[0:00] Ordering in progress.

[1:51] of heat items on our agenda.

[1:53] Our last item, item number eight is Mark for closed session.

[1:55] We will be going into closed session for that item.

[1:58] I'll do the role here.

[1:59] I'm here.

[2:00] All there are needs here.

[2:02] All there McClub is here.

[2:03] All there loses here.

[2:04] All the gustives in this year.

[2:06] All there are influences here.

[2:07] All there market is here.

[2:08] And all there don't in this year.

[2:10] So we are all here.

[2:11] All right.

[2:12] Again, we're going to go in order tonight.

[2:14] Item number one is consideration of request by the fire chief

[2:17] to approve the intergovernmental cooperation

[2:20] and agreement with City of Milwaukee Fire Department for Fire Apparatist and Equipment Repairs,

[2:25] Assistant Chief Cadrich, is with us and she's going to present.

[2:31] Hello, I'm going to stand up because my, you know, it's tall, tall, stature helps everybody

[2:35] see me, but yes, so thank you for allowing me to be here tonight and I just want to give you

[2:42] some brief points on this overview. This is an agreement on IGA with the City of Milwaukee

[2:48] between multiple fire departments in the county.

[2:51] And we're pretty excited about it because it helps us

[2:54] to save money for our labor costs.

[2:57] And at the same time, it gets us a closer partner

[3:00] to get a lot of our fire findings in EMS equipment

[3:03] repaired in more timely manner.

[3:06] Just for an example, our stretchers,

[3:11] our comar cats, their manufactured by Striker,

[3:13] and you need a striker-certified technician

[3:16] to do the yearly maintenance on those, that's required, and that's very costly where the city

[3:23] Milwaukee maintains a mechanic who can do those in-house.

[3:28] I just wanted to let you know that the page 5, the MRU, GK, is one of me that lets you know

[3:34] that's just an internal methodology that Milwaukee uses for the technical difficulty of

[3:40] repair, so those might change. And as it's stated, we're basically looking to cut our labor

[3:45] costs for a mechanic operating on a fire truck from approximately the $48 dollars an hour,

[3:52] or down to $48 dollars an hour from 185. So if you have any questions on that, I'd be happy to

[3:57] answer them. We're looking for your recommendation to approve this IGA. Thank you very much.

[4:03] I mean, members of the public have a question or comment on this. That's singing in the

[4:07] It's reasonable check on Zoom.

[4:09] Any folks in Zoom have a question or comment.

[4:11] Please raise your hand in Zoom.

[4:16] Not seeing any hands raised.

[4:17] So we will take it to committee committee.

[4:20] All that will close.

[4:22] So currently, that was something we were currently doing.

[4:25] Greg, this is something new.

[4:27] We temporarily did it with like a handshake agreement

[4:30] with the City of Milwaukee Fire Department.

[4:32] When we had a vacancy for our mechanic in-house

[4:35] with the fire department mechanic.

[4:37] 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

[4:47] Interstate is one of them a diesel mechanic shop that might not prioritize our repair.

[4:54] So they were on a week and they actually came and rescued one of our fire trucks that was

[5:00] 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.

[5:07] So we're not replacing any of our personnel, please roll to this.

[5:12] Correct. We will still use our in-house mechanic, and if anything, he might actually take one of our rakes to their shop,

[5:20] and partner with our mechanic to complete the repair. So it's a very fluid agreement.

[5:25] Thank you.

[5:27] Okay, any other questions or comments on this?

[5:30] I just want a government, both the fire departments on your cooperation.

[5:35] I know that,

[5:41] therefore, while with the last of the panic, and this is a great evolution

[5:48] arrangement.

[5:58] Was that Augusta?

[5:59] Okay, thank you.

[6:01] All right.

[6:01] The other motion by older Philips a second by Augusta.

[6:04] I

[6:06] want to make one little comment on this.

[6:08] I think it was shared in the following item.

[6:11] 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.

[6:36] 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.

[6:49] 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.

[6:55] Yeah.

[6:56] Any opposed?

[6:57] Chair votes aye.

[6:58] That passes eight to zero.

[6:59] So, thank you on that.

[7:01] We'll move on to item number two, and that's consideration of request by the fire chief

[7:04] to approval level three fund transfer for the purpose of an emergency tower ladder truck repair

[7:11] and system chief you're going to present that as well.

[7:14] Yes, thank you, sir.

[7:16] Definitely your point was made.

[7:17] If this relates directly to this, here's a prime example.

[7:20] So we had our tower ladder, it was discovered by our in-house mechanic that there was oil

[7:28] inside.

[7:28] It was actually in the cooling system.

[7:30] There was an oil leak.

[7:31] It led to what would have resulted in a catastrophic engine failure.

[7:35] They also found problems with the transmission.

[7:38] Just to bring it back that engine and transmission that was in the tower ladder 53 was actually

[7:43] taken out of an old truck.

[7:45] 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.

[8:06] The impact we were able, we had savings from a purchase earlier this year.

[8:11] We purchased three new vehicles for our inspection bureau,

[8:15] for the inspectors and our code, our 3D outreach specialist.

[8:19] And we saved $31,000 with that purchase.

[8:22] We'd like to use that.

[8:24] There's some of the costs of this repair.

[8:28] That's basically the overview.

[8:30] I'll be happy to answer any questions.

[8:31] And more of the financial details.

[8:37] So again, this is repair that was already completed because of the emergency nature.

[8:42] You're asking us to give the approval for this and just to be clear when we hear the motion.

[8:48] It's going to be what's in the staff recommendation,

[8:50] which is this emergency work done level three fund transfer to submit count for the 31,62438.

[8:59] Correct.

[8:59] All right.

[8:59] That is correct.

[9:00] The final repair cost was 52,000 roughly, but we'll take the rest out of our operations.

[9:06] Right.

[9:06] I just want to be clear on the thing.

[9:08] So thank you for mentioning that.

[9:11] All right.

[9:12] Just hold up.

[9:13] Any members of the public have a question or comment on this?

[9:15] Not seeing any hands raised.

[9:17] We'll check on Zoom.

[9:18] If there's a question or comment on this and Zoom, please raise your hand.

[9:22] Not seeing any hands raised.

[9:23] We'll turn it over to committee all the door.

[9:25] I'll make a motion.

[9:26] Okay.

[9:27] so we have a motion by all their dole and for approval, second by McCluth.

[9:38] Anyway, we have

[9:39] motion by dole and McCluth. We'll take a vote all those in favor, sat. Any against now,

[9:46] chair votes side. That passes 8 to 0. All right. And I'm going to make sure I add the H and my colleagues

[9:54] All right, so we're going to go on to item number three.

[10:00] 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,

[10:11] of vector 21 of 100 I combination vacuum and sewer cleaning truck and maintenance package

[10:19] Mr. Hunt.

[10:22] I'm Jason.

[10:23] Jason.

[10:24] You were in there too.

[10:25] Yeah.

[10:25] And my sewer crews would be operating this truck.

[10:29] So currently we have a combination truck that is reached end of its useful one.

[10:36] We have another jet truck that does not happen to the vacuum.

[10:40] Currently, we clean about 600 catch basins, we move about the 70 tons or degree from there.

[10:47] We clean quite a bit of the sanctuary sewer.

[10:50] So this would be the primary truck we would start using.

[10:53] Our current truck, primary truck, we judge, and debris gets dislodged.

[11:00] We manually lower that basket down.

[11:03] And all the debris that we dislodge in the sewer,

[11:06] collects into that basket.

[11:08] This way, the vacuum, this is our current one,

[11:12] which

[11:14] is pumps are old

[11:19] for the cleaning,

[11:20] but when we do dislodged,

[11:21] we breed vaccines at all.

[11:26] So we're looking to replace

[11:47] that's so pretty first of all.

[11:49] We

[11:54] can, this is a storm shore,

[11:56] we had to clean on North Avenue.

[11:58] So this is kind of debris that we had to pull on.

[12:02] Next slide is like a root ball that we found.

[12:05] So as we were jetting through these roots

[12:07] that we get into the sewers,

[12:14] the green machine,

[12:16] we call it the green machine, no, that's green.

[12:18] It was a 2005, 2005, so we spent $70,000 just repairing it in the last, through what

[12:27] I started working on this for me, January 23rd, so we have, using a lot as these trucks,

[12:48] staying with the newer trucks, we can hydro excavate, so when our water department or

[12:55] electrical, or my sewer, street crews, all the utilities are in ground, ground, and

[13:03] Once we remove the concrete or the asphalt, we'll be able to use, I've to expose those utilities.

[13:11] Sometimes, when

[13:15] we switch away in the soil,

[13:20] our current truck is set up, not ideal either.

[13:24] The controls are on the back.

[13:27] So it doesn't offer much,

[13:31] but the newer trucks, the jet and the vacuum are on the front.

[13:34] 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.

[13:42] So, someone drives through our cones, they're going to rearing the back of the truck, or the current truck.

[13:51] West Dallas has a sewer employee who is both

[14:06] the other truck.

[14:07] We have to drive

[14:20] the new trucks all the

[14:24] different trucks.

[14:25] So, come with

[14:49] other safety programs.

[14:56] We're going to be asking for a forward purchase of such trucks.

[15:01] 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

[15:21] the poverty free up the mechanics, and it is pretty technical detail.

[15:25] The other thing is, if we do purchase the maintenance package, guarantees the price of the truck after five years.

[15:34] 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.

[15:44] The dealer is taking care of

[15:49] all the families who are starting to go this route.

[15:52] When the interest rates were lower, a lot of miscellaneous

[15:56] years, you were trading it out so that you're not spending the $70,000.

[16:02] If we don't trade it in at that time.

[16:24] Appreciate the detailed presentation and explanation.

[16:28] Thank you.

[16:29] Can you remember the public have a question for the committee?

[16:33] It's a raise your hand.

[16:34] That's a good answer.

[16:35] Raise your hand.

[16:37] Any folks in Zoom have a question or a comment on this.

[16:40] Please raise your hand.

[16:42] That's a good answer.

[16:43] So we'll turn it over to committee.

[16:47] All of you.

[16:48] Thank you.

[16:49] So this was in the budget for this year.

[16:52] This project, this purchase was all accounted for this year.

[16:58] Oh, yes, we began discussions.

[17:00] the last year about this possibility, but we didn't have the details worked out, so we decided

[17:06] we would prefer to spend a little bit more time working through the details and bring it back

[17:11] to the US and export variant by budget item. That's why it's included as a fundraiser because

[17:16] we would be using cash in the sanitary fund balance and using those funds to purchase the vehicle.

[17:25] So it's pretty much an agency fund that we're taking the money from our agency.

[17:31] These are not contingency funds.

[17:33] In the sanitary reserve, it has access, it has its own fund balance.

[17:37] Okay, I think about it as its own savings account.

[17:40] We're building that fund balance and anticipation of significant sewer work in East Toastup.

[17:46] But given where interest rates are right now, it makes much more sense financially just to purchase the vehicle outright,

[17:52] because we have the cash on hand rather than lease it.

[17:56] This is also part of a bit of a change in strategy.

[18:00] We traditionally have just held vehicle.

[18:02] We've had a purchase hold strategy for vehicles for all vehicles.

[18:07] When we purchase them, the fleet department does a great job maintaining them,

[18:10] and we hold them as long as we can.

[18:13] However, we're recognizing that some of the more unique pieces of equipment like this one.

[18:18] That strategy isn't the most cost effective.

[18:20] And so that's why we took the time to look at the maintenance package, because that was one of the appealing items.

[18:26] The vendor originally approached us, but just with the maintenance package.

[18:31] But we went back and asked, well, can we just purchase the vehicle outright?

[18:35] But still have the maintenance package.

[18:37] And they will also guarantee us, so long as we perform the front of maintenance,

[18:41] and the annual maintenance estate live, a repurchase price.

[18:45] So in five years we have a guaranteed repurchase price of the vehicle.

[18:55] I'm going to go to the vehicle and be delivered.

[18:59] Probably late summer really fall.

[19:02] We have the possibility of the emergency.

[19:05] That's coming up available.

[19:08] I'll get that this year.

[19:11] The current truck is basically not functioning right now.

[19:14] So we'll be really going to have a look at truck right now.

[19:16] That works

[19:21] fine.

[19:22] I think it's great to have saved you.

[19:31] We have a motion by older Phillips.

[19:33] We have a second by Dylan and I wanted to just hold tight.

[19:43] I notice the maintenance plan cost very reasonable

[19:55] or anything that should be true.

[20:01] There's a kind of a built-in agreement in warranty in there as well.

[20:07] That's why that five-year mark is key.

[20:09] So, that five-year mark is key for that.

[20:13] Like our current truck was purchased used in 2007.

[20:16] Oh, man.

[20:17] We're at your purchase that used back then.

[20:20] As we've kept this a long time.

[20:21] It's done. It's a major components are breaking down on the real expensive ones.

[20:26] We're trying to get away from that going forward.

[20:28] And it's good who will be covered with a city's auto insurance program.

[20:32] They don't have a $25,000 deductible, but it's the insured for replacement value.

[20:40] That's great.

[20:43] Just a deal.

[20:44] Even that on the road for 20 years.

[20:45] 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.

[20:53] 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...

[21:02] that we did quite a few repairs, and we were in pretty good shape.

[21:06] This past winter, we had a bit of like a 24-hour event, and it was super cold out.

[21:13] And what happened was a lot of the parts in there, and froze, and other cracking a lot

[21:18] of the major components, so it was trying to save some basements, and basically sacrifice

[21:24] the equipment for that.

[21:26] Otherwise it would still be probably functioning for what we had repairs in the last year.

[21:30] So I was looking at another year and then this this catch-off I get on the happen

[21:36] Understand it's not a criticism. Yes, I know why it wasn't looking at that real closely

[21:41] 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

[21:46] We're going

[21:56] to take a vote again. We have a motion by all their folks is second by all their Dolan

[22:01] Let's take a vote all those in favor. Say hi

[22:03] Any opposed to chair vote side of the pass is e to zero.

[22:06] So thank you, gentlemen, appreciate that.

[22:09] All right, we're going to move on to item number four.

[22:11] It's a recent request by Public Works Director for pre-go

[22:14] of the three-year contract with two optional one-year extensions.

[22:17] With poor ink for the management of rental of room rentals

[22:21] had the malnour building at heart park, Mr. Simpson.

[22:25] Thank you.

[22:26] This may be a bit of a day job, I'm sorry.

[22:29] We were here not too long ago talking about

[22:33] It's exactly a contract with a different vendor for approval of that contract, that particular vendor evaluated their resources a little bit more.

[22:45] Without going into the whole story, opted to not enter into the contract with the State for the Mueller Building Development Management.

[22:53] following that information, sea staff, Alex, myself, began reaching out to vendors that had

[23:02] been recommended to us through various channels to see if they'd be interested in submitting a proposal.

[23:09] Long story short, we have received two proposals on one front, right one fork and one front,

[23:20] with both companies did and up providing.

[23:30] So you staff need to consider entering a

[23:37] new ring.

[23:38] Owners are geared tonight.

[23:39] So they'll be able to answer any

[23:46] owners of the company,

[23:47] or local, both, local residents.

[23:50] The business itself is recently van relocated

[23:53] to a local store.

[23:55] We feel good about that fact.

[24:00] Exciting in their

[24:09] videos to activate the

[24:13] part of events

[24:13] they would focus through.

[24:14] People are wanting to realize it's building,

[24:16] but also

[24:23] catered that they would be flexible

[24:26] and having a building with

[24:35] growing club, having to work for on the timing as well.

[24:38] Those, they understand the challenges that come with that and are willing to

[24:44] long story short.

[24:45] We really feel like they'd be good partner for us. That's the kind of conversation.

[25:00] 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.

[25:10] So very similar to the last proposal we have, we would basically have revenue, cashier, rental,

[25:20] administrative costs, and bar revenue as well.

[25:22] You can also like our license at some point in the near future as well in order to

[25:38] be able to have Alex Mayhem more to add

[26:51] if you want to speak and if you do please give your name and

[26:56] Tom Gavert

[27:25] And if I'm Liz Reiner's colony

[27:31] members of the public have a question or comment on this

[27:34] Seeing any hands raised will check on soon

[27:37] Any folks in soon of a question or comment on this please raise your hand

[27:41] 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

[27:49] I may know them personally. I think your first office was above my business, so I've gotten

[27:56] to know them really well over the years and I

[28:00] think that would be an awesome fit.

[28:03] Thank you

[28:03] for taking this on.

[28:17] Yeah, I want to just want to re-enter

[28:22] essentially fairly appreciate to

[28:26] commitment all the approval. All right, we have a motion by all their Morgan for approval. Do we

[28:30] have a second? Hold your toll.

[28:39] I just wish to make comment. You'll remember back when the other

[28:49] I ended up wasn't threat

[28:53] to highly recommend.

[29:13] And as raised, again, we have a motion by Alter Morgan, seconded by all

[29:17] there, Dolan.

[29:19] We'll take a vote all those in favor, say aye.

[29:21] Aye.

[29:21] Any opposed, Chair of Outsight, it passes seven, two, zero, and we have one present.

[29:32] Now we'll go on to item number five, which is a consideration of request by the

[29:35] Parks and Forestry Superintendent to waive the request for proposal process, production and

[29:41] installation of a sign for a fire flight, rural park and approval, level three fund transfer.

[29:45] donated funds to the Firefly Grove Park Project.

[29:50] But we're

[29:57] having a week's night and for hearing this.

[30:02] 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.

[30:19] It's the Parks Project budget for a procurement of that. A little bit of background.

[30:27] We've been building that park there at Firefly Grove Park in 160th and Gilbert for, I think, master planning started in 2022.

[30:34] As well underway now, planning to open Memorial Day of this year, the Project Scope has grown.

[30:45] 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.

[30:56] 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

[31:08] those items.

[31:09] Monuments signs are pretty pricey proposition,

[31:15] who are hoping to secure

[31:23] signs for design,

[31:29] park projects,

[31:29] There

[31:43] are tourism specialists, kind of, showed that rendering by

[33:22] an open

[33:45] response or sign that the aforementioned bank will

[33:55] like it will not say

[33:57] Sponsorable say the bank okay,

[34:01] and

[34:11] it's going to be on both sides of it from when I looked at the things.

[34:14] In other words, when you come through it, you see it and then a few are going out, you see it okay,

[34:20] just want to be clear on

[34:23] it.

[34:25] Can he members the public have a question or comment on this?

[34:28] Mayor quickly. I just want to say all of this I think illustrates what a great job the Department of Public.

[34:38] The other thing is

[34:40] To those people who mind to object to

[34:45] it does two things. It one is that recognizes the generosity, but it also encourages other

[34:50] Would be donors. I think so it's not a choice if it doesn't take away from the name of the park

[34:58] But it just

[35:04] 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.

[35:18] 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.

[35:31] come forward and sponsor this sign. She's done a great job and so I congratulate her and I'll move a

[35:38] approval. All right, we have a motion for approval by Alder Lewis. Can't do we have a second. Alder Morgan.

[35:46] I want to make a brief comment. Yes, Alder Morgan, you can do that. Again, reiterating with the mayor and

[35:51] Alder Lewis said, there's a number of us who when these things have come up, have tried to push for

[35:57] It's important private donations and so this is just outstanding to see you guys go out into this

[36:03] It's not easy anybody who has ever worked in

[36:07] Trying to fundraise trying to get these kinds of things going. It's a big challenge. So I give

[36:13] The city and waterstone bank a huge amount of credit for getting this down salt. Thank you

[36:19] Any other questions or comments on this

[36:22] Let's take any hands raised, okay. We'll take a vote. Again, we have a motion by all

[36:26] their loos, which is a staff recommendation seconded by Morgan. All those in favor say aye.

[36:31] All right. Any opposed? Chair votes aye. That raises 8 to 0. Thank you, Alex. Appreciate that.

[36:38] Okay. Okay. We're going to go on to item number six. Consideration and request by the

[36:41] development director for full of funds and authorization to enter into a master plan

[36:45] agreement between the C of Wattow Center organs for the Milwaukee County Research Park.

[36:52] Mr. Hammond.

[36:55] Thank you.

[36:55] All right.

[36:56] So, at tonight, we're presenting a Master Plan agreement that would be between the city and

[37:01] Ergens from the Milwaukee County Research Park.

[37:04] So, this is really a proactive effort to, you know, ensure that the research part

[37:51] on the city's

[37:52] Park would

[37:59] really focus on.

[38:34] It's Tom Ergens and I'm with the Ergens.

[38:44] 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,

[39:14] with this partnership is to examine some of the public infrastructure and how we

[39:19] need to improve it, but then also look at assets that are owned by our

[39:24] organs and then how we could find additional utility. So you really have to

[39:29] understand the public component, but then there's also a private component. So

[39:33] that's why we're asking for a partnership with the city of Walaotosa so we can

[39:38] get better details and understand costs and what the potential is to maintain

[39:43] And very economically viable and important resource in the city of Washington, thank you very

[39:49] much.

[39:52] I just want to reiterate something, and it's in Mr. Hammond's recommendation there,

[39:57] but the real crux of it is...

[40:00] 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.

[40:30] So we'll turn it over to committee, all of them are close.

[40:34] I do.

[40:36] Quick question for anyone.

[40:39] So these have.

[40:41] When a development goes up in the research park.

[40:44] Will that follow them, stand your procedures and committee levels coming through the city?

[40:50] Or is that something that's separate than under Irvis?

[40:53] I know that right now is a specialty design review as I believe that

[41:00] reviews developed by the State Science Research Park, what's under this agreement? Do we have more control back or how does that handle?

[41:13] You can add to it.

[41:16] Specific to design would be more of that effect in the average 1992 ED

[41:27] design review function was handed over to the research part.

[41:36] within the park, I think the intent was to assure that there's some kind of consistency

[41:42] or some kind of cohesion between

[41:50] as it exists.

[42:25] Baving on the code of the zoning and stuff like that, if I propose development goes to

[42:30] there's it goes through our committees or is there something different? I guess that's

[42:34] by overall question. It depends specifically which document zoning remains

[42:47] with the

[42:52] agreement is correct. This agreement doesn't have anything

[43:06] they're

[43:06] philipsed and all

[43:09] of your I didn't know. Okay, we'll do all of your

[43:12] already then. First of all, thanks so much for your all of your

[43:16] investment. It has been actually works for Terametica and it's in the

[43:20] research park and I'm wondering if you can tell

[43:39] us an angel I mean what what's

[43:41] different now?

[43:44] I could take GE and then the top

[43:49] GE has about a 420,000 square

[43:55] the organs did build it and then they sold it to a

[44:50] group.

[44:50] I'm not a minute too soon.

[44:53] How much do you owe me?

[44:54] You guys have pretty low vacancies.

[44:56] Right now.

[45:03] 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.

[45:11] But now that we own 12 buildings, you know, many of them are next door to one another.

[45:17] And so there are opportunities to maybe look at, you know, we laying out a parking field.

[45:22] 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.

[45:31] for corporate headquarters called XI Way, they're still some of you on the council who worked

[45:36] on that project with us and you know one of the elements of that endeavor was, is there was

[45:42] some access parking in a building next door, 10,000 innovation drive, where you know we had a agreement

[45:50] in our development agreement that perhaps you build a neighboring building on that empty portion

[45:56] underutilized portion of a parking lot.

[45:59] And so really, this is about taking a more global look

[46:03] at land planning as opposed to, you know, 27 years

[46:07] worth of building individual buildings

[46:09] that we can take a more holistic approach

[46:12] and really study and understand

[46:14] what can the public infrastructure support?

[46:17] You know, is there a better way to lay out certain aspects

[46:19] of the public infrastructure?

[46:21] You know, on the initial road system was built in the 1990s,

[46:26] you know, as much wider, you know, some of the original buildings had, you know, we're a little

[46:30] off the street, whereas now we take a more new urbanist, you know, approach to how we, you know,

[46:37] site buildings and sites closer to the street edge, things of that nature. And so it's, you know,

[46:43] well, what do we want to do? We've got a four lane concrete road, full of potholes. There's no bike lanes.

[46:52] And you know, if you ride your bike, you're taking your life and your own hands.

[46:56] And so, is there an opportunity to enhance that experience, you know, you know, look at, you know,

[47:03] potentially additional public purposes, you know, is there a better way to lay it out so we can, you know,

[47:08] harvest more value out of the same amount of land, which I think is better for the community as a whole.

[47:18] Yeah, I just wanted to add to that when the middle lands was developed, I remember

[47:24] Alder Tillerson and I were the strong proponents for undoing what we're starting to undo

[47:31] what the county had imposed when the research part was founded, which was a restriction on anything

[47:37] but offices.

[47:38] And we said, okay, that was 1992, but we're in the 21st century now and we need to integrate

[47:45] housing and some retail and some other stuff, Ergens now has started to do that with the

[47:52] apartment plan on the corner of Nature Road at Wisconsin Avenue, with the medical office

[47:58] building, with some of the fast food to things at the restaurant, uses on Nature Road.

[48:06] And it was our determination, our vision, maybe we could have a food truck plaza, maybe

[48:13] maybe just some open space where people are congregated a little bit.

[48:18] Making more urban, because the way it was originally envisioned,

[48:21] you drive your car in, you drive your car out,

[48:24] and it wasn't a 24-hour date thing.

[48:27] So there are all kinds of possibilities for that space

[48:30] that are much more consistent with 2025 than 1992.

[48:35] We need to move on.

[48:37] Am I going too far with this time?

[48:39] I don't think so, Mayor.

[48:40] Okay, so I think we're, that's the vision.

[48:43] And we'll be sure at this point we want to see what the urban planners have to say.

[48:47] Yeah, that's great.

[48:48] Thank you.

[48:49] Okay.

[48:49] Thank you.

[48:50] Holder Phillips.

[48:51] Thank you.

[48:52] It's very important undertaking.

[48:55] All the changes in the last 30 years.

[48:58] Changing commercial space.

[49:02] But I think my question is what sort of involvement does the city council

[49:15] have?

[49:15] I think it's hard to

[49:20] inform what we do in the capital budget.

[49:23] We have in the five year plan.

[49:26] relatively straightforward, reconstruct more or less as is what exists there, but needs to be replaced.

[49:35] It's going to give you a vision of sorts.

[49:39] And I don't mean this as an exact example, but sort of to think about what kind of transformation can happen.

[49:47] When we read the village, the streetscape, et cetera.

[49:53] It took somebody coming in from the outside to say, well, what could this be?

[49:58] And so we did all of the...

[50:00] 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.

[50:30] status of the park isn't going to do.

[50:33] Isn't going to create any greater advantage for a core

[50:37] park versus one that might be

[50:41] not answering your question.

[50:44] By nine, I guess that on my question is how the city and is the council

[50:50] having,

[50:55] and what specifically asks to answer that, well, and vision is,

[50:57] once this is completed, we'll be coming back, developing a sort of

[51:02] fuller description in the capital plan, which comes through financial

[51:06] affairs through the budget process.

[51:08] And if I could throw in that, I was on the village streetscape incidentally that working

[51:16] with consultants from South Carolina and Madison came up with what the village looks like

[51:20] today.

[51:21] And it was a very interactive process between consultants, citizen members of the committee, elected

[51:28] officials, the common council, and everybody else.

[51:31] So this is the beginning of your involvement at the end of it.

[51:39] a clue.

[51:41] It's okay, I want to follow up on that as we're laying out infrastructure and we're imagining

[51:49] what that area could possibly look like and hopeful that we're looking at the possibility

[51:54] of some areas, the area, the G building and if we're not repurposing it, it's going

[52:00] to come down and come down and be built there that we look at the possibility of the area

[52:06] for single family homes to something like a little bit of a subdivision or something like that.

[52:13] In an area where we don't, we say we don't have land to film single family homes.

[52:17] This is a huge swath of area where the possibility I would imagine we could envision something

[52:23] like that included in there, not saying strictly, but I would say, you know, let's vision that out

[52:29] in addition to, you know, going up with more members is something. So, yes, that's what I'm making

[52:35] for that.

[52:41] Having motion. All the Phillips. Second. Okay. So just so we're clear the motion is to enter

[52:51] to a master planning agreement between the City of Rotos and Irvings for Milwaukee Research Park

[52:56] and the Associated Cost Sharing Committee. Correct. All right. So we have a motion by all their

[53:04] And we have a second by all their duller.

[53:07] That was a quick second.

[53:09] All right.

[53:12] Any other questions or comments?

[53:16] All right.

[53:16] I think we're ready to vote.

[53:17] All those in favor say aye.

[53:19] Aye.

[53:19] Any opposed?

[53:21] Chair votes.

[53:21] That passes.

[53:22] So thank you, Mr. Hammond.

[53:24] Thank you, Mr. Ergens.

[53:25] Thank you very much.

[53:26] All right.

[53:27] We're on item number seven consideration of a quest by all

[53:30] person mind-il for resolution requesting state authorization for municipal, crypto-currency reserves,

[53:37] and older mind-il wasn't here before.

[53:41] I would like him if he desires to make some comments.

[53:48] All their mind-il were on your item.

[53:51] Would you like to?

[53:51] We just started.

[53:52] Would you like to comment on this?

[53:54] Yeah, sure.

[54:04] Good evening.

[54:06] Just have a free face here.

[54:09] Right now I'm speaking in my official capacity

[54:10] is an older men in the city while we're toast to my statements from Marx and follow-up questions

[54:14] whether verbal written or published or part of my official duties in my opinion,

[54:18] including government oversight policy discussions and public accountability.

[54:23] Tonight I urge you to consider this cryptocurrency resolution which positions

[54:27] while we're toast to at the forefront of financial innovation by allowing municipalities to hold

[54:32] cryptocurrency reserves just as the Wisconsin retirement system WRS and the state of Wisconsin

[54:38] investment boards with have already invested in Bitcoin ETFs, I believe. Just some quick numbers.

[54:46] If we had invested half a million in Bitcoin, and this could have changed from what I saw this morning,

[54:51] the way the markets are. In 2020, when I first mentioned this idea, it would be worth now nearly

[55:00] 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.

[55:12] 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.

[55:25] And the proposal is not asking to put tax dollars in a cryptocurrency reserve right now.

[55:31] This is just a letter to the state assembly,

[55:33] about one of our colleagues right now to see and explore this.

[55:37] It's just a diversification opportunity for municipal governments going forward.

[55:43] It's all I got.

[55:47] I know could you stay up?

[55:50] Well, we could sit in the audience, but just be present.

[55:53] I think we'll get to you.

[55:58] I want to focus on what I'm going to make common on this.

[56:01] Homestini would like you to put on this, and I believe the city attorney was going to

[56:14] make it.

[56:14] Tonight, but I think what the nation considers that our current investment policy,

[56:22] the standard investment objective of yield is secondary to both safety of principle and liquidity.

[56:28] And so, even if we were allowed to understate law, this would not be, this would be a violation of our firm investment policy.

[56:37] 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.

[56:46] I would say that we don't have the in-house expertise to invest in something like this, particularly because

[56:57] we're different than a pension fund. A pension fund is a 30 or 40 year horizon.

[57:04] When we are investment portfolio, we maintain under a five year horizon.

[57:09] horizon, and with a five-year period, this is very volatile,

[57:13] investment, and to try and make return on.

[57:18] And I do just come back to the fact that our standard investment objective.

[57:24] Our first priority is principle, first preservation of principle,

[57:28] our second priority is liquidity, and our third priority is yield.

[57:32] And that's because we're investing tax payer money,

[57:35] and we're investing that money to sustain the operations of the organization.

[57:40] The other concern we have is there's a higher risk of fraud with think of the concurrency.

[57:47] And while we're not necessarily opposed with being opposed, I think if we were going to

[57:54] lobby the state in terms of priorities for our financial resilience, having a local sales tax would be

[58:00] a much, much higher priority than investing.

[58:04] Thank you, John.

[58:06] city attorney. I believe all sort of some comments. I don't have a whole lot to say on this.

[58:14] Just to recognize that the state does have some through state. It was kind of an investment board,

[58:20] through work that was

[58:25] on the state.

[58:30] Some cryptocurrency

[58:37] members, those are much larger portfolios.

[58:56] Cryptocurrency is just right now

[59:01] for Indian high returns,

[59:08] but placing prior

[59:24] to all the mind,

[59:24] and this is just...

[1:00:00] There was an article last week in the Atlantic, I wanted to share a couple of paragraphs on that.

[1:00:06] 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.

[1:00:22] He said that I will make sure the U.S. is the crypto capital of the world.

[1:00:28] The analyst goes on to say, for the taxpayer, the purpose of such an initiative is obscure.

[1:00:34] And then she says, I want to highlight this.

[1:00:37] The crypto industry is a hyper speculative casino.

[1:00:42] I want to repeat that.

[1:00:44] The crypto industry is a hyper speculative casino.

[1:00:47] It is not essential to the American financial system, nor are our cryptocurrencies essential

[1:00:54] to the American public. Workers cannot put Bitcoin in their gas tanks, parents cannot

[1:00:59] feed XRP to their kids. Businesses do not need Cardano to build roads, white cities,

[1:01:07] produced vaccines, and provide loans to homeowners and entrepreneurs. The proposed reserve

[1:01:13] would use taxpayer resources,

[1:01:15] diverting them from other purposes.

[1:01:18] With crypto prices soar, the Treasury could retire

[1:01:21] a chunk of the debt.

[1:01:23] If crypto prices crater, the public would end up worse off.

[1:01:29] And this is a quote from Mark Zandy of Moody's Analytics.

[1:01:33] I don't think turning the government into a hedge fund

[1:01:36] is a viable solution to the country's fiscal challenges.

[1:01:39] He suggested addressing them the old fashioned way by cutting spending, raising taxes, and promoted growth.

[1:01:48] I also went to invest their pediathe and they wrote the following.

[1:01:54] A cryptocurrency is a form of digital asset based on the network that is distributed across the large number of companies, computers.

[1:02:02] is decentralized structure allows them to exist outside the control of governments and central authorities.

[1:02:11] I want to repeat that.

[1:02:14] This allows them to exist outside the control of governments and central authorities.

[1:02:21] One of the reasons we got into the Great Depression back in the 30s is because government did not control securities,

[1:02:27] securities, and that's when the securities and exchange

[1:02:30] conditions are settled.

[1:02:33] So that there wouldn't be a wild west of stocks and bonds.

[1:02:39] There is no such entity that controls cryptocurrency at this

[1:02:43] time.

[1:02:47] Invest the PDA goes on to say the disadvantage of cryptocurrencies

[1:02:51] include their price volatility, and all

[1:02:54] reminders refer to that goes up and down, and goes up and down

[1:02:57] heard when before President Trump talked about becoming the crypto capital of the world,

[1:03:03] the price had been very depressed and now he mentioned that and went way up and then

[1:03:07] went down again.

[1:03:09] They go on to say, high energy consumption for mining activities and here's another one.

[1:03:14] In use in criminal activities, cryptocurrencies are used worldwide by criminal enterprises because

[1:03:22] there is very little regulation a lot of it is on short.

[1:03:27] It was a different foreign investment, but similar about 10 years ago, the West Alice was seen

[1:03:32] in Whitefish-based school districts invested in some speculative investments and lost hundreds

[1:03:39] of millions of dollars.

[1:03:42] It was a scandal.

[1:03:46] I don't know why we would conceivably get into this situation at this time.

[1:03:51] Maybe 15 years from now, cryptocurrencies have settled down.

[1:03:54] maybe there will be an SEC for crypto currencies,

[1:03:56] maybe it won't be the wild west,

[1:03:59] maybe it won't be off-showing the criminal activities.

[1:04:02] That's not where we are today.

[1:04:04] I consider this proposal, especially in light

[1:04:08] of our very prudent investment and financial policies

[1:04:13] to be completely irresponsible.

[1:04:15] And I strongly urge you not to go this way.

[1:04:18] Thank you.

[1:04:21] Alder Arnie has some comments and questions, I'm going to ask you a question.

[1:04:27] Just to comment, first of all, the state of Wisconsin and your accurate, that the state of Wisconsin investment board,

[1:04:38] bought shares in between exchange traded funds.

[1:04:43] But what they have is shares, not Bitcoin.

[1:04:46] So the state did not mean this.

[1:04:51] we would be way out of hand, everybody.

[1:04:57] I do.

[1:05:43] 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.

[1:05:57] And one of the, I'll make it short, because in the interest of time, one of the people

[1:06:03] that I follow, and I've learned a lot from, is Dr. Weiss. He's a very talented, very wise,

[1:06:10] heart surgeon. He emphasized this clamp time, and that's how I found him because of time management.

[1:06:17] 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

[1:06:30] three pros and three kinds

[1:06:32] The three pros are summarized as decentralized and inflation-resistant potential for massive long-term games games

[1:06:40] easy to transfer and store globally. Now, on the flip side of that, no pun intended is the

[1:06:47] times, volatile and unpredictable price swings, regulatory, uncertainty, and government

[1:06:54] crackdowns, and no physical asset backing its value. That bottom line for me speaks volumes,

[1:07:01] no physical asset backing its value. And I also don't like those volatile. So for that, and

[1:07:08] 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.

[1:07:26] Mr. Jürgen, raise.

[1:07:29] Thank you.

[1:07:31] To be quiet, I'm not a big fan of Bitcoin.

[1:07:34] I see it's promise, but I see it's risks.

[1:07:38] And as I see what the ask is here, we're not asking to invest in it.

[1:07:47] We're asking for the, I'm apparently the ability to do it in the future.

[1:07:54] So I think that part is essentially okay.

[1:07:59] But what I might suggest we do is put this on file and keep it for another day to review

[1:08:08] 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.

[1:08:24] 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.

[1:08:32] Is that a motion?

[1:08:33] That is a motion.

[1:08:34] 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

[1:08:48] Just recognized in the meeting meeting notes and

[1:08:51] Either we're not

[1:08:53] active in King we're not setting a date for anything. It is just put in a file for

[1:08:58] there.

[1:08:58] Okay.

[1:09:00] We have to bring it back.

[1:09:02] It's something to say.

[1:09:04] We have to be re-agendized at a future in time if desired.

[1:09:09] All right, we have a motion all there.

[1:09:11] Loose you during your second to his motion or can I make a statement.

[1:09:15] You can make you can do both.

[1:09:17] I'm just saying I'm going to make a second.

[1:09:18] But I think, if I'm not wrong, he's just asking

[1:09:22] that we send a request or a resolution to the state

[1:09:25] saying, let's look at at Bitcoin.

[1:09:30] Not necessarily if we're going to invest in it.

[1:09:33] But the state, we send a note to the state saying,

[1:09:37] we want you to look at this as an alternative.

[1:09:39] I don't think it's a good idea.

[1:09:41] But I don't think he's asking us to invest in Bitcoin.

[1:09:45] Yeah, but that's advocacy.

[1:09:46] 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.

[1:10:00] 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.

[1:10:23] So, I don't agree that we should do anything supporting that point.

[1:10:30] I was trying to clarify what Lionel was proposing.

[1:10:35] It's not that we invest in it.

[1:10:36] That we send a note to the state.

[1:10:48] There are fill-ups here at your hand.

[1:11:28] But on a file, seconded by all their fill-ups,

[1:11:31] I want to make some comments on this, which I have yet to do.

[1:11:34] Any other folks have questions or comments on that all they're working?

[1:11:37] Yeah, my brief comment I think is.

[1:11:41] I give our all their mind all credit for looking into this.

[1:11:45] 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.

[1:12:01] 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.

[1:12:08] But there seems to be nothing more on with at least having options and exploring options.

[1:12:13] 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

[1:12:20] Billion dollars or lose a billion dollars, but I think it is a good idea for us to have

[1:12:26] the options and if this isn't the right way to do it

[1:12:29] I didn't encourage you to pursue other avenues or

[1:12:32] 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

[1:12:39] We may or may not need to look at it

[1:12:42] All right.

[1:12:45] Thanks just quick question.

[1:12:47] From a legality standpoint,

[1:12:49] because it sounds just chicken or egg for future reference,

[1:12:53] I thought early on, John, sorry, I'll bring you back.

[1:12:56] When we had talked about this,

[1:12:57] if we changed the policy,

[1:12:59] would we be in violation of state statute,

[1:13:01] or would we be able to change the policy

[1:13:03] if there's interest down the road?

[1:13:05] And then I think what you would have to change

[1:13:08] the policy is that the priority is on preservation.

[1:13:12] I think

[1:13:19] the policy of reference

[1:13:31] to this type of bench consistent with

[1:13:47] comments on this

[1:13:54] situation.

[1:13:54] Let's be clear those sort of mortgage back securities and that was all the rage back.

[1:13:59] Then you're absolutely right.

[1:14:02] But obviously when people weren't paying their mortgages, the value of the security became

[1:14:07] nothing.

[1:14:09] So let's talk about this specific item.

[1:14:16] I would, I'm going to give an award of advice to all of our mind along this.

[1:14:21] I would pursue this with a League of Municipalities.

[1:14:24] I would see what they have to say.

[1:14:27] They're the advocacy group for all these municipalities.

[1:14:31] I remember when I was in Madison, I think the mayor was at that, all there aren't

[1:14:35] who's there, all there are Phillips was there.

[1:14:37] We were there, and they discussed a gamut of things.

[1:14:39] We met with state legislature, legislator, legislators.

[1:14:42] We spoke about just numerous things that are top of line for our fellow municipality.

[1:14:51] I would strongly ask that you see what the sentiment is amongst that lobbying group.

[1:15:00] As a strong voice for municipalities, and all that they look to have the state to support them.

[1:15:11] With regard to crypto, I did a little AI search on this, and I couldn't find any.

[1:15:21] 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,

[1:15:28] have relocated out of New York or Chicago and all this to Miami.

[1:15:33] The mayor of Miami is quite an advocate for cryptocurrency.

[1:15:36] You can read about the Wall Street Journal.

[1:15:38] But what I've mainly found as it applies to what I would call municipalities that are in

[1:15:45] our level of mispality was potentially the acceptance of cryptocurrency and payment for

[1:15:54] bills, meeting utility bills and all that.

[1:15:56] The question I would have would be,

[1:16:01] would are, because of course we're moving away,

[1:16:04] we're moving toward people paying, you know, with credit cards

[1:16:07] and all this sort of thing.

[1:16:10] John, do have you heard about anything that any of our outfits

[1:16:13] that we use that accept electronic payments

[1:16:15] that didn't talk about cryptocurrency, accepting those?

[1:16:20] To be honest, I'm not,

[1:16:24] I'm not.

[1:16:24] Yeah, so, and I appreciate that.

[1:16:28] I did see some of that when I did my AI search with regard to investment end of it, I'll just

[1:16:36] come out and say it right now as a taxpayer and all would tell us I'd be pretty perturbed

[1:16:41] if I had tax dollars being stuck into crypto.

[1:16:47] I'll also mention there's a lot of other things that are out there that we don't invest

[1:16:53] to there's commodities, there's futures and different things like natural gas. Frankly, if you

[1:17:02] were a natural gas, you'd be a 60% in three months now, if you could, but natural gas futures,

[1:17:08] which is amazing, by the way. But anyway, I just mentioned that as a stamp, but we don't invest

[1:17:12] in natural gas, obviously. Nor would we, nor should we. But I would just circle back to my initial

[1:17:20] comments and say I think this probably ought to be broached with the League of

[1:17:25] Municipalities and see what the sentiments are there and amongst other

[1:17:29] municipalities before I would be in favor of this.

[1:17:33] Okay.

[1:17:33] I've said we have a motion to put the Sunfire by our McCluth seconded by Philips.

[1:17:39] I think we're ready to vote.

[1:17:41] All those in favor say aye.

[1:17:42] Aye.

[1:17:43] Any opposed?

[1:17:44] No.

[1:17:46] No.

[1:17:46] Yeah.

[1:17:47] Okay.

[1:17:47] So that's five to three.

[1:17:49] is that correct? And the three would be Dolan, Lewis, and Morgan, correct?

[1:17:58] All right, I'm

[1:17:59] not hearing any. Okay, so I think I've got it. Okay, so we're on to item number eight, which

[1:18:06] is marked as being to go into closed session. So I'm going to read what that item is, and then

[1:18:12] we're going to have some public comment. I think to start off, correct, John? Yes.

[1:18:20] And Mr.

[1:18:20] The item is consideration of approval of a term sheet with Mandel company for the Harlow

[1:18:27] and Hamd Department at 7470 Blanchard Street.

[1:18:31] Again, this is Mark for closed session.

[1:18:33] I'm going to have the finance director make some comments.

[1:18:38] I know it's hard to hear me with the fan over there.

[1:18:40] I will.

[1:18:45] John, could you come to the table?

[1:18:46] I should.

[1:18:47] Hold the bill and move for further.

[1:19:12] system with how we've presented previous developments in open session will present as much

[1:19:19] as we can, but there we still are under negotiation with the developer and they've also

[1:19:26] provided proprietary information only under the consideration of confidentiality. So there's

[1:19:32] some things we just can't discuss an open session, but we will try and discuss as much as possible

[1:19:36] for the benefit of the company.

[1:19:39] Before you, you have a term sheet that was sent to you,

[1:19:42] separately from a packet because that is considered confidential.

[1:19:46] We've included some of the terms in the open session memo

[1:19:49] for the redevelopment of the Blanched Street Lot.

[1:19:53] On the line, we have Keith Dahl from Elders, a financial advisory.

[1:20:00] 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.

[1:20:09] When we actually prior to that, but in 2022, we first presented to you a term sheet.

[1:20:15] 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.

[1:20:29] It was determined that that development was not feasible.

[1:20:32] We are happy to present tonight a revised term sheet,

[1:20:36] which we believe will proceed as a feasible development with your approval.

[1:20:44] The proposed, initially developed proposed 130 unit apartments,

[1:20:48] consistent of studio, one, two, and three bedroom units.

[1:20:52] And at that time we had 22 units reserved for households

[1:20:55] think comes at or below 80 percent. That with the rise in interest rates and construction costs

[1:21:02] just was not feasible. So we now have before you a project that Phil Iof Mandelgurb will present,

[1:21:15] it's structured with both a municipal revenue obligation and the upfront money is intended for

[1:21:22] construction of 115 public parking stalls, because that many parking stalls will be eliminated

[1:21:29] through the construction. So the parking will replace one to one, but the C through the existing

[1:21:36] tax increment district will pay for the upfront cost.

[1:21:44] Thank you. I'm really happy for the

[1:21:46] Friday.

[1:21:50] I'm sorry I was reading from the prior one.

[1:21:55] You can see on page 2 of the memo,

[1:21:57] the MRO know that we are proposing the issuance of tax exempt bonds and the issuance of tax

[1:22:03] will bonds as part of the upfront assistance

[1:22:11] included in the project a key component of the

[1:22:15] project as part of the negotiations the city has a policy that when we provide upfront funds

[1:22:21] that the tax increment district maintains a debt coverage ratio of 125 percent and what that means

[1:22:28] is that it would generate sufficient increment to have over be able to pay the debt service

[1:22:36] plus have 25% in reserve. And so we've structured the upfront assistance and the MRO

[1:22:43] to ensure that 125% debt coverage. So that's a quick overview of financials. I'd like to

[1:22:49] invite Mr. Philio from Mandel to provide additional detail about the project itself. And then we also

[1:22:57] have Mr. Dal online, more than likely to talk in close session, but he's also available in open session.

[1:23:04] Should you have any questions?

[1:23:08] Everyone, Bill, I yellowed with Mandel Group 33, he's killed Warren Ebony.

[1:23:12] He was weak 600 to South Milwaukee, Wisconsin.

[1:23:17] Am I able to be the host to share his share?

[1:23:20] I'll promote you.

[1:23:22] Oh, thank God, I finally got a promotion.

[1:23:24] I think

[1:23:37] you have to accept and then

[1:23:41] you say, say, in the Army, this is a separate path from the promotion, which will lapse after the war is over.

[1:23:48] Can you say the envelope, you're sorry?

[1:23:49] It's a group that promotion, it'll lapse after the war is over.

[1:23:53] And there are some very famous people.

[1:23:57] Have you heard of your Armstrong custody?

[1:23:59] Yeah, and I believe very German one as well.

[1:24:18] Thank you everyone for having me here tonight.

[1:24:21] I was asked to give a little bit of an overview of the development.

[1:24:26] This has been before the council and so you're probably familiar with a lot of this information.

[1:24:32] So I'll give it a brief overview and then provide some information about kind of the challenges of this site.

[1:24:42] So we are at, we have 157 apartments with 188 private parking spaces and 94 public parking spaces.

[1:24:51] 42 of those are outdoor, 52 are indoor, and our show is a site plan indicating such.

[1:25:00] 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.

[1:25:28] This is an overview of development.

[1:25:30] This is an aerial shot to give it to

[1:25:34] perspective of the rest of the

[1:25:40] algorithm to some of the

[1:25:44] details on the.

[1:25:55] This is a view of that was in here.

[1:26:26] This is the

[1:26:29] quote.

[1:26:30] So this really will be

[1:26:44] close up view.

[1:26:53] And then this is

[1:27:07] the this gives you a sense of the

[1:27:47] 13 feet that we're trying to make up there

[1:27:48] between the surface parking here.

[1:28:01] So here's the site plan

[1:28:27] and blanchered.

[1:29:03] Again, this is a thing up the building.

[1:29:06] step

[1:29:23] to upper level of parking.

[1:29:46] And then as we step up the building, we have some amenities on this

[1:29:55] largely rest, second, third and fourth floor.

[1:30:01] Repeat floors. And then on the floor, the building.

[1:30:17] This site has, it's got lots of challenges.

[1:30:23] We have a significant, we energy-free

[1:30:36] residences for commercial space for public street lighting, traffic signals, et cetera.

[1:30:43] So, it's a very extensive,

[1:30:50] also given the grades at the site, ramps up as you go from

[1:30:56] blanch your towards a hardwood,

[1:31:01] a steepness of grade and the proximity of this site too.

[1:31:23] But as if that has one set of costs and times associated with it, if we can't do that,

[1:31:33] we'll have to have an internally-braced system, which

[1:31:47] is of course the significant cost that's

[1:31:50] typical for development is all the public park replacing both.

[1:32:00] Again, just given the

[1:32:01] the site and

[1:32:15] public access stairs and

[1:32:23] pad frequently is with urban infill developments like this

[1:32:26] There's gonna be some significant before

[1:32:45] you

[1:32:48] have in this little table here, but in 2022

[1:32:52] There was an up front piece

[1:32:58] ongoing MRO payments that in that present value of type

[1:33:07] of up front

[1:34:24] Those are kind of that's kind of the big picture here.

[1:34:51] Just would like to emphasize with the

[1:34:53] with the committee, how hard Mandel has worked to make this happen.

[1:34:58] And I know there's some frustration in the community.

[1:35:01] 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.

[1:35:29] I just wanted to emphasize that while it took us a long time to get here, it has been a journey

[1:35:37] and it dealt with a good partner to work with to get here.

[1:35:41] Thank you, John, and as the city has as well, and I would like to mention that, you know,

[1:35:51] an portion of the deals coming up, which is to say we get construction costs back,

[1:36:00] if it

[1:36:00] feel like something's wrong, because it actually blows below below our budget right now.

[1:36:04] There's some scope things that I know that they didn't had it.

[1:36:10] We can hit our budget

[1:36:13] Once we can hit our budget then it's kind of this

[1:36:31] I just want to

[1:36:32] broaden the

[1:36:36] which is to go back to at least the

[1:36:39] village

[1:36:41] Plan the village master

[1:37:34] and again what we

[1:37:44] quite specifically is one of

[1:37:50] the in which it was identified that

[1:37:53] Were they vacant otherwise they can't

[1:37:55] You just play owned a parking lot. There was a significant opportunity

[1:38:02] to re-infiguration

[1:38:03] additional customer base, et cetera, for the village, not only to replace what

[1:38:32] can be a second here.

[1:38:35] Get my Zoom situation going.

[1:38:37] We have a hand raised.

[1:38:38] There's a Samsung SM-S546VL.

[1:38:47] You're muted on mute, please.

[1:38:51] Stay your name and address for the record, too.

[1:38:53] You're muted.

[1:38:59] Samsung, you're muted.

[1:39:01] You've done mute your device.

[1:39:07] The rest of us drove over 75-30 West State Street.

[1:39:11] 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.

[1:39:20] And this was never clarified by anyone.

[1:39:23] Why is being allowed at the discretion of the Zoning Board to go forward with such mass, such height,

[1:39:31] which basically does a number on the country.

[1:39:33] 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.

[1:39:51] Thank you, Mr. Dr. Ober. Any other folks on Zoom? Have a question or comment. Please raise your hand in Zoom.

[1:40:01] 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.

[1:40:10] All the more again in that I saw, all their Phillips.

[1:40:14] Did you?

[1:40:15] Yeah, I have a couple of questions that I can ask them in public and they're not appropriate.

[1:40:19] I mean, just so why? 471,000 is that some sort of percentage or calculation or just a random number?

[1:40:26] but it's not a random amount of service.

[1:40:29] I wanted to be quite honest, we backed into it.

[1:40:33] We determined how well was the maximum amount

[1:40:36] that the project could afford.

[1:40:39] It's the city attorney has a good metaphor

[1:40:42] in a tiff-like glass of water.

[1:40:44] And you can only pour so much in

[1:40:46] and whether it goes for affordable housing

[1:40:48] or it goes for public parking at the end of the day,

[1:40:51] you only have so much space in the glass.

[1:40:54] 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.

[1:41:02] 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.

[1:41:16] But the issue we're running into is our policy, which is a good one, of having that 125% debt coverage.

[1:41:24] We're at about 121, 22% on this project.

[1:41:30] And what's driving that is the interest rates for borrowing for the upfront money.

[1:41:37] That was a big change both for the developer and for us in the assumptions going from 2022.

[1:41:43] All

[1:41:46] right, then I have another quick question.

[1:41:49] I wish it was a little bit more, but I totally understand that.

[1:41:52] Not quite a question at all.

[1:41:54] Good answer.

[1:41:55] The other one is, is there any DBE or ME component or instead of zero maybe I know this?

[1:42:01] No, that's included in the term sheet and I can disclose that in open session.

[1:42:05] This is not an item of disagreement between the developer and the city.

[1:42:09] Is it typically of what we've done?

[1:42:11] It's our standard 25.

[1:42:12] Okay.

[1:42:13] That's great.

[1:42:14] That's all.

[1:42:14] Those are my questions.

[1:42:15] A wave of gaze with prism.

[1:42:17] That's right.

[1:42:18] I think I knew.

[1:42:18] Now that we do need to bring forward a contract to the city and prism to do the inclusion

[1:42:26] monitoring on this project.

[1:42:27] So if this moves forward, you can accept a contract, but because of the sprint that that

[1:42:33] Mr. Mendel alluded to, we hadn't prism engaged with them several months ago just

[1:42:38] to start.

[1:42:39] Please make sure we are at the ground running.

[1:42:41] Thank you.

[1:42:43] Thank you.

[1:42:47] Like a motion for

[1:42:57] all their fill-up student a second go

[1:43:04] into closed session and we have a by all their fill-up

[1:43:07] So we have a second by all

[1:43:10] No, I have a god to that. Yes, so just bear with me and I'm still writing closed

[1:43:17] session. We're all eager for close session

[1:43:20] He is he is aware that he is going to have to read that. Okay. My question is John, are we going to

[1:43:26] Reconvene an open session. We will not can

[1:43:32] we

[1:43:32] 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

[1:43:43] Keep from elders can join the closed session.

[1:43:47] All right.

[1:43:47] So thank you for clarification on that.

[1:43:49] 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,

[1:43:54] sort of, I tell you.

[1:43:57] Okay, go ahead.

[1:43:57] The committee may convene in a close session regarding the item pursuant to Wisconsin Statue

[1:44:02] 19.851E to deliberate or negotiate the purchasing of public properties, the investing of public funds,

[1:44:10] or conducting others specified public business, whenever competitive or bargaining reasons.

[1:44:18] Thank you, all the Phillips, appreciate that.

[1:44:21] Okay, any other questions or comments before we take a vote?

[1:44:24] All right, again, we have the motion to go to close session by all the Phillips.

[1:44:27] We have a second by Alder Dolan. Again, this is to move it a vote to go into close session.

[1:44:32] All those in favor say that. Any opposed to your votes aye? That passes eight to zero.

[1:44:38] Mr. Iell, thank you very much for your time tonight and making a presentation.

[1:44:43] Much appreciate it. Thank you. All right. Is it noted?

[1:44:48] We promised you. We promised you.

FAC 3.11.25

Agenda

Transcript