[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.]

[0:02] So welcome, everyone. This is officially a special town council meeting. So I'll call the meeting for order, although I only see two council members. We'll call this special town council meeting October 14 to order. Please write as we are in the presence of the flag and we will pledge to meet.
[0:19] Thank you.
[0:20] Thank you.
[0:21] From the United States America.
[0:25] And to the roughly legal sense, what position
[0:28] are the individuals who have the ability
[0:32] and justice for all?
[0:33] Thank you.
[0:34] I want to see.
[0:35] So
[0:40] first off, good evening, and welcome.
[0:43] This is my eighth and final state of the town of rest.
[0:47] No tears, please.
[0:49] One.
[0:50] First of all, the youngest and the oldest
[0:52] We are history intersects with progress and the people prosper.
[0:57] We see the date says maybe 2021, that means that even in 2021,
[1:03] this is still applicable now in 2021, right?
[1:07] So that is almost more time.
[1:09] Thank you for being here today.
[1:12] Thank you for the opportunity to present this
[1:15] my eighth and final state of the time address.
[1:18] Over the past eight years, I've been
[1:22] and businesses that have confidence, challenges, and will
[1:29] overcome.
[1:30] In eight years, they have delivered on a slow growth strategy.
[1:35] And as resulted, which has resulted in high property values and
[1:39] making possible one of the most desirable communities in our nation.
[1:47] The new businesses, with 98 new businesses just in 2021, 83 new businesses
[1:56] We continue to lower our overall debt, maintain our stellar private ratings, and embrace
[2:04] innovation for economic and social value.
[2:08] In 2021, we received the Virginia Municipal League Innovation Award for Environmental Quality
[2:15] for the pageant of over 100,000 trees to create the largest nutrient credit bank on municipal
[2:24] in the United States. We received over $900,000 in net revenue and in 100% return on investment
[2:33] from the new trade credit bank. We should give everyone that put this together on the
[2:39] block.
[2:43] Before we could go on, someone was telling me, well, Mayor, what accomplishment ten
[2:50] years from now you look at. And I told him, well, we planted a box and we made money out of
[2:57] Okay, as I stood before you all last year, I recommend that we empty all the glasses so we may be refilled.
[3:06] This was said in anticipation of the federal funds from the American rescue,
[3:11] is that floating in our community.
[3:15] As a result, I was found to see ten from five million dollars
[3:18] with the majority being invested by our town council decision
[3:23] in water and soil infrastructure for years to come.
[3:28] So our community will benefit from this for decades to come.
[3:33] And enabling the long needed renovation of our police station,
[3:38] we are reminded that these funds did not magically appear
[3:42] but were resolved of awards from advocacy through the National League of Cities
[3:49] which represent over 19,000 communities throughout the United States.
[3:56] That's brought us back to our community, following the COVID-19 pandemic.
[4:05] The state of the town,
[4:13] regional team,
[4:18] as well as the business community,
[4:20] have brought us to this moment.
[4:22] This moment of declaration that the state of the town is strong,
[4:27] and is as strong as business being in age years.
[4:30] Give the town a lot of applause.
[4:31] To
[4:36] be covered from the global pandemic, which tested and strengthened our community, and we now remain committed to deliver what we promise to create and to preserve value, and to efficiently manage our assets that we will be blessed with to ensure prosperity for every citizen.
[5:05] There's a few things to read. I've always had a few things to read from.
[5:12] Opened up,
[5:19] but I didn't try
[5:24] to put my hat in the ring to become medium of misery time.
[5:29] And on May the 6th, I was elected medium of this great town of Percival.
[5:40] As far as I've got mine,
[5:43] I've actually lived two doors from me.
[5:46] So the sun level for produce two mayors in Percival in 16 years.
[5:52] So if anyone knew maybe it might be the next minute.
[5:54] Well, anyway,
[6:02] we broke that bad news to me.
[6:04] The tragedy of Christian C. L.
[6:37] Compton being sued,
[6:39] but
[6:42] we then had the autumn hill,
[6:44] which is now called
[6:51] the town,
[6:52] and we put that running into reserve to be spent,
[6:55] and I'll get to that later.
[6:57] So we also had vineyards where we was approved
[7:00] by our bright town council,
[7:03] but at that time, we had those in debt,
[7:07] for
[7:10] the treatment now facilities and with that gap in the waste water treatment facility not so much in water treatment facility we had a balloon payment looking back
[7:23] this is 2014 we're coming into office and in six years we will have to pay $2.9 million from 2020 all the way to 2013 so that was something that we were like okay so you want to be made
[7:39] And then we also had the pressures of annexation.
[7:46] One of the annexation even wanted to put some low parts into our community.
[7:50] We remember those battles.
[7:51] Then from the first week, we started the renovation, which was phase one.
[7:56] And the new council was obligated to go forward with phase two of that.
[8:01] 108 acres, the Albany property, and I will get to that later,
[8:05] was a probably what to increase our water capacity.
[8:10] But we never developed that property
[8:13] and developed the role of resources and end.
[8:16] And then finally, we had a dilapidated maintenance facility
[8:21] with no economic value to the time.
[8:24] So this slide shows you the history.
[8:27] And I and the time console, gladly accepted that
[8:30] because we ran for console and radio and we know that this is what we inherited.
[8:38] So there was no regret. This was a challenge for us,
[8:43] with a challenge.
[8:44] So, I say to President State that when we calculated that challenge,
[8:52] a culture of
[8:57] panic stations and that culture is a slow growth culture. We saw the need to not
[9:05] go into the taxpayers' pocket for everything, right? At that time, yeah, there are an
[9:12] ill-made fear brought in from a million dollars, and there was a feeling that if you wanted
[9:17] more revenue come into the town, you could go forward with annexation, right? But so-called
[9:23] power strategy for so broad, we rejected annexation, we promote and embrace the culture of innovation,
[9:31] that innovation, innovated culture led to the 100 and 100 and 10,000 trees we planted and
[9:38] able to obtain revenue from growing trees. We also had a bike park which will be completed
[9:45] this year. And that bike park in majority of it will be completed on private funds, not taxpayer
[9:53] funds.
[9:55] During the type of COVID-19, we will call to the challenge, not do you test the health of
[10:02] community and we were able to partner with MIT Harvard and women's and
[10:08] bring them hospital and Massachusetts and a biotech company to test
[10:13] our wastewater treatment facility for COVID-19 for the string of COVID-19.
[10:19] To be able to do that, everyone is doing that.
[10:22] So we wanted the first community to do that.
[10:25] In addition, we started a community-maker space.
[10:28] We called out the old and outdated building.
[10:31] We were able to work with a private organization
[10:36] to renovate that building.
[10:38] They were nested of buckets in the ceiling.
[10:41] They came in on a weekend, or weekends.
[10:44] They got the building and renovated it.
[10:46] And now it is our community's major space.
[10:49] Folks are going here to learn plasma well then,
[10:52] drilling, robots.
[10:54] Even Maya is working on drone technology here.
[10:57] So we were able to take a longer performance, de-laptivated acid, and transform it into something of value to the community.
[11:06] We reduced our debt by $9 million. That is important.
[11:12] Because, again, we in the area of $61 million, we reduced that debt by $9 million.
[11:17] But a lot of the other debt, we called, we had debt that we could not pay in advance because we were preparing our penalty.
[11:24] We have had that in the wastewater treatment facility and I'll get to all we deal in with that
[11:30] In addition, we built a culture of transparency. We did open God open God and able everyone in the community
[11:37] And even people outside of the community to go on to the personal website to see our financial statements
[11:44] I will look who we are paying when we're paying how much we paid
[11:48] We currently, as I stand here, we have the highest cash reserve ever in the town of Percival.
[11:55] We welcome hundreds of new businesses and multiple business expansions.
[12:01] Giant, just a un-invested, over $6 million in near expansion.
[12:07] During my time at Mayor, we saw an expansion of the Tattoo Creek Distillery.
[12:12] They moved from a distillery in small town of America,
[12:16] of serving water to the community, but now they are in 40 states that work for four countries.
[12:23] They did that investment.
[12:25] Again, we also have these 98 businesses, as I mentioned in 21, year to date.
[12:31] Today, we are at 83 businesses.
[12:35] We double our meal stats.
[12:37] When you say double meal stats revenue, you think, well, did the top increase the taxes?
[12:41] We did not increase the taxes.
[12:43] This is just how the capital of business is coming into the capital first of all open up businesses and
[12:49] Everyone within the community and outside of our community see the value and shopping at the Indian and first of all
[12:56] There is a saying that value of the community is measured by all law
[13:00] It takes one dollar to leave the community all women cut it. I say this
[13:06] Thank you for making it difficult for a dollar to leave the capital first of all
[13:11] I can't cover businesses or that.
[13:13] We completed the 21st Street renovation.
[13:16] We also completed multiple roles.
[13:20] Now, first of all, it is a walkable community
[13:22] with completed roles at other infrastructures,
[13:26] sidewalks, and so on.
[13:27] $8 million from the art department
[13:30] went into the utility enterprise.
[13:33] So not just for today, we'll benefit from that
[13:36] from people 10, 20 years down the line.
[13:38] We are recording revenue streams from five of our kids in our right-of-way and our self-taught
[13:46] of these things.
[13:47] But we are also looking at a new self-taught.
[13:49] And finally, we have empowered and encouraged entrepreneurial spirit, insidious, and business
[13:57] owner.
[13:58] Michael always comes to mind when his pinked benches, pinked barrels, town mural, and even the tax
[14:05] sale.
[14:08] Okay. I know this is a lot of copy, but this is giving you a break on your eyes now. So this is where we work in 2014. The debt was $61 million and July of 2022 is $52 million. Can we not general work $9 million?
[14:27] Why this is important? It puts pressure on the next time console. So when they see this idea, say, OK, what can we do? Right?
[14:36] Because this is our scorecard for the last eight years.
[14:50] It's always an issue.
[14:56] With that $9 million in debt reduction, what that means for the...
[15:00] The general fund is that in 12 years, the general fund debt will be paid off completely. Right? That is good. That should get around to a lot, but that means it's very good. Parts in break. In 15 years, that will be paid off. But even more importantly than that is firemen's field. We would not have a morbid young firemen's field in five years. So firemen's field will be paid off. So what that means is,
[15:30] more money, less money coming out from, down the course of the road, to pay debt.
[15:36] So we have money to do community activities and services.
[15:42] The water treatment, that is a bit of a panic, more so the waste water treatment.
[15:49] But in the water treatment debt, in 2014, the concern was that from 2021 to 2013,
[15:57] and risk annual debt payment was rise from 782,932,000 a year.
[16:06] With that, we took action in 2017, then again in 2020,
[16:11] to restructure that debt.
[16:13] In restructuring the debt of 806 from 2022 to 2038,
[16:21] regard before we were paying $7.82, so it reduced that, right?
[16:27] What all of this means is that we do not have a critical problem, or we don't have a problem with a water treatment debt.
[16:35] That debt will be paid off in 20-30 days. And most importantly, with the rate that we have adopted of 3% annually in the water treatment debt, for every $1 in debt,
[16:50] we'll bring it $4.18 in revenue.
[16:54] So our revenue is four times our debt.
[16:57] That is a good financial matrix.
[16:59] So we don't have a problem with the water treatment debt.
[17:03] Right,
[17:07] too.
[17:08] I will wait for the treatment debt.
[17:09] This is the challenge, but it's not on so much more.
[17:14] In 2014, the concern was that from 2020 to 2030,
[17:19] or annual waste water treatment debt was increased from $1.2 million to $2.9 million to
[17:33] restructure that debt because of that $2.9 million. Yes, 2014, 16 years out, but we did
[17:41] actually because we looked at the futility of what's going on. So we took action immediately in
[17:46] In 2017, re-structured that debt and then again in 2020, we re-structured the debt.
[17:54] You can read this when you get home, but the reader's digest version of this is because
[17:59] of that re-structured debt now in 2025 will raise to $2.4 million, not the $2.9 million that
[18:08] we looked at back in 2014.
[18:12] Think of this.
[18:12] In the middle of COVID-19, having our debt going to 2.9 million, we were able to reduce that.
[18:19] So the challenge is, in 2025, the new debt is 2.4 million.
[18:28] Why that number is important is that someone would love to say, right today, you paid 860 thousand dollars a year for debt.
[18:39] That $860,000 is the result of our restructuring because this town can comfortably pay 1.2 million.
[18:51] So the actual delta, when we get to 2.4 million in 2025, is not 2.4 million, is 2.4 minus 1.2.
[19:01] So we have 1.2 million to deal with, right?
[19:07] That 1.2 million might actually be 1 million.
[19:11] And the reason I say that is because we have instituted rate increases at 5% per year.
[19:19] That 5% rate increase in our waste water treatment plant for every $1 of that,
[19:28] we're making $2 in revenue.
[19:30] So, in 2025, we should not panic, yes, the debt is going to increase, but if we can
[19:38] somehow how about we want a million, or worst case, 1.2 million, we call it out.
[19:43] What I recommend, and what I've been hearing from council members for years in the
[19:48] Reclamation, we have $2 million in mail stats.
[19:53] We can take some of that mail stats money.
[19:55] If the worst case comes to worse, not in, if the worst case is realized in 2025, some
[20:02] of them money can move towards that $1.1, $1.2 million delta.
[20:09] We could continue with our nutrient credit because now you have 100,000 trees.
[20:17] Actually, now I think it's 70,000 because they over planted because they wanted to make sure
[20:22] than one supply gets to that 70,000.
[20:27] If you have banks across the country
[20:30] that has made a commitment to nail zero,
[20:33] and in that commitment to nail zero,
[20:35] they would look at communities and
[20:37] investing communities that are doing green projects.
[20:40] So they can show today's here all is that we committed.
[20:44] I can see potential of us as a town
[20:47] with ten financial institutions.
[20:49] I never got that.
[20:50] We have 10 banks in this small town, but nonetheless, we can work with those banks to see if they can invest money into our trees as they grow, or get bigger.
[21:02] And that's called carbon sequestration. But that's a huge stuff. What I think we need to look at is the real stat, which is too early, if we can part some of that money into paying out in debt.
[21:13] that we also have leases that are coming from our cell towers,
[21:18] also the right and green leases,
[21:20] that can also be out of their debt.
[21:22] And then we have this thing called chargeback.
[21:26] Chargeback is needed if we're able to
[21:32] determine the accuracy of estimating it, right?
[21:36] Then we can say, okay,
[21:38] and there's a foreign word to many people.
[21:41] Chargeback is basically,
[21:42] If someone with a general fund is doing any work on behalf of the utility fund, we somehow
[21:50] have to come and be for that fund, right?
[21:53] So if someone is maybe doing some financial lender on behalf of the utility fund, we need
[21:59] to draw down money back from the utility fund, right?
[22:03] So that's an expense item that if we're able to reduce it, then we could put out savings
[22:09] towards our debt.
[22:09] So, that's what I want you know on the set from this.
[22:13] Yes, you have this basic challenge.
[22:15] The only challenge that Percival has relative to his debt profile is a waste water treatment facility.
[22:23] If you hear that $2.4 million, that's not the number.
[22:27] The magic number is $1.1 million or $1.2 million.
[22:31] And we have a waste of address that.
[22:33] And we could look at these waste addresses.
[22:35] investment. Okay?
[22:39] And finally, the last slide on both ahead. So as I said before, we have
[22:46] developed a strategy that's from foundation that we can build on. Over $8 million invested
[22:53] in future infrastructure. What is sewer infrastructure within our industries and also our reservoir
[23:01] to our property.
[23:03] We have a comprehensive plan that's
[23:05] anchored in your desire to preserve this small town.
[23:10] We have a transparent government.
[23:12] We have a strong economic base, as I have described.
[23:17] Western government and economic government
[23:18] doesn't mean they'll be described first of the last.
[23:22] Year over year business and revenue growth,
[23:26] the vacancy rate of first of the bill
[23:28] just this pass for the drop from 8% to 6.1%.
[23:32] Keep one year, our vacancy rate is based on square footage.
[23:38] So, if tomorrow, BB&T decides to merge with subtrust,
[23:43] and repeat their 10,000 square foot building,
[23:46] our vacancy rate will rise.
[23:49] That is a challenge when you have such a big square footage.
[23:53] One pregnancy can bring a vacancy rate up, right?
[24:00] When I first became mayor, then one story that I was baking,
[24:04] did you know what I was? It was a big story.
[24:09] And it was the science of the town, because red boxed up over it.
[24:14] It was a lung bluster, and that lung bluster was breaking for probably about five years, right?
[24:19] Okay, so we have that challenge with our agency rate, we need to look at it in square
[24:23] point, that's on the social media.
[24:26] The good part of this is, these are where stories about 10,000 square foot, the VBLT bank
[24:32] is probably 8,000 square foot.
[24:35] So once those places are filled up, the agency rates are going down.
[24:42] And the other part of this is the strong advocacy at the federal state and local level.
[24:49] Again, I spoke about bringing money back to the town of
[24:53] Barcelona.
[24:54] Over $65 billion was allocated through the AFS by
[24:59] partisan infrastructure law.
[25:01] I'm not for spending and taxing and so on, but I would
[25:05] rather than money come to Barcelona and any other
[25:08] community.
[25:09] So we need to equip all the staff and management to
[25:12] pursue those funds.
[25:14] Because by us pursuing those funds, we could then take
[25:17] of all select projects that we did with our confine.
[25:27] Now, in conclusion, and it's right that 730, this is good.
[25:32] You've been agreed on it.
[25:34] The charm and small town character, first of all,
[25:37] is one of our competitive advantages
[25:41] and the well-sprink of our economic vitality.
[25:46] It is what makes tourists stop
[25:51] and enjoy
[25:52] the site sounds, flavors, and activities of our great-time
[25:57] versatile.
[25:58] We continue to focus on delivery of exceptional services
[26:02] to our citizens and to remain an economic part
[26:06] of West Indow County.
[26:08] We will achieve this or continue to achieve this
[26:12] by wisely investing precious tax dollars
[26:17] and to continue to pursue ways to generate non-tax revenue
[26:22] that will not compromise the charm of our bring down.
[26:25] Our strategy for slow growth and rejection of annexation
[26:30] with high density residential development
[26:34] is paying dividends by making our community
[26:38] inviting highly desirable and our residents are seeing
[26:44] this with every increase in property value.
[26:48] To our new residents,
[26:49] We know you paid a premium to live in Percival.
[26:54] You must drive the cost to be checked,
[26:58] high density residential annexation,
[27:00] in order to protect the value of your homes and our homes.
[27:05] To conclude, there are challenges ahead of us
[27:09] when we are prepared to meet up head-on and prevail
[27:12] as a town animation.
[27:15] We are the staff that is committed
[27:17] to maintain the safe, healthy quality of life, small town atmosphere, and positive values
[27:26] that we want for this place we call home.
[27:33] In closing, I thank you all again for the opportunity to start you over these past eight years
[27:41] and to present here tonight my final state of the town address.
[27:45] It has been my pleasure.
[27:47] So listen to your ideas, concerns, even criticism, and to work with the staff, committees,
[27:56] commissions, and boards, and counsel to make personal and exemplary community rooted in
[28:03] small-time character economic strength, operational resiliency and strategic determination.
[28:10] to my wife Angela and to our children Darius Naomi and Jeremy. I greatly appreciate your patience,
[28:21] prayer, love and support. You will be in constant as faithful as the morning sun throughout my four
[28:31] turns as male person. Thank you for sharing with me with this great tongue. Let's give Angie a
[28:46] I now thank our manager, Tom Vanager, our staff, president and class for data professionalism, dedicated service, and patience with amazing values, thinking of always, you have a new idea, thank you very much for that, thank you very much.
[29:04] Let's give them a round of applause.
[29:10] And to the citizens of the first floor,
[29:13] it goes up to you to a set, two meetings,
[29:18] a one-kailer event, and a viewing time is hours.
[29:22] It's a complete submission for this breakdown
[29:25] for our citizens.
[29:27] Thank you for your generosity.
[29:29] And today,
[29:32] Council, come January 1st.
[29:36] As you run for election, that is the table of fun.
[29:41] Once you sit on the back, it returns a table of commitment.
[29:48] Wish you all luck.
[29:52] And then stay in the town.
[29:54] You are the scorecard from this old boy wayer.
[29:56] Please live up to that and he will accept.
[29:59] I know you can.
[30:00] Because you have a great community, that backs you. Thank you all very much.
[30:24] With that said, I need to close this meeting, huh? So, can we have a motion to adjourn,
[30:36] second, aye,