGNIFICANT COST AND TIME INCREASES TO THAT PROJECT.
AND SO, UM, WE DO HAVE SOME MITIGATION EFFORTS ONGOING INTERNALLY, UM, INVOLVING SOME COLLABORATION WITH THE ENGINEERS FOR EACH OF THE DEVELOPMENTS THAT ARE DIRECTLY IMPACTED BY THAT PROJECT, AS WELL AS OBVIOUSLY THE CITY, UH, ENGINEER AND THE DESIGN ENGINEER KRE.
SO, UM, WE'LL HAVE FURTHER DISCUSSION ON THAT, UH, IN EXEC, BUT I JUST WANTED TO LET EVERYONE KNOW THAT IT IS PROGRESSING, EVEN IF WE'RE NOT SEEING EFFORTS OUT THERE AT THE MOMENT.
UH, AND WHAT, WHAT THAT LATEST AND GREATEST IS, UM, STAFFING UPDATE.
SO THE BRS POSITION, UH, HAS CLOSED, IT CLOSED ON AUGUST THE SECOND.
UH, I WAS OUTTA TOWN LAST WEEK.
SO WE'LL BE REACHING OUT TO THOSE, UM, CANDIDATES WHO MEET THE MINIMUM QUALIFICATIONS AND REVIEWING APPLICATIONS, RESUMES, ET CETERA, AND SCHEDULING THOSE INTERVIEWS IN THE NEXT WEEK OR TWO.
UH, SO HOPEFULLY I'LL HAVE A BIG UPDATE FOR YOU GUYS AT THE NEXT REGULAR MEETING.
UM, BUDGET FOR ANYONE THAT DIDN'T ATTEND OR WATCH THE BUDGET MEETING, UM, IT WAS MADE CLEAR TO STAFF AND RESIDENTS THAT THE NO NEW REVENUE RATE IS THE ONLY OPTION MOVING FORWARD DUE TO THE REQUIREMENT OF FIVE COUNCIL VOTES TO APPROVE.
UM, THAT IS RESULTING IN SIGNIFICANT REEVALUATION AND, UM, CUTS ALL OVER THE CITY.
UH, THE EDC BOARD'S BUDGET IS NO EXCEPTION.
UM, SO I DO WANNA SET THE EXPECTATION THAT CITY COUNCIL WILL LIKELY BE CUTTING THIS BOARD'S BUDGET.
UM, I HAVE NO IDEA IN WHAT CAPACITY.
I DO HAVE A COUPLE OF CUTS THAT I CAN PROPOSE BASED ON THE OUTCOME OF A BUDGET AMENDMENT TONIGHT.
UM, AS WELL AS A NEGOTIATED CONTRACT THAT WE WERE ABLE TO SAVE $10,000 ON.
SO THOSE, THOSE TWO CUTS WILL BE PROPOSED AGAIN PENDING THE, THE OUTCOME OF THE BUDGET AMENDMENT TONIGHT.
BUT, UM, OUTSIDE OF THAT, UH, I WOULD EXPECT THE SOUTH KOREA TRIP TO ALSO BE CONSIDERED FOR ELIMINATION.
UM, THOSE ARE REALLY THE ONLY ONES THAT I, I CAN CONCLUDE BASED ON FEEDBACK I'VE RECEIVED SO FAR.
UM, BUT I JUST WANTED THE BOARD TO BE AWARE THAT, UH, THERE WILL BE CHANGES TO THE BUDGET.
WHEN WILL WE KNOW AND IS THAT SOMETHING WE HAVE TO APPROVE AS WELL? GREAT QUESTION.
SO CITY COUNCIL IS THE FINAL SAY ON THIS CORPORATION'S BUDGET SO THEY CAN MAKE CHANGES AND THIS BOARD DOES NOT HAVE TO RATIFY THAT.
UM, SO WE WILL KNOW ONCE THE BUDGET IS ACTUALLY ADOPTED.
I THINK THOUGH, I, I FEEL CONFIDENT THAT I UNDERSTAND WHAT OUR DIRECTION ON THIS BOARD AND WHAT WE WOULD LIKE TO ACCOMPLISH MOVING FORWARD IN 2025.
AND SO, UM, I WILL DO MY BEST TO MAKE THOSE, UM, RECOMMENDATIONS CLEAR IN, UM, OUR CITY COUNCIL DISCUSSIONS AND, UM, WE'LL SEE.
BUT, UM, I THINK I CAN, UH, I FEEL CONFIDENT IN REPRESENTING THE BOARD IN THOSE DISCUSSIONS.
THANK YOU MR. THOMPSON, OUR BOARD MEMBER THOMPSON.
YEAH, I WOULD JUST ENCOURAGE ANY BOARD MEMBERS THAT FEEL PASSIONATELY ABOUT SPECIFIC ITEMS IN THE CORPORATION'S BUDGET, UM, MAYBE REACH OUT TO YOUR COUNCIL MEMBERS AND JUST COMMUNICATE THAT SENSE OF IMPORTANCE SO THAT UM, THEY HAVE SOME SORT OF PRIORITIZATION WHEN IT COMES TO EVALUATING AREAS AND AMOUNTS TO CUT.
IS THAT IT? YEAH, ON THAT NOTE,
NO, NO EVENTS OR ANYTHING COMING UP.
CAN WE GO BACK TO SIX? UM, THE, THE CHAMPION, THE THE CHAMPION'S LUNCH IS COMING UP ON
[01:15:01]
THIS THURSDAY.UM, AND IT'S AT THE MARRIOTT IF YOU ARE SVP.
IF NOT, UH, WE CAN REACH OUT AND SEE IF THERE'S ANY TICKETS.
IT'S A FREE EVENT, BUT IT'S A FREE EVENT.
SO IF YOU WOULD REALLY LIKE TO ATTEND AND DID NOT RSVP, UM, REACH OUT TO ME AND I'LL COORDINATE WITH, UM, THE WILCO EDP TEAM 'CAUSE THEY'RE HEADING THAT UP, THAT EVENT.
AND JUST TO JUMP BACK TO THE, UH, BUDGET LANGUAGE REAL QUICK IF I MAY.
UM, SO JUST A REMINDER THAT ALL EXPENSES OF THE CORPORATION HAVE TO BE AUTHORIZED BY THE, UH, CITY COUNCIL, RIGHT? SO THAT'S WHERE THAT THAT COMES FROM.
I DIDN'T KNOW IF IT WAS SOMETHING THAT THEY WERE GONNA MAKE CHANGES TO UNLESS HAVE TO HAVE ANOTHER MEETING AND GET APPROVED.
'CAUSE I KNOW THE TIMELINE ON THAT IS RAPIDLY GOING AWAY.
SO, UM, YOU KNOW, I DIDN'T KNOW IF IT WAS GONNA BE SPECIAL CALL MEETING OR WHATEVER.
IF YOU GUYS ARE OKAY, I WOULD LIKE TO POSTPONE THAT ON OR PUT THAT ITEM TO THE END AFTER EXECUTIVE SESSION.
LET'S MOVE ON TO ITEM EIGHT TWO, DISCUSS AND CONSIDER ACTION REGARDING RESOLUTION R DASH 2024 DASH 1 74 TO APPROVE AND AMEND TO THE OPTION AGREEMENT FOR PROJECT SQL TO MODIFY THE OPTION PERIOD TERM EXPIRATION DATE TO DECEMBER 19TH, 2024.
SO THIS ITEM, UM, WAS EXPLAINED IN THE, THE EMAIL SENT TO THE BOARD, BUT JUST FOR A MATTER OF PUBLIC INFORMATION, THIS IS AN EXISTING PURCHASE AND SALE AND OPTION AGREEMENT FOR PROJECT SQL FOR 140 ACRES ON EDC OWNED LAND.
THEY'RE REQUESTING AN AN EXTENSION TO THE DECEMBER 19TH DATE.
UM, IT'S REALLY JUST A FINANCIAL REPORTING, UM, ISSUE ON THEIR END.
THEY WOULD LIKE TO PUSH THIS EXPENSE INTO THEIR NEXT FISCAL YEAR RATHER THAN INCURRING IT IN THEIR CURRENT FISCAL YEAR.
SO THAT'S WHY THEY'VE MADE THE REQUEST.
UM, I WAS ABLE TO SPEAK WITH THE DEVELOPER REPRESENTATIVE AND THEY ARE STILL FULL BORE ON THIS PROJECT.
THEY HAVE EVERY INTENTION OF CLOSING.
THEY'VE SECURED, UM, OR THEY FEEL CONFIDENT IN THEIR ABILITY TO SECURE THE REQUIRED POWER FOR THEIR DEVELOPMENT.
SO THERE'S NOTHING STOPPING THEM OTHER THAN THEY'RE JUST TRYING TO SPREAD OUT THEIR EXPENSES A LITTLE BIT, UH, AND PUSH THAT INTO THE NEXT FISCAL YEAR.
SO HAVE THEY, UM, REQUESTED EXTENSIONS WITH PRIOR? NO.
WHAT WAS THE ORIGINAL DATE? HMM, GOOD QUESTION.
NINE MONTHS FROM, SO THE ORIGINAL DATE, I'D HAVE TO LOOK AT THE, I THINK IT'S, I WANNA KNOW WHAT THE ORIGINAL DATE IS.
LIKE WHAT DOES THIS LOOK LIKE? IS THIS LIKE 30 DAYS, 15 DAYS? NO, I THINK IT WAS ONLY LIKE TWO WEEKS.
I WANNA SAY I BELIEVE IT IS A FEW MONTHS.
AND IS THAT, I THINK THEIR OPTION PERIOD STARTED IN FEBRUARY.
UH, WAS IT? YEAH, I THINK IT THEN 29TH OF NOVEMBER.
I FEEL LIKE IT SAID OCTOBER, NOVEMBER.
IN THE DOCUMENTS THAT YOU EMAILED, IS THAT WHAT YOU'RE SEEING? UH, I'M SEEING 29TH OF NOVEMBER AND FROM THE 29TH TO DECEMBER 19TH.
THAT FLIPS A DIFFERENT CALENDAR FOR THEM, FISCAL FOR THEM.
WELL IT'S, THE CLOSING IS TO OCCUR WITHIN A CERTAIN TIME AFTER THE 19TH.
SO THAT IS WHAT PUSHES THE CLOSING.
BUT YEAH, IT WAS THE TWO, TWO WEEKS OR SO.
SO WAS THERE CLOSE AFTER THAT? I GUESS THIS ONE OF MAKES SENSE BUT 30, 30 OR 45 DAYS.
SO, UM, I WISH THE DOCUMENT, I BELIEVE IT DOESN'T CHANGE THE QUARTER IN WHICH THE CLOSING WOULD OCCUR FOR THE CORPORATION.
SO FROM A CASHFLOW STANDPOINT, YEAH.
QUARTER TO QUARTER IT DOESN'T OKAY.
I'LL MAKE A MOTION TO APPROVE EIGHT TWO AS PRESENTED.
GOT A MOTION BY BOARD MEMBER THOMPSON.
UM, SECONDED BY BOARD MEMBER MINTON.
ANY OTHER DISCUSSION ON THIS ITEM? CAN YOU PLEASE CALL THE VOTE BOARD MEMBER MINTON AYE.
THE MOTION PASSES SEVEN ZERO I ITEM MAKE THREE.
DISCUSS AND CONSIDER ACTION ON RESOLUTION R 2024
[01:20:01]
DASH 1 75 REGARDING A BUDGET AMENDMENT FOR THE CURRENT FY 24 CORPORATE CORPORATION BUDGET TO REALLOCATE $10,000 FROM ITS DUES AND MEMBERSHIPS.LINE ITEM TO THE PROFESSIONAL SERVICES LINE ITEM TO PAY FOR THE HIGHWAY 79 CORRIDOR STUDY IN PARTNERSHIP WITH WILLIAMSON COUNTY ECONOMIC DEVELOPMENT CORPORATION PARTNERSHIP.
SO THIS ITEM HAD PREVIOUSLY BEEN DISCUSSED WHEN WE WERE PREPARING OUR FY 25 BUDGET.
OUR CURRENT BUDGET PROVIDES FOR A $20,000 MEMBERSHIP FEE FOR WILLIAMSON COUNTY ECONOMIC DEVELOPMENT PARTNERSHIP.
WE ONLY USE 10,000 OF THAT FOR A SINGLE PERSON MEMBERSHIP DUE TO OUR STAFFING CHANGES, UM, ET CETERA.
AND SO THERE WAS A $10,000 BALANCE THERE.
UM, THE HIGHWAY 79 CORRIDOR STUDY HAD ALSO BEEN PREVIOUSLY DISCUSSED AND THAT COST IS $10,000.
SO THE PROPOSAL AT THAT TIME IS THAT IF WE WERE TO RECEIVE THAT INVOICE FOR THE STUDY IN THE CURRENT FISCAL YEAR, THAT WE WOULD REALLOCATE THOSE FUNDS AND THEN STRIKE THAT FROM THE UH, FY 25 BUDGET, WHICH IS WHAT'S BEING PROPOSED BOARD.
WE APPROVE RESOLUTION R 20 24 1 75 AS PRESENTED.
DO I HAVE A SECOND? SECOND, SECOND.
A MOTION ON THE FLOOR BY BOARD MEMBER MINTON.
SECOND BY BOARD MEMBER MCLAUGHLIN.
UM, ANY OTHER DISCUSSION ON THE SIGN UP? NO.
DISCUSS AND CONSIDER ACTION ON RESOLUTION R DASH 2024 DASH 1 76 REGARDING THE BUDGET AMENDMENT FOR THE CURRENT FY 24 CORPORATE BUD CORPORATION BUDGET TO INCREASE THE CONTRACT AMOUNT FOR PLACER AI, UM, FOR THE ADDITIONAL $1,380 TO ADJUST THE ANNUAL RATE INCREASE AND ALIGN THE BILLING CYCLE WITH THE CORPORATION'S FISCAL YEAR.
UH, SO THIS WAS A, AN OVERSIGHT ON MY PART.
UM, THERE IS A 5% YEAR OVER YEAR INCREASE BUILT INTO THE CONTRACT.
I JUST DID NOT ACCOUNT FOR THAT WHEN I BUDGETED FOR FY 24.
UH, THE OTHER THING IS THAT THIS IS ONE OF OUR CONTRACTS THAT RENEWS VERY LATE IN THE FISCAL YEAR.
SO IT ACTUALLY SPLITS BETWEEN FISCAL YEARS.
SO THIS IS BASICALLY ALLOWING FOR THE 5% INCREASE THAT IS PART OF OUR CONTRACT, AND ALSO PUSHING THE PAYMENTS SO THAT THEY ALIGN BETTER WITH AN ACTUAL FISCAL YEAR.
IT'S JUST A LITTLE BIT CLEANER ON THE BOOKKEEPING SIDE.
I WAS GONNA SAY, THIS IS GONNA GET US BACK ON TRACK.
WE WON'T HAVE TO HAVE THIS
AND, AND DOES IT REQUIRE THAT FOR A $1,300 INCREASE OR A CHANGE IN THE BUDGET LIKE THIS BOARD? I THOUGHT THERE WAS LIKE A MARKER.
SO BECAUSE IT IS A CONTRACT ITEM, I JUST NEED THE APPROVAL BECAUSE WE'RE CHANGING THE CONTRACT.
TO INCREASE THE 5% AND ALIGN WITH THE OTHER BILLING TERMS I GOT FOR THE FISCAL YEAR.
AND I ALSO DON'T HAVE SIGNER AUTHORITY FOR ANY AMOUNT.
SO
GOT A MOTION ON THE FLOOR BY BOARD MEMBER GIDEON, DO I HAVE A SECOND? I'LL SECOND THAT.
SO A MOTION ON THE FLOOR BY BOARD MEMBER GIDEON.
CALL THE ROLL SECRETARY CLANCY.
UH, PASSES SEVEN ZERO ITEM EIGHT FIVE.
DISCUSS AND CONSIDER ACTION TO APPROVE THE CORPORATE FINANCIAL STATEMENTS FOR JUNE, 2024 IN JULY OF 2024.
I JUST GOTTA GET REAL CLOSE TO IT.
CHRISTINA BISHOP, CITY CONTROLLER.
UH, I SENT THE JUNE AND JULY FINANCIALS OUT VIA EMAIL TO EVERYONE ON SATURDAY.
UH, ALONG WITH A COUPLE OF CHECK REQUESTS.
UH, I DON'T THINK THERE'S ANYTHING GOING ON OUT OF THE ORDINARY.
UH, REVENUES ARE TRACKING WHILE YOU'RE OVER 90% COLLECTED IN SALES TAXES.
YOU'RE OVER A HUNDRED PERCENT COLLECTED IN BUDGETED INTEREST AND THERE'S NOTHING OUTTA THE ORDINARY AND EXPENSES.
THE ONLY THING THAT OCCURRED THE LAST COUPLE OF MONTHS THAT'S SIGNIFICANT IS YOUR SEMI-ANNUAL DEBT PAYMENTS.
UM, OTHER THAN THAT, THE ONLY OTHER HOUSEKEEPING I WANNA MENTION IS YOUR BYLAWS,
[01:25:01]
UM, DICTATE THAT YOUR BANK ACCOUNT SIGNERS ARE THE CHAIR, VICE CHAIR AND TREASURER.SO, UM, ONCE THAT'S SORT OF APPOINTED LATER THIS MEETING, WELLS FARGO WILL BE SENDING OUT PAPERWORK TO, UH, VICE CHAIR LUCAS TO EXECUTE THE CHANGE IN SIGN.
I WROTE THAT DOWN AS AN ITEM TO MAKE SURE THAT WE TAKE CARE OF AN EIGHT ONE.
SO YEAH, THANK YOU FOR REMINDING ME.
UM, JUST A COUPLE OF THINGS I NOTICED ON THE BUDGET.
SO BUDGET AND FINANCE CHARGES WAS OVER BY $810.
SO WE TOUCHED ON THIS A LITTLE BIT DURING, UM, BUDGET, UH, BUDGET DISCUSSION.
UM, WE EXPECT THAT TO GO DOWN.
JUNE WAS ACTUALLY A SURPRISE TO ME THAT WE GOT CHARGED A BANK CHARGE BY WELLS FARGO.
I LOOKED INTO IT A LITTLE BIT AND I WAS KIND OF SURPRISED THAT OUR EARNINGS CREDIT IS JUST ABOUT 1% RIGHT NOW.
WE WEREN'T CARRYING A HIGH ENOUGH BALANCE IN JUNE TO, UH, OFFSET THAT.
SO THAT'S SOMETHING I'LL BE A LITTLE BIT MORE ON TOP OF.
UM, I DO KNOW ON THE CITY SIDE, UH, WITH THE NEW CONTRACT WITH WELLS FARGO, WE'VE ACTUALLY SHIFTED TO UM, ACTUALLY GET INTEREST INCOME AND JUST ACCEPT THE BANK CHARGE BECAUSE IT'S A LITTLE BIT, UH, MORE FAVORABLE.
UH, SO THAT'S SOMETHING WE COULD TALK ABOUT AS WELL.
I KNOW WE'VE GONE BACK AND FORTH ABOUT THAT.
I HAVEN'T BEEN A BETTER RESOURCE FOR THAT, BUT YEAH, I DO WANNA POINT.
AND THEN MY OTHER QUESTION WAS FOR TEXT POOL, IT LOOKS LIKE WE'RE GETTING SOME INTEREST ON THAT.
A SIGNIFICANT AMOUNT EACH MONTH? NO, THAT'S NOT SIGNIFICANT, BUT WELL ISN'T IT 10,000? WELL, I MEAN ON 2.3 MILLION THAT'S LIKE HALF A PERCENT IT'S 5%.
BUT I'M JUST WONDERING WHERE THAT'S REFLECTED IN THEIR BUDGET.
ARE WE AT 5%? YEAH, TEXT POOL'S EARNING ABOUT 5% RIGHT NOW.
UM, AND YEAH, AND THAT'S IN THE INTEREST EARNED 3 5 5 0 4 1.
THAT'S THE ONLY INTEREST WE'RE COLLECTING RIGHT NOW.
NO, THAT'S GREAT JOE, I WAS JUST WONDERING WHERE THAT IS REFLECTED IN A BUDGET.
LIKE WHERE DOES THAT GO? OH, IT JUST UM, KIND OF GOES TO YOUR WHOLE POOL OF RESOURCES ESSENTIALLY.
IT'S NOT RESTRICTED TO ANY CERTAIN, UH, EXPENDITURE.
IT'S JUST KIND OF ADDING TO YOUR POT OF FUNDS.
SO IT'S NOT UNDER A SPECIFIC LINE.
YEAH, IT'S 3 5 5 0 4 1 INTEREST EARNED.
UM, WE HAD BUDGETED A HUNDRED THOUSAND SO FAR.
YEAR TO DATE WE'VE GOTTEN, UM, OVER 125,000.
SHE HAD ASKED MY QUESTION, CHRISTINA, IT WAS ABOUT THAT CHARGE THAT WELLS FARGO CHARGE.
WHERE DO WE HAVE OUR MONEY THERE? IS IT JUST SITTING IN A CHECKING? UH, IT'S SITTING IN A NON-INTEREST BEARING ACCOUNT ACTUALLY.
YEAH, IT'S JUST LIKE AN ESCROW BASE AND THEY WON'T LET US PUT IT IN INTEREST BEARING.
IT HURTS TO SEE THAT MONEY JUST SITTING THERE NOT EARNING ANYTHING.
I JUST HAVE A CONTEXT QUESTION.
SO DOES THE CITY FINANCIAL ADVISORS GUIDE WHERE YOU PUT THE, THE THIS CASH ON HAND FOR INVESTMENT? OR DOES THAT COME BACK TO US FOR ANY KIND OF DISCUSSIONS? OH, THAT'S ABSOLUTELY WITHIN YOUR JURISDICTION AS THE BOARD TO MAKE, TO MAKE THOSE UH, RECOMMENDATIONS.
'CAUSE TEXT POOL OBVIOUSLY IS NOT THE ONLY GAME IN TOWN.
YEAH, WE'VE BEEN TALKING ABOUT THAT FOR A WHILE.
HAVE YOU GUYS RESEARCHED THAT AT ALL? UM, A LITTLE BIT.
I THINK IT'S EARNING A LITTLE BIT BETTER THAN TECHSTAR.
UM, TECH, WE COULD ALSO LOOK UP TO SOME OF THE MORE PRIME, UH, INVESTMENT POOLS.
LIKE IF WE WANTED TO DIVE INTO A LITTLE BIT, UM, COMMERCIAL PAPER, IT'S STILL REALLY, REALLY SAFE.
WE COULD GO INTO LIKE TECH POOL PRIME OR TEXAS CLASS, UM, WHICH IS EARNING, UH, I WANNA SAY ALMOST A HALF PERCENT MORE THAN THE REGULAR POOLS.
AND WE'VE ALSO DISCUSSED, UM, OPENING A SWEEP ACCOUNT TOO, WHICH I HAVEN'T BROUGHT BACK TO YOU YET.
AND ARE WE SUBJECT TO ARBITRAGE? UM, NO, IT'S, IT'S REALLY NOT A RISK FOR US RIGHT NOW BECAUSE WE'VE UH, THE ONLY BONDS WE'VE ISSUED, UM, WE'VE SPENT LONG AGO.
ANY ADDITIONAL QUESTIONS? UM, AM I ALLOWED TO ASK QUESTIONS ABOUT JORDAN FOSTER, LIKE THE INVOICE? SURE.
I HAVEN'T, I'M NOT INTIMATELY FAMILIAR WITH THE INVOICE, BUT I'M FAMILIAR WITH THE PROCESS.
SO, UM, I'M JUST WONDERING IF WE SEE THE INVOICE BEFORE YOU GUYS PAY IT.
YEAH, AND I, I APOLOGIZE FOR THAT.
WE'VE HAD A SENSE OF URGENCY IN GETTING THEM PAID.
SO SOMETIMES THE FI THE INVOICE COMES TO FINANCE AND IT GOES RIGHT TO THE SIGNERS.
AND I WILL BE MUCH MORE DILIGENT ABOUT THAT.
I THANK YOU FOR, UM, BRINGING THAT TO MY ATTENTION THIS WEEKEND.
UM, AND ALSO I'M JUST WONDERING LIKE WHAT THE PROCESS IS WITH THAT.
ARE THEY, UM, ARE THEY UNDER THIS UNDERSTANDING THAT THEY GET PAID IMMEDIATELY OR IS THERE LIKE A 30 DAY PROCESS WHERE IT KIND OF COMES TO US AND WE ARE ABLE TO LOOK AT IT AND MAKE SURE AND TALK
[01:30:01]
TO SOMEBODY LIKE ON YOUR GUYS' SIDE AND MAKING SURE THOSE THINGS ARE ACTUALLY DONE? LIKE OUR PROJECT? I CAN, SOMEBODY WALKING CAN SPEAK A LITTLE BIT.YEAH, SO IT'S THE STANDARD, I BELIEVE IT'S A 30 DAY PAYMENT, UH, PROCESSING TIMEFRAME.
THE WAY THAT IT'S STRUCTURED RIGHT NOW IN YOUR AGREEMENT WITH THE, UM, WITH JORDAN FOSTER AND, AND THE PROCESS IS THAT THEY SUBMIT A PAY APP, THEY SIGN IT, JORDAN FOSTER SAYS, YES, WE'RE CERTIFYING THAT THIS IS CORRECT FOR THIS WORK DONE.
IT THEN GOES TO THE LEAD INSPECTOR FOR REVIEW.
THEY SIGN OFF OR ASK QUESTIONS AND THAT LEAD INSPECTOR IS CITY STAFF, NOT THEIRS.
AND THEN IT GOES TO, UM, OR ACTUALLY, I'M SORRY, IT GOES FROM JORDAN FOSTER TO KAY REESE.
SO THE DESIGN ENGINEER FOR THE PROJECT ALSO REVIEWS AND SIGNS OFF, THEN IT GOES TO THE CITY LEAD INSPECTOR, THEN IT GOES TO THE CITY ENGINEER WHO IS THIS BOARD'S OWN AUTHORIZED OWNER REP.
SO IT REQUIRES LOTS OF REVIEW AND SIGNATURES.
AND WE, I CAN SPEAK TO THE FACT THAT IT IS BEING REVIEWED BECAUSE THEY HAVE KICKED IT BACK A FEW TIMES OR SENT COMMUNICATION BACK, HEY, CAN YOU CLARIFY THIS? OR ARE, IS THIS QUANTITY CORRECT BECAUSE ON THIS PREVIOUS INVOICE IT WAS THIS, AND SO THEY'RE, THEY ARE BEING DILIGENT ABOUT THAT.
SO THAT'S THE CURRENT PROCESS THAT WE HAVE IN PLACE.
AND THEN ALSO, ARE YOU CO, ARE YOU COLLECTING, UH, CONDITIONALS OR UNCONDITIONAL AFTER YOUR PAYMENT? OH, NO, I'M NOT.
THE REASON WHY I ASK IS I'VE HAD, I WAS A, A PROJECT ACCOUNTING MANAGER FOR 10 YEARS AND SO I WAS RESPONSIBLE OF COLLECTING A I A DOCUMENTS.
SO THAT'S LIKE YOUR FIRST PAGE.
YOUR SOV IS A SCHEDULE OF VALUES, WHICH IS LIKE LINE ITEMS OF ALL OF EVERYTHING THEY'RE BILLING FOR.
AND THE VERY LAST PAGE IS A CONDITIONAL AND IT'S USUALLY NOTARIZED.
AND THE CONDITIONAL IS A PROMISSORY NOTE SAYING, YES, I PROMISE I DID THESE THINGS.
AND THEN UNCONDITIONAL IS SAYING THAT WE HAVE PAID THEM AND THEN THEY GET UNCONDITIONAL FROM THEIR, UH, SUBCONTRACTORS.
AND THE REASON WHY IT'S SUPER, SUPER IMPORTANT IS BECAUSE IN THE VERY END OF THE PROJECT, LET'S SAY THEY HAVE A SUBCONTRACTOR AND THEY HAD A DISPUTE AND WE HAD NO IDEA ABOUT IT.
IF WE DON'T COLLECT UN UNCONDITIONAL EVERY SINGLE MONTH FROM ALL OF THEIR SUBCONTRACTORS, THEN WE'RE LIABLE TO PAY THE SUBCONTRACTORS AT THE END OF THE PROJECT.
SO I DON'T KNOW HOW TO MAKE THIS RECOMMENDATION, BUT I WOULD HIGHLY RECOMMEND THAT WE GET A LIST OF WHO THEY'RE USING FOR THEIR SUBCONTRACTORS AND THEN HOW MUCH THEY'RE PAYING THEM EACH MONTH.
AND THAT WE GET AN UNCONDITIONAL BOTH FROM THE CONTRACTOR AND THEIR SUBCONTRACTORS SO THAT WE'RE NOT LIABLE AT THE END OF THE PROJECT.
AND IF YOU NEED A, IF YOU NEED, I HAVE BOILER PLATES FOR THOSE TOO, SO IF YOU NEED THOSE, I CAN PROVIDE THEM.
NO, AND THANK, THANK YOU FOR THAT.
UM, USUALLY I RELY ON PURCHASING, BUT THIS HASN'T GONE THROUGH THE CITY'S NORMAL PURCHASING PROCESS.
SO, UM, YEAH, I WAS JUST TAKING NOTES RIGHT HERE.
AND I'LL, UH, USE OUR PURCHASING, UH, MANAGER IS A, IS A REFERENCE AND WE'LL REACH OUT TO YOU.
AND AGAIN, NOT SAYING THAT ANYBODY'S DOING ANYTHING WRONG OR ILL OR LIKE ILL INTENTIONS, BUT I JUST WANNA MAKE SURE THAT AS WE'RE GOING THROUGH THIS PROCESS, WE'RE GETTING CHECKING ALL OF OUR BOXES BECAUSE AT THE END OF THE DAY, LIKE WE'RE TALKING ABOUT MILLIONS OF DOLLARS AND OUR CITIZENS AND ALL OF THAT.
SO I JUST WANNA MAKE SURE THAT WE'RE DOING EVERYTHING LIKE OUR DUE D DUE DILIGENCE I GUESS ON OUR SIDE.
THAT'S NOT MY NORMAL WHEELHOUSE, SO I'M REALLY GLAD YOU, UH, BROUGHT THAT TO MY ATTENTION.
ANY OTHER QUESTIONS ON ITEM EIGHT FIVE? I'LL ENTERTAIN A MOTION.
IF NOT, I'LL MAKE A MOTION TO APPROVE THE CORPORATE FINANCIAL STATEMENTS FOR JUNE OF 2024 AND JULY OF 2024.
GOT A MOTION ON THE FLOOR, UM, BY BOARD MEMBER OWEN.
SO I HAVE A SECOND, SECOND, SECOND BY BOARD MEMBER MIN.
ANY OTHER DISCUSSION ON THIS ITEM? CAN YOU PLEASE CALL THE VOTE BOARD MEMBER OWENS AYE.
UH, SEVEN ZERO ITEM EIGHT SIX.
DISCUSS AND CONSIDER ACTION TO APPROVE THE CORPORATION'S MINUTES FROM THEIR MEETING ON JULY THE EIGHTH, 2024.
EVERYBODY GET A CHANCE TO REVIEW THE MINUTES? A MOTION TO APPROVE EIGHT SIX AS PRESENTED.
GOT A MOTION ON THE FLOOR BY BOARD MEMBER THOMPSON.
DO I HAVE A SECOND? I'LL SECOND IT.
SECOND BY BOARD MEMBER MCLAUGHLIN.
ANY OF THE DISCUSSION ON THIS ITEM? YEAH, I HAVE THE VOTE PLEASE CALL, VOTE BOARD MEMBER MINTON AYE.
SEVEN ZERO SECTION NINE EXECUTIVE SESSION.
THE BOARD WILL NOW RECESS THE OPEN MEETING AND CONVEY, UH, CONVENE
[01:35:01]
INTO EXECUTIVE SESSION PURSUANT TO TEXAS GOVERNMENT CODE SECTION 5 5 1 0.071, UH, ATTORNEY CONSULTATION 5 5 1 0.087 ECONOMIC DEVELOPMENT AND 5 5 1 0.07.TWO REAL PROPERTY, REAL PROPERTY TO DELIBERATE AND SEEK LEGAL ADVICE REGARDING WORKFORCE INSTEAD OF EXPANSION INCENTIVES INCLUDING PROJECT JPD PROJECT WELCOME MAT PROJECT HP THE SPINE ROAD CONSTRUCTION PROJECT, MEGASITE PROJECT, PROJECT TITAN PROJECT STRAT THREE PROJECT SKYBOX PROJECT SQL, THE FARM LEASE, AND, UH, AT THE MEGASITE FUNDING FOR THE PROPOSED COLLECTOR ROAD AT THE MEGASITE IN THE AMENDMENT FUNDING OR THE AMENDED REFUNDING AGREEMENT BETWEEN THE CORPORATION AND THE CITY OF HUDU UTILITY PROJECTS AT THE MEGASITE AND COTTONWOOD PROPERTIES AND PLANNING AND DEVELOPMENT OF THE COTTONWOOD PROPERTIES AND THE VALUATIONS THAT AVAILABLE CORPORATE FUNDS FOR INCENTIVES.
THE TIME IS NOW 8 0 7 AND WE HAVE ENTERED INTO EXECUTIVE SESSION.
ALRIGHT, THE TIME IS NOW 1142.
WE'RE BACK FROM EXECUTIVE SESSION.
SO, UH, WE'LL GO TO ITEM TEN ONE, DISCUSS AND CONSIDER ACTION TO RESOLVE THE PENDING LITIGATION CLAIM PERTAINING TO THE MEGASITE FARM LEASE BETWEEN THE CORPORATION AND BRANDON, WHAT IS IT? RO VAC.
VAC, SORRY, THAT WAS REALLY LOUD.
I, UM, MOTION TO DIRECT LEGAL TO DRAFT AND SEND A RESPONSE TO MR. ROAK ATTORNEY, WHICH OUTLINES THE DUE DILIGENCE PERFORMED BY THE BOARD TO EVALUATE MR. RO NOVAK'S CLAIM MADE IN THE, IN THE JUNE 11TH, 2024 DEMAND LETTER AND OFFER A SETTLEMENT OF $121,000.
I GOT A MOTION ON THE FLOOR BY, UH, SECRETARY CLANCY.
CAN I, SORRY, CAN I JUST, CAN WE AMEND THAT? CAN WE HAVE THE FULL DOLLAR AMOUNT IN THERE? I THOUGHT YEAH, WE CAN, UH, AMEND THAT IF SO, CHOOSE TO YEAH.
THE AMOUNT FOR, UH, THE AMOUNT CALCULATED WAS $121,780 AND 19 CENTS.
1 21 7
OKAY, SO WE GOT A MOTION ON THE FLOOR BY SECRETARY CLANCY.
UH, UH, AND HE'S, CAN I GET A SECOND? I'LL SECOND IT.
SO WE GOT A MOTION ON THE FLOOR, UM, BY SECRETARY CLANCY.
UH, SECOND BY BOARD MEMBER, UH, MCLAUGHLIN.
ANY OTHER DISCUSSION ON THIS TOPIC? CAN WE CALL THE VOTE PLEASE? BOARD MEMBER MCLAUGHLIN AYE.
VOTE PASSES THE SEVEN ZERO ITEM.
TEN TWO ITEMS THAT WE DISCUSSED IN OR DISCUSSED AND CONSIDER ACTION ON ANY OTHER ITEMS DISCUSSED IN EXECUTIVE SESSION.
MR. CHAIR, I MAKE A MOTION TO DIRECT OUR LEGAL COUNSEL TO SEND STRAT THREE A LETTER OUTLINING THE CORPORATION'S OBLIGATIONS UNDER THE PURCHASE AND SALE AGREEMENT, WHICH DOES NOT INCLUDE OFFSITE DETENTION FOR THE STRAT THREE DEVELOPMENT MOTION ON THE FLOOR.
GREAT MOTION ON THE FLOOR BY, UM, BOARD MEMBER GIDEON GIDEON.
SECOND BY BOARD MEMBER MINTON.
ANY OTHER DISCUSSIONS ON THIS ITEM? CALL A VOTE PLEASE.
ANY OTHER ITEMS IN THIS EXECUTIVE SESSION TO DISCUSS? UM, WASN'T THERE A COUPLE OTHERS? WE DIDN'T DRAFT THE MOTIONS.
I THINK THE REST OF IT WAS JUST DIRECTION.
SO THE OTHER ONE'S JUST DIRECTION BY STAFF DIRECTION.
YEAH, I THINK THE OTHERS WERE DIRECTION.
DISCUSS AND CONSIDER ACTION TO APPOINT OFFICERS OF THE DI UH, BOARD OF
[01:40:01]
DIRECTORS FOR THE CORPORATION AND BANK OFFICERS AS WELL.THOSE THAT ARE ATTACHED TO THE BANKING ACCOUNT.
I'D LIKE TO, UH, MAKE A MOTION TO APPOINT SEAN LUCAS TO CHAIR SECOND.
SO
UM, GOOD THINGS BOTH WORK AND PERSONAL LIFE THAT I DON'T KNOW IF MY TENURE ON THIS BOARD IS GONNA BE MUCH LONGER.
I I PERSONALLY THINK THAT, YOU KNOW, AARON, YOU'VE DONE A GREAT JOB.
YOU'VE BEEN THE LONGEST SERVING PERSON ON THIS BOARD.
UM, I APPRECIATE THE NOMINATION
I CAN SEE THE STUNNED LOOK IN YOUR FACE.
APPRECIATE THE NOMINATION AND I, AND I AND, UM, IT'S, IT'S ALL GOOD THINGS FOR ME.
UM, I'VE, I'VE DONE FOUR YEARS HERE AT THIS BOARD AND HEARING THAT THERE'S A LOT OF PEOPLE THAT ARE WANTING TO SERVE, YOU KNOW, IT'S, IT'S A CERTAIN POINT.
YOU GOTTA STEP BACK AND SAY, YOU KNOW, IT MAY BE TIME.
UM, TIME FOR OTHERS TO STEP UP INTO THE SEAT.
I MAKE A MOTION TO APPOINT AARON CLANCY.
ARE YOU GONNA, YOU GOTTA UNDO THE VOTE.
I RESCIND MY MOTION AND MAKE A MOTION TO APPROVE, UH, TO NOMINATE AARON CLANCY FOR CHAIR.
I WOULD, IT'S MY PLEASURE TO SECOND THAT.
YEAH, I THINK YOU'RE GONNA DO GREAT AND I'M EXCITED FOR YOU TO TAKE OVER THE CHAIR IN THE NEXT MEETING.
SO, UH, CALL THE VOTE, PLEASE.
FOR THE LAST TIME, POTENTIALLY.
AND THEN I KNOW THAT THE NEXT SERVING MEMBER THAT'S BEEN ON OUR BOARD FOR A VERY LONG TIME HAS DONE A VERY GOOD JOB REPRESENTING US AND, AND, AND HAS DONE, HAS HAD A GREAT TRACK RECORD WITH IT.
YOU KNOW, I'D LIKE TO MAKE A MOTION TO, UH, FROM BOARD MEMBER MENTON TO BE THE VICE CHAIR.
I THINK YOU CAN LEARN A LOT FROM THE POSITION AND I THINK THAT YOU WOULD, UH, DO A GREAT JOB.
UM, NO, THAT'S AN HONOR AND I APPRECIATE IT AND I'M LOOKING FORWARD TO IT.
SO IS THAT YOUR ACCEPTANCE OF
SO WE GOT A MOTION BY, BY BY VICE CHAIR LUCAS.
SECOND BY, UH, BOARD MEMBER GIDEON.
ANY OTHER DISCUSSION ON THIS ITEM? NO.
I'LL JUST KEEP IT GOING POTENTIALLY LAST TIME.
BOARD CHAIR OR BOARD MEMBER? MINTON.
TECHNICALLY YOU VICE CHAIR UNTIL AFTER THE VOTE.
SO POTENTIALLY LAST TIME HERE.
I'LL MAKE A MOTION TO APPOINT, UH, UH, BOARD MEMBER OWENS FOR SECRETARY.
ANY OTHER DISCUSSION ON THAT ITEM? MR. OWENS? I THINK YOU'RE GONNA DO AN AMAZING JOB TOO.
YOU'LL DEFINITELY LEARN A LOT ABOUT THE ROLES AND, UM, YEAH, AS YOU PROGRESS THROUGH, YOU DEFINITELY WILL GET EXPOSURE WITH ALL OF THEM AND I THINK YOU'LL LEARN.
EXCITED FOR YOU GETTING NO OTHER DISCUSSION ON THAT.
IF YOU'LL CALL THE VOTE, PLEASE.
I AM GONNA HAVE TO EDIT THESE REAL QUICK BECAUSE NOW IT'S GETTING CONFUSING.
ALL RIGHT, WE'RE GONNA KEEP IT GOING.
I DON'T HAVE A BLUE CHECK MARK NEXT TO YOUR NAME.
UM, WE NEED ANOTHER PERSON TO SERVE, UM, ON OUR BOARD AS OUR TREASURER.
UM, I KNOW THAT YOU BOTH ARE NEW, UM, BUT MR. GIDEON HAS, UM, EXPERIENCE YOU'VE HAD MANY
[01:45:01]
YEARS WITH OUR BOARD PRIOR TO 2020, RIGHT? YEAH.SO, UM, I WOULD LIKE TO MAKE THE MOTION TO, UH, APPOINT BOARD MEMBER GIDEON TO, UH, TREASURER.
I'LL SECOND ANY OTHER DISCUSSION ON THAT ITEM? OH, Y'ALL ARE MESSING ME UP.
IT'S YOUR FIRST DAY AND YOU'RE ALREADY GETTING
UM, SIR, I'LL LET YOU HAVE IT.
WHO IS THE SET BRILLIANT CHOICE SINCE YOU'VE BEEN ON THE THIS BOARD BEFORE, SO, OH, THANK YOU.
WHO IS THE SECOND ON THAT? SORRY.
AND YOU SERVED IN CAPACITY BEFORE, CORRECT? ON WERE YOU VICE CHAIR OR CHAIR OR NO, I WAS NEVER AN OFFICE.
WELL, IF THERE'S NO OTHER DISCUSSION, WILL YOU PLEASE CALL THE VOTE GLADLY.
LAST TIME BOARD MEMBER GIDEON AYE.
SO ITEM 11, FUTURE AGENDA ITEMS. IS THERE ANYTHING AT ALL THIS BOARD WOULD LIKE TO SEE ON A FUTURE AGENDA ITEM? I KNOW THERE'S A WHOLE LIST OF THINGS.
THERE IS, AND I DID NOT SEND THAT WITH THESE DOCUMENTS THIS TIME, BUT IF YOU HAVE THE LINK IN LAST TIME'S DOCUMENTS, YOU CAN STILL ACCESS IT 'CAUSE IT'S ON ONEDRIVE.
AND I'M SURE STRATEGIC PLAN IS ON THAT.
WAIT, WOULD YOU LIKE TO ADD? YEAH.
AND, AND I KNOW THAT WE SPOKE ABOUT INCENTIVE PROGRAMS, CORRECT? MM-HMM.
WELL JUST MAKING SURE THAT'S ON THERE.
AND I WAS GONNA MENTION, CAN WE, AFTER LOOKING AT LIKE, UH, THE SEA OF, OF BUTA AND THEN
AND THEN, UM, LOOKING ALSO AT THE, THE FORM BASED OFF OF A FORM THAT WAS COMPLETED CORRECTLY, UM, BY, UM, PROJECT HP.
PROJECT HP, AND THEN POTENTIALLY BY, UM, THE CITY OF BUTTA AS WELL.
I KNOW IT'S GETTING CLOSE TO MIDNIGHT.
IS THERE ANY OTHER ITEMS? I KNOW IT'S GETTING CLOSE TO MIDNIGHT, BUT I'D LIKE TO BRING EIGHT ONE BACK UP AGAIN.
WE DO NEED TO ASSIGN SOME, UH, BANKING OFFICERS.
UM, I KNOW THAT WE ARE, DO WE NEED TO MAKE A MOTION TO REMOVE PEOPLE AND THEN PUT PEOPLE ON? MY UNDERSTANDING IS THAT IN THE BYLAWS, THE SIGNERS ARE ALREADY DESIGNATED, SO I'LL DEFER TO LEGAL, BUT I THINK, AND I, I BELIEVE WE HAD ADDED EXTRA SIGNATURES AUTHORITIES AT A PREVIOUS MEETING.
NOT ON, NOT ON THE BANK ACCOUNT, I DON'T THINK.
UM, THE BANK ACCOUNT, I BELIEVE IS SPECIFIED AS THE CHAIR, VICE CHAIR AND TREASURER.
WE'VE ADDED EXTRA SIGNERS IN LIEU OF LIKE WHEN THE, WHEN THE SECRETARY HASN'T BEEN HERE.
WE, WE'VE HAVE SOMEONE THAT IS ABLE TO STEP IN FOR THEM, BUT I THINK THE BANK ACCOUNT SIGNERS ARE SET UNLESS WE'VE SI SWO IN PREVIOUS MEETING SIGNATURE AUTHORITY AS CHAIRMAN, VICE, UH, CHAIRPERSON AND, AND THE TREASURER.
SO THAT JUST AUTOMATICALLY IS DONE BY THIS MOTION THEN? YES.
WELL, WITH NO NEW, UH, NO OTHER, UH, BUSINESS TO DISCUSS, WE ARE ADJOURNED AT 1155.