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We had a workshop, so we will make two. It is a special joint meeting on March 9, 2026. Let the records show that all of council in the mayor present, with Councilor Spirion and Councilor Viman joining us online, and there they are. Chair,

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don't worry, those just project to the owls. Great. I would like to record the show that our commissioners are present this morning. It's happening.

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Thank you.

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We have a consent calendar.

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Item A, facility lease agreement for start plus storage and

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Triggs.

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Item B, amend and restated affordable and workforce housing restriction

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templates.

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Item C, agreement with Jackson Hold Not Resort for start service.

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Any pamphlet or commissioner love to remove any items?

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Mr. Commissioner.

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Mr. Mayor, thank you.

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I'd like to remove item C, please.

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Yes. Any others?

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Not going to have a motion to do a through consent calendar item eight and b's.

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So it's sad.

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What should anybody tell her?

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Shepherds and my country.

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Regents. They call the comment should have done that first.

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Um, we're that one's coming off.

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Okay. So I'm it will be a bad later on. I don't see.

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Any comments on an A or a B? Any discussion by Councillor Femisham, I'd like to leave.

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Hearing none, all those in favor, please say aye.

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Aye.

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Opposed? Motion passed unanimously.

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Thank you. Motion from Commissioner Mackers, second from Commissioner Garland.

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All in favor, please say aye.

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Aye.

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Opposed? Motion carries unanimously.

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Thank you.

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Thank you.

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Commissioner Crookes, I didn't see.

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I'm not reporting this.

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Well, no, you pulled it off.

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So, yeah, I was using that.

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How we went from fairly contentious issue,

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one that's on the consent agenda,

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I'd like to understand a little more about the nature

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of the contract with the duration of.

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Okay.

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I'm guessing that Mr. Toronto or.

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Our attorney.

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Could you please come up and.

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If

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you have to name me, it calls one of the mayor, Chair.

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Mr. Groves, the term of the agreement, it is a three-year agreement with the potential

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for two-year extensions.

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The levels of service and the payment structure is the things that have been passed agreement,

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so not substantially different, um, there, I don't know if that's helpful to start.

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So, it's just a continuation essentially of the previous agreement.

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For the most part, there haven't been many changes.

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We cleaned up a few different things, the Teton Build Association moved to a different

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agreement, so we pulled them out, took out some of the pass holders, things like that.

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But for the most part, the structure and the payment, including the exhibit, are generally

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structured the same.

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Thank you.

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Welcome.

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Councillor Garner.

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Thank you.

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Mr. Mayor.

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All right.

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Commissioner Mayor.

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No problem.

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I'll take out some of the past lawyers.

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Can you force that out for me please?

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Well, we just cleaned up some of the pastoral language.

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Thank you for the question and commissioner Garner.

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It's been through several iterations.

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I have to go back to find your exact answers.

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I'm happy to do that.

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In terms of the calculation of individuals in possession of the premium

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in the grand in the seventh day, those are mostly the same that we did clean up that language a little

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bit. Perhaps in the literature module remembers exactly, but it's pretty much, it's the same JMR

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employees for the most part. Correct. So the same ski pass holders, there's a discount for,

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well, they pay a discount of ski pass holders and for their employees misstated in previous exhibits,

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that's, I'm sorry, my Toronto graduate from start

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and getting used to the format list, sorry.

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And so they do, just for past agreements

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that have been in place and kept that same type

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of discount for pass holders.

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We did add two side rails in there that help start

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and NJHM are in the sense that they do pay

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for a portion of service that increases.

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And they also, every year there will be an increase

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based on employee wage rates

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because that's one of the biggest drivers, service costs, up to seven and a half percent,

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which is the amount of historical high for wage increases.

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So that guarantees that escalates where that was not in there before.

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So service state level, there's nothing to say that costs would go up, but it does say they

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will go up.

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And when you look at our TDP, our transit belt and plan, there is no planned or projected service

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this growth past 5% in the next five years.

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So capping their contributions at 7% service growth

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seemed like a risk-free cap to put on it.

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Thank you.

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Thank you for checking.

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Yeah, it was just, we answered some of the questions.

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Perhaps we could add some more nuanced things with the,

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we can talk about offline and some maybe,

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for sure, help sometime next.

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Who is?

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Yeah, welcome.

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Thank you very much.

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Any follow-up hosts?

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Yes.

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Yes.

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I'm sure.

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Thank you, Buzz, for helping us understand this.

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This is just with the J.H.M.R., what's the status of the agreement with TBA and why

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are we bifurcating this to—that was—so bifurcating is before my time for when I understand

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they pulled out of the agreement.

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I don't know what legalese is behind that.

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They do have a separate agreement for purchasing passes for their employees and that agreement

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was executed to start board approved it, start board approves one year contracts, and this is

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a multi year, so it comes to you all for approval. To start board approved it, they plot passes

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for last summer, they paint for their winter employees, and then come this June, their contract

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will be re-upped again. Or consider. Consider, yes. I can note just to add to that that the parties were

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I always buy for K did because they're two different to to see if they see any public comment

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on this item with that you know I'm not going to work with that's one more question I was

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trying to remember how the area two revenues fit in so I'm looking at it and we started with

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3.3 million has the full cost of level of service but it looks like we deduct from that 500,000

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area to revenue and just kind of try to remember from the master plan for area to what that is

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specified for and why you put it in here this way. The area to fees are in section 5. They have

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been in the agreement since we put this together or the transit directors

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past and present have put this together in the last few years.

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And they are calculated as an average of the last five years of the real estate

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transfer in short term rental fee receipts, but they are capped at $500,000

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for their credit. And from what I understand historically,

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Talia's point, when you go back, the records that I have go back to about

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2010-ish, as far as I can find, and that number

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fluctuates so much. Having this cap it kind of gives us again to you but also maybe a protection

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to others from going up and down so much. Right here, Stash.

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Any further questions?

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I'm sorry, I'm missing or I'm clubbing already. I'm just going to stop. Any other questions?

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Seeing none, I'll get now a public comment on item C. Please put the volume stage name for the record

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and please keep your comments at the commissioner's house.

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We're at the podium.

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Right there.

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Yeah, that's good.

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No, no, no, bother with my time, walk in.

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Thank you, Mayor Jordansson.

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Dr. Newkin councilors commission commissioners.

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My name is Jared Smith.

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I'm the pass board member of the start in the past year.

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Actually helped lead the negotiations and some other questions you're asking.

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be happy to answer if you wanted offline.

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The cautionary agreement is a very important funding mechanism for Stark.

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So I want to start with saying that I hope that you will approve the agreement today

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as drafted the reason and I'll explain the reasoning after I ask the second request.

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I hope that you'll add a perviso that the county county will revisit the level of taxpayer subsidy for Teton Village TDM program.

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As part of the county's ongoing review, staff by Candler, Windom and Dr. Charlotte Fry and others who are already tasked with this work.

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And I request that you have the policy discussion needed before the FY27 budget is approved in June.

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And this agreement applies to the current fiscal year, but also the two subsequent years.

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The reason I recommend approval of the agreement today is twofold.

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The agreement is essentially a renewal, as Leah mentioned, of the existing agreement

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that we help negotiate as the starter board in 2020-2021, approved in 2022.

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to the agreement allows for cocturing

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in this current fiscal year, 26,

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so does essential that we have it in place

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to provide budget certainty for the current year

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for both start and the mountain resort.

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It will result in approximately $500,000

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in start funding for the current year,

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and as a couple of minor changes that were mentioned.

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The agreement also allows either the mountain resort

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or start to revisit the agreement on an annual basis

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in April of each year.

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So approval today does not take away your ability to revisit the policy implications of

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the approval today.

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And so what I'd like is with that provisor that you would take a deeper dive into the

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cautionary agreement going forward.

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And a lot of this is underscored in my yes shot letter and my letter to you on the very

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We have been able to get housing for start seasonal drivers.

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We haven't put out service to record JMLID as already called for.

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And we have an expanded commuter service.

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And the reason is very simple lack of funding.

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So what I'm not asking in the review is for new revenue from the town of County.

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But I believe if you take a strict interpretation of the already in place TDM requirements of the 1998 master plan and you look at the spreadsheet that I prepared there using the same numbers that you're going to prove today apply a more strict interpretation of subsidies, you will result in $2 million in start funding that could be transferred and reallocated to other needed parts of the system.

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But so bottom line is please approve today with the proviso and then let's take the deep

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dive in the coming months as you approve the F1227 budget.

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And I think that with some stricter interpretation of better negotiations and I submit the good

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wrap it up.

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Anyway, I take ownership for the agreement you have before you leave because I was the

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lead negotiator on it, but I do believe it's time to revisit the policy implications

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behind it.

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Thank you. Thank you. Any other public comment in the room or online using the raised hand feature?

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So now I'd bring it back to

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counsel and commission for motion under discussion.

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Yeah, Chairman. I am in support today, but I do dig it into it. I think looking at the strict definitions

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and strict black and white of the master plan, I think it is in the next year we're having a fresh look because I know that this year we are going to be pressed to come in fund priorities that have been out there before like continued service to the airport as well as trying to improve that service perhaps by extending it to Teton Village, which would be a benefit for Teton Village in the ski resort as well.

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So I'll support it today, just looking ahead, perhaps the bodies will take it up in the future and have a closer look at the

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Strict adherence to the actual TDM policies and the definitions in area two master plan as well

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Okay, is there a motion on the town side?

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I moved to improve the transit funding between the town of Jackson, Teton County and Jackson,

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but I'm not reserved as presented on the second motion.

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Maybe a counter-sactor or a secondary counter.

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We can any discussion from either the commission or the county.

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Right. Yeah.

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That's just to build on the public comments.

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We should look at this point.

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Yeah, if there's a way for the public to be better served by looking at how we're funding

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things, certainly that's something we're exploring.

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So I would hope that as we, our organizations take a look at this couple of months between

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now when we get final budget, we will pick a closer look at the point that was raised in public

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health.

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Thank you.

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Any other comments?

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We're seeing none. All those in favor? Please say aye.

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Aye.

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Aye.

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Opposed, motion passed unanimously.

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Motion for the committee.

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Same motion.

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Thank you.

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We have motion from Commissioner Gardner, second from Commissioner Carlin.

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All in favor.

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Aye.

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Opposed, then motion carries.

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Thank you.

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This is along the discussion and action items.

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I am a native between the land of portable workforce housing development, Ms. Norton is here

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and I know there's a team behind her as well as the other knowledge members.

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We've all seen a lot of information on this process. I just want to make a couple of comments

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and set up my expectations for this afternoon. This is a project that all of us know

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All too well that you've been looking on for a very long time over a couple of years now. And this isn't either across it has been from the beginning. And this year's May decisions along the way to move this process forward by majorities of board. This is nearing very close to the end. The last one of the series of discussions with the staff is asking us for input in order for them to finalize these agreements.

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So my expectation today is that we're going to listen to presentation by staff and then

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Rose. I'm expecting that to be 20 to 25 minutes. That presentation is touching on many

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of the discussion we've been having for the last couple of weeks. And if the staff's been

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working on for the last couple of months, I will then open for public comment and then bring

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it back to Council permission to go through the seven key questions. We go through them individually.

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We'll have ample time at that point to ask questions to go back and forth between with each other as well as

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staff

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If and then we have motion very suggestive motion there may be some work persons to that

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That is how I would like that's what I'm looking to playing out this afternoon

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Dear process question

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And I do commit no commission or comment you would.

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Yeah, my brother's question is with respect to the operation of the recreational vehicle park this summer.

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It's not one of the seven key questions. There are people here.

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I'm interested in that.

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And I would love it if we could just get a quick sense of the council and commission.

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and what would we want that to happen,

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what would we want that to be an operation,

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and if there are any legal impediments

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that make that impossible,

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my I'll just admit that I think it's quite possible

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and that there's no likely scenario

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out of our discussions later have to move

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that would be included happen.

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And so I'd like to give a signal to staff

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and to the operator that we want to make this work.

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And if they have to adjust the season of operation

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or fees or something that stay within our letters,

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limits, then let's play that game and win.

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Thank you, Commissioner Curmer and Tom.

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I'd like us to do that at the end of the meeting.

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We'll try to hold some space for that.

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I think the priority right now is to get through

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these points.

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I agree that it's a significant problem.

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No, it's not for good.

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I have a more basic question,

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which was to just ask the status,

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but if you can't grab the summer item, I...

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I look at it as kind of a threshold issue, but if you want further at the end, that's your discussion.

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Yeah, and I will definitely try to keep some space available for that.

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Anything else?

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Okay, I expect thank you very much for being here, Ms. Norton.

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Again, we share with us what you have here.

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I knew this is definitely food.

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Thank you, Mr. Mayor, Council, Mr. Chair, Commission, April

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Dorton Housing Director. We are gathered here today to talk

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about the future affordable workforce housing neighborhood

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located at 90 Virginia Lane. As you all know, 90 Virginia

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Lane was purchased by the Housing Authority in 2023.

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You all directed and authorized the Housing Authority to purchase

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this property. It is 5.15 acres located in the Midtown

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neighborhood and it is zoned in H1 zoning which is a multi-family zoning district. Today we're

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asking you all seven questions that are related to funding, phasing and oversight of the project

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but before we do that I kind of want to set the table a bit for all of us. We have our guiding

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policy documents, the comprehensive plan that was approved in 2012 and updated in 2020 and the

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workforce housing action plan that was approved in 2015.

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The workforce housing action plan directs us to purchase land

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that is appropriately zoned for housing,

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just like the New Virginia Lane,

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and then to partner with the private sector

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to develop affordable workforce housing on that land.

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The workforce housing action plan also tells us

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to work on preserving affordable workforce housing

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that exists today in our community.

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The comprehensive plan sets forth the vision of our community

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that is predicated on three common values.

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Ecosystem Stewardship, Growth Management, and Quality of Life.

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Together, we're going to all three of these common values because if we have two, but

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not the other, the strength of our, these are strength of a rope and the rope is no longer

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strong.

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While affordable workforce housing is generally associated with the third common value,

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Quality of Life, it also helps us achieve our other two common values.

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Because of some stewardship, one of our goals is to locate future residential growth and complete neighborhoods.

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60-40 is that goal, so 60% located in complete neighborhoods.

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90 Virginia and Lane is added to 211 permanent protected homes in a complete neighborhood, which is the Midtown neighborhood in Jackson.

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Our comp plan also tells us that we need to reduce our greenhouse gas emissions.

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90 Virginia Lane is locating homes that are close to jobs, schools, services, outdoor

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recreation, et cetera, helping us reduce our service travel and the greenhouse gas emissions

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from that type of travel.

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Our company talks about growth management and we talk about it in three ways, amount, location

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type.

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A amount is the buildout cap.

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In this graph, you can see that the pink are the remaining units to be assigned.

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90% in lane is using those pool units for 100% permanently protected homes for our workforce.

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That's a great thing. We'd rather see those pool units used for permanently protected homes

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versus free market homes. Location. We are locating this housing in a complete neighborhood.

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This is a place that is long been identified for affordable workforce housing because of its location

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close to again, jobs, schools, amenities, transit, outdoor recreation, etc. And then again, the type.

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We are building permanently protected units, not market-rate units.

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Quality of life, the comprehensive plans, that's a minimum goal of 65% resident workforce.

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We want 65% of our workforce to live locally. We want this because we want folks

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who will volunteer when they're not at work. We want the lights to be on and on neighborhoods

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instead of dark windows. We want to stay able to task base. We are very interested in generational continuity and having a resident workforce helps us meet our other components of Planckles.

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In 2022, we did a housing needs assessment, but housing needs assessments said that we needed 2000 below market homes to maintain our 60% resident workforce.

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We need those homes because of a healthy job growth and because of our retiring workforce.

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So the folks who are retiring, they're selling their homes, they're likely not being sold to the people replacing them at work.

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Or if they're retiring, they're no longer a member of the workforce, they're obviously very valuable to our community but they're no longer part of that resident workforce.

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course.

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Helms are gotten very, very expensive.

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Okay?

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Um, this chart should be, should a sound for you.

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Um, it has always been really expensive to live in Jackson.

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And you hear people say that all the time.

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Jackson's always been expensive.

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In 2019, we experienced a step change in the past to live here.

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Um, you could see how this graph, the red line, is the median sale price.

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For a long time, the median sale price was available to people who were earning

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60-70 percent in the top 60-70 percent—sorry, I'm saying that opposite—the top 30-40 percent

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of households in the valley. The median self-priced is available to be top 5 percent of earners.

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So it's not another way. Those are unaffordable to 95 percent of the people in our community.

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In addition to that, we're seeing our older renter housing staff be replaced by upscaled

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old, nicer homes. You know, the story used to go single person moves here. They come

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for a summer, but stay for a lifetime. That's my story. I lived in this house on the

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last 2005 at a $450 a month in East Jackson to live in one of the three bedrooms in that

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home. That home was scraped. And in 2025, it was listed on Zillow for $20,000 a month. That's

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$5,000 a bedroom.

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And it's no, it's no wonder our population grew. It is waning and we're

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older. The story that people, again, young people used to move here. They were single. They met

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their partner. They coupled up. They got a dog or a cat. And then they had children. It is

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really, really hard for people to do that. The percent of 25 to 35 year olds who are staying in this

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community is going down because of the cost of living. The major driver of that cost of living

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increase is the cost of housing. So what do we got today? Existing affordable workforce housing

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to stock. Oh, excuse me. We have 1,756 homes. 64% of those are rental. 36% of those are ownership.

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They're primarily one, two, and three-bedroom homes. The one-bedrooms are predominantly

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rentals. The two-bedrooms are split between, evenly between ownership and rental,

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and the three-bedrooms are predominantly ownership. We look at our pipeline, not including

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90 Virginia Lane. We see we have 54% of the homes are ownership and 46% of the homes are rental.

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When we look at just the rental and I think this is really interesting. Of those 366 rental

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loans, 181 of those are being built by employers. That includes the school district, the hospital,

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the Presbyterian church, Hocking Guest Ranch, Savior of Aladdin Spa, and three Creek Ranch. So over half

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of those workforce, the restricted homes are employer-owned and developed units.

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On the other side, for the workforce ownership units, most of these are located in the

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new neighborhood in New Orleans, South Park, and are not attached to any specific employer.

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But one employer who is building ownership product is floor valley energy.

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So we add in 90 Virginia lane. We see that we have now 52% our rental 48% are ownership.

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and many Virginia lanes with that lighter color, the blue and orange.

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Ninety Virginia lane has 221 homes, 161 rental homes, 64 sale homes.

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You put it all together because I know people are interested in this.

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This is existing plus the future pipeline plus 90 Virginia lane.

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You see, we're still predominantly one, two, and three bedroom homes

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with a significant number of units that are unknown and bedroom size.

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Again, those are those known South Park units.

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We can make some assumptions about who's building

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those how does that for humanity typically builds two and three bedroom homes for sale for households

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earning less than 80% of median income and the housing trust typically builds one two and three

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bedroom homes for sale for households earning less than about 140% of median income.

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Today we have seven questions in front of you and we're asking you about funding,

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phasing and oversight to ensure that both phases of this development are built and that our

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There are lots of new things that we've been working on.

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A couple of the highlights include an increase

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to the ground lease fee,

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the addition of compliance monitoring fee,

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fees at transfer, refinance and sale,

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reimbursement of pre-development expenses,

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purchase options rights and first rates of refusal,

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consent rights and removal rights for cause.

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These are the seven questions I'll be running through now.

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The first question is which phase

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rental or ownership should be built first?

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staff recommend the building the rental phase first once you design and entitlements for

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all phases of the project are complete. This delivers 161 homes quickly, which is the greatest

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immediate impact for our workers and their families. Building one also includes the share

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of entities for the site that will benefit the entire campus, both the 4-Sale and the 4-Minute

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projects. And then the interior location of Building One supports sufficient staging

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and infrastructure sequencing.

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The cons, as with any phase project,

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the second phase could be delayed,

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could not be completed,

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it could be materially changed due to market forces,

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politics, or other unforeseen conditions.

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The second question is,

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how do we work to ensure that both phases are built?

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The staff's initial recommendation

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was to build building one first

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and then go to building four, which are condos

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and move east to west on the site.

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Penrose responded and said we can't do this

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because our leaders and investors will not allow

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the two phases to be independent,

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interdependent because completing the rental project

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generates the cash flow that we need

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to support operations and maintenance.

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The site and building the rental project ensures

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that management plan for the whole campus

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is in place prior to the condo sales and it helps to

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the right size, the H-O-A fees.

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Finderos said we can't commit to a developer being

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an active exceed 4%, but the fee is paid incrementally

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so that it's performance-based.

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That prior to beginning construction of the rental project,

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they will entitle and design the entire site,

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and they'll show they have financing

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for both phases of the project.

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In a worst-case scenario, the housing authority,

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and in worst cases, they build the rental project,

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but don't love the ownership project or they start the rental project and the world turns upside down

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00:29:13,400 --> 00:29:17,700
and they don't finish the rental project. The housing authority will still own the land

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and maintain our status as the groundless aware. We will own the entitlements in the designs

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for both phases and we will own an interest in the rental project as a special limited partner.

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The next few questions are about funding. Right now the public funding is anticipated to be about

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28% of its total sources for the project.

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When you think about that in the context of other developments that we've done, it is in

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line with how much we, the amount that we contributed to the growth base three, 174 North

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King and Johnson Street Apartments.

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00:29:52,010 --> 00:29:56,350
It is more than what we contributed to Marcel Kondo's and Kelly DeCois Kondo, so they're both

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of 100% workforce developments,

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black paper departments,

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Section 15, the Court of the Senate will be receiving federal funding and significantly less than

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what we contributed to Red Ministry rentals. On a per unit basis, we're putting in a little

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under $220,000 per home. Again, contextualizing that with other developments we've done, and

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I put in the parent medical, I've adjusted for inflation.

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We are in line, excuse me, less than red ministry rentals,

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174 North King and Jackson Street apartments.

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And two, 17 is higher than the road base three,

440
00:30:34,120 --> 00:30:36,900
Marcell condos, Kelly Quiz condos, and flat-free apartments.

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So we have two questions on funding.

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The first is when should the first 10 million be contributed?

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You all remember that you have committed to investing $10 million in this project already.

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Staff are recommending that you invest that $10 million to fund the horizontal

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infrastructure on a reimbursement basis. After the LLC is closed on the financing that's

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necessary to build the rental project, and they've received all entitlements necessary for all phases

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of the project. Right now that horizontal infrastructure phase is expected to cost $8.5 million,

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dollars which would leave a balance of 1.5 million dollars and that's in the initial 10.

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We recommend that whatever the balance is that those funds be loaned into the rental project

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at 50% completion of the rental project and then your staff report and on the screen there's

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some proposed loan terms. The second question around funding is will the talent and county

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contribute the second 10 million? The staff recommendation was that the talent and county

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00:31:38,520 --> 00:31:44,580
today, commit to investing in employee housing opportunities at the site, equal to 10 million

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dollars, and that you all direct the housing authority to pursue the saleist, coordinate

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00:31:48,800 --> 00:31:54,220
bonds to impact investors and local employers. Right now, there's a 10 million dollar gap

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00:31:54,220 --> 00:31:59,140
and 5 million on the board right side and 5 million on the ownership side. So, Pinterest is

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seeking a commitment for 5 million on the rental side and 5 million on the ownership side.

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The employee housing opportunities include rights of first rental, $5,000,000 would equal

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00:32:12,320 --> 00:32:18,180
18 first rights of rental in this development across one, two, and three bedroom homes

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at all of the affordability levels.

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00:32:20,780 --> 00:32:26,880
On the workforce kind of pre-purchased side, $5,000,000 would net you five to nine homes depending

462
00:32:26,880 --> 00:32:32,560
depending on the unit size that you all deter and you want to buy.

463
00:32:34,480 --> 00:32:39,160
If you do choose to buy workforce kind of, or pre-purchase those, that does reduce the

464
00:32:39,160 --> 00:32:42,340
ownership percentage, the low bit target, and the RFP.

465
00:32:45,220 --> 00:32:45,840
Next question.

466
00:32:46,640 --> 00:32:49,180
So, that will ignore any secure, special limited partner interests.

467
00:32:49,380 --> 00:32:50,260
This is an easy one.

468
00:32:50,460 --> 00:32:52,780
We say, wholeheartedly and badly, yes.

469
00:32:54,100 --> 00:32:56,080
We should absolutely do this.

470
00:32:56,080 --> 00:33:02,420
And it gets us, again, a number of rights that we are very interested in, including consent

471
00:33:02,420 --> 00:33:08,440
rights, removal rights for costs, eligibility for tax exemption, purchase options, right

472
00:33:08,440 --> 00:33:15,200
of first refusal, rights to receive a transfer fee, for a refinance fee, rights to implement

473
00:33:15,200 --> 00:33:18,980
resident services in the establishes of compliance monitoring fee.

474
00:33:20,700 --> 00:33:24,680
The next question, should the housing authority participate in the sub-developer?

475
00:33:25,840 --> 00:33:29,220
And your staff report, it said that the staff recommended that we do this.

476
00:33:29,620 --> 00:33:33,880
I think I've had conversations with all of you since then and recognize that as a massive

477
00:33:33,880 --> 00:33:36,480
policy change from the housing action plan.

478
00:33:36,840 --> 00:33:40,920
The housing action plan to remind everyone and directed us to purchase land into partners

479
00:33:40,920 --> 00:33:43,060
so that we are not in the role of a developer.

480
00:33:43,860 --> 00:33:54,560
The reason we were interested in the subdeveloper role is really to secure reimbursement of our pre-development expenses and a fee that's associated with that.

481
00:33:55,240 --> 00:34:05,880
We've discussed with pin rows, securing reimbursement of the pre-development expenses and a special limited partner fee through the SLP role in lieu of the subdeveloper role.

482
00:34:06,140 --> 00:34:08,840
So we are comfortable in moving off of that staff recommendation.

483
00:34:11,060 --> 00:34:14,020
The last one should be affordability begins to be changed.

484
00:34:14,280 --> 00:34:17,720
We are recommending that you change the affordability bands as follows.

485
00:34:18,080 --> 00:34:24,740
So less than 80% stays the same, 80 to 120% split into two and 120 to 160 are split into

486
00:34:24,740 --> 00:34:25,040
two.

487
00:34:25,660 --> 00:34:32,200
Functionally, what that does on the less than 80 nothing changes for the 80 to 100% and then

488
00:34:32,200 --> 00:34:38,700
120 to 140% there's no impact to their rent rates and the sales prices are actually 10%

489
00:34:38,700 --> 00:34:44,100
lower than they would be today. For the 100 to 120 and the 140 to 160, the rent impacts

490
00:34:44,620 --> 00:34:48,820
are an increase of 20 percent because it's set at the low end of the income range

491
00:34:48,820 --> 00:34:53,420
and the sales prices would be 10 percent higher because they're set at the middle of the income range.

492
00:34:55,860 --> 00:35:01,040
Sweating is a part allows for more precise underwriting. It also helps reduce the funding gap.

493
00:35:01,560 --> 00:35:07,300
It provides better sales and rent targeting and it aligns with a recommended change to the

494
00:35:07,300 --> 00:35:10,680
housing rules that you all will see from the housing department later this year.

495
00:35:12,060 --> 00:35:14,020
Con deviates from our current structure.

496
00:35:15,800 --> 00:35:19,740
With that, oh, and then this is how the change effect in the unit mix.

497
00:35:20,180 --> 00:35:24,240
I have this question. Essentially, we are just splitting the 80 to 120

498
00:35:24,240 --> 00:35:27,480
half goes to 80 to 100, half go to 100 to 120.

499
00:35:28,360 --> 00:35:31,420
Same, same application for the 120 to 160.

500
00:35:33,280 --> 00:35:35,040
This is a suggested motion.

501
00:35:35,820 --> 00:35:40,240
There's some next steps that were in your presentation that include directing staff to

502
00:35:40,240 --> 00:35:45,640
work with pinrows to draft the suite of documents, to bring back to you all for consideration,

503
00:35:46,220 --> 00:35:49,460
and then there were some other policy questions that I was asked to include.

504
00:35:50,300 --> 00:35:56,020
One was removing the less than 80% for sale condos, and the other was including a preference

505
00:35:56,020 --> 00:35:57,900
for critical service providers,

506
00:35:58,600 --> 00:36:00,680
solicitor staff, senior center staff,

507
00:36:00,960 --> 00:36:02,340
child care workers, medical workers,

508
00:36:02,640 --> 00:36:04,600
federal, state, and local government employees.

509
00:36:05,000 --> 00:36:07,940
So those are here and available for discussion.

510
00:36:08,380 --> 00:36:09,380
That's it in my presentation,

511
00:36:10,040 --> 00:36:12,660
and I think this, I'm handing it over to

512
00:36:14,000 --> 00:36:14,900
the panelists.

513
00:36:15,320 --> 00:36:15,720
Thank you.

514
00:36:20,130 --> 00:36:20,390
Cool.

515
00:36:21,270 --> 00:36:22,990
Yeah, you have to get out of this.

516
00:36:27,210 --> 00:36:28,410
You can introduce yourself.

517
00:36:29,850 --> 00:36:30,870
I'm going to stand.

518
00:36:31,350 --> 00:36:32,150
Hopefully that's okay.

519
00:36:32,150 --> 00:36:39,350
everyone. Thank you all so much for having us here today. By the way of introduction, I'm Shannon

520
00:36:39,350 --> 00:36:48,150
Cox Baker. I'm the regional vice president for Penrose. I'm going to have a few slides if you

521
00:36:48,150 --> 00:36:51,510
bear with me. So now I answer your questions. I bless them.

522
00:37:27,840 --> 00:37:29,960
I really appreciate April walking

523
00:37:29,960 --> 00:37:36,620
through a very comprehensive overview of why we're here today. It's been two and a half years,

524
00:37:36,620 --> 00:37:40,280
And I don't think we can repeat enough, the reason why we're all here, right?

525
00:37:40,580 --> 00:37:45,020
I mean, communities across the country are all facing the state fundamental challenge,

526
00:37:45,160 --> 00:37:50,080
where we've got the people who work in our communities really struggling to afford to live here.

527
00:37:50,320 --> 00:37:54,340
So that is why we're here, and that's why Pedro says the work we do,

528
00:37:54,480 --> 00:37:58,340
we're in 18 states, and we see this challenge all across the country.

529
00:38:00,080 --> 00:38:05,100
And you know, at the risk of being repetitive, it's been a while since we've had a chance

530
00:38:05,100 --> 00:38:13,420
So really remind you why we are here and why we continue to show up and collaborate and work with your team.

531
00:38:14,580 --> 00:38:19,820
You know, Penrose is really one of the top affordable housing involved version of the country.

532
00:38:20,580 --> 00:38:27,740
We have a five plus year decade, excuse me, five plus decade track record of doing this work all across the country.

533
00:38:27,740 --> 00:38:32,720
and we've really successfully developed tens of thousands of units and our

534
00:38:32,720 --> 00:38:36,320
reputation has really built on our ability to do that well to live our

535
00:38:36,320 --> 00:38:41,100
projects. On schedule and on budget, we create architecturally profitable

536
00:38:41,100 --> 00:38:46,260
communities that are integrated into all of our neighborhoods where we live. One

537
00:38:46,260 --> 00:38:50,620
thing you might not know about Penrose is that in over 50 years of doing this work we've

538
00:38:50,620 --> 00:38:57,060
never not once completed development, not once. So Penrose is here to partner with

539
00:38:57,060 --> 00:39:02,020
you all. In many respects, though, I think the one thing where we really add a tremendous

540
00:39:02,020 --> 00:39:08,120
amount of value to this project is that we're financially standing behind it. We've invested

541
00:39:08,120 --> 00:39:15,180
over half a million dollars today in pre-development and upon approval and execution of the development

542
00:39:15,180 --> 00:39:19,260
agreement, we're going to invest another $2 million before we even pull a permanent insert

543
00:39:19,260 --> 00:39:25,640
construction. We're also securing over a hundred million dollars in conventional debt and private

544
00:39:25,640 --> 00:39:33,900
equity. And we're guaranteeing over $150 million in all types of different financial guarantee.

545
00:39:34,200 --> 00:39:38,240
So I'm sure this project is not just the one scheduled on budget that's built for the

546
00:39:38,240 --> 00:39:44,020
specifications that you all require. Yes. So we have a lot of skin in the game and a really

547
00:39:44,020 --> 00:39:50,860
strong incentive to get this development completed. And I just want to apologize and say you all

548
00:39:50,860 --> 00:39:55,320
really deserve a lot of credit for getting us where we are today. And no, not all of you

549
00:39:55,320 --> 00:40:00,760
were here at the time the site was purchased but you've continued to show up and

550
00:40:00,760 --> 00:40:04,240
shoulder a lot of the responsibility and the accountability for bringing this

551
00:40:04,240 --> 00:40:08,340
project forward. As has your staff, I mean there's been a tremendous amount of

552
00:40:08,340 --> 00:40:12,780
work analysis and negotiation and collaboration and consensus building that's

553
00:40:12,780 --> 00:40:17,480
gone on behind the scenes and I just want to pause and acknowledge that and

554
00:40:17,480 --> 00:40:22,100
thank you all for the work that you've done to get us here. This is the site plan

555
00:40:22,100 --> 00:40:27,940
that we brought forward to you last May. And we requested it at a time and received your support

556
00:40:27,940 --> 00:40:33,020
to cost share on schematic design so that we could get to a more accurate cost estimate.

557
00:40:33,220 --> 00:40:38,740
Now that was a very important milestone in this project. Nothing about the site plan has changed

558
00:40:38,740 --> 00:40:43,740
since that time. The unit makes, the AMI makes, the bedroom makes, the site plan,

559
00:40:44,000 --> 00:40:48,880
everything has stayed the same and I think we have a lot to show for the work we've done to date.

560
00:40:48,880 --> 00:40:55,300
and the fact that we're still here presenting 221 homes for development, I think is a real

561
00:40:55,300 --> 00:40:59,880
testament to the commitment that's been made. And the benefits of the community are really

562
00:40:59,880 --> 00:41:04,640
material. I mean, as April mentioned, right? We're building homes for households earning a

563
00:41:04,640 --> 00:41:10,420
range of incomes. And we're building homes for households of various different sizes, shapes

564
00:41:10,420 --> 00:41:14,580
and sizes, and coming from all different walks of life. I mean, these are the young professionals

565
00:41:14,580 --> 00:41:16,500
who are moving here for the first time.

566
00:41:16,620 --> 00:41:19,720
These are the seniors who are downsizing

567
00:41:19,720 --> 00:41:21,220
but want to stay in the community.

568
00:41:21,680 --> 00:41:22,920
These are single parent households.

569
00:41:23,180 --> 00:41:25,740
These are households that are expanding children.

570
00:41:26,380 --> 00:41:27,740
These are for the essential workers

571
00:41:27,740 --> 00:41:29,740
who really want to cut their commute

572
00:41:29,740 --> 00:41:31,260
and live closer to where they work.

573
00:41:32,000 --> 00:41:34,840
There's not really a one-size-fits-all household in Jackson.

574
00:41:35,140 --> 00:41:37,300
And so I think this project is going a long way

575
00:41:37,300 --> 00:41:41,500
to really trying to serve a broad swath of the population.

576
00:41:43,100 --> 00:41:47,800
Over the last few years, we've talked to a lot of employers, and what we have heard

577
00:41:47,800 --> 00:41:52,920
is that housing affordability is consistently a top barrier to workforce retention.

578
00:41:53,620 --> 00:41:58,840
So spanning this housing supply, this development is really supporting local businesses in

579
00:41:58,840 --> 00:42:02,880
any way, and it's really contributing, I think, to the county's economic vitality.

580
00:42:04,860 --> 00:42:09,760
The project, too, I know, I appreciate this is extraordinary for Jackson, right?

581
00:42:09,860 --> 00:42:10,400
This is big.

582
00:42:10,400 --> 00:42:15,900
So a lot of densities, a lot of units, a lot, a lot to kind of hold in your mind of how

583
00:42:15,900 --> 00:42:19,420
this RV park is going to turn into 211 new homes.

584
00:42:19,660 --> 00:42:24,840
But I think what's so exciting to us is that we've really been thinking about this development

585
00:42:24,840 --> 00:42:29,780
as a campus and really trying to approach it cohesively and think about how you can have

586
00:42:29,780 --> 00:42:35,940
renters and owners all living in one neighborhood as scale and as density and sharing in those

587
00:42:35,940 --> 00:42:39,540
the same common area, amenity, sharing in that open space,

588
00:42:39,920 --> 00:42:42,380
now engaging with each other, interacting with each other.

589
00:42:42,620 --> 00:42:45,300
This is not common.

590
00:42:45,500 --> 00:42:47,480
You don't see a lot of communities in the country

591
00:42:47,980 --> 00:42:50,180
where you've got this mix of household types.

592
00:42:51,720 --> 00:42:54,280
I think also another important thing to point out

593
00:42:54,280 --> 00:42:58,980
is it's really studying a new bar for multi-modal transportation.

594
00:42:59,320 --> 00:43:01,340
This site buys nature of its location,

595
00:43:01,960 --> 00:43:03,280
provides extraordinary access.

596
00:43:03,280 --> 00:43:07,600
and it's an opportunity for people to get out of their cars and walk and buy it and take the bus.

597
00:43:08,360 --> 00:43:14,300
We've been working very thoughtfully and consistently in the staff to really elevate the TMS strategy

598
00:43:14,300 --> 00:43:18,600
so we're implementing here. So I think there's going to be a lot of this project that I'll serve

599
00:43:18,600 --> 00:43:24,940
as a model for future developments to come. This isn't a speculative development. It's really intended

600
00:43:24,940 --> 00:43:31,340
to be long term. It's going to be professionally managed and owned and operated by Peneras for many,

601
00:43:31,340 --> 00:43:36,920
many years, locally decades, but we have really been working to with community-based

602
00:43:36,920 --> 00:43:42,740
wonders and local investors who really care about Jackson, who live here, who

603
00:43:42,740 --> 00:43:47,100
work here, who are invested here, who really want to see this project be a success.

604
00:43:50,830 --> 00:43:55,450
So we're here today with really two primary objectives. We want to address any

605
00:43:55,450 --> 00:44:00,750
questions you have. We want to say, as long as you'll have us, to ensure that we

606
00:44:00,750 --> 00:44:02,650
we can finalize our negotiations with staff

607
00:44:02,650 --> 00:44:03,870
on the development bringer.

608
00:44:04,770 --> 00:44:06,530
And then we are requesting your support

609
00:44:06,530 --> 00:44:09,770
for an additional $10 million in order to advance

610
00:44:09,770 --> 00:44:10,590
the project forward.

611
00:44:11,390 --> 00:44:13,730
So your affirmation of these two requests

612
00:44:13,730 --> 00:44:15,690
will provide us with the assurance we need

613
00:44:15,690 --> 00:44:18,810
to continue to invest, not just our readout and capital,

614
00:44:18,970 --> 00:44:21,570
but our time and our expertise in the design

615
00:44:21,570 --> 00:44:24,190
and the title and effort that stands between us today

616
00:44:24,670 --> 00:44:25,310
and the groundbreaking.

617
00:44:34,520 --> 00:44:37,380
As I mentioned before, a lot of work is going into ensuring

618
00:44:37,380 --> 00:44:43,240
that the town county's published investment in this project is protected. Again, a lot of work has

619
00:44:43,240 --> 00:44:49,180
happened since last May. The decision right from the outset that you all made to Brownlee's

620
00:44:49,180 --> 00:44:53,400
site, I think it was very critical, right? That really shows that this is a public asset,

621
00:44:53,900 --> 00:44:59,160
and it's going to be a public asset and perpetuity. But there has been a lot of work today on really

622
00:44:59,160 --> 00:44:59,980
Let me try and get a little bit of...

623
00:45:00,000 --> 00:45:26,600
We put some parameters around what the housing authorities will be as a special limited partner. And we did not object to that at all. This is very reasonable. It's committed with all of the partnerships we have with housing authorities. This is what our partnership is about. And so we're very much in support of that. And then in addition to the $10 million request, we've been working with staff to really figure out what other considerations need to be tied to that.

624
00:45:26,600 --> 00:45:34,560
So just the conversation around rights of personal or being able to purchase condos, that's

625
00:45:34,560 --> 00:45:37,240
just an added benefit to the work person community.

626
00:45:40,090 --> 00:45:41,310
So here's our schedule.

627
00:45:41,630 --> 00:45:46,010
It's a little hard to read from the screen, but I think you can take away from this that there's

628
00:45:46,010 --> 00:45:49,050
a lot of work that we have to do between hearing and groundbreaking.

629
00:45:49,830 --> 00:45:54,810
And this housing shortage that you are facing, it's not going to correct itself without intentional

630
00:45:54,810 --> 00:45:55,310
action.

631
00:45:56,470 --> 00:46:02,290
And like all of you as developers, we're in the business of making decisions, right?

632
00:46:02,370 --> 00:46:03,290
That's what we do every day.

633
00:46:03,410 --> 00:46:09,550
We approach every development that we do through the lens of how do we make calculated decisions

634
00:46:09,550 --> 00:46:12,870
with rigor, speed, and a really defined outcome.

635
00:46:13,910 --> 00:46:21,710
And the one thing that we don't have, and you all don't have either, is just 100% certainty on what this deal is going to look like at the end of the day.

636
00:46:21,710 --> 00:46:24,830
So we're not letting that stand in our way, right?

637
00:46:25,190 --> 00:46:27,530
The inability to see the future, you know,

638
00:46:27,690 --> 00:46:29,370
we just go back to what we do well

639
00:46:29,370 --> 00:46:30,810
and that's making decisions.

640
00:46:31,570 --> 00:46:35,090
So development's hard, it's okay to be afraid,

641
00:46:35,970 --> 00:46:37,850
but it's really important that we be fearless.

642
00:46:38,390 --> 00:46:40,150
And I think there's a lot of fear of the people

643
00:46:40,150 --> 00:46:43,790
in this room who have really stood up for this project

644
00:46:43,790 --> 00:46:45,530
and really want to see this workforce

645
00:46:45,530 --> 00:46:48,950
and this community have a safe and affordable place for us

646
00:46:48,950 --> 00:46:52,870
that we can, you know, live their lives with agency and contribute to the community.

647
00:46:54,650 --> 00:46:55,510
So I'll end there.

648
00:46:56,290 --> 00:46:59,370
Thank you all so much for your leadership and happening in certain questions.

649
00:46:59,870 --> 00:47:01,830
Yeah, thank you. Don't go far. Don't be questions.

650
00:47:02,110 --> 00:47:02,750
So I have one.

651
00:47:04,050 --> 00:47:08,150
Yeah, I'm open for public comment. If you're in the room, please come to the podium,

652
00:47:08,410 --> 00:47:11,170
stitch your name for the record. Please keep your comment. It's three minutes or less.

653
00:47:11,590 --> 00:47:15,070
If you're online, I already see the one that's getting ahead of the game.

654
00:47:15,330 --> 00:47:17,710
That's great. Please use the raised hand feature.

655
00:47:18,490 --> 00:47:20,490
There's no reason to wait.

656
00:47:20,790 --> 00:47:22,050
You don't need to be the first or the last.

657
00:47:22,190 --> 00:47:24,730
Just be set in line and let's hear it from you.

658
00:47:25,870 --> 00:47:27,010
May this be really quick.

659
00:47:27,370 --> 00:47:27,810
There we go.

660
00:47:37,220 --> 00:47:39,800
Good afternoon, Mr. Chair, Mr. Mayor,

661
00:47:40,260 --> 00:47:43,580
missionaries, town councilors, president on screen.

662
00:47:44,280 --> 00:47:46,200
Instead, my name is Bob Wise.

663
00:47:46,400 --> 00:47:47,800
I live in Jackson.

664
00:47:49,460 --> 00:47:52,520
I speak today to support the Virginia project.

665
00:47:53,160 --> 00:47:55,580
I will not comment on specific deal points,

666
00:47:55,580 --> 00:47:59,400
but I trust in selected officials you will work them out.

667
00:47:59,880 --> 00:48:02,000
I do want to comment about community.

668
00:48:02,640 --> 00:48:05,760
The Virginia value proposition is about community,

669
00:48:06,080 --> 00:48:07,240
our sense of community,

670
00:48:07,740 --> 00:48:10,380
I will responsibly towards our community.

671
00:48:10,940 --> 00:48:12,440
Today, community is threatened

672
00:48:12,440 --> 00:48:15,220
when our neighbors are threatened by immigration enforcement.

673
00:48:15,900 --> 00:48:18,780
Community is threatened when housing for all is insufficient.

674
00:48:19,560 --> 00:48:21,920
Community is threatened by front page articles

675
00:48:21,920 --> 00:48:24,660
and national newspapers about wealth disparity.

676
00:48:24,660 --> 00:48:30,280
community is threatened when local control over housing policy is eroded or lost.

677
00:48:30,960 --> 00:48:36,800
Instead, we know here how community is strengthened and built, literally with the Virginia Project.

678
00:48:37,580 --> 00:48:43,220
My faith tradition has taught me about the importance of community with these simple but profound senses.

679
00:48:43,640 --> 00:48:51,000
If I'm not for myself, who will be for me? But if I am only for myself, what am I? If not now, when?

680
00:48:51,000 --> 00:48:54,940
These are three distinct but interlocking questions. My faith is

681
00:48:54,940 --> 00:48:58,420
contemplating on each other deliberately, building community.

682
00:48:59,220 --> 00:49:03,820
If I'm not for myself who will be for me, this is a declaration of self-responsibility

683
00:49:03,820 --> 00:49:08,820
itself worth. This is not about selfishness. It's the recognition that in today's

684
00:49:08,820 --> 00:49:13,860
meetings context, it recognizes property rights, individual rights, personal

685
00:49:13,860 --> 00:49:17,920
responsibility, and your individual duty as an elected official.

686
00:49:17,920 --> 00:49:47,130
But I'm only for myself with am I a life this purely for himself is ultimately hollow it asked what am I not what do I have to have community to build community we must pose the question would is beyond ourselves and ask what are we here today for today the answer is to help other slide shelter the answer is the Virginia project and three if not now when it's about urgency the teaching delivers a shock with you to procrastinate.

687
00:49:47,920 --> 00:49:52,860
and moral passivity. Don't wait until conditions are perfect. Don't delay acts of goodness.

688
00:49:53,480 --> 00:49:58,120
The present moment is the only place where action is actually possible. When,

689
00:49:58,820 --> 00:50:03,620
implies there may be no later. Time is not infinite. Waiting is itself the choice.

690
00:50:04,360 --> 00:50:10,180
Your support for the Virginia project is needed now, not later. The proposed deal is complicated.

691
00:50:10,500 --> 00:50:16,460
You have spent much time on it, deliberating with great care and thought, pushing to get the best

692
00:50:16,460 --> 00:50:21,460
for the community. But building community also requires urgency.

693
00:50:22,280 --> 00:50:25,520
Today, move the Virginia Project vote. Thank you.

694
00:50:26,160 --> 00:50:26,600
Thank you.

695
00:50:28,100 --> 00:50:30,700
That's a very lining up, but very much appreciate that.

696
00:50:32,260 --> 00:50:34,300
Hi, everybody. My name is Ariel Cousinus.

697
00:50:34,600 --> 00:50:36,940
I am a 12-year resident of Teton County, Wyoming,

698
00:50:37,220 --> 00:50:40,720
and I am here to express my support for the integrated diverse neighborhood

699
00:50:40,720 --> 00:50:44,640
at 90 Virginia Lane. I'm assuming you all saw the recent New York Times

700
00:50:44,640 --> 00:50:49,200
article about Jackson Wyoming and our extreme wealth inequity. I don't want to get too far into

701
00:50:49,200 --> 00:50:52,560
the weeds, but I did find this quote particularly relevant to today's conversation.

702
00:50:53,720 --> 00:50:57,820
Tea time counting has long had the highest wealth inequity in the country, but that disparity has

703
00:50:57,820 --> 00:51:04,380
escalated sharply since 2017. The counties top 1% of households now have an estimated average annual

704
00:51:04,380 --> 00:51:12,120
income of about 35 million. 221 times what the bottom 99% is making. The average single family home

705
00:51:12,120 --> 00:51:17,060
price last year pushed past $7 million. The result has been a critical housing shortage for anyone

706
00:51:17,060 --> 00:51:22,320
who is not wealthy. Locals have been asking you to address this housing shortage and this inequity

707
00:51:22,320 --> 00:51:28,060
for years, which this bet valid of 2022 is just one example, but it proves because we are struggling.

708
00:51:28,940 --> 00:51:31,960
As our left is, I trust you have already taken the time to know our stories,

709
00:51:32,480 --> 00:51:37,140
of moving endlessly, of living out of cars, of delaying or sacrificing starting our families,

710
00:51:37,780 --> 00:51:40,820
of shutting our businesses, spending two-thirds more of our income on rent,

711
00:51:40,820 --> 00:51:44,060
in a commuting hours from places like Drake's action,

712
00:51:44,560 --> 00:51:46,080
Pondale, Acton, and Ingrid's voice.

713
00:51:46,780 --> 00:51:48,940
And maybe, and maybe most satisfiatingly,

714
00:51:49,240 --> 00:51:51,080
of being forced to amend their lives and leave.

715
00:51:52,140 --> 00:51:54,500
I personally am looking ahead at his son around the road,

716
00:51:54,960 --> 00:51:57,640
after finding out via a brief onset that had emailed last week

717
00:51:57,640 --> 00:51:59,720
that I would be losing my rental housing once again.

718
00:52:00,460 --> 00:52:03,120
I am not sure I will be able to afford to come back financially

719
00:52:03,120 --> 00:52:05,800
or emotionally, even though this is the only place

720
00:52:05,800 --> 00:52:09,180
I've ever lived, worked, volunteered, celebrated milestones,

721
00:52:09,180 --> 00:52:12,140
and more losses for over the past dozen years.

722
00:52:13,360 --> 00:52:15,840
It will not acknowledge this reality both in this meeting

723
00:52:15,840 --> 00:52:17,720
and also in that same New York Times article.

724
00:52:18,820 --> 00:52:21,620
I'm sure I'm just that while we've added 4,300 jobs

725
00:52:21,620 --> 00:52:24,660
in the last decade, we've only added 300 euro residents.

726
00:52:25,500 --> 00:52:27,000
That should concern us deeply,

727
00:52:27,620 --> 00:52:30,600
anger us and inspire us to take significant and immediate action,

728
00:52:31,080 --> 00:52:34,400
because I want to stay here in my place and remind people

729
00:52:34,400 --> 00:52:36,040
year round and long-term.

730
00:52:36,620 --> 00:52:41,160
A version of the variety of unit types from single bedrooms for the young professionals

731
00:52:41,160 --> 00:52:45,820
are myself who have already just wants to stop space to cover own after years being

732
00:52:45,820 --> 00:52:50,440
drained by roommate shuffles and her buckles to ground floor ADU compliant units for our seniors,

733
00:52:51,060 --> 00:52:54,400
to the units that will accommodate everyone in between would be that action.

734
00:52:55,340 --> 00:53:00,380
In other words, in 2021 homes in any Virginia's place to provide will make a very real and tangible

735
00:53:00,380 --> 00:53:02,500
difference in myself and my fellow community members.

736
00:53:03,700 --> 00:53:06,840
Locals deserve more than we've been getting on every count and by every measure.

737
00:53:07,400 --> 00:53:11,540
So please give us a headline to combat the weariness and jadedness we feel reading like headlines

738
00:53:11,540 --> 00:53:13,040
like the one in the recent New York Times.

739
00:53:13,900 --> 00:53:18,240
Give us a Virginia project that reflects us in all of our diversity of ages, financial

740
00:53:18,240 --> 00:53:20,660
realities, family sizes, and stages of life.

741
00:53:21,420 --> 00:53:25,500
Trust your staff, your legal representation, and consultants to bring the best version of

742
00:53:25,500 --> 00:53:27,740
this 100% deed restricted products or completion.

743
00:53:28,500 --> 00:53:32,020
Thank you for your time, your service, and your efforts to support the painfully needed housing

744
00:53:48,460 --> 00:53:56,160
And I am very happy to be here to say, we are at home.

745
00:53:56,580 --> 00:54:00,660
I have prospered thanks to the people and to these people.

746
00:54:01,820 --> 00:54:04,660
My name is Lanca Molle, I'm the coordinator of the Lanca Molle.

747
00:54:05,660 --> 00:54:07,860
Representing 20% of the community, I am very happy to be here to say,

748
00:54:16,260 --> 00:54:22,000
The local community has welcomed people from other cities, states and countries.

749
00:54:22,600 --> 00:54:28,060
These people need to feel welcome and have the sense of belonging, and that come from having

750
00:54:28,060 --> 00:54:31,720
opportunities to grow, having a job and a house to go home.

751
00:54:32,280 --> 00:54:37,280
Please allow this town to continue to be home to people who want to grow and maintain its success.

752
00:54:47,780 --> 00:54:48,420
So

753
00:54:58,780 --> 00:55:02,880
please allow the Virginia Project process to finish line.

754
00:55:03,360 --> 00:55:05,860
We are excited to see the next problem to report.

755
00:55:05,860 --> 00:55:09,140
Thank you for keeping this place and a home for this community.

756
00:55:10,720 --> 00:55:16,280
What I will permit on the project to be finished and, for

757
00:55:16,280 --> 00:55:20,400
favor, the motion as a result, because we are very emotional

758
00:55:20,400 --> 00:55:21,980
to see the resources.

759
00:55:22,560 --> 00:55:24,500
Thank you very much for having this place,

760
00:55:25,260 --> 00:55:31,380
and thank you for

761
00:55:36,600 --> 00:55:38,920
giving us this opportunity.

762
00:55:38,920 --> 00:55:43,780
Hello, my neighbors and friends. My name is Jean-Day and I'm in the draft

763
00:55:43,780 --> 00:55:52,260
for Jay. I am 100% the support of the Virginia project. 90 Virginia project, I

764
00:55:52,260 --> 00:55:57,720
guess maybe this will be followed. The two and a half years you've worked on it have

765
00:55:57,720 --> 00:56:04,400
produced a good result. It might seem slow or expensive. Maybe it's been both of

766
00:56:04,400 --> 00:56:08,640
those things but it's going to be a great project. Hang in there. You did good work.

767
00:56:08,640 --> 00:56:11,060
It was not in the state, it was not wrong.

768
00:56:11,460 --> 00:56:12,820
It's the right thing to do.

769
00:56:14,300 --> 00:56:18,500
I think the results will come forth sooner than many projects

770
00:56:18,500 --> 00:56:19,400
brought before you.

771
00:56:19,680 --> 00:56:23,940
It sounds like it could be ready to go pretty soon,

772
00:56:24,440 --> 00:56:26,780
like 220 plus units online.

773
00:56:27,740 --> 00:56:28,700
We need it.

774
00:56:29,740 --> 00:56:32,280
It's been a good effort among the two entities.

775
00:56:32,840 --> 00:56:33,440
Thank you for that.

776
00:56:33,860 --> 00:56:36,900
I know that sometimes there are tensions there

777
00:56:36,900 --> 00:56:44,780
And certainly the sharing of the funding is going to be an interesting conversation, but you'll do it.

778
00:56:45,180 --> 00:56:50,680
I will say, too, I love it that seniors have mentioned multiple times in this room and in the documents.

779
00:56:51,260 --> 00:56:54,340
Because you have seniors, age, out of their housing and workplace to go.

780
00:56:56,160 --> 00:56:58,360
It's going to be an amazing asset on your books.

781
00:56:58,920 --> 00:57:02,140
You'll look back and you'll be able to say we could go job.

782
00:57:02,780 --> 00:57:07,980
So again, I'm 100% in favor of this Virginia neighborhood, thank you.

783
00:57:09,300 --> 00:57:10,020
Thank you.

784
00:57:16,360 --> 00:57:18,440
Hello mayor council and commissioners.

785
00:57:18,600 --> 00:57:19,680
My name is Brandon Dimchoff.

786
00:57:20,640 --> 00:57:22,400
I support that 90 Virginia.

787
00:57:22,780 --> 00:57:26,460
The development and I'm asking you to move it forward without further delay.

788
00:57:27,020 --> 00:57:31,100
I'm one of those people who moved to Jackson for a season in November.

789
00:57:31,580 --> 00:57:34,960
And now I am trying to take around here.

790
00:57:35,720 --> 00:57:56,500
That's going to imagine it's a little difficult sometimes, but I am, I am definitely not one of the people who is going to qualify for one of these units, but I'm here this afternoon because over a third of the people who serve this community from nurses teachers firefighters police can't afford to live here and have to commute over the past or sometimes further every day.

791
00:57:57,140 --> 00:58:01,960
I want people who make this town work to live in this town.

792
00:58:02,880 --> 00:58:14,420
Having essential workers loose here makes a whole community stronger, strong schools, faster emergency responses, more CEO businesses, and more new community members to be friends with.

793
00:58:15,580 --> 00:58:18,180
The rental vacancy rate is effectively zero.

794
00:58:19,240 --> 00:58:22,940
I understand there's loads of food funds for exactly this purpose.

795
00:58:23,660 --> 00:58:27,960
The land is purchased, the developer is selected, the designs are solid.

796
00:58:27,960 --> 00:58:33,340
We can't afford to decline or delay an opportunity for 211

797
00:58:33,340 --> 00:58:39,700
de-restricted homes, next to the library and transit offering affordable rental and the ownership

798
00:58:39,700 --> 00:58:42,520
opportunities of wide range of incomes.

799
00:58:44,020 --> 00:58:52,040
Panoros has made guarantees about completion and covering costs overruns in the public use

800
00:58:52,040 --> 00:58:52,360
land.

801
00:58:52,780 --> 00:58:54,020
It seems like a good deal to me.

802
00:58:54,760 --> 00:59:00,080
This project has been in public meetings for nearly three years, a friend of mine is

803
00:59:00,080 --> 00:59:02,500
fond of saying how the delayed is helping to guide.

804
00:59:03,540 --> 00:59:10,300
So I am here to ask you to please work through the remaining questions with urgency and to

805
00:59:10,300 --> 00:59:13,000
find a way to give this project the essence possible.

806
00:59:13,640 --> 00:59:17,200
Thank you for your service of community and your work on this issue.

807
00:59:19,340 --> 00:59:19,900
Thank you.

808
00:59:19,900 --> 00:59:20,640
My

809
00:59:27,550 --> 00:59:35,130
name is Mark Macedonia, I'm a Jackson resident, lived here for four years, and coming here for four years.

810
00:59:36,050 --> 00:59:47,850
Mr. Mayor, commissioners and council members, I appreciate you taking the time to review this 90 Virginian project and your support of it going forward.

811
00:59:47,850 --> 00:59:54,810
I would just say my learned colleagues here have showed a lot of life on all the progress

812
00:59:54,810 --> 00:59:55,510
that you've made.

813
00:59:55,650 --> 00:59:59,950
You invest in the time and effort to the community, which is a wonderful thing, and I was

814
01:00:00,000 --> 01:00:29,900
Let's say this community, in my recollection of coming here for the last four years and being here before, is that we're very good at getting the wants, you know, whether it's hotels or museum extensions, improving all the wants of the community, but sometimes the needs of the community are harder to want. And we need you to take action to create homes with locals now, you know, with the current workforce being stretched then and compounded by workers.

815
01:00:29,900 --> 01:00:35,660
having to commute from locations to service our community, affordable workforce housing is essential

816
01:00:35,660 --> 01:00:42,320
for community stability as well as necessary to meet the demands of future growth. So I urge you

817
01:00:42,320 --> 01:00:47,920
to further support and continue the efforts for completion of this product and thank you for your

818
01:00:47,920 --> 01:00:53,560
service. Thank you. And the other comments in the room. Thank you so much for lining up.

819
01:00:53,560 --> 01:00:54,960
Thank you very much. I appreciate that.

820
01:00:59,090 --> 01:01:04,950
Hello everyone. My name is Kirsten. I'm the Executive Director of Shelter G.H.

821
01:01:05,550 --> 01:01:11,890
We represent registered workers and neighbors who are often left out of these rooms, but you feel that it has insured issues directly.

822
01:01:13,230 --> 01:01:20,670
I have looked back these three years of public comment on this issue from the purchase of land to the drafting of RFP, the selection of the developer.

823
01:01:20,670 --> 01:01:26,630
You know, here we are. So much paperwork has been done and thank you for putting so much effort into all of this.

824
01:01:27,570 --> 01:01:41,950
During this meeting, you'll undoubtedly debate prices and the final lotments, rent costs, developed reviews, parking spots for a footage and countless other numbers that characterize the details of this project. Thank you for your diligence.

825
01:01:43,050 --> 01:01:47,670
While you work to secure a deal at the best, I ask you also take the time to turn over

826
01:01:47,670 --> 01:01:51,550
to very real people who have the ability to stay in this community because of the homes

827
01:01:51,550 --> 01:01:52,570
this project will create.

828
01:01:54,770 --> 01:01:58,430
Over my six years working with sheltered J.H. and since the time I first saw the T-times

829
01:01:58,430 --> 01:02:03,150
in 2012, my most treasured moments have been the community members to make this waste

830
01:02:03,150 --> 01:02:03,370
home.

831
01:02:04,410 --> 01:02:08,570
I think of the rap guides in that when I first moved here, we crammed our old bands and

832
01:02:08,570 --> 01:02:11,890
to girls and to the parking lot so we could afford to live here and to people on the river.

833
01:02:12,570 --> 01:02:17,150
And I think them for making my foundation a year is here full of experiences that most

834
01:02:17,150 --> 01:02:18,130
people only dream of.

835
01:02:18,750 --> 01:02:23,930
I think of my mentors, people I would love to for guidance, navigating the complex world

836
01:02:23,930 --> 01:02:26,990
of housing policy and nonprofit advocacy work.

837
01:02:27,570 --> 01:02:31,450
I think people like Mary Erickson for their bottomless support and perseverance.

838
01:02:32,890 --> 01:02:37,790
I see my friends' children who are facing an answer in the future as this county grapples

839
01:02:37,790 --> 01:02:42,070
a big stream of inequality. I look forward to seeing them grow to the next generation of leaders.

840
01:02:43,770 --> 01:02:45,850
And finally, if you could finish up, I'd be great.

841
01:02:45,970 --> 01:02:49,410
Oh, and must be spoken a lot more slowly than I did when I was there.

842
01:02:49,630 --> 01:02:57,870
And finally, I think of the community that surround shelter GH. People like my colleague Blanca,

843
01:02:57,950 --> 01:03:02,750
who, along with 10,000 others, bravely took her first to pass every day. People like Whitney

844
01:03:02,750 --> 01:03:07,110
organizing volunteer on the shelter to H4, but also the housing supply board.

845
01:03:07,270 --> 01:03:11,650
These have been plus-part roads, and I think of Joey Fackett, who still closely shares his

846
01:03:11,650 --> 01:03:15,110
photography expertise to document the early days of our growing membership.

847
01:03:15,830 --> 01:03:18,950
I know each of you have the treasured memories of those you love in this community,

848
01:03:19,390 --> 01:03:22,930
and by saying yes to this project, you're creating more opportunities to build relationships

849
01:03:22,930 --> 01:03:28,490
with those you love, and those you may even have yet to need. So, I miss this challenge.

850
01:03:29,230 --> 01:03:32,310
Please remember your choice here today as to further a project that will offer

851
01:03:32,310 --> 01:03:36,170
First ability to people like Blanca, Mary Whitney, Joey, yourself,

852
01:03:36,790 --> 01:03:39,250
Sophie's for this project and trust yourself today.

853
01:03:39,670 --> 01:03:40,590
Thank you.

854
01:03:41,050 --> 01:03:45,010
And either comments in the ring, it will go online.

855
01:03:48,120 --> 01:03:51,180
Mr. Rosenthal, you should be able to unmute yourself.

856
01:03:51,360 --> 01:03:54,860
Please take your name for the record and share your comments

857
01:03:54,860 --> 01:03:55,680
for three minutes' choice.

858
01:04:02,000 --> 01:04:03,540
You need to unmute yourself if you're talking.

859
01:04:07,260 --> 01:04:09,220
And after you've painted well on you, I mean,

860
01:04:09,260 --> 01:04:10,620
I think you've been there awhile.

861
01:04:10,620 --> 01:04:14,140
So you may have dropped off and we'll go on to,

862
01:04:18,790 --> 01:04:24,270
it's only listed as Julian, you are

863
01:04:24,270 --> 01:04:28,770
unmuted, please stay cheerful, make it a record and share comments if you're mentalist.

864
01:04:30,830 --> 01:04:32,470
Thank you. Can everyone hear me?

865
01:04:33,930 --> 01:04:34,230
Thank you.

866
01:04:37,940 --> 01:04:39,120
Yeah, we can hear you.

867
01:04:39,600 --> 01:04:45,980
I just wanted to say that I would like to see this project get across the finish line.

868
01:04:46,760 --> 01:04:54,620
And if possible and necessary, please provide the Housing Director in anyone else with any

869
01:04:55,400 --> 01:05:02,140
financial assistance as needed, whether it be explanations or any other

870
01:05:03,080 --> 01:05:10,900
outside help from any council that can help with any financial questions. Thank you.

871
01:05:10,900 --> 01:05:19,230
But thank you, Mr. Haas, if there's any other comments on line, please use the raised hand.

872
01:05:19,350 --> 01:05:22,290
I'm going to come back to you, Mr. Rosenthal.

873
01:05:23,110 --> 01:05:25,290
You need to unmute yourself before we can hear you.

874
01:05:25,370 --> 01:05:28,890
It's showing that you are not unmuted.

875
01:05:31,760 --> 01:05:36,040
I am going to unmute you here and you're on your end.

876
01:05:39,920 --> 01:05:44,760
Sorry, that did not work out. Please feel free to share your comments.

877
01:05:44,760 --> 01:05:50,140
and via email or other racist share public comment.

878
01:05:50,700 --> 01:05:51,140
Thank you.

879
01:05:51,440 --> 01:05:53,560
Anybody else online, please use the raised hand feature?

880
01:05:55,180 --> 01:05:57,220
Seeing none, we'll bring it back

881
01:05:57,840 --> 01:06:01,120
to council and his staff, Mr. Norton,

882
01:06:01,240 --> 01:06:03,780
if you could have the big questions on.

883
01:06:04,080 --> 01:06:04,640
I'm sorry, what's that?

884
01:06:04,740 --> 01:06:05,540
Hope we do have one more.

885
01:06:06,860 --> 01:06:08,740
Okay, if you're online, you want to speak.

886
01:06:08,940 --> 01:06:10,160
Please use the raised hand picture now

887
01:06:10,160 --> 01:06:12,340
because I'm not going to come back to you.

888
01:06:13,320 --> 01:06:22,460
Mr. Thal, you should be able to unmute yourself, share your comments for a few minutes or less,

889
01:06:22,740 --> 01:06:26,960
and again, I've seen more hands. If you're interested online, please raise it now. I'm not going

890
01:06:26,960 --> 01:06:35,360
to, I can't keep this open for a, um, which of all? Hi, Larry Thal here and just wanted to voice my

891
01:06:35,360 --> 01:06:43,980
support for the project. I did an initial site study prior to the purchase of the property,

892
01:06:44,660 --> 01:07:05,340
and this is just an ideal site for this kind of housing project, and I don't think it should

893
01:07:05,340 --> 01:07:09,520
Some of the details about which housing is built first.

894
01:07:09,800 --> 01:07:16,980
I support the staff recommendations that you got in your staff report and is reiterated

895
01:07:16,980 --> 01:07:18,480
by April, Norton today.

896
01:07:19,240 --> 01:07:27,640
So I just wanted to confirm my support and keep working on the details but don't get bogged

897
01:07:27,640 --> 01:07:28,260
down in them.

898
01:07:28,820 --> 01:07:32,720
Keep your eye on the big picture, which is we need the units built.

899
01:07:33,280 --> 01:07:35,300
Thank you for everybody's effort.

900
01:07:35,300 --> 01:07:38,100
for on this. That's it. You take care.

901
01:07:38,920 --> 01:07:39,720
Thank you.

902
01:07:42,700 --> 01:07:43,680
Let's see.

903
01:07:44,980 --> 01:07:45,500
Waska.

904
01:07:46,600 --> 01:07:49,120
I know I just put you to name. I thought that I know better.

905
01:07:50,800 --> 01:07:53,740
You should mute yourself and share your comments.

906
01:07:55,140 --> 01:07:55,460
Hi.

907
01:07:55,640 --> 01:07:55,760
Hi.

908
01:07:56,660 --> 01:07:58,400
No, you got the last name.

909
01:07:58,740 --> 01:07:58,940
Correct.

910
01:08:01,280 --> 01:08:02,020
Well done.

911
01:08:03,180 --> 01:08:05,840
Thank you for everybody's time today.

912
01:08:05,840 --> 01:08:15,240
today. I am a resident of Jackson year round. I did have to get my shift covered to go

913
01:08:15,240 --> 01:08:20,220
to a different housing meeting today and to make this comment, but I felt like it was

914
01:08:20,220 --> 01:08:25,340
really important to do that work because of all the struggles we have in our community

915
01:08:25,820 --> 01:08:32,280
to find affordable housing. So in that vein, I am here to also express

916
01:08:32,280 --> 01:08:39,540
address my support for the project at the Virginia and to urge everybody on the town council

917
01:08:39,540 --> 01:08:49,060
and the county commissioners to say the course and to heed the voters during the spec campaign

918
01:08:49,060 --> 01:08:57,980
and our voices about our need for affordable housing and push through and get those 221 affordable

919
01:08:57,980 --> 01:08:59,940
units built at the Virginia.

920
01:09:01,100 --> 01:09:06,520
There's a lot of chatter, but it is a great project for the community and it's as much needed.

921
01:09:06,820 --> 01:09:11,900
So please continue and please get this project. Please land the plane on this project.

922
01:09:14,940 --> 01:09:15,680
Thank you.

923
01:09:16,220 --> 01:09:16,980
I didn't catch the night.

924
01:09:17,140 --> 01:09:17,840
We asked you to remain.

925
01:09:18,860 --> 01:09:21,060
Would you pronounce it and make sure I get it right?

926
01:09:21,620 --> 01:09:22,540
There's also no person.

927
01:09:23,320 --> 01:09:23,960
Oh, I'm so.

928
01:09:24,120 --> 01:09:25,140
It's Kelsey Blasca.

929
01:09:30,410 --> 01:09:31,230
Was that correct?

930
01:09:32,810 --> 01:09:33,250
You're muted.

931
01:09:33,410 --> 01:09:33,590
Yeah.

932
01:09:34,130 --> 01:09:34,230
Yeah.

933
01:09:34,690 --> 01:09:35,510
That is correct.

934
01:09:35,510 --> 01:09:36,550
Okay.

935
01:09:39,300 --> 01:09:44,420
So we will bring it back and just

936
01:09:47,050 --> 01:09:48,690
staff for going through the questions.

937
01:09:52,450 --> 01:09:55,530
Now my procedural question is this,

938
01:09:57,650 --> 01:10:00,330
you've got so many different things here that you're

939
01:10:00,330 --> 01:10:10,150
expected to answer. And my concern is on that very narrow portion of it, I don't know how these

940
01:10:10,150 --> 01:10:14,930
seven questions are interrelated. I assume they are by reading the staff report they seem to be,

941
01:10:16,390 --> 01:10:23,290
and my question is, how do we think about these holistically, rather than giving,

942
01:10:23,490 --> 01:10:26,690
if we did eat them up in certain ways, we wrote some up, we wrote some down,

943
01:10:27,130 --> 01:10:34,710
to set them together. What is the overall question here? How do they all fit together?

944
01:10:35,090 --> 01:10:38,330
And I don't know how we're going to go about doing that, but it's been something I've

945
01:10:38,330 --> 01:10:43,170
concerned about since I first heard any of this information about swimming. There's some pretty

946
01:10:43,170 --> 01:10:49,210
big financial questions. There's some pretty big logistical legal questions. And by

947
01:10:49,890 --> 01:10:56,090
optimizing them, trusting them out, is there going to be what kind of consequences will I have

948
01:10:56,090 --> 01:11:02,230
correctly, holistically, and how do we go about anticipating or understanding what it is?

949
01:11:02,230 --> 01:11:08,970
So I can text you, I just have a hard time with the idea of breaking in seven separate questions.

950
01:11:09,830 --> 01:11:11,530
Because I think we've decided the large picture.

951
01:11:12,850 --> 01:11:18,590
Yeah, I will give you my response and we will go through if anyone has a particular question we can do that.

952
01:11:19,030 --> 01:11:26,650
To me, we've asked our staff and our legal team to go through and finalize these legal documents.

953
01:11:26,650 --> 01:11:33,170
these are the questions they have, also questions that they need to ask input from us. The goal is

954
01:11:33,170 --> 01:11:37,710
to work through them. If we agree with all seven, then they'll take that and try to implement that.

955
01:11:37,890 --> 01:11:41,550
There are some that we disagree, then they will take that, and I work through that.

956
01:11:43,230 --> 01:11:48,210
If there is, oops, sorry, but if, sorry, we don't have to finish my response.

957
01:11:49,610 --> 01:11:54,270
If we get into it, and there are some that are connected, like you said, we can put it in and come

958
01:11:54,270 --> 01:12:00,730
back to the end. We would agree with you. We may pick up maybe some interrelation, but I'm

959
01:12:00,730 --> 01:12:05,630
very concerned that if we try to make this more holistically, we will never get through this list.

960
01:12:06,930 --> 01:12:10,330
If we have time at the end, we can certainly do that. There will be another vote in this

961
01:12:10,330 --> 01:12:17,570
Friday. This is the final legal documents. We've had designs meetings in the past. We will come

962
01:12:17,570 --> 01:12:21,870
to it back to it. We will have additional comments and opportunities to talk about holistically.

963
01:12:22,610 --> 01:12:24,510
come to our commission government.

964
01:12:24,850 --> 01:12:25,850
Can I take another break?

965
01:12:27,610 --> 01:12:33,110
Are there any other questions before we get into the key questions?

966
01:12:34,130 --> 01:12:36,610
Yes, commissioners.

967
01:12:36,690 --> 01:12:39,470
Did I say correctly just that this is the final ripple document?

968
01:12:40,390 --> 01:12:44,110
This is directing staff to bring back to us the final documents.

969
01:12:45,330 --> 01:12:48,410
These are things that have been highlighted by our legal team

970
01:12:48,410 --> 01:12:59,830
And by our staff that they need policy questions from us and worried for them, I can't ask you that I ask you if you said it was the final legal document from the city just send up so you misspoke on thank you.

971
01:13:01,210 --> 01:13:03,430
I don't know how I misspoke, but okay.

972
01:13:04,370 --> 01:13:06,290
Yes, may they have a member.

973
01:13:11,390 --> 01:13:20,170
We're going to come back in this session here, and before we get into this,

974
01:13:20,370 --> 01:13:28,610
the answer, please help your vehement have a hand raised and actually help your vehement,

975
01:13:28,650 --> 01:13:33,870
I see with that hand color selecting with your background, I can barely see it, but again,

976
01:13:33,870 --> 01:13:39,010
there you go. Did you have a procedural question or process question you wanted to ask before

977
01:13:39,010 --> 01:13:43,990
you got into this? I do. So I suspect I'm not the only one, but I have a question that don't

978
01:13:43,990 --> 01:13:49,430
fit into these seven categories. Should we just hold those for the end or try and fit them into the

979
01:13:49,430 --> 01:13:56,310
category they close this align with? Thank you for that. My expectation worked to try to say

980
01:13:56,310 --> 01:14:00,870
at the end, but I also don't mind if they're

981
01:14:00,870 --> 01:14:05,850
closely relevant on topic in the seven feel free to bring up them.

982
01:14:07,490 --> 01:14:13,610
Okay, thank you. Yeah, thank you. Ms. Norton, I believe you were trying to get my attention.

983
01:14:14,410 --> 01:14:21,430
Oh, okay. I see a new face at the table. Oh, thank you, Mr. Mayor. I would like to introduce Mr.

984
01:14:21,430 --> 01:14:25,910
Tim Nash, he is consultant for the housing authority.

985
01:14:26,450 --> 01:14:28,650
I've been working with us on this development.

986
01:14:29,850 --> 01:14:31,150
Tim, would you like to introduce yourself?

987
01:14:31,210 --> 01:14:33,290
I've given them your name, so you can give them

988
01:14:33,290 --> 01:14:34,670
your like, CRED.

989
01:14:35,210 --> 01:14:35,610
Sure.

990
01:14:36,750 --> 01:14:39,170
Tim Nash, it's a pleasure to be here with all of you.

991
01:14:39,390 --> 01:14:41,870
We some of us have met over the past

992
01:14:41,870 --> 01:14:44,730
the course couple of weeks talking about this project.

993
01:14:45,030 --> 01:14:48,150
I've been a full-time resident of Jackson since 2018.

994
01:14:48,750 --> 01:14:54,690
I recently retired after 35 years as a municipal bond lawyer at QTAC Rock, which had this

995
01:14:54,690 --> 01:14:58,610
to be the authorities bond council that helped take down the land if you remember that transaction.

996
01:15:00,000 --> 01:15:29,780
My specialty as a bond lawyer was in the affordable housing and non-profit sectors, and I have represented numerous housing authorities, private developers, bond issuers, tax credit allocators, you name it, I probably represented them over the course of the past three and a half decades. Since my retirement, I am consulting in the affordable housing world. Just so happened that I made the connection with April a few years back. We stayed in touch. She said, would you like to get involved in this important project for our community? I said absolutely.

997
01:15:29,780 --> 01:15:45,380
So I was retained. I want to sit in late December early January and so I spent quite a bit of time trying to get up to speak out things move, move, move things forward, trying to help build consensus.

998
01:15:46,020 --> 01:15:55,840
I've tried to problem solve coming up with some creative ideas alternatives for you all to consider on a policy basis that hopefully we'll find their ways once we get your guidance and direction.

999
01:15:55,840 --> 01:15:58,320
their ways into the legal documents to then

1000
01:15:59,320 --> 01:16:01,480
catheter catalyze moving towards the first set

1001
01:16:01,480 --> 01:16:03,900
of financial closings and getting this thing actually launched.

1002
01:16:04,220 --> 01:16:05,580
So that's my role that's who I am.

1003
01:16:06,040 --> 01:16:07,780
I'm happy to answer any questions you

1004
01:16:07,780 --> 01:16:08,720
or the public may have.

1005
01:16:09,200 --> 01:16:10,580
Thank you so much for being here.

1006
01:16:10,580 --> 01:16:10,800
Thank you.

1007
01:16:11,040 --> 01:16:13,300
Thank you.

1008
01:16:14,100 --> 01:16:17,560
Well, if I may, Mr. Mayor, while not seated at the table,

1009
01:16:17,660 --> 01:16:19,480
I would like to introduce Charlie Adams,

1010
01:16:19,700 --> 01:16:22,260
he's the president of development for Penrose.

1011
01:16:22,260 --> 01:16:25,760
Also here to answer any questions you all have.

1012
01:16:26,280 --> 01:16:27,020
Thank you.

1013
01:16:27,100 --> 01:16:27,320
Thank you.

1014
01:16:27,780 --> 01:16:28,040
Okay.

1015
01:16:28,300 --> 01:16:29,700
Key question number one.

1016
01:16:29,980 --> 01:16:36,360
There are any questions of staff or a legal team or a partner on key question number

1017
01:16:36,360 --> 01:16:36,780
one?

1018
01:16:44,390 --> 01:16:44,610
Okay, Garden.

1019
01:16:45,350 --> 01:16:45,510
Sorry.

1020
01:16:46,070 --> 01:16:46,210
You're right.

1021
01:16:46,410 --> 01:16:48,730
That is if you move that.

1022
01:16:49,370 --> 01:16:50,670
But when you were a Mr. Cardboard.

1023
01:16:51,390 --> 01:16:54,670
April, I think this is for you.

1024
01:16:54,670 --> 01:17:01,110
We talked about a little bit, what happens if the real years don't all get built?

1025
01:17:02,070 --> 01:17:09,170
Can we get a little more clarity on like, let's say the build building one and then something happens.

1026
01:17:10,070 --> 01:17:13,150
And what would be our next step?

1027
01:17:14,430 --> 01:17:19,830
Commissioner Gardner, if they build building one but do not build building two,

1028
01:17:20,490 --> 01:17:25,090
We will still be a special limited partner in the deal.

1029
01:17:25,830 --> 01:17:30,210
We will own the entitlements and the design.

1030
01:17:30,870 --> 01:17:35,350
They will have a lender that they have borrowed significant funding from,

1031
01:17:35,570 --> 01:17:37,170
and they will also have investors.

1032
01:17:37,810 --> 01:17:42,770
They are all invested in seeing the development get built.

1033
01:17:43,370 --> 01:17:46,730
So they will, as an SLP, we will be able to work with them.

1034
01:17:47,210 --> 01:17:53,750
They may assign another developer to come in and finish the project based on the development agreement and ground links in place.

1035
01:17:54,450 --> 01:17:59,350
We will still own the land because we are the landlord and the ground lessor.

1036
01:18:00,770 --> 01:18:11,530
That is obviously and I think I put this up on this slide because it really ties in with the next question about how do we ensure that both phases get built.

1037
01:18:12,970 --> 01:18:18,470
But again, we have worked really closely with Mr. Nash to try and ensure that we are

1038
01:18:18,470 --> 01:18:22,630
protected as possible. Again, it is, it's hard to predict the future.

1039
01:18:23,930 --> 01:18:27,830
But, you know, we are doing our best to make sure that we are in a position

1040
01:18:27,830 --> 01:18:34,150
should they not complete the development that we can step in and make sure that it is completed.

1041
01:18:36,210 --> 01:18:41,990
So, you mentioned entitlements. I think I know everything that means that I'm not sure.

1042
01:18:42,310 --> 01:18:45,330
Can you describe to me what entitlements mean?

1043
01:18:45,350 --> 01:18:51,010
Like, planning and building approvals. They have to go to DRC. They have to go to DRC and

1044
01:18:51,010 --> 01:18:55,630
get our planning and building approvals. And we're repiring them to do that for the entire site,

1045
01:18:56,150 --> 01:19:04,130
not just for one phase. That is a significant amount of pre-development expense that they will have

1046
01:19:04,130 --> 01:19:13,610
do and we are delighted they have agreed to. And that's including the entire campus. So both the

1047
01:19:13,610 --> 01:19:19,890
4-cyl and 4-bit. Would it be possible to assign a dollar figure to that means that it's in the

1048
01:19:19,890 --> 01:19:24,610
millions? For the pre-violent expenses, that's a around 2.5 million. Yes.

1049
01:19:26,710 --> 01:19:28,970
Yes, quickly while we

1050
01:19:28,970 --> 01:19:30,110
I have that on the screen.

1051
01:19:30,410 --> 01:19:32,830
Could you match the phases to that diagram?

1052
01:19:33,010 --> 01:19:35,010
We have phase zero, which is infrastructure,

1053
01:19:35,590 --> 01:19:37,750
because we talk a little bit about phasing

1054
01:19:37,750 --> 01:19:38,790
when we get into financing,

1055
01:19:39,160 --> 01:19:41,010
and I just wanted to make sure that I understand

1056
01:19:41,650 --> 01:19:43,230
which phase is what.

1057
01:19:43,790 --> 01:19:46,570
You know, so horizontal is phase zero.

1058
01:19:47,310 --> 01:19:48,650
Phase one is the rental project.

1059
01:19:49,290 --> 01:19:50,730
Phase two is the for sale project.

1060
01:19:52,410 --> 01:19:54,510
Okay, Mr. Rapper.

1061
01:19:54,870 --> 01:19:55,190
Thank you.

1062
01:19:56,330 --> 01:20:04,870
Can you at whatever level it's currently now elucidate the horizontal infrastructure that

1063
01:20:04,870 --> 01:20:09,810
will be part of that phase zero? I assume it's not quite all of it since some of it will

1064
01:20:09,810 --> 01:20:15,590
be related to the other site locations? In terms of what the phase zero infrastructure

1065
01:20:15,590 --> 01:20:23,510
is called? Yeah, of course, happy to. So most of the infrastructure is being brought from

1066
01:20:23,510 --> 01:20:31,930
the north property line of this site or from the western side. So that's the primary utility.

1067
01:20:32,270 --> 01:20:40,030
So electricity, gas, we also will have to do a lot of grading, erosion control, storm

1068
01:20:40,030 --> 01:20:45,910
water detention, as well, would be a big part of that infrastructure phase. So it's really putting in,

1069
01:20:46,010 --> 01:20:52,510
I would say, bromontons and purposes, the basic utilities to then be able to bring in the subcontractors

1070
01:20:52,510 --> 01:20:57,310
you can start with the foundations and before the framing and so on and so forth.

1071
01:20:57,670 --> 01:21:05,290
Thank you. Yeah. And so parking would be part of the grading. So preparing the site for development.

1072
01:21:06,010 --> 01:21:10,860
Councillor Schaffer. Yeah. My question is this,

1073
01:21:12,950 --> 01:21:15,970
in preparation for this meeting, I spent a lot of time

1074
01:21:15,970 --> 01:21:22,030
over the weekend going back and looking at past the affidavits and the like. And one thing that kept

1075
01:21:22,030 --> 01:21:26,810
popping up was we were trying to make decisions. We were being urged to make decisions very quickly

1076
01:21:26,810 --> 01:21:34,230
because we wanted to have a groundbreaking summer. Right now it's March 9th. According to

1077
01:21:34,230 --> 01:21:38,050
staff report, we're supposed to meet again on April 13th, which I don't know that it's in the work

1078
01:21:38,050 --> 01:21:46,030
because soon the town has budget meetings and that they popped up. But it seems increasingly

1079
01:21:46,030 --> 01:21:50,610
and likely to achieve that we could break down the summer

1080
01:21:50,610 --> 01:21:53,110
so I'm curious about what is the timing.

1081
01:21:53,910 --> 01:21:57,270
I mean, we've had board delays now,

1082
01:21:57,730 --> 01:22:01,330
and we keep staying pushed out to get the development agreement.

1083
01:22:02,190 --> 01:22:06,330
And who knows how much longer is going to serve?

1084
01:22:06,910 --> 01:22:11,350
A, is it realistic to expect crown to be broken this summer?

1085
01:22:11,930 --> 01:22:21,150
and be what they are looking at as the earliest and likely date for any kind of thing, just

1086
01:22:21,150 --> 01:22:22,090
given the way things are going.

1087
01:22:23,210 --> 01:22:24,430
I can give that a try.

1088
01:22:25,030 --> 01:22:29,070
So I think the bonus answer is it depends, depends on a lot of things falling into place

1089
01:22:29,070 --> 01:22:34,470
that development agreement and getting that executed between the parties is a critical milestone.

1090
01:22:35,230 --> 01:22:40,430
Our design and construction team has completed schematic drawings, so we are ready and willing

1091
01:22:40,430 --> 01:22:44,650
enabling enable to immediately submit a development option plan for reviews.

1092
01:22:44,850 --> 01:22:50,410
That's really the first step in the entitlement process, so we can get that going as soon as

1093
01:22:50,410 --> 01:22:50,790
April.

1094
01:22:52,010 --> 01:22:56,710
And then, you know, we're working towards the development option plan.

1095
01:22:57,410 --> 01:22:59,530
So that needs to be reviewed and approved.

1096
01:23:00,050 --> 01:23:06,270
We haven't gone through more of a permitting process for just the basic side plans.

1097
01:23:06,330 --> 01:23:08,350
So that's the first step in the entitlement process.

1098
01:23:08,350 --> 01:23:14,110
Because to answer your question directly, we are really working hard to be able to break

1099
01:23:14,110 --> 01:23:14,870
around this fall.

1100
01:23:15,050 --> 01:23:18,310
I think the summer is probably ambitious, but it could potentially be this fall.

1101
01:23:18,910 --> 01:23:26,810
So long as we have a successful DOP review, we get through the DRC with support and we get

1102
01:23:26,810 --> 01:23:28,290
the development agreement executed.

1103
01:23:28,570 --> 01:23:33,110
So those are like the really three important milestones that stand in between us and the groundbreaking.

1104
01:23:33,810 --> 01:23:41,310
So this idea that we've been pushing to have something happen with summer, but at this point,

1105
01:23:42,570 --> 01:23:46,690
somewhere between the best case and more realistically here, it best the fall.

1106
01:23:47,450 --> 01:23:52,150
Yeah, I think the summer would be ambitious. So I think the fall is, you know, a reasonable target.

1107
01:23:52,570 --> 01:23:56,670
Of course, a lot of construction is weather dependent. So, you know, we can't control that.

1108
01:23:57,290 --> 01:23:57,710
Thank you.

1109
01:24:00,190 --> 01:24:06,990
Thank you, two parts here. Are we lumping key question one and two together right now?

1110
01:24:07,850 --> 01:24:16,330
They're connected enough. Sorry, the audio glitches every once in a while online, so I can't tell if I'm missing certain things.

1111
01:24:16,710 --> 01:24:24,590
The second part of that is can you, in real basic terms, explain to me why hold

1112
01:24:27,530 --> 01:24:28,450
on, my thing froze.

1113
01:24:29,210 --> 01:24:36,110
can you still see me? Perfect. How can we be

1114
01:24:38,860 --> 01:24:39,840
confident that the full

1115
01:24:39,840 --> 01:24:45,200
project will be delivered? So Shannon you mentioned that in some 50 years or

1116
01:24:45,200 --> 01:24:49,020
whatever it was decades and decades, Penrose has never not finished a project.

1117
01:24:49,740 --> 01:24:55,480
And so why can't we have that in our contracts? Why do we kind of have to take

1118
01:24:55,480 --> 01:24:59,700
this leap of faith that for my understanding so far that we're being asked to

1119
01:24:59,700 --> 01:25:06,560
take with this second phase. And I'm not looking at it as doomsday or worst case, just why can't we have that contractually agreed upon?

1120
01:25:08,700 --> 01:25:16,160
Great, great question. You know, the two phases are finance completely separately, so there are two separate transactions.

1121
01:25:17,820 --> 01:25:29,680
And so, you know, there's, if they were one transaction, right, that was finance at one time, then, you know, then we would have everything committed and would just be about logistics of starting.

1122
01:25:29,700 --> 01:25:35,680
construction, but there are two separate financing and then from a constructability standpoint,

1123
01:25:36,380 --> 01:25:40,520
the buildings have to be faced. There's only so much construction activity that I think

1124
01:25:40,520 --> 01:25:45,900
can occur on the site at one time. You know, I think when you're saying you're looking for

1125
01:25:45,900 --> 01:25:52,040
assurances, I just want to pull back and you know, remind everyone again that we're investing

1126
01:25:52,580 --> 01:25:59,040
in the design and entitlements as one campus. And if the second phase for some reason were

1127
01:25:59,040 --> 01:26:05,200
not to proceed then the town inherits those design and entitlements and still continues

1128
01:26:05,200 --> 01:26:11,800
to control the land. So you have that security that it might not just be a matter of if but

1129
01:26:11,800 --> 01:26:19,880
when and by whom. So does that answer your question at all? Yeah, kind of, kind of.

1130
01:26:19,880 --> 01:26:20,860
That would be authority.

1131
01:26:21,100 --> 01:26:21,300
Second.

1132
01:26:21,440 --> 01:26:22,140
The housing authority.

1133
01:26:23,980 --> 01:26:24,540
Okay.

1134
01:26:24,780 --> 01:26:25,340
Counter.

1135
01:26:26,620 --> 01:26:27,600
Counterbeam with that.

1136
01:26:27,900 --> 01:26:29,880
Did you have any follow up?

1137
01:26:29,920 --> 01:26:30,880
No, that was it.

1138
01:26:30,980 --> 01:26:31,380
Thank you.

1139
01:26:32,160 --> 01:26:32,660
Okay.

1140
01:26:33,080 --> 01:26:34,020
Commissioner Gerner.

1141
01:26:34,840 --> 01:26:35,120
Thank you.

1142
01:26:35,280 --> 01:26:35,500
Smith.

1143
01:26:39,540 --> 01:26:40,100
When.

1144
01:26:40,580 --> 01:26:43,820
When you build this follows up on Christian Mackers question.

1145
01:26:44,460 --> 01:26:44,620
So.

1146
01:26:45,620 --> 01:26:47,620
With the details of the infrastructure.

1147
01:26:49,480 --> 01:26:50,980
How much infrastructure.

1148
01:26:50,980 --> 01:27:03,800
pressure would be left to bill or just the under for phases four and find up the for sale phase two, the for sale project or let all be done.

1149
01:27:04,260 --> 01:27:11,640
It will be essentially the infrastructure that can be tapped into to build the for sale fees will be ready and available.

1150
01:27:11,880 --> 01:27:17,460
So the electricity will be brought to the property line, the gas line, the grading will be completed.

1151
01:27:17,460 --> 01:27:23,300
And we can parse that out, if that makes sense to do all of it or pull back and only do some of it.

1152
01:27:23,380 --> 01:27:26,820
I think that's for future discussion as we get further into design.

1153
01:27:27,220 --> 01:27:31,040
When you said property line, I don't know how to use in close to the building.

1154
01:27:31,780 --> 01:27:36,560
Yeah, yeah, that's correct. So we're envisioning that this will be a sub-divided parcel.

1155
01:27:36,740 --> 01:27:40,780
So it would be effectively whatever the line is dividing between the percent and the percent.

1156
01:27:40,780 --> 01:27:52,030
So subdivided parcel, you mean like literally the parcel will be broken up in pieces, okay, so you do need proper one.

1157
01:27:52,270 --> 01:27:54,230
Yes, okay, thanks for a lot of time, maybe.

1158
01:27:54,730 --> 01:27:58,470
And if I can add on the RFP required, they subdivided the property.

1159
01:28:01,250 --> 01:28:09,270
Okay, any additional questions and I'd like to think we could wrap up these first two questions and maybe some more discussion point, but any questions?

1160
01:28:10,430 --> 01:28:16,870
Okay, let's bring it to counsel and commission for any discussion on question one and two.

1161
01:28:17,870 --> 01:28:19,270
Yes, Richard.

1162
01:28:20,170 --> 01:28:21,870
Thank you very much.

1163
01:28:23,790 --> 01:28:28,390
Building this in two phases makes a basic construction sense.

1164
01:28:28,990 --> 01:28:30,330
You can't do it all once.

1165
01:28:30,730 --> 01:28:36,610
So do the rental first and the first sale second, but please don't vote.

1166
01:28:36,610 --> 01:28:50,610
We signed on to have a project in the land out of the rental ones are where you make more profits, so it looks sort of like you have disincented to build the for sale units.

1167
01:28:50,930 --> 01:28:54,370
I believe that's the way you operate. I don't think that's what we're expecting.

1168
01:28:55,130 --> 01:29:02,150
And I think just like the logistics require, we do things in Tuesday, just so I think this is easy to work.

1169
01:29:02,150 --> 01:29:08,530
So, any other discussions we're going back to?

1170
01:29:09,370 --> 01:29:10,430
Go ahead, Commissioner.

1171
01:29:10,650 --> 01:29:12,130
It's desperate not to follow.

1172
01:29:13,250 --> 01:29:14,370
Just give my answer.

1173
01:29:14,430 --> 01:29:15,390
I want to have your chance, sir.

1174
01:29:15,490 --> 01:29:17,050
No, I appreciate the way you want to be.

1175
01:29:17,250 --> 01:29:17,650
This is Mary.

1176
01:29:18,450 --> 01:29:21,010
My answer to question one is absolutely.

1177
01:29:21,370 --> 01:29:22,650
I bet for all reasons given.

1178
01:29:23,630 --> 01:29:26,670
The question to Frank Laos, prepared to come in here today.

1179
01:29:27,430 --> 01:29:30,150
And give you an answer that would create some friction.

1180
01:29:30,150 --> 01:29:42,430
And, you know, understanding the entitlements piece, the infrastructure piece, and recognizing

1181
01:29:42,850 --> 01:29:49,570
their partnership that we're in here, and the fact that you've never not performed,

1182
01:29:49,570 --> 01:29:59,250
I am willing to take a risk, slight risk to and not newcomer.

1183
01:30:00,000 --> 01:30:29,880
The plan was to create some kind of pilgrimage, some kind of dissing senator to encourage you to complete the ownership. But recognizing the investment you're making, really wrapping my mind around that, I'm convinced that you are here for the whole project. Otherwise, you wouldn't have agreed the entitlement piece that really is to need a commitment. I needed to see. And that replaces the penalty that I was trying to impose for non-delivery.

1184
01:30:29,880 --> 01:30:35,460
I think that is an advert, finally, the fact that you're going to be selling us in this

1185
01:30:35,460 --> 01:30:41,360
side of the project that you may not build, but I agree with Commissioner Carlin.

1186
01:30:41,800 --> 01:30:44,020
This is one project for the community.

1187
01:30:44,240 --> 01:30:49,640
This is one project for this side of the partnership and we have that very expectation.

1188
01:30:49,640 --> 01:30:56,340
I have that very expectation to see Penrose complete what they finished as I'm truly view.

1189
01:30:56,340 --> 01:31:02,780
So thanks for bearing with me as I got to head to work through that, but when you have my support for one and two.

1190
01:31:03,960 --> 01:31:10,740
Gages, and I know, and I'll, I'll use contraceptives and I like it when we ask for straw polls.

1191
01:31:11,380 --> 01:31:12,640
I'm question one.

1192
01:31:13,980 --> 01:31:17,040
Are we all in favor with the Britain's those two patients?

1193
01:31:17,340 --> 01:31:17,800
I understand.

1194
01:31:18,760 --> 01:31:19,800
Just raise your hand.

1195
01:31:20,020 --> 01:31:20,520
Thumbs up.

1196
01:31:21,440 --> 01:31:21,460
Something.

1197
01:31:26,160 --> 01:31:40,600
I want to make sure we click, we check these on, on question two, and Commissioner Gardner is just going to win in that a little bit more, there are any other councillors or commissioner that would like to speak to question two.

1198
01:31:48,000 --> 01:31:50,020
Thank you.

1199
01:31:52,200 --> 01:31:53,280
Thank

1200
01:31:55,460 --> 01:31:55,660
you.

1201
01:31:56,360 --> 01:32:02,140
I would propose that there might be a way to link.

1202
01:32:02,140 --> 01:32:15,540
the COO of the rental project to the permits, for example, of the per sale, the condo portion

1203
01:32:16,140 --> 01:32:27,240
development, and I would be curious to hear what staff would have to say about an idea

1204
01:32:27,240 --> 01:32:27,640
like that.

1205
01:32:35,500 --> 01:32:42,360
So if I may have a response to that suggestion, and we've had, I think, multiple conversations

1206
01:32:42,360 --> 01:32:48,800
with staff on this point, so maybe Ibo can chime in as well, but linking a completion

1207
01:32:48,800 --> 01:32:54,320
milestone on one project to another project, I think that was referenced in the slide.

1208
01:32:54,440 --> 01:32:58,500
That's where that's infeasible from a lender and investor perspective.

1209
01:32:58,500 --> 01:33:03,300
So again, as we've mentioned, this is to really think about the for sale project is very

1210
01:33:03,300 --> 01:33:08,340
independent from the for sale, that prevent from the for sale, they're two independent separately

1211
01:33:08,340 --> 01:33:09,460
finance transactions.

1212
01:33:10,040 --> 01:33:16,800
So we won't be able to secure construction lender and a mortgage lender and an investor

1213
01:33:16,800 --> 01:33:23,400
on the for sale if something about that project is contingent upon some other portion of the

1214
01:33:23,400 --> 01:33:24,180
for sale project.

1215
01:33:24,180 --> 01:33:37,140
So there's two projects can't be linked in that way. They need to stand independent of each other. So I think what you're asking for is just, you know, infeasible from a financing perspective.

1216
01:33:38,220 --> 01:33:39,320
Sorry, keep looking at the screen.

1217
01:33:40,460 --> 01:33:42,920
Yeah, you can go look at the camera. You're looking at her.

1218
01:33:43,680 --> 01:33:44,480
Let's see.

1219
01:33:45,680 --> 01:33:47,640
Commission out counter-shooter.

1220
01:33:49,880 --> 01:33:52,180
Yeah, I guess first

1221
01:33:54,260 --> 01:33:59,520
I'll share on you said something that really was music my years, which is that you're here to answer as many questions of the problem.

1222
01:33:59,920 --> 01:34:01,420
Yeah, that's right.

1223
01:34:02,300 --> 01:34:03,020
So, got on.

1224
01:34:03,140 --> 01:34:09,740
But this is not the problem is that this is really not a good setting for that.

1225
01:34:10,220 --> 01:34:11,960
And it's extremely unfortunate.

1226
01:34:12,620 --> 01:34:17,620
And I mention that because just listening to your comments just now.

1227
01:34:17,620 --> 01:34:24,400
Um, my comments from my colleagues, the comments from the public, um, it raised a lot more

1228
01:34:24,400 --> 01:34:30,900
questions for me and I don't feel like from a fiduciary responsibility. I'm very comfortable

1229
01:34:31,460 --> 01:34:36,280
in being able to say, oh, yes, I'm a favorite of this or not a favorite. It seems to me that

1230
01:34:37,220 --> 01:34:42,180
in my lack of knowledge, it's a pretty contractually, why we shouldn't be getting a contract doesn't

1231
01:34:42,180 --> 01:34:47,900
doesn't make any sense to me, because we got to a certain level of assurance from my side.

1232
01:34:48,520 --> 01:34:54,960
So this is something I want to explore, and I just, I'm hesitant to go ahead with the

1233
01:34:54,960 --> 01:34:59,580
staff recommendation on number one, until I can get more information and get to a better

1234
01:34:59,580 --> 01:35:05,480
level of assurance, and it's very, very difficult for me personally, sitting up here trying

1235
01:35:05,480 --> 01:35:10,880
to make a decision on the fly, having just gotten the staff report a couple of days ago, having

1236
01:35:10,880 --> 01:35:16,800
gotten new information. If we're going to make decisions about $5, $10, $50 million worth of

1237
01:35:16,800 --> 01:35:23,680
full of money and about the risks of this thing not happening, I feel like it's really important

1238
01:35:23,680 --> 01:35:30,980
for me for the fiduciary responsibility to be as certain about this and that's part of the reason

1239
01:35:30,980 --> 01:35:35,720
why I asked the question about whether we're going to be bringing them because for a year now we've

1240
01:35:35,720 --> 01:35:40,160
been having pressure to make a decision, make a decision. I'm totally telling these to make a decision

1241
01:35:40,160 --> 01:35:41,880
because we have to keep our process moving.

1242
01:35:44,740 --> 01:35:47,740
I'm afraid that's getting in the way of our fiduciaries, funcabilities,

1243
01:35:48,400 --> 01:35:53,060
and so it's making it easy to go along with,

1244
01:35:53,180 --> 01:35:56,380
oh, no contract until I can be certain,

1245
01:35:56,760 --> 01:36:00,380
because I didn't want to take it in further until I've heard your perspective,

1246
01:36:00,500 --> 01:36:03,140
which I don't have, and I feel like I appreciate it a little bit better.

1247
01:36:04,360 --> 01:36:08,440
So this is going to be a thing that comes up over the course of these seven questions for me

1248
01:36:08,440 --> 01:36:20,480
because I feel like we get information for the last minute and then we're asked to make some very complicated and very big dollar high state and long-generational types of decisions and make it one of the five.

1249
01:36:21,980 --> 01:36:24,960
Because of the pressure of the situation and there doesn't feel very comfortable.

1250
01:36:25,420 --> 01:36:27,260
So thank you.

1251
01:36:27,260 --> 01:36:33,300
Okay. I'm going to go through my list. We'll have a chance to wrap this up. Let's see, Commissioner

1252
01:36:33,300 --> 01:36:41,540
Cohn, you're next. Okay. Count our commissioner approach. Thank you. A question for Tim. First,

1253
01:36:41,680 --> 01:36:48,660
thank you for coming out of retirement to help us. I really appreciate that you're helping.

1254
01:36:48,660 --> 01:36:56,600
But related to question two, I just want to get a sense of your confidence in the current

1255
01:36:56,600 --> 01:36:57,240
structure.

1256
01:36:57,740 --> 01:37:02,720
Is there anything that you would recommend to reduce the risk that it's not included?

1257
01:37:02,880 --> 01:37:04,780
Are you feel pretty comfortable with this package?

1258
01:37:04,960 --> 01:37:08,680
And I hate to ask you that kind of question, but that's the way it isn't worth this thought.

1259
01:37:08,960 --> 01:37:10,620
Yeah, no, all the questions are fair.

1260
01:37:11,540 --> 01:37:17,380
I would say we spend a lot of time in negotiations, discussions with your team in Penrose,

1261
01:37:17,380 --> 01:37:25,400
And that linking the completion of the two and we tried to withhold the developer fee we're not going to pay the line share to both are done.

1262
01:37:25,840 --> 01:37:33,960
I can see now that that's probably not workable from a financial perspective because we do have to even though we all view it as a single campus.

1263
01:37:33,960 --> 01:37:40,180
Right? It really is two separate projects and that's financing forward the rental project is going to be separate and

1264
01:37:40,180 --> 01:37:48,260
Distance from the financing for force out project. Now we will have usual sort of a reciprocal easements and shared use and

1265
01:37:48,260 --> 01:37:56,360
the lawyers in the room can talk more about that. So we had to then pivot to look for a collection or an aggregation of

1266
01:37:57,360 --> 01:38:02,400
mitigating factors or additional conditions that we could bring to the table, not necessarily

1267
01:38:02,400 --> 01:38:07,800
to bring pain, a pain point, but sort of creative pressure point.

1268
01:38:08,760 --> 01:38:14,600
And so we have talked about things like changing the way that the developer fee is paid

1269
01:38:14,600 --> 01:38:20,300
in installments and maybe back waiting that so that we at least get to completion of the

1270
01:38:20,300 --> 01:38:25,480
rental phase, which will include the horizontal for the entire site before they get a line

1271
01:38:25,480 --> 01:38:30,560
and share that developer fee or the cash portion of the developer fee. We've talked about

1272
01:38:30,560 --> 01:38:35,740
that work product, that entitlement package that's going to belong to the authority so that

1273
01:38:35,740 --> 01:38:41,020
they don't perform, that's ours. At that moment in time, they would be in reach of the development

1274
01:38:41,020 --> 01:38:46,720
agreement. And the funders, so when I say funders are lenders in the equity investor, we would have

1275
01:38:46,720 --> 01:38:53,220
rights to go against. Penrose, we would have the right to replace Penrose. Penrose's guaranteed

1276
01:38:53,220 --> 01:38:57,480
would still be out there so that if the second developer came in and said well it's going to cost

1277
01:38:57,480 --> 01:39:02,500
X more, there would be interesting legal battle. You know, maybe on the scope of this discussion.

1278
01:39:03,480 --> 01:39:07,860
We could, we talked about potentially holding back some of the reimbursements for pre-development

1279
01:39:07,860 --> 01:39:14,200
expenses. So keep the incentive high for them to continue pushing forward, complete the war zones,

1280
01:39:14,560 --> 01:39:19,780
right? Push hard to get the completion of the rental. I think once we hit that milestone,

1281
01:39:20,280 --> 01:39:26,260
I'm not going to say the rest becomes easier, but I think it becomes easier, for example,

1282
01:39:26,580 --> 01:39:30,860
for the financing package on the ForSale project, if those horizontals are done, or at

1283
01:39:30,860 --> 01:39:34,920
least they're pretty much, we used to say, show already, I know people don't like that

1284
01:39:34,920 --> 01:39:41,340
word, those words, but if it's ready to go, then we've basically taken that, all of that

1285
01:39:42,880 --> 01:39:48,840
infrastructure risk off of the lender's risk profile, their risk assessment, their underwriting

1286
01:39:48,840 --> 01:39:53,660
makes it easier to get that done. So if Penrose can't and we have to go find

1287
01:39:53,660 --> 01:39:57,760
somebody else to get it done, we did get 11 responses to the RFP. There are

1288
01:39:57,760 --> 01:40:01,320
other people out there that want to do this project with us. But we think we

1289
01:40:01,320 --> 01:40:05,520
can make it work with Penrose. There's still some give and take. But we tried that.

1290
01:40:06,000 --> 01:40:09,520
We pivoted. I think this collection of mitigating factors is going to end up

1291
01:40:09,520 --> 01:40:13,200
being pretty strong. And I feel good about it. You're asking for my personal

1292
01:40:13,200 --> 01:40:13,720
Thank you.

1293
01:40:13,980 --> 01:40:14,460
Appreciate it.

1294
01:40:14,480 --> 01:40:16,300
May it bad to that a little bit too.

1295
01:40:16,440 --> 01:40:21,300
I think we, you know, this is an appropriate form to talk about the worst case scenario.

1296
01:40:21,300 --> 01:40:26,620
And I appreciate it as a fiduciary, you want to be focused on, you know, if there's a cliff

1297
01:40:26,620 --> 01:40:28,740
and we fall off of it, what does that look like?

1298
01:40:29,280 --> 01:40:35,300
I think there are measures in place too that, you know, we'll be obligations of us, including

1299
01:40:35,300 --> 01:40:39,240
at least on the rental phase, right, putting our equity into the deal early.

1300
01:40:39,240 --> 01:40:45,880
So, once we've invested in the rental phase, we're invested in 161 units.

1301
01:40:46,260 --> 01:40:49,780
We have to stand up a property management team, a maintenance team.

1302
01:40:50,140 --> 01:40:56,600
We have to staff that, bringing on an additional 60 condos to help achieve some economies

1303
01:40:56,600 --> 01:41:02,600
of scale from a property management and an operations standpoint, benefits the whole project.

1304
01:41:02,600 --> 01:41:08,360
So, we want, we're invested in seeing the first sale piece we built, right?

1305
01:41:08,500 --> 01:41:09,840
We need to pay for that staff.

1306
01:41:10,280 --> 01:41:15,560
We need to ensure continuity of the neighborhood for long-term, that reduces our risk as well.

1307
01:41:16,020 --> 01:41:21,100
So, just another point is to, you know, I think it feels like a more of an intangible, but

1308
01:41:21,100 --> 01:41:25,920
I hopefully it speaks to our commitment to see both phases come to fruition.

1309
01:41:26,320 --> 01:41:30,800
Because Penrose will have obligations, I'm expecting the documents from the funders sort

1310
01:41:30,800 --> 01:41:36,740
of anticipating what they're going to look like, their obligations on the rental side live

1311
01:41:36,740 --> 01:41:41,820
on well-passed completion of development process and delivery of the rental project, right?

1312
01:41:41,900 --> 01:41:45,420
They're going to have things like operating guarantees of a sort. We don't know what they're

1313
01:41:45,420 --> 01:41:49,500
going to be yet because we haven't had those discussions with funders, but they're going

1314
01:41:49,500 --> 01:41:54,180
to be on the hook from an operational perspective. So a lot of that will live on. And it's in

1315
01:41:54,180 --> 01:42:00,080
their best interest, which in this case aligns with our best interests, that this thing functions

1316
01:42:00,080 --> 01:42:04,380
is as efficiently and as economically as possible.

1317
01:42:05,220 --> 01:42:08,840
So the risk there to them are real, absolutely.

1318
01:42:09,780 --> 01:42:10,340
Thank you.

1319
01:42:10,520 --> 01:42:13,940
Well, Councilor B. Matt, I think your hand goes up

1320
01:42:13,940 --> 01:42:14,740
and then it went down.

1321
01:42:15,220 --> 01:42:17,040
Is that, you're good?

1322
01:42:18,160 --> 01:42:18,260
Okay.

1323
01:42:21,460 --> 01:42:22,300
Commissioner Garner.

1324
01:42:24,340 --> 01:42:25,400
Thank you, Mr. Mayor.

1325
01:42:26,040 --> 01:42:32,160
You know, to miss the Councilwoman's very question, you know, I think you and I were

1326
01:42:32,160 --> 01:42:38,020
thinking along the same terms as, you know, there's a desire from folks on this side

1327
01:42:38,020 --> 01:42:39,200
to link the projects.

1328
01:42:39,960 --> 01:42:46,940
And I, you know, in our meeting last week, I really hammered home at that, but to rephrase

1329
01:42:46,940 --> 01:42:53,100
what I said earlier, the entitlements to plans, the infrastructure, the developer fee schedule,

1330
01:42:55,200 --> 01:43:03,740
and I appreciate the fact that in this negotiation we found something that is meaningful to us,

1331
01:43:04,460 --> 01:43:11,620
those pieces, in lieu of something that really kills the project from your perspective.

1332
01:43:12,320 --> 01:43:18,340
I really appreciate how that came to be because for me it would have been really hard to get to it,

1333
01:43:18,340 --> 01:43:24,800
guess on these on that second question without believing that these linkages do exist.

1334
01:43:25,380 --> 01:43:31,900
You just found a way to work around for the sake of your investors, linking dollars, dollars

1335
01:43:31,900 --> 01:43:38,380
across the project, but by being willing to tie plans, infrastructure entitlements, developer

1336
01:43:38,380 --> 01:43:42,100
fee schedule, that shows me that what I needed to see.

1337
01:43:42,760 --> 01:43:43,380
Mr. Mayor.

1338
01:43:43,380 --> 01:43:53,080
I just want to point out time is flying by and we have a whole lot more to discuss and so we have questions. Let's get the questions out.

1339
01:43:53,280 --> 01:43:56,040
I'm getting ready to call this motion. Yeah, so I'm counter-shockin.

1340
01:43:57,660 --> 01:44:03,220
Yeah, too. I mean, you may. Thank you. All right. I had to look at it.

1341
01:44:03,220 --> 01:44:10,300
But we use the pronoun our, who is, who is the, in that sense, who's the client you're

1342
01:44:10,300 --> 01:44:11,100
representing here?

1343
01:44:11,880 --> 01:44:20,000
Because I'm, I'm not really clear about a lot of this and so having recently retired,

1344
01:44:20,100 --> 01:44:27,000
I'm having a lot of trouble pronouns, our, well, my, my consulting client is the authority.

1345
01:44:27,000 --> 01:44:33,460
The authority obviously is the collaboration on a joint powers basis between town and county.

1346
01:44:34,200 --> 01:44:45,040
So my client, if you will, is the authority, but by, you know, organically that will spill over to county and town.

1347
01:44:45,140 --> 01:44:48,900
But I do not represent either the county or the town specifically just the authority.

1348
01:44:48,900 --> 01:44:56,640
And we're in your experience, is it having something like this without a contract?

1349
01:44:56,880 --> 01:44:57,560
Is that difficult?

1350
01:44:57,740 --> 01:44:58,280
Is that normal?

1351
01:45:00,000 --> 01:45:28,880
I don't know what you mean by without a comment. Not having a contract to guarantee the second portion of that. Would that be typical normal? Well, the development agreement that we are negotiating, they are committing and agreeing to finish the project, which is the entire site. It's just that we have to break, it has to be broken into phases for many of the reasons that Shannon described. So I want to be clear that Lea and Keeper in the room where they were. Am I mis

1352
01:45:36,240 --> 01:45:40,500
That's the development agreement that we're talking about asking for your direction on these

1353
01:45:40,500 --> 01:45:43,160
policy points to finish the negotiations.

1354
01:45:43,740 --> 01:45:46,040
Yes, it's for the whole site, the whole project.

1355
01:45:46,500 --> 01:45:48,340
It would be broken into these phases though.

1356
01:45:49,120 --> 01:45:54,840
But it would be absolutely to your question though, it would be absolutely atypical, very

1357
01:45:54,840 --> 01:45:59,580
usually not to have that inked and writing then to sort of hit the accelerator and try to get to

1358
01:46:01,280 --> 01:46:06,180
final designs, you know, get to a financial closing that would be functionally impossible almost.

1359
01:46:06,840 --> 01:46:07,580
Does that make sense?

1360
01:46:07,940 --> 01:46:08,120
Thank you.

1361
01:46:08,300 --> 01:46:09,680
You did just remember where it stems by it.

1362
01:46:09,680 --> 01:46:11,220
It isn't agreement, it isn't contracture.

1363
01:46:11,380 --> 01:46:11,800
Absolutely.

1364
01:46:13,580 --> 01:46:18,120
Sensing that as much clarified, and actually I'm going to ask, and I'm not sure whether it's

1365
01:46:18,120 --> 01:46:23,660
housing department staff or maybe town manager, when we do these stock goals, can you kind of keep

1366
01:46:23,660 --> 01:46:29,660
been ongoing to submit surveys. We did a majority of the vote bodies that said yes to question 1.

1367
01:46:30,620 --> 01:46:35,860
And I'm now going to ask the question 2. Are we comfortable with the staff recommendation as

1368
01:46:35,860 --> 01:46:40,640
presented on question 2, based on the discussion and clarification we just had?

1369
01:46:41,020 --> 01:46:46,900
I am and the staff report lays out what Penrose has agreed to and I include that in my approval too.

1370
01:46:47,220 --> 01:46:50,080
So please raise your hand if we're comfortable Mr. Mayor.

1371
01:46:50,080 --> 01:46:50,320
I'm excited.

1372
01:46:51,540 --> 01:46:53,020
Characterism was good last time.

1373
01:46:53,160 --> 01:46:53,900
It was great.

1374
01:46:54,420 --> 01:46:56,460
It's just what is in the staff report

1375
01:46:56,460 --> 01:46:59,220
that can give us this agreed to design an entirely

1376
01:46:59,220 --> 01:47:01,440
entire site and show they have financing commitments

1377
01:47:01,440 --> 01:47:02,140
for both these.

1378
01:47:04,280 --> 01:47:06,060
Andrew H, please, would you be comfortable?

1379
01:47:09,160 --> 01:47:09,920
I've seen it online.

1380
01:47:10,320 --> 01:47:14,390
Is that not the one Andrew?

1381
01:47:14,710 --> 01:47:14,910
OK.

1382
01:47:16,190 --> 01:47:17,810
But I think that it gives us the words of mature.

1383
01:47:18,170 --> 01:47:20,170
Well, he must look on the town side.

1384
01:47:20,170 --> 01:47:27,950
Are you comfortable in stirring with how the staff recommendation on question number two?

1385
01:47:31,000 --> 01:47:37,900
Okay, so there's not a majority there, so let's put it down that and we can come back to it when we get to the end of this when we keep going.

1386
01:47:39,200 --> 01:47:46,960
Question number three, the previously committed 10 million first ten town county funding

1387
01:47:46,960 --> 01:47:52,520
being contributed to this project. To me, both the town and the county have taken time to have

1388
01:47:52,520 --> 01:47:57,520
this discussion. My recollections were about $750,000 a part in that discussion.

1389
01:47:59,600 --> 01:48:00,440
What I'm looking

1390
01:48:00,440 --> 01:48:07,000
for, what's needed here is between the two bodies, we committed to putting in additional, I mean,

1391
01:48:07,120 --> 01:48:12,700
putting in the initial $10 million. We recognized there's a little bit of work we need to do on our own

1392
01:48:12,700 --> 01:48:18,260
And we will go through and have that discussion in terms of scheduling that in our Catholic

1393
01:48:18,260 --> 01:48:18,920
meeting tomorrow.

1394
01:48:19,640 --> 01:48:19,800
Sure.

1395
01:48:19,960 --> 01:48:21,200
I don't want to jump into it.

1396
01:48:21,320 --> 01:48:21,960
But I just have questions.

1397
01:48:22,080 --> 01:48:23,060
But I do have a question.

1398
01:48:24,800 --> 01:48:30,300
I've been confused for two and a half years on the first million in the second 10 million.

1399
01:48:30,520 --> 01:48:40,140
Why can't we put money up for the free purchases for the right of first purchase and right

1400
01:48:40,140 --> 01:48:41,080
of first rental?

1401
01:48:41,740 --> 01:48:48,680
Well, I can't put 10 million down on the table now, and NROs can use that however they

1402
01:48:48,680 --> 01:48:53,720
need to use it to get this project out off the ground, and then come back and ask the

1403
01:48:53,720 --> 01:48:59,720
question, how much more money do we need, and what comprises the myths of that, whether

1404
01:48:59,720 --> 01:49:02,700
it's housing mitigation fees, general funds, et cetera, et cetera.

1405
01:49:05,980 --> 01:49:09,000
So I want to restate your question to make sure we're answering the right thing.

1406
01:49:09,000 --> 01:49:15,680
Your question is, can we essentially flip the first and the second and say yes to the

1407
01:49:15,680 --> 01:49:21,380
first hand, like you have done for the past two years, and instead, and allow Pinro's

1408
01:49:21,380 --> 01:49:28,600
to use it to invest in the horizontal infrastructure. For phase hero, you would like to get rights

1409
01:49:28,600 --> 01:49:34,440
of first rental for that funding or something else. And then you would like them to come

1410
01:49:34,440 --> 01:49:41,100
back to you again to ask for the second 10 I think we are after we have further discussions

1411
01:49:41,100 --> 01:49:48,980
you know about unit mix and this that and the other commission to go I I'm not sure how to

1412
01:49:48,980 --> 01:49:54,980
answer this question we've had a lot of discussions about unit mix and design I think the question

1413
01:49:54,980 --> 01:50:01,060
in front of you today is there too one is you've already said yes to the 10 million staff are recommending

1414
01:50:01,060 --> 01:50:08,880
that you use the initial 10 for infrastructure on a reimbursement basis and then loan the balance

1415
01:50:08,880 --> 01:50:15,140
into the project. Then we're asking you about the second 10. And if you are interested in willing

1416
01:50:15,140 --> 01:50:22,420
to commit to investing up to the second 10 into the project for which you would receive rights

1417
01:50:22,420 --> 01:50:28,980
a first rental or people are just, I am, I am unclear as to how, I don't know that

1418
01:50:28,980 --> 01:50:34,380
I can answer that your question is presented because the first and has already been agreed

1419
01:50:34,380 --> 01:50:42,140
to so now we're changing that, that, that seems significant to me. So I would maybe need

1420
01:50:42,140 --> 01:50:47,180
to condor that for a moment. And I don't know necessarily the extent to which that matters

1421
01:50:47,180 --> 01:50:51,500
and it also puts whether the town must do this or not, but it would put the county at a little

1422
01:50:51,500 --> 01:50:56,720
bit of risk because we agreed to some right of first purchase, right of first rental and

1423
01:50:56,720 --> 01:51:00,040
maybe the project doesn't happen or something changes.

1424
01:51:00,480 --> 01:51:03,720
But your funding would not go into the project.

1425
01:51:04,340 --> 01:51:08,240
Yeah, I guess that's part of my question is we're talking about putting 20 million more

1426
01:51:08,240 --> 01:51:15,500
dollars in and also we know we need 8.5 soon and so also part of this question is a big

1427
01:51:15,500 --> 01:51:22,860
big question with a few facets. What's the timing on needing the remaining, you

1428
01:51:22,860 --> 01:51:31,220
said 1.5 goes in at 50% completion. What's the timing for the next 10? And I guess I

1429
01:51:31,220 --> 01:51:37,140
just need to explain that I am, I want to kind of hoard general fund dollars until

1430
01:51:37,140 --> 01:51:41,360
we have our budget discussions because I know that's that through enough budget

1431
01:51:41,360 --> 01:51:47,840
discussions to know that it's very difficult when we get down to that last few million, that we have

1432
01:51:47,840 --> 01:51:56,520
to allocate, prioritize, or cut, or raise property taxes. And it's just hard for me now to feel

1433
01:51:56,520 --> 01:52:04,740
good about committing those general funds until I have one really examined the unit that you did

1434
01:52:04,740 --> 01:52:10,600
put it in as an option, which I appreciate because that can save, for example, you know, the rental

1435
01:52:10,600 --> 01:52:13,140
a little shifting, some units could save over 2 million,

1436
01:52:14,220 --> 01:52:17,600
and also then re-doing the categories,

1437
01:52:17,920 --> 01:52:20,760
which it sounds like staff recommends.

1438
01:52:22,140 --> 01:52:23,740
And so it just seems to me

1439
01:52:23,740 --> 01:52:25,180
if we can complete those discussions,

1440
01:52:25,940 --> 01:52:29,020
then we have, maybe we've closed the gap a little bit,

1441
01:52:29,640 --> 01:52:32,320
if folks are, they may be just not interested

1442
01:52:32,320 --> 01:52:33,380
in having that, that's just me.

1443
01:52:34,000 --> 01:52:36,140
If we can close that gap as much as possible

1444
01:52:36,140 --> 01:52:39,420
and then talk about rights of first purchase

1445
01:52:39,420 --> 01:52:55,740
just that seems to make a lot more sense in right at first rentals and then at the very last talk about okay, it looks like we still need general funds and that would that would really help me get behind this project because I just need to feel covetous of those general funds until I've gone through the budget.

1446
01:52:55,740 --> 01:53:08,620
May I summarize what I think I just heard, and, and, and, and, and the first 10 right now, the town and county have discussed this, the town has funding and their housing fund available for the first 10.

1447
01:53:09,220 --> 01:53:24,260
The county agreed in theory last week to providing mitigation funds towards the first 10 and the amount of 4.1 issue million dollars was somewhere in that, in that, in that, so that was mitigation dollars, not general fund dollars.

1448
01:53:24,260 --> 01:53:29,560
You're talking about in the second ten utilizing employee spec dollars.

1449
01:53:30,320 --> 01:53:35,420
I do not think you are discussing general fund dollars right now for this

1450
01:53:35,420 --> 01:53:40,900
development, unless you choose to. I think you have options to pay to cover your

1451
01:53:40,900 --> 01:53:49,280
portion of the first and the second with mitigation dollars and spec funds. So I

1452
01:53:49,280 --> 01:53:52,880
hear that you are concerned about utilizing general fund dollars that can be used

1453
01:53:52,880 --> 01:53:54,860
for anything on this specific project.

1454
01:53:55,400 --> 01:54:01,960
And I also believe that you have a path forward where you may not have to do that.

1455
01:54:02,160 --> 01:54:04,100
So that's sort of where we are today.

1456
01:54:04,780 --> 01:54:15,060
As it relates to other ways to reduce the gap, you're referencing the slide after the

1457
01:54:15,060 --> 01:54:16,800
motion and after the next steps.

1458
01:54:16,820 --> 01:54:18,360
It was those two policy questions.

1459
01:54:18,360 --> 01:54:23,060
we were asked directly by some elected officials what would happen to the

1460
01:54:23,060 --> 01:54:28,620
project if we removed the less than 80% ownership condos and I provided you

1461
01:54:28,620 --> 01:54:31,420
all that. We were done that. Yeah, that wasn't an additional question. That was

1462
01:54:31,420 --> 01:54:34,940
it, but it is part of this so that that was in the chart and those are those are

1463
01:54:34,940 --> 01:54:40,520
that's an option that certainly can be discussed. But today for this discussion we

1464
01:54:40,520 --> 01:54:44,720
are seeking clarity on the first ten and I commit me on the second ten and

1465
01:54:44,720 --> 01:54:49,360
and those are important pieces, and I'll leave it to that.

1466
01:54:49,540 --> 01:54:53,560
Okay, so I think your answer is we can't switch the first 10 with the second 10.

1467
01:54:53,660 --> 01:54:56,300
We really need to stick with the commitments we've made.

1468
01:54:56,480 --> 01:55:03,080
Yes, and you have the funding to do that, to cover most of the first 10,

1469
01:55:03,160 --> 01:55:05,800
depending on how you decide types, but it's between the time and time.

1470
01:55:06,440 --> 01:55:08,420
Mr. Burr, thank you, Mr. Mayor.

1471
01:55:09,240 --> 01:55:18,660
Last week, we got some interesting news that Pinterest was willing to offer a rights

1472
01:55:18,660 --> 01:55:28,940
of first-rendal for some of the first ten, and I'm just going to ask the question out

1473
01:55:28,940 --> 01:55:36,680
right now, assuming that our funding source allows for us to purchase rights of first-rendal.

1474
01:55:36,680 --> 01:55:42,040
And that's the biggest assumption, it would depend on which funding source we use.

1475
01:55:42,540 --> 01:55:44,260
And I don't want to get down a radical amount.

1476
01:55:44,440 --> 01:55:51,340
I'm just asking for future conversations, or I'll say, would Penrose be willing to sell

1477
01:55:51,340 --> 01:55:54,380
us rights of personal up to $10.90?

1478
01:55:55,160 --> 01:56:00,660
So if we were to secure a funding source, if you allow the funding source, they would allow

1479
01:56:00,660 --> 01:56:04,660
us to purchase rights of personal.

1480
01:56:04,660 --> 01:56:04,920
I don't know.

1481
01:56:05,480 --> 01:56:07,300
What if Andrews be a member of that?

1482
01:56:08,280 --> 01:56:08,700
Absolutely.

1483
01:56:09,680 --> 01:56:13,100
We're not here to stand in the way of adding value

1484
01:56:13,100 --> 01:56:14,960
to the community and to the project.

1485
01:56:15,620 --> 01:56:17,720
As our review was initially drafted,

1486
01:56:17,920 --> 01:56:19,340
there is a kind of an upper limit

1487
01:56:19,340 --> 01:56:21,800
on rights of first rental that can be sold.

1488
01:56:22,460 --> 01:56:25,380
So as long as we can work within that framework

1489
01:56:25,380 --> 01:56:28,100
or if that upper limit could be adjusted

1490
01:56:28,100 --> 01:56:29,940
to allow for additional ones,

1491
01:56:30,080 --> 01:56:32,620
I mean, I think all of those options are on the table.

1492
01:56:32,620 --> 01:56:37,640
and I guess to just to kind of respond back to your question, you know, what we're looking

1493
01:56:37,640 --> 01:56:43,080
for today is a commitment on the 20 million. Those funds aren't obligated or if they don't

1494
01:56:43,080 --> 01:56:48,120
go hard into the projects until we're closing on the financing. So we've got some time,

1495
01:56:48,120 --> 01:56:57,020
and we've cleaned where we stand today into that future point. If there are policy changes to change

1496
01:56:57,020 --> 01:57:02,740
A.M.I. makes on the condos or what have you that would reduce that subsidy amount?

1497
01:57:03,520 --> 01:57:08,400
We would be open to that. If we are wildly successful at raising additional rights of

1498
01:57:08,400 --> 01:57:12,840
first-run toll that could reduce that subsidy. We would be fully transparent if we've all

1499
01:57:12,840 --> 01:57:18,140
about that too. So I think again what we're looking for today is a commitment and an obligation

1500
01:57:18,760 --> 01:57:23,360
and we are you know at your disposal to come back and continue the conversation.

1501
01:57:26,760 --> 01:57:28,680
Thank you very much.

1502
01:57:28,760 --> 01:57:30,040
I really appreciate that.

1503
01:57:30,520 --> 01:57:32,360
And just some quick math.

1504
01:57:33,240 --> 01:57:39,300
If we were to somehow manage to get the maximum number of rights of personal for that 10 million,

1505
01:57:39,700 --> 01:57:47,700
it would be 36 out of the 64, which is 40 percent of the total of the rental units.

1506
01:57:48,460 --> 01:57:52,660
So just to put in context of what Shane is talking about with the cap,

1507
01:57:52,660 --> 01:57:56,800
But there's still, that's assuming we maxed it out somehow.

1508
01:57:57,380 --> 01:58:03,140
There's still 28 units that in four years would be able to purchase on the right subversional

1509
01:58:03,140 --> 01:58:04,220
to after their employees.

1510
01:58:05,020 --> 01:58:11,200
So I think it hardly touches where that cap would be just to put it in that context.

1511
01:58:11,700 --> 01:58:12,300
Thank you, Mr. Mayor.

1512
01:58:12,780 --> 01:58:14,340
I'm Commissioner Crook.

1513
01:58:14,640 --> 01:58:15,300
Thank you.

1514
01:58:16,020 --> 01:58:17,640
Shannon, thanks for your comments.

1515
01:58:18,180 --> 01:58:19,980
It's helpful for me, but there's one issue

1516
01:58:19,980 --> 01:58:22,120
that I brought up last time in that.

1517
01:58:23,140 --> 01:58:27,660
And it's still on my mind and it plays right into my ability

1518
01:58:27,660 --> 01:58:32,520
to support a particular timeline for the commitment

1519
01:58:32,520 --> 01:58:33,960
of the count of funds.

1520
01:58:34,540 --> 01:58:38,180
But it goes back to the staff report early on,

1521
01:58:38,280 --> 01:58:40,120
that says they pin those plans

1522
01:58:40,120 --> 01:58:42,220
and target a socially motivated fund.

1523
01:58:42,220 --> 01:58:48,900
likely to try to family office investment plan was opposed to a Wall Street fund. So far,

1524
01:58:49,060 --> 01:58:55,680
the only investor I've heard is Cross Harbor. And I'm just trying to get a handle on

1525
01:58:56,980 --> 01:59:03,300
not any requirement because that's not it, but it's in plans to target. And so I'd like to get

1526
01:59:03,300 --> 01:59:12,160
a better understanding of what has been done to target socially motivated funds. And the reason

1527
01:59:12,160 --> 01:59:16,420
I asked, but this came up with somebody I was speaking with is that it's not because

1528
01:59:16,420 --> 01:59:22,060
I have a fetish about the socially motivated fund versus not, but, you know, a socially

1529
01:59:22,060 --> 01:59:28,080
motivated fund could mean a more favorable distribution risk, it could mean lower cost

1530
01:59:28,080 --> 01:59:31,460
in the info renters or buyer, so it's relevant to this discussion.

1531
01:59:31,760 --> 01:59:33,660
It's not just esoteric.

1532
01:59:35,640 --> 01:59:39,380
What's happened in terms of targeting socially motivated funds?

1533
01:59:39,380 --> 01:59:44,540
are you targeting funds that perhaps have a local interest and the reason I asked that is that

1534
01:59:44,540 --> 01:59:53,320
you know the last big housing project, much smaller than this one, was a local grant of 15 million.

1535
01:59:53,820 --> 01:59:59,580
And I'm not suggesting grants that I am pleased to see whether there's the opportunity for

1536
02:00:00,000 --> 02:00:29,440
Program related investments. Own foundations are from family offices that would make all of our decisions or make our need to invest easier. And so I'd like to get a sense of who are you talking to with that regard. It will be a formal report about targeting the community foundation of Jetson Hall, or a number of our fair, great, great number of foundations and investors that have a local interest and might be interested in this.

1537
02:00:29,440 --> 02:00:34,340
The short answer is yes, we will and we have been having those conversations.

1538
02:00:34,840 --> 02:00:41,500
I think a lot of the feedback that we get is you got a lot of width of chat before we're

1539
02:00:41,500 --> 02:00:44,920
standing up a fund to invest in your deal, right?

1540
02:00:45,060 --> 02:00:49,180
So we have to get to the development agreement and show that there's a legally binding commitment

1541
02:00:49,180 --> 02:00:55,680
between the parties here to really have those conversations and earnests to really start

1542
02:00:55,680 --> 02:01:00,600
to roll up their sleeves and invest their time in creating a fund like that. But yeah, absolutely,

1543
02:01:00,820 --> 02:01:05,720
there are, these conversations are happening in our local in Jackson as well as regionally as well.

1544
02:01:06,040 --> 02:01:10,200
And I assume you can't name names, but you're optimistic that that will come through as a

1545
02:01:10,200 --> 02:01:16,400
knocking consequential element for capital study. Absolutely. I mean, it's part of the $15 million

1546
02:01:16,400 --> 02:01:23,580
gap that we've shown in our numbers that we're committed to solving for and to quote Charlie and we say

1547
02:01:23,580 --> 02:01:33,560
All the time in our organization ABS always be sourcing. We this is what we do. This is our job. We look for other sources of capital that are mission of line that are risk of line.

1548
02:01:34,240 --> 02:01:40,600
We lean on our partners who have invested in our other deals because they know that we deliver and so that's what we'll do.

1549
02:01:40,760 --> 02:01:41,580
Thank you.

1550
02:01:41,580 --> 02:01:42,960
I'm going to come to your meeting.

1551
02:01:45,910 --> 02:01:46,630
Thank you.

1552
02:01:47,030 --> 02:01:49,730
Are we still on the previous one?

1553
02:01:49,790 --> 02:01:52,470
Are we doing both of these $10 million questions together?

1554
02:01:52,670 --> 02:01:53,590
Because the slides will be.

1555
02:01:55,090 --> 02:01:56,010
Question number three.

1556
02:01:56,230 --> 02:01:57,250
So the initial 10 million.

1557
02:01:57,870 --> 02:02:00,910
So the real question here is the timing as presented by staff.

1558
02:02:01,370 --> 02:02:03,010
Yeah, I'm indifferent on this one.

1559
02:02:03,030 --> 02:02:04,790
I'm comfortable with staff for recommendation.

1560
02:02:05,230 --> 02:02:06,730
When you do your straw poll.

1561
02:02:07,650 --> 02:02:10,470
We online can't see how our colleagues

1562
02:02:10,470 --> 02:02:13,110
are feeling about certain things, and I'd love to know.

1563
02:02:13,110 --> 02:02:15,930
So if there's a way you can share that, that would be great.

1564
02:02:16,610 --> 02:02:17,450
Great, we'll do.

1565
02:02:19,170 --> 02:02:20,510
Get a counter or a checker.

1566
02:02:21,430 --> 02:02:21,610
Yeah.

1567
02:02:24,060 --> 02:02:26,460
So question three strikes me is pretty straightforward.

1568
02:02:26,900 --> 02:02:28,260
We committed the 10 million.

1569
02:02:29,000 --> 02:02:30,540
And it seems like this is a question.

1570
02:02:30,900 --> 02:02:32,800
Does it come in early or is it coming in late?

1571
02:02:33,060 --> 02:02:34,640
Is that the fundamental question we're looking at?

1572
02:02:37,100 --> 02:02:37,820
Councilor Shector.

1573
02:02:39,240 --> 02:02:39,460
Yes.

1574
02:02:40,200 --> 02:02:41,400
How do you want to invest it?

1575
02:02:41,460 --> 02:02:43,280
Do you want to invest it in the phase zero?

1576
02:02:44,000 --> 02:02:51,860
and then what was new was loading the balance of the funds, which is generic.

1577
02:02:53,700 --> 02:03:00,420
So the question is if you could just clarify it, and I don't know if it's a shaman or April,

1578
02:03:00,980 --> 02:03:10,080
but why are we going first as opposed to us, you know, there's obviously a time-value money.

1579
02:03:10,080 --> 02:03:14,660
And so whoever goes in first is losing that time-valued money.

1580
02:03:15,260 --> 02:03:20,200
And so why are money going first as opposed to private funds?

1581
02:03:20,600 --> 02:03:23,000
Is our money less valuable, et cetera?

1582
02:03:23,260 --> 02:03:24,700
So can you clarify that?

1583
02:03:24,820 --> 02:03:28,320
Because that was, to me, the crux of this question,

1584
02:03:29,020 --> 02:03:31,000
you already committed the testimony and I did that.

1585
02:03:31,600 --> 02:03:32,840
But why us first?

1586
02:03:33,260 --> 02:03:35,360
And they just declared by Councilman Shepard,

1587
02:03:35,560 --> 02:03:36,460
this is a reimbursement.

1588
02:03:36,600 --> 02:03:39,980
So we are not putting our funds in and then they are going to spend them.

1589
02:03:39,980 --> 02:03:45,140
They are, they are incurring costs and we are reimbursing them based on this.

1590
02:03:45,460 --> 02:03:49,760
That can also come from private and that's the question, like, why are money in that

1591
02:03:49,760 --> 02:03:50,740
industrial living?

1592
02:03:50,940 --> 02:03:51,200
Why that?

1593
02:03:51,360 --> 02:03:51,920
What if debt money?

1594
02:03:52,500 --> 02:03:52,640
Yeah.

1595
02:03:53,000 --> 02:03:56,340
I think simply put, your money is cheaper money, right?

1596
02:03:56,560 --> 02:04:03,220
So to have your money in the project early allows for us to postpone taking on a construction

1597
02:04:03,220 --> 02:04:05,860
loan that comes with it interest, right?

1598
02:04:05,860 --> 02:04:14,780
So we don't want to be accruing construction period interest which on the whole this means the project more expensive so but in addition to public

1599
02:04:14,780 --> 02:04:23,940
subsidy coming in early, it also includes investor subsidy. So our general partner equity will be obligated to the project at closing.

1600
02:04:24,180 --> 02:04:30,760
So at the same time that your money is in or money is in the deal as well or commitment to fund that money is in the deal as well.

1601
02:04:32,140 --> 02:04:33,060
Thank you.

1602
02:04:33,200 --> 02:04:33,720
I'm good.

1603
02:04:34,060 --> 02:04:34,680
Your approach.

1604
02:04:35,960 --> 02:04:41,160
Jim, a question for you, you know, back a little bit, is it, I mean, we're already

1605
02:04:41,160 --> 02:04:43,260
in 38, 30 million on dirt.

1606
02:04:44,200 --> 02:04:51,980
Is it realistic to suggest that any additional funds that we provide are somehow done

1607
02:04:51,980 --> 02:04:59,460
incrementally with the introduction of funds from a social-motivated fund, there's that

1608
02:04:59,460 --> 02:05:00,140
overreach?

1609
02:05:00,920 --> 02:05:05,680
I don't think that's overreach, and I was happy to hear Shannon's answer to that, because

1610
02:05:05,680 --> 02:05:10,400
part of, and this goes a little bit ahead to four, part of what we're talking about

1611
02:05:10,400 --> 02:05:13,600
is potentially designing what would be new to us.

1612
02:05:14,220 --> 02:05:19,560
Another subordinate that structure to find the social impact kind of community-minded folks

1613
02:05:19,560 --> 02:05:23,160
that might want to buy some bonds from us in exchange for some rights.

1614
02:05:23,860 --> 02:05:28,940
So I don't, it can be done anyway if you're not living about your imagination on some level,

1615
02:05:28,940 --> 02:05:37,360
But I do think it makes a lot of sense to deploy our public funds the first 10 your public funds the word and my friends first

1616
02:05:38,140 --> 02:05:44,840
Because to Shannon's point what we call sort of the negative carry the drag on these projects can get to be pretty

1617
02:05:44,840 --> 02:05:51,080
Emensive queer at taking on those loan obligations, you know using borrowed dollars because they start procuring interest

1618
02:05:51,800 --> 02:05:55,500
On that first day that we take them down and there's only so much interest

1619
02:05:55,500 --> 02:05:59,460
we're going to be able to capitalize relative to when we're placing units and services to

1620
02:05:59,460 --> 02:06:00,480
the rents coming our way.

1621
02:06:00,780 --> 02:06:04,500
That's a really tough route, excuse my like to talk about the route, excuse in these

1622
02:06:04,500 --> 02:06:04,720
deals.

1623
02:06:05,140 --> 02:06:05,840
That's a tough one.

1624
02:06:06,300 --> 02:06:12,420
So for me, it makes a lot of sense to get the 8.5 in, and then with the 1.5 of your money

1625
02:06:12,420 --> 02:06:13,300
to trail.

1626
02:06:13,800 --> 02:06:14,620
And again, that's a loan.

1627
02:06:14,780 --> 02:06:16,440
So that's going to come back to us at some point.

1628
02:06:16,860 --> 02:06:19,420
It's not just pure subsidy for handing the dollars away.

1629
02:06:19,900 --> 02:06:24,200
We're at least getting, if you think about the person, 15% of it is coming back with

1630
02:06:24,200 --> 02:06:24,760
nominal interest.

1631
02:06:24,760 --> 02:06:29,180
So, again, we're trying to mitigate all these risks, we're trying to enhance the efficiencies

1632
02:06:29,760 --> 02:06:32,020
to invest we can with sort of what we've got.

1633
02:06:33,060 --> 02:06:37,860
If I may, I was envisioning that the social motivated funds were not looking for any kind

1634
02:06:37,860 --> 02:06:39,440
of product, but they were just an investment.

1635
02:06:42,500 --> 02:06:43,280
They could be out there.

1636
02:06:43,640 --> 02:06:44,280
They could be.

1637
02:06:44,680 --> 02:06:49,700
I mean, what tends to happen, and that would be interesting, and Charlie and Shannon's take

1638
02:06:49,700 --> 02:06:54,320
on this, generally speaking, and we're not talking about Wall Street, so when we ruled

1639
02:06:54,320 --> 02:06:58,900
at Wall Street, we're not talking about fun syndicators and the kind of people that will

1640
02:06:58,900 --> 02:07:03,380
go out and say, I'm your investor, but it's really not them. It's all the family offices

1641
02:07:03,380 --> 02:07:09,200
and all the institutional investors behind them. This I think will lend itself to a single

1642
02:07:09,200 --> 02:07:14,560
investor on a direct basis. I mean, I don't want to speak for you all. That's kind of what

1643
02:07:14,560 --> 02:07:19,840
I'm expecting. And I think that would be a cross-harvard on that piece.

1644
02:07:20,760 --> 02:07:24,780
When anything comes to that, I was thinking maybe I must understand the term social

1645
02:07:24,780 --> 02:07:30,660
motivated but I just did cursory Google search of costs are going to be familiar with

1646
02:07:30,660 --> 02:07:37,500
their name attached up to it, but are they social motivated funds were to find that because

1647
02:07:37,500 --> 02:07:42,160
I was thinking more in terms of probably related investments from like a charitable foundation.

1648
02:07:42,960 --> 02:07:44,200
There are two different things.

1649
02:07:44,200 --> 02:07:54,240
So we're, you know, talking to a limited partner investor is putting equity in the deal, expecting a mission adjusted, you know, return on that money.

1650
02:07:54,420 --> 02:07:58,820
And then I think several from now, there's opportunities to raise PRI investment money as well.

1651
02:07:59,080 --> 02:08:01,560
Just a program related investment.

1652
02:08:03,380 --> 02:08:08,320
We actually had that on an early draft, it's not there, I don't know why, but yes, those

1653
02:08:08,320 --> 02:08:12,240
dollars could come in as contribution, that's all it would be.

1654
02:08:12,360 --> 02:08:14,840
I would love some kind of a letter that I'll square it if I may.

1655
02:08:15,540 --> 02:08:15,640
Okay.

1656
02:08:19,920 --> 02:08:25,180
Again, in a sense that we're ready on the timing again, this is a blessing timing of the

1657
02:08:25,180 --> 02:08:26,000
first ten millions.

1658
02:08:26,780 --> 02:08:29,160
Are people comfortable with the staff recommendations?

1659
02:08:31,320 --> 02:08:36,980
And for those of you online, I'm seeing that for everybody actually, if they're one

1660
02:08:36,980 --> 02:08:38,680
administration, they're good.

1661
02:08:38,960 --> 02:08:44,640
Well, uncomfortable so long as everyone needs to spread and ask for a load that helps us understand

1662
02:08:44,640 --> 02:08:49,320
the difference in the cost-harvest type equity fund and the PRI.

1663
02:08:51,120 --> 02:08:54,200
That helps us understand the difference in the cost-harvest type equity fund and the PRI.

1664
02:08:54,200 --> 02:08:58,040
That helps us understand the difference in the cost-harvest type equity fund and the PRI.

1665
02:08:58,040 --> 02:09:06,160
of it. Thank you. I'm Commissioner Corby. I think you may have heard me just for your homework

1666
02:09:06,160 --> 02:09:11,800
assignment. I don't think we want a letter that explains the difference between a commercial

1667
02:09:11,800 --> 02:09:15,840
investor and a socially responsible investor. We want to know that you're looking for the socially

1668
02:09:15,840 --> 02:09:21,420
responsible investors that you have a plan and she might tell us you know when you think it's

1669
02:09:21,420 --> 02:09:27,340
opportunity to chase that money and that you've got a real list, and that you even come

1670
02:09:27,340 --> 02:09:34,840
to all of us in the room here, a variety of things we've got suggestions for you, who might

1671
02:09:34,840 --> 02:09:35,720
be out there with money.

1672
02:09:36,160 --> 02:09:37,480
And then we're going to offer ourselves in.

1673
02:09:38,820 --> 02:09:42,640
And then we have a shared sense, a shared understanding of what we mean by these different

1674
02:09:42,640 --> 02:09:43,080
categories.

1675
02:09:44,360 --> 02:09:47,340
There has been a lot of discussion behind the scenes about this.

1676
02:09:47,480 --> 02:09:50,060
It didn't work its way well into this half report.

1677
02:09:50,060 --> 02:09:58,480
No, no, it's okay. It is mentioned on these subordinates, but those are absolutely thoughts that have been discussed out loud, and that is part of the point.

1678
02:09:58,800 --> 02:10:09,880
Thank you, Mr. Gordon. Thank you, Mr. Mayor. One suggestion on process. Because there's folks online, I really think we should buy for Kate that comes up so that you guys do the town first.

1679
02:10:10,120 --> 02:10:13,580
So they are, they know what's going on with their colleagues in the county.

1680
02:10:14,360 --> 02:10:16,020
And second, a question.

1681
02:10:16,440 --> 02:10:18,140
When do you need the first to?

1682
02:10:21,060 --> 02:10:21,900
For the infrastructure.

1683
02:10:22,720 --> 02:10:24,220
Like on the calendar.

1684
02:10:24,440 --> 02:10:27,900
Well, when when we're at a place where we have a grading

1685
02:10:27,900 --> 02:10:30,620
and erosion control permit and we're ready to start

1686
02:10:30,620 --> 02:10:31,360
and searcher.

1687
02:10:31,640 --> 02:10:31,720
Yes.

1688
02:10:32,020 --> 02:10:32,620
Ideally.

1689
02:10:33,200 --> 02:10:35,080
Brick and ground after brick and ground.

1690
02:10:35,540 --> 02:10:36,080
We're correct.

1691
02:10:36,580 --> 02:10:37,120
OK.

1692
02:10:37,660 --> 02:10:40,760
OK, so that was the majority of both bodies

1693
02:10:40,760 --> 02:10:42,880
on second on the third question.

1694
02:10:42,880 --> 02:10:50,460
The fourth question will the Town of County commit to providing additional $10 million to the project?

1695
02:10:52,260 --> 02:10:54,840
Questions on sugar, Commissioner Berger.

1696
02:10:55,780 --> 02:10:56,960
I'm sharing the question for you.

1697
02:10:57,560 --> 02:11:00,900
So there was, it's been a little frustrating.

1698
02:11:01,360 --> 02:11:10,400
I think sometimes we're getting lost in like your side of how you're financing and really I'd like to simplify this down.

1699
02:11:10,400 --> 02:11:15,540
they're like, what do you need from us? $29,000? It's great. That's really what we need

1700
02:11:15,540 --> 02:11:24,080
to focus on. The question is, at our meeting last week, there was really this issue that

1701
02:11:24,080 --> 02:11:31,020
came off of, what is this $10 million? What can we get from us $10 million? The issue

1702
02:11:31,020 --> 02:11:39,540
to really put a panel on it was, if we collectively want $10 million of ownership units, can we

1703
02:11:39,540 --> 02:11:47,960
get those for that $10 million. And I'm asking you today, can we use that entire 10 million

1704
02:11:47,960 --> 02:11:53,680
for ownership units, the first of ownership years, because I can tell you without having

1705
02:11:53,680 --> 02:11:58,800
the conversation of what we want, it sure would make it easier if you could say yes to that.

1706
02:12:00,560 --> 02:12:08,880
I will say yes to that. And I will say that it will increase the gap on the rental side of the

1707
02:12:08,880 --> 02:12:15,740
ledger, so we'll have to solve for that. So just as a $5 million dollar challenge for

1708
02:12:15,740 --> 02:12:25,180
us to overcome. Thank you, sir. I'm a little tear in my head, I'm a counselor. Thank you.

1709
02:12:25,520 --> 02:12:34,260
Could someone explain to me how we're coming up with this, the first rate of refusal, the

1710
02:12:34,260 --> 02:12:40,380
$275,000 because when I did the math with the land and everything, it appears that it

1711
02:12:40,380 --> 02:12:46,980
actually is more like 400 and some thousand. So why would we be doing them for less? I just

1712
02:12:46,980 --> 02:12:48,220
don't understand that piece.

1713
02:12:51,100 --> 02:12:55,020
Is there a formula for how you figure these things out that I don't

1714
02:12:55,020 --> 02:13:01,160
know about? I guess is my question. Councilwoman Beven, that's $275 is based on what we have,

1715
02:13:01,160 --> 02:13:04,060
of what the market has borne out in the past.

1716
02:13:04,560 --> 02:13:07,200
We were able to sell rights of first rental

1717
02:13:07,200 --> 02:13:09,980
and previous projects at 275.

1718
02:13:10,380 --> 02:13:11,600
I know that you all have been,

1719
02:13:11,800 --> 02:13:14,020
that you've received proposals from other housing

1720
02:13:14,640 --> 02:13:16,000
developers for different amounts.

1721
02:13:16,940 --> 02:13:20,420
We are not asking you to pay for the construction

1722
02:13:20,420 --> 02:13:21,380
of an entire unit,

1723
02:13:21,380 --> 02:13:24,160
we're asking you to invest in a portion

1724
02:13:24,160 --> 02:13:25,820
of the construction of a unit

1725
02:13:26,120 --> 02:13:29,180
and in return receive a perpetual right to rent.

1726
02:13:31,160 --> 02:13:32,700
Could I have a follow-up, Mr. Mayor?

1727
02:13:33,700 --> 02:13:33,920
Certainly.

1728
02:13:35,260 --> 02:13:41,100
So, when you potentially take these out to the public or employers and say, this is

1729
02:13:41,100 --> 02:13:46,340
what we're going to charge for, first try to be fraisled, they're going to have the same 275 or is that,

1730
02:13:46,560 --> 02:13:47,260
does that change?

1731
02:13:48,480 --> 02:13:54,940
Councilwoman Beaman, I anticipate that that will change, depending on who the employer is.

1732
02:13:55,200 --> 02:14:00,680
So for example, if we took this to the library foundation and they

1733
02:14:00,680 --> 02:14:05,220
They were interested in securing some rights of personal for library employees.

1734
02:14:06,610 --> 02:14:09,580
We would be presenting them with the 275 number.

1735
02:14:10,180 --> 02:14:17,800
If we were taking it to a for-profit large business, we would be presenting them with a larger number.

1736
02:14:20,190 --> 02:14:21,420
They're just different products.

1737
02:14:25,940 --> 02:14:26,040
Yeah.

1738
02:14:26,980 --> 02:14:34,060
Can I go back to just something you asked, Commissioner Runner, about the money going towards the first sale?

1739
02:14:34,060 --> 02:14:40,380
you know, in addition to creating a higher burden for us on solving for the rental side,

1740
02:14:40,820 --> 02:14:46,860
you know, we have pause spending on pre-development really wanting to get to gas on this meeting with

1741
02:14:46,860 --> 02:14:54,480
the 20 million. So I think there is obviously a consideration that will be challenging for us to

1742
02:14:54,480 --> 02:14:59,820
continue to put additional capital at risk until we have a lot higher degree of certainty.

1743
02:15:00,000 --> 02:15:01,600
And how we're going to solve for that fight in the ring.

1744
02:15:04,580 --> 02:15:32,000
Commissioner Coleman, thank you, Mayor Durgan. When we now are tackling question number four on the additional $10 million. One of the pieces of the discussion that is important to me is hearing, maybe I'm mishearing it, but I think hearing an expectation that the terms of an unit mix that we're built into the refresher proposal, the RFP, are picked.

1745
02:15:32,000 --> 02:15:35,680
But the financing is not, we're not going to need more money.

1746
02:15:36,940 --> 02:15:41,800
Then there's been, you know, Mr. Putin brought up a little while ago.

1747
02:15:42,240 --> 02:15:46,660
Maybe there is a change in the AMI, a change in the unit mix, even, you know,

1748
02:15:46,760 --> 02:15:51,080
if we're being asked for an additional $10 million, that's an material burden on the public.

1749
02:15:51,700 --> 02:15:58,700
And it may come with some feedback on those kinds of things, AMI and the unit mix.

1750
02:15:59,720 --> 02:16:06,220
And I want to help this project go forward and give you the kind of green light you need.

1751
02:16:06,420 --> 02:16:11,360
But I know I'm not about the corporate, you know, our interest in getting the best possible

1752
02:16:11,360 --> 02:16:17,080
project by saying, well, we're stuck at the RFP numbers when this is a change in the

1753
02:16:17,080 --> 02:16:17,760
way we're doing business.

1754
02:16:18,000 --> 02:16:21,760
And so the RFP is not fixed too many feedback, please.

1755
02:16:21,760 --> 02:16:30,320
I mean, the feedback I would offer you is that we have worked very hard to honor the RFP

1756
02:16:30,320 --> 02:16:37,420
requirements, the desire to serve a wide array of incomes and to ensure that we're still

1757
02:16:37,420 --> 02:16:43,280
serving those households that are between 15, 80% AMI and, you know, between 80 and 120

1758
02:16:43,280 --> 02:16:43,840
AMI.

1759
02:16:43,960 --> 02:16:47,940
I think that's where there's, you know, the highest cost burdened households.

1760
02:16:47,940 --> 02:16:57,280
So I think it's really more of a policy question of which takes priority, right, like ensuring

1761
02:16:57,280 --> 02:17:04,460
that those households are still served, which requires the investment or reducing the overall

1762
02:17:04,460 --> 02:17:08,120
public subsidy and investment and serving higher income households.

1763
02:17:08,580 --> 02:17:15,820
I think we heard from a lot of the public today that there is a real need for continuing

1764
02:17:15,820 --> 02:17:22,900
to honor and preserve those lower AMI households and so that's that's what we're trying to

1765
02:17:22,900 --> 02:17:30,880
ensure from ASICase and at the you know what your bodies want to change that obviously we would

1766
02:17:30,880 --> 02:17:37,600
entertain that for you but you know we're really trying to maintain some level of continuity with

1767
02:17:37,600 --> 02:17:45,740
with what the RFP asks for in the in the vision and I think I would if it's okay I would frame this as

1768
02:17:45,740 --> 02:17:48,760
And, again, people can tell me I'm not characterizing this correctly.

1769
02:17:49,240 --> 02:17:54,580
I think the ask here and their frame it is there's a commitment from you all to provide

1770
02:17:54,580 --> 02:17:56,280
another up to $10 million.

1771
02:17:56,680 --> 02:17:59,900
How you slice and dice that between you, that's a different conversation.

1772
02:18:00,520 --> 02:18:06,880
But to the extent that there is success with these PRIs, or we are successful with these

1773
02:18:06,880 --> 02:18:12,860
subordinate bonds, to the extent we're successful, that would dollar for dollar, reduce the amount

1774
02:18:12,860 --> 02:18:18,360
of additional public dollars coming into the deal. Does that make sense so that the 10 million

1775
02:18:18,360 --> 02:18:24,500
in the second 10 is a commitment. So if we're not successful, maybe up to the full 10, but to the

1776
02:18:24,500 --> 02:18:27,540
extent we are successful, that 10 is reduced incrementally.

1777
02:18:29,750 --> 02:18:31,990
Just to take that next time on and I

1778
02:18:31,990 --> 02:18:38,530
appreciate that is we would also either accept it individually. If you are successful in some of

1779
02:18:38,530 --> 02:18:42,770
the alternative funding, we may still want to invest in it. We still might want to come in

1780
02:18:42,770 --> 02:18:46,390
and investing as part of that 40% number.

1781
02:18:46,670 --> 02:18:47,870
That would be a happy day.

1782
02:18:49,030 --> 02:18:49,250
Okay.

1783
02:18:49,970 --> 02:18:52,130
That's why I appreciate that.

1784
02:18:52,230 --> 02:18:52,330
Yes.

1785
02:18:52,850 --> 02:18:53,250
New ones.

1786
02:18:54,910 --> 02:18:57,530
With that, I'd like to ask and I appreciate it.

1787
02:18:57,530 --> 02:18:58,710
Do you want to be in the hazard hand down?

1788
02:18:59,690 --> 02:19:00,470
Oh, thank you for that.

1789
02:19:00,770 --> 02:19:02,690
Mr. Vivian, how's your deal with that?

1790
02:19:03,310 --> 02:19:04,410
One more question.

1791
02:19:06,030 --> 02:19:09,050
Since it sounds like these first rights of refusal

1792
02:19:09,050 --> 02:19:10,990
are somewhat negotiable rates.

1793
02:19:10,990 --> 02:19:17,830
There's no set formula for them is and I'm not sure who can answer this question one of the attorneys or April.

1794
02:19:19,030 --> 02:19:30,790
Is there an opportunity for us to negotiate more for this extra $10 million that we're potentially giving to get more first rights or something like that?

1795
02:19:35,170 --> 02:19:37,930
I think the short answer is yes.

1796
02:19:41,250 --> 02:19:42,550
Short answer is yes.

1797
02:19:44,050 --> 02:19:45,990
And we could talk about it.

1798
02:19:47,330 --> 02:19:52,250
I think this piggybacks on what Commissioner Gardiner asked earlier,

1799
02:19:52,430 --> 02:19:58,110
which is we're more than willing and able to offer as many rights of

1800
02:19:58,110 --> 02:20:04,330
first rental as you all would desire, so long as it doesn't limit us

1801
02:20:04,330 --> 02:20:10,370
from being able to solve for a $15 or potentially, you know, $20 million gap in the project.

1802
02:20:10,570 --> 02:20:17,830
So we just want to make sure we still retain some level of flexibility and, you know, opportunity

1803
02:20:17,830 --> 02:20:23,390
to secure additional sources of funding. Mr. Mayor, I have one last question.

1804
02:20:24,350 --> 02:20:30,950
Go ahead. Go ahead. I know that we're a long way from the finish line on this,

1805
02:20:30,950 --> 02:20:35,650
done this project. This is kind of just the next big step that we need to take to see what it's all

1806
02:20:35,650 --> 02:20:42,890
going to shake out. Like, what are the odds of you coming back to us and saying, gosh,

1807
02:20:42,990 --> 02:20:48,190
Shannon County, we couldn't close the gap. We need a third, 10 million dollars or anything like

1808
02:20:48,190 --> 02:20:54,470
that. Or is this kind of in your mind the last ask and then Penrose is going to go figure out the

1809
02:20:54,470 --> 02:20:55,130
rest of the gap?

1810
02:20:57,520 --> 02:21:01,740
Yeah, that's that is exactly how we framed it. I mean, we have been here

1811
02:21:01,740 --> 02:21:14,500
Before you all know for two and a half years, I think everybody can appreciate that you know time kills all deals and the longer it takes the more uncertainty we have about the financing for the projects.

1812
02:21:15,200 --> 02:21:24,460
We are here being as transparent as possible about what the need is today to get to a groundbreaking and a closing in this calendar year.

1813
02:21:24,460 --> 02:21:28,620
So, you know, I don't know what gas prices are going to be.

1814
02:21:28,740 --> 02:21:30,640
I don't think anyone else here does either.

1815
02:21:31,560 --> 02:21:36,300
All we have been, you know, able to really commit to is that this is a true partnership.

1816
02:21:37,020 --> 02:21:40,760
There's been a lot of collaboration and consensus building that's been happening.

1817
02:21:41,260 --> 02:21:45,840
We know we have other avenues to go down and to raise additional sources of capital,

1818
02:21:45,980 --> 02:21:49,580
work eager and ready and willing to go and explore that.

1819
02:21:50,060 --> 02:21:53,900
But we have to get to the signed development agreement to evidence to the community,

1820
02:21:53,900 --> 02:22:00,120
the finance community that this is a partnership that we're legally bound together to move this project forward.

1821
02:22:00,960 --> 02:22:03,040
Mr. Ferri, thank you Mr. Mayor.

1822
02:22:06,860 --> 02:22:11,440
I just want to clarify what's happened in points three and

1823
02:22:11,440 --> 02:22:17,500
questions three and four. Then Russ is offering if we're if we're able to be created with our funding

1824
02:22:17,500 --> 02:22:23,700
source. Ten runs is offering 36 rights of first rental for the first 10 million to be split

1825
02:22:23,700 --> 02:22:29,900
between the town and county and $10 million of ownership product for the second 10 million.

1826
02:22:30,580 --> 02:22:37,040
So I would argue that from where we started this meeting, to where we are right now, we're

1827
02:22:37,040 --> 02:22:43,980
in a much better position as funding partners. We just have to figure out creative ways to

1828
02:22:43,980 --> 02:22:47,600
to fund our side to access those rights of first rental.

1829
02:22:48,220 --> 02:22:51,520
So when you ask a question about getting more rights of first rental,

1830
02:22:52,120 --> 02:22:58,680
I would suggest that we should have the conversation first within the next month,

1831
02:22:58,960 --> 02:23:03,200
so that we can figure out that part of the equation of funding sources,

1832
02:23:03,720 --> 02:23:08,660
but recognizing that what's on the table today is ship-fulfill,

1833
02:23:09,180 --> 02:23:12,280
we're getting value for the entire 20 million that we're putting in.

1834
02:23:13,020 --> 02:23:14,020
thank you Mr. Mayor.

1835
02:23:15,800 --> 02:23:16,140
Thank you Mr. Mayor.

1836
02:23:16,140 --> 02:23:16,720
I'll see you guys all back.

1837
02:23:17,020 --> 02:23:17,280
But um,

1838
02:23:20,060 --> 02:23:22,900
I kind of wanted to say that and slightly different framework.

1839
02:23:23,520 --> 02:23:24,220
Again, just

1840
02:23:25,200 --> 02:23:29,440
it, um, you know, forgive me, I've heard what I just heard is

1841
02:23:29,440 --> 02:23:32,500
that you're going to work as hard as you can to find outside financing.

1842
02:23:32,580 --> 02:23:34,840
If you do, that success

1843
02:23:35,500 --> 02:23:37,320
helps reduce the second 10.

1844
02:23:37,320 --> 02:23:39,640
But I don't want to reduce the second 10.

1845
02:23:39,640 --> 02:23:42,160
and I want the county and I think the board agrees

1846
02:23:42,160 --> 02:23:43,920
that we want to absolutely purchase

1847
02:23:43,920 --> 02:23:45,900
five million worth of units.

1848
02:23:46,920 --> 02:23:49,140
And so we don't want to reduce that.

1849
02:23:49,480 --> 02:23:51,080
And then for me personally,

1850
02:23:51,080 --> 02:23:53,220
I believe that we should tap out

1851
02:23:53,220 --> 02:23:55,380
all the possible mitigation fees,

1852
02:23:55,640 --> 02:23:59,440
both what we have now and what comes in in the future

1853
02:24:00,220 --> 02:24:02,940
if they fit in with the timing of the project

1854
02:24:02,940 --> 02:24:04,760
because this is a community housing project.

1855
02:24:05,500 --> 02:24:09,280
And then finally, if we put general funds in,

1856
02:24:09,280 --> 02:24:24,160
We have heard that those can go towards the right of first rental, which is Commissioner Gardner has said if we max out that then we could go between the town and county end up with 36 right of first rentals. So that makes sense to me.

1857
02:24:24,400 --> 02:24:31,240
It's just a matter of if we try and imprint over that the first 10 and second 10 it gets a little more confusing to me.

1858
02:24:35,140 --> 02:24:44,100
I don't want to go too far down the funding source path, but we could potentially use our

1859
02:24:44,100 --> 02:24:49,840
employer's pet farms for the entire same marriage and get all the rights of our

1860
02:24:49,840 --> 02:24:54,360
personal that that would power and all the rights of our show.

1861
02:24:54,940 --> 02:24:56,840
Yeah, which is a discussion for now.

1862
02:24:57,040 --> 02:24:59,540
So I just want to find the phone.

1863
02:24:59,720 --> 02:25:01,900
Um, I'm watching time carefully here.

1864
02:25:02,080 --> 02:25:05,920
I have three other including country or spirit online.

1865
02:25:06,460 --> 02:25:11,200
Um, I just want to try to wrap up getting to a point where we can finish today.

1866
02:25:11,200 --> 02:25:14,140
We've got a couple of people, a couple of commissioners that I know have some

1867
02:25:14,140 --> 02:25:17,640
child care that need to pick up counter spirit.

1868
02:25:22,530 --> 02:25:23,310
Thank you.

1869
02:25:25,590 --> 02:25:31,450
Although we haven't talked about it in this meeting under question four in the staff report

1870
02:25:31,450 --> 02:25:38,170
was the mention of housing authority bonding. And so I want to raise that. And if that needs

1871
02:25:38,170 --> 02:25:43,290
to come up later at the end of the meeting, I just want to bring attention to that as something

1872
02:25:43,290 --> 02:25:46,250
that I'm interested in. Thank you.

1873
02:25:48,420 --> 02:25:50,200
Okay, but I don't like to respond to that.

1874
02:25:52,020 --> 02:25:59,880
We touched on it earlier, where we had the back and forth on the impact investors.

1875
02:26:00,220 --> 02:26:05,240
Do you have some specific questions in addition to that that you wanted us to answer?

1876
02:26:06,460 --> 02:26:07,460
No, thank you.

1877
02:26:07,680 --> 02:26:15,060
I didn't connect the two as impact investors as the housing authority taking out those bonds.

1878
02:26:15,060 --> 02:26:15,580
Thank you.

1879
02:26:19,460 --> 02:26:27,000
Yeah, the social impact investors could come in as investors, I don't know exactly how

1880
02:26:27,000 --> 02:26:31,640
we would structure that to keep our main investor happy, but those dollars could come in

1881
02:26:31,640 --> 02:26:36,860
separate and distinct from a bond purchaser who would, again, I like to say a bond is just

1882
02:26:36,860 --> 02:26:41,280
a fancy forlet over for loan that their money could come in, they could come in as a lender.

1883
02:26:42,560 --> 02:26:47,080
But both options we want to keep on the table, because the more dollars we're successful

1884
02:26:47,080 --> 02:26:55,540
and that that all sets the 10 million that you can choose to put back in that that that that that so we want to keep all of that on the table to the greatest that possible.

1885
02:26:56,520 --> 02:26:57,720
Okay, Councillor Scheker.

1886
02:26:58,920 --> 02:26:59,400
Thanks.

1887
02:27:01,300 --> 02:27:03,220
I guess my point of departure is.

1888
02:27:07,650 --> 02:27:08,130
Sorry.

1889
02:27:09,030 --> 02:27:10,150
No, not at all.

1890
02:27:10,710 --> 02:27:11,970
My point of departure is.

1891
02:27:12,610 --> 02:27:15,750
I want to thank you for your responses to Demons questions.

1892
02:27:15,750 --> 02:27:19,510
and it was really helpful, and it was really clear.

1893
02:27:20,190 --> 02:27:21,090
So I appreciated that.

1894
02:27:22,930 --> 02:27:26,730
Here's where I'm really struggling with this in particular.

1895
02:27:29,250 --> 02:27:31,270
When I went back and looked at the old stock reports,

1896
02:27:32,210 --> 02:27:36,190
it's been almost a year now, and since the $40 million gap

1897
02:27:36,190 --> 02:27:40,130
was first identified, since then,

1898
02:27:40,350 --> 02:27:44,690
from what I can tell, we got rid of $10 million

1899
02:27:44,690 --> 02:27:51,470
dollars by getting a parking garage. And so that was something that was important to these

1900
02:27:51,470 --> 02:28:00,750
boards, but now it's gone. And then somehow another $5 million seems to have been handled

1901
02:28:00,750 --> 02:28:06,750
because you're about $15 million gap right now. And then you're coming to us and actually

1902
02:28:06,750 --> 02:28:14,690
three out of another $10 million. So that's leading $15, $20 million. And my concern is that

1903
02:28:15,950 --> 02:28:22,370
for about a year now, almost a year, there's been an effort to try and find money to plug that gap

1904
02:28:23,410 --> 02:28:30,410
and it doesn't seem to be working. And my concern is, in back in the fiduciary role,

1905
02:28:31,490 --> 02:28:39,370
is is the market sending us a signal that this isn't just not worth it, whether from a debt or equity

1906
02:28:39,370 --> 02:28:46,470
perspective, to be part of this, because it just doesn't seem to be a good deal. And so,

1907
02:28:46,470 --> 02:28:52,670
are we being asked to use public dollars in a way that doesn't make sense from a private

1908
02:28:52,670 --> 02:28:59,010
investors' perspective. And that's where I keep wrestling with this because as the process

1909
02:28:59,010 --> 02:29:06,130
drives out. And when I talk to some developer friends about does it make sense to go into a

1910
02:29:07,670 --> 02:29:17,630
project like this having a gap in the funding, I get mixed comments at best. And so what signals

1911
02:29:17,630 --> 02:29:23,090
are we getting from the market, suspecting that the gap hasn't been filled in a year

1912
02:29:23,810 --> 02:29:28,310
in the only place that seems to be flooded is taking $10 million out by getting rid of

1913
02:29:28,310 --> 02:29:33,750
the parking garage and putting out a $10 million in the public and it still has got a gap.

1914
02:29:34,270 --> 02:29:36,930
So that's where I'm really struggling with right now.

1915
02:29:38,030 --> 02:29:43,950
So just I think it's a bit of a mischaracterization. It's not that we have failed to fill a $15 million

1916
02:29:43,950 --> 02:29:50,390
dollar gap. We haven't started working to fill the $15 million gap. We have stopped the project

1917
02:29:50,390 --> 02:29:55,330
from designing an entitlement standpoint at early September. After we cost share to get through

1918
02:29:55,330 --> 02:29:59,590
the schematic design effort, we got to that stopping point. We said, okay, we feel good.

1919
02:30:00,000 --> 02:30:29,900
These construction cost numbers, either evidence by subcontractors in the market. We, right size, our financing, we worked with your staff to really right size the AMI mix to really try and generate as much revenues we could while staying within the boundaries and the parameters of the AMI restrictions in the deal. And then we said, before we collectively, but certainly for Trenrose, invest another dollar, at risk dollar, in design and entitlements, we need to get to

1920
02:30:29,900 --> 02:30:35,840
development agreement. And part of the development agreement is ensuring that there is additional

1921
02:30:35,840 --> 02:30:42,040
financial commitment from the Housing Authority by sentient to town and county to see the steel move

1922
02:30:42,040 --> 02:30:47,640
forward. And once that happens, then we will get back to work with putting more money into design

1923
02:30:47,640 --> 02:30:53,960
and really going to work to meet with those social impact bond investors, to meet with our

1924
02:30:53,960 --> 02:30:58,860
private capital investors, to meet with funders, to continue to apply for grants which we've been

1925
02:30:58,860 --> 02:31:03,680
doing over the last several months to fill that $15 million yeah. So that's that's the

1926
02:31:03,680 --> 02:31:08,140
work that we really want to get to that's the next step in the process for us. But you don't

1927
02:31:08,140 --> 02:31:12,300
do that unless you get $10 million more dollars out of this for these housing rooms? Yeah it's

1928
02:31:12,300 --> 02:31:18,320
a commitment and that additional $10 million that's unlocking $80 million in conventional debt.

1929
02:31:19,080 --> 02:31:25,680
That's unlocking $25 million in private equity. That's giving us the assurance that we need to go out

1930
02:31:25,680 --> 02:31:31,480
and put in that time and energy and have the conversations with those other impacts social

1931
02:31:31,480 --> 02:31:35,560
impact on investors and others to say, this is a viable project. This has the

1932
02:31:35,560 --> 02:31:40,040
committed pen rows, but also has the commitment of the housing authority as the evidence

1933
02:31:40,040 --> 02:31:44,440
fire development agreement. And we've we've got a goal and we're marching for example.

1934
02:31:45,360 --> 02:31:53,040
But just to clarify, we've put in 30 million, you know, we put in another 10 million in cash,

1935
02:31:53,040 --> 02:31:59,920
We pulled out another $10 million in an amenity that we decided, and that isn't sufficient

1936
02:31:59,920 --> 02:32:01,820
in that sign of commitment from us.

1937
02:32:03,400 --> 02:32:06,800
Again, I think it's part of the, and Charlie, I don't know if you want to go through.

1938
02:32:07,320 --> 02:32:08,000
Take this on.

1939
02:32:08,380 --> 02:32:13,200
One thing I think too that April highlighted in her slides that I think is important is that

1940
02:32:13,200 --> 02:32:19,200
the total subsidy on a free unit basis is in line with what other investments have shown

1941
02:32:19,200 --> 02:32:20,340
in the community.

1942
02:32:20,340 --> 02:32:26,200
And so I don't think that what we're asking for is outside of the bounds of what you have seen before or what you have

1943
02:32:26,200 --> 02:32:32,800
invested. Again, we don't take the request lightly to come to you and ask for an additional 10 million, but it's to

1944
02:32:32,800 --> 02:32:40,340
ensure that those AMI targets that you set as a priority and to ensure that that mix between rental and first sale and to

1945
02:32:40,340 --> 02:32:46,420
ensure that the mix between one, two, and three bedroom households, we haven't deviated from that. So we're really working to

1946
02:32:46,420 --> 02:32:51,860
deliver on your vision. And I think part of that additional 10 million is to ensure that we're

1947
02:32:51,860 --> 02:32:57,540
delivering on that vision. Again, I want to, again, I kind of lost the clock here really carefully,

1948
02:32:57,760 --> 02:33:02,520
so give it a brief. I mean, I can, I mean, unless this is right, well, now we've got, we've got

1949
02:33:02,520 --> 02:33:07,080
200 people who've listed today. I think that's fine. Okay, um, make sure, folks, that's fine,

1950
02:33:07,200 --> 02:33:12,340
this is the question for John, because these, the, the side of 10 million is the transaction, we're

1951
02:33:12,340 --> 02:33:19,620
getting something for it. So I think that changes the complexion of it's not a donation of $10 million. It's a transaction.

1952
02:33:20,540 --> 02:33:22,060
Thank you. Okay. Commissioner Brooks.

1953
02:33:25,090 --> 02:33:26,810
Give me just a second.

1954
02:33:28,310 --> 02:33:42,210
It looks like we might have to eliminate or eviscerate our housing mitigation program to seem likely to seem like that's going to really require us to focus more and

1955
02:33:42,210 --> 02:33:51,530
make sure that every dollar has a real community benefit and so with that in my help me understand

1956
02:33:51,530 --> 02:33:56,790
if there's a way that with this other 10 million and maybe it's in also a connection with race

1957
02:33:56,790 --> 02:34:04,870
in the MFI that we could address probably the biggest challenge that I've heard from people

1958
02:34:04,870 --> 02:34:11,550
just you know in the neighborhood and around up and down and so forth and that is oh you know

1959
02:34:11,550 --> 02:34:19,230
And this project is just going to benefit big tourism and big global companies and it would

1960
02:34:19,230 --> 02:34:23,710
it be realistic to think about changing the,

1961
02:34:26,110 --> 02:34:28,230
to whom we're going to offer various types

1962
02:34:28,230 --> 02:34:35,590
of property interests to change that so that we don't have pride going to big corporations

1963
02:34:35,590 --> 02:34:39,450
that are just going to buy something and put people in it for six months while they're here to

1964
02:34:40,590 --> 02:34:46,990
do, to do short-term labor. But instead, focus just on the local government that we're going

1965
02:34:46,990 --> 02:34:51,710
to pull out of the separate part. You can focus on the critical service providers, the list that we

1966
02:34:51,710 --> 02:34:57,930
created when we approved housing at the legacy lodge. It's kind of a broad list of critical service

1967
02:34:57,930 --> 02:35:02,790
providers. And then the housing departments criteria and not allow

1968
02:35:02,790 --> 02:35:14,490
how big corporations can come in and house their short-term workers with a public subsidy

1969
02:35:14,490 --> 02:35:22,630
and make sure that we're really doing the most we can to support a social service organizations, education, healthcare, local government.

1970
02:35:23,290 --> 02:35:31,650
And I'm just curious between the 10 million that we're planning to put in for employee housing and maybe tinkering with the MFI

1971
02:35:31,650 --> 02:35:36,770
Is there a way that we could be able to tell members of the public that this is not going

1972
02:35:36,770 --> 02:35:39,530
to benefit more tourism growth, more hotel companies?

1973
02:35:40,630 --> 02:35:43,710
That would be, to me, real valuable.

1974
02:35:43,930 --> 02:35:49,810
And maybe that's a question for April or Shannon or Tim, but I would love to be able to say

1975
02:35:49,810 --> 02:35:53,110
we've taken that off today about putting in extra $10 billion then.

1976
02:35:55,010 --> 02:35:56,950
It's a great question.

1977
02:35:57,410 --> 02:35:58,070
And I...

1978
02:35:58,070 --> 02:35:58,730
So that's it, yes.

1979
02:35:58,730 --> 02:36:14,070
I would say it is we do this all the time. We set preferences all the time. This is a common theme amongst municipalities across the country, you know, if we're going to invest dollars, it's just encounters with me housing authorities. I'll just start referencing.

1980
02:36:14,590 --> 02:36:14,990
Sure.

1981
02:36:15,990 --> 02:36:16,370
That's right.

1982
02:36:19,510 --> 02:36:25,990
The only thing that we ever get concerned about is are we violating fair housing and are we somehow

1983
02:36:25,990 --> 02:36:31,470
uncovering our ability to lease up the project successfully. So long as we aren't creating additional

1984
02:36:31,470 --> 02:36:37,430
burdens on ourselves, we set preferences all the time. And we've been working with County Manager,

1985
02:36:37,650 --> 02:36:43,110
we've been working with the town manager, we've been working with staff to really figure out how do we

1986
02:36:43,110 --> 02:36:50,210
said priorities and how do we have those conversations first with those municipal entities to ensure

1987
02:36:50,210 --> 02:36:54,710
that they're front of the line to have these conversations about rights of first rental

1988
02:36:54,710 --> 02:36:59,470
and setting references is something we do all the time. So that's something we can manage.

1989
02:37:00,050 --> 02:37:05,410
And again, so long as it doesn't get in the way of us leasing in us and generating that very

1990
02:37:05,410 --> 02:37:11,250
essential revenue that we need to pay down our mortgage and to pay for our staff who are going to be

1991
02:37:11,250 --> 02:37:14,590
maintaining the property, we have no objection.

1992
02:37:15,590 --> 02:37:21,230
Gentlemen, are you comfortable with the fair housing loss, allowing us to focus on those

1993
02:37:21,230 --> 02:37:29,370
not working? I am not here in a capacity as a lawyer, however, in terms of offering those rights,

1994
02:37:29,790 --> 02:37:35,430
I don't think there would be any problems, because ultimately the housing opportunities can be made available to

1995
02:37:35,430 --> 02:37:40,850
eligible tenants. They still have to qualify the criteria when their target owns the right

1996
02:37:40,850 --> 02:37:45,890
or the library foundation owns the right. That's still. And I would say we've talked about

1997
02:37:45,890 --> 02:37:50,330
this a little bit and it's kind of in the subordinate bond thing. We had sort of tiered

1998
02:37:50,330 --> 02:37:55,990
it in our discussions. You know, there's the public sector and that would include others

1999
02:37:55,990 --> 02:37:59,710
who I know are doing their own projects, the school district, the hospital district, you

2000
02:37:59,710 --> 02:38:04,350
know, all kinds of people out there. Then we would go for not for profit and their foundations.

2001
02:38:04,350 --> 02:38:07,930
And then lastly, you can see it's tiered out this way in the description of the bond

2002
02:38:07,930 --> 02:38:08,590
purchasers.

2003
02:38:09,170 --> 02:38:10,890
Lastly, it would be for profit employers.

2004
02:38:11,090 --> 02:38:14,130
That's how I sort of envisioned it would come together.

2005
02:38:14,590 --> 02:38:20,350
And to go back to, I forget, who had posed the question off-warning, April talked about,

2006
02:38:20,690 --> 02:38:22,350
and then maybe those are tiered prices.

2007
02:38:23,230 --> 02:38:28,170
Those rights are priced differently depending on who they're being targeted to.

2008
02:38:28,770 --> 02:38:31,110
We could do something similar with the bond purchases.

2009
02:38:31,510 --> 02:38:33,170
I mean, you could have tiered pricing on the bonds.

2010
02:38:33,630 --> 02:38:35,870
How much rights do you get for how much dollars?

2011
02:38:36,710 --> 02:38:38,910
So yes, that could be part of the program.

2012
02:38:39,210 --> 02:38:41,250
That's a little bit beyond the scope of high involvement,

2013
02:38:41,550 --> 02:38:43,230
but that's more of a policy consideration

2014
02:38:43,230 --> 02:38:44,770
if you wanted to give us that direction.

2015
02:38:45,410 --> 02:38:48,130
And to me, that is one of the additional policy questions

2016
02:38:48,130 --> 02:38:50,370
that was tagged by STAC.

2017
02:38:50,710 --> 02:38:51,310
About counter reading.

2018
02:38:52,090 --> 02:38:52,710
Thank you, Mr. Mayor.

2019
02:38:52,870 --> 02:38:54,190
I know I've been pretty quiet in this meeting,

2020
02:38:54,390 --> 02:38:56,450
but I've been listening very carefully to my colleagues

2021
02:38:56,450 --> 02:38:58,510
and the comments from constituents.

2022
02:38:59,190 --> 02:39:01,170
And as far as issue four about the additional 10 million,

2023
02:39:01,170 --> 02:39:03,330
and I think the process I went through

2024
02:39:03,330 --> 02:39:05,890
is probably similar first to a lot of people out there

2025
02:39:05,890 --> 02:39:07,030
reading about this in the paper.

2026
02:39:07,390 --> 02:39:09,190
There's a factor of sticker shark, you know.

2027
02:39:09,250 --> 02:39:10,530
Oh, it's an additional 10 million.

2028
02:39:10,690 --> 02:39:12,790
Oh, but here they come back asking for more money,

2029
02:39:13,150 --> 02:39:15,050
but as I've learned more about it

2030
02:39:15,050 --> 02:39:17,010
and heard things in the city today,

2031
02:39:17,010 --> 02:39:19,250
my thinking has really gotten a lot more comfort

2032
02:39:19,250 --> 02:39:20,050
about that 10 million.

2033
02:39:20,510 --> 02:39:22,550
First of all, it's important for the public to understand

2034
02:39:22,890 --> 02:39:25,990
that we're talking about a $169 million project.

2035
02:39:26,430 --> 02:39:28,150
So we're getting a good deal of leverage

2036
02:39:28,150 --> 02:39:30,650
for our $50 million investment potentially.

2037
02:39:31,250 --> 02:39:32,110
You know, one of the things that's clarified

2038
02:39:32,110 --> 02:39:34,150
for me this meeting is that second 10 million,

2039
02:39:34,450 --> 02:39:35,090
that's a cap.

2040
02:39:35,610 --> 02:39:37,350
That's not a guarantee it's gonna be an extra 10 million.

2041
02:39:37,870 --> 02:39:40,930
You know, prepare for the worst and hope for the best.

2042
02:39:41,170 --> 02:39:42,970
You know, the worst would be an additional 10 million.

2043
02:39:43,590 --> 02:39:44,870
Something else I learned in this meeting,

2044
02:39:44,870 --> 02:39:48,710
and it was along the lines of Commissioner Gardner's question

2045
02:39:48,710 --> 02:39:50,530
and I heard a county commission meeting

2046
02:39:50,530 --> 02:39:51,750
about the hot off the presses

2047
02:39:52,310 --> 02:39:54,110
that as far as the first 10 million,

2048
02:39:54,230 --> 02:39:56,570
there's an opportunity for the town and the county

2049
02:39:56,570 --> 02:39:59,590
to get further incentives with that first 10 million.

2050
02:40:00,290 --> 02:40:01,330
And something else I learned,

2051
02:40:01,710 --> 02:40:02,610
as far as the second million,

2052
02:40:03,070 --> 02:40:03,970
is there's this question about,

2053
02:40:03,970 --> 02:40:05,830
hey, are we gonna be fighting against each other town

2054
02:40:05,830 --> 02:40:08,210
and county about, well, we want rental

2055
02:40:08,210 --> 02:40:09,890
and we want ownership or vice versa,

2056
02:40:10,050 --> 02:40:11,210
most likely who wants ownership.

2057
02:40:11,790 --> 02:40:14,490
And I'm hearing at the mic, some options for us to use

2058
02:40:14,490 --> 02:40:17,930
or spend money or other money to get the ownership.

2059
02:40:18,570 --> 02:40:20,530
And I recognize that at times,

2060
02:40:20,690 --> 02:40:23,050
you know, there's big questions among these two volumes.

2061
02:40:23,230 --> 02:40:24,950
You know, questions about how that first 10 million

2062
02:40:24,950 --> 02:40:25,510
is allocated.

2063
02:40:25,510 --> 02:40:31,390
And at its worst this body can be like a 10-headed hydra, but at its best if we can find a way

2064
02:40:31,390 --> 02:40:36,010
to row in the same direction on some of these things, we can bring real bang for our

2065
02:40:36,010 --> 02:40:41,150
bucks in community in terms of community housing, which benefits the public, but also in terms

2066
02:40:41,150 --> 02:40:45,890
of town and county employees, who are essential workers that also benefit this community.

2067
02:40:46,410 --> 02:40:50,170
So in short, I'm feeling much more comfortable on issue number four, thank you.

2068
02:40:50,170 --> 02:40:59,210
And I appreciate that wrap up and let's ask the question on the town side are we comfortable with a maximum of 10 million.

2069
02:41:00,330 --> 02:41:02,610
To be determined in terms of the mix.

2070
02:41:03,370 --> 02:41:05,170
The regime and

2071
02:41:07,470 --> 02:41:12,090
again seeing and I'm sorry both Kevin and I have our hands raised.

2072
02:41:12,630 --> 02:41:13,470
Jonathan does not.

2073
02:41:14,290 --> 02:41:16,990
I'm a little confused are we talk we're just.

2074
02:41:16,990 --> 02:41:20,850
So it's not necessarily five and five.

2075
02:41:22,050 --> 02:41:31,130
It's we're going to go back to the with the county after this meeting and somehow hash it out on what that makes is it's not five from the town and five from the county.

2076
02:41:31,930 --> 02:41:37,660
It could be open from the county or what the product might be.

2077
02:41:37,660 --> 02:41:38,060
I'm kidding.

2078
02:41:38,360 --> 02:41:38,780
But yes.

2079
02:41:39,280 --> 02:41:39,920
That's a web.

2080
02:41:40,100 --> 02:41:42,680
Penrose is looking for a commitment that we're comfortable.

2081
02:41:43,200 --> 02:41:45,960
We need two of us going up to $10 million

2082
02:41:46,440 --> 02:41:48,380
for an additional investment in this project.

2083
02:41:49,800 --> 02:41:50,920
Okay, where is our hand again?

2084
02:41:51,800 --> 02:41:54,940
I see four of us, okay with that.

2085
02:41:55,080 --> 02:41:55,400
Thank you.

2086
02:41:55,780 --> 02:41:58,000
And thank you, Kevin, for doing that.

2087
02:41:58,620 --> 02:42:01,560
I do recognize that two of us are gonna have to leave here

2088
02:42:01,560 --> 02:42:01,960
shortly.

2089
02:42:02,860 --> 02:42:03,860
Question number seven.

2090
02:42:04,080 --> 02:42:05,180
Can the county do it?

2091
02:42:05,520 --> 02:42:06,280
Well, I'm sorry, thank you.

2092
02:42:06,280 --> 02:42:07,240
Thank you, thank you.

2093
02:42:07,380 --> 02:42:07,520
Thank you.

2094
02:42:07,720 --> 02:42:10,880
County, raise your hand if you're comfortable with it,

2095
02:42:10,980 --> 02:42:13,860
two, ten, and I seem to read four.

2096
02:42:14,280 --> 02:42:14,700
Okay, bye.

2097
02:42:14,860 --> 02:42:16,820
With a carry-up, my comfort level depends

2098
02:42:16,820 --> 02:42:18,640
upon what it looks like in the end

2099
02:42:18,640 --> 02:42:22,640
if we start to stress us four of those categories

2100
02:42:22,640 --> 02:42:23,480
that we've talked about.

2101
02:42:23,900 --> 02:42:24,020
Yeah.

2102
02:42:24,620 --> 02:42:25,260
Okay, thank you.

2103
02:42:25,480 --> 02:42:26,460
Thank you for that.

2104
02:42:26,600 --> 02:42:27,620
He's not alone, did it.

2105
02:42:27,800 --> 02:42:28,440
Yeah, did it yet?

2106
02:42:28,760 --> 02:42:29,300
Mr. Great.

2107
02:42:29,540 --> 02:42:29,620
Okay.

2108
02:42:30,520 --> 02:42:34,840
Question number seven seems to me to be the one

2109
02:42:34,840 --> 02:42:40,860
that we should probably tackle next. I think the, or I mean, five and six to me are simpler,

2110
02:42:40,860 --> 02:42:45,860
so I'd like it bump that one up. And to give the my colleague that to step out,

2111
02:42:46,660 --> 02:42:54,260
an opportunity to weigh in on it. So the, this is changing the, the providing ranges.

2112
02:42:55,180 --> 02:42:59,380
And we'd like to get started with that. Yes, come to me.

2113
02:43:00,640 --> 02:43:11,400
I'm comfortable with the further separation and unrelated to this just would like for us to consider that in our program overall.

2114
02:43:13,300 --> 02:43:26,940
And yeah, that's listed as a con here. I see it as a lot to address that con and see what that looks like and what that opportunity can present in the program structure at the time that we are reviewing this thing.

2115
02:43:29,320 --> 02:43:34,220
Okay, Commissioner Gerner, I would just say that I think it makes it a little more fair

2116
02:43:34,220 --> 02:43:36,060
and it helps with funding.

2117
02:43:37,540 --> 02:43:43,400
Okay, other comments, questions, or a counter-rear?

2118
02:43:43,720 --> 02:43:48,240
I'm also comfortable to do about the lack of better terms, slicing this along me a little

2119
02:43:48,240 --> 02:43:54,240
more thinly in terms of the bands, giving us more options in terms of financing, it keeps

2120
02:43:54,240 --> 02:43:55,040
a little more fair.

2121
02:43:55,040 --> 02:44:06,380
It's like in terms of the existing bands, if you're, you know, at the bottom of it and you're having to pay more, it creates more options for people that need housing at different price points.

2122
02:44:08,550 --> 02:44:09,830
Okay, other partners.

2123
02:44:11,930 --> 02:44:13,690
Oh, I'm sorry. Thank you for that.

2124
02:44:13,850 --> 02:44:23,330
Thank you. And I'm sorry for being on zoom today. I hate being on zoom, but I had a trip plan to see my 90 year old grandmother before we scheduled this meeting.

2125
02:44:23,330 --> 02:44:46,510
that's why I'm here with her um I have been really trying I have gone back because I was not part of the original decisions to move forward with this the RFP and all the things and I am I just want to clarify so it's initially the town and county added another band to make this project work.

2126
02:44:46,510 --> 02:44:49,990
Correct, and now we're doing another one.

2127
02:44:50,550 --> 02:44:54,110
Councilwoman Beaman, that is not quite correct.

2128
02:44:54,610 --> 02:44:54,610
Okay,

2129
02:44:56,630 --> 02:44:59,870
so we did a housing access study that was updated.

2130
02:45:00,000 --> 02:45:08,300
In 2023, and that housing access study said that households earning up to 163% of median income needed

2131
02:45:08,300 --> 02:45:18,440
health repelling. They needed us to help subsidize their housing. So, and after that study was completed,

2132
02:45:18,800 --> 02:45:24,800
we came to you all in that year's rules and rights update with a recommended addition of the

2133
02:45:24,800 --> 02:45:31,980
of 120 to 160 range to be responsive to that finding in the next study. Does that make sense?

2134
02:45:33,000 --> 02:45:33,700
Okay. Gotcha.

2135
02:45:34,600 --> 02:45:45,680
Yep. And that occurred before, I believe before the RFP went out or maybe they were concurrent, but it was the, the next study was completed before the RFP.

2136
02:45:46,520 --> 02:45:51,460
Okay. So that was independent of this. They just happened to be timed similarly.

2137
02:45:52,080 --> 02:45:59,620
Yes, and this is something that you're saying you were going to recommend anyway down the road for us to consider.

2138
02:46:00,120 --> 02:46:06,040
It's not only to can, it's not only to fill a funding gap. You have a bigger picture for this.

2139
02:46:06,940 --> 02:46:17,180
Councilwoman Beeman, a 40% range is massive. And as we are seeing our incomes separate, it gets even bigger.

2140
02:46:17,180 --> 02:46:21,720
And so, yes, it is something that we plan to bring to you.

2141
02:46:21,920 --> 02:46:28,140
So if you decline to change these income ranges here, we are going to be asking you this

2142
02:46:28,140 --> 02:46:32,760
question again when we bring the rules and rights update to you later this year because

2143
02:46:32,760 --> 02:46:34,520
we think this is the right way to do.

2144
02:46:35,140 --> 02:46:39,260
I believe Mr. Nash, how did you describe a 40% range to me?

2145
02:46:39,700 --> 02:46:40,380
Off market.

2146
02:46:40,600 --> 02:46:41,140
Off market.

2147
02:46:43,260 --> 02:46:44,400
It's pretty big.

2148
02:46:45,020 --> 02:46:45,200
Okay.

2149
02:46:45,200 --> 02:46:47,560
All right. Thank you for clarifying that for me.

2150
02:46:50,040 --> 02:46:55,820
And, and not to be mentioned, please know that we know it's less than ideal online.

2151
02:46:56,180 --> 02:46:58,060
I think you're doing great to get in my attention.

2152
02:46:58,060 --> 02:47:01,920
So I know it's awkward on both side of this question, but thank you for being there.

2153
02:47:02,880 --> 02:47:04,640
I did have a question on this.

2154
02:47:05,020 --> 02:47:11,480
One of the benefits of the broader affordability range is we also have some policies.

2155
02:47:11,480 --> 02:47:15,500
is by choice, not directed by funding sources,

2156
02:47:16,000 --> 02:47:20,760
where if a resident makes more than in that range,

2157
02:47:20,960 --> 02:47:22,200
they would lose their housing.

2158
02:47:23,580 --> 02:47:24,780
That's not an added statement,

2159
02:47:24,880 --> 02:47:26,200
because I can think of a couple projects

2160
02:47:26,200 --> 02:47:27,020
where I thought that that would be.

2161
02:47:27,140 --> 02:47:29,300
Mayor Jorgensen, it depends.

2162
02:47:30,080 --> 02:47:32,320
Right now, for example, I'll use

2163
02:47:32,320 --> 02:47:34,700
Jackie Street Department's or the growth.

2164
02:47:34,820 --> 02:47:36,020
I use the growth, because we own that one.

2165
02:47:36,620 --> 02:47:40,520
We have homes over there that are zero to 50,

2166
02:47:40,520 --> 02:47:47,800
50 to 80, 80 to 120. We have a household that is in the zero to 50 range this year. And next year,

2167
02:47:47,900 --> 02:47:54,300
they come back and they are in 60% of median income. They're ripple increase to the 50 to 80%

2168
02:47:54,300 --> 02:47:59,060
range. They will not be asked to move out. And then the next home that comes up for rent that

2169
02:47:59,060 --> 02:48:05,060
is available will be categorized in the zero to 50 range. So just back though, if much like

2170
02:48:05,060 --> 02:48:11,440
federal programs, we do not want to penalize households for earning more money until they

2171
02:48:11,440 --> 02:48:15,440
are enough money to get to the market. So that's the way we manage our programs.

2172
02:48:16,140 --> 02:48:19,440
Yes, so when we get into this larger discussion, I think that's something I definitely want

2173
02:48:19,440 --> 02:48:23,160
to make sure that fully, I appreciate that response. And I think that's certainly Michael,

2174
02:48:24,540 --> 02:48:28,260
Councillor Scharker. Yeah, building on the point you just made

2175
02:48:28,260 --> 02:48:33,960
what's a good one. It's certainly these, and this is where I get at the very beginning when

2176
02:48:33,960 --> 02:48:39,060
where I was asking about the opportunity to start integrating some of these things.

2177
02:48:39,600 --> 02:48:46,520
So your response was really helpful, I appreciated it, but there also,

2178
02:48:46,760 --> 02:48:51,680
it gets at some of these end pandemic consequences and trying to understand that

2179
02:48:51,680 --> 02:48:54,640
before I take a vote is really what I've been trying to do,

2180
02:48:54,840 --> 02:48:57,480
all these questions that have been coming before us.

2181
02:48:57,480 --> 02:49:04,960
And I felt like so many of the intersecting complex when such important questions were meaningful.

2182
02:49:05,500 --> 02:49:09,660
So we haven't had the party to really take a look at them and answer all of the secondary

2183
02:49:09,660 --> 02:49:13,540
interstitial year, which is really where these things trip up in the long run, and that's

2184
02:49:13,540 --> 02:49:14,060
why I've been worried.

2185
02:49:14,660 --> 02:49:19,460
So for example, I didn't vote for the $10 million, I guess it raised a number of questions

2186
02:49:19,460 --> 02:49:19,940
for me.

2187
02:49:20,300 --> 02:49:21,400
But still don't answer it.

2188
02:49:21,560 --> 02:49:27,000
Maybe I'd support it maybe I wouldn't, but would the amount of information in time I can't

2189
02:49:27,000 --> 02:49:29,400
buy into it right now, on this particular one.

2190
02:49:29,920 --> 02:49:32,560
My question for you is, at what point

2191
02:49:33,040 --> 02:49:34,920
do you start having a better understanding

2192
02:49:35,560 --> 02:49:39,660
about the income bans in the mix of housing?

2193
02:49:40,260 --> 02:49:43,700
Because if some high percentage of these

2194
02:49:43,700 --> 02:49:46,700
are targeted, for example, to very high A and on it,

2195
02:49:47,440 --> 02:49:50,500
are they going to be, are the kinds of units

2196
02:49:50,500 --> 02:49:53,960
who are offering for those bans going to be

2197
02:49:53,960 --> 02:50:00,860
appeal to those income brackets. These are the kind of questions. So you got it one, which is

2198
02:50:00,860 --> 02:50:06,200
by slicing it finer, what kind of problems does that create, or is it going to make things easier,

2199
02:50:06,660 --> 02:50:13,840
or is it a mixed bag? I'd like to know that, where I go. How do these income bands

2200
02:50:13,840 --> 02:50:18,700
tie a line with the kinds of products they're going to be offering? Because

2201
02:50:18,700 --> 02:50:23,320
is 160% of AMR is a pretty big number,

2202
02:50:23,660 --> 02:50:26,180
and will somebody like that be wanting to live

2203
02:50:26,180 --> 02:50:27,220
and want a better partner?

2204
02:50:27,760 --> 02:50:28,720
Those are the kinds of things

2205
02:50:28,720 --> 02:50:32,720
that a lot of this isn't making clear to me.

2206
02:50:33,340 --> 02:50:35,200
And so the question is,

2207
02:50:36,320 --> 02:50:38,740
at what point in this process,

2208
02:50:39,260 --> 02:50:42,180
yet at all, when you never start being able

2209
02:50:42,180 --> 02:50:43,260
or if it means you were asked

2210
02:50:43,260 --> 02:50:44,380
all these integrated questions?

2211
02:50:45,120 --> 02:50:47,320
Councilor Schecter, I have a couple of responses for you.

2212
02:50:48,000 --> 02:50:56,020
First, I would argue that a person earning 160% may very well only want to live in a one-bedroom unit, they could be single.

2213
02:50:56,560 --> 02:50:58,180
These are at lovely one-bedroom units.

2214
02:50:58,580 --> 02:51:01,360
I mean, again, I think it is we are socially engineering.

2215
02:51:01,660 --> 02:51:04,360
It is dangerous to apply our own values to everyone else.

2216
02:51:04,520 --> 02:51:08,280
And so, to say that, that is why we depend on data.

2217
02:51:08,840 --> 02:51:12,040
And so, Shannon, they've done one market study.

2218
02:51:12,040 --> 02:51:15,880
they will have to do another one once the loop comes online before their

2219
02:51:15,880 --> 02:51:20,120
lenders are comfortable lending to them. You can imagine that a bank is not going

2220
02:51:20,120 --> 02:51:24,320
to lend to a project they do not think is viable, nor are investors going to invest

2221
02:51:24,320 --> 02:51:28,040
in a project they do not think is viable. So we can depend on data. So I'm not

2222
02:51:28,040 --> 02:51:31,360
trying to apply my own values. You're not going to apply your own values. So what we

2223
02:51:31,360 --> 02:51:35,900
think future residents of the development may or may not want me I think.

2224
02:51:35,900 --> 02:51:39,440
Yeah, because I'm asking the question, there's an e-mail, isn't it, that one?

2225
02:51:39,840 --> 02:51:45,820
I understand Councillor Schegger. I apologize. I'm using my thumb as an example too.

2226
02:51:46,740 --> 02:51:53,260
The things that I like, right? So I don't want to apply my own values to anything.

2227
02:51:53,780 --> 02:51:58,380
I've referred it to look at the data, and so we will see another market study.

2228
02:51:58,980 --> 02:52:04,240
Again, the last market study indicated a high demand for all income ranges.

2229
02:52:04,240 --> 02:52:11,080
I think we generally understand this, we have less than 1% vacancy rate in this community,

2230
02:52:11,080 --> 02:52:16,720
which is an unhelp is considered to be an unhealthy rental market. You generally would let's see

2231
02:52:16,720 --> 02:52:25,720
5%. So to me, at all levels, the extent to which someone earning at the higher or lower end may or

2232
02:52:25,720 --> 02:52:31,000
may not want to live in an infill development is probably specific to the households. I'm not sure

2233
02:52:31,000 --> 02:52:33,220
that I can, I can give you the, the rider into that.

2234
02:52:33,420 --> 02:52:33,680
The green.

2235
02:52:33,860 --> 02:52:33,980
Yeah.

2236
02:52:35,420 --> 02:52:35,880
Counterbeam.

2237
02:52:37,760 --> 02:52:38,680
Thank you.

2238
02:52:38,740 --> 02:52:39,320
Thank you.

2239
02:52:39,520 --> 02:52:39,640
It's just a question.

2240
02:52:39,860 --> 02:52:42,980
What point do you see the, the integration?

2241
02:52:43,240 --> 02:52:45,100
Is it when the market sudden turns off?

2242
02:52:46,720 --> 02:52:52,240
Well, I, I would just say to that, you know, we've done a market study, again, to April's

2243
02:52:52,240 --> 02:52:58,260
point showed, you know, overwhelming demand at every AMI level, I think, probably low vacancy

2244
02:52:58,260 --> 02:52:58,560
rates.

2245
02:52:58,560 --> 02:53:04,440
The market study update is just going to be supported by additional projects and units that have come online

2246
02:53:04,440 --> 02:53:10,440
And it'll be a good kind of reset for you know, where rent should be set and where we could really kind of

2247
02:53:10,440 --> 02:53:16,180
Tronch demand by each of the AMI bands. I think one thing that might be getting lost in this

2248
02:53:16,180 --> 02:53:22,320
Analysis is that shorting the AMI bands actually makes it more equitable across households

2249
02:53:22,320 --> 02:53:29,920
So, if you were in the EDU 120, you can make 119% MFI and you're paying an 80% AMI rent.

2250
02:53:30,140 --> 02:53:36,180
So, now it's more equitable across those bans, which I think is probably healthy for

2251
02:53:36,180 --> 02:53:42,940
the community, but, again, has this other benefit too of allowing us to, again, leverage more

2252
02:53:42,940 --> 02:53:45,500
debt and bring more resources to the project.

2253
02:53:45,960 --> 02:53:46,200
Thank you.

2254
02:53:46,540 --> 02:53:47,140
Dr. Andrew?

2255
02:53:48,840 --> 02:53:49,680
Real quickly.

2256
02:53:49,680 --> 02:53:54,940
Since we're partners in this, I'd be really interested in us splitting the cost of the

2257
02:53:54,940 --> 02:54:01,000
market study so that we can actually all see it this time. I know that almost a year later

2258
02:54:01,000 --> 02:54:07,340
after I asked for it, we got a summary of it, but I'm really interested in that data as we make

2259
02:54:07,340 --> 02:54:14,380
our final decisions moving forward. We have no desire to withhold that information from you and

2260
02:54:14,380 --> 02:54:17,640
would be happy to share the market study with you

2261
02:54:17,640 --> 02:54:20,300
for the confidentiality requirements of that market city,

2262
02:54:20,420 --> 02:54:22,900
whether it's the existing one or the future update,

2263
02:54:22,900 --> 02:54:25,240
and appreciate the offer to cross share on that too.

2264
02:54:25,560 --> 02:54:25,800
Thank you.

2265
02:54:25,820 --> 02:54:26,180
Thank you.

2266
02:54:28,000 --> 02:54:30,820
OK, so with that on question number seven,

2267
02:54:30,820 --> 02:54:31,860
don't mean we're done.

2268
02:54:32,940 --> 02:54:35,820
Are we comfortable in the town side

2269
02:54:36,460 --> 02:54:39,740
with the proposal from the staff to change the income band?

2270
02:54:43,580 --> 02:54:46,680
for these three of us here in the room, I see five of us.

2271
02:54:47,760 --> 02:54:47,880
Okay.

2272
02:54:48,840 --> 02:54:49,520
Councilor commission.

2273
02:54:51,060 --> 02:54:51,560
Thank you very much.

2274
02:54:53,000 --> 02:54:54,900
Then I see all of you there as well.

2275
02:54:55,020 --> 02:54:55,340
Okay, great.

2276
02:54:55,520 --> 02:54:56,000
Thank you.

2277
02:54:56,400 --> 02:54:57,020
If I may.

2278
02:54:57,420 --> 02:54:57,520
Yeah.

2279
02:54:57,720 --> 02:55:03,740
Because again, my interest in seeing that change relates to what the type of product that will

2280
02:55:03,740 --> 02:55:04,980
We're not the opposite of what I heard.

2281
02:55:06,380 --> 02:55:07,720
I see that it was connected.

2282
02:55:09,540 --> 02:55:09,980
Okay.

2283
02:55:11,460 --> 02:55:13,140
Keep question number five.

2284
02:55:13,700 --> 02:55:14,740
Especially when it's larger.

2285
02:55:16,880 --> 02:55:20,960
This is one that the staff is recommending to step this up to do this.

2286
02:55:21,420 --> 02:55:22,960
Any questions for.

2287
02:55:24,080 --> 02:55:24,280
It's you.

2288
02:55:24,800 --> 02:55:26,940
We don't have to prevent it.

2289
02:55:27,200 --> 02:55:27,300
Yes.

2290
02:55:28,140 --> 02:55:28,420
Don't hear.

2291
02:55:29,020 --> 02:55:29,600
Mr Mayor.

2292
02:55:29,600 --> 02:55:38,680
the staff report is convincing, compelling, the cons section, I think is correctly stated,

2293
02:55:38,980 --> 02:55:43,560
no downside all upside. I don't think this is going to be a question. And others,

2294
02:55:43,860 --> 02:55:48,500
although in favor of question number five, I recommend our staff. And we're seeing

2295
02:55:48,500 --> 02:55:54,740
on everyone doing that, I believe. The county is also raising their head. Yeah, we're doing it together

2296
02:55:54,740 --> 02:55:58,960
at this point. Thank you. Thank you.

2297
02:55:58,960 --> 02:56:02,620
I didn't even put a conditional, didn't even put a condition on it. Okay, number six.

2298
02:56:03,700 --> 02:56:10,200
I'm so disolver, this is when it's shifted slightly since this effort is a bad idea. Let's not do it.

2299
02:56:10,800 --> 02:56:16,380
Okay, take a look on that. Can we have Jim to take about 45 minutes to explain to that?

2300
02:56:17,580 --> 02:56:21,840
No, I'd be just happy with when. Then we can move on.

2301
02:56:23,000 --> 02:56:25,600
Is there anyone that's interested in pursuing them?

2302
02:56:25,600 --> 02:56:27,000
I'm not seeing it.

2303
02:56:27,380 --> 02:56:30,740
Why, I'd like to know if it's

2304
02:56:31,540 --> 02:56:32,320
lead as well.

2305
02:56:33,020 --> 02:56:34,880
Why is it in your first place?

2306
02:56:35,140 --> 02:56:37,140
I mean, it's just, if it's just locked in this way.

2307
02:56:37,420 --> 02:56:38,060
You've been blamed me.

2308
02:56:40,060 --> 02:56:42,540
Again, I was late to the fraught lady to the party.

2309
02:56:42,900 --> 02:56:44,140
So I asked the question, late.

2310
02:56:46,040 --> 02:56:50,620
There's no harm in taking a hard pass on us.

2311
02:56:51,640 --> 02:56:55,240
And we will try to go back to risk mitigation or finding

2312
02:56:55,240 --> 02:56:59,460
other ways, we will try to build some of the things that we were looking for, or that I was

2313
02:56:59,460 --> 02:57:04,560
suggesting in my role as consultant, that we might get from a subdeveloper position in the deal.

2314
02:57:04,980 --> 02:57:08,460
We'll try to get it worked back in, or pieces that have worked back in through our other roles.

2315
02:57:09,280 --> 02:57:15,240
Not always lost by not having the actual moniker of code developer, subdeveloper, whatever,

2316
02:57:15,480 --> 02:57:20,320
but whatever we want to call it. So, there's still two ways to get benefits. Some of them, yes.

2317
02:57:20,320 --> 02:57:20,420
Yes.

2318
02:57:20,880 --> 02:57:21,020
Okay.

2319
02:57:22,840 --> 02:57:24,120
We've worked through all the questions.

2320
02:57:24,340 --> 02:57:27,640
We had one pin in the town side of question number two.

2321
02:57:29,460 --> 02:57:33,540
So I want to bring it briefly back by any chance given where the discussion is going.

2322
02:57:34,260 --> 02:57:36,980
Is there a comfort in the climate that we accept?

2323
02:57:38,640 --> 02:57:42,140
The recommendations of the discussion that we had with the question number two.

2324
02:57:43,040 --> 02:57:44,240
The hand raising.

2325
02:57:44,240 --> 02:57:46,160
and I'm sure you're being.

2326
02:57:48,380 --> 02:57:51,120
Yep, this meeting was super helpful to me.

2327
02:57:51,380 --> 02:57:53,580
I'm in the same boat as Commissioner Gardner

2328
02:57:53,580 --> 02:57:55,360
that I really came into this meeting

2329
02:57:55,360 --> 02:57:58,860
with some serious questions and some serious pushback.

2330
02:57:59,560 --> 02:58:03,420
And I'm not sure why it took us this long

2331
02:58:03,420 --> 02:58:06,000
to have this clarity of a light bulb moment meeting

2332
02:58:06,000 --> 02:58:08,800
for so many of us, but nonetheless, we're here.

2333
02:58:09,700 --> 02:58:12,900
I think there's still a lot of questions that are unanswered

2334
02:58:12,900 --> 02:58:25,700
And I'm not sure when we or the community are going to get the assurance that we need, but I'm on zoom feeling the sense of the room that my colleagues counting county are ready to move this to the next step.

2335
02:58:26,820 --> 02:58:34,520
And I'm an agreement to keep this moving forward so that we can actually get some hard costs on this stuff and move to the next step.

2336
02:58:35,460 --> 02:58:41,060
I don't want to waste anybody's time because I know we're all feeling rushed here at the end, which I hate feeling rushed.

2337
02:58:41,060 --> 02:59:00,920
But I did not realize until this meeting even with all my questions that you all saw and all the time I've spent on this and truly sleepless nights about it where we were truly at. And I'm feeling a lot more confident today and ready to move on to the next step than I was 24 hours ago even.

2338
02:59:00,920 --> 02:59:19,380
And so I just want to really think to staff and pen rows and everybody and Tim Nash for getting us to this point because I'm, I finally got the full picture today and I really appreciate it. So I'm comfortable moving forward and taking my pen out of that one.

2339
02:59:23,680 --> 02:59:30,780
Okay, so just to verify, I think there are now three of us that are comfortable with the

2340
02:59:30,780 --> 02:59:31,400
second question.

2341
02:59:32,640 --> 02:59:32,960
Okay.

2342
02:59:33,720 --> 02:59:33,860
Okay.

2343
02:59:35,100 --> 02:59:35,580
Counter-Sphere.

2344
02:59:36,120 --> 02:59:36,760
Thank you.

2345
02:59:36,940 --> 02:59:38,180
I'm comfortable as well.

2346
02:59:39,120 --> 02:59:39,420
Okay.

2347
02:59:39,720 --> 02:59:39,840
Okay.

2348
02:59:40,020 --> 02:59:40,120
Great.

2349
02:59:40,340 --> 02:59:41,340
Thank you.

2350
02:59:41,340 --> 02:59:44,520
Could you pull up the motion language, please?

2351
02:59:45,320 --> 02:59:50,000
And I recognize that there are these other policy questions that some of us have been

2352
02:59:50,000 --> 02:59:53,700
having at my senses, we can work that into the discussion going forward.

2353
02:59:55,720 --> 02:59:59,400
This is slightly different than what he did in the SAP report.

2354
03:00:00,240 --> 03:00:12,940
And I think it would be the presentation was sent out earlier, such as to a quick pause. Can we shift the picture so we can read the language there? That's something that. Oh, sorry, I'll see that online.

2355
03:00:15,040 --> 03:00:15,680
Okay,

2356
03:00:17,960 --> 03:00:18,140
thank you.

2357
03:00:18,540 --> 03:00:18,680
Thank you.

2358
03:00:18,680 --> 03:00:18,980
You're welcome.

2359
03:00:18,980 --> 03:00:19,400
Thank you.

2360
03:00:19,780 --> 03:00:24,640
Is there a few of the April 13th?

2361
03:00:24,640 --> 03:00:24,860
Yes.

2362
03:00:25,600 --> 03:00:28,220
The county has a vape here in that afternoon.

2363
03:00:29,380 --> 03:00:31,360
The discussions that we've had.

2364
03:00:31,500 --> 03:00:33,120
We can we can bring this up.

2365
03:00:33,640 --> 03:00:35,020
Tomorrow as well.

2366
03:00:35,560 --> 03:00:36,720
My thought given.

2367
03:00:37,320 --> 03:00:39,840
That we focus on the gym meeting in May.

2368
03:00:40,220 --> 03:00:42,040
It would allow us to have.

2369
03:00:42,040 --> 03:00:45,360
of enough rooms so we get a staff report

2370
03:00:45,360 --> 03:00:47,860
10 days before this meeting to give us two weekends

2371
03:00:47,860 --> 03:00:49,920
in a week to have a discussion about it.

2372
03:00:50,500 --> 03:00:52,420
And to make sure that our team,

2373
03:00:52,500 --> 03:00:54,240
our legal team, as well as our staff team

2374
03:00:55,000 --> 03:00:57,100
and Penderists, to really make sure

2375
03:00:57,100 --> 03:00:58,040
we're wrapping this up.

2376
03:00:58,160 --> 03:01:00,800
And I don't really feel like it's in our interests

2377
03:01:00,800 --> 03:01:03,460
or short to try to set this up in another

2378
03:01:05,560 --> 03:01:07,680
meeting where we're just real restrooms.

2379
03:01:08,460 --> 03:01:09,780
So my suggestion would be,

2380
03:01:10,020 --> 03:01:11,220
what is the change of anything?

2381
03:01:13,500 --> 03:01:13,900
.

2382
03:01:14,480 --> 03:01:15,280
Oh, boy.

2383
03:01:16,280 --> 03:01:16,480
.

2384
03:01:18,240 --> 03:01:18,640
Tim,

2385
03:01:21,140 --> 03:01:23,180
are you doing that because you're maybe a star strike on?

2386
03:01:23,580 --> 03:01:27,100
No, no, no, no, no, no.

2387
03:01:27,100 --> 03:01:27,560
No, no, no, no, no, no.

2388
03:01:27,560 --> 03:01:30,580
We're doing that for the second and the next line.

2389
03:01:31,760 --> 03:01:33,000
So I know we start work.

2390
03:01:33,140 --> 03:01:35,980
That's like that is the check out.

2391
03:01:36,660 --> 03:01:37,720
That's the last question.

2392
03:01:37,720 --> 03:02:04,240
I just want to again, we've heard at least one opinion about the right first rentals and he might purchase those in my opinion about the AMI mix relative to funding gap will the next meeting be when we try and make final decisions or on that or is is that something that can be put off a little bit longer.

2393
03:02:04,240 --> 03:02:11,100
and that next meeting really will be signing or committing to a development agreement

2394
03:02:11,100 --> 03:02:13,240
that really just puts the amounts in.

2395
03:02:18,040 --> 03:02:22,620
Commissioner Newcombe, you're asking about the type

2396
03:02:22,620 --> 03:02:30,340
of money in and the potential changes to affordability, so those last few questions.

2397
03:02:30,340 --> 03:02:37,980
Yeah, and I guess just as well, Commissioner Gardiner, you know, brought up the max potential

2398
03:02:39,000 --> 03:02:42,240
purchase, if you will, of 36 right of first rentals.

2399
03:02:42,780 --> 03:02:48,700
Would that be finalized at the time? So it is a little bit about money, money in and what

2400
03:02:48,700 --> 03:02:56,340
that money gets. And if there is a sideboard on certain types of money them could be coming in.

2401
03:02:58,330 --> 03:03:01,890
Did you, were you responding to him or did you have a, I, I couldn't tell.

2402
03:03:02,050 --> 03:03:02,890
Commissioner, is that meeting there?

2403
03:03:03,290 --> 03:03:09,490
Well, I, I guess, I think rehab some work as far as the town and county is parsing out

2404
03:03:09,490 --> 03:03:13,650
how, how we're going to split the 20 million or what the funding sources of those 20 million

2405
03:03:13,650 --> 03:03:13,890
are.

2406
03:03:14,090 --> 03:03:16,790
So I, I like the idea that we have two months to do that.

2407
03:03:17,690 --> 03:03:23,790
And I think we can talk about this somewhere in our leadership meeting, but I, I feel like

2408
03:03:23,790 --> 03:03:30,710
the way to do that would be for us to communicate within our own organizations about what funny

2409
03:03:30,710 --> 03:03:37,710
sources may be and then come together as in a general maybe next April term to discuss

2410
03:03:38,610 --> 03:03:46,990
what the percentages would be. As far as the AMLIMIX, I've got, I prefer to leave the AMLIMIX

2411
03:03:46,990 --> 03:03:53,070
alone, so I don't know how we all feel about that, but maybe that's something we can attack

2412
03:03:53,070 --> 03:03:53,850
with the joint agreement.

2413
03:03:56,080 --> 03:04:02,080
Okay. Is there anyone on the town side is willing to make this motion with a May 4th date?

2414
03:04:07,100 --> 03:04:12,220
I'm going to direct an authorize the Jackson Keytime Chairman, Housing Authority of Senate Development Agreement.

2415
03:04:13,880 --> 03:04:22,040
Timeline in the ground on lease auction agreement to May 4, 2046, a report with you and I'll direct

2416
03:04:22,040 --> 03:04:27,580
staff to prepare the suite of documents, the 9th of January and affordable housing,

2417
03:04:27,860 --> 03:04:34,340
4,000, development per year in consideration at the meeting, May, monthly, June, June,

2418
03:04:35,060 --> 03:04:35,320
2nd.

2419
03:04:35,600 --> 03:04:40,480
Motion made by Patrick Schecter, 2nd by Hunter Regan, any further discussion by you, the board.

2420
03:04:44,370 --> 03:04:45,050
Others in favor?

2421
03:04:45,450 --> 03:04:45,850
We say aye.

2422
03:04:46,350 --> 03:04:46,550
Aye.

2423
03:04:47,850 --> 03:04:48,830
Motion passed unanimously.

2424
03:04:48,990 --> 03:04:49,670
Thank you.

2425
03:04:50,150 --> 03:04:50,490
Thank you.

2426
03:04:50,490 --> 03:04:56,810
We have second motion by Commissioner Macker second by the Commissioner of the Parliament and your further discussion.

2427
03:04:57,410 --> 03:04:58,550
I'll take a place to act.

2428
03:04:59,950 --> 03:05:00,430
Post.

2429
03:05:00,990 --> 03:05:01,730
Motion carries in there.

2430
03:05:02,830 --> 03:05:04,410
Thank you very much.

2431
03:05:04,750 --> 03:05:05,290
I appreciate that.

2432
03:05:05,670 --> 03:05:05,750
I wish.

2433
03:05:06,770 --> 03:05:07,590
Permission heard.

2434
03:05:09,090 --> 03:05:12,270
Mr. Birmingham, you had a topic you tried to force me into the morning.

2435
03:05:12,270 --> 03:05:13,130
I mean that anyway.

2436
03:05:13,610 --> 03:05:15,430
Is this something you'd like to raise at the point?

2437
03:05:15,810 --> 03:05:16,750
I would love for.

2438
03:05:16,750 --> 03:05:19,350
for visitors to our valley,

2439
03:05:19,590 --> 03:05:21,890
for driving recreational vehicles to have a place to park

2440
03:05:21,890 --> 03:05:26,270
and to productively use the RV facility.

2441
03:05:28,870 --> 03:05:30,610
We're not gonna have troubles in the ground

2442
03:05:31,210 --> 03:05:32,350
and we can make some money

2443
03:05:32,350 --> 03:05:34,710
and provide the service to the public, but we need,

2444
03:05:34,910 --> 03:05:38,050
I think the folks who have their lawyer,

2445
03:05:38,050 --> 03:05:40,050
maybe principals here from the RV park,

2446
03:05:40,990 --> 03:05:43,270
I think they need direction from us and like that.

2447
03:05:43,490 --> 03:05:45,430
Yes, we're gonna do this decision

2448
03:05:45,430 --> 03:05:48,550
So they can take their book in and be a business.

2449
03:05:50,270 --> 03:05:52,710
Mr. Gardiner and then I'll go to the...

2450
03:05:52,710 --> 03:05:53,430
Go.

2451
03:05:53,690 --> 03:05:54,290
Go, go, go.

2452
03:05:54,550 --> 03:05:57,350
So we have to discuss this issue.

2453
03:05:57,890 --> 03:05:59,930
Coutac rock is our bond council.

2454
03:06:00,150 --> 03:06:03,210
We contacted Coutac Rock to talk to them about this issue.

2455
03:06:03,850 --> 03:06:08,250
We actually are leading schedule with them later this week on Zoom to discuss this in more

2456
03:06:08,250 --> 03:06:08,590
detail.

2457
03:06:08,590 --> 03:06:20,250
So here's the basics of a new borrowed mining tax exempt to buy the property, so you must stick to that tax exempt financing.

2458
03:06:20,690 --> 03:06:29,750
As part of that tax exempt financing, you can only make so much money, and so I'm just using broad numbers so you get the idea, but I'll say these are exact.

2459
03:06:29,750 --> 03:06:38,150
But most we can really make on this is 900,000 already made 500, so most you do is 400.

2460
03:06:38,930 --> 03:06:44,850
So we can do this, but we probably have to bless it in the season, so we don't make too

2461
03:06:44,850 --> 03:06:45,270
much money.

2462
03:06:46,590 --> 03:06:47,570
So that's one issue.

2463
03:06:48,110 --> 03:06:54,070
The second issue is there's another RV operator who has approached us and asked if we are going

2464
03:06:54,070 --> 03:07:00,770
you bid this out. And so then that is another issue we need to work through is whether or not we

2465
03:07:00,770 --> 03:07:06,250
will bid this out or if we will be so sourcing the procurement of this service. And so those are

2466
03:07:06,250 --> 03:07:09,990
the two issues that we were going to work on there this week. We didn't really want to work on it

2467
03:07:09,990 --> 03:07:15,370
yet because we were sort of waiting to see how this duty went and then we were going to move on to

2468
03:07:15,370 --> 03:07:20,690
looking at that. Mostly what in the other issue that we're trying to figure out is so how fast is

2469
03:07:20,690 --> 03:07:26,770
all that's going to move and we don't want the operation of the RV park to interrupt the potential

2470
03:07:27,670 --> 03:07:32,290
groundbreaking of the actual project. So that was the third issue. So there was three issues

2471
03:07:32,290 --> 03:07:35,350
that we were trying to work through and we will work through them later this week.

2472
03:07:36,950 --> 03:07:41,270
Okay, thank you. Are you confident you could work through those in time to have that RV park

2473
03:07:41,270 --> 03:07:42,930
available to the public this summer?

2474
03:07:45,370 --> 03:07:47,970
We're going to talk with Kutaf wrong hand. It was Thursday.

2475
03:07:48,310 --> 03:07:51,850
Thursday? Yeah, Thursday. So I really need to check out their bond council

2476
03:07:51,850 --> 03:07:54,710
and get their advice as to how to do this.

2477
03:07:56,550 --> 03:07:57,530
That's what we need to do.

2478
03:07:57,750 --> 03:08:01,990
Mr. Graham is very diligent on behalf of this client.

2479
03:08:02,390 --> 03:08:03,310
He's called all of us.

2480
03:08:03,650 --> 03:08:07,370
We all are fully aware that his client really, really wants to do this

2481
03:08:07,370 --> 03:08:08,430
and then fully makes them.

2482
03:08:09,390 --> 03:08:11,870
But we've sort of been waiting to see what you all did.

2483
03:08:12,170 --> 03:08:14,970
We're waiting on the outcome of this team.

2484
03:08:15,290 --> 03:08:17,930
So I'm taking that you're not looking to...

2485
03:08:17,930 --> 03:08:19,970
You don't need direction from us to continue working out.

2486
03:08:19,970 --> 03:08:21,910
We get the point that everybody really wants us to

2487
03:08:21,910 --> 03:08:22,650
designate a file.

2488
03:08:23,170 --> 03:08:23,250
Okay.

2489
03:08:24,030 --> 03:08:26,230
And I'd love to hear Mr. Perm, thank you.

2490
03:08:26,230 --> 03:08:27,050
Thank you, Mayor.

2491
03:08:27,890 --> 03:08:30,130
We've got a lawyer and a principal here

2492
03:08:30,690 --> 03:08:35,890
if we're capped at $400,000 or $8,000, $9,000

2493
03:08:36,370 --> 03:08:38,490
to avoid getting to both end of it.

2494
03:08:38,710 --> 03:08:39,670
Is that a primary to you?

2495
03:08:40,110 --> 03:08:41,750
As you respond to this question, Mr. Grant,

2496
03:08:41,850 --> 03:08:43,370
please keep in mind that we're effectively done

2497
03:08:43,370 --> 03:08:43,830
with this meeting.

2498
03:08:44,250 --> 03:08:45,710
There is going to be further direction

2499
03:08:45,710 --> 03:08:46,970
among staff and yourself.

2500
03:08:46,970 --> 03:08:52,270
so go ahead and first one. Thank you, Commissioner Carlin and John Graham here,

2501
03:08:52,470 --> 03:08:57,710
from Captain Larson Swift, on behalf of the Virginia and Matt and Stuart here today,

2502
03:08:57,990 --> 03:09:05,590
Ted Stark is usually the local face, but he's out of town traveling. Yeah, we appreciate the time

2503
03:09:05,590 --> 03:09:10,650
and effort that has put it into this. We just were here today to flag for everybody that this is

2504
03:09:10,650 --> 03:09:16,510
you know up to $400,000 that you can use to help close the funding gap we've been talking about

2505
03:09:16,510 --> 03:09:22,070
day and to let you know that we are happy to do it on whatever terms and conditions

2506
03:09:23,070 --> 03:09:28,950
satisfied by council, whether that's a short season, so it's a program daily, not for the same,

2507
03:09:29,370 --> 03:09:34,850
or whether we can make, you know, back in the donations to either the town fund or the

2508
03:09:34,850 --> 03:09:41,150
county fund housing or the housing trust, but if that's too complicated, we're fine to do limited

2509
03:09:41,150 --> 03:09:47,290
it's season, it seems like that's been dealt out of construction too. So we're happy with any

2510
03:09:47,290 --> 03:09:54,410
outcome and sole source for ZARP. We're happy to bid on an RFP. I just don't know how you're

2511
03:09:54,410 --> 03:10:00,410
going to get an RFP out the door, get responses and evaluate it at this point and we're

2512
03:10:00,410 --> 03:10:07,030
cute out to keep you operating because we've done it. But if you want us to bid on it, we're happy

2513
03:10:07,030 --> 03:10:12,310
need to do so. But you have to be transparent. I don't know. That was actually a vision.

2514
03:10:13,530 --> 03:10:18,030
Mr. Mayor. Thank you, Mr. Mayor. I would suggest that we have this list of things we talked about

2515
03:10:18,030 --> 03:10:19,650
at the monthly gym in April.

2516
03:10:22,490 --> 03:10:27,550
Anything else? Thank you all for your patience for today.

2517
03:10:28,030 --> 03:10:33,050
I'm pleased with how this played out and would be more in effect there to have the motionary adjournment.

2518
03:10:34,790 --> 03:10:39,230
second motion made by counter-shlector or you made by counter-shlector, second by counter-leagant

2519
03:10:39,230 --> 03:10:46,570
although you can favor please say aye aye motion passes that can be time to remain happy draw off

2520
03:10:46,570 --> 03:10:50,890
motion passes and now I'm here with the William and Brooks motion passes thank you guys

2521
03:10:50,890 --> 03:11:02,210
all right thank you motion can bring your props thank you so I'll bring your gardener I'll favor