1 00:06:54,160 --> 00:06:56,120 Good evening. I call to order this June 2 00:06:56,120 --> 00:06:58,919 23rd, 2026 meeting of the Community 3 00:06:58,919 --> 00:07:00,919 Development Agency. I'm Mindy Romp, the 4 00:07:00,919 --> 00:07:02,240 mayor of Blair, and I'm pleased you have 5 00:07:02,240 --> 00:07:03,960 joined us this evening. This is a public 6 00:07:03,960 --> 00:07:06,280 meeting and you are part of the process. 7 00:07:06,280 --> 00:07:07,640 I encourage you to participate, ask 8 00:07:07,640 --> 00:07:08,960 questions, and share your thoughts, and 9 00:07:08,960 --> 00:07:10,240 I want you to feel comfortable, and I 10 00:07:10,240 --> 00:07:11,640 will do everything that I can to make 11 00:07:11,640 --> 00:07:13,760 sure that your voice is heard. We do 12 00:07:13,760 --> 00:07:15,280 have several rules to help us proceed 13 00:07:15,280 --> 00:07:16,440 with the meeting, and I ask that you 14 00:07:16,440 --> 00:07:18,440 please keep them in mind. Please turn 15 00:07:18,440 --> 00:07:19,720 off your cell phones. If you need to 16 00:07:19,720 --> 00:07:21,840 take a call, step outside the chamber. 17 00:07:21,840 --> 00:07:23,280 When you wish to speak, simply raise 18 00:07:23,280 --> 00:07:24,919 your hand, call you forward to the 19 00:07:24,919 --> 00:07:27,200 podium. Brenda Wheeler, our city clerk, 20 00:07:27,200 --> 00:07:30,120 must record who you are, so please state 21 00:07:30,120 --> 00:07:32,800 your name, spell your last name, and 22 00:07:32,800 --> 00:07:35,400 state your address. We are asking that 23 00:07:35,400 --> 00:07:37,560 everyone practices mutual respect and 24 00:07:37,560 --> 00:07:39,160 hospitality towards one another this 25 00:07:39,160 --> 00:07:41,280 evening. I appreciate that we have an 26 00:07:41,280 --> 00:07:42,960 active 27 00:07:42,960 --> 00:07:44,680 and that you are very passionate about 28 00:07:44,680 --> 00:07:47,120 voicing your opinion. However, we are 29 00:07:47,120 --> 00:07:49,000 going to ask that decorum is maintained 30 00:07:49,000 --> 00:07:51,120 tonight. Please no speaking or murmuring 31 00:07:51,120 --> 00:07:53,200 when someone is at the podium. We are 32 00:07:53,200 --> 00:07:55,040 asking that you refrain from clapping as 33 00:07:55,040 --> 00:07:56,680 it is disruptive to the flow of the 34 00:07:56,680 --> 00:07:57,800 meeting. 35 00:07:57,800 --> 00:07:59,520 We want you to be respectful to everyone 36 00:07:59,520 --> 00:08:01,360 and their time. If you are in support of 37 00:08:01,360 --> 00:08:03,280 a speaker, simply raise your hand and 38 00:08:03,280 --> 00:08:05,040 that will be sufficient. 39 00:08:05,040 --> 00:08:06,920 Keep your remarks brief, about 3 minutes 40 00:08:06,920 --> 00:08:08,560 so that others have the opportunity to 41 00:08:08,560 --> 00:08:10,880 speak and we are asking that you keep it 42 00:08:10,880 --> 00:08:12,680 to 3 minutes tonight and you only come 43 00:08:12,680 --> 00:08:15,080 to the podium one time. 44 00:08:15,080 --> 00:08:16,360 Please direct your remarks to either 45 00:08:16,360 --> 00:08:19,160 myself, city council, or to city staff. 46 00:08:19,160 --> 00:08:21,040 A copy of the open meetings act has been 47 00:08:21,040 --> 00:08:23,640 posted by both exits and we are going to 48 00:08:23,640 --> 00:08:25,280 begin with the approval of the minutes 49 00:08:25,280 --> 00:08:27,400 from the 28 20 Excuse me, the April 50 00:08:27,400 --> 00:08:30,600 20th, 2026 meeting. 51 00:08:30,600 --> 00:08:32,280 >> So moved. Second. 52 00:08:32,280 --> 00:08:33,520 >> We have a motion and a second to approve 53 00:08:33,520 --> 00:08:35,120 the minutes from the April 28th meeting. 54 00:08:35,120 --> 00:08:46,070 Please register your vote. 55 00:08:46,080 --> 00:08:48,720 » All council members present voting aye. 56 00:08:48,720 --> 00:08:51,560 >> Motion is approved. Item number three. 57 00:08:51,560 --> 00:08:52,800 Consideration and potential 58 00:08:52,800 --> 00:08:54,360 recommendation for approval to the city 59 00:08:54,360 --> 00:08:57,640 council via resolution 2026-002 60 00:08:57,640 --> 00:08:59,080 of a tax increment financing 61 00:08:59,080 --> 00:09:00,880 redevelopment plan entitled 62 00:09:00,880 --> 00:09:03,400 redevelopment plan for SJAV tenant 63 00:09:03,400 --> 00:09:06,240 redevelopment project. Mr. Green. 64 00:09:06,240 --> 00:09:07,440 >> Thank you, Mayor. Good evening, Mayor, 65 00:09:07,440 --> 00:09:09,800 council members and the audience. Phil 66 00:09:09,800 --> 00:09:11,880 Green, city administrator for the city 67 00:09:11,880 --> 00:09:13,000 of Blair. 68 00:09:13,000 --> 00:09:15,680 Um I Before Michael Sands, who's the 69 00:09:15,680 --> 00:09:17,240 city's tip attorney, gets up and kind of 70 00:09:17,240 --> 00:09:22,040 explains a little bit about this revised plan, I wanted to just kind 71 00:09:22,040 --> 00:09:23,920 of lay out for all of you and for those 72 00:09:23,920 --> 00:09:25,360 who are listening a little bit of the 73 00:09:25,360 --> 00:09:27,640 ground rules more and a little bit of 74 00:09:27,640 --> 00:09:31,240 kind of a reminder of what's going on right now. 75 00:09:31,240 --> 00:09:33,000 You you are not sitting as the city 76 00:09:33,000 --> 00:09:34,839 council right now. You're sitting as the 77 00:09:34,839 --> 00:09:37,880 CDA, the community development Agency. 78 00:09:37,880 --> 00:09:40,920 And that specific statutory role is 79 00:09:40,920 --> 00:09:42,760 going to be different than your role 80 00:09:42,760 --> 00:09:44,360 will be during the council meeting that 81 00:09:44,360 --> 00:09:47,040 will be coming up later on tonight. Um 82 00:09:47,040 --> 00:09:49,640 these redevelopment plans um by state 83 00:09:49,640 --> 00:09:52,080 statute go to the planning commission 84 00:09:52,080 --> 00:09:54,080 and the planning commission's role is to 85 00:09:54,080 --> 00:09:56,800 evaluate the plan and to determine 86 00:09:56,800 --> 00:09:59,040 solely whether it's in conformance with 87 00:09:59,040 --> 00:10:01,040 the comprehensive plan, which is 88 00:10:01,040 --> 00:10:03,000 ultimately kind of their Bible that they 89 00:10:03,000 --> 00:10:04,680 judge everything on is that 90 00:10:04,680 --> 00:10:06,200 comprehensive 91 00:10:06,200 --> 00:10:08,320 uh and whether whether this kind of 92 00:10:08,320 --> 00:10:10,400 development and the use of TIF for these 93 00:10:10,400 --> 00:10:12,200 kind of activities would be in 94 00:10:12,200 --> 00:10:13,720 conformance with that comprehensive 95 00:10:13,720 --> 00:10:15,440 plan. That's the recommendation the 96 00:10:15,440 --> 00:10:17,160 planning commission makes. 97 00:10:17,160 --> 00:10:19,320 For you as the CDA, you're going to be 98 00:10:19,320 --> 00:10:21,600 much more involved in the technical 99 00:10:21,600 --> 00:10:24,640 aspects of how TIF works, the financing 100 00:10:24,640 --> 00:10:27,200 of it, uh and whether especially it 101 00:10:27,200 --> 00:10:29,640 meets uh the ultimate criteria of that 102 00:10:29,640 --> 00:10:33,120 cost-benefit analysis. Um when it comes 103 00:10:33,120 --> 00:10:35,160 to whether it's a good development or 104 00:10:35,160 --> 00:10:37,320 not, good for the community, that's the 105 00:10:37,320 --> 00:10:38,840 role for the council. 106 00:10:38,840 --> 00:10:39,880 Uh and ultimately that's what the 107 00:10:39,880 --> 00:10:41,800 council is going to decide. What you're 108 00:10:41,800 --> 00:10:43,600 looking at right now is a little bit 109 00:10:43,600 --> 00:10:46,120 more narrow and focused. And so I just 110 00:10:46,120 --> 00:10:47,400 want to remind the audience of that as 111 00:10:47,400 --> 00:10:48,480 well. 112 00:10:48,480 --> 00:10:49,960 There will be uh the official 113 00:10:49,960 --> 00:10:51,960 opportunity later during the council 114 00:10:51,960 --> 00:10:53,400 meeting for the public hearing and 115 00:10:53,400 --> 00:10:55,800 that's really the prime opportunity for 116 00:10:55,800 --> 00:11:00,800 the citizens to get up and comment on a TIF proposal and this redevelopment 117 00:11:00,800 --> 00:11:02,880 plan. Uh if they have questions, 118 00:11:02,880 --> 00:11:04,600 comments about some of the technical 119 00:11:04,600 --> 00:11:06,839 aspects of the plan, that would be 120 00:11:06,839 --> 00:11:09,920 appropriate for the CD this CDA meeting 121 00:11:09,920 --> 00:11:11,800 uh as well. But but ultimately, if 122 00:11:11,800 --> 00:11:13,640 they're just don't think it's good for 123 00:11:13,640 --> 00:11:15,280 the community, that really is more of a 124 00:11:15,280 --> 00:11:18,400 council decision, not a CDA decision. So 125 00:11:18,400 --> 00:11:20,440 again, I'd encourage you to pay close 126 00:11:20,440 --> 00:11:22,720 attention uh as Michael goes over this 127 00:11:22,720 --> 00:11:24,560 with the plan, especially from staff's 128 00:11:24,560 --> 00:11:26,080 perspective. 129 00:11:26,080 --> 00:11:28,720 The biggest change in this one is the is 130 00:11:28,720 --> 00:11:31,160 the details in the phasing aspect of 131 00:11:31,160 --> 00:11:33,560 things. Uh and that it specifically and 132 00:11:33,560 --> 00:11:35,800 clearly says that when it comes to phase 133 00:11:35,800 --> 00:11:38,600 two, which in this revised plan is the 134 00:11:38,600 --> 00:11:40,960 commercial lots, and then phase three, 135 00:11:40,960 --> 00:11:43,640 which would be potentially additional 136 00:11:43,640 --> 00:11:46,600 multi-family housing units, that that 137 00:11:46,600 --> 00:11:49,080 both of those two phases are absolutely 138 00:11:49,080 --> 00:11:51,840 contingent upon a council in the future 139 00:11:51,840 --> 00:11:53,440 deciding that that's what you want to 140 00:11:53,440 --> 00:11:56,960 do. But if you were to approve this plan 141 00:11:56,960 --> 00:12:00,040 tonight, ultimately it would go back if 142 00:12:00,040 --> 00:12:01,360 the council ultimately would approve it 143 00:12:01,360 --> 00:12:02,400 tonight, 144 00:12:02,400 --> 00:12:05,680 then a redevelopment contract would be 145 00:12:05,680 --> 00:12:07,320 written up that would deal just with 146 00:12:07,320 --> 00:12:10,040 phase one. And that's the only TIF that 147 00:12:10,040 --> 00:12:12,080 would be involved would be the TIF 148 00:12:12,080 --> 00:12:14,640 dollar amounts for phase one, not for 149 00:12:14,640 --> 00:12:17,040 phase two, not for phase three. Those 150 00:12:17,040 --> 00:12:18,400 would have to be decided by a future 151 00:12:18,400 --> 00:12:21,240 council sometime if they decided to go 152 00:12:21,240 --> 00:12:23,760 forward with that. And it could be this 153 00:12:23,760 --> 00:12:25,560 concept that the developers are putting 154 00:12:25,560 --> 00:12:27,400 forward, it could be a different concept 155 00:12:27,400 --> 00:12:29,120 based on what the council wants to see 156 00:12:29,120 --> 00:12:30,680 at that point in time. So that's kind of 157 00:12:30,680 --> 00:12:33,720 a significant change in this plan that 158 00:12:33,720 --> 00:12:35,800 it tears that phase two, phase three 159 00:12:35,800 --> 00:12:37,800 apart, and really just is ultimately 160 00:12:37,800 --> 00:12:40,240 going to prevent present phase one to 161 00:12:40,240 --> 00:12:42,000 you. And then again, the cost-benefit 162 00:12:42,000 --> 00:12:45,160 analysis is critical, and that is in 163 00:12:45,160 --> 00:12:47,320 exhibit E, I think it is. And ultimately 164 00:12:47,320 --> 00:12:49,160 kind of lays out for you some of the 165 00:12:49,160 --> 00:12:51,520 benefits from a financial standpoint, 166 00:12:51,520 --> 00:12:53,640 the costs, and then makes the 167 00:12:53,640 --> 00:12:55,040 determination that this would be a 168 00:12:55,040 --> 00:12:57,240 positive thing from a cost-benefit 169 00:12:57,240 --> 00:12:59,600 analysis only. 170 00:12:59,600 --> 00:13:00,560 Um 171 00:13:00,560 --> 00:13:01,680 Unless you have any questions for me, I 172 00:13:01,680 --> 00:13:02,880 will turn it over to Michael Sands, 173 00:13:02,880 --> 00:13:04,000 again, 174 00:13:04,000 --> 00:13:05,960 attorney for the city regarding TIF 175 00:13:05,960 --> 00:13:14,390 projects. 176 00:13:14,400 --> 00:13:17,600 » Hello again, Michael Sands, 1700 Farnam, 177 00:13:17,600 --> 00:13:19,320 special attorney for the city on TIF 178 00:13:19,320 --> 00:13:20,560 matters. 179 00:13:20,560 --> 00:13:22,680 So as Phil 180 00:13:22,680 --> 00:13:24,880 kind of laid out for you, the main, you 181 00:13:24,880 --> 00:13:27,880 know, the the project as a whole, or at 182 00:13:27,880 --> 00:13:29,920 least the components of it haven't 183 00:13:29,920 --> 00:13:33,480 really changed with respect to um 184 00:13:33,480 --> 00:13:34,880 to what's in the plan. It's really the 185 00:13:34,880 --> 00:13:37,640 structure and the oversight of of how 186 00:13:37,640 --> 00:13:39,360 it's implemented. 187 00:13:39,360 --> 00:13:40,480 So, 188 00:13:40,480 --> 00:13:42,840 if you'll recall um 189 00:13:42,840 --> 00:13:45,240 prior it you know, at least from a 190 00:13:45,240 --> 00:13:48,320 timing and sort of division of taxes 191 00:13:48,320 --> 00:13:49,920 perspective, 192 00:13:49,920 --> 00:13:51,640 it was broken up into kind of three 193 00:13:51,640 --> 00:13:54,360 separate areas uh with the the initial 194 00:13:54,360 --> 00:13:57,080 multi-family, the commercial element, 195 00:13:57,080 --> 00:13:59,280 and then the uh you know, the later on 196 00:13:59,280 --> 00:14:01,800 expansion of the multi-family. So, so 197 00:14:01,800 --> 00:14:04,120 it's still that, but what is different 198 00:14:04,120 --> 00:14:05,400 is 199 00:14:05,400 --> 00:14:06,040 uh 200 00:14:06,040 --> 00:14:08,480 really just the treatment of of how 201 00:14:08,480 --> 00:14:11,040 those three uh three different phases 202 00:14:11,040 --> 00:14:13,080 will be approached. So, 203 00:14:13,080 --> 00:14:14,120 you know, 204 00:14:14,120 --> 00:14:16,160 there's two different kinds of of sort 205 00:14:16,160 --> 00:14:19,600 of phasing with these TIF um projects 206 00:14:19,600 --> 00:14:20,800 and 207 00:14:20,800 --> 00:14:23,240 like I just kind of said, the the one we 208 00:14:23,240 --> 00:14:25,800 had before was really to just maximize 209 00:14:25,800 --> 00:14:27,560 the amount of you know, 210 00:14:27,560 --> 00:14:29,040 the amount of years you could get to 211 00:14:29,040 --> 00:14:31,120 each segment of the pro project, but 212 00:14:31,120 --> 00:14:33,760 really treating the project as a whole. 213 00:14:33,760 --> 00:14:36,520 Uh the TIF amount uh wasn't segmented 214 00:14:36,520 --> 00:14:38,839 out between the three 215 00:14:38,839 --> 00:14:41,440 separate phases as we'll call them now. 216 00:14:41,440 --> 00:14:44,120 Uh so so that's what's what's changed 217 00:14:44,120 --> 00:14:46,480 really is that So, the the first phase 218 00:14:46,480 --> 00:14:48,600 is is um 219 00:14:48,600 --> 00:14:50,440 as Phil outlined, 220 00:14:50,440 --> 00:14:52,839 would be that that initial 110 221 00:14:52,839 --> 00:14:55,680 multi-family units. Uh so, that's five 222 00:14:55,680 --> 00:14:57,920 22-plexes. 223 00:14:57,920 --> 00:15:01,160 Uh the second phase the or the uh is the 224 00:15:01,160 --> 00:15:03,640 commercial element there on the boundary 225 00:15:03,640 --> 00:15:05,760 of the project site. And then sort of 226 00:15:05,760 --> 00:15:07,600 the third phase 227 00:15:07,600 --> 00:15:09,320 uh would be the 228 00:15:09,320 --> 00:15:12,880 you know, that potential uh expansion of 229 00:15:12,880 --> 00:15:14,680 the multi-family. 230 00:15:14,680 --> 00:15:17,000 But I think probably the most 231 00:15:17,000 --> 00:15:18,560 uh um 232 00:15:18,560 --> 00:15:21,160 sort of informative or important part of 233 00:15:21,160 --> 00:15:23,200 the plan 234 00:15:23,200 --> 00:15:27,320 is contained within section H. 235 00:15:27,320 --> 00:15:28,840 So, there's a couple of bullet points 236 00:15:28,840 --> 00:15:31,200 there that talk about 237 00:15:31,200 --> 00:15:32,200 um 238 00:15:32,200 --> 00:15:33,920 Well, it lays out the phases as I just 239 00:15:33,920 --> 00:15:36,360 did, but the bullet points below there 240 00:15:36,360 --> 00:15:38,560 uh provide some stipulations for phase 241 00:15:38,560 --> 00:15:40,480 two and phase three. 242 00:15:40,480 --> 00:15:43,240 So, and I won't read it for verbatim, 243 00:15:43,240 --> 00:15:45,320 but essentially what it says is that, 244 00:15:45,320 --> 00:15:48,080 you know, with respect to phase two, 245 00:15:48,080 --> 00:15:50,080 the city the city's willingness to both 246 00:15:50,080 --> 00:15:52,520 enter into a redevelopment contract and 247 00:15:52,520 --> 00:15:54,760 commit those TIF dollars to issue a TIF 248 00:15:54,760 --> 00:15:56,280 note or bond 249 00:15:56,280 --> 00:15:58,880 uh is expressly contingent upon the 250 00:15:58,880 --> 00:16:01,160 redevelop redeveloper establishing 251 00:16:01,160 --> 00:16:04,120 mutually agreeable parameters and or 252 00:16:04,120 --> 00:16:06,560 land land control rights or restrictions 253 00:16:06,560 --> 00:16:09,160 with respect to the permissible and or 254 00:16:09,160 --> 00:16:11,440 not permissible type of commercial 255 00:16:11,440 --> 00:16:14,200 improvements developed on such lots. And 256 00:16:14,200 --> 00:16:15,760 it goes on to say if that agreement 257 00:16:15,760 --> 00:16:17,600 can't be reached, then the city, you 258 00:16:17,600 --> 00:16:19,400 know, reserves the right to not enter 259 00:16:19,400 --> 00:16:22,760 into a contract and you know, either 260 00:16:22,760 --> 00:16:24,120 something else would have to be 261 00:16:24,120 --> 00:16:26,960 presented or, you know, the land would 262 00:16:26,960 --> 00:16:30,720 perhaps go to a different developer to present something else, but but very 263 00:16:30,720 --> 00:16:32,120 basically, 264 00:16:32,120 --> 00:16:37,880 that's almost its own own project. The reason for including all the three 265 00:16:37,880 --> 00:16:39,000 phases 266 00:16:39,000 --> 00:16:40,720 in one plan 267 00:16:40,720 --> 00:16:43,280 is so if the, you know, if the plan or 268 00:16:43,280 --> 00:16:46,160 if the project doesn't change and you do 269 00:16:46,160 --> 00:16:48,240 come to these agreements, you don't have 270 00:16:48,240 --> 00:16:49,640 to go through two months of public 271 00:16:49,640 --> 00:16:51,720 hearings again uh cuz you have the 272 00:16:51,720 --> 00:16:54,440 baseline document. But for each phase, 273 00:16:54,440 --> 00:16:55,960 they'll have to come back with a a 274 00:16:55,960 --> 00:16:57,520 redevelopment contract for the 275 00:16:57,520 --> 00:16:59,760 commercial one. That would be contingent 276 00:16:59,760 --> 00:17:01,280 upon um 277 00:17:01,280 --> 00:17:03,640 like I just said, having some sort of 278 00:17:03,640 --> 00:17:05,280 land control 279 00:17:05,280 --> 00:17:05,920 uh 280 00:17:05,920 --> 00:17:09,680 or uh land use uh parameters in there. 281 00:17:09,680 --> 00:17:11,199 What those are, 282 00:17:11,199 --> 00:17:13,079 I assume I will be 283 00:17:13,079 --> 00:17:14,839 negotiating on your behalf with the 284 00:17:14,839 --> 00:17:17,199 developer. Um I'm sure there are a lot 285 00:17:17,199 --> 00:17:19,240 of options. Uh, we just need to figure 286 00:17:19,240 --> 00:17:20,280 out 287 00:17:20,280 --> 00:17:22,680 sort of what what what route the city 288 00:17:22,680 --> 00:17:27,240 wants to go with that. And then for the third phase, which is the expansion 289 00:17:27,240 --> 00:17:29,280 of the multi-family, 290 00:17:29,280 --> 00:17:32,120 that contingency is really just how how 291 00:17:32,120 --> 00:17:34,240 did the first phase do? What's the 292 00:17:34,240 --> 00:17:35,720 market demand currently? Cuz we're 293 00:17:35,720 --> 00:17:37,200 talking about 294 00:17:37,200 --> 00:17:40,080 5 6 years down the road. 295 00:17:40,080 --> 00:17:41,440 Maybe more. 296 00:17:41,440 --> 00:17:43,440 Uh, so so what's the landscape look 297 00:17:43,440 --> 00:17:44,960 like? Is there still an appetite for 298 00:17:44,960 --> 00:17:46,920 more multi-family? Do we feel it's 299 00:17:46,920 --> 00:17:48,440 saturated? 300 00:17:48,440 --> 00:17:49,920 That sort of thing. And and so it's 301 00:17:49,920 --> 00:17:51,280 really in the broad discretion of the 302 00:17:51,280 --> 00:17:53,040 council at that point, assuming the 303 00:17:53,040 --> 00:17:54,640 developer still wanted to proceed and 304 00:17:54,640 --> 00:17:56,680 expand to say, "Well, 305 00:17:56,680 --> 00:17:57,960 no, we really don't want more 306 00:17:57,960 --> 00:18:00,000 multi-family." Or this is, you know, 307 00:18:00,000 --> 00:18:02,880 this has been gangbusters and and yeah, 308 00:18:02,880 --> 00:18:03,760 you know, 309 00:18:03,760 --> 00:18:06,080 more is needed. So, 310 00:18:06,080 --> 00:18:08,080 you're not you know, by splitting them 311 00:18:08,080 --> 00:18:10,400 into the three phases and then splitting 312 00:18:10,400 --> 00:18:12,440 up the TIF, so the aggregate TIF amount 313 00:18:12,440 --> 00:18:14,200 before 314 00:18:14,200 --> 00:18:17,670 um, 315 00:18:17,680 --> 00:18:20,040 hasn't changed, but the amount that 316 00:18:20,040 --> 00:18:21,880 you're committing for each phase has 317 00:18:21,880 --> 00:18:24,560 changed. So, for the first phase, 318 00:18:24,560 --> 00:18:27,760 it's uh, $2,077,000. 319 00:18:27,760 --> 00:18:31,440 For the second phase, it's $689 320 00:18:31,440 --> 00:18:33,480 $89,000. 321 00:18:33,480 --> 00:18:36,400 And for the third, it's $1.66 322 00:18:36,400 --> 00:18:38,240 uh, million. So, instead of entering 323 00:18:38,240 --> 00:18:40,680 into redevelopment contract and 324 00:18:40,680 --> 00:18:42,720 committing the aggregate amount of that 325 00:18:42,720 --> 00:18:45,360 whatever that