1 00:00:00,000 --> 00:00:28,300 Community order, Scott Sandel, chairing you fair today, June 16th, 4.5 in the afternoon. We do have a quorum. We will recognize Kerry, who is with us online and excuse Dan, who could not make the meeting. The other three members are myself and two members are here in person. And so we do have a quorum. 2 00:00:28,300 --> 00:00:45,840 The first item on the agenda would be I would entertain a motion to accept and approve the minutes from January 13th, 2026 motion and seconded, all in favor say aye. 3 00:00:45,840 --> 00:00:45,900 Aye. 4 00:00:46,420 --> 00:00:47,000 Aye. 5 00:00:47,900 --> 00:00:48,800 Any opposed? 6 00:00:49,780 --> 00:00:52,380 A rule that motion passes unanimously. 7 00:00:53,160 --> 00:00:59,320 We are going to go to our executive director report to Ben Bies, always on top of things, 8 00:00:59,500 --> 00:01:05,460 working really well and anxious to see his, or hear his report. 9 00:01:05,860 --> 00:01:06,780 Ben, Mike's on. 10 00:01:07,620 --> 00:01:07,820 Great. 11 00:01:08,000 --> 00:01:08,760 Thank you, Mr. Chair. 12 00:01:09,700 --> 00:01:12,660 Just a few quick updates I'd like to give to the board. 13 00:01:14,080 --> 00:01:15,680 We're going to talk quite a bit about the budget. 14 00:01:15,800 --> 00:01:19,700 I do have a budget update for the current physical year that I'd like to start with. 15 00:01:20,700 --> 00:01:25,200 So this is as of the end of May of this year. 16 00:01:25,340 --> 00:01:28,180 So we have one month left in our budget cycle. 17 00:01:29,180 --> 00:01:30,340 Budget's looking really good. 18 00:01:33,640 --> 00:01:38,740 From a revenue standpoint, we didn't get any tax increment this year, as there's been 19 00:01:38,740 --> 00:01:43,660 activity in the power district. It's mostly been the demolition so far, prior to the Rocky Mountain 20 00:01:44,140 --> 00:01:51,220 power headquarters, so that actually reduced our property taxes for the area. So we're not quite 21 00:01:51,220 --> 00:01:57,840 getting tax increment yet, but is that building and other progress will get positive in that in future 22 00:01:57,840 --> 00:02:05,560 years. Sales tax and the capital city revitalization tax are both quite a bit ahead of estimates. 23 00:02:06,240 --> 00:02:13,940 The outdoor adventure infrastructure restricted account, again, is coming in right about where we projected at $5.8 million. 24 00:02:14,660 --> 00:02:30,500 We are getting a little bit of money from telecommunications and municipal energy tax, along with our state appropriation and interest payments from our pitific account, which is just kind of like a money market account through the state treasurer's office. 25 00:02:30,500 --> 00:02:57,760 Yes, ask for a reminder on the outer adventure infrastructure restricted account is the 10% of the total account that you fair is by legislation going to receive in perpetuity correct and what can you remind me where in the state budget, or maybe senator, you can answer that where does this revenue come from. 26 00:02:58,260 --> 00:03:08,120 And I only ask because I wonder how we, if we can look to that to anticipate what future growth it's a statewide sales tax. 27 00:03:08,720 --> 00:03:12,560 Yeah, it comes from the number of sources. I think the biggest one is that sales tax. 28 00:03:13,500 --> 00:03:19,520 I think 1% of statewide sales tax is put into that account. And then there are a few other revenue sources as well. 29 00:03:20,440 --> 00:03:27,640 So, yes, perfect, we get 10% of that fun, then we also, it was actually capped last year, 30 00:03:27,720 --> 00:03:33,200 so we get 10% of what the amount was, lashing, and we get 50% of the growth of that as well. 31 00:03:34,080 --> 00:03:39,420 So that is money that will be going towards the stadium, most likely. 32 00:03:43,620 --> 00:03:50,820 From a expenditure side, we had a couple items that are a little bit higher than budgeted. 33 00:03:50,820 --> 00:03:55,980 Overall, we're still projected to be under our budget of $75,000. 34 00:03:57,940 --> 00:04:02,180 The big one that went over budget was the information technology, the IT expenditures. 35 00:04:02,940 --> 00:04:09,240 As we rolled out our website, which I do want to show to the board, there's some additional expenses for that. 36 00:04:09,660 --> 00:04:14,360 The cost of hosting the site is also in there that was not budgeted. 37 00:04:14,360 --> 00:04:20,240 So we went a little bit over budget there, but again, that's made up for with understanding on on other 38 00:04:21,020 --> 00:04:29,980 items there. So we will get into in the budget hearing, we will have the expected expenditures 39 00:04:29,980 --> 00:04:35,040 for the current fiscal year, and they are under that $7000, $5,000 target that we were after 40 00:04:35,860 --> 00:04:41,400 as well as projections for next year. The big item that's not on there yet is security and cleanup. 41 00:04:41,400 --> 00:04:51,880 We did partner with Salt Lake City and the Department of Public Safety to purchase a bunch of security cameras for the district area. 42 00:04:53,260 --> 00:04:54,700 UHP's got access to those. 43 00:04:54,820 --> 00:05:02,260 Salt Lake City PD also has access to those and we need to pay public safety for that. 44 00:05:02,280 --> 00:05:05,400 That's $150,000 under security and clean up that we haven't done. 45 00:05:05,760 --> 00:05:07,320 But we'll do that before the end of the fiscal year. 46 00:05:09,580 --> 00:05:14,640 I do also just want to show it. I sent this to the board earlier, but we went live with 47 00:05:14,640 --> 00:05:22,180 our website a couple months ago. It's just a very simple website, but it gives the public 48 00:05:22,180 --> 00:05:28,720 opportunity to learn a little bit about what you first doing, what's in the news. We do 49 00:05:28,720 --> 00:05:33,760 We also have access to our board materials from this website as well. 50 00:05:37,800 --> 00:05:40,080 So we have contact information on here. 51 00:05:40,160 --> 00:05:44,240 We have a way to contact me if there's any questions from the public. 52 00:05:44,520 --> 00:05:46,240 So this is up, this is active. 53 00:05:47,960 --> 00:05:52,260 Feel free to share it if there are residents or others that have questions or concerns or 54 00:05:52,260 --> 00:05:53,060 need to get in touch. 55 00:05:53,540 --> 00:05:54,780 This is a great way to do it. 56 00:05:54,780 --> 00:06:01,020 So if there's changes you'd like to see as a board or additional information happy to look into those as well. 57 00:06:01,340 --> 00:06:03,780 So I just want to make sure that was brought to the board's attention. 58 00:06:05,960 --> 00:06:12,100 And then the last item is I just wanted to talk about the opportunity zones. 59 00:06:12,280 --> 00:06:14,480 And I know that the city has been really involved with these. 60 00:06:16,580 --> 00:06:20,240 The UFAR district area was part of the original opportunity zone. 61 00:06:20,800 --> 00:06:22,420 Those are expiring at the end of the year. 62 00:06:23,160 --> 00:06:27,680 They're going through the process right now of re-establishing those opportunity zones. 63 00:06:28,160 --> 00:06:36,000 What this does is it provides a mechanism for investors to put money into the area and get some tax benefits as that area grows. 64 00:06:37,260 --> 00:06:40,780 So it's really beneficial to the area that to encourage investment. 65 00:06:41,420 --> 00:06:52,400 We appreciate Salt Lake City putting that on one of their priorities and I know it's in the governor's office's hands right now with the governor's office of economic development. 66 00:06:52,400 --> 00:07:11,300 And so we would we would love to have that included going forward as it has been so so can I ask you a question how much of a footprint has has the opportunity zone ban of you fair footprint and how much would it be asked for in the future. 67 00:07:11,800 --> 00:07:17,180 Like is it 10% is it it's not the whole I believe the whole part of the district. 68 00:07:20,960 --> 00:07:25,660 I just didn't know if it had the State Fair Park in it as well. 69 00:07:26,400 --> 00:07:27,120 Yeah, I believe it does. 70 00:07:33,320 --> 00:07:44,160 Certainly, any encouragement, if you see the governor or his staff, we would love some additional push for that to make sure that continues. 71 00:07:44,160 --> 00:07:44,320 is. 72 00:07:45,140 --> 00:07:45,360 Okay. 73 00:07:45,580 --> 00:07:45,940 Thanks. 74 00:07:46,060 --> 00:07:46,360 Thank you. 75 00:07:46,800 --> 00:07:49,560 And that, I think, wraps up my executive director report. 76 00:07:50,320 --> 00:07:50,500 Thanks. 77 00:07:51,280 --> 00:07:53,680 I think we've asked him to answer the questions along the way. 78 00:07:53,820 --> 00:07:56,200 Let's move to budget hearing. 79 00:07:56,820 --> 00:07:57,300 Ben. 80 00:07:58,000 --> 00:07:58,240 Great. 81 00:07:59,420 --> 00:08:03,980 I'll present the budget and then we can open it up for a public budget hearing. 82 00:08:04,420 --> 00:08:09,360 If there's any members of the public that wish to comment or ask questions about that. 83 00:08:09,360 --> 00:08:17,500 So, what we have here is our FY27 budget proposal that's in the far right column, column D. 84 00:08:18,600 --> 00:08:22,600 In the middle column is the current year estimates, so it's the numbers I just showed, 85 00:08:22,740 --> 00:08:26,560 along with any projected expenditures that we're planning for the rest of the physical year. 86 00:08:27,400 --> 00:08:36,700 And then in column B, that first column is what we actually collected and spent in FY25. 87 00:08:36,700 --> 00:08:45,920 So that was, again, just a partial year, so those numbers you'll see are quite a bit lower, but going forward, they're much more similar. 88 00:08:46,220 --> 00:09:00,440 So we are projecting just modest increases in our revenues here, really just, you know, the 3 to 5% growth in self-tax and the related funds. 89 00:09:00,440 --> 00:09:04,380 Our state appropriation is $2 million ongoing. 90 00:09:04,560 --> 00:09:08,720 It was split as you can see between FY 25 and FY 26. 91 00:09:09,340 --> 00:09:12,720 So we'll get the $2 million going forward in FY 27. 92 00:09:13,820 --> 00:09:20,300 And then interest from the amounts that were held in the PTIF. 93 00:09:20,540 --> 00:09:22,480 We continue to get those. 94 00:09:24,620 --> 00:09:29,040 On the expenditure side, again, just kind of modest increases or 95 00:09:29,040 --> 00:09:44,740 or leaving those the same for the most part, we did bump up professional services from 100,000 to 150,000 just to account for any contracts or other increases in those accounts that we need. 96 00:09:45,320 --> 00:09:55,080 That pays for our annual audit, it pays for our financial statement preparation, we use that for the firm to help prepare and build the website. 97 00:09:55,080 --> 00:09:59,540 So a lot of different categories going into that. 98 00:10:00,640 --> 00:10:01,240 Administrative. 99 00:10:01,480 --> 00:10:02,020 Hang on a second. 100 00:10:02,260 --> 00:10:02,440 Mayor. 101 00:10:02,720 --> 00:10:02,820 Yes. 102 00:10:03,320 --> 00:10:03,760 Thanks. 103 00:10:03,920 --> 00:10:08,200 Can you talk to us about the increase in salaries? 104 00:10:10,300 --> 00:10:13,640 So that, yeah, it was 400,000 last year. 105 00:10:14,120 --> 00:10:16,480 We're projected to spend 383. 106 00:10:16,760 --> 00:10:24,400 So just bumping that up for any colas or we have increases in PHP rates. 107 00:10:25,000 --> 00:10:33,620 those types of things, so definitely don't expect to be that high to 450,000 but just want to bump it up a little bit. 108 00:10:34,260 --> 00:10:39,280 Okay, so when I look at column B at the 258, that's not actually. 109 00:10:39,520 --> 00:10:47,340 So 258, so I started in October of the physical year, so it only accounted for eight months, seven and a half months of the year. 110 00:10:48,160 --> 00:10:51,800 So column C is the projection for this year. 111 00:10:51,800 --> 00:11:08,740 Okay, and what just out of curiosity because our council is finishing our budget as we speak what cola did you count this year if you remember so I I haven't counted anything yet I just bumped that up a little bit to to account for a potential cola. 112 00:11:09,700 --> 00:11:17,120 I think the last Cola adjustment was the same as the state Cola, which was two and a half. 113 00:11:17,120 --> 00:11:21,440 I was going to say two and a quarter, but it could have been two and a half. 114 00:11:22,260 --> 00:11:27,540 But it was in that two, just mid two percent range for Cola was what we did. 115 00:11:30,670 --> 00:11:31,930 Yeah, go ahead, Kim. 116 00:11:34,400 --> 00:11:37,920 Yeah, we're getting recorded, so we better have a use of Mike. 117 00:11:37,920 --> 00:12:06,020 Is the total that we're trying to erase in tax revenues, is that about the 9 million mark and how many years does it take us to achieve that do you think then can answer all that yeah, so in order to bond for $900 million for stadium, where we're well shy of that right now. So those will continue to grow as sells taxes grow in the district. 118 00:12:06,020 --> 00:12:10,560 And once we get additional activity there, we'll see much larger increases. 119 00:12:11,540 --> 00:12:16,040 So we really need, we really need all the money coming in that we can get right now. 120 00:12:16,660 --> 00:12:26,060 The more that we can get in these years before we have to bond, really reduce the amount of capitalized interest that we'll need in those first years. 121 00:12:26,060 --> 00:12:37,700 And that's a really expensive way to finance, as you know, if we have to basically borrow money to pay payments for the bond in those first years. 122 00:12:37,940 --> 00:12:40,900 So the more that we can raise in these early years, the better. 123 00:12:41,640 --> 00:12:47,860 I would say that we have a number that we're targeting right now for yearly tax revenues. 124 00:12:48,400 --> 00:12:55,860 but we're really keeping that $900 million stadium bond as kind of our long-term target. 125 00:12:56,520 --> 00:12:58,900 One of the, excuse me for my question. 126 00:12:58,900 --> 00:12:59,660 Oh, go ahead. 127 00:13:00,980 --> 00:13:06,600 One of the issues, of course, is not knowing when we really will need a stadium. 128 00:13:07,320 --> 00:13:10,240 I mean, we want to be ready if we do get it. 129 00:13:10,820 --> 00:13:16,380 But we don't even know if collective bargaining is going to go out a couple of years. 130 00:13:16,380 --> 00:13:22,060 and, you know, we don't know what's happening, so we just need to apply ahead and be ready 131 00:13:22,060 --> 00:13:22,640 when we know. 132 00:13:23,040 --> 00:13:23,420 Absolutely. 133 00:13:23,740 --> 00:13:30,660 And that's really a thing is, I think that the selling point of Utah as a major league 134 00:13:30,660 --> 00:13:32,600 baseball market is that we are ready. 135 00:13:33,440 --> 00:13:36,740 We've got kind of all the pieces in place and so I think this is definitely a huge part 136 00:13:36,740 --> 00:13:37,040 of it. 137 00:13:37,480 --> 00:13:44,300 So, so maybe I can just walk through a few of the bigger level steps for you fair to be 138 00:13:44,300 --> 00:13:52,500 to bond. One of is when the stadium is complete, the ownership group will lease the stadium back 139 00:13:52,500 --> 00:13:59,380 from UFARE. So there will be a revenue stream there. Once it's announced, we can then implement 140 00:13:59,380 --> 00:14:08,160 the sales tax on car rentals that will flow into UFARE that's already been discussed. 141 00:14:08,160 --> 00:14:18,720 and the outdoor recreation piece is expected to grow and UFAR is able to 142 00:14:18,720 --> 00:14:26,700 capture anything above the baseline at the 50% of the growth. So that will 143 00:14:26,700 --> 00:14:34,150 continue to grow in a positive way, not in a flat way. So those are some of the 144 00:14:34,150 --> 00:14:39,830 pieces that we will be able, that we're looking for to bond against in addition to the tax increment. 145 00:14:40,350 --> 00:14:41,870 That's so helpful. Thank you. 146 00:14:42,010 --> 00:14:50,570 So, we do have a modeled plan to be able to get there, but we've got to kind of wait for 147 00:14:50,570 --> 00:14:53,590 baseball to be announced for some of those to kick into. 148 00:14:55,290 --> 00:14:59,570 Mr. Chair appreciate the comment on tax increment. We've talked about that in the past and that's going 149 00:14:59,570 --> 00:14:59,970 to war. 150 00:15:00,880 --> 00:15:16,160 Public infrastructure improvements, mostly the Jordan River and the associated trails and improvements to that. That's where the tax increments are going to go rather than the stadium. So we're going to spend a lot of money on those improvements as well. That's a different source that will come from. 151 00:15:21,580 --> 00:15:31,820 Coming back down here, we also increased slightly the administrative budget to account for the office lease that you first signed last year. 152 00:15:33,740 --> 00:15:37,220 information technology was bumped up to account for those increased costs of hosting 153 00:15:37,220 --> 00:15:44,820 the website and the other legal fees and travel. We're kept the same. We're not projecting 154 00:15:45,510 --> 00:15:52,620 money for security and cleanup. Right now, we certainly have the opportunity to increase 155 00:15:52,620 --> 00:15:58,620 the budget later on if we need to throughout the year. But total general government appropriation 156 00:15:58,620 --> 00:16:05,120 of $690,000, $15,000 decreased from what we did last year, from the budget last year. 157 00:16:05,320 --> 00:16:09,740 So, happy to answer additional questions there. 158 00:16:10,440 --> 00:16:17,060 Yeah, any other questions, Carrie, I'm assuming you're on to and could see that or hear that? 159 00:16:17,520 --> 00:16:24,920 I'm on and good afternoon and Ben spent some time walking me through it previously, so I'm 160 00:16:24,920 --> 00:16:25,080 good. 161 00:16:25,980 --> 00:16:26,320 Thank you. 162 00:16:26,320 --> 00:16:30,060 I don't see any questions from anyone else up here. 163 00:16:30,740 --> 00:16:31,920 So let me turn now. 164 00:16:32,830 --> 00:16:36,800 We want to make sure if there's anybody in the public that would like to comment on 165 00:16:36,800 --> 00:16:38,220 the budget or ask questions. 166 00:16:38,660 --> 00:16:40,220 I don't see anybody in the room. 167 00:16:40,400 --> 00:16:41,260 Do we have anybody online? 168 00:16:42,260 --> 00:16:42,620 We don't. 169 00:16:43,060 --> 00:16:44,820 Okay, well I'll close public comment. 170 00:16:45,280 --> 00:16:50,080 We'll come back now to the board for a motion to approve the budget. 171 00:16:53,410 --> 00:16:55,550 I'll move and camel second. 172 00:16:55,550 --> 00:17:02,290 Thank you. We have a motion in a second. Any discussion to that motion? Seeing none all in favor say I I 173 00:17:03,790 --> 00:17:09,850 Any opposed I'll rule out motion passes unanimously. Thank you for your approval of the budget 174 00:17:10,750 --> 00:17:18,230 We're gonna now now ask Carl Duke come up and give us a Larry H. Miller real estate update and 175 00:17:19,390 --> 00:17:20,850 Your mic should be on 176 00:17:20,850 --> 00:17:24,270 Can I ask you a question first? 177 00:17:24,650 --> 00:17:24,910 Sure. 178 00:17:25,130 --> 00:17:26,630 What's happening to Brad Hall? 179 00:17:26,870 --> 00:17:29,530 You can see he resigned off. 180 00:17:31,110 --> 00:17:33,130 I can see out of the Miller agree for us. 181 00:17:34,190 --> 00:17:36,030 He's he's most certainly not. 182 00:17:37,150 --> 00:17:37,870 He's still there. 183 00:17:37,870 --> 00:17:39,090 That's what I wanted to mention. 184 00:17:39,190 --> 00:17:39,310 Yeah. 185 00:17:39,410 --> 00:17:43,470 Brad's asked us to manage the administrative side of the pits. 186 00:17:43,670 --> 00:17:46,010 And he had a conflict today that he couldn't move. 187 00:17:46,170 --> 00:17:49,350 But no, you'll be seeing plenty of Brad in the future. 188 00:17:52,170 --> 00:17:57,990 I appreciate the opportunity you provide a brief update on our activity out of the power 189 00:17:57,990 --> 00:17:58,430 district. 190 00:17:59,170 --> 00:18:02,350 These presentations in the past have been difficult for me. 191 00:18:02,490 --> 00:18:09,070 There's only so much I can do to spice up infrastructure and environmental remediation 192 00:18:09,070 --> 00:18:11,750 and permitting, but we have some fun photos today. 193 00:18:13,350 --> 00:18:17,470 The headquarters project that you see here is on schedule. 194 00:18:18,050 --> 00:18:23,870 Our next major milestone will be topping out of steel, which will take place at the end 195 00:18:23,870 --> 00:18:25,130 of September. 196 00:18:26,690 --> 00:18:31,990 We're working with the contractors to make sure that all of the purchases for this building 197 00:18:31,990 --> 00:18:33,650 are properly documented. 198 00:18:34,310 --> 00:18:40,770 That will generate approximately $4.7 million in tax proceeds for UFARE. 199 00:18:40,770 --> 00:18:44,630 and $920,000 for the City of Salt Lake. 200 00:18:51,210 --> 00:18:55,610 These images show how much occurs underground, 201 00:18:56,110 --> 00:18:58,910 as you're trying to get a building moving 202 00:18:59,350 --> 00:19:04,350 to recall that this tower sits on approximately 160 piles. 203 00:19:04,590 --> 00:19:07,170 And then what you see here is a labyrinth 204 00:19:07,170 --> 00:19:09,950 of steel and concrete that ties all of those piles 205 00:19:09,950 --> 00:19:12,730 together and give it its strong foundation. 206 00:19:14,030 --> 00:19:17,850 This is an aerial of the site from this morning. 207 00:19:18,190 --> 00:19:21,890 You can see that we're about done with all of our footings and foundations. 208 00:19:22,010 --> 00:19:26,730 We have one more pour and we've already started our slab pours. 209 00:19:27,570 --> 00:19:32,670 We will have an additional slab pour starting at two o'clock in the morning tomorrow. 210 00:19:36,440 --> 00:19:44,860 This image is produced by our steel manufacturer and shows how much of our steel and green and in peach 211 00:19:44,860 --> 00:19:52,840 is completed. And on its way, this is an extremely busy week for the site that 212 00:19:52,840 --> 00:19:59,380 crane on the bottom left arrived today. It's the largest production crane 213 00:20:00,460 --> 00:20:07,340 that's made. We take delivery of steel starting tomorrow and we'll continue to 214 00:20:07,340 --> 00:20:11,900 shake out steel and inventory it over the next seven days and then a week from 215 00:20:11,900 --> 00:20:14,560 tomorrow's steel erection for the tower begins. 216 00:20:18,970 --> 00:20:21,830 While this isn't in the U Fair boundary, it's a 217 00:20:21,830 --> 00:20:26,970 critical building that needs to advance in order for us to be able to develop the rest of the site. 218 00:20:27,070 --> 00:20:33,470 This is the essential services building for Rocky Mountain Power. You can see the base isolators 219 00:20:33,470 --> 00:20:39,250 to the right there that the foundation sits on. This building is designed to move five feet in every 220 00:20:39,250 --> 00:20:45,050 direction in a seismic event. They're about halfway through their steel 221 00:20:45,050 --> 00:20:48,890 direction and that project's also on schedule. 222 00:20:54,040 --> 00:20:56,780 We are participating with the LDS 223 00:20:56,780 --> 00:21:03,480 Church for the Salt Lake City Temple Open House. This area in red which is 224 00:21:03,480 --> 00:21:07,980 generally bounded by Redwood Road and North Temple will be a large parking 225 00:21:07,980 --> 00:21:15,400 field. The public will be encouraged to come here and park and take shuttle buses into the 226 00:21:15,400 --> 00:21:23,760 downtown core for the temple experience. I only raised this because you'll be seeing quite 227 00:21:23,760 --> 00:21:31,000 a bit of activity over the next couple weeks as we fill in those old reclamation pits as we remove 228 00:21:31,000 --> 00:21:37,420 the footings and foundations from the Ramada property and prepare this for paving to start 229 00:21:37,420 --> 00:21:39,500 at the end of August. 230 00:21:41,970 --> 00:21:45,430 In addition to the headquarters, the ESP and parking, 231 00:21:46,410 --> 00:21:49,810 we will always have infrastructure continuing. 232 00:21:50,330 --> 00:21:53,650 We're installing infrastructure right now on 1460, 233 00:21:53,650 --> 00:21:55,370 which will be named Electric Avenue. 234 00:21:56,610 --> 00:21:59,010 And we're pleased to announce that building A, 235 00:21:59,110 --> 00:22:02,090 which you guys have seen some images of in the past 236 00:22:02,090 --> 00:22:04,690 is in for permit with the city now. 237 00:22:07,360 --> 00:22:09,720 So with that, I'm happy to answer any questions. 238 00:22:11,440 --> 00:22:24,500 I know we put up some signings and we wanted something that said welcome to Salt Lake City 239 00:22:24,500 --> 00:22:30,680 and the opening of the Salt Lake Temple or something, but welcome to Salt Lake City. 240 00:22:34,500 --> 00:22:39,000 So we're working with the church for fence scrim and signage. 241 00:22:39,000 --> 00:22:45,240 So there'll be directional signage to make sure that people arrive here, but also a fence 242 00:22:45,240 --> 00:22:53,060 scrim that announces this is the parking. Welcome to Salt Lake. And we may have some additional 243 00:22:53,060 --> 00:22:58,860 material that references the power district itself. The, when you look at the headquarters, 244 00:23:03,620 --> 00:23:08,900 they all in mayor. Go ahead. Well, killman, there's the phone. Well, killman, there's the phone. 245 00:23:08,900 --> 00:23:11,280 Let's switch over to the mayor who has a question. 246 00:23:11,740 --> 00:23:17,520 I think, Kim, maybe you are also referring to what we talked about in our last board meeting 247 00:23:17,520 --> 00:23:22,940 which is the beautification project along the North Temple corridor that we want to include 248 00:23:22,940 --> 00:23:23,360 banners. 249 00:23:23,780 --> 00:23:24,620 Welcomeing banners. 250 00:23:25,800 --> 00:23:34,260 We were asking members to put banners on their property and one of the reasons I raised 251 00:23:34,260 --> 00:23:41,060 that was, we were asking them to say future side of the ball diamond. 252 00:23:42,280 --> 00:23:47,060 I don't know. I don't know if we maybe should be quite that bold. 253 00:23:47,420 --> 00:23:48,960 It's not this board, that's it. 254 00:23:49,000 --> 00:23:52,380 I know, but, but, but even, even at that. 255 00:23:53,360 --> 00:23:55,300 It's a fair question, Kim. 256 00:23:55,580 --> 00:23:58,920 We, there's going to be a lot of people going through here. 257 00:23:59,000 --> 00:24:03,840 We want to make sure that we educate them because there will be a ten story office building 258 00:24:03,840 --> 00:24:07,940 being out of the ground and almost fully glazed when they start parking here. 259 00:24:08,080 --> 00:24:12,780 So it is going to raise some questions and we do need to explain to them, this is the 260 00:24:12,780 --> 00:24:13,440 power district. 261 00:24:13,700 --> 00:24:18,120 Here is what's under construction now, here's what you can anticipate will be coming in 262 00:24:18,120 --> 00:24:18,520 the future. 263 00:24:19,200 --> 00:24:19,580 Yeah. 264 00:24:19,800 --> 00:24:24,240 It's a good educational experience for a lot of people and quite honestly a lot of people 265 00:24:24,980 --> 00:24:29,780 outside of Salt Lake City who will come to visit that will be interested and maybe not 266 00:24:29,780 --> 00:24:32,140 be aware of the development. 267 00:24:33,000 --> 00:24:37,200 any other questions here? I looked like Carrie had her hand up. 268 00:24:37,680 --> 00:24:42,160 Yeah, Carl, would you remind me who your general contractor is? 269 00:24:43,160 --> 00:24:46,080 And this contractor on the headquarters is opened. 270 00:24:46,920 --> 00:24:52,020 And do they primarily source out of Utah suppliers and providers? 271 00:24:52,760 --> 00:24:59,300 Like that steel contract looks amazing and I'm just hoping some Utah company got to benefit from it. 272 00:25:00,240 --> 00:25:06,940 We do put a preference for local manufacturing and subcontractors. 273 00:25:07,320 --> 00:25:10,560 The steel in this case is coming from Schuff. 274 00:25:11,260 --> 00:25:17,120 Schuff does have an office here and will be using many of their expertise. 275 00:25:18,040 --> 00:25:21,540 This particular steel was manufactured in Arizona. 276 00:25:22,120 --> 00:25:26,840 Our glazing which is the next major component is coming out of India. 277 00:25:26,840 --> 00:25:28,980 Yeah, we don't have any glazing manufacturing. 278 00:25:29,540 --> 00:25:29,700 Right. 279 00:25:30,400 --> 00:25:31,020 I understand. 280 00:25:31,260 --> 00:25:32,180 I appreciate it. 281 00:25:32,280 --> 00:25:32,680 Thank you. 282 00:25:33,420 --> 00:25:34,240 Thank you. 283 00:25:34,540 --> 00:25:34,760 Mayor? 284 00:25:36,100 --> 00:25:36,960 Separate subject. 285 00:25:37,260 --> 00:25:42,080 Could you just give us an update on where field operations is that in their process? 286 00:25:42,760 --> 00:25:42,880 Yeah. 287 00:25:42,980 --> 00:25:44,860 I'm so excited to see their product. 288 00:25:46,020 --> 00:25:51,660 So we've been doing a lot of base files and making sure that they understand the site and 289 00:25:51,660 --> 00:25:53,780 understand the regulatory environment. 290 00:25:53,780 --> 00:26:00,560 we don't have designs yet. We've had a number of discussions. We plan on using July and August 291 00:26:00,560 --> 00:26:08,260 to meet with stakeholders, both public and and private meetings, to gather input on what they 292 00:26:08,260 --> 00:26:13,460 would like to see in that river environment. And then we'll start producing our first designs for 293 00:26:13,460 --> 00:26:22,960 the river itself. Maybe second or third quarter. Next year. Yeah. Thanks. Thank you. Any other questions? 294 00:26:22,960 --> 00:26:37,840 I have I just one question. So the parking for the temple experience, you're going to pave the entire entire space in the in most or at least most of it and then obviously that's going to have to 295 00:26:38,400 --> 00:26:44,540 be ground and taken back up as the rest of the development happens. So you're going to pave it for just the six month experience. 296 00:26:45,040 --> 00:26:46,960 It's going to be a temporary pavement. 297 00:26:46,960 --> 00:26:51,980 And much of the site that you see within red is already paved materials. 298 00:26:52,200 --> 00:26:54,820 So a lot of it's concrete, some of it's already hardened. 299 00:26:56,120 --> 00:26:59,520 So the remodest site and the old remediation will be new pavement. 300 00:27:00,060 --> 00:27:05,020 And then there will be new striping and probably a new surfacing coat on the existing asphalt. 301 00:27:05,360 --> 00:27:05,600 Okay. 302 00:27:05,880 --> 00:27:07,860 But not designed to exist longer. 303 00:27:07,860 --> 00:27:08,120 Yeah. 304 00:27:08,300 --> 00:27:08,480 Okay. 305 00:27:09,160 --> 00:27:09,680 Perfect. 306 00:27:10,280 --> 00:27:10,700 Thank you. 307 00:27:10,760 --> 00:27:15,260 I think it's really a nice thing to be able to coordinate and do that. 308 00:27:15,260 --> 00:27:17,080 be a great space. 309 00:27:20,580 --> 00:27:23,740 No other questions? Okay, thanks, Carl. 310 00:27:24,020 --> 00:27:31,420 Thank you. We're going to now move to back to Ben. We need to talk about a resolution to replace Brad. 311 00:27:32,080 --> 00:27:38,000 Holmes with the Spencer Hill on the pit boards and Ben. 312 00:27:39,060 --> 00:27:42,320 Yes, thank you, Mr. Chair. And Kim asked a great question earlier. 313 00:27:42,320 --> 00:27:49,100 Brad's not going anywhere, just trying to manage his workload, which is immense as you can imagine. 314 00:27:49,740 --> 00:27:54,380 He asked to be replaced on these pit boards. 315 00:27:54,820 --> 00:28:05,280 We had a pit meeting yesterday for the other Power District Pids that he is on, where we put Spencer Hilla on those pit boards. 316 00:28:05,280 --> 00:28:12,380 These two PIDs, 4 and 11, are the PIDs of the board created in October for the stadium specifically. 317 00:28:13,080 --> 00:28:14,780 Those are subsidiaries of UFARE. 318 00:28:15,540 --> 00:28:25,160 And so they are, it's up to the board to determine that board composition, which is why we are bringing it to the board for that change with the other ones being made yesterday. 319 00:28:25,500 --> 00:28:31,980 So this is just, again, a resolution to accept Brad's resignation and put Spencer, Hila and his place. 320 00:28:39,100 --> 00:28:46,860 Let me do this. Come on up and get a mic because this is actually really a good Kim. Thank you. 321 00:28:48,240 --> 00:28:53,080 What do you introduce yourself to the board and the public and tell us a little bit about your 322 00:28:53,760 --> 00:28:58,760 experience and kind of your maybe your vision a little bit. We'll turn this into a little bit of a 323 00:28:58,760 --> 00:29:01,120 confirmation hearing, how's that? 324 00:29:01,760 --> 00:29:03,980 Well, great, yeah, happy to be here. 325 00:29:04,580 --> 00:29:05,340 Thanks for this. 326 00:29:05,580 --> 00:29:06,840 My name's Spencer Hilla. 327 00:29:06,940 --> 00:29:10,860 I join Larry H. Miller real estate in October of 2024, 328 00:29:11,380 --> 00:29:14,720 specifically to join Carl and work on the Power District 329 00:29:14,720 --> 00:29:15,360 project. 330 00:29:15,620 --> 00:29:17,400 So that's where I dedicate my time. 331 00:29:17,500 --> 00:29:20,300 My whole career has been in commercial real estate 332 00:29:21,240 --> 00:29:26,240 with shops in San Francisco and then got to know Carl 333 00:29:26,240 --> 00:29:31,020 and spent time at property reserve prior to Cummular E.H. Miller real estate. 334 00:29:31,420 --> 00:29:39,320 And I oversee a lot of the finance and underwriting of the deals, I'll be heavily involved from the public finance side. 335 00:29:40,000 --> 00:29:43,700 And that's a lot of what I do along with helping Carl move the project forward. 336 00:29:44,440 --> 00:29:47,380 Thanks. Any other questions for our candidate? 337 00:29:48,740 --> 00:29:52,320 I'll just give Spencer some kudos. 338 00:29:52,560 --> 00:29:54,080 We've talked quite a few times. 339 00:29:54,080 --> 00:29:56,860 He's really an expert on the public financing side, 340 00:29:56,860 --> 00:29:59,300 and has been amazing to work with. 341 00:29:59,300 --> 00:29:59,940 So really. 342 00:30:02,500 --> 00:30:03,320 Thank you. 343 00:30:05,980 --> 00:30:16,940 And thank you for being here, quite honestly. I think that's really helpful. And I have a motion. I'm going to take that motion for approval to make this change. Any discussion to that motion? 344 00:30:30,000 --> 00:30:31,020 Thank you, Mr. Chair and thank you, Board. 345 00:30:31,360 --> 00:30:31,840 Appreciate it. 346 00:30:35,130 --> 00:30:38,930 Now, we have advertised public comment. 347 00:30:39,110 --> 00:30:41,910 We're gonna see if there's any public comment out there. 348 00:30:46,090 --> 00:30:48,150 We'll see anybody from staff telling me 349 00:30:48,150 --> 00:30:49,890 there's anybody online and nobody from the room. 350 00:30:50,050 --> 00:30:51,330 So we're gonna close public comment. 351 00:30:52,990 --> 00:30:54,030 Yes, go ahead. 352 00:30:54,210 --> 00:30:55,230 I'd like to make a motion 353 00:30:55,230 --> 00:30:56,850 that we enter into a closed session 354 00:30:56,850 --> 00:30:58,890 to discuss the purchase exchange or lease 355 00:30:58,890 --> 00:31:03,730 of real property pursuant to Tuck Code 52-4205-1D. 356 00:31:03,730 --> 00:31:12,090 that motion is appropriate and in order and is there any discussion to that 357 00:31:12,090 --> 00:31:14,470 motion before we look for a roll call. 358 00:31:20,860 --> 00:31:22,660 Yeah, we'll excuse everybody once we take 359 00:31:22,660 --> 00:31:29,780 the yeah. So let's let's go through a roll call vote to close the meeting. Make 360 00:31:29,780 --> 00:31:30,860 sure we make this official. 361 00:31:33,380 --> 00:31:35,260 Yeah, yeah, Brooke. 362 00:31:37,650 --> 00:31:40,670 I mean, oh, okay, are you gonna take 363 00:31:40,670 --> 00:31:44,890 your roll call? Yes, please. Could you do that, Brooke, and make sure we do we hit everything 364 00:31:44,890 --> 00:31:50,430 we needed to for that motion? I'm not sure who all your board members are. No, we still 365 00:31:50,430 --> 00:31:58,530 need some additional information on the record, but go ahead and take a roll call of all the 366 00:31:58,530 --> 00:32:06,910 members voting, okay? Okay. Okay, let me turn to Ben and do that. Do you want to just do the 367 00:32:06,910 --> 00:32:13,730 roll call. Yes. Chair Sandal. I. I'll start with the chair. I'm sorry. That's okay. The chair can 368 00:32:13,730 --> 00:32:20,750 vote first or last in this case. Mayor Mendenhall. Hi. Kim Gardner. Carrie Fullerton. Hi. 369 00:32:22,330 --> 00:32:29,570 Okay those are the those are those four of the five board members present. I will rule that that 370 00:32:29,570 --> 00:32:33,090 that motion passes four to zero to close session. 371 00:32:33,750 --> 00:32:37,790 Okay, let me just do some additional information here. 372 00:32:38,390 --> 00:32:41,710 The motion passes, the board will now go into closed session. 373 00:32:42,250 --> 00:32:45,430 The date is June 16th, 2026. 374 00:32:46,150 --> 00:32:48,690 The time is 4.37 pm. 375 00:32:49,390 --> 00:32:53,070 And the location of the meeting is the Senate building room 220. 376 00:32:53,070 --> 00:33:01,110 zero, at the state capital complex located at 350 North State Street in Salt Lake City. 377 00:33:01,750 --> 00:33:07,950 All those who are not board members and are remaining in the meeting, please introduce 378 00:33:07,950 --> 00:33:08,550 themselves. 379 00:33:11,790 --> 00:33:12,350 Thank you. 380 00:33:13,030 --> 00:33:13,830 Hang on a minute. 381 00:33:14,350 --> 00:33:16,050 We're going to see who's remaining still. 382 00:33:16,970 --> 00:33:20,050 That's some of them of some of them exit. 383 00:33:20,750 --> 00:33:21,290 Hang on a minute. 384 00:33:21,290 --> 00:33:34,350 Before you go, while I got you there, we're going to have on Saturday is that July 20th at concert there at the playgrounds that we hope you'll all come to. 385 00:33:35,170 --> 00:33:42,270 And then the rodeo course will have Saturday while bull riding. I don't ask me what that is, Larry, you know. 386 00:33:42,270 --> 00:33:52,090 and then and then the rodeo go to G. Y. C. Sir G. Sir, anyone that would like some tickets see me I happen to know I got it as a mom. 387 00:33:53,570 --> 00:33:57,570 Okay, thank you for the public service announcement. 388 00:34:00,270 --> 00:34:08,470 Okay, so the chair will recognize that other than board members we have. 389 00:34:09,390 --> 00:34:14,830 Ben Bies, who are executive directors here, and we have. 390 00:34:16,430 --> 00:34:16,830 Okay. 391 00:34:18,090 --> 00:34:18,190 Paul. 392 00:34:18,490 --> 00:34:18,690 Okay. 393 00:34:19,670 --> 00:34:20,310 Yeah, Paul.