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Ordering in progress.

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of heat items on our agenda.

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Our last item, item number eight is Mark for closed session.

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We will be going into closed session for that item.

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I'll do the role here.

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I'm here.

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All there are needs here.

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All there McClub is here.

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All there loses here.

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All the gustives in this year.

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All there are influences here.

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All there market is here.

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And all there don't in this year.

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So we are all here.

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All right.

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Again, we're going to go in order tonight.

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Item number one is consideration of request by the fire chief

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to approve the intergovernmental cooperation

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and agreement with City of Milwaukee Fire Department for Fire Apparatist and Equipment Repairs,

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Assistant Chief Cadrich, is with us and she's going to present.

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Hello, I'm going to stand up because my, you know, it's tall, tall, stature helps everybody

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see me, but yes, so thank you for allowing me to be here tonight and I just want to give you

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some brief points on this overview. This is an agreement on IGA with the City of Milwaukee

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between multiple fire departments in the county.

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And we're pretty excited about it because it helps us

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to save money for our labor costs.

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And at the same time, it gets us a closer partner

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to get a lot of our fire findings in EMS equipment

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repaired in more timely manner.

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Just for an example, our stretchers,

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our comar cats, their manufactured by Striker,

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and you need a striker-certified technician

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to do the yearly maintenance on those, that's required, and that's very costly where the city

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Milwaukee maintains a mechanic who can do those in-house.

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I just wanted to let you know that the page 5, the MRU, GK, is one of me that lets you know

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that's just an internal methodology that Milwaukee uses for the technical difficulty of

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repair, so those might change. And as it's stated, we're basically looking to cut our labor

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costs for a mechanic operating on a fire truck from approximately the $48 dollars an hour,

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or down to $48 dollars an hour from 185. So if you have any questions on that, I'd be happy to

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answer them. We're looking for your recommendation to approve this IGA. Thank you very much.

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I mean, members of the public have a question or comment on this. That's singing in the

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It's reasonable check on Zoom.

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Any folks in Zoom have a question or comment.

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Please raise your hand in Zoom.

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Not seeing any hands raised.

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So we will take it to committee committee.

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All that will close.

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So currently, that was something we were currently doing.

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Greg, this is something new.

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We temporarily did it with like a handshake agreement

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with the City of Milwaukee Fire Department.

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When we had a vacancy for our mechanic in-house

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with the fire department mechanic.

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And we still had repairs and you know emergency type repairs that were coming about that we didn't want to take to a commercial vendor

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Interstate is one of them a diesel mechanic shop that might not prioritize our repair.

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So they were on a week and they actually came and rescued one of our fire trucks that was

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It wouldn't start on a scene. They went there, got a started, got a back to our station, and actually helped us repair it.

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So we're not replacing any of our personnel, please roll to this.

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Correct. We will still use our in-house mechanic, and if anything, he might actually take one of our rakes to their shop,

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and partner with our mechanic to complete the repair. So it's a very fluid agreement.

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Thank you.

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Okay, any other questions or comments on this?

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I just want a government, both the fire departments on your cooperation.

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I know that,

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therefore, while with the last of the panic, and this is a great evolution

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arrangement.

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Was that Augusta?

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Okay, thank you.

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All right.

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The other motion by older Philips a second by Augusta.

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I

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want to make one little comment on this.

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I think it was shared in the following item.

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an example where a heavy expenditure, we're going to discuss that, but I only bring it up in the sense that in the narrative that we're here, it was talking about having the level of expertise to deal with some of these issues and as a result of going into this agreement, your leveraging other folks who may be seen similar situations with equipment compared to our folks.

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So let's just be mindful of that, it's not just a dollar's power, it's who is experience and dealing with some of this equipment and some of the repair as compared to paying substantial not so.

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Thank you for that. All right. You have a motion by all their Phillips in a second by Augustus and we'll take a vote all those in favor.

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Yeah.

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Any opposed?

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Chair votes aye.

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That passes eight to zero.

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So, thank you on that.

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We'll move on to item number two, and that's consideration of request by the fire chief

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to approval level three fund transfer for the purpose of an emergency tower ladder truck repair

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and system chief you're going to present that as well.

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Yes, thank you, sir.

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Definitely your point was made.

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If this relates directly to this, here's a prime example.

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So we had our tower ladder, it was discovered by our in-house mechanic that there was oil

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inside.

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It was actually in the cooling system.

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There was an oil leak.

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It led to what would have resulted in a catastrophic engine failure.

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They also found problems with the transmission.

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Just to bring it back that engine and transmission that was in the tower ladder 53 was actually

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taken out of an old truck.

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put into a new bill, saving us thousands of dollars on the new bill of that rate, and getting us more years out of the engine, but it did result in that, and the transmission needs a new rebuild transmission, and then the engine, they were able to rebuild that in-house at Interstate.

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The impact we were able, we had savings from a purchase earlier this year.

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We purchased three new vehicles for our inspection bureau,

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for the inspectors and our code, our 3D outreach specialist.

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And we saved $31,000 with that purchase.

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We'd like to use that.

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There's some of the costs of this repair.

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That's basically the overview.

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I'll be happy to answer any questions.

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And more of the financial details.

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So again, this is repair that was already completed because of the emergency nature.

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You're asking us to give the approval for this and just to be clear when we hear the motion.

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It's going to be what's in the staff recommendation,

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which is this emergency work done level three fund transfer to submit count for the 31,62438.

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Correct.

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All right.

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That is correct.

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The final repair cost was 52,000 roughly, but we'll take the rest out of our operations.

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Right.

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I just want to be clear on the thing.

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So thank you for mentioning that.

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All right.

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Just hold up.

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Any members of the public have a question or comment on this?

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Not seeing any hands raised.

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We'll check on Zoom.

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If there's a question or comment on this and Zoom, please raise your hand.

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Not seeing any hands raised.

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We'll turn it over to committee all the door.

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I'll make a motion.

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Okay.

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so we have a motion by all their dole and for approval, second by McCluth.

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Anyway, we have

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motion by dole and McCluth. We'll take a vote all those in favor, sat. Any against now,

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chair votes side. That passes 8 to 0. All right. And I'm going to make sure I add the H and my colleagues

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All right, so we're going to go on to item number three.

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And this is thank you, Mrs. and Chief. All right, item number three is consideration request by the operations and fleet superintendents for approval, level fund, level three fund transfer for the purchase of a 2025,

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of vector 21 of 100 I combination vacuum and sewer cleaning truck and maintenance package

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Mr. Hunt.

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I'm Jason.

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Jason.

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You were in there too.

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Yeah.

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And my sewer crews would be operating this truck.

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So currently we have a combination truck that is reached end of its useful one.

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We have another jet truck that does not happen to the vacuum.

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Currently, we clean about 600 catch basins, we move about the 70 tons or degree from there.

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We clean quite a bit of the sanctuary sewer.

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So this would be the primary truck we would start using.

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Our current truck, primary truck, we judge, and debris gets dislodged.

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We manually lower that basket down.

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And all the debris that we dislodge in the sewer,

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collects into that basket.

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This way, the vacuum, this is our current one,

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which

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is pumps are old

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for the cleaning,

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but when we do dislodged,

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we breed vaccines at all.

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So we're looking to replace

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that's so pretty first of all.

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We

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can, this is a storm shore,

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we had to clean on North Avenue.

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So this is kind of debris that we had to pull on.

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Next slide is like a root ball that we found.

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So as we were jetting through these roots

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that we get into the sewers,

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the green machine,

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we call it the green machine, no, that's green.

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It was a 2005, 2005, so we spent $70,000 just repairing it in the last, through what

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I started working on this for me, January 23rd, so we have, using a lot as these trucks,

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staying with the newer trucks, we can hydro excavate, so when our water department or

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electrical, or my sewer, street crews, all the utilities are in ground, ground, and

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Once we remove the concrete or the asphalt, we'll be able to use, I've to expose those utilities.

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Sometimes, when

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we switch away in the soil,

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our current truck is set up, not ideal either.

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The controls are on the back.

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So it doesn't offer much,

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but the newer trucks, the jet and the vacuum are on the front.

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So we can pull past that man or pull in front of the man or our employees will be working in the front of it like this.

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So, someone drives through our cones, they're going to rearing the back of the truck, or the current truck.

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West Dallas has a sewer employee who is both

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the other truck.

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We have to drive

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the new trucks all the

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different trucks.

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So, come with

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other safety programs.

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We're going to be asking for a forward purchase of such trucks.

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For a maintenance package plan, with the maintenance package plan, our fleet mechanics would be responsible for oil changes and great jobs, but all the technical support, and it would go back to the workforce on

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the poverty free up the mechanics, and it is pretty technical detail.

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The other thing is, if we do purchase the maintenance package, guarantees the price of the truck after five years.

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So, at the end of five years, we do want to upgrade the streams and the truck, then we know what the truck will be worth.

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The dealer is taking care of

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all the families who are starting to go this route.

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When the interest rates were lower, a lot of miscellaneous

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years, you were trading it out so that you're not spending the $70,000.

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If we don't trade it in at that time.

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Appreciate the detailed presentation and explanation.

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Thank you.

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Can you remember the public have a question for the committee?

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It's a raise your hand.

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That's a good answer.

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Raise your hand.

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Any folks in Zoom have a question or a comment on this.

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Please raise your hand.

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That's a good answer.

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So we'll turn it over to committee.

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All of you.

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Thank you.

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So this was in the budget for this year.

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This project, this purchase was all accounted for this year.

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Oh, yes, we began discussions.

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the last year about this possibility, but we didn't have the details worked out, so we decided

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we would prefer to spend a little bit more time working through the details and bring it back

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to the US and export variant by budget item. That's why it's included as a fundraiser because

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we would be using cash in the sanitary fund balance and using those funds to purchase the vehicle.

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So it's pretty much an agency fund that we're taking the money from our agency.

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These are not contingency funds.

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In the sanitary reserve, it has access, it has its own fund balance.

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Okay, I think about it as its own savings account.

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We're building that fund balance and anticipation of significant sewer work in East Toastup.

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But given where interest rates are right now, it makes much more sense financially just to purchase the vehicle outright,

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because we have the cash on hand rather than lease it.

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This is also part of a bit of a change in strategy.

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We traditionally have just held vehicle.

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We've had a purchase hold strategy for vehicles for all vehicles.

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When we purchase them, the fleet department does a great job maintaining them,

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and we hold them as long as we can.

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However, we're recognizing that some of the more unique pieces of equipment like this one.

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That strategy isn't the most cost effective.

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And so that's why we took the time to look at the maintenance package, because that was one of the appealing items.

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The vendor originally approached us, but just with the maintenance package.

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But we went back and asked, well, can we just purchase the vehicle outright?

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But still have the maintenance package.

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And they will also guarantee us, so long as we perform the front of maintenance,

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and the annual maintenance estate live, a repurchase price.

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So in five years we have a guaranteed repurchase price of the vehicle.

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I'm going to go to the vehicle and be delivered.

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Probably late summer really fall.

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We have the possibility of the emergency.

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That's coming up available.

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I'll get that this year.

241
00:19:11,000 --> 00:19:13,960
The current truck is basically not functioning right now.

242
00:19:14,340 --> 00:19:16,460
So we'll be really going to have a look at truck right now.

243
00:19:16,640 --> 00:19:16,800
That works

244
00:19:21,630 --> 00:19:21,890
fine.

245
00:19:22,010 --> 00:19:23,590
I think it's great to have saved you.

246
00:19:31,330 --> 00:19:32,950
We have a motion by older Phillips.

247
00:19:33,050 --> 00:19:37,290
We have a second by Dylan and I wanted to just hold tight.

248
00:19:43,180 --> 00:19:46,100
I notice the maintenance plan cost very reasonable

249
00:19:55,540 --> 00:19:56,780
or anything that should be true.

250
00:20:01,260 --> 00:20:06,420
There's a kind of a built-in agreement in warranty in there as well.

251
00:20:07,000 --> 00:20:09,540
That's why that five-year mark is key.

252
00:20:09,540 --> 00:20:12,600
So, that five-year mark is key for that.

253
00:20:13,080 --> 00:20:16,000
Like our current truck was purchased used in 2007.

254
00:20:16,640 --> 00:20:17,260
Oh, man.

255
00:20:17,960 --> 00:20:19,700
We're at your purchase that used back then.

256
00:20:20,940 --> 00:20:21,860
As we've kept this a long time.

257
00:20:21,860 --> 00:20:25,840
It's done. It's a major components are breaking down on the real expensive ones.

258
00:20:26,060 --> 00:20:28,840
We're trying to get away from that going forward.

259
00:20:28,840 --> 00:20:32,260
And it's good who will be covered with a city's auto insurance program.

260
00:20:32,640 --> 00:20:38,360
They don't have a $25,000 deductible, but it's the insured for replacement value.

261
00:20:40,690 --> 00:20:41,050
That's great.

262
00:20:43,570 --> 00:20:44,070
Just a deal.

263
00:20:44,430 --> 00:20:45,690
Even that on the road for 20 years.

264
00:20:45,810 --> 00:20:52,730
This is one of the questions I'm going to tell last year you must have known that truck was going to be getting the end of its life.

265
00:20:53,030 --> 00:21:00,570
And so just a basic question is why wasn't it budgeted last year to be replaced this year without having to go through the...

266
00:21:02,520 --> 00:21:05,480
that we did quite a few repairs, and we were in pretty good shape.

267
00:21:06,000 --> 00:21:12,080
This past winter, we had a bit of like a 24-hour event, and it was super cold out.

268
00:21:13,200 --> 00:21:18,080
And what happened was a lot of the parts in there, and froze, and other cracking a lot

269
00:21:18,080 --> 00:21:24,100
of the major components, so it was trying to save some basements, and basically sacrifice

270
00:21:24,100 --> 00:21:25,500
the equipment for that.

271
00:21:26,160 --> 00:21:30,580
Otherwise it would still be probably functioning for what we had repairs in the last year.

272
00:21:30,580 --> 00:21:34,900
So I was looking at another year and then this this catch-off I get on the happen

273
00:21:36,680 --> 00:21:40,900
Understand it's not a criticism. Yes, I know why it wasn't looking at that real closely

274
00:21:41,380 --> 00:21:46,280
Because we had so much invested in it. It was our opinion that we get another year out of this we wanted to get it

275
00:21:46,280 --> 00:21:50,230
We're going

276
00:21:56,120 --> 00:21:59,900
to take a vote again. We have a motion by all their folks is second by all their Dolan

277
00:22:01,380 --> 00:22:03,880
Let's take a vote all those in favor. Say hi

278
00:22:03,880 --> 00:22:06,680
Any opposed to chair vote side of the pass is e to zero.

279
00:22:06,880 --> 00:22:09,460
So thank you, gentlemen, appreciate that.

280
00:22:09,600 --> 00:22:11,180
All right, we're going to move on to item number four.

281
00:22:11,360 --> 00:22:14,100
It's a recent request by Public Works Director for pre-go

282
00:22:14,100 --> 00:22:17,160
of the three-year contract with two optional one-year extensions.

283
00:22:17,160 --> 00:22:21,540
With poor ink for the management of rental of room rentals

284
00:22:21,540 --> 00:22:25,160
had the malnour building at heart park, Mr. Simpson.

285
00:22:25,960 --> 00:22:26,620
Thank you.

286
00:22:26,800 --> 00:22:28,960
This may be a bit of a day job, I'm sorry.

287
00:22:29,500 --> 00:22:33,400
We were here not too long ago talking about

288
00:22:33,400 --> 00:22:45,620
It's exactly a contract with a different vendor for approval of that contract, that particular vendor evaluated their resources a little bit more.

289
00:22:45,720 --> 00:22:53,120
Without going into the whole story, opted to not enter into the contract with the State for the Mueller Building Development Management.

290
00:22:53,120 --> 00:23:02,540
following that information, sea staff, Alex, myself, began reaching out to vendors that had

291
00:23:02,540 --> 00:23:08,920
been recommended to us through various channels to see if they'd be interested in submitting a proposal.

292
00:23:09,940 --> 00:23:16,300
Long story short, we have received two proposals on one front, right one fork and one front,

293
00:23:20,190 --> 00:23:24,370
with both companies did and up providing.

294
00:23:30,960 --> 00:23:34,670
So you staff need to consider entering a

295
00:23:37,710 --> 00:23:37,930
new ring.

296
00:23:38,110 --> 00:23:39,010
Owners are geared tonight.

297
00:23:39,350 --> 00:23:40,370
So they'll be able to answer any

298
00:23:46,160 --> 00:23:47,060
owners of the company,

299
00:23:47,240 --> 00:23:49,000
or local, both, local residents.

300
00:23:50,060 --> 00:23:53,580
The business itself is recently van relocated

301
00:23:53,580 --> 00:23:54,580
to a local store.

302
00:23:55,020 --> 00:23:57,300
We feel good about that fact.

303
00:24:00,000 --> 00:24:00,640
Exciting in their

304
00:24:09,180 --> 00:24:10,280
videos to activate the

305
00:24:13,260 --> 00:24:13,640
part of events

306
00:24:13,640 --> 00:24:14,420
they would focus through.

307
00:24:14,980 --> 00:24:16,240
People are wanting to realize it's building,

308
00:24:16,460 --> 00:24:16,760
but also

309
00:24:23,760 --> 00:24:25,880
catered that they would be flexible

310
00:24:26,760 --> 00:24:28,220
and having a building with

311
00:24:35,300 --> 00:24:37,800
growing club, having to work for on the timing as well.

312
00:24:38,440 --> 00:24:41,220
Those, they understand the challenges that come with that and are willing to

313
00:24:44,770 --> 00:24:45,770
long story short.

314
00:24:45,970 --> 00:24:50,530
We really feel like they'd be good partner for us. That's the kind of conversation.

315
00:25:00,590 --> 00:25:09,430
Common Council does decide to move forward with this contract. I do think they'll untrain to agree with us. And I think it would be successful agreement.

316
00:25:10,670 --> 00:25:17,210
So very similar to the last proposal we have, we would basically have revenue, cashier, rental,

317
00:25:20,380 --> 00:25:22,960
administrative costs, and bar revenue as well.

318
00:25:22,960 --> 00:25:32,210
You can also like our license at some point in the near future as well in order to

319
00:25:38,450 --> 00:25:40,010
be able to have Alex Mayhem more to add

320
00:26:51,440 --> 00:26:54,520
if you want to speak and if you do please give your name and

321
00:26:56,950 --> 00:26:57,790
Tom Gavert

322
00:27:25,790 --> 00:27:27,310
And if I'm Liz Reiner's colony

323
00:27:31,530 --> 00:27:33,870
members of the public have a question or comment on this

324
00:27:34,650 --> 00:27:36,670
Seeing any hands raised will check on soon

325
00:27:37,610 --> 00:27:41,410
Any folks in soon of a question or comment on this please raise your hand

326
00:27:41,410 --> 00:27:49,320
Seeing any hands raised so we'll turn it over to committee all Augustus and then all they're working thank you Tom and Liz

327
00:27:49,320 --> 00:27:56,060
I may know them personally. I think your first office was above my business, so I've gotten

328
00:27:56,060 --> 00:27:57,480
to know them really well over the years and I

329
00:28:00,330 --> 00:28:01,490
think that would be an awesome fit.

330
00:28:03,510 --> 00:28:03,710
Thank you

331
00:28:03,710 --> 00:28:04,630
for taking this on.

332
00:28:17,750 --> 00:28:18,930
Yeah, I want to just want to re-enter

333
00:28:22,450 --> 00:28:26,070
essentially fairly appreciate to

334
00:28:26,070 --> 00:28:30,850
commitment all the approval. All right, we have a motion by all their Morgan for approval. Do we

335
00:28:30,850 --> 00:28:32,870
have a second? Hold your toll.

336
00:28:39,920 --> 00:28:43,640
I just wish to make comment. You'll remember back when the other

337
00:28:49,750 --> 00:28:50,810
I ended up wasn't threat

338
00:28:53,590 --> 00:28:54,490
to highly recommend.

339
00:29:13,900 --> 00:29:17,380
And as raised, again, we have a motion by Alter Morgan, seconded by all

340
00:29:17,380 --> 00:29:17,980
there, Dolan.

341
00:29:19,180 --> 00:29:20,900
We'll take a vote all those in favor, say aye.

342
00:29:21,000 --> 00:29:21,480
Aye.

343
00:29:21,840 --> 00:29:26,320
Any opposed, Chair of Outsight, it passes seven, two, zero, and we have one present.

344
00:29:32,320 --> 00:29:35,660
Now we'll go on to item number five, which is a consideration of request by the

345
00:29:35,660 --> 00:29:41,000
Parks and Forestry Superintendent to waive the request for proposal process, production and

346
00:29:41,000 --> 00:29:45,880
installation of a sign for a fire flight, rural park and approval, level three fund transfer.

347
00:29:45,880 --> 00:29:49,840
donated funds to the Firefly Grove Park Project.

348
00:29:50,640 --> 00:29:52,120
But we're

349
00:29:57,840 --> 00:29:59,960
having a week's night and for hearing this.

350
00:30:02,830 --> 00:30:19,620
As was said, I'm here to request a waiver of the RFP process, a native science for production of a monument sign of Firefly Grove Park, and also for a level free fund transfer of donated funds to the Project Park budget.

351
00:30:19,780 --> 00:30:26,230
It's the Parks Project budget for a procurement of that. A little bit of background.

352
00:30:27,130 --> 00:30:34,810
We've been building that park there at Firefly Grove Park in 160th and Gilbert for, I think, master planning started in 2022.

353
00:30:34,810 --> 00:30:45,300
As well underway now, planning to open Memorial Day of this year, the Project Scope has grown.

354
00:30:45,660 --> 00:30:56,760
It has been able to secure grant funding, donorships through private and public partnerships, along with the ARPA funds that were allocated by the Council.

355
00:30:56,760 --> 00:31:06,840
As the scope has grown, one item that became apparent that was missing from the project was a formal monument sign at the entrance to

356
00:31:08,860 --> 00:31:09,540
those items.

357
00:31:09,840 --> 00:31:12,860
Monuments signs are pretty pricey proposition,

358
00:31:15,780 --> 00:31:16,780
who are hoping to secure

359
00:31:23,120 --> 00:31:24,620
signs for design,

360
00:31:29,000 --> 00:31:29,580
park projects,

361
00:31:29,580 --> 00:31:30,080
There

362
00:31:43,740 --> 00:31:48,760
are tourism specialists, kind of, showed that rendering by

363
00:33:22,330 --> 00:33:22,870
an open

364
00:33:45,560 --> 00:33:50,160
response or sign that the aforementioned bank will

365
00:33:55,700 --> 00:33:56,540
like it will not say

366
00:33:57,020 --> 00:33:59,100
Sponsorable say the bank okay,

367
00:34:01,740 --> 00:34:02,300
and

368
00:34:11,610 --> 00:34:14,650
it's going to be on both sides of it from when I looked at the things.

369
00:34:14,770 --> 00:34:18,630
In other words, when you come through it, you see it and then a few are going out, you see it okay,

370
00:34:20,880 --> 00:34:21,860
just want to be clear on

371
00:34:23,880 --> 00:34:24,320
it.

372
00:34:25,160 --> 00:34:28,100
Can he members the public have a question or comment on this?

373
00:34:28,100 --> 00:34:35,080
Mayor quickly. I just want to say all of this I think illustrates what a great job the Department of Public.

374
00:34:38,590 --> 00:34:39,410
The other thing is

375
00:34:40,390 --> 00:34:43,070
To those people who mind to object to

376
00:34:45,280 --> 00:34:50,980
it does two things. It one is that recognizes the generosity, but it also encourages other

377
00:34:50,980 --> 00:34:58,300
Would be donors. I think so it's not a choice if it doesn't take away from the name of the park

378
00:34:58,640 --> 00:34:59,580
But it just

379
00:35:04,400 --> 00:35:17,320
Thank you. Any other folks, President, have a question or comment? I'd say any answer. We'll check on Zoom if there's any questions or comments on Zoom. The folks out there please raise your hand and Zoom.

380
00:35:18,240 --> 00:35:31,480
Not singing any answer. We'll turn it over to committee committee. I'd just like to make a congratulations to Beth Leasing in the tourism department for her efforts in getting waterstone back to go.

381
00:35:31,480 --> 00:35:38,760
come forward and sponsor this sign. She's done a great job and so I congratulate her and I'll move a

382
00:35:38,760 --> 00:35:46,160
approval. All right, we have a motion for approval by Alder Lewis. Can't do we have a second. Alder Morgan.

383
00:35:46,660 --> 00:35:51,780
I want to make a brief comment. Yes, Alder Morgan, you can do that. Again, reiterating with the mayor and

384
00:35:51,780 --> 00:35:57,300
Alder Lewis said, there's a number of us who when these things have come up, have tried to push for

385
00:35:57,300 --> 00:36:02,920
It's important private donations and so this is just outstanding to see you guys go out into this

386
00:36:03,360 --> 00:36:06,160
It's not easy anybody who has ever worked in

387
00:36:07,520 --> 00:36:12,480
Trying to fundraise trying to get these kinds of things going. It's a big challenge. So I give

388
00:36:13,200 --> 00:36:17,860
The city and waterstone bank a huge amount of credit for getting this down salt. Thank you

389
00:36:19,600 --> 00:36:21,520
Any other questions or comments on this

390
00:36:22,340 --> 00:36:26,160
Let's take any hands raised, okay. We'll take a vote. Again, we have a motion by all

391
00:36:26,160 --> 00:36:31,420
their loos, which is a staff recommendation seconded by Morgan. All those in favor say aye.

392
00:36:31,780 --> 00:36:37,000
All right. Any opposed? Chair votes aye. That raises 8 to 0. Thank you, Alex. Appreciate that.

393
00:36:38,300 --> 00:36:41,820
Okay. Okay. We're going to go on to item number six. Consideration and request by the

394
00:36:41,820 --> 00:36:45,940
development director for full of funds and authorization to enter into a master plan

395
00:36:45,940 --> 00:36:51,240
agreement between the C of Wattow Center organs for the Milwaukee County Research Park.

396
00:36:52,680 --> 00:36:54,580
Mr. Hammond.

397
00:36:55,000 --> 00:36:55,180
Thank you.

398
00:36:55,440 --> 00:36:55,480
All right.

399
00:36:56,360 --> 00:37:01,300
So, at tonight, we're presenting a Master Plan agreement that would be between the city and

400
00:37:01,300 --> 00:37:03,540
Ergens from the Milwaukee County Research Park.

401
00:37:04,360 --> 00:37:11,720
So, this is really a proactive effort to, you know, ensure that the research part

402
00:37:51,590 --> 00:37:52,290
on the city's

403
00:37:52,290 --> 00:37:52,590
Park would

404
00:37:59,630 --> 00:38:00,570
really focus on.

405
00:38:34,580 --> 00:38:36,940
It's Tom Ergens and I'm with the Ergens.

406
00:38:44,240 --> 00:39:14,220
We developed as in 1997, and so we've owned buildings there, and for almost 30 years now most recently we purchased the first building that was developed in the research parks 10701 research drive, which is formally occupied by the United Health Care, and one of the efforts we did was we purchased it, we subdivided the land and then developed additional buildings and so we found more utility and so part of the goal we had,

407
00:39:14,220 --> 00:39:19,740
with this partnership is to examine some of the public infrastructure and how we

408
00:39:19,740 --> 00:39:24,380
need to improve it, but then also look at assets that are owned by our

409
00:39:24,380 --> 00:39:29,280
organs and then how we could find additional utility. So you really have to

410
00:39:29,280 --> 00:39:33,320
understand the public component, but then there's also a private component. So

411
00:39:33,320 --> 00:39:38,040
that's why we're asking for a partnership with the city of Walaotosa so we can

412
00:39:38,040 --> 00:39:43,760
get better details and understand costs and what the potential is to maintain

413
00:39:43,760 --> 00:39:49,980
And very economically viable and important resource in the city of Washington, thank you very

414
00:39:49,980 --> 00:39:50,320
much.

415
00:39:52,490 --> 00:39:57,070
I just want to reiterate something, and it's in Mr. Hammond's recommendation there,

416
00:39:57,290 --> 00:39:58,990
but the real crux of it is...

417
00:40:00,560 --> 00:40:29,640
For this is more for the committee and I'll take questions from the public. But I just want to be clear. This is the recommendation is the approval of the master planning agreement and the associated cost sharing agreement. So, in that you get into the details of that, right above that, where you go into the key terms of the agreement and all that. So, I just wanted to be clear with everyone what we're talking about. Any other members of the public here wish to make a question or a comment on this. All right, we'll check on Zoom if there's any folks on Zoom or a question or a comment on this item. Please raise your hand and Zoom.

418
00:40:30,780 --> 00:40:34,520
So we'll turn it over to committee, all of them are close.

419
00:40:34,820 --> 00:40:35,000
I do.

420
00:40:36,440 --> 00:40:38,920
Quick question for anyone.

421
00:40:39,380 --> 00:40:40,920
So these have.

422
00:40:41,100 --> 00:40:43,880
When a development goes up in the research park.

423
00:40:44,440 --> 00:40:50,500
Will that follow them, stand your procedures and committee levels coming through the city?

424
00:40:50,820 --> 00:40:53,520
Or is that something that's separate than under Irvis?

425
00:40:53,680 --> 00:41:00,020
I know that right now is a specialty design review as I believe that

426
00:41:00,020 --> 00:41:08,900
reviews developed by the State Science Research Park, what's under this agreement? Do we have more control back or how does that handle?

427
00:41:13,830 --> 00:41:16,240
You can add to it.

428
00:41:16,500 --> 00:41:22,220
Specific to design would be more of that effect in the average 1992 ED

429
00:41:27,980 --> 00:41:32,960
design review function was handed over to the research part.

430
00:41:36,860 --> 00:41:42,600
within the park, I think the intent was to assure that there's some kind of consistency

431
00:41:42,600 --> 00:41:45,320
or some kind of cohesion between

432
00:41:50,030 --> 00:41:51,310
as it exists.

433
00:42:25,040 --> 00:42:30,080
Baving on the code of the zoning and stuff like that, if I propose development goes to

434
00:42:30,080 --> 00:42:34,080
there's it goes through our committees or is there something different? I guess that's

435
00:42:34,080 --> 00:42:39,140
by overall question. It depends specifically which document zoning remains

436
00:42:47,520 --> 00:42:51,520
with the

437
00:42:52,360 --> 00:42:55,840
agreement is correct. This agreement doesn't have anything

438
00:43:06,300 --> 00:43:06,600
they're

439
00:43:06,600 --> 00:43:07,320
philipsed and all

440
00:43:09,760 --> 00:43:12,640
of your I didn't know. Okay, we'll do all of your

441
00:43:12,640 --> 00:43:16,220
already then. First of all, thanks so much for your all of your

442
00:43:16,220 --> 00:43:20,820
investment. It has been actually works for Terametica and it's in the

443
00:43:20,820 --> 00:43:24,240
research park and I'm wondering if you can tell

444
00:43:39,120 --> 00:43:41,600
us an angel I mean what what's

445
00:43:41,600 --> 00:43:42,400
different now?

446
00:43:44,780 --> 00:43:46,420
I could take GE and then the top

447
00:43:49,370 --> 00:43:53,590
GE has about a 420,000 square

448
00:43:55,480 --> 00:43:59,100
the organs did build it and then they sold it to a

449
00:44:50,170 --> 00:44:50,490
group.

450
00:44:50,630 --> 00:44:51,870
I'm not a minute too soon.

451
00:44:53,620 --> 00:44:54,080
How much do you owe me?

452
00:44:54,200 --> 00:44:55,960
You guys have pretty low vacancies.

453
00:44:56,300 --> 00:44:56,600
Right now.

454
00:45:03,410 --> 00:45:11,210
But what I would say is, you know, the research park was developed incrementally. It was, you know, you got one piece of land under contract. You built the building.

455
00:45:11,910 --> 00:45:17,350
But now that we own 12 buildings, you know, many of them are next door to one another.

456
00:45:17,770 --> 00:45:22,170
And so there are opportunities to maybe look at, you know, we laying out a parking field.

457
00:45:22,510 --> 00:45:31,330
And then perhaps there's an opportunity for some excess land. We developed a project and partnership with the city of Wartosa called the metal land building.

458
00:45:31,330 --> 00:45:36,490
for corporate headquarters called XI Way, they're still some of you on the council who worked

459
00:45:36,490 --> 00:45:42,990
on that project with us and you know one of the elements of that endeavor was, is there was

460
00:45:42,990 --> 00:45:50,590
some access parking in a building next door, 10,000 innovation drive, where you know we had a agreement

461
00:45:50,590 --> 00:45:56,470
in our development agreement that perhaps you build a neighboring building on that empty portion

462
00:45:56,470 --> 00:45:59,050
underutilized portion of a parking lot.

463
00:45:59,510 --> 00:46:03,870
And so really, this is about taking a more global look

464
00:46:03,870 --> 00:46:07,610
at land planning as opposed to, you know, 27 years

465
00:46:07,610 --> 00:46:09,930
worth of building individual buildings

466
00:46:09,930 --> 00:46:12,470
that we can take a more holistic approach

467
00:46:12,470 --> 00:46:14,130
and really study and understand

468
00:46:14,130 --> 00:46:16,950
what can the public infrastructure support?

469
00:46:17,070 --> 00:46:19,550
You know, is there a better way to lay out certain aspects

470
00:46:19,550 --> 00:46:20,870
of the public infrastructure?

471
00:46:21,610 --> 00:46:26,190
You know, on the initial road system was built in the 1990s,

472
00:46:26,190 --> 00:46:30,910
you know, as much wider, you know, some of the original buildings had, you know, we're a little

473
00:46:30,910 --> 00:46:36,890
off the street, whereas now we take a more new urbanist, you know, approach to how we, you know,

474
00:46:37,010 --> 00:46:42,870
site buildings and sites closer to the street edge, things of that nature. And so it's, you know,

475
00:46:43,010 --> 00:46:49,450
well, what do we want to do? We've got a four lane concrete road, full of potholes. There's no bike lanes.

476
00:46:52,010 --> 00:46:56,070
And you know, if you ride your bike, you're taking your life and your own hands.

477
00:46:56,390 --> 00:47:02,970
And so, is there an opportunity to enhance that experience, you know, you know, look at, you know,

478
00:47:03,270 --> 00:47:08,450
potentially additional public purposes, you know, is there a better way to lay it out so we can, you know,

479
00:47:08,510 --> 00:47:15,250
harvest more value out of the same amount of land, which I think is better for the community as a whole.

480
00:47:18,640 --> 00:47:24,400
Yeah, I just wanted to add to that when the middle lands was developed, I remember

481
00:47:24,400 --> 00:47:31,060
Alder Tillerson and I were the strong proponents for undoing what we're starting to undo

482
00:47:31,060 --> 00:47:37,420
what the county had imposed when the research part was founded, which was a restriction on anything

483
00:47:37,420 --> 00:47:38,180
but offices.

484
00:47:38,680 --> 00:47:45,600
And we said, okay, that was 1992, but we're in the 21st century now and we need to integrate

485
00:47:45,600 --> 00:47:52,940
housing and some retail and some other stuff, Ergens now has started to do that with the

486
00:47:52,940 --> 00:47:58,360
apartment plan on the corner of Nature Road at Wisconsin Avenue, with the medical office

487
00:47:58,360 --> 00:48:05,320
building, with some of the fast food to things at the restaurant, uses on Nature Road.

488
00:48:06,140 --> 00:48:13,840
And it was our determination, our vision, maybe we could have a food truck plaza, maybe

489
00:48:13,840 --> 00:48:17,940
maybe just some open space where people are congregated a little bit.

490
00:48:18,300 --> 00:48:21,520
Making more urban, because the way it was originally envisioned,

491
00:48:21,800 --> 00:48:24,220
you drive your car in, you drive your car out,

492
00:48:24,580 --> 00:48:26,680
and it wasn't a 24-hour date thing.

493
00:48:27,180 --> 00:48:30,040
So there are all kinds of possibilities for that space

494
00:48:30,040 --> 00:48:34,760
that are much more consistent with 2025 than 1992.

495
00:48:35,500 --> 00:48:37,020
We need to move on.

496
00:48:37,020 --> 00:48:39,320
Am I going too far with this time?

497
00:48:39,800 --> 00:48:40,520
I don't think so, Mayor.

498
00:48:40,940 --> 00:48:43,080
Okay, so I think we're, that's the vision.

499
00:48:43,080 --> 00:48:46,920
And we'll be sure at this point we want to see what the urban planners have to say.

500
00:48:47,880 --> 00:48:48,560
Yeah, that's great.

501
00:48:48,640 --> 00:48:49,200
Thank you.

502
00:48:49,320 --> 00:48:49,500
Okay.

503
00:48:49,700 --> 00:48:50,560
Thank you.

504
00:48:50,900 --> 00:48:51,440
Holder Phillips.

505
00:48:51,860 --> 00:48:52,240
Thank you.

506
00:48:52,440 --> 00:48:53,860
It's very important undertaking.

507
00:48:55,440 --> 00:48:57,980
All the changes in the last 30 years.

508
00:48:58,460 --> 00:49:00,020
Changing commercial space.

509
00:49:02,710 --> 00:49:05,750
But I think my question is what sort of involvement does the city council

510
00:49:15,570 --> 00:49:15,790
have?

511
00:49:15,790 --> 00:49:17,130
I think it's hard to

512
00:49:20,880 --> 00:49:22,620
inform what we do in the capital budget.

513
00:49:23,100 --> 00:49:25,460
We have in the five year plan.

514
00:49:26,560 --> 00:49:32,820
relatively straightforward, reconstruct more or less as is what exists there, but needs to be replaced.

515
00:49:35,480 --> 00:49:38,840
It's going to give you a vision of sorts.

516
00:49:39,500 --> 00:49:45,500
And I don't mean this as an exact example, but sort of to think about what kind of transformation can happen.

517
00:49:47,100 --> 00:49:51,380
When we read the village, the streetscape, et cetera.

518
00:49:53,040 --> 00:49:57,700
It took somebody coming in from the outside to say, well, what could this be?

519
00:49:58,760 --> 00:49:59,980
And so we did all of the...

520
00:50:00,000 --> 00:50:29,660
Associated with the billage now, so much brings it to life, just in sort of a concept. That's at least part of what I think of is, what do you do with a part that looks like it's dispatched in the 1990s that now densifies it, diversifies it, and captures the market going forward for the next decade or two decades in a way that the existing in place.

521
00:50:30,820 --> 00:50:33,480
status of the park isn't going to do.

522
00:50:33,740 --> 00:50:37,020
Isn't going to create any greater advantage for a core

523
00:50:37,020 --> 00:50:38,920
park versus one that might be

524
00:50:41,610 --> 00:50:42,990
not answering your question.

525
00:50:44,090 --> 00:50:50,830
By nine, I guess that on my question is how the city and is the council

526
00:50:50,830 --> 00:50:51,370
having,

527
00:50:55,300 --> 00:50:57,680
and what specifically asks to answer that, well, and vision is,

528
00:50:57,680 --> 00:51:02,820
once this is completed, we'll be coming back, developing a sort of

529
00:51:02,820 --> 00:51:06,420
fuller description in the capital plan, which comes through financial

530
00:51:06,420 --> 00:51:08,140
affairs through the budget process.

531
00:51:08,480 --> 00:51:16,060
And if I could throw in that, I was on the village streetscape incidentally that working

532
00:51:16,060 --> 00:51:20,500
with consultants from South Carolina and Madison came up with what the village looks like

533
00:51:20,500 --> 00:51:21,020
today.

534
00:51:21,800 --> 00:51:28,840
And it was a very interactive process between consultants, citizen members of the committee, elected

535
00:51:28,840 --> 00:51:31,420
officials, the common council, and everybody else.

536
00:51:31,880 --> 00:51:35,520
So this is the beginning of your involvement at the end of it.

537
00:51:39,910 --> 00:51:40,430
a clue.

538
00:51:41,190 --> 00:51:49,070
It's okay, I want to follow up on that as we're laying out infrastructure and we're imagining

539
00:51:49,070 --> 00:51:54,590
what that area could possibly look like and hopeful that we're looking at the possibility

540
00:51:54,590 --> 00:52:00,550
of some areas, the area, the G building and if we're not repurposing it, it's going

541
00:52:00,550 --> 00:52:06,730
to come down and come down and be built there that we look at the possibility of the area

542
00:52:06,730 --> 00:52:13,330
for single family homes to something like a little bit of a subdivision or something like that.

543
00:52:13,390 --> 00:52:17,130
In an area where we don't, we say we don't have land to film single family homes.

544
00:52:17,610 --> 00:52:23,450
This is a huge swath of area where the possibility I would imagine we could envision something

545
00:52:23,450 --> 00:52:29,850
like that included in there, not saying strictly, but I would say, you know, let's vision that out

546
00:52:29,850 --> 00:52:35,230
in addition to, you know, going up with more members is something. So, yes, that's what I'm making

547
00:52:35,230 --> 00:52:36,190
for that.

548
00:52:41,190 --> 00:52:51,830
Having motion. All the Phillips. Second. Okay. So just so we're clear the motion is to enter

549
00:52:51,830 --> 00:52:56,290
to a master planning agreement between the City of Rotos and Irvings for Milwaukee Research Park

550
00:52:56,290 --> 00:53:02,820
and the Associated Cost Sharing Committee. Correct. All right. So we have a motion by all their

551
00:53:04,020 --> 00:53:06,820
And we have a second by all their duller.

552
00:53:07,440 --> 00:53:08,180
That was a quick second.

553
00:53:09,060 --> 00:53:09,720
All right.

554
00:53:09,720 --> 00:53:11,980
All right.

555
00:53:12,020 --> 00:53:14,680
Any other questions or comments?

556
00:53:16,220 --> 00:53:16,400
All right.

557
00:53:16,680 --> 00:53:17,660
I think we're ready to vote.

558
00:53:17,820 --> 00:53:19,180
All those in favor say aye.

559
00:53:19,200 --> 00:53:19,380
Aye.

560
00:53:19,920 --> 00:53:20,580
Any opposed?

561
00:53:21,060 --> 00:53:21,540
Chair votes.

562
00:53:21,960 --> 00:53:22,340
That passes.

563
00:53:22,620 --> 00:53:24,500
So thank you, Mr. Hammond.

564
00:53:24,620 --> 00:53:25,600
Thank you, Mr. Ergens.

565
00:53:25,820 --> 00:53:26,320
Thank you very much.

566
00:53:26,880 --> 00:53:27,380
All right.

567
00:53:27,740 --> 00:53:30,380
We're on item number seven consideration of a quest by all

568
00:53:30,380 --> 00:53:37,280
person mind-il for resolution requesting state authorization for municipal, crypto-currency reserves,

569
00:53:37,840 --> 00:53:39,360
and older mind-il wasn't here before.

570
00:53:41,680 --> 00:53:45,960
I would like him if he desires to make some comments.

571
00:53:48,800 --> 00:53:50,660
All their mind-il were on your item.

572
00:53:51,040 --> 00:53:51,760
Would you like to?

573
00:53:51,860 --> 00:53:52,340
We just started.

574
00:53:52,580 --> 00:53:54,060
Would you like to comment on this?

575
00:53:54,220 --> 00:53:54,820
Yeah, sure.

576
00:54:04,460 --> 00:54:04,960
Good evening.

577
00:54:06,620 --> 00:54:07,820
Just have a free face here.

578
00:54:09,040 --> 00:54:10,880
Right now I'm speaking in my official capacity

579
00:54:10,880 --> 00:54:14,720
is an older men in the city while we're toast to my statements from Marx and follow-up questions

580
00:54:14,720 --> 00:54:18,540
whether verbal written or published or part of my official duties in my opinion,

581
00:54:18,820 --> 00:54:21,720
including government oversight policy discussions and public accountability.

582
00:54:23,400 --> 00:54:27,600
Tonight I urge you to consider this cryptocurrency resolution which positions

583
00:54:27,600 --> 00:54:32,940
while we're toast to at the forefront of financial innovation by allowing municipalities to hold

584
00:54:32,940 --> 00:54:38,660
cryptocurrency reserves just as the Wisconsin retirement system WRS and the state of Wisconsin

585
00:54:38,660 --> 00:54:45,180
investment boards with have already invested in Bitcoin ETFs, I believe. Just some quick numbers.

586
00:54:46,240 --> 00:54:51,440
If we had invested half a million in Bitcoin, and this could have changed from what I saw this morning,

587
00:54:51,660 --> 00:54:58,880
the way the markets are. In 2020, when I first mentioned this idea, it would be worth now nearly

588
00:55:00,000 --> 00:55:11,640
Clear demonstration of potential growth for the asset and fiscal resilience. And yes, I'm in on days like today, more assets in the market are in correction territory. So it's a great timing, I guess, but it how it goes.

589
00:55:12,800 --> 00:55:25,060
So the thought is let's take a proactive step towards economic diversification, asking the state assembly to consider allowing municipal governments to continue to diversify their financial assets. So just to clarify again for the public, I am not.

590
00:55:25,060 --> 00:55:30,780
And the proposal is not asking to put tax dollars in a cryptocurrency reserve right now.

591
00:55:31,020 --> 00:55:33,180
This is just a letter to the state assembly,

592
00:55:33,960 --> 00:55:37,380
about one of our colleagues right now to see and explore this.

593
00:55:37,520 --> 00:55:42,960
It's just a diversification opportunity for municipal governments going forward.

594
00:55:43,180 --> 00:55:43,660
It's all I got.

595
00:55:47,900 --> 00:55:49,500
I know could you stay up?

596
00:55:50,680 --> 00:55:53,000
Well, we could sit in the audience, but just be present.

597
00:55:53,000 --> 00:55:57,840
I think we'll get to you.

598
00:55:58,000 --> 00:56:01,180
I want to focus on what I'm going to make common on this.

599
00:56:01,260 --> 00:56:05,800
Homestini would like you to put on this, and I believe the city attorney was going to

600
00:56:14,560 --> 00:56:14,640
make it.

601
00:56:14,640 --> 00:56:21,160
Tonight, but I think what the nation considers that our current investment policy,

602
00:56:22,380 --> 00:56:27,820
the standard investment objective of yield is secondary to both safety of principle and liquidity.

603
00:56:28,740 --> 00:56:36,440
And so, even if we were allowed to understate law, this would not be, this would be a violation of our firm investment policy.

604
00:56:37,140 --> 00:56:45,300
So I think my suggestion to committee is before you consider lobbies for a change in state law, you should consider changing the investment policy.

605
00:56:46,240 --> 00:56:56,900
I would say that we don't have the in-house expertise to invest in something like this, particularly because

606
00:56:57,880 --> 00:57:02,960
we're different than a pension fund. A pension fund is a 30 or 40 year horizon.

607
00:57:04,400 --> 00:57:09,900
When we are investment portfolio, we maintain under a five year horizon.

608
00:57:09,900 --> 00:57:13,680
horizon, and with a five-year period, this is very volatile,

609
00:57:13,760 --> 00:57:18,020
investment, and to try and make return on.

610
00:57:18,420 --> 00:57:22,400
And I do just come back to the fact that our standard investment objective.

611
00:57:24,480 --> 00:57:27,880
Our first priority is principle, first preservation of principle,

612
00:57:28,160 --> 00:57:31,480
our second priority is liquidity, and our third priority is yield.

613
00:57:32,000 --> 00:57:35,020
And that's because we're investing tax payer money,

614
00:57:35,620 --> 00:57:39,160
and we're investing that money to sustain the operations of the organization.

615
00:57:40,880 --> 00:57:45,980
The other concern we have is there's a higher risk of fraud with think of the concurrency.

616
00:57:47,380 --> 00:57:54,160
And while we're not necessarily opposed with being opposed, I think if we were going to

617
00:57:54,160 --> 00:58:00,080
lobby the state in terms of priorities for our financial resilience, having a local sales tax would be

618
00:58:00,080 --> 00:58:02,460
a much, much higher priority than investing.

619
00:58:04,320 --> 00:58:05,520
Thank you, John.

620
00:58:06,960 --> 00:58:13,440
city attorney. I believe all sort of some comments. I don't have a whole lot to say on this.

621
00:58:14,660 --> 00:58:20,240
Just to recognize that the state does have some through state. It was kind of an investment board,

622
00:58:20,960 --> 00:58:22,000
through work that was

623
00:58:25,360 --> 00:58:26,060
on the state.

624
00:58:30,820 --> 00:58:31,860
Some cryptocurrency

625
00:58:37,140 --> 00:58:39,560
members, those are much larger portfolios.

626
00:58:56,780 --> 00:58:59,240
Cryptocurrency is just right now

627
00:59:01,800 --> 00:59:03,400
for Indian high returns,

628
00:59:08,410 --> 00:59:09,070
but placing prior

629
00:59:24,270 --> 00:59:24,730
to all the mind,

630
00:59:24,730 --> 00:59:25,590
and this is just...

631
01:00:00,050 --> 01:00:06,170
There was an article last week in the Atlantic, I wanted to share a couple of paragraphs on that.

632
01:00:06,670 --> 01:00:21,130
This weekend, President Trump announced that he is moving forward with a plan to create a strategic crypto currency reserve, purchasing debt coin and ether, as well as the more esoteric instruments XRP Solana and Cardado.

633
01:00:22,250 --> 01:00:27,150
He said that I will make sure the U.S. is the crypto capital of the world.

634
01:00:28,510 --> 01:00:33,950
The analyst goes on to say, for the taxpayer, the purpose of such an initiative is obscure.

635
01:00:34,330 --> 01:00:37,630
And then she says, I want to highlight this.

636
01:00:37,970 --> 01:00:41,490
The crypto industry is a hyper speculative casino.

637
01:00:42,830 --> 01:00:43,790
I want to repeat that.

638
01:00:44,010 --> 01:00:47,750
The crypto industry is a hyper speculative casino.

639
01:00:47,750 --> 01:00:54,310
It is not essential to the American financial system, nor are our cryptocurrencies essential

640
01:00:54,310 --> 01:00:59,790
to the American public. Workers cannot put Bitcoin in their gas tanks, parents cannot

641
01:00:59,790 --> 01:01:06,950
feed XRP to their kids. Businesses do not need Cardano to build roads, white cities,

642
01:01:07,210 --> 01:01:13,890
produced vaccines, and provide loans to homeowners and entrepreneurs. The proposed reserve

643
01:01:13,890 --> 01:01:15,690
would use taxpayer resources,

644
01:01:15,810 --> 01:01:17,590
diverting them from other purposes.

645
01:01:18,730 --> 01:01:21,870
With crypto prices soar, the Treasury could retire

646
01:01:21,870 --> 01:01:22,990
a chunk of the debt.

647
01:01:23,850 --> 01:01:28,770
If crypto prices crater, the public would end up worse off.

648
01:01:29,750 --> 01:01:32,930
And this is a quote from Mark Zandy of Moody's Analytics.

649
01:01:33,630 --> 01:01:36,590
I don't think turning the government into a hedge fund

650
01:01:36,590 --> 01:01:39,890
is a viable solution to the country's fiscal challenges.

651
01:01:39,890 --> 01:01:47,290
He suggested addressing them the old fashioned way by cutting spending, raising taxes, and promoted growth.

652
01:01:48,450 --> 01:01:52,790
I also went to invest their pediathe and they wrote the following.

653
01:01:54,650 --> 01:02:01,970
A cryptocurrency is a form of digital asset based on the network that is distributed across the large number of companies, computers.

654
01:02:02,810 --> 01:02:10,430
is decentralized structure allows them to exist outside the control of governments and central authorities.

655
01:02:11,830 --> 01:02:13,450
I want to repeat that.

656
01:02:14,250 --> 01:02:20,030
This allows them to exist outside the control of governments and central authorities.

657
01:02:21,090 --> 01:02:27,970
One of the reasons we got into the Great Depression back in the 30s is because government did not control securities,

658
01:02:27,970 --> 01:02:30,930
securities, and that's when the securities and exchange

659
01:02:30,930 --> 01:02:32,030
conditions are settled.

660
01:02:33,110 --> 01:02:38,570
So that there wouldn't be a wild west of stocks and bonds.

661
01:02:39,970 --> 01:02:43,970
There is no such entity that controls cryptocurrency at this

662
01:02:43,970 --> 01:02:44,810
time.

663
01:02:47,740 --> 01:02:51,080
Invest the PDA goes on to say the disadvantage of cryptocurrencies

664
01:02:51,080 --> 01:02:54,320
include their price volatility, and all

665
01:02:54,320 --> 01:02:57,300
reminders refer to that goes up and down, and goes up and down

666
01:02:57,300 --> 01:03:03,000
heard when before President Trump talked about becoming the crypto capital of the world,

667
01:03:03,180 --> 01:03:07,000
the price had been very depressed and now he mentioned that and went way up and then

668
01:03:07,000 --> 01:03:07,900
went down again.

669
01:03:09,320 --> 01:03:14,020
They go on to say, high energy consumption for mining activities and here's another one.

670
01:03:14,020 --> 01:03:22,380
In use in criminal activities, cryptocurrencies are used worldwide by criminal enterprises because

671
01:03:22,380 --> 01:03:25,520
there is very little regulation a lot of it is on short.

672
01:03:27,100 --> 01:03:32,780
It was a different foreign investment, but similar about 10 years ago, the West Alice was seen

673
01:03:32,780 --> 01:03:39,560
in Whitefish-based school districts invested in some speculative investments and lost hundreds

674
01:03:39,560 --> 01:03:40,660
of millions of dollars.

675
01:03:42,620 --> 01:03:43,500
It was a scandal.

676
01:03:46,340 --> 01:03:50,180
I don't know why we would conceivably get into this situation at this time.

677
01:03:51,100 --> 01:03:54,000
Maybe 15 years from now, cryptocurrencies have settled down.

678
01:03:54,000 --> 01:03:56,460
maybe there will be an SEC for crypto currencies,

679
01:03:56,820 --> 01:03:58,600
maybe it won't be the wild west,

680
01:03:59,120 --> 01:04:01,440
maybe it won't be off-showing the criminal activities.

681
01:04:02,060 --> 01:04:03,340
That's not where we are today.

682
01:04:04,640 --> 01:04:08,060
I consider this proposal, especially in light

683
01:04:08,060 --> 01:04:12,880
of our very prudent investment and financial policies

684
01:04:13,420 --> 01:04:15,080
to be completely irresponsible.

685
01:04:15,840 --> 01:04:18,020
And I strongly urge you not to go this way.

686
01:04:18,600 --> 01:04:19,060
Thank you.

687
01:04:21,970 --> 01:04:27,070
Alder Arnie has some comments and questions, I'm going to ask you a question.

688
01:04:27,230 --> 01:04:38,170
Just to comment, first of all, the state of Wisconsin and your accurate, that the state of Wisconsin investment board,

689
01:04:38,910 --> 01:04:42,910
bought shares in between exchange traded funds.

690
01:04:43,410 --> 01:04:45,870
But what they have is shares, not Bitcoin.

691
01:04:46,730 --> 01:04:51,110
So the state did not mean this.

692
01:04:51,110 --> 01:04:55,460
we would be way out of hand, everybody.

693
01:04:57,660 --> 01:04:58,000
I do.

694
01:05:43,600 --> 01:05:56,200
Thank you for everything you just shared. The great depression was what I was going to mention, but you got to it before I did. So I just want to reiterate how important that is, because I don't want to see that.

695
01:05:57,280 --> 01:06:03,020
And one of the, I'll make it short, because in the interest of time, one of the people

696
01:06:03,020 --> 01:06:09,820
that I follow, and I've learned a lot from, is Dr. Weiss. He's a very talented, very wise,

697
01:06:10,000 --> 01:06:17,500
heart surgeon. He emphasized this clamp time, and that's how I found him because of time management.

698
01:06:17,500 --> 01:06:30,300
Anyways, one of his videos he explains is Bitcoin, the ultimate store of value or a high-risk gamble, and he mentions in very short order

699
01:06:30,300 --> 01:06:32,980
three pros and three kinds

700
01:06:32,980 --> 01:06:40,820
The three pros are summarized as decentralized and inflation-resistant potential for massive long-term games games

701
01:06:40,820 --> 01:06:47,600
easy to transfer and store globally. Now, on the flip side of that, no pun intended is the

702
01:06:47,600 --> 01:06:54,540
times, volatile and unpredictable price swings, regulatory, uncertainty, and government

703
01:06:54,540 --> 01:07:01,540
crackdowns, and no physical asset backing its value. That bottom line for me speaks volumes,

704
01:07:01,600 --> 01:07:08,960
no physical asset backing its value. And I also don't like those volatile. So for that, and

705
01:07:08,960 --> 01:07:21,580
This again, this Dr. Eric Fyce is 40 million times smarter than I will ever be in this physical life, but my point is that no, I will not be supporting this. Thank you.

706
01:07:26,780 --> 01:07:29,340
Mr. Jürgen, raise.

707
01:07:29,340 --> 01:07:30,280
Thank you.

708
01:07:31,220 --> 01:07:33,720
To be quiet, I'm not a big fan of Bitcoin.

709
01:07:34,840 --> 01:07:38,520
I see it's promise, but I see it's risks.

710
01:07:38,520 --> 01:07:47,480
And as I see what the ask is here, we're not asking to invest in it.

711
01:07:47,520 --> 01:07:52,620
We're asking for the, I'm apparently the ability to do it in the future.

712
01:07:54,740 --> 01:07:58,260
So I think that part is essentially okay.

713
01:07:59,120 --> 01:08:08,200
But what I might suggest we do is put this on file and keep it for another day to review

714
01:08:08,200 --> 01:08:24,260
and see if the crypto market does sell down, gets regulated, and then we could look at the possibility of going out that lane at that point in time instead of looking at doing it now.

715
01:08:24,460 --> 01:08:32,440
Let's not kill it altogether. Let's put it on file and revisit this again in the future when we might know something better.

716
01:08:32,820 --> 01:08:33,380
Is that a motion?

717
01:08:33,640 --> 01:08:34,260
That is a motion.

718
01:08:34,260 --> 01:08:47,280
Okay, so we have a motion by all them a clue to put this in file on which just be clear and you were in the prior meeting where we put one item on file as well on file means the committee is taking no action on it is literally

719
01:08:48,240 --> 01:08:51,360
Just recognized in the meeting meeting notes and

720
01:08:51,360 --> 01:08:53,260
Either we're not

721
01:08:53,260 --> 01:08:58,320
active in King we're not setting a date for anything. It is just put in a file for

722
01:08:58,320 --> 01:08:58,420
there.

723
01:08:58,920 --> 01:08:59,360
Okay.

724
01:09:00,160 --> 01:09:01,580
We have to bring it back.

725
01:09:02,760 --> 01:09:04,020
It's something to say.

726
01:09:04,560 --> 01:09:08,800
We have to be re-agendized at a future in time if desired.

727
01:09:09,460 --> 01:09:11,000
All right, we have a motion all there.

728
01:09:11,200 --> 01:09:15,200
Loose you during your second to his motion or can I make a statement.

729
01:09:15,640 --> 01:09:16,840
You can make you can do both.

730
01:09:17,120 --> 01:09:18,900
I'm just saying I'm going to make a second.

731
01:09:18,900 --> 01:09:22,440
But I think, if I'm not wrong, he's just asking

732
01:09:22,440 --> 01:09:25,960
that we send a request or a resolution to the state

733
01:09:25,960 --> 01:09:30,140
saying, let's look at at Bitcoin.

734
01:09:30,560 --> 01:09:32,820
Not necessarily if we're going to invest in it.

735
01:09:33,460 --> 01:09:36,580
But the state, we send a note to the state saying,

736
01:09:37,000 --> 01:09:38,960
we want you to look at this as an alternative.

737
01:09:39,720 --> 01:09:40,780
I don't think it's a good idea.

738
01:09:41,440 --> 01:09:45,300
But I don't think he's asking us to invest in Bitcoin.

739
01:09:45,400 --> 01:09:46,240
Yeah, but that's advocacy.

740
01:09:46,240 --> 01:09:59,960
Okay, what the city finance director said is, why would be the advocating something, if it's not our policy at all, so what the city finance director is saying is, maybe the first order of it.

741
01:10:00,780 --> 01:10:23,340
Policy, and say, should we change that? And then that puts us in a stronger position to be an advocate. So, for us to do it, frankly, looks a bit, I'm just going to say, duplicitous, in the sense of, we're saying one thing to somebody, meaning to what we're actually doing, and then we're going and we're passing a motion and saying something different, that's flat out duplicity. So, okay.

742
01:10:23,340 --> 01:10:28,240
So, I don't agree that we should do anything supporting that point.

743
01:10:30,230 --> 01:10:35,120
I was trying to clarify what Lionel was proposing.

744
01:10:35,420 --> 01:10:36,880
It's not that we invest in it.

745
01:10:36,940 --> 01:10:38,160
That we send a note to the state.

746
01:10:48,030 --> 01:10:49,070
There are fill-ups here at your hand.

747
01:11:28,480 --> 01:11:30,720
But on a file, seconded by all their fill-ups,

748
01:11:31,760 --> 01:11:34,160
I want to make some comments on this, which I have yet to do.

749
01:11:34,400 --> 01:11:37,180
Any other folks have questions or comments on that all they're working?

750
01:11:37,780 --> 01:11:39,620
Yeah, my brief comment I think is.

751
01:11:41,400 --> 01:11:44,540
I give our all their mind all credit for looking into this.

752
01:11:45,320 --> 01:12:00,740
And if what no matter what happens on this board or where it goes, I really think you should keep the ball rolling, maybe if it's not the right time to advocate the state, if we need to look into our policies.

753
01:12:01,260 --> 01:12:07,320
But I think just having the option we're not talking about investing in it, and I'm the least financial smart person in the world.

754
01:12:08,760 --> 01:12:13,700
But there seems to be nothing more on with at least having options and exploring options.

755
01:12:13,700 --> 01:12:20,220
So that's kind of the way I'm looking at it. I'm not looking at it. Like we're going to invest in crypto tomorrow and make a

756
01:12:20,220 --> 01:12:25,120
Billion dollars or lose a billion dollars, but I think it is a good idea for us to have

757
01:12:26,060 --> 01:12:29,760
the options and if this isn't the right way to do it

758
01:12:29,760 --> 01:12:31,840
I didn't encourage you to pursue other avenues or

759
01:12:32,960 --> 01:12:39,140
Figure out a way to at least give us give us the option because this is a growing area and at some point in the future

760
01:12:39,900 --> 01:12:42,820
We may or may not need to look at it

761
01:12:42,820 --> 01:12:43,460
All right.

762
01:12:45,840 --> 01:12:46,840
Thanks just quick question.

763
01:12:47,740 --> 01:12:49,240
From a legality standpoint,

764
01:12:49,560 --> 01:12:51,940
because it sounds just chicken or egg for future reference,

765
01:12:53,420 --> 01:12:56,180
I thought early on, John, sorry, I'll bring you back.

766
01:12:56,440 --> 01:12:57,640
When we had talked about this,

767
01:12:57,640 --> 01:12:58,820
if we changed the policy,

768
01:12:59,060 --> 01:13:00,980
would we be in violation of state statute,

769
01:13:01,480 --> 01:13:03,420
or would we be able to change the policy

770
01:13:03,420 --> 01:13:05,240
if there's interest down the road?

771
01:13:05,820 --> 01:13:08,740
And then I think what you would have to change

772
01:13:08,740 --> 01:13:12,360
the policy is that the priority is on preservation.

773
01:13:12,360 --> 01:13:13,000
I think

774
01:13:19,850 --> 01:13:21,050
the policy of reference

775
01:13:31,770 --> 01:13:35,420
to this type of bench consistent with

776
01:13:47,040 --> 01:13:48,000
comments on this

777
01:13:54,140 --> 01:13:54,500
situation.

778
01:13:54,720 --> 01:13:59,480
Let's be clear those sort of mortgage back securities and that was all the rage back.

779
01:13:59,580 --> 01:14:00,500
Then you're absolutely right.

780
01:14:02,250 --> 01:14:07,790
But obviously when people weren't paying their mortgages, the value of the security became

781
01:14:07,790 --> 01:14:08,170
nothing.

782
01:14:09,010 --> 01:14:13,350
So let's talk about this specific item.

783
01:14:16,020 --> 01:14:21,280
I would, I'm going to give an award of advice to all of our mind along this.

784
01:14:21,440 --> 01:14:24,560
I would pursue this with a League of Municipalities.

785
01:14:24,840 --> 01:14:26,700
I would see what they have to say.

786
01:14:27,500 --> 01:14:30,440
They're the advocacy group for all these municipalities.

787
01:14:31,720 --> 01:14:35,460
I remember when I was in Madison, I think the mayor was at that, all there aren't

788
01:14:35,460 --> 01:14:37,000
who's there, all there are Phillips was there.

789
01:14:37,460 --> 01:14:39,440
We were there, and they discussed a gamut of things.

790
01:14:39,620 --> 01:14:42,660
We met with state legislature, legislator, legislators.

791
01:14:42,660 --> 01:14:49,780
We spoke about just numerous things that are top of line for our fellow municipality.

792
01:14:51,080 --> 01:14:58,660
I would strongly ask that you see what the sentiment is amongst that lobbying group.

793
01:15:00,880 --> 01:15:10,380
As a strong voice for municipalities, and all that they look to have the state to support them.

794
01:15:11,460 --> 01:15:21,060
With regard to crypto, I did a little AI search on this, and I couldn't find any.

795
01:15:21,320 --> 01:15:28,300
Outside of that, I think there's some reference to the city of Miami, and part of that's because all these hedge funds, as you may have heard,

796
01:15:28,300 --> 01:15:32,100
have relocated out of New York or Chicago and all this to Miami.

797
01:15:33,240 --> 01:15:36,000
The mayor of Miami is quite an advocate for cryptocurrency.

798
01:15:36,000 --> 01:15:37,920
You can read about the Wall Street Journal.

799
01:15:38,820 --> 01:15:45,240
But what I've mainly found as it applies to what I would call municipalities that are in

800
01:15:45,240 --> 01:15:53,420
our level of mispality was potentially the acceptance of cryptocurrency and payment for

801
01:15:54,220 --> 01:15:56,680
bills, meeting utility bills and all that.

802
01:15:56,680 --> 01:15:58,840
The question I would have would be,

803
01:16:01,740 --> 01:16:03,980
would are, because of course we're moving away,

804
01:16:04,220 --> 01:16:07,400
we're moving toward people paying, you know, with credit cards

805
01:16:07,400 --> 01:16:08,440
and all this sort of thing.

806
01:16:10,240 --> 01:16:13,340
John, do have you heard about anything that any of our outfits

807
01:16:13,340 --> 01:16:15,680
that we use that accept electronic payments

808
01:16:15,680 --> 01:16:18,620
that didn't talk about cryptocurrency, accepting those?

809
01:16:20,480 --> 01:16:22,140
To be honest, I'm not,

810
01:16:24,530 --> 01:16:24,550
I'm not.

811
01:16:24,830 --> 01:16:27,270
Yeah, so, and I appreciate that.

812
01:16:28,310 --> 01:16:36,510
I did see some of that when I did my AI search with regard to investment end of it, I'll just

813
01:16:36,510 --> 01:16:41,810
come out and say it right now as a taxpayer and all would tell us I'd be pretty perturbed

814
01:16:41,810 --> 01:16:45,790
if I had tax dollars being stuck into crypto.

815
01:16:47,770 --> 01:16:53,970
I'll also mention there's a lot of other things that are out there that we don't invest

816
01:16:53,970 --> 01:17:02,690
to there's commodities, there's futures and different things like natural gas. Frankly, if you

817
01:17:02,690 --> 01:17:08,510
were a natural gas, you'd be a 60% in three months now, if you could, but natural gas futures,

818
01:17:08,710 --> 01:17:12,990
which is amazing, by the way. But anyway, I just mentioned that as a stamp, but we don't invest

819
01:17:12,990 --> 01:17:20,350
in natural gas, obviously. Nor would we, nor should we. But I would just circle back to my initial

820
01:17:20,350 --> 01:17:25,330
comments and say I think this probably ought to be broached with the League of

821
01:17:25,330 --> 01:17:29,810
Municipalities and see what the sentiments are there and amongst other

822
01:17:29,810 --> 01:17:32,410
municipalities before I would be in favor of this.

823
01:17:33,110 --> 01:17:33,130
Okay.

824
01:17:33,230 --> 01:17:39,830
I've said we have a motion to put the Sunfire by our McCluth seconded by Philips.

825
01:17:39,850 --> 01:17:40,830
I think we're ready to vote.

826
01:17:41,090 --> 01:17:42,310
All those in favor say aye.

827
01:17:42,310 --> 01:17:42,670
Aye.

828
01:17:43,170 --> 01:17:43,850
Any opposed?

829
01:17:44,310 --> 01:17:44,630
No.

830
01:17:46,010 --> 01:17:46,030
No.

831
01:17:46,110 --> 01:17:46,290
Yeah.

832
01:17:47,410 --> 01:17:47,750
Okay.

833
01:17:47,770 --> 01:17:49,550
So that's five to three.

834
01:17:49,550 --> 01:17:56,430
is that correct? And the three would be Dolan, Lewis, and Morgan, correct?

835
01:17:58,780 --> 01:17:59,040
All right, I'm

836
01:17:59,040 --> 01:18:06,000
not hearing any. Okay, so I think I've got it. Okay, so we're on to item number eight, which

837
01:18:06,000 --> 01:18:12,240
is marked as being to go into closed session. So I'm going to read what that item is, and then

838
01:18:12,240 --> 01:18:16,180
we're going to have some public comment. I think to start off, correct, John? Yes.

839
01:18:20,620 --> 01:18:20,960
And Mr.

840
01:18:20,960 --> 01:18:27,120
The item is consideration of approval of a term sheet with Mandel company for the Harlow

841
01:18:27,120 --> 01:18:30,680
and Hamd Department at 7470 Blanchard Street.

842
01:18:31,220 --> 01:18:33,100
Again, this is Mark for closed session.

843
01:18:33,480 --> 01:18:36,600
I'm going to have the finance director make some comments.

844
01:18:38,140 --> 01:18:40,400
I know it's hard to hear me with the fan over there.

845
01:18:40,700 --> 01:18:41,720
I will.

846
01:18:45,340 --> 01:18:46,640
John, could you come to the table?

847
01:18:46,860 --> 01:18:47,320
I should.

848
01:18:47,400 --> 01:18:48,740
Hold the bill and move for further.

849
01:19:12,990 --> 01:19:19,990
system with how we've presented previous developments in open session will present as much

850
01:19:19,990 --> 01:19:26,210
as we can, but there we still are under negotiation with the developer and they've also

851
01:19:26,210 --> 01:19:32,350
provided proprietary information only under the consideration of confidentiality. So there's

852
01:19:32,350 --> 01:19:36,550
some things we just can't discuss an open session, but we will try and discuss as much as possible

853
01:19:36,550 --> 01:19:38,150
for the benefit of the company.

854
01:19:39,430 --> 01:19:42,970
Before you, you have a term sheet that was sent to you,

855
01:19:42,970 --> 01:19:45,790
separately from a packet because that is considered confidential.

856
01:19:46,510 --> 01:19:49,470
We've included some of the terms in the open session memo

857
01:19:49,470 --> 01:19:52,430
for the redevelopment of the Blanched Street Lot.

858
01:19:53,670 --> 01:19:59,870
On the line, we have Keith Dahl from Elders, a financial advisory.

859
01:20:00,000 --> 01:20:08,620
We confirm that the city utilizes for economic development analysis, and they've been with us on this journey with the Mandel Group since 2022.

860
01:20:09,420 --> 01:20:14,420
When we actually prior to that, but in 2022, we first presented to you a term sheet.

861
01:20:15,120 --> 01:20:29,060
The common council did approve that term sheet, but shortly thereafter, for both macroeconomic reasons, interest rates and construction prices, and also some internal challenges, and just quite frankly some design challenges.

862
01:20:29,060 --> 01:20:31,880
It was determined that that development was not feasible.

863
01:20:32,720 --> 01:20:36,140
We are happy to present tonight a revised term sheet,

864
01:20:36,740 --> 01:20:41,500
which we believe will proceed as a feasible development with your approval.

865
01:20:44,700 --> 01:20:48,700
The proposed, initially developed proposed 130 unit apartments,

866
01:20:48,720 --> 01:20:51,660
consistent of studio, one, two, and three bedroom units.

867
01:20:52,220 --> 01:20:55,220
And at that time we had 22 units reserved for households

868
01:20:55,220 --> 01:21:02,780
think comes at or below 80 percent. That with the rise in interest rates and construction costs

869
01:21:02,780 --> 01:21:14,040
just was not feasible. So we now have before you a project that Phil Iof Mandelgurb will present,

870
01:21:15,730 --> 01:21:22,950
it's structured with both a municipal revenue obligation and the upfront money is intended for

871
01:21:22,950 --> 01:21:29,330
construction of 115 public parking stalls, because that many parking stalls will be eliminated

872
01:21:29,330 --> 01:21:36,670
through the construction. So the parking will replace one to one, but the C through the existing

873
01:21:36,670 --> 01:21:39,690
tax increment district will pay for the upfront cost.

874
01:21:44,400 --> 01:21:46,160
Thank you. I'm really happy for the

875
01:21:46,160 --> 01:21:46,380
Friday.

876
01:21:50,040 --> 01:21:51,920
I'm sorry I was reading from the prior one.

877
01:21:55,410 --> 01:21:57,010
You can see on page 2 of the memo,

878
01:21:57,010 --> 01:22:03,650
the MRO know that we are proposing the issuance of tax exempt bonds and the issuance of tax

879
01:22:03,650 --> 01:22:06,650
will bonds as part of the upfront assistance

880
01:22:11,130 --> 01:22:15,810
included in the project a key component of the

881
01:22:15,810 --> 01:22:21,390
project as part of the negotiations the city has a policy that when we provide upfront funds

882
01:22:21,390 --> 01:22:28,930
that the tax increment district maintains a debt coverage ratio of 125 percent and what that means

883
01:22:28,930 --> 01:22:36,890
is that it would generate sufficient increment to have over be able to pay the debt service

884
01:22:36,890 --> 01:22:43,270
plus have 25% in reserve. And so we've structured the upfront assistance and the MRO

885
01:22:43,270 --> 01:22:49,970
to ensure that 125% debt coverage. So that's a quick overview of financials. I'd like to

886
01:22:49,970 --> 01:22:57,490
invite Mr. Philio from Mandel to provide additional detail about the project itself. And then we also

887
01:22:57,490 --> 01:23:04,090
have Mr. Dal online, more than likely to talk in close session, but he's also available in open session.

888
01:23:04,350 --> 01:23:05,030
Should you have any questions?

889
01:23:08,600 --> 01:23:12,780
Everyone, Bill, I yellowed with Mandel Group 33, he's killed Warren Ebony.

890
01:23:12,920 --> 01:23:15,240
He was weak 600 to South Milwaukee, Wisconsin.

891
01:23:17,240 --> 01:23:20,460
Am I able to be the host to share his share?

892
01:23:20,660 --> 01:23:22,360
I'll promote you.

893
01:23:22,780 --> 01:23:24,380
Oh, thank God, I finally got a promotion.

894
01:23:24,380 --> 01:23:31,160
I think

895
01:23:37,270 --> 01:23:38,430
you have to accept and then

896
01:23:41,570 --> 01:23:47,630
you say, say, in the Army, this is a separate path from the promotion, which will lapse after the war is over.

897
01:23:48,110 --> 01:23:49,370
Can you say the envelope, you're sorry?

898
01:23:49,750 --> 01:23:53,530
It's a group that promotion, it'll lapse after the war is over.

899
01:23:53,970 --> 01:23:56,550
And there are some very famous people.

900
01:23:57,150 --> 01:23:58,890
Have you heard of your Armstrong custody?

901
01:23:59,490 --> 01:24:02,270
Yeah, and I believe very German one as well.

902
01:24:18,220 --> 01:24:20,620
Thank you everyone for having me here tonight.

903
01:24:21,020 --> 01:24:24,160
I was asked to give a little bit of an overview of the development.

904
01:24:26,140 --> 01:24:31,300
This has been before the council and so you're probably familiar with a lot of this information.

905
01:24:32,240 --> 01:24:39,300
So I'll give it a brief overview and then provide some information about kind of the challenges of this site.

906
01:24:42,890 --> 01:24:51,770
So we are at, we have 157 apartments with 188 private parking spaces and 94 public parking spaces.

907
01:24:51,970 --> 01:24:58,170
42 of those are outdoor, 52 are indoor, and our show is a site plan indicating such.

908
01:25:00,080 --> 01:25:25,520
The development will have several amenities, including on-site leasing and maintenance team, 24-hour, on-call maintenance, clubroom, roof deck, fitness center, courtyard with sunning, grilling and fire pediaries, golf simulator and a pet spot. The design of the exterior elements did go through the design review board and received approval from the design review board.

909
01:25:28,350 --> 01:25:30,590
This is an overview of development.

910
01:25:30,610 --> 01:25:34,750
This is an aerial shot to give it to

911
01:25:34,750 --> 01:25:37,850
perspective of the rest of the

912
01:25:40,280 --> 01:25:41,000
algorithm to some of the

913
01:25:44,650 --> 01:25:45,710
details on the.

914
01:25:55,980 --> 01:25:57,840
This is a view of that was in here.

915
01:26:26,240 --> 01:26:26,740
This is the

916
01:26:29,840 --> 01:26:30,020
quote.

917
01:26:30,240 --> 01:26:31,240
So this really will be

918
01:26:44,200 --> 01:26:45,080
close up view.

919
01:26:53,870 --> 01:26:54,490
And then this is

920
01:27:07,320 --> 01:27:09,400
the this gives you a sense of the

921
01:27:47,130 --> 01:27:48,970
13 feet that we're trying to make up there

922
01:27:48,970 --> 01:27:51,370
between the surface parking here.

923
01:28:01,690 --> 01:28:03,610
So here's the site plan

924
01:28:27,390 --> 01:28:28,250
and blanchered.

925
01:29:03,140 --> 01:29:06,120
Again, this is a thing up the building.

926
01:29:06,120 --> 01:29:06,500
step

927
01:29:23,460 --> 01:29:24,780
to upper level of parking.

928
01:29:46,980 --> 01:29:51,200
And then as we step up the building, we have some amenities on this

929
01:29:55,730 --> 01:29:59,740
largely rest, second, third and fourth floor.

930
01:30:01,520 --> 01:30:05,360
Repeat floors. And then on the floor, the building.

931
01:30:17,790 --> 01:30:21,170
This site has, it's got lots of challenges.

932
01:30:23,090 --> 01:30:26,710
We have a significant, we energy-free

933
01:30:36,500 --> 01:30:43,500
residences for commercial space for public street lighting, traffic signals, et cetera.

934
01:30:43,500 --> 01:30:45,440
So, it's a very extensive,

935
01:30:50,680 --> 01:30:56,440
also given the grades at the site, ramps up as you go from

936
01:30:56,440 --> 01:30:59,000
blanch your towards a hardwood,

937
01:31:01,280 --> 01:31:05,260
a steepness of grade and the proximity of this site too.

938
01:31:23,300 --> 01:31:31,390
But as if that has one set of costs and times associated with it, if we can't do that,

939
01:31:33,150 --> 01:31:35,470
we'll have to have an internally-braced system, which

940
01:31:47,920 --> 01:31:50,740
is of course the significant cost that's

941
01:31:50,740 --> 01:31:55,680
typical for development is all the public park replacing both.

942
01:32:00,780 --> 01:32:01,900
Again, just given the

943
01:32:01,900 --> 01:32:03,660
the site and

944
01:32:15,730 --> 01:32:17,130
public access stairs and

945
01:32:23,020 --> 01:32:26,220
pad frequently is with urban infill developments like this

946
01:32:26,620 --> 01:32:29,600
There's gonna be some significant before

947
01:32:45,340 --> 01:32:45,960
you

948
01:32:48,490 --> 01:32:51,690
have in this little table here, but in 2022

949
01:32:52,850 --> 01:32:54,470
There was an up front piece

950
01:32:58,240 --> 01:33:01,400
ongoing MRO payments that in that present value of type

951
01:33:07,070 --> 01:33:07,730
of up front

952
01:34:24,300 --> 01:34:26,980
Those are kind of that's kind of the big picture here.

953
01:34:51,360 --> 01:34:53,420
Just would like to emphasize with the

954
01:34:53,440 --> 01:34:58,620
with the committee, how hard Mandel has worked to make this happen.

955
01:34:58,760 --> 01:34:59,980
And I know there's some frustration in the community.

956
01:35:01,980 --> 01:35:29,940
And I can say it is certainly wasn't any reflection on the work that Mr. I'll put into this. So this is a very, very complicated deal. It's much different than what exists in 2022. But as you all are well aware, the macroeconomic situation is vastly different from where we were in 2022. So Mandel, continues to be a good partner. Obviously, you need to make a decision on a deal.

957
01:35:29,940 --> 01:35:36,420
I just wanted to emphasize that while it took us a long time to get here, it has been a journey

958
01:35:37,880 --> 01:35:40,120
and it dealt with a good partner to work with to get here.

959
01:35:41,120 --> 01:35:47,340
Thank you, John, and as the city has as well, and I would like to mention that, you know,

960
01:35:51,080 --> 01:35:57,180
an portion of the deals coming up, which is to say we get construction costs back,

961
01:36:00,160 --> 01:36:00,420
if it

962
01:36:00,420 --> 01:36:04,720
feel like something's wrong, because it actually blows below below our budget right now.

963
01:36:04,720 --> 01:36:07,660
There's some scope things that I know that they didn't had it.

964
01:36:10,520 --> 01:36:11,540
We can hit our budget

965
01:36:13,590 --> 01:36:16,150
Once we can hit our budget then it's kind of this

966
01:36:31,640 --> 01:36:32,880
I just want to

967
01:36:32,880 --> 01:36:33,940
broaden the

968
01:36:36,790 --> 01:36:39,530
which is to go back to at least the

969
01:36:39,530 --> 01:36:40,190
village

970
01:36:41,150 --> 01:36:42,690
Plan the village master

971
01:37:34,400 --> 01:37:35,280
and again what we

972
01:37:44,720 --> 01:37:46,100
quite specifically is one of

973
01:37:50,680 --> 01:37:52,460
the in which it was identified that

974
01:37:53,160 --> 01:37:55,300
Were they vacant otherwise they can't

975
01:37:55,960 --> 01:37:59,700
You just play owned a parking lot. There was a significant opportunity

976
01:38:02,060 --> 01:38:03,640
to re-infiguration

977
01:38:03,640 --> 01:38:09,520
additional customer base, et cetera, for the village, not only to replace what

978
01:38:32,400 --> 01:38:33,420
can be a second here.

979
01:38:35,130 --> 01:38:36,810
Get my Zoom situation going.

980
01:38:37,650 --> 01:38:38,810
We have a hand raised.

981
01:38:38,990 --> 01:38:44,930
There's a Samsung SM-S546VL.

982
01:38:47,350 --> 01:38:50,030
You're muted on mute, please.

983
01:38:51,330 --> 01:38:53,230
Stay your name and address for the record, too.

984
01:38:53,410 --> 01:38:53,930
You're muted.

985
01:38:59,990 --> 01:39:01,490
Samsung, you're muted.

986
01:39:01,630 --> 01:39:02,930
You've done mute your device.

987
01:39:07,470 --> 01:39:11,410
The rest of us drove over 75-30 West State Street.

988
01:39:11,990 --> 01:39:20,670
I just want to again comment on the fact that the height of the building exceeds the village plain by several stories and so forth.

989
01:39:20,730 --> 01:39:22,650
And this was never clarified by anyone.

990
01:39:23,470 --> 01:39:30,930
Why is being allowed at the discretion of the Zoning Board to go forward with such mass, such height,

991
01:39:31,430 --> 01:39:33,970
which basically does a number on the country.

992
01:39:33,970 --> 01:39:48,690
the residents there. I'm sure they will turn the corner. It's so massive and tall. And, you know, I don't know why I have to be this large, and therefore I just want to make that come in known as explaining why the village plan is no bearing on the height or density. Thank you.

993
01:39:51,850 --> 01:39:58,910
Thank you, Mr. Dr. Ober. Any other folks on Zoom? Have a question or comment. Please raise your hand in Zoom.

994
01:40:01,200 --> 01:40:10,180
Okay, that's singing in here. So we are going to turn it over to committee before we go to closed session and all of their motion. Okay, just hold on.

995
01:40:10,860 --> 01:40:13,280
All the more again in that I saw, all their Phillips.

996
01:40:14,680 --> 01:40:14,840
Did you?

997
01:40:15,020 --> 01:40:18,420
Yeah, I have a couple of questions that I can ask them in public and they're not appropriate.

998
01:40:19,020 --> 01:40:26,100
I mean, just so why? 471,000 is that some sort of percentage or calculation or just a random number?

999
01:40:26,100 --> 01:40:28,840
but it's not a random amount of service.

1000
01:40:29,380 --> 01:40:33,160
I wanted to be quite honest, we backed into it.

1001
01:40:33,460 --> 01:40:36,380
We determined how well was the maximum amount

1002
01:40:36,380 --> 01:40:38,380
that the project could afford.

1003
01:40:39,800 --> 01:40:42,340
It's the city attorney has a good metaphor

1004
01:40:42,340 --> 01:40:44,280
in a tiff-like glass of water.

1005
01:40:44,960 --> 01:40:46,680
And you can only pour so much in

1006
01:40:46,680 --> 01:40:48,280
and whether it goes for affordable housing

1007
01:40:48,280 --> 01:40:51,380
or it goes for public parking at the end of the day,

1008
01:40:51,500 --> 01:40:54,020
you only have so much space in the glass.

1009
01:40:54,020 --> 01:41:01,240
And so when we added all of the different items, this is how much was available and the project for the project is still feasible.

1010
01:41:02,020 --> 01:41:16,140
The main issue we were running into is the developer would gladly provide more money for affordable housing if the city could provide more tips support.

1011
01:41:16,140 --> 01:41:23,880
But the issue we're running into is our policy, which is a good one, of having that 125% debt coverage.

1012
01:41:24,700 --> 01:41:29,780
We're at about 121, 22% on this project.

1013
01:41:30,280 --> 01:41:37,700
And what's driving that is the interest rates for borrowing for the upfront money.

1014
01:41:37,920 --> 01:41:43,300
That was a big change both for the developer and for us in the assumptions going from 2022.

1015
01:41:43,300 --> 01:41:43,760
All

1016
01:41:46,860 --> 01:41:49,360
right, then I have another quick question.

1017
01:41:49,640 --> 01:41:52,300
I wish it was a little bit more, but I totally understand that.

1018
01:41:52,320 --> 01:41:53,680
Not quite a question at all.

1019
01:41:54,360 --> 01:41:54,820
Good answer.

1020
01:41:55,320 --> 01:42:01,100
The other one is, is there any DBE or ME component or instead of zero maybe I know this?

1021
01:42:01,260 --> 01:42:04,860
No, that's included in the term sheet and I can disclose that in open session.

1022
01:42:05,720 --> 01:42:09,660
This is not an item of disagreement between the developer and the city.

1023
01:42:09,800 --> 01:42:11,280
Is it typically of what we've done?

1024
01:42:11,480 --> 01:42:12,640
It's our standard 25.

1025
01:42:12,640 --> 01:42:12,880
Okay.

1026
01:42:13,380 --> 01:42:14,120
That's great.

1027
01:42:14,560 --> 01:42:14,880
That's all.

1028
01:42:14,880 --> 01:42:15,820
Those are my questions.

1029
01:42:15,880 --> 01:42:17,220
A wave of gaze with prism.

1030
01:42:17,740 --> 01:42:18,100
That's right.

1031
01:42:18,140 --> 01:42:18,920
I think I knew.

1032
01:42:18,960 --> 01:42:26,520
Now that we do need to bring forward a contract to the city and prism to do the inclusion

1033
01:42:26,520 --> 01:42:27,540
monitoring on this project.

1034
01:42:27,840 --> 01:42:33,760
So if this moves forward, you can accept a contract, but because of the sprint that that

1035
01:42:33,760 --> 01:42:38,560
Mr. Mendel alluded to, we hadn't prism engaged with them several months ago just

1036
01:42:38,560 --> 01:42:39,180
to start.

1037
01:42:39,260 --> 01:42:41,620
Please make sure we are at the ground running.

1038
01:42:41,740 --> 01:42:41,980
Thank you.

1039
01:42:43,220 --> 01:42:43,520
Thank you.

1040
01:42:43,960 --> 01:42:44,000
Thank you.

1041
01:42:47,830 --> 01:42:48,970
Like a motion for

1042
01:42:57,420 --> 01:42:59,440
all their fill-up student a second go

1043
01:43:04,240 --> 01:43:07,000
into closed session and we have a by all their fill-up

1044
01:43:07,000 --> 01:43:09,460
So we have a second by all

1045
01:43:10,870 --> 01:43:15,650
No, I have a god to that. Yes, so just bear with me and I'm still writing closed

1046
01:43:17,920 --> 01:43:20,100
session. We're all eager for close session

1047
01:43:20,840 --> 01:43:26,420
He is he is aware that he is going to have to read that. Okay. My question is John, are we going to

1048
01:43:26,420 --> 01:43:29,000
Reconvene an open session. We will not can

1049
01:43:32,680 --> 01:43:32,860
we

1050
01:43:32,860 --> 01:43:43,360
If you could go ahead and sign out and sign on to the separate Zoom link, we'll need a few minutes to just switch over Zoom links so that

1051
01:43:43,360 --> 01:43:46,440
Keep from elders can join the closed session.

1052
01:43:47,020 --> 01:43:47,120
All right.

1053
01:43:47,640 --> 01:43:49,400
So thank you for clarification on that.

1054
01:43:49,420 --> 01:43:54,400
I'm going to ask the motion or all their filets and you can, you don't have to read the last line of the,

1055
01:43:54,980 --> 01:43:56,500
sort of, I tell you.

1056
01:43:57,100 --> 01:43:57,520
Okay, go ahead.

1057
01:43:57,520 --> 01:44:02,580
The committee may convene in a close session regarding the item pursuant to Wisconsin Statue

1058
01:44:02,580 --> 01:44:10,740
19.851E to deliberate or negotiate the purchasing of public properties, the investing of public funds,

1059
01:44:10,880 --> 01:44:16,320
or conducting others specified public business, whenever competitive or bargaining reasons.

1060
01:44:18,700 --> 01:44:20,760
Thank you, all the Phillips, appreciate that.

1061
01:44:21,240 --> 01:44:23,900
Okay, any other questions or comments before we take a vote?

1062
01:44:24,260 --> 01:44:27,040
All right, again, we have the motion to go to close session by all the Phillips.

1063
01:44:27,040 --> 01:44:32,880
We have a second by Alder Dolan. Again, this is to move it a vote to go into close session.

1064
01:44:32,940 --> 01:44:38,460
All those in favor say that. Any opposed to your votes aye? That passes eight to zero.

1065
01:44:38,860 --> 01:44:43,000
Mr. Iell, thank you very much for your time tonight and making a presentation.

1066
01:44:43,300 --> 01:44:46,280
Much appreciate it. Thank you. All right. Is it noted?

1067
01:44:48,580 --> 01:44:50,760
We promised you. We promised you.