[This transcript was generated automatically from audio using AI and hasn't been reviewed by a person -- it can contain mistakes, including plausible-sounding sentences that were never actually said. Treat it as a starting point, not a verbatim record.]

[0:15] Any further ahead, your head, giant. Meeting, meeting, meeting, you can just click on the shelf up there. Oh, please. And that gives you.
[0:33] Order the next item.
[0:37] That meeting ID, the webinar ID. Yeah. 6, 7, 6, 4, 7, 4, 5, 6, 7, 4, 5, 5, 8, past, I mean.
[0:58] Thank
[1:01] you.
[1:38] Welcome.
[1:42] Welcome to the point of the mountain state land authority board.
[1:46] We welcome you who are assembled together here with us in live
[1:53] session as well as those members of the public who are joining us
[1:58] virtually.
[1:59] As I mentioned, this is the point of the Mountain State Land Authority board meeting regularly scheduled and noticed for today.
[2:07] My name is Larry Snow. I'm one of the co-chairs and seated to my left is representative Jordan Tasha, who is the other co-chair.
[2:16] And I'm reminded by our director that we now have a quorum assembled here in person.
[2:24] and then we also have some additional members
[2:27] who have joined us virtually making a quorum.
[2:29] So with that, we'll move forward.
[2:33] Since our last meeting, site crews continue
[2:37] to make good progress on critical background
[2:42] infrastructure at the site,
[2:44] as we prepare to go vertical, as they say later this year.
[2:50] We look forward today to a presentation
[2:52] from our point partners, known as the point partners,
[2:56] they will highlight the timeline for that construction
[3:01] and what Utah's citizens can expect to see on site.
[3:06] We will also be pleased to receive a legislative recap
[3:11] and report from Representative Tusher.
[3:15] Of course, Surson legislature, a member of the House,
[3:18] and he's going to update us and educate us on relevant legislation past this last session.
[3:29] So with that, we'll move on to the next item on our agenda, which is opening this meeting up
[3:36] for public comment. We do that because we recognize that the point is a public entity and as a board,
[3:43] We have a responsibility to ensure that the project reflects the public values and that we hear public comments. We hear from the public. We take that seriously.
[3:54] That's why we take this matter up near the beginning of our agenda.
[3:59] We value input from our residents and citizens.
[4:04] As long as they follow the procedures outlined in the posted agenda.
[4:09] We have some folks here appearing in person and we have members of the public joining us online. So with that we'll ask anyone in this meeting that's a member of the public that cares to make comment come forward.
[4:26] Don't see anyone coming forward or raising their hand and so I'll ask Jen do we have any member of the public requesting comment.
[4:34] Okay. So with that, we will move on to the next item on the agenda which is to consider
[4:41] approving the minutes of our last meeting held February 11th, 2026. We'll consider approving
[4:50] those board minutes. We're grateful to Jim for making sure that board members receive
[4:56] a good and accurate complete record of those minutes. I've reviewed them. Any comments
[5:03] from the board before I consider a motion with respect to approving those
[5:10] moments.
[5:13] Motion to approve minutes by Mayor Walker. Do I have a second? Second
[5:18] by Representative Tusher on favor of that motion. Say aye. Aye. Any opposed? Say nay.
[5:26] I'll rule a motion carries unanimously. The minutes, those minutes of the February
[5:32] your 11th meeting are approved.
[5:35] Next item on the agenda.
[5:38] We do this regularly when we meet
[5:40] is for a financial update.
[5:44] In a few minutes or in a minute,
[5:46] we're going to turn time to Don Willie,
[5:48] who is the director of our operations.
[5:51] Also, as a public board, we recognize
[5:53] that the trust placed in us by the public
[5:58] to ensure that the authority funds are appropriated
[6:01] and spend in a manner consistent with our approved budget.
[6:06] So with that, we'll turn the time to Don,
[6:09] as I said, our director to review our monthly financials
[6:14] ending February 28th of this year.
[6:18] Don, let me make sure, do you have a,
[6:20] let me make sure your mic is on.
[6:22] I think you have a light now.
[6:25] Thank you, Chair Snow.
[6:26] I appreciate that.
[6:27] They'll make us a quick update.
[6:28] We at this point in the end of February I should have 33% of our budget remaining of our total budget we have 86% remaining so we are in a healthy financial state.
[6:41] We do have several large invoices that have been paid since the end of February or we expect to be paid that will help to equalize and bring us on track.
[6:51] So we'll see that update in our next meeting.
[6:53] We do have three budget categories on which we are burning a little high these have been addressed in prior meetings, but just to recap insurance and bonds and membership dues are both one time expenses, so they show as a higher burn rate at the beginning of the year and equalized by the end of the year.
[7:09] The one where we've been tracking and watching this is on our data processing charges.
[7:13] This will just require in our next board meeting a budget adjustment.
[7:17] We had an extra machine on the bill with DTS that we didn't budget for originally.
[7:26] And so with that understanding, we'll now be able to make sure that we budget correctly in the next fiscal year, 27.
[7:34] But in this, we'll require just a budget adjustment in our next board meeting to carry us through the end of this fiscal year.
[7:40] Aside from that, everything is looking on track.
[7:45] Thank you, Don.
[7:46] Is that complete your initial report?
[7:47] It does.
[7:48] Thanks.
[7:49] Questions or comments from members of the board?
[7:55] I would recognize, again, or recognize members of our finance and audit subcommittee, Mayor Ramsey,
[8:04] Mayor Walker and our director, Michael Embrae, any comments from any of members of that subcommittee?
[8:13] not seeing lights and not indicating members who were joined as virtually indicating
[8:24] they have any questions the chair would entertain a motion approving the financials to the
[8:36] ending February 28th, 2026 is presented by our operations director of operations.
[8:43] So moved by Mayor Walker. Do I have a second? Second by Representative Tushard. All in
[8:51] favor that motion say aye. Aye. Any opposed, say nay. Motion carries unanimously.
[9:00] Thank you. And Mr. Territz, Jenny Wilson, I was on for that vote. Sorry for the delay today,
[9:04] and I'm an aye on that question. Thank you. Mayor, we will register you vote accordingly. Thank you.
[9:14] Next item on our agenda, I'm pretty excited about, so Robert, would you like to come forward?
[9:23] I'm sorry, Robert, you can come forward, but I don't want to, let's
[9:30] see, yes.
[9:33] Item number five is the Point Partners update.
[9:38] Robert, I'm glad to see you, and I know your partner to your right, but I'm glad to have
[9:46] you both here. Let me get both of your mics on. We try to invite you quarterly, as you know,
[9:55] to provide an update on the development. Robert is the vice president of development. The
[10:03] wads of the wads were a development group. We appreciate our relationship with our partners
[10:10] and we're reaching I think a bit of a little time with the development and so I'm probably not
[10:18] the only one excited about this update. I think members of the board are generally so with that
[10:22] we'll turn the time to you. Take it. Thank you co-chair snow. Is this on? Yes. Just keep it close to you.
[10:30] We have Zach Clegg here with me who's with Lincoln Property Company also Vice President
[10:34] with Lincoln. So happy to be here. Very much appreciative of the relationship also that we have with
[10:41] Porti Mount State Land Authority Board and staff specifically who we work with.
[10:48] On, I would say an hourly basis on a daily basis. So it's
[10:54] staff and us are on the on the phone, you know, multiple times a day working through
[10:59] numerous things. So we're just working on pulling up
[11:05] the presentation here, trying to get joined in.
[11:10] As we do that, maybe I'll just add live for just a second on the project.
[11:16] You know, real estate development is something, and especially real estate development at this scale.
[11:23] It's not something that moves in weeks or even months.
[11:28] It's something that at quickest moves in quarters and half year kind of increments.
[11:32] And so I think what you'll see in this update from us is that that's happening that where we're moving many kind of multiple simultaneous these things forward.
[11:46] But we can talk about the problem on some of these things that are really kind of nearing the end of starting to get to a point where we can start construction and other pieces are moving to getting to that point as well.
[11:57] Well, we will be breaking ground this year.
[12:01] And since we can pull it up, I can give you a better update maybe from the slides.
[12:07] But we'll be breaking ground this year and looking forward to doing it.
[12:11] We have, from a high level, we have the promenade.
[12:16] We have the event venue.
[12:19] We have our H5A development, which is multifamily over retail.
[12:23] So we have H3A, which is multi-family office and retail with the public parking deck.
[12:34] On those two pieces are two separate projects.
[12:36] The public piece and the private piece is moving simultaneously together.
[12:39] And then we have our affordable housing item happening.
[12:45] We have a hotel partnership that we're forming and working on.
[12:49] So multiple items.
[12:51] All right.
[12:51] I think we've got it here.
[13:04] Okay. We're up.
[13:09] So I talked about, I talked about the numerous projects we have going on. Here's
[13:14] a visual that you can see, you know, the kind of the core of the core of the hub of the development,
[13:21] starting with the promenade, one being that promenade road. It's more than just a road, right? We have the
[13:26] kiosks buildings that are retail buildings inside the middle of the promenade. We have kind of a destination
[13:33] nation to hang out and that road and other improvements is our first project that's going
[13:41] to be breaking ground.
[13:42] We are on that project 90, well effectively we're at 100% we're on a conformance set
[13:50] now in terms of plans.
[13:53] We had a call yesterday with Mike and the team, this will be our first project, the promenade
[14:01] if you want to go to the next slide, Zach, maybe we'll pop back, but this
[14:04] promenade, this is the first project that we have that is moving forward under,
[14:10] you know, Palmsla as the governing body. And so, you know, Mike can attest, we are
[14:16] working through things. Everything we're doing right now is for the first time.
[14:21] So, trying to work through impact fees and trying to work through, you know,
[14:25] what entitlements and what does the approval process look like because this is an
[14:28] agency that set up and we're doing it all for the first time and we're working
[14:32] through that. The good thing is is we're working together and we've identified
[14:35] yesterday kind of the four or five key steps that we need for this
[14:40] promenade in order to break ground. We've got next 60 days in here. I think it
[14:45] should be shorter than that in terms of breaking ground on our promenade. So that's
[14:50] exciting. Yeah. So not holding you to time frame but when do you think that
[14:58] that might actually occur.
[15:01] I put in here next 60 days for this public meeting, representative, or Larry, and then I think we're targeting an April start. But we have a few key things that need to happen. We need a waiver from, you know, Jordan, Jordan Basin, sewer district. There's a board meeting on the 24th. So there are a few things that are kind of, we're dependent on to, in order to hit that time frame.
[15:29] So I'm giving myself a little cushion there, but let's call it April or early May is the target. That's great news. Sorry interrupt you. No, no, appreciate it. Please ask questions as we go.
[15:41] The next item is the entertainment venue and Zach, maybe we'll just go back up on the visual of where things sit.
[15:47] But there we go, so the next one is number two on that slide, and that's the entertainment
[15:53] venue.
[15:54] This is the public infrastructure districts project, and this is well underway.
[15:59] In fact, today at this very hour there's a group in California selecting finishes with
[16:06] Gensler who is the architect for suites and other materials inside.
[16:13] So we are at a SD set of plans or we finalized our SD set of plans moving on to construction documents for the event venue.
[16:22] We're really excited about this event venue.
[16:25] We continue to be excited about it and think that it's going to be a great draw for the project. So that's well underway.
[16:33] We have also got our contractor. We've done an RFP and went out and selected latent construction. So now we're getting our initial pricings back to make sure that we're in line right now pricing is kind of come in line with kind of expectations.
[16:50] conditions slightly, actually a little more slightly favorable than what we were holding.
[16:56] We're not, I suspect there will be additional items that come up as this always is a case,
[17:01] so right now we're in line with kind of budget and expectation, but we have that contractor
[17:04] on board.
[17:09] The next one is our mixed use project, H5A, and that one is located here, as you see on
[17:15] the screen as number three on the screen.
[17:19] Yeah, and I can speak to this one a little bit.
[17:23] So this is our first privately capitalized vertical
[17:27] development that will be out here at the point.
[17:31] This project is, as you can see here, a 360-unit multi-family
[17:36] building for rent apartments with about 42,000 square feet
[17:40] of ground floor retail.
[17:41] And really, this building will be the,
[17:44] It will be class A on par with the projects you see in Sugar House,
[17:48] Brickyard, mid-rise, class A apartments, it will be the nicest apartment building south
[17:52] of Sugar House and you know there's maybe one or two along the way but we're bringing
[17:58] what we think will be a really kind of transformative project to this area of
[18:03] a silicone slopes that will give those people the want to work here that the type
[18:07] of living environment that they seek in these kind of urban mixed-use communities.
[18:12] We've got an army of folks working on this, we're now at 50% construction documents, so if we're looking at percentage drawn, we're in kind of that like 80, 85% complete range, and with the next, you know, kind of 10 to 15% left to go or 20%
[18:28] You know, I was in a meeting Monday for nine hours with our architects, structural, electrical, mechanical engineers, going through all of our drawings, page by page, doing a page turn.
[18:40] You know, we're working in earnest on this project. I think with where we sit, it's all about trying to get the budget in the right spot and continuing to make this project as attractive as we can to financing partners.
[18:56] So continue to work on that. We're excited about what we're building and designing there.
[19:01] And that's that's project that's further still long.
[19:07] The other project we're super excited about as well as another mixed use building.
[19:11] This is if we go across the street up here on the visual here.
[19:17] This is this number four that we have this mixed use project.
[19:21] It's essentially three buildings that wrap the public parking structure. This will be the first parking structure that we will be built.
[19:30] That's a thousand-stall parking garage that will serve a lot of the retail and the public and entertainment uses.
[19:36] We have really three buildings. These two that wrap the garage and then this other third project right out for building out here. This will be two floor jewel box retail.
[19:47] That project we are currently through our 100% schematic set, so we've been working through those drawings for the last few months.
[19:55] A rendering you can see of the office building.
[19:58] This will be 70,000 square feet of retail, a little more than 30,000 square feet of office and about 50 residential units.
[20:08] Kind of boutique, higher end.
[20:10] And then it'll be wrapped around that thousand-stall parking garage.
[20:14] We're out right now with our RFP for general contractors.
[20:18] So we're getting bids.
[20:19] We've done some pricing and we're getting our first kind of initial bids back and we'll
[20:22] select that contractor over the next two to three weeks.
[20:26] So similar to the other one across the street, advancing design as quickly as we can.
[20:33] And continuing to move that project forward.
[20:35] I just note on that one, Zach, that that's on the private side we're out in addition to that is that parking deck behind which is owned by the public infrastructure district.
[20:46] And so we're on a kind of a separate procurement mission working hand in hand with Mike and DFCM on a kind of public procurement design build contract for that parking deck that would kind of sit.
[20:58] sit, hat in hand, and work closely with the private development next tour.
[21:03] So those two kind of initiatives are happening simultaneously.
[21:07] Thank you.
[21:08] Yeah.
[21:09] And then the next project we'll talk about here is this number five bullet.
[21:14] Really as we think about it, like conceptually as we think about timing and how we're delivering
[21:18] this, in order to make this development really function to be a community, we have to deliver
[21:24] the right critical mass at the right time.
[21:26] And so we're working on delivering the four corners of the promenade.
[21:30] This is the convergence hall right across the street from here.
[21:33] But the first big multi-failing project we talked about is mixed use projects we talked about.
[21:38] The next one we'll talk about in convergence hall.
[21:40] We're trying to align the timing of those such that they deliver around the same time.
[21:45] So that when people move in tenants, residents, we have at least like that main hub of the community.
[21:51] Otherwise, retail tenants are not going to pay us rent.
[21:53] They're not going to open their stores.
[21:54] if there's nothing across the street and so it's a coordinated effort right now given the location
[22:00] and the current greenfield nature of the prison to get the right hub and density at the opening
[22:07] date. So the coordination piece of those deliveries is really critical and is really a challenge to
[22:17] be to be fair. The H5A project is almost a three year delivery time frame. Well, it might
[22:25] be half of that for the hotel. And so looking at construction starts, and when we want to start,
[22:32] that's something we're working through now to say, because I'm sure the public is saying, well,
[22:36] when are we going to start? We need to coordinate those start times such that our delivery times
[22:42] just match up as opposed to one building that's open for a year while we wait for other buildings to be open.
[22:49] We'd like to have it call it within a six month period.
[22:52] These things line up so the start times are a function of the end time as opposed to the end times being a function of the start time.
[22:59] That makes sense, which is probably a little backwards right and on most real estate developments.
[23:04] It's get out of the ground construct delivers soon as possible, which is certainly the case on that first large building.
[23:10] that's long we got to start first. These other buildings, there's a strategic reason for not starting
[23:17] early, right? So the other project that's going to be privately capitalized that's part of that
[23:22] first phase is a 175 roughly key hotel. This will be a four-star concept we're currently working
[23:31] with a hotel developer, an operator that will own and operate the hotel and we will own and operate
[23:36] the retail on the ground floor so we're working through the kind of agreement and partnership with
[23:40] that which we'll be bringing towards you know the POMSLA staff in the coming you know kind of weeks
[23:47] or months and really excited about it really excited about the concept that they have and what
[23:52] this will bring to the South Valley there's really not hotels of quality and silicon slopes right a lot
[23:58] of the folks to come in for tech week and those conferences will stay downtown eat downtown and drive
[24:03] down to Lehigh. This will bring a four-star concept. We're not doing, you know, full service
[24:11] and a conference convention center and everything. I think that the entertainment venue will
[24:15] solve that. Convergence Hall will have that. We're not going to bring a third convention center
[24:18] into the arena, but this will bring a great place for people to stay. So we're really excited
[24:22] about that. Exactly. Yeah. I don't suppose you can share a brand with this.
[24:31] not at this point. Okay. Yeah. Yeah. All right. I thought you would say that, but I thought I'd
[24:36] Yeah, we're close to close to saying that we're we're trading paper with the operator on some of
[24:42] those things, so I probably don't want to publicly. Thank you. I'll point out, you know, because I'm
[24:46] the details guy, right? But this has been a challenge to be honest. I'm trying to find the hotel operator.
[24:54] We've gone through multiples of users. All of who have a strong interest who want to be here on
[25:00] the site, but most of which have call said, but we want to wait a year or two, and we'll
[25:06] just have this land sit. And then once this thing is accessed, then we'll come, which
[25:10] really is not an option, right? We need it to go. And so some of our, you know, all of
[25:16] there's a tremendous amount of desire to be here, but there's little desire to be here
[25:21] first, right? And so threading that needle with the operator who says, we will come and make
[25:27] this bet with you, simultaneously has been a challenge and we've identified partners willing
[25:33] to do that and who has tremendous amount of experience and will bring credibility and so
[25:38] that's been some of the, you know, in kind of just full transparency, some of the challenge that
[25:45] has been to try and get this hotel to happen kind of simultaneously with all the other uses.
[25:49] But I think we're, we're there.
[25:52] Right.
[25:54] Yeah.
[25:55] Let's see.
[25:56] And I think the other project we have going on that we're
[25:58] excited about is our affordable housing project and a
[26:02] partnership with out the Bay Capital local affordable housing
[26:04] developer, which is gone through the first two meetings and
[26:09] presentations to pumps the staff to go through concept and
[26:12] design review.
[26:13] And this will be part of delivered as part of that first phase.
[26:16] And this is where, you know,
[26:17] Hopefully, a lot of folks that work at the hotel,
[26:19] that work at the retail,
[26:20] are just working that part of the valley
[26:21] and draper in that city.
[26:23] We'll give them an opportunity to come and live
[26:26] in a great community.
[26:28] So this project, I just going back to the map,
[26:31] sits just a block off the promenade.
[26:33] This is this number six right here.
[26:35] This will be over two phases, 400 units.
[26:38] They just onboarded their general contractor.
[26:42] I say they were partnered together in that,
[26:45] we're a co-developer with them in that we're working on the design and the meetings.
[26:50] They're really leading the charge because affordable housing is their business, right? And so
[26:55] likewise with timing, we're all working in coordination there, but they are
[27:00] kind of at a similar spot we are on this mixed use project where we're
[27:05] gone through iterations of the schematic review. We've been through the POMSLIP
[27:08] staff review process and now bringing on general contractors and looking to apply for their
[27:14] tax credit allocation that will likely be the summer, again, it's a kind of timing coordination
[27:20] effort. They'll be ready to go. It's whether or not it makes sense for them to go then,
[27:24] or whether it makes sense to go in the fall. We're just kind of still working through that. But
[27:29] so, you know, between those four projects, really the three in design, the three mixed use,
[27:36] and then the affordable housing projects, really that's where our design and construction teams and
[27:42] ourselves are focusing our efforts on trying to make those as efficient as quality and as you know
[27:49] economically viable as possible. And right now from a timing standpoint, we've just started the
[27:55] process for this first phase. We finally reached a process where we feel like the project is advanced
[28:01] far enough that we can now go put that in front of our financing partners. We have
[28:06] documents to a point where we've gone through multiple pricing sets. We feel very good about the
[28:10] the budgets we're putting in front of them, we have advanced leasing with retail partners
[28:17] and getting L.O.I.s and deals that are at this point somewhat papered ready to go forward
[28:23] subject to further advancement of the project, that now we're at that spot, which where really
[28:28] our critical path are the efforts of the capital raise, and that's where we're now really
[28:33] focusing a lot of our efforts on.
[28:35] And so we've launched that within the last call it, you know, six weeks and we're looking
[28:42] at, you know, we're working on onboarding an additional kind of firm with, you know, supporting
[28:50] and helping with those efforts, working in concert with them.
[28:54] And that's where we sit on, when we'll go vertical, the critical path is now getting the financing
[29:01] on board to finance it's over $225 million of development in our first phase. And so that's
[29:09] where we sit.
[29:12] So from a project standpoint, you had those six projects we highlighted,
[29:17] in addition to that, some other things that are happening, not necessarily in the order on the screen,
[29:23] but we are coordinating closely with convergence hall. That's that fourth corner of our main and
[29:30] main, if you will. And so we both need each other,
[29:34] convergence and the point partners. So we are coordinating
[29:38] closely having regular meetings with them, such that we can
[29:41] time our deliveries there as well. And that we are at regular
[29:47] meetings, working through many different items of who's building
[29:53] what are we putting in the trees, are they putting in the
[29:55] trees, are they putting in the sidewalk, you know, and as you
[29:58] to get into it, there's a lot to-
[30:00] And, you know, we're working with, we're assisting them in terms of their, their retail layout, you know, this last meeting we worked on trash and saying, hey, that's probably not going to work for these reasons. You might want to think about this sort of thing. So we're, we're kind of iterating on those sorts of things. Jumping into retail, we have a number of letters of, let's say letters of credit letters of intent on, on retail. We have more restaurant demand, I think, than we can fit.
[30:29] here at this at this project so we are being somewhat selective and also going and and trying to hit a home run as it relates to people who aren't in the market at this point people who would come to see this we had not that we don't want local businesses we want a good mix but we do want to have those new to market entries that would be a real draw to the project and so we are spending a fair amount of time we're preparing our materials for ICS see this year which is in May and putting our collateral together now for that.
[30:59] I think this year and probably next year will be the more productive years at ICS that we've
[31:06] gone down in the years in the past. And again, for those who are not from ICS is the International
[31:11] Council of Shopping Center. It's kind of the main retail conference of the year that happens in
[31:17] Las Vegas. And so we'll be heading down there in May, pushing, I mean, at this point it's really
[31:24] advancing conversations that we're already having with retailers as opposed to identifying, maybe there
[31:28] will be some brand new tenants that we meet with,
[31:30] but it's furthering those conversations.
[31:33] The reality is in order to finish
[31:36] and finalize conversations with retailers,
[31:39] we have to get the design to a point that we can do that
[31:41] because they have specific questions about loading
[31:44] and very technical questions
[31:47] that the design's not quite there to answer those sorts of things.
[31:50] So we're kind of advancing each piece
[31:52] as we're able to advance them simultaneously.
[31:57] We had a good meeting in the last one was it might two two weeks ago with with coordination with now go ahead.
[32:06] And with palms about how we can best coordinate from an office perspective, large users.
[32:13] How can we go attract those users and one of some of the conclusions that we had from those meetings were one we want to coordinate our efforts together.
[32:21] So we've identified a few things that we can do there in making sure we're on the same
[32:26] page and communicating the same message from our low R brokers, our team, the palms of staff,
[32:33] as well as GoEd, and kind of coordinating that effort. But also, we've recognized that there
[32:40] is somewhat of a linear path before someone who rhymes with flugal would come and want to be here,
[32:48] there needs to be an amenity base.
[32:50] There needs to be something as opposed to, you know,
[32:53] it's just dirt.
[32:55] And so that's why we focus heavily on this amenity
[32:58] and the promenade and the event center
[33:00] and this retail experience that then can say, okay,
[33:04] now there's something here for people to look at.
[33:06] And so that's very much the mission,
[33:08] but the reality is that these big corporate occupiers
[33:11] will come probably after some of this stuff is in place,
[33:14] which is why we're focusing in and doing it in that manner.
[33:17] But we are still working on those.
[33:19] There are, I think I've shared this in the past.
[33:21] There are users in the market who would come here,
[33:24] significant users.
[33:25] There's probably right now a bid-ask spread
[33:28] in the office market, the current,
[33:31] and this isn't a point problem.
[33:33] This isn't anywhere in the market problem
[33:35] in order to get any sort of return
[33:37] and not lose money on a new construction.
[33:40] We have to charge rents that are more
[33:42] than what the market is willing to bear right now
[33:45] because there's a lot of vacancy in the office market, but generally people are willing to pay
[33:50] up for a class A experience that has a lot of amenities. And so that's what we're banking on.
[33:57] Our time frame is such that we're a little bit too far out from deliveries for when people
[34:03] look, but we're still pushing those and having those conversations. And I may maybe add to that.
[34:07] I think we're finally starting to see across the country and locally our first kind of green
[34:11] issues in the office space, both on the capital market side, either sell or financing
[34:16] the buildings where values are coming back from an apocalypse, like people were losing
[34:20] 100% losses, all of their equity if they had financed it with that was essentially
[34:24] washed as of the last couple of years. And we've seen a couple, we've seen a first transaction
[34:30] close, another one that will be, you know, probably on the horizon, where you're getting
[34:34] back to evaluation, that it's making sense and we're seeing leasing return in big in some
[34:39] the coastal markets, seeing good movement there. So I think we're optimistic that we're heading
[34:44] in the right direction. Robert's point, we go out and we quote still 60 to 70 percent higher than
[34:51] what they're quoting in the best buildings downtown or in Silicon Slopes, but that's not a point
[34:56] issue. That's an everywhere issue. So unless you have a campus user that wants to do build to suit,
[35:01] it's hard. That formula still isn't work, but I think we don't much better now than we did a year
[35:07] go because we're starting to see the first kind of posts on the scoreboard that make it feel like
[35:14] we're getting back there. And the good thing is we're focused on the first thing first, right? So
[35:19] we're hoping interesting that the market is there. So when we have these things, it's going to line up
[35:23] so that we can move the project forward from an office perspective. We talked about hospitality
[35:30] and convergence. Just a couple other things. We're working coordinating policy with staff on
[35:35] kind of an operational model of how we're going to function at the point relating to
[35:39] you know governance. We're working on a large marketing push that we're coordinating on with
[35:45] palms level from a you know TPP and what we're doing and you know naming our projects so we don't
[35:51] call you know come state h5a right so we're working on a marketing pieces for each of our projects
[35:57] that's underway some video pieces that we're working on. So there's a whole marketing initiative that's
[36:04] been kicked off in the last 60 days.
[36:09] Sorry, last my turn, I thought I had a couple of things I was
[36:12] going to mention.
[36:15] Robert, if you have a second, I have some things to refer to in. Please.
[36:21] Sorry, I'm out of town. No, just first off, I just want to say I thought that meeting was very
[36:26] helpful for my team and your team. I felt like we were pretty aligned, but I think we
[36:33] recognize there's a lot more we can do to tighten that up. One of the things that I'd mention
[36:39] in that meeting and I pass it across to anybody else, we actually are in the process of hiring one
[36:45] of our corporate outreach people who just happens to be, we'll be covering that area. So kind of
[36:52] snorty tech county, South Salt Lake County, and this person would have a very strong engagement in
[36:59] this project and so we're looking for we want the best right we want to get
[37:04] somebody we're willing to even take somebody from a non-traditional if they
[37:07] have a brokerage background business development background we can teach
[37:11] them the other skills but we really want somebody who really gets what we're
[37:15] trying to do at the point and so I see that really is an extension of the
[37:18] developers and and and Pomsla as we really nail the right person the other things
[37:23] that we're doing internally that I hope will help is we're building out a whole
[37:29] research team, I hired a guy who leads our Sandbox program who also had 15 years as a
[37:36] professor, he's a former policy advisor, and the legislature, I pulled him over to really
[37:43] help out on a regulatory environment and making sure that we're promoting the incredible regulatory
[37:49] environment. We have the Sandbox that we have. A lot of the businesses that we're talking to
[37:53] on corporate engagement, that is becoming a bigger priority.
[37:57] Anything around AI, life sciences, energy, the policies these
[38:00] states are developing are really determining a large part
[38:03] where they're going.
[38:05] The other person we're hiring is an education expert too.
[38:08] Really is deeply ingrained in all of our education programs
[38:12] with talent ready with universities, with custom feds.
[38:15] Every corporate person we talk to always comes back to this.
[38:20] And so we'll have somebody dedicated on our team.
[38:22] And I say all these people with disposal to you guys as well, right?
[38:27] We're a team on this.
[38:28] The third is, I'm with right now, Tyler, who really is the ecosystem building.
[38:33] A lot of these companies, especially the R&D heavy companies, really want to be around great research that's happening, startups that's happening, venture capital ecosystem.
[38:43] And so I also have Tyler participating in these meetings to really help them understand the full scope of what they're being provided.
[38:51] So there's not just a, hey, Utah's awesome, here's some accolades, but we want to get you deeply
[38:56] integrated into this ecosystem very quickly. Finally, we're doing soft landing for international
[39:02] businesses. We're building into that to where they can kind of spend a month and get immersed
[39:06] into our ecosystem. Rather than having to go to New York or LA or Boston, where many of them don't
[39:13] want to live, we're making a very conducive play. So as we're out talking to people all over
[39:17] of the world, we're building these partnerships
[39:20] with other innovation districts that want to have Utah
[39:23] be their kind of start, foothold, as they come to Utah.
[39:27] And so there's a lot of things like that,
[39:29] but one thing I just want to say is I appreciate us
[39:32] tightening it up knowing who's talking to who.
[39:35] And then I say all that, that's you guys.
[39:36] Just to leverage us anytime, if you have anybody
[39:38] you're talking to, that has buttons on different things.
[39:41] Obviously, Lupa Sam, we would love to help tell
[39:45] the Utah story for you.
[39:47] We really appreciate that Jefferson and I agree with you. I think that meeting was great. I look forward to doing it again in the in the you know, I think we talked quarterly is Mike if I'm recalling correctly and so I know that dawn.
[40:02] We had a number of takeaways from that meeting and accept for each of us and so.
[40:14] So yeah, we're going to meet quarterly with TPP and GoEd and then internally palms
[40:20] that we'll meet every month trying to be a little bit more proactive.
[40:24] So we look forward to that partnership and it's impressive the stuff that you're implementing
[40:29] to efforts in there at GoEd, in terms of putting some of the baseline structure
[40:33] and some of the softwares that you guys mentioned you're implementing to assist in the efforts there.
[40:39] So applaud you there and look forward to coordinating further with you.
[40:42] I think that's probably where we'll leave it from an update perspective but happy to take any
[40:48] questions if there are any. Thank you Robert and Zach. Appreciate that presentation. Let's turn it to
[40:56] board members for your questions or comments.
[41:02] Well I have a few. That's okay and maybe this
[41:06] will prompt some others. Jefferson, thank you for your comments. And this question may
[41:13] be for you as well. Are we coordinating any of our efforts? Is there any interest
[41:21] on the part of EDCU? Are they looking at what we're doing? Is there any interest there and are
[41:27] or are we coordinating there?
[41:30] I would defer that one to Jefferson.
[41:33] Yeah.
[41:34] Yeah, Larry, actually, Chair.
[41:36] We just signed an MOU with them.
[41:41] And I don't know if you saw it.
[41:41] We did a press release about it.
[41:44] There had been some confusion
[41:45] from when it can't be contract was canceled
[41:50] about what lanes kind of we each played in.
[41:53] So over the last few months,
[41:54] me and my team have been working with their team to really drill down on where the strengths
[42:01] of the C-Char rather than trying to duplicate and so we were able to narrow in on eight
[42:07] targeted areas and basically acknowledge here's where Goyo really should play the lead
[42:14] and then this is where EDC should really be leading out and so the good news is we have a very
[42:20] clear line of lands and responsibility. And now I would say our partnerships better than ever.
[42:28] So yes, the goal is that we get them actively involved as well in helping promote this,
[42:33] but doing it in a unified way and not a, I would say somewhat, I wouldn't say contentious,
[42:39] but confusing way. I'd say confusing before. Now I could say we're much more aligned due to the
[42:46] that we side. Thanks Jefferson. That's I think that's great news. Another question I have is
[42:56] in our last planning meeting that I attended. There was discussion about more intense marketing
[43:08] effort and we talked about planning and shooting a video of professionally and well done. We talked
[43:16] about a date when that might come out, is that still in process? And are we going to be able to
[43:22] hit that date? Yeah, we, of course, coordinating yesterday with the video team in terms of,
[43:29] we've now had, I don't know how many meetings, a few meetings on that, and we've got the group hired.
[43:36] Putting together a professional video is, there's lots of moving pieces to that,
[43:43] those are architectural renderings so we got to hire the architect to do certain things if we want to
[43:47] fly through video and then there's some interviews and then there's the content and who's our audience
[43:52] and so we've been working through all of those things and right now we're on target yes so that is
[43:57] part of the marketing effort that I referenced and underway.
[44:03] May Ramsey'd like to know what the target
[44:05] day is June. That's what I recall. Other questions from you have any questions?
[44:17] Yeah, thank you. Jeff,
[44:19] I appreciate your letting us know about. I haven't seen the press release about the MLU between
[44:27] GoEd and EDCU tuba that I think that's really good and I used to be very involved with that organization
[44:33] and so I'm happy to hear that because it has been a little confusing I think for people and so that's
[44:37] good because especially with this point project comes together.
[44:41] That was news to me also, so I'm good to know that.
[44:46] Yeah, that's really good.
[44:47] Hey, so I know you said you're you're in the next steps of acquiring appropriate
[44:51] financing and working so don't yet have a target date for
[44:57] starting to go vertical because they're still placed.
[45:00] No, pieces coming together, steps to be taken. Is there a ballparker? Is there something that, you know, might not be possible, but we're kind of hoping for just wondering. Yeah, yeah, 100% no. So like I said, we're on the pre development side of those projects. We're, you know, in a spot to start construction later this summer. On the financing side with the that's the critical path. So that's the target.
[45:29] we're shooting for, that's the target that we're giving financing partners.
[45:34] You know, I think right now within the market, it still is difficult to build new construction,
[45:42] especially of this quality at a price that is less than what you can buy it for.
[45:47] Right? And so I think that's just kind of the reality, specifically on the multi-family side,
[45:54] of where kind of at a high level that market is.
[45:58] And so this is I think one of the most compelling
[46:01] opportunities around the country right now.
[46:03] And we've got multiple groups that are taking this
[46:05] to investment committee.
[46:08] And you know, we're, that's the alignment
[46:10] that we're on from our execution timeline.
[46:13] And it's up to, but the critical path
[46:16] is until that's in place, you know, we can't.
[46:19] We're not gonna go start building that
[46:22] until we have that solved, right?
[46:23] Yeah, we wouldn't get our general contractor is not going to contract and start construction until we've got that.
[46:30] First of all, so I'll be more blunt, which is we're in the worst multi-family market we've been in almost 30 years here in the state from a multi-feminist challenge.
[46:46] There's a lot of supply and so we're one of the things that we're trying to do is separate.
[46:50] Hey, downtown is not, when people look at the county,
[46:53] you know, they say, well, Salt Lake is over-supplied, right?
[46:56] Well, we're not Salt Lake, right?
[46:59] Even though we are Salt Lake County.
[47:01] And so there's a very much, an educational process
[47:04] that we have to do with money.
[47:05] A lot of the people who have the size of check
[47:08] that we need are not local, right?
[47:11] They are very much institutional,
[47:13] national, and international types of players.
[47:15] And so there's an education process has to go on
[47:17] And to educate them that what you see there is not really us, right?
[47:22] This is something different and this is something special.
[47:25] So those are the efforts that we're going through.
[47:28] And I mean, so it's a challenging market to be fair, the things that are happening internationally
[47:34] and, you know, with war and oil, those things, those are not helping in the efforts, right?
[47:40] There are people who are at this point pulling back a little bit saying, let's wait to see.
[47:44] So we're not meaning to not give you an answer because that's our target, but those things are
[47:49] absolutely critical before we can move forward. So our target would be, you know, end of, you know,
[47:55] Q3, Q4 somewhere there to start, but those things are very much dependent on that being the case.
[48:03] I totally understand that. And I'm not trying to pin you down to a date. I just, I just know that
[48:08] there are also stakeholders that are watching very, very closely and they have very strong opinions
[48:13] about whether or not things start kind of the ground and so I just was wondering if you could give us any information as we have those conversations and we get asked about it and that's helpful also I just want you to know I thought the presentation was great I am not concerned about the fact that the hotel hasn't signed on yet the hotel
[48:29] because right now with nothing out of the ground same with office right it is going to come they're probably looking at it saying well we're going to rate that a B property at this point well soon as things start coming together they'll go wait all of a sudden this is an A grade property we want to
[48:42] And you know, that's the process.
[48:43] I understand that my final thoughts are,
[48:47] so that just doesn't give me stress.
[48:49] Like I, that's how it's gonna come.
[48:50] And my final thoughts are just that I know
[48:52] Mayor Walker and I are both attending ICSC.
[48:55] Hopefully we'll see you there
[48:56] and if there's anything we can do, let us know.
[48:58] Thank you so much.
[48:59] Welcome to that.
[49:00] Thank you, Mayor.
[49:02] And other members of the board,
[49:04] I think comments or questions.
[49:08] Let me say in conclusion, appreciate very much this update, and to our director, I think
[49:18] the quarterly meetings that we held, and as we go forward doing a more, I guess, granular
[49:26] type discussion when we meet with you, I think is really helpful.
[49:30] So Mike and Robert, whoever has helped initiate that, I think that's a really good move.
[49:38] I enjoyed coming up for that meeting and I'll do everything I can to make myself available in
[49:42] the future because I think it was really helpful. This is again, I started out by saying,
[49:47] this is pivotal time, but it's also a really exciting time. And I think a lot of people,
[49:56] as Mayor Ramsey said at the stakeholders and others are waiting to see this. I think the public
[50:03] is used to seeing or hearing about a building coming out of the ground, but we're essentially creating
[50:10] a centralized urban center from scratch. And those sort of things take planning and Robert,
[50:19] you spoke really well about how much of this is related to timing. It's not about starting. Everything
[50:25] together necessarily. It's about coordinating really how we end up and making sure that, for example,
[50:34] a hotel has someone there taking rooms, you know, and an interest that makes sense. So thank you
[50:41] very much for being here today. Thanks for our coordination, and we look forward to hearing from you again.
[50:47] Thank you so much. Appreciate it. Welcome. Thanks. All right. The next item on our agenda.
[50:55] As I mentioned earlier in my comments,
[51:02] we're pleased to receive a legislative update from Representative Tusher.
[51:09] We're fortunate to have him as a coach here and as a member of this body.
[51:14] And actively involved in law making as a member of the House of Representatives.
[51:20] So, before I do that, though, is, in-chant Senator Stevenson is, as he joined us, he's not.
[51:31] Well, before I turn time to Representative Tusher, I think it's worth mentioning that Senator Stevenson,
[51:41] who is a member of this board, just served his last legislative session.
[51:47] He's retiring from the legislature at the end of this year.
[51:51] He served 16 years.
[51:53] He's been invaluable member of this body.
[51:58] And he's been invaluable in his service to the state.
[52:02] And as someone who spent 11 years of my life serving the legislature,
[52:06] I know something about the sacrifice.
[52:09] And I know he's not going anywhere for a while,
[52:13] but I thought that was worth mentioning.
[52:15] So with that, representative Tusher will get your microphone on and turn some time to you.
[52:23] Great. Well, thank you, Chair Snow, and couldn't echo enough your comments on Senator Stevenson and
[52:32] the great help that he's been not only for the point, but really coordinating all of the authorities
[52:37] across the state. And the legislature will be greatly missed his expertise and background and
[52:44] experience in that but we're lucky to have them at least through the end of the year and we'll see what
[52:49] happens after that. We did just finish up the legislative session as of Friday at midnight.
[52:56] Some of you may have heard of a bill that was five seconds too long on the vote. That was
[53:03] one of my bills unfortunately but we go right to the very end and during the session we passed 539
[53:12] Bill's. The governor called it of his 14 years in being involved with the legislature
[53:19] his very favorite session. So I don't know exactly what to make it out but I think it was
[53:24] a successful session and we got a lot done and worked really closely with the executive
[53:29] branch and helped to secure some great things for the state of Utah and move forward in a way
[53:39] that will continue to keep you time number one in economic outlook and opportunity.
[53:46] Is Jordan? I was just going to say there was one variable change this session. I'm just saying,
[53:53] in case you were wondering why it was such a good session. It was one person left. So I'm just saying
[53:57] maybe that's part of it. I don't believe that's the case.
[54:04] But no, it was great working together with
[54:07] everyone. In terms of the effect on Palms, there were a few bills that I wanted to highlight,
[54:13] but I think had an impact, and I'm happy to answer any questions on these bills. One of them,
[54:19] I was the House sponsor of the other ones. I wasn't as involved, so there may be people on this
[54:25] councilor or here that have more background to understand the bills than I do, but happy to
[54:30] tee them up and then answer any questions or defer to others who can add a little more color to them.
[54:35] But the first one was Senate Bill 278.
[54:38] This is the Development Authority modifications.
[54:41] And it essentially is the annual cleanup bill
[54:44] that we have for POMSLA, anything that we were working on
[54:49] over the interim that we felt like was important
[54:51] to change in the law was contained in this bill.
[54:53] And there are really five main changes.
[54:56] The first change allowed POMSLA to move forward
[55:00] with allocating 50 acres of land for 4-cell housing
[55:04] that as we've talked about in this board will help support the state's goal to increase
[55:09] the 4-cell housing stock. It's part of that and I know Mike and Mayor Walker were closely
[55:16] on this but there was some language that requires the point to coordinate with Draper City
[55:21] to ensure that the development of any transferred parcels is done so in accordance with the point
[55:26] objectives and a development agreement that would be negotiated between the city and
[55:32] Pomsla. So I'm sure that will be in the works over the next year as we look to have that
[55:40] that those parcels go out to market for developers. The second change defines that the
[55:47] privilege tax allocated in phase one is restricted to just the first phase so that 105 acres that make
[55:55] up the first phase. Any capture outside of phase one will be negotiated. The third change
[56:01] reverse the privilege tax captured on transferred land. So it dictated that the point captures
[56:08] 25% of the privileged tax on transferred land to fund all of our operational maintenance costs.
[56:15] And then 75% would go to the taxing entities. So this really flips what it was before.
[56:20] But yeah, it's a good flip and should, you know, from Mayor Wilson and Mayor Walker, I think they're pretty happy with that change.
[56:33] The fourth change, it dealt with giving back some of the tax increment that we had for Palms.
[56:44] So 25% of that tax goes back to the state and in exchange creates a process for
[56:53] for Palmsla to request forgiveness of the infrastructure loan that we took out at the
[56:59] very beginning of the project. And so that's sort of the exchange that we had with giving back some
[57:05] of that sales tax increment. And then lastly, there were some changes dealing with public infrastructure
[57:13] districts or PIDs. So essentially the change has that future public infrastructure districts
[57:19] that are created by land authorities have to require the majority of the board members
[57:24] of the PID be appointed by the authority board. We grandfathered in all current PIDs that were
[57:31] created by authorities. However, required that all of those PIDs have at least 40% of the PID
[57:38] board appointed by the authority board. Now we did add a provision in there that allows
[57:43] for an authority board to appoint less than a majority, at least 40%, but could be less
[57:51] than a majority, if the board finds a compelling reason to do so, and two-thirds of the board votes
[57:57] in favor of that change. And then also the last change within the PID information there is that
[58:03] the PID can only issue additional bonds or create new debt in accordance to whatever
[58:08] the governing documents that the authority had with the PID or if the majority of the
[58:13] PID board is appointed by the majority of, or excuse me, appointed by the authority board.
[58:19] So if there are already in compliance that a majority of them sit on the board then they
[58:23] have the ability to go out and issue new debt.
[58:25] Otherwise they'd have to close the PID, create a new PID and that PID then would be required
[58:30] to be a majority appointed by the authority board.
[58:35] So that's the first bill that I think was important and really on point what we're doing
[58:40] here with Palmsa.
[58:43] The second bill was our annual omnibus alcohol bill, HB 597.
[58:51] As many of you know, this is a closely negotiated bill every session on changes that are made
[58:57] and there were a couple key provisions, one that was very specific to POMSLA and a couple
[59:03] of the, I'll just mention, it's kind of an FY that will affect some of the development
[59:09] and restaurants or hotels that we have on the side that are more generally applicable to alcohol
[59:15] laws within the state. So that first change is that it designated POMSLA as a local authority
[59:23] under the alcohol beverage control act.
[59:26] So this would mean that the authority or public can provide local consent for alcohol licenses
[59:32] within the project area, similar to what the city could do.
[59:38] So rather than us having to be able to fight with Draper on, you know, say they have an alcohol
[59:43] license they want to put in part of the city, but we have some in the point, we just control
[59:48] those within the point rather than they have to work through the city on that.
[59:52] The other change is just kind of general changes on alcohol.
[59:57] Last year you remember there was some strict requirements.
[1:00:00] So, we had a lot of requirements added around ID requirements in in bars and in ordering alcohol in particular. You had to be ID everyone regardless of your age or how old you look had to be IDed and you had to be IDed for every single drink that you purchased. We have relaxed that a little bit. We allow for foreign driver licenses now to to count as proof of age, which wasn't counted before.
[1:00:24] and then restaurants only need to check ID if a patron appears 35 or younger and they don't
[1:00:31] have to ID you. Yeah, you look a little younger than 35. That was similar to the rule that was
[1:00:42] in place before. They no longer have to ID with every single drink but a bar still has to ID everyone
[1:00:48] that comes into a bar. We reduce some of the unnecessary regulation, the
[1:00:54] statutory requirement that businesses use, the ID scanning devices, so that's no
[1:00:57] longer required for every single business. And then there were some changes
[1:01:02] around some of the outdated operational rules like requiring liquor storage
[1:01:06] areas to always be locked. So some changes there. In terms of supporting
[1:01:11] tourism and hospitality, the minimum number of rooms required to qualify as a
[1:01:16] hotel for alcohol purposes was reduced from 40 to 30 rooms, so that will help
[1:01:23] smaller hotels qualify for that. And then lastly, we improved some flexibility for
[1:01:28] restaurants and mixed-use venues. So before the ratio that you had to have was 70
[1:01:35] percent food to 30 percent alcohol in order to be a restaurant, we've changed that
[1:01:40] to 60-40 now. We also allow for some limited movement of drinks between a
[1:01:46] connected bar in a restaurant under certain conditions.
[1:01:49] So again, not major shifts in the landscape
[1:01:53] on the alcohol side, but small tweaks.
[1:01:55] Mayor Walker had a comment with your question.
[1:02:00] So the way I understood the bill
[1:02:02] with respect to regulating licenses instead.
[1:02:05] So it doesn't count against my license allocation.
[1:02:08] So the way I read it, I think that's what you said,
[1:02:11] is the point has its own allocation system
[1:02:13] and outside and separate from our city license numbers.
[1:02:18] Yep, that's my understanding.
[1:02:19] Yep, exactly.
[1:02:20] Again, so that we can coordinate better
[1:02:22] and not have to prioritize.
[1:02:24] The legal limit for impairment did not drop the points
[1:02:28] or two, I know was talked about earlier on.
[1:02:30] It didn't, that didn't get anyone.
[1:02:31] I don't believe so.
[1:02:33] I don't believe so.
[1:02:33] I don't remember any, any talk of that.
[1:02:36] I don't remember.
[1:02:38] Jordan?
[1:02:38] Oh, sorry.
[1:02:39] There's a limit.
[1:02:39] The number of licenses that problems with PAN
[1:02:42] allow in the, I don't know if I caught that in premiums, is it on a firm new
[1:02:48] spaces, is it a certain number of them for the whole project, or how did it end up
[1:02:53] there? That's a good question. I don't, I don't think it specified. And so I
[1:02:58] think it goes back to ABS to figure that out. Because we have, you know, ours is
[1:03:03] based on population, the number of bar licenses we can have is strict on the
[1:03:08] population, but I'm assuming the way I read that was, Jefferson was, palms are controlled
[1:03:13] the total number of licenses. I don't think there's a limit, but I don't know. I mean,
[1:03:18] that's a great question, but the way I read it was, it was palms had its own number of licenses
[1:03:24] as it wanted to do it. Okay, and then they can just allocate within the project how they want
[1:03:29] to do that. Okay. I'm sure there's a limit. I just, I don't know how they determine it.
[1:03:39] I'm
[1:03:39] here is I'm about I'm out of our license. And that was the thing is
[1:03:47] concerned. Is the great burden was limited?
[1:03:53] Do you want to say that? Sorry, I
[1:03:56] think that that was really the intent is that draper so limited on what they
[1:04:00] currently have available that the point wouldn't have access to liquor
[1:04:03] license. So that's that's what the legislation was about. Yep.
[1:04:10] All right and then
[1:04:11] And the last bill I was going to mention is HB475, Executive Director Mosque,
[1:04:17] talked a lot more about this, but it restructures how Utah coordinates our statewide economic
[1:04:24] development efforts and creates a more formal planning structure for major economic development
[1:04:28] initiatives like what we're doing here at the point.
[1:04:32] One of the major changes in Robert kind of alluded to that earlier is it changed Goio, the governor's
[1:04:38] Office of Economic Opportunity to go at, again, the Governor's Office of Economic Development,
[1:04:45] which is a little bit of a whiplash because we just changed a few years ago.
[1:04:49] But I think, and I'm sure Jefferson can attest to this, that as you go out and talk with
[1:04:55] other companies and such, the economic development side was a stronger need than economic opportunity.
[1:05:02] It probably resonates better with those types of companies.
[1:05:04] It created a new economic development council, and so this economic development council is
[1:05:14] made up of some state leaders and economic development stakeholders, so it includes the
[1:05:20] governor, his designee, the president of senate, or his designee, speaker of the house, or
[1:05:26] designate and then someone from the Inland Port, Palmsla, the Fair Park, District,
[1:05:33] Maita, Sitla, a representative from the Utah League of Cities and Towns and a representative
[1:05:41] from the Utah Association of Counties.
[1:05:44] And so that board then is looking at all of the economic development that's happening across
[1:05:48] state and trying to coordinate those efforts together.
[1:05:51] It expanded slightly the duties of the executive director of Goede, or of Goede, include.
[1:06:01] Exactly.
[1:06:03] Including giving him responsibility for coordinating state economic development programs,
[1:06:10] working with local governments and development authorities, and aligning the state development priorities, which I think is is greatly needed.
[1:06:17] And I know there was some informal working groups that happened last year.
[1:06:21] This formalizes that, but I think as I've talked with Michael, he's seen a lot of value.
[1:06:26] And the authorities working together closer with, go ahead and everything they're doing.
[1:06:33] And then the last thing I'll mention on this bill is that, and I think it was in this bill,
[1:06:39] there was some coordination with HB507 as well.
[1:06:42] But it allowed for certain confidential economic development information to be better shared across government entities without making a subject to grandma or violating agreements.
[1:06:56] So in particular, POMSO was named out in that so certain economic development records could then be shared with GoEd or some of the other authorities or county's municipalities or this economic development council without violating confidentialities.
[1:07:13] Now there may be still a need for those groups to sign an NDA to have access to that information, but it doesn't make it suddenly a public record than anyone else could could access.
[1:07:22] So those are kind of the key things I felt like in the session would be good to highlight that happy to answer any questions or maybe if there's other things I don't know if Michael you were covering or that you want to bring up.
[1:07:33] Thanks for representing questions comments.
[1:07:36] I just wanted to add.
[1:07:38] Yeah, just add one and I apologize. I don't remember the number of the bill, but it did give palms of the authority to pull an $18 million loan for infrastructure.
[1:07:48] It would advance the 4-cell housing project.
[1:07:54] Thank you.
[1:07:56] Great, great addition.
[1:07:59] Great review, very helpful representative pusher.
[1:08:04] Questions or comments for representative pusher?
[1:08:08] Let me get to your light on there.
[1:08:12] Thank you. That's a lot of good work.
[1:08:14] I appreciate it.
[1:08:15] Um, my, my question goes to the PIDS, if the new policies that you were talking about are grandfathered into what currently exists, what does that mean for the PID boards that currently exists, like what changes have to be made there and when and so for, for the palms look kids, at least 40% has to be appointed by the palms of board.
[1:08:35] Yeah, that's what I heard you say, but the PID boards for the PIDs that have already been approved to those boards, those are in place or have they, I would have.
[1:08:42] So, so right now we'd have to replace one of, so right now we have one of the five seats, we'd we'd have to go to two of the five seats and that has to go into effect by July one of this year.
[1:08:56] And may I ask, that changes for POMSLA project.
[1:09:03] It doesn't affect Inland Porter.
[1:09:05] Is that true for Inland Porter?
[1:09:06] It affects all of the authorities.
[1:09:08] So all of the authorities.
[1:09:09] At least 40%.
[1:09:12] Again, my understanding is all of the other authorities.
[1:09:16] Headboards are majority controlled by the authority board.
[1:09:20] So we're actually the only one that this will affect in practice.
[1:09:25] but that requirement is the same for all the pitfalls.
[1:09:32] That makes sense.
[1:09:33] Okay. Thanks for that context.
[1:09:36] Any other questions? Members, the board?
[1:09:40] All right. Again, thank you very much, Representative.
[1:09:44] And I should say before we move on.
[1:09:48] Thank you for representing our work so well.
[1:09:51] So, legislature, with your colleagues there and with legislative leadership, it makes
[1:09:58] a big difference having you there, Representative, and I can't tell you how much we appreciate
[1:10:03] you and Senator Stevenson for representing us and our mission.
[1:10:10] Glad to do it.
[1:10:11] Next item on the agenda, number seven, is a report from our executive director, Mike Ombrae.
[1:10:20] As you have heard, we are making significant progress at this site as backbone infrastructure
[1:10:28] development moves forward.
[1:10:30] There is much happening in addition to the active construction.
[1:10:36] So with that, Mike, we'll turn the time to you for your report.
[1:10:41] Thank you, Coaches.
[1:10:42] No.
[1:10:43] So first, I just want to acknowledge all the moving parts.
[1:10:45] You know, Robert and Zach presented on the vertical construction, right, in all the projects that are going to be coming out of the ground, hopefully in the next year.
[1:10:55] I'd also like to mention convergence hall, the horizontal infrastructure and potential subcampus opportunities.
[1:11:03] There's just so many moving parts to coordinate everything together.
[1:11:06] So I'm going to focus this on infrastructure updates out of the 165 million dollars that was approved.
[1:11:14] We have awarded about 87% of those in contracts to be awarded.
[1:11:21] We've spent 80 million of those $165 million and we plan on spending the remaining portion of the 165 by the end of the year.
[1:11:33] Included in that is temporary construction utilities that are scheduled to be complete by the end of the month to allow TPP to advance their horizontal and vertical projects.
[1:11:43] It was mentioned earlier, we do have a Jordan-based and improvement district board meeting to attend on the 24th to get a couple of nuances, hopefully approved that we can advance the promenade project.
[1:11:59] Also, Palmsla has solicited and awarded an engineering firm for the 50-acre infrastructure project.
[1:12:06] So we're negotiating contract terms right now, the intent we're planning to have that engineered and go out to bid by the end of June beginning of July for a contractor to start that construction.
[1:12:21] And then this time next year, we're hoping to put out an RFP for builders in advance that project.
[1:12:27] And I just want to kind of reflect back on what Robert mentioned about timing.
[1:12:32] You know, trying to work backwards a little bit and open everything at the same time.
[1:12:37] We have the same coordination and intent, right?
[1:12:40] So we're trying to open these for sale product at that same time that a bunch of retail and shopping and restaurants would be open as well.
[1:12:48] Also, the river to range, that linear park that's planned, we're hoping to have that open
[1:12:54] around the same exact time so we're not, you know, wasting a lot of money, watering,
[1:12:59] and maintaining vegetation that nobody's utilizing.
[1:13:03] So there's a lot of coordination and a lot of thought that's happening.
[1:13:08] The next quarterly meeting with TPP is April 28th.
[1:13:12] I just wanted to let you both know, and if any board members would like to be included,
[1:13:17] please reach out and I'll certainly extend the invite. We do talk about economic development,
[1:13:23] we talk about schedule, coordination of utilities, we also talk about tentating and some other
[1:13:29] items that you probably need to sign a non-disclosure statement for.
[1:13:37] ongoing discussions with Salt Lake County on an interlocal and an increment capture.
[1:13:43] We have a meeting scheduled, I believe it's next week, if not the week after.
[1:13:48] I also wanted to talk about a non-lease hold takedown in Gen, I don't know if you can help me present that at this time.
[1:13:56] It was my mistake by not actually adding this to the agenda as an action item.
[1:14:02] This is the promenade area, if you look at the screen here.
[1:14:09] the outline of color and red, it would be a non-lethal takedown that would be ultimately
[1:14:18] deeded to draper and they would own and maintain those roads in that infrastructure.
[1:14:25] What's outlined in green, we would maintain ownership of through DFCM and POMSLA and, you
[1:14:36] with TPP, we would hire somebody to do the maintenance
[1:14:40] and management of that area, which is the promenade area.
[1:14:44] And then the blue, which I don't see any blue up there,
[1:14:49] but anyway, so this is the non-lease hold takedown area.
[1:14:54] Oh, the Pervillians, thanks, Robert.
[1:14:56] It's not coming through on me, but there's two laws.
[1:15:00] That's within the green that are the pervillians that are future lease hold takedown areas. So I'll be bringing this back to the board. We may have to hold a special board meeting just to approve this. If, but if there's any questions or, or if anybody, you know, just wants to review this on their own time and get back to me by all means.
[1:15:22] Thank you very much Mike. Sure, before I turn that to you. So those. Looking at this diagram that.
[1:15:30] That future leasehold in blue is actually those two parcels that's kind of a dark area.
[1:15:36] Am I right about that, Jen?
[1:15:38] Yeah.
[1:15:39] She's put her cursor on that.
[1:15:41] That's correct.
[1:15:41] Those are the provisions that will be retail.
[1:15:46] Okay.
[1:15:48] Question from Mayor Ramsey or comment.
[1:15:51] So what I think I'm seeing here is that the fee simple owned by TFCM would allow the
[1:15:59] opportunity for flexibility when it comes to holding events, closing public streets for the
[1:16:05] promenade to be able to have outdoor things, whatever. That is a process that you have to go through
[1:16:09] and harder to do when it's a public road. So this just allows that flexibility for the project to
[1:16:16] be able to do things like that because they own the road, right? That's correct. Also, there's going
[1:16:22] to be events like you just mentioned, but maybe Christmas decorations and other things that would
[1:16:28] kind of be subject to, we mentioned a fee that would apply that everybody would take care of,
[1:16:36] it would be centered in this area as well, or snow removal, landscaping is elevated, so that
[1:16:42] would be maintained and owned by the master association and so forth. So everything that you just
[1:16:48] mentioned. That makes perfect sense to me. So just making sure I'm understanding that, right?
[1:16:53] If it is what I think it is I understand that and I think it's wise. Yeah, thanks.
[1:16:59] Thank you mayor. So in terms of that board meeting that we need to you know meet for a few
[1:17:06] minutes just to approve this. How are you planning on coordinating that schedule? Does it make sense to
[1:17:11] take some time now to? We could do that. Yes. We have five minutes you know tomorrow afternoon or
[1:17:18] something to coordinate schedules. Yeah, that's a good suggestion if we, if you have your calendars.
[1:17:31] Yeah, let's let's do that. It's all right with you. For example, Tessures, let's
[1:17:36] huddle after this meeting and and work with Jen to help coordinate all of our schedules and come
[1:17:43] up with that. I'm going to guess going over all of our schedules to be so boring to anybody who's
[1:17:48] paying attention to this meeting, they'd be like,
[1:17:49] yeah, I don't want to know any of this, you know.
[1:17:52] And it might take a minute, you know,
[1:17:53] some of it might be interesting there.
[1:17:55] Maybe, yeah.
[1:17:56] OK, let's do that.
[1:17:58] And I might talk to Robert after this.
[1:17:59] If there's not really the necessity to do so,
[1:18:03] and we can just wait one more month and address it
[1:18:05] in our next board meeting, we could do that too.
[1:18:07] So I'll get that answer.
[1:18:10] One way or another, we'll figure that out.
[1:18:13] Robert, get that done.
[1:18:14] And just one last thing, I would just like to thank my team, Don, Nick, Jen, you know,
[1:18:20] I couldn't do this without you guys.
[1:18:21] And then also our agency partners, DFCM, John Vance, Taylor Maxfield, you know, they're
[1:18:27] doing a lot with convergence hall and all the horizontal infrastructure.
[1:18:33] Obviously, our partners, the development partners, TPP, you know, Robert, Zach, Jay, you know,
[1:18:39] we meet multiple times a day.
[1:18:40] And it's just it's a it's a it's a great partnership and in coordinated effort and also draper city scot koolie and I we meet a couple times a week or more.
[1:18:51] And then my legal team carry Owens and Lauren and Adam with person Bailey and Latamore I really appreciate your hard efforts.
[1:19:00] I've been throwing quite a bit Adam lately so I appreciate your efforts guys.
[1:19:05] Thank you Mike for the report and want you to know how much we appreciate you taking the lead on all of this.
[1:19:14] We're grateful to have you in the director position.
[1:19:18] So with that we come to the next item on the agenda which is to consider moving into executive session.
[1:19:27] I think we have some important issues to take up an executive session today.
[1:19:31] So with that, the chair would entertain a motion that we move into closed executive session.
[1:19:39] Mayor Walker, that's your motion?
[1:19:40] I move to be in or close session.
[1:19:49] Thank you.
[1:19:51] That's my motion.
[1:19:52] Thank you.
[1:19:52] The motion is that we are going to executive session pursuant to you to code 52 42051A and D to discuss a project proposal.
[1:20:03] Do I have a second?
[1:20:06] second. Thank you. Is that Mayor Wilton? I take it. Yes it was. Thank you, Mayor. I'll call
[1:20:14] for a motion. Excuse me. I'll vote on that motion. All in favor, please say aye. Aye. Aye.
[1:20:20] Any opposed, say nay. I'm going to rule that the motion carries unanimously and meets the threshold
[1:20:26] required. So with that, we will retire. The board will retire at room 450 and take up our executive
[1:20:34] session after which we'll move back into open public meeting. Thank you.
[1:20:54] I think the record here.
[1:20:57] We are now back in open public session. I can't quite get out of legislative mode. So
[1:21:08] we have finished and concluded our executive session. We're not taking any action as a result.
[1:21:17] so the chair would entertain a final motion. Motion to adjourn by Mayor Walker. Do I have a second?
[1:21:23] Second by Mayor Ramsey. All in favor of the motion. Say aye.
[1:21:27] Aye.
[1:21:28] Aye.
[1:21:29] We stand adjourned. Thank you very much.