1 00:00:28,960 --> 00:00:31,960 e 2 00:00:58,920 --> 00:01:01,920 e 3 00:01:28,920 --> 00:01:31,920 e 4 00:01:58,840 --> 00:02:01,840 e 5 00:02:28,840 --> 00:02:31,840 e 6 00:02:58,840 --> 00:03:01,840 e 7 00:03:28,760 --> 00:03:31,760 e 8 00:03:58,720 --> 00:04:01,720 e 9 00:04:28,720 --> 00:04:31,720 e 10 00:04:58,639 --> 00:05:01,639 e 11 00:05:28,639 --> 00:05:31,639 e 12 00:05:47,440 --> 00:05:54,840 okay at this time we'll call this uh we'll call The Joint architectural board 13 00:05:51,280 --> 00:05:59,120 and plan commission meeting to order uh there will be a village board meeting or 14 00:05:57,240 --> 00:06:03,240 the village board will meet immediately after this 15 00:06:00,680 --> 00:06:08,360 uh we do have a quorum um I'm just going to call out the names and our clerk is 16 00:06:05,400 --> 00:06:17,120 taking the role I have Dino zekis David de Cory Bower Anne Walsh 17 00:06:13,280 --> 00:06:22,720 logger chip Sherer here Jeff anner still is here that's myself Tim Holquist here 18 00:06:19,720 --> 00:06:28,039 Jeff Beerman here all right that's your plan 19 00:06:23,680 --> 00:06:31,160 commission uh so with that we will allow public comments if anybody would like to 20 00:06:29,599 --> 00:06:36,680 step towards the podium and speak feel free to step towards the podium and 21 00:06:34,160 --> 00:06:41,759 um speak your mind anybody on Zoom nobody or that 22 00:06:40,120 --> 00:06:45,199 wants to speak in public comment all right we don't seem to have 23 00:06:43,800 --> 00:06:48,479 anybody that wants to speak in public comment so we'll move to our first item 24 00:06:46,800 --> 00:06:53,639 on the agenda which is plan commission review and consideration of Heartland 25 00:06:50,199 --> 00:06:58,639 quarry a proposed PUD development project whose approval and resoning is 26 00:06:55,800 --> 00:07:04,240 being sought by three Leaf Partners LLC on property tax Keys H 073 27 00:07:02,400 --> 00:07:07,400 0981 H730 28 00:07:05,800 --> 00:07:15,360 985 h73 0986 and ha 0730 29 00:07:12,120 --> 00:07:20,000 987 located at 700 and 7001 West Capital 30 00:07:17,680 --> 00:07:24,520 Drive the plan commission is going to review and will consider proposed 31 00:07:22,160 --> 00:07:29,080 rezoning and PUD agreement for the project uh just to note in attendance we 32 00:07:26,879 --> 00:07:31,680 do have our building inspector uh quite a few members MERS of the village board 33 00:07:30,479 --> 00:07:35,840 for the meeting that's going to happen after this we have our village engineer 34 00:07:33,160 --> 00:07:39,720 here our clerk our village manager our village attorney and some other members 35 00:07:37,639 --> 00:07:45,560 that are uh here so with 36 00:07:41,919 --> 00:07:48,639 that let's roll all right so where we left off with the plan commission was 37 00:07:47,080 --> 00:07:52,599 everything was approved except for the plan unit development and the resoning 38 00:07:50,759 --> 00:07:56,599 of this project over the last numerous months we've uh had numerous meetings 39 00:07:54,479 --> 00:08:01,680 with three Leaf Partners their attorney our attorney staff we've come up with a 40 00:07:59,680 --> 00:08:05,360 unit development that I feel very comfortable with I believe they feel 41 00:08:03,560 --> 00:08:10,360 very comfortable with um there are some comments that we have gone over recently 42 00:08:08,440 --> 00:08:16,280 that will change a couple things in this uh I believe Ryan anman has some of 43 00:08:11,800 --> 00:08:22,280 those comments um related to um the deposit amount for and I forget 44 00:08:20,440 --> 00:08:26,879 what else if there's other items that we have um but I'll let Derek Hector 45 00:08:25,560 --> 00:08:31,760 anybody who has anything to say in regard to 46 00:08:28,440 --> 00:08:36,000 this or any questions from the plan commission if if if it's okay one thing 47 00:08:34,240 --> 00:08:38,560 I do well we can start with the plan commission I was going to say I'd like 48 00:08:37,120 --> 00:08:42,039 to throw it out the staff I want to just start with the engineer move to the 49 00:08:39,839 --> 00:08:46,399 building inspector I do want to hear from our attorney and then I do want to 50 00:08:43,519 --> 00:08:51,640 turn it over to the people developing um the project and if anybody on the board 51 00:08:48,959 --> 00:08:54,720 has questions along the way um absolutely speaking obviously you'll 52 00:08:53,120 --> 00:08:58,440 have a chance to speak as well so Mr Antman if you would uh like to go first 53 00:08:56,760 --> 00:09:02,160 if there's any issues number one that you could give to the board that that 54 00:08:59,560 --> 00:09:06,000 you have on just a brief your your thoughts um just a couple of highlights 55 00:09:04,560 --> 00:09:11,000 in the last number of months working with the development team um the last 56 00:09:08,800 --> 00:09:14,959 time we spoke the slope management plan for the perimeter slopes I feel like 57 00:09:13,399 --> 00:09:19,040 that's been adequately addressed there's a longterm maintenance agreement in 58 00:09:17,200 --> 00:09:23,519 place to monitor those to make sure they're at the acceptable level after 59 00:09:20,839 --> 00:09:27,720 they're constructed um the Capital Drive improvements uh the three leaf 60 00:09:25,600 --> 00:09:34,320 development team is coordinating with quick trip and capital drial essentially 61 00:09:29,800 --> 00:09:40,560 be rebuilt from velon up up almost iway 83 um we worked pretty extensively with 62 00:09:38,079 --> 00:09:46,519 with the group in terms of the 15 or 18 exhibits that are um attachments to the 63 00:09:43,399 --> 00:09:53,120 Pud and and uh I feel confident that they're in in good 64 00:09:49,360 --> 00:09:58,320 order thank you Mr hinger uh just would like to say that 65 00:09:55,519 --> 00:10:03,200 the underlying zoning of arm1 that this project uh is supported by The Village's 66 00:10:00,680 --> 00:10:09,399 rm1 zoning can you elaborate because we have 67 00:10:05,680 --> 00:10:13,440 the resoning in front of us when this if this were approved that makes that 68 00:10:11,399 --> 00:10:22,320 zoning possible is that correct that's correct with the Pud overlaid on top of 69 00:10:17,760 --> 00:10:22,320 it uh Mr damura our village 70 00:10:27,720 --> 00:10:38,200 attorney uh actually I do not have any major legal issues to 71 00:10:34,800 --> 00:10:44,279 bring to your attention however I do want to draw your attention to a policy 72 00:10:41,399 --> 00:10:50,399 decision which the plan commission and the village board uh should consider if 73 00:10:48,480 --> 00:10:58,240 you have your materials uh and look at the development 74 00:10:54,880 --> 00:11:03,279 agreement lines 880 through the end of that 75 00:11:11,120 --> 00:11:16,920 section if any of the village board members if any of the village board 76 00:11:15,120 --> 00:11:20,279 members want to come and sit in the seat so that they can see it it is on the 77 00:11:18,120 --> 00:11:27,600 screens up here as well yeah and I will also read it so that there's a a general 78 00:11:24,600 --> 00:11:27,600 understanding 79 00:11:28,240 --> 00:11:39,839 um my understanding from my participation in the negotiations here 80 00:11:35,399 --> 00:11:47,279 from the beginning where was that uh three leaves was in it for the duration 81 00:11:44,240 --> 00:11:54,040 that it would build this out and that was my guiding uh 82 00:11:50,120 --> 00:12:00,680 directive uh I spoke uh M with Mr paner several times and he emphasized that uh 83 00:11:58,079 --> 00:12:07,800 he wanted to see this built uh initially I raised a very point 84 00:12:04,680 --> 00:12:15,040 blank question how long are you going to hang on to this and I asked 10 85 00:12:12,320 --> 00:12:21,920 years maybe five years H and they assured me as you were 86 00:12:19,120 --> 00:12:28,199 assured by one of the principles in three Leafs who came 87 00:12:23,720 --> 00:12:33,519 here uh out of uniform and and basically assured you that they basically wanted 88 00:12:30,959 --> 00:12:41,440 to be part of the community at the 11th Hour the request 89 00:12:36,959 --> 00:12:48,079 was made for their ability to transfer ownership interests in this 90 00:12:44,639 --> 00:12:54,959 project before it was completed and I will be the first one to 91 00:12:51,639 --> 00:13:00,560 underscore the fact that this is not a legal 92 00:12:57,040 --> 00:13:11,560 issue uh but it is a policy issue and what has been difficult to 93 00:13:06,160 --> 00:13:17,920 analyze is is that a reasonable step to allow given the complexity of this 94 00:13:14,399 --> 00:13:24,120 particular project the slope issues the management of uh the various phases 95 00:13:21,720 --> 00:13:29,720 because they're going to be building from the entrance all the way to the 96 00:13:27,040 --> 00:13:35,480 back uh article 18 reads as follows transfer 97 00:13:33,000 --> 00:13:42,600 restrictions until the occurrence of substantial completion of the apartment 98 00:13:39,560 --> 00:13:48,000 project defined as issuance of certificate of occupancy for buildings 99 00:13:45,920 --> 00:13:56,000 representing at least 134 units of the apartment project 100 00:13:52,360 --> 00:14:00,839 developer will not sell transfer or assign The Apartment project asset or 101 00:13:59,079 --> 00:14:09,320 for the membership interests in developer for the apartment project 102 00:14:03,560 --> 00:14:15,920 assets asset unless a to another another owner investor developer Real Estate 103 00:14:12,720 --> 00:14:23,440 Investment Trust real estate manager general contractor or similar real 104 00:14:18,959 --> 00:14:30,079 estate operator or company which owns or has owned developed or constructed 105 00:14:26,800 --> 00:14:34,880 multifam apartment properties aggregating to at least 106 00:14:33,279 --> 00:14:43,120 267 units uh which is by the way the number 107 00:14:39,240 --> 00:14:52,199 that are allowed here in this project or owns is a primary investor or manages 108 00:14:48,120 --> 00:14:59,880 multifam apartment Pro uh Pro properties agre uh aggregating to at least 1,000 109 00:14:55,839 --> 00:15:06,639 units as to be certified in writing by developer to the Village or be as 110 00:15:03,720 --> 00:15:13,440 required by a federal state bankruptcy or other law applicable to developer or 111 00:15:10,839 --> 00:15:20,800 otherwise required by developers construction lender or other 112 00:15:16,759 --> 00:15:26,120 lenders loan documents for the apartment project or membership interests in 113 00:15:23,480 --> 00:15:30,160 developers serving as collateral forur loans made to finance The Apartment 114 00:15:28,680 --> 00:15:36,279 project for the avoidance of Doubt developer 115 00:15:33,480 --> 00:15:42,959 will not be required to disclose the identity of the potential 116 00:15:39,199 --> 00:15:48,040 acquirer of the apartment project asset or the membership interest and developer 117 00:15:45,120 --> 00:15:54,199 for the apartment project ass that it's part of developer written 118 00:15:50,440 --> 00:15:59,759 certification to the Village F following either substantial completion or written 119 00:15:56,639 --> 00:16:07,920 certification from developer to the Village describe in this section uh 120 00:16:04,440 --> 00:16:14,600 18a at such time this restriction shall automatically terminate without any 121 00:16:10,680 --> 00:16:19,440 further action required of the village or 122 00:16:15,880 --> 00:16:27,240 developer so essentially even before they get the 123 00:16:23,040 --> 00:16:32,800 occupancy permit for half of the units that they're supposed to build they can 124 00:16:29,560 --> 00:16:39,480 transfer it to another party provided this other party has had ownership or 125 00:16:36,240 --> 00:16:46,480 involvement in the development of 267 units or has some kind of ownership 126 00:16:43,920 --> 00:16:52,440 interest in at least a th000 or investment interests in a th000 units 127 00:16:49,600 --> 00:17:00,160 now I've characterized it in a very simplified fashion but that's the reason 128 00:16:54,920 --> 00:17:06,079 why I read it to you and um it's one thing to allow for the transfer it's 129 00:17:02,759 --> 00:17:12,600 another thing to not have to disclose to the Village who they're transferring it 130 00:17:07,880 --> 00:17:18,000 to now I can understand that they do not want their 131 00:17:14,919 --> 00:17:23,400 possible uh flipping of the project or transferring of the project however one 132 00:17:20,480 --> 00:17:29,400 wants to characterize it uh to be frustrated by The Village speculating 133 00:17:26,240 --> 00:17:37,840 who the buyer is but this Lang anguage does not obligate them to even disclose 134 00:17:33,440 --> 00:17:45,960 who ultimately is the party that has the beneficial interest in this particular 135 00:17:40,919 --> 00:17:51,600 project so but again as I've said before this 136 00:17:47,120 --> 00:17:57,240 concern is not a legal concern of mine but it is a concern with regards to the 137 00:17:55,039 --> 00:18:04,720 assignment that I was given in undertaking represent a of the Village 138 00:18:01,440 --> 00:18:10,200 um that I'm open for any question that you might have could you give an analogy 139 00:18:08,440 --> 00:18:13,039 of what could happen where you would say that's why this was a 140 00:18:14,480 --> 00:18:24,039 concern you you in my mind uh this is a very complicated 141 00:18:21,679 --> 00:18:30,520 project we brought in more Consultants than uh we've ever involved 142 00:18:27,960 --> 00:18:38,640 and the last major major project that the village had of this kind was bristle 143 00:18:34,919 --> 00:18:45,320 Pines uh where we forced a developer to even hire another golf course architect 144 00:18:41,400 --> 00:18:51,440 to advise us and they saved money they buried the water lines uh to the 145 00:18:48,600 --> 00:18:59,320 appropriate depth given the frost conditions we have here in 146 00:18:53,919 --> 00:19:04,200 Wisconsin if they have a party that that is 147 00:19:01,080 --> 00:19:11,039 unsophisticated or basically pay the premium price for this I believe that 148 00:19:07,880 --> 00:19:16,240 there will be a built-in incentive to try to 149 00:19:13,679 --> 00:19:22,320 economize in the continuation of the construction of the project and in this 150 00:19:19,080 --> 00:19:31,400 particular situation for example we have insisted on and they have agreed to put 151 00:19:26,840 --> 00:19:39,440 up either cash or a letter of credit to address any problems associated with the 152 00:19:35,840 --> 00:19:46,799 slopes to the tune of $100,000 however that's only good for 30 153 00:19:43,000 --> 00:19:55,520 months and we have a provision in here that basically says that if there is a 154 00:19:50,240 --> 00:20:02,360 default by the developer or whoever is steering the bus we cannot 155 00:19:59,559 --> 00:20:08,880 force them to go through with the construction in other words we've given 156 00:20:04,679 --> 00:20:14,320 up specific performance as a contract remedy so 157 00:20:11,559 --> 00:20:20,880 potentially uh we could have a party that is either unsophisticated or ill 158 00:20:17,960 --> 00:20:28,240 informed or aggressively trying to economize here and if there's a delay 159 00:20:26,120 --> 00:20:36,080 and the clock runs out the shot clock Runs Out out on us in 30 months we don't 160 00:20:32,159 --> 00:20:42,360 even have any money to basically undertake the corrective work we did 161 00:20:38,799 --> 00:20:51,039 build in some mechanisms whereby we we in effect can impose a special charge 162 00:20:46,400 --> 00:20:56,760 but that involves us chasing after them and proving the amount that it was 163 00:20:53,960 --> 00:21:05,320 reasonable that it was for their benefit and there's a delay in 164 00:20:59,159 --> 00:21:12,440 the recovery of those funds so uh at the same time as you weigh this uh you'll 165 00:21:08,960 --> 00:21:18,080 have to consider the reality that there have been numerous 166 00:21:14,919 --> 00:21:23,440 other potential developers that have looked at this project have gone to 167 00:21:20,080 --> 00:21:31,360 certain stages and have backed off and that to me means that this is indeed a 168 00:21:28,039 --> 00:21:40,640 very difficult project and it takes the right kind of entity to to manage it and 169 00:21:37,000 --> 00:21:46,480 I believe that through their firsthand exposure to the challenges here working 170 00:21:44,200 --> 00:21:52,120 with their designers or engineering firm and so forth they are in the best 171 00:21:48,600 --> 00:21:58,679 position to deliver the project that the village has been hoping for and if they 172 00:21:56,200 --> 00:22:05,039 step out of those shoes there's nothing in this agreement that assures us that 173 00:22:02,600 --> 00:22:14,080 the technical knowhow sophistication or ability to Marshall 174 00:22:10,120 --> 00:22:14,080 Workforce is going to be in 175 00:22:27,520 --> 00:22:30,520 place 176 00:22:30,799 --> 00:22:40,279 that all the Capital Improvements have to be done on the site slopes uh all the 177 00:22:35,520 --> 00:22:46,240 grading roadways sewer water is that all to be put in before the first units are 178 00:22:42,720 --> 00:22:51,919 built or they or does that continue from one unit to the next it's going to be 179 00:22:48,600 --> 00:22:57,279 done in phases they're they're they're basically going to 180 00:22:53,760 --> 00:23:04,400 start with the Demolition uh uh the 181 00:23:00,320 --> 00:23:10,400 grading and then the infrastructure installation and I'll refer to Mr Atman 182 00:23:07,440 --> 00:23:15,120 on this but my understanding is as they come in they will do the first buildings 183 00:23:14,200 --> 00:23:22,679 in units and as they move on they're going 184 00:23:19,039 --> 00:23:27,440 to move towards the back of the pit so it's going to be uh group of buildings 185 00:23:26,200 --> 00:23:33,600 by group of buildings so it's not going to be get 186 00:23:30,480 --> 00:23:40,440 the site ready uh it's ready for the next person to come in and just erect uh 187 00:23:38,200 --> 00:23:40,440 the 188 00:23:40,799 --> 00:23:48,080 structures am I correct in that regard yes that's a good description of the the 189 00:23:45,520 --> 00:23:48,080 approach for the 190 00:23:49,559 --> 00:23:57,880 phasing anybody else have questions for the attorney well my only 191 00:23:55,200 --> 00:24:05,400 question was the of the the P document that we received received there's uh 192 00:24:01,400 --> 00:24:11,760 comments listed on like here oh yes have those been addressed uh well some of 193 00:24:08,279 --> 00:24:16,880 them by practically all of them have been addressed the ones that haven't 194 00:24:13,400 --> 00:24:22,640 been addressed await the closing of this particular transaction for 195 00:24:19,559 --> 00:24:27,279 example they have to name the village as an additional insur during the 196 00:24:24,559 --> 00:24:31,520 construction of the project at the conclusion of the project 197 00:24:28,919 --> 00:24:38,120 they have to go out and get Casualty Insurance so that if unfortunately the 198 00:24:34,399 --> 00:24:45,720 placeat collapses they can collect and rebuild and we have something uh that 199 00:24:41,679 --> 00:24:52,520 can be assessed uh to continue the the Tiff uh payments The Village has 200 00:24:50,080 --> 00:25:00,360 committed uh to pay out uh a little under $16 201 00:24:57,320 --> 00:25:09,640 million except for the recovery of uh the administrative fees 202 00:25:04,840 --> 00:25:16,880 to the tune of about $5,000 a year and uh the recovery of some additional funds 203 00:25:13,120 --> 00:25:25,559 to offset the fact that uh the village is not uh collecting upfront its impact 204 00:25:21,120 --> 00:25:32,039 fees and to offset also the fact that the village is fronting at least based B 205 00:25:28,480 --> 00:25:36,279 on the current estimates that we have fronting about 206 00:25:33,640 --> 00:25:44,840 $875,000 of sewer upgrades from here to 207 00:25:41,360 --> 00:25:49,159 delhart uh so uh that's what we can recover but the rest of the money is all 208 00:25:47,320 --> 00:25:55,480 going to um serve as their collateral for 209 00:25:53,240 --> 00:25:55,480 their 210 00:25:57,240 --> 00:26:00,240 loan 211 00:26:05,640 --> 00:26:11,520 anything that staff has to add to that before I turn it over to the thank you 212 00:26:08,480 --> 00:26:11,520 very much okay 213 00:26:12,679 --> 00:26:18,399 actor so with that being said I'll turn it over to uh the the the developer at 214 00:26:17,159 --> 00:26:22,399 this time thank you uh Derek Taylor here on 215 00:26:20,919 --> 00:26:26,760 behalf of three Leaf Partners and my colleague John Ford is also on by phone 216 00:26:24,600 --> 00:26:30,840 and I I believe John may have to drop here in just a couple minutes so I may 217 00:26:28,720 --> 00:26:35,520 yield the floor first to John and then I can go from there John if you're 218 00:26:33,520 --> 00:26:40,520 available yeah thanks D can you guys hear me all right we can we're good all 219 00:26:38,159 --> 00:26:44,399 right I I do apologize I'm completely plan to be there in person tonight we 220 00:26:41,880 --> 00:26:48,640 had a a medical emergency on our team that I'm covering down in Illinois on 221 00:26:46,159 --> 00:26:52,799 business uh for another uh another development so I do have to jump at for 222 00:26:50,559 --> 00:26:57,799 the seven o'clock meeting here but uh just to address uh a little bit what 223 00:26:55,080 --> 00:27:01,799 attorney delura commented there and and Derek can get into more the legal side 224 00:26:59,600 --> 00:27:06,440 of it I just want to make clear we absolutely have 100% intent to develop 225 00:27:03,840 --> 00:27:10,799 this development uh we've never stated throughout the process that we have an 226 00:27:08,120 --> 00:27:16,600 intent to sell this all we're asking for from a legal standpoint and in the in 227 00:27:12,640 --> 00:27:22,440 the Pud agreement is that we not unlike any other developer doesn't want to be 228 00:27:19,120 --> 00:27:27,039 restricted or handcuffed uh given uh you know in Economic Times uh we have agreed 229 00:27:25,559 --> 00:27:32,760 within the Pud agreement within that section that Hector was is referencing 230 00:27:29,640 --> 00:27:38,399 uh that we cannot transfer uh we have restriction until we have 50% of the 231 00:27:35,080 --> 00:27:44,000 units delivered uh I would suggest for other developments other developers no 232 00:27:41,000 --> 00:27:50,320 one has ever even agreed to this much a restriction uh uh previously uh which in 233 00:27:47,480 --> 00:27:54,000 addition to that as Hector outlined a future buyer has to meet certain 234 00:27:52,279 --> 00:28:00,000 requirements that should give the village uh very much comfort in the 235 00:27:56,640 --> 00:28:04,519 sophistication of who that could be like I said though we have absolutely 100% 236 00:28:02,080 --> 00:28:08,919 intent to to make see this development through through the end um just a couple 237 00:28:07,679 --> 00:28:12,880 comments I want to make and then I'll turn it back over you know obviously we 238 00:28:10,760 --> 00:28:17,480 started this process a year ago uh it's back in February of 23 that we had those 239 00:28:15,360 --> 00:28:21,120 initial concept review meetings you know and I stated we had two goals one was to 240 00:28:19,320 --> 00:28:26,600 make an impact through real estate and we'd be collaborate collaborative with 241 00:28:23,320 --> 00:28:30,600 the village and we have I can say worked tirelessly throughout the last year or 242 00:28:28,279 --> 00:28:34,960 so through architectural design civil design landscape environmental 243 00:28:32,559 --> 00:28:38,799 geotechnical uh you know collaboration with the village staff and in all the 244 00:28:36,840 --> 00:28:41,840 Consultants has been a great process we've done extra analysis you know 245 00:28:40,480 --> 00:28:46,480 additional borings were done to completely understand the site and 246 00:28:44,000 --> 00:28:50,799 provide a design that will be completely safe and generate that impact for the 247 00:28:49,080 --> 00:28:55,360 Heartland Community you know I do want to publicly thank Ryan Bailey the entire 248 00:28:52,960 --> 00:28:59,760 Village staff you know Dave Scott Sandy and everybody uh for their collaborative 249 00:28:57,360 --> 00:29:04,799 efforts the meetings that we've had uh throughout uh Ryan Atman has been 250 00:29:01,880 --> 00:29:08,640 instrumental with rer milky uh and and certainly Greg Johnson from ERS 251 00:29:06,279 --> 00:29:13,320 standpoint uh from a tiff and and certainly attorney delura as well uh as 252 00:29:11,679 --> 00:29:18,720 the last couple months focused on the Pud agreement just you know a quick 253 00:29:15,919 --> 00:29:23,399 project update overall as you all know we continue to see uh very challenging 254 00:29:21,080 --> 00:29:26,919 Economic Times in the overall Market you know while I can't provide an exact date 255 00:29:25,200 --> 00:29:31,559 when we will commence construction of this project what I can tell you is we 256 00:29:29,240 --> 00:29:35,840 continue to see strong interest and make very good progress on a variety of 257 00:29:33,399 --> 00:29:39,720 fronts uh from the development in order to get to a point where we can commence 258 00:29:37,600 --> 00:29:44,120 construction uh earlier this year for example uh we closed on the land so 259 00:29:42,240 --> 00:29:49,440 three Leaf Partners does now own the land uh last week we received DNR 260 00:29:46,720 --> 00:29:53,519 approval uh so that box has been checked uh from a design standpoint construction 261 00:29:51,799 --> 00:29:57,399 documents are well underway over the last couple months and they're Pro 262 00:29:55,360 --> 00:30:02,320 progressing very nicely uh we're we're in conversation ations weekly with a 263 00:30:00,360 --> 00:30:07,159 general contractor that has budget prices project uh they have the 50% CD 264 00:30:05,159 --> 00:30:11,640 out for Budget pricing right now that we'll have in the next week or two uh so 265 00:30:09,360 --> 00:30:15,120 that continues to proceed and most importantly especially in these Economic 266 00:30:13,120 --> 00:30:20,600 Times uh debt and Equity we've had multiple uh debt lenders out to the site 267 00:30:17,799 --> 00:30:26,039 tour the site uh active conversations with them as well as uh institutional 268 00:30:23,240 --> 00:30:30,360 and very large Equity uh potential uh interested parties that we continue to 269 00:30:27,840 --> 00:30:33,600 have those conversations so I can say you know our goal while we can't give 270 00:30:32,039 --> 00:30:37,919 you an exact date of when we're going to start construction our goal would be to 271 00:30:35,640 --> 00:30:41,960 close on financing this summer and commence site work immediately 272 00:30:39,720 --> 00:30:45,440 thereafter approval of the Pud agreement tonight will certainly afford this 273 00:30:43,519 --> 00:30:49,279 project another major step towards commencing that construction uh as we've 274 00:30:47,799 --> 00:30:53,840 had throughout the last year in all these meetings we've always brought all 275 00:30:51,240 --> 00:30:57,000 of our our design team members uh some of them are in person there tonight 276 00:30:55,039 --> 00:31:01,519 others are are virtually here we'd be happy to answer any questions 277 00:30:58,600 --> 00:31:07,200 uh that that the the commission may have I have one real quick John while 278 00:31:04,399 --> 00:31:10,519 you're on this is Jeff yes I just wanted to ask I mean obviously the village 279 00:31:09,000 --> 00:31:13,679 would like to see that it's our choice obviously through 280 00:31:12,880 --> 00:31:17,279 all the meetings and all the presentations and and and getting to 281 00:31:15,440 --> 00:31:22,639 know each other so well with all of these 282 00:31:18,240 --> 00:31:27,039 meetings um but in all reality we would really like to see three leaf you know 283 00:31:25,159 --> 00:31:31,120 handle this all the way through to you know the conclusion 284 00:31:28,720 --> 00:31:36,240 um can you give an analogy or just describe a little bit what kind of 285 00:31:32,480 --> 00:31:41,120 scenario would cause three leaf to turn it to another party and and I'm just 286 00:31:38,440 --> 00:31:44,320 saying hypothetical I I can only come up with one in my head but I want to be 287 00:31:42,600 --> 00:31:48,440 corrected if I'm wrong and I'm thinking okay if someone comes in 288 00:31:46,120 --> 00:31:53,440 and for whatever reason they're like hey we want to make a name for ourselves so 289 00:31:50,039 --> 00:31:55,720 we're going to give you a boatload where it's where it's worth your while and 290 00:31:54,679 --> 00:31:59,880 you're and you're getting your money you may decide to sell and they check off 291 00:31:57,240 --> 00:32:04,000 all the boxes where you could sell uh this I'm going to call it opportunity or 292 00:32:01,600 --> 00:32:08,399 project to somebody else uh can you give an analogy to everyone here on on what 293 00:32:07,120 --> 00:32:10,960 would cause you to say you know what we're going to sell we're going to we're 294 00:32:09,639 --> 00:32:16,080 going to bounce out we're not going to see this to conclusion uh we're we're 295 00:32:13,159 --> 00:32:20,600 going to we're going to sell or you know transfer this opportunity and then not 296 00:32:18,559 --> 00:32:26,960 tell the village who is actually doing it can you just give a brief on 297 00:32:23,880 --> 00:32:32,039 that I'll let drik into the legal side as far as you know disclosing and and 298 00:32:29,440 --> 00:32:36,760 why that can't be realistic in a potential if there was that process I 299 00:32:34,760 --> 00:32:42,200 mean what we don't want to do Jeff at any time is is restrict or handcuff our 300 00:32:39,639 --> 00:32:47,320 investors uh depending on all the different devel developments that we do 301 00:32:44,559 --> 00:32:54,679 and from an economic standpoint um you know if if if we're approached and um it 302 00:32:51,600 --> 00:32:59,799 means if it's the best benefit to our investors we need to make that that 303 00:32:56,840 --> 00:33:04,200 decision um this is obviously a challenging and complicated development 304 00:33:01,760 --> 00:33:09,519 that we all know and you know the restrictions that we have agreed to 305 00:33:06,559 --> 00:33:15,159 should absolutely show you guys that this is going to be three leaf we can't 306 00:33:11,600 --> 00:33:20,880 even sell it until it's 50% uh developed 50% of the units have been have been 307 00:33:17,880 --> 00:33:26,600 delivered um so Dereck do you want to talk on the legal side of things yeah 308 00:33:23,320 --> 00:33:30,440 happy to do that um so I mean as John said we're fully committed to Harland I 309 00:33:28,960 --> 00:33:33,320 I just want to reiterate that I think you guys know we actually have another 310 00:33:31,960 --> 00:33:38,320 project that we've brought forward to the community here so if there's any qu 311 00:33:35,760 --> 00:33:41,639 and we've developed here before uh and our predecessor firm before three Leaf 312 00:33:40,120 --> 00:33:46,240 Partners came into existence so we're very committed to the community here in 313 00:33:43,600 --> 00:33:50,720 Harland to put that to put that to bed um but you know I think what what John's 314 00:33:48,880 --> 00:33:55,440 saying there in terms of the ability and transfer restrictions we can't disclose 315 00:33:53,919 --> 00:34:00,000 to the Village of Heartland a municipality an instrumentality of the 316 00:33:57,840 --> 00:34:03,880 state government who a potential buyer or buyers because you could have 317 00:34:01,760 --> 00:34:07,679 theoretically multiple people doing without and and without doing that 318 00:34:05,760 --> 00:34:12,560 entering into the public domain into forye request acts which would wreck the 319 00:34:10,399 --> 00:34:16,839 market would it would wreck the and our and we are bound to confidentiality when 320 00:34:14,560 --> 00:34:22,399 we engage if we do with a buyer we're bound to confidentiality with him so to 321 00:34:19,159 --> 00:34:26,560 do that to disclose that would obviously wave that confidentiality with them and 322 00:34:24,639 --> 00:34:29,760 they wouldn't even engage in a process with us if they knew that we could put 323 00:34:27,960 --> 00:34:34,399 their name out into the public domain before we even have a deal struck we're 324 00:34:32,560 --> 00:34:39,040 not intending to do that we are fully intending to build this thing stabilize 325 00:34:36,800 --> 00:34:42,720 it and because that's what we've sold to our investors to the people that we're 326 00:34:40,599 --> 00:34:47,240 talking to who are interested in and to ourselves it doesn't make sense to half 327 00:34:45,399 --> 00:34:52,800 develop a project and then sell it we're going to sign on for about $80 million 328 00:34:50,320 --> 00:34:56,639 of debt and Equity between the lender and the and our investors so it would 329 00:34:54,520 --> 00:35:01,119 not be in our interest uh or our Investor's interest or in our lenders 330 00:34:58,359 --> 00:35:05,079 interest to do that and we'd have some a lot of bigger problems if we're trying 331 00:35:02,880 --> 00:35:10,440 to transfer this thing out prior to completion uh or even stabilization so 332 00:35:08,119 --> 00:35:14,079 it it's more of a theoretical risk and and to be clear we never asked to be 333 00:35:12,359 --> 00:35:18,839 able to sell this thing prior to completion we were asked will you agree 334 00:35:16,240 --> 00:35:24,079 that you can't transfer it or sell it until stabilization and we said we've 335 00:35:21,760 --> 00:35:27,720 never been asked that before and in fact I've looked at other agreements that 336 00:35:25,720 --> 00:35:32,800 that attorney deror Mora has done for other developments they weren't asked to 337 00:35:29,960 --> 00:35:36,720 do that so what we have drafted here and and included in this agreement is really 338 00:35:34,839 --> 00:35:40,200 something to the The Village's benefit that no other community that we're doing 339 00:35:38,640 --> 00:35:43,720 Tiff in right now has asked for that so you guys are getting something more than 340 00:35:42,079 --> 00:35:48,200 anybody else that we've done uh developments like this uh or any any 341 00:35:46,119 --> 00:35:52,480 developments with Tiff for that matter um so that's a couple of the kind of 342 00:35:49,680 --> 00:35:57,839 legal reasons uh I wanted to address just a couple other quick things so that 343 00:35:54,079 --> 00:36:02,920 you guys know I mean May truste TR are okay I'm TI I know you got to bounce I'm 344 00:36:00,640 --> 00:36:07,720 sorry he's just he's getting yeah I'll have to leave uh in a little bit but I 345 00:36:05,079 --> 00:36:13,280 just I just wanted to offer up you know there seems to me that there's a lot of 346 00:36:09,640 --> 00:36:21,119 cross checks that make this project viable um and my in my view I'm in 347 00:36:17,240 --> 00:36:24,040 approval of approving the Pud um I just wanted to give you the time because CU I 348 00:36:22,280 --> 00:36:28,920 know you had to bounce and if you had something that you wanted to ask no I I 349 00:36:26,800 --> 00:36:34,079 I think the uh the thing is as as you were pointing out just now you know with 350 00:36:31,880 --> 00:36:39,160 the time and that you've committed to the project and with your 351 00:36:35,839 --> 00:36:46,520 investors it wouldn't look good it'd be very difficult for you to go a different 352 00:36:43,200 --> 00:36:49,680 direction uh so again I'm I'm an approval I just wanted to toss it 353 00:36:48,280 --> 00:36:52,920 because I know that you got to go and I appreciate you coming in especially on a 354 00:36:51,280 --> 00:36:58,960 special meting my apology for having to depart early all good all good okay 355 00:36:55,520 --> 00:37:02,240 thank you goad no I think um I think you're right on that just a couple other 356 00:37:00,480 --> 00:37:07,079 points I was going to make this PUD agreement will be recorded in its 357 00:37:04,160 --> 00:37:11,200 entirety and will run with the land so just to put that at ease as well if 358 00:37:08,680 --> 00:37:14,720 somebody ever did buy this whether before completion or before 359 00:37:12,520 --> 00:37:19,079 stabilization or even after they will still be bound by the agreements that we 360 00:37:17,200 --> 00:37:21,760 have in this development agreement and then and some of the other separate 361 00:37:20,520 --> 00:37:25,400 exhibits that we're going to recorded here with respect to the slope 362 00:37:23,400 --> 00:37:30,520 monitoring that we've talked about with respect to some public easement uh ways 363 00:37:28,599 --> 00:37:34,960 for people to walk the sidewalks in the in the site future developers have to 364 00:37:32,760 --> 00:37:38,119 live by that too and if they don't then they'd be in breach or default of this 365 00:37:36,720 --> 00:37:42,560 agreement and the village would be protected from having to release the 366 00:37:40,560 --> 00:37:46,280 available tax increment to a whether to us or a future developer so if we're not 367 00:37:44,599 --> 00:37:50,000 complying with the agreement the village is protected it's recorded and it runs 368 00:37:48,520 --> 00:37:52,160 with the land you can't get away from this 369 00:37:52,200 --> 00:37:57,800 agreement if I can just throw in a question one thing I want to ask is 370 00:37:55,720 --> 00:38:01,200 going to the after the sale know you're talking pre-sale that I mean no one's 371 00:38:00,000 --> 00:38:07,800 going to walk into that and be like yeah put it all out there I it's I get it 372 00:38:05,440 --> 00:38:10,880 after at that time then it would become public or at least known to the Village 373 00:38:09,240 --> 00:38:13,720 who purchased it that's correct and that I just wanted to make sure that would 374 00:38:12,079 --> 00:38:17,480 never be where three leavs holding it they're like no we're not going to tell 375 00:38:14,760 --> 00:38:20,920 you who I'm guessing I'm just asking that that is correct and and many times 376 00:38:19,000 --> 00:38:24,720 the way that works is once you have an agreement and they start to work on 377 00:38:23,000 --> 00:38:28,520 closing on the acquisition of the transaction they're going to ask 378 00:38:26,400 --> 00:38:32,359 probably for some sort of a stopple from the village about some of the things in 379 00:38:30,480 --> 00:38:35,839 the agreement that may not be relevant anymore that may have been completed 380 00:38:34,000 --> 00:38:40,319 like the letter of credit if that's been released so at some you probably will 381 00:38:38,119 --> 00:38:43,960 find out even before the transaction Clos we just can't be the ones to 382 00:38:42,119 --> 00:38:48,040 disclose it it would be you know incumbent on the buyer to decide when 383 00:38:45,960 --> 00:38:52,000 they want to confront the village with you know carrying out the obligations of 384 00:38:49,680 --> 00:38:56,440 the Pud agreement sure I just want to clarify 385 00:38:53,920 --> 00:39:01,880 that does uh anybody on the plan commission have questions for uh the or 386 00:38:59,640 --> 00:39:05,960 anyone on staff have questions for the I I don't usually turn over to staff only 387 00:39:03,640 --> 00:39:09,960 because you guys have all met I mean a couple times anyway uh but anybody that 388 00:39:08,680 --> 00:39:16,760 does have anything for the developer feel free uh but anybody on the 389 00:39:13,400 --> 00:39:16,760 commission CH 390 00:39:25,880 --> 00:39:35,200 anything um the most recent other major project that 391 00:39:32,280 --> 00:39:41,440 I completed of representing the municipality which is now being 392 00:39:37,960 --> 00:39:52,160 constructed is the uh Mandel School sister project and that's an $87 million 393 00:39:47,960 --> 00:39:58,839 downstroke what you were not told by Mr Taylor is that in that agreement which 394 00:39:55,200 --> 00:40:05,800 is also recorded there's a guarantee a personal 395 00:40:01,800 --> 00:40:09,760 guarantee by Barry Mandel 396 00:40:07,319 --> 00:40:15,319 that the structure which we pegged at a minimum 397 00:40:13,280 --> 00:40:22,119 value of $40 million for purposes of 398 00:40:18,119 --> 00:40:30,400 assessment to generate the the revenue needed uh to pay off obligations of the 399 00:40:26,440 --> 00:40:35,280 village were personally guaranteed nobody is guaranteeing 400 00:40:33,839 --> 00:40:42,200 anything here they're basically saying in the 401 00:40:38,880 --> 00:40:46,160 language that I read to you look at it they don't have an obligation to 402 00:40:44,200 --> 00:40:53,599 disclose it to you and what Mr Taylor fails to tell you 403 00:40:51,720 --> 00:40:59,599 that under Wisconsin public records 404 00:40:56,240 --> 00:41:05,839 law certain confidentiality agreements can be entered into on a but four basis 405 00:41:04,800 --> 00:41:14,440 for example uh a victim of a 406 00:41:09,960 --> 00:41:19,599 crime uh does not want her name release because of a sexual assault until such 407 00:41:17,839 --> 00:41:25,319 time as there's a violing uh of a 408 00:41:22,319 --> 00:41:29,319 charge uh that information or the information about an informant 409 00:41:27,880 --> 00:41:36,079 can be withheld if you read the literal 410 00:41:32,720 --> 00:41:42,640 language that's been proposed for this section there's no obligation on their 411 00:41:39,240 --> 00:41:49,920 part I'm concerned about the village not ever knowing and conceivably under that 412 00:41:46,520 --> 00:41:56,640 language what they could do is first of all the 413 00:41:51,400 --> 00:42:00,800 LLC is newly created the LLC holds the land 414 00:41:58,400 --> 00:42:07,560 they could sell memberships in the LLC and so on the legal 415 00:42:03,560 --> 00:42:12,319 surface nothing changes from the perspective of the village except that 416 00:42:10,160 --> 00:42:19,400 the operating Arrangements can be drastically 417 00:42:16,319 --> 00:42:25,880 modified that's the concern that I have the question was asked what would the 418 00:42:21,400 --> 00:42:34,000 motivation be to transfer it before uh the property is completely 419 00:42:30,599 --> 00:42:38,160 built out again I read the language to you the language 420 00:42:35,960 --> 00:42:47,000 reads that if they complete 421 00:42:42,400 --> 00:42:52,280 50% or if they find a buyer that qualifies in terms of having developed 422 00:42:50,480 --> 00:42:58,119 267 units uh or owns an interest in a th000 423 00:42:56,720 --> 00:43:05,119 units they can take that route what would 424 00:43:01,200 --> 00:43:10,880 motivate them to to do it well obviously profit and there's nothing 425 00:43:07,800 --> 00:43:17,559 wrong with profit this is a capitalist society and they're entitled to that but 426 00:43:14,559 --> 00:43:24,280 the thing that holds me back is they talk about an $80 million equity and 427 00:43:21,400 --> 00:43:29,599 investment 16 million of those dollars are coming from the taxpayers the people 428 00:43:27,119 --> 00:43:37,880 people who will not see the tax revenue for 27 429 00:43:34,520 --> 00:43:44,760 years and why would they want to transfer well it could be 430 00:43:41,000 --> 00:43:51,440 simple uh operational challenges for example they may have too many projects 431 00:43:47,800 --> 00:43:58,240 on their plate to manage we all know that there's a shortage of qualified 432 00:43:54,520 --> 00:44:03,960 labor and qualified men managers particularly in the indust in the 433 00:44:00,559 --> 00:44:08,960 commercial construction area and so that would be a reason and it's a legitimate 434 00:44:07,559 --> 00:44:15,800 reason I'm not I'm not in any way suggesting that 435 00:44:12,680 --> 00:44:21,480 their desire to have that option is in any 436 00:44:18,680 --> 00:44:27,640 way uh inappropriate or undesirable it's just 437 00:44:24,520 --> 00:44:33,440 that the people that we've been dealing with could be gone they have every 438 00:44:31,760 --> 00:44:39,400 intention well intentions aren't reflected here 439 00:44:37,760 --> 00:44:44,520 because they're not enforcable and if they have every 440 00:44:41,680 --> 00:44:52,040 intention of sticking with this project why would they have insisted that we 441 00:44:48,520 --> 00:44:57,319 not have the remedy of being able to go to court and say judge they 442 00:44:54,319 --> 00:45:00,880 defaulted they breached a contract we want you to issue an order that they 443 00:44:59,200 --> 00:45:06,160 perform the contract you've seen that for example 444 00:45:03,760 --> 00:45:13,240 you're buying a piece of real estate uh and your 445 00:45:08,880 --> 00:45:17,240 buyer for some reason has a change of heart and decides not to go through with 446 00:45:16,160 --> 00:45:22,520 the transaction you have the right to get 447 00:45:19,960 --> 00:45:28,040 specific performance to get the buyer to sell you the property we don't have that 448 00:45:25,960 --> 00:45:30,960 ability hold on real quick here I just want to talk a little bit we were 449 00:45:29,240 --> 00:45:34,000 talking about the village of Elm Grove Tiff so I want you guys to understand a 450 00:45:32,440 --> 00:45:39,760 couple things of why I'm in agreement with this PUD the village of Elm Grove 451 00:45:37,000 --> 00:45:45,000 is fronting the developer 8.46 six 452 00:45:42,280 --> 00:45:49,559 million so without a personal guarantee from Barry mandal they could walk from 453 00:45:46,800 --> 00:45:56,000 the 8.4 not develop and never get that money back they are also doing 3.9 454 00:45:52,359 --> 00:46:01,839 million of long-term debt $865,000 of infrastructure cost 455 00:45:57,760 --> 00:46:05,880 here this is 100% pgo Tiff so by this development they will have their three 456 00:46:03,200 --> 00:46:11,599 condo buildings developed their pool hauled or their Rec Center developed and 457 00:46:08,680 --> 00:46:16,480 134 units of Apartments developed there's no money outlay for the village 458 00:46:13,520 --> 00:46:19,760 except for the $868,000 which if that's developed we will get all of that back 459 00:46:18,280 --> 00:46:23,400 we get the first crack at the first 35,000 or 460 00:46:21,839 --> 00:46:28,960 40,000 35,000 this is a pgo tiff what you are 461 00:46:26,480 --> 00:46:34,520 doing compared to what El Grove did is way safer they're giving $9 462 00:46:32,559 --> 00:46:44,119 million up front Plus 8 9.8 million in pgo they are 463 00:46:40,119 --> 00:46:49,480 giving $23.2 million in Tiff some of that is UPF front some of that is pgo 464 00:46:46,079 --> 00:46:54,559 ours is 100% pigo And we will have I would guess this about 70% development 465 00:46:52,599 --> 00:46:58,839 so there's been a little bit of back and forth I'm 100% in agreement with this 466 00:46:56,480 --> 00:46:58,839 PUD 467 00:47:00,559 --> 00:47:05,200 no I and just to clarify just so everybody knows what's going on 468 00:47:03,319 --> 00:47:08,599 obviously everybody's in a different the developer is doing what the developer is 469 00:47:06,839 --> 00:47:13,920 doing obviously it's sitting down at the table and trying to make it all happen 470 00:47:10,800 --> 00:47:18,839 Hector our attorney is not hired to make sure that the developer is protected or 471 00:47:16,200 --> 00:47:23,920 even to be their friends Hector is hired to make sure that Hartland is in the 472 00:47:20,319 --> 00:47:28,440 best situation under any situation that we go with so I just I just want to 473 00:47:26,400 --> 00:47:31,920 clarify that for everybody so everybody knows but our attorney is going to try 474 00:47:30,079 --> 00:47:36,520 to make sure that we are in the absolute best 475 00:47:33,200 --> 00:47:43,760 position but go ahead if you have no I I I yield to uh Mr Bailey's analysis and 476 00:47:40,640 --> 00:47:49,280 that was a mechanism that was use in the El grve situation to cover the exposure 477 00:47:47,960 --> 00:47:54,240 of the Village um and that's all I was getting 478 00:47:51,920 --> 00:47:57,920 at is they need that $40 million to get their Tiff money back if they don't get 479 00:47:55,880 --> 00:48:01,480 that n grve they get nothing here if they develop 3/4 of it we still get it 480 00:48:00,280 --> 00:48:05,280 they're just missing the back half of the project there's worst things in the 481 00:48:05,720 --> 00:48:11,839 world do if they're missing the back half of the project do we have any 482 00:48:09,119 --> 00:48:17,880 remedy to try to get that built or not okay I just no I just uh I also want 483 00:48:15,599 --> 00:48:24,400 to ask because talking about the uh you had made mention Mr delura about the um 484 00:48:21,760 --> 00:48:28,040 getting economical as the building goes I do know that we have codes and certain 485 00:48:26,319 --> 00:48:33,680 things that go into this that will fall into material and things like 486 00:48:30,280 --> 00:48:37,079 that are either one of you our engineer our building inspector especially uh 487 00:48:35,760 --> 00:48:39,240 because you're you've been involved on different developments we've done in 488 00:48:38,200 --> 00:48:42,359 Heartland where it's like they they'll show us the products they're going to be 489 00:48:40,800 --> 00:48:45,000 using for instance they can't come and say they're going to use a certain type 490 00:48:43,960 --> 00:48:48,480 of sighting and then all of a sudden throw vinyl on or and maybe I'm wrong I 491 00:48:47,040 --> 00:48:53,240 think these are important questions they ask I just want to they're obligated to 492 00:48:50,599 --> 00:48:57,799 develop the project per the approved plans approved site and building plans 493 00:48:56,160 --> 00:49:05,119 okay I just I think it's important questions to ask you know for sure cuz 494 00:49:01,640 --> 00:49:09,799 that wouldn't those explicitly got to go by the microphone please those uh those 495 00:49:08,040 --> 00:49:14,160 plans and specs are explicitly referenced in the Pud agreement so if we 496 00:49:11,799 --> 00:49:18,160 were to not do that that also would be a default under the Pud agreement couple 497 00:49:16,440 --> 00:49:22,520 things I want to if I if I can while I'm standing here address I know Mr Dal Mora 498 00:49:20,960 --> 00:49:26,839 said he was concerned about us potentially selling the membership 499 00:49:24,760 --> 00:49:31,799 interest or invest investor interest said that we've we've protected that 500 00:49:29,200 --> 00:49:35,319 that's line 883 I'll just be brief but that's in there you can see or the 501 00:49:33,319 --> 00:49:39,000 membership interest in developer language in there so we've already 502 00:49:36,720 --> 00:49:45,400 addressed that concern uh and I would also direct your attention to lines 578 503 00:49:42,839 --> 00:49:49,559 through 581 where we are prior to getting a building permit we are going 504 00:49:47,680 --> 00:49:55,200 to show the village that we have executed a completion guarantee for this 505 00:49:52,040 --> 00:50:00,000 project uh with our lender um and then there's additional language in here 506 00:49:56,799 --> 00:50:04,160 related to that as well so you know to to sort of U Echo some of the things 507 00:50:02,200 --> 00:50:10,200 that Mr Bailey was saying we've adequately we are taking on more than uh 508 00:50:07,680 --> 00:50:13,880 the risk of of the Pud agreement and what we're guaranteeing to our lenders 509 00:50:11,760 --> 00:50:18,799 and to our investors fully committed to this project and the village has as all 510 00:50:16,760 --> 00:50:22,680 the rights and remedies that it needs in this PUD agreement and we've worked very 511 00:50:20,520 --> 00:50:27,280 collaboratively for quite some time now with Ryan and staff here uh to to get 512 00:50:25,480 --> 00:50:31,400 this thing to where it's at so we really appreciate that collaborative effort and 513 00:50:28,880 --> 00:50:35,920 we feel really encouraged and and this is our by the way our number one project 514 00:50:33,880 --> 00:50:39,280 this is the one we start every Wednesday we have our executive team meetings at 515 00:50:37,440 --> 00:50:43,880 9:00 A.M we start with this project this is number one on our list um so I can 516 00:50:41,920 --> 00:50:48,880 tell you that as well this is top of mind for us Mr delura since you're here 517 00:50:46,880 --> 00:50:51,880 I do want to ask a question we have two members of the village board that are 518 00:50:50,799 --> 00:50:56,799 here because you know we're going to go right into a village board meeting is it 519 00:50:54,119 --> 00:50:59,599 permissible for me to they can't get get too much into the discussion because 520 00:50:58,319 --> 00:51:02,799 we're in plan commission can they at least ask their questions now or must 521 00:51:01,160 --> 00:51:08,200 they wait until the village board meet I don't see any reason why they can't 522 00:51:05,000 --> 00:51:11,960 because there I just collective decision I wanted to make sure that because we're 523 00:51:09,640 --> 00:51:17,359 going to be voting separately but Mr trusty Fifer has a question so I am in 524 00:51:14,079 --> 00:51:23,640 allow to ask then I I just want to oh yeah goad respond to one thing there's 525 00:51:20,119 --> 00:51:27,640 no question uh Mr Taylor is absolutely correct they have to come and show us 526 00:51:25,920 --> 00:51:35,920 some paper work about their loan but if they 527 00:51:32,359 --> 00:51:41,200 sell it doesn't say in this agreement that the same financing 528 00:51:38,440 --> 00:51:49,240 Arrangements continue or are transferable to their buyer that could 529 00:51:44,559 --> 00:51:58,440 be a separate Arrangement so it it's it's assurances that when we start off 530 00:51:52,440 --> 00:52:03,839 all systems are go but if they transfer it it there is 531 00:52:00,240 --> 00:52:07,440 uncertainty no I'm going to let he truste Fifer has a question I'm going to 532 00:52:05,280 --> 00:52:13,799 allow him to ask it um could we go back to the section 883 or line 883 who's 533 00:52:11,240 --> 00:52:13,799 controlling this 534 00:52:18,880 --> 00:52:26,160 thing yes so Hector this is the the article 535 00:52:24,559 --> 00:52:30,599 that you read to us and I just the question that I 536 00:52:27,400 --> 00:52:35,520 have there was it's been stated you know we we have to build 134 units and we 537 00:52:33,559 --> 00:52:41,160 keep talking about these 134 units but the word that's killing me is 538 00:52:38,440 --> 00:52:46,640 unless you don't have to build 134 units you could build one unit as long as who 539 00:52:44,400 --> 00:52:53,240 you sell it to meets the criteria in A or B so if the word unless was and i' 540 00:52:51,359 --> 00:52:57,599 feel a lot better about that paragraph but you're not obligated to build 541 00:52:55,680 --> 00:53:01,000 anything really yeah it's this is where it's 542 00:52:59,799 --> 00:53:06,440 meant to stop so right here you're saying until 543 00:53:04,760 --> 00:53:11,359 the occurrence of substantial completion of the apartment project blah blah blah 544 00:53:08,839 --> 00:53:16,400 of that the developer will not sell transfer or assign the project asset 545 00:53:13,920 --> 00:53:22,720 blah blah blah unless to another owner so you're I think what you're reading is 546 00:53:18,920 --> 00:53:27,799 so until this is done they can't do this developer will not sell transfer 547 00:53:25,319 --> 00:53:31,880 sign the project asset or ownership unless it is to somebody that is 548 00:53:30,040 --> 00:53:40,599 disqualification so Derek what he's saying is lines 880 to line 549 00:53:35,119 --> 00:53:44,240 883 line 880 to 882 at that comma when he reads the next three lines he sees 550 00:53:42,280 --> 00:53:50,480 the word unless but the unless is trying to point out who is qualified correct 551 00:53:47,079 --> 00:53:55,400 correct but the 134 has to be built so why don't we just put a period 552 00:53:53,000 --> 00:53:55,400 after 553 00:53:55,440 --> 00:54:00,520 that is that Hector is that accurate is that 554 00:53:58,520 --> 00:54:05,640 how you read that as well if there was a period you and I are reading it the same 555 00:54:02,880 --> 00:54:13,839 way so if you put a period though uhuh at the end of the 556 00:54:10,400 --> 00:54:18,440 parentheses after the word asset you're saying no after the word project in the 557 00:54:16,400 --> 00:54:23,559 parenthesis period and then it will say the developer will not sell transfer or 558 00:54:20,599 --> 00:54:27,040 assign unless it is a to another owner that type of thing Derek any 559 00:54:25,319 --> 00:54:30,079 disagreement with that in case we have to ever look back on 560 00:54:28,400 --> 00:54:33,359 this can you guys State what line you're referring to when the words are on there 561 00:54:31,799 --> 00:54:37,280 just for in case anybody has to look back on this or listen back on this in 562 00:54:35,200 --> 00:54:40,799 yeah quite a few years it'll be very difficult for them to decipher where 563 00:54:38,880 --> 00:54:48,079 exactly we're talking go Ahad sorry 564 00:54:44,000 --> 00:54:54,000 for I'm just rading I think I think uh Ryan baile is correct if the comma 565 00:54:50,839 --> 00:55:01,240 change it to a period period any I was working with with the comma why 566 00:54:57,799 --> 00:55:06,160 okay this is we we we very carefully went through this language um we are the 567 00:55:04,359 --> 00:55:10,559 concern that was expressed by attorney deror MOA when we created this language 568 00:55:08,240 --> 00:55:14,000 was what if early on in the project we turn it over to somebody who doesn't 569 00:55:12,119 --> 00:55:18,040 have the level of sophistication that we do to be able to carry out the 570 00:55:16,359 --> 00:55:21,760 obligations of the Pud agreement and cause it to get to completion and we 571 00:55:19,920 --> 00:55:27,559 said okay fine we'll handle that by saying that if that scenario which is a 572 00:55:23,960 --> 00:55:31,079 doomsday scenario for us were to occur then we are going to say to you we won't 573 00:55:29,559 --> 00:55:38,720 do it to anyone else unless they've either in shorted developed a project of 574 00:55:34,799 --> 00:55:43,760 this same size or they own or invest in a thousand plus units meaning they have 575 00:55:41,000 --> 00:55:47,799 four times this size in their portfolio to and and that would uh that would take 576 00:55:46,400 --> 00:55:52,359 care of the fear that the village have that it'd be an unsophisticated party 577 00:55:49,720 --> 00:55:57,839 stepping into our shoes the other caveat that you'll find in here is that if we 578 00:55:54,680 --> 00:56:02,839 were required to vest of this before that substantial completion before that 579 00:55:59,520 --> 00:56:06,319 134 units because of we went bankrupt or because our lender made us because we're 580 00:56:04,440 --> 00:56:10,520 not paying them we also have to have the ability to do that that's what this 581 00:56:08,280 --> 00:56:15,680 language says is that the vill if this doomsday scenario happens you know if 582 00:56:13,559 --> 00:56:19,440 we're selling it to another developer or owner of real estate it's somebody who's 583 00:56:17,559 --> 00:56:23,880 sophisticated because we've defined them as somebody who's done a project of this 584 00:56:21,079 --> 00:56:29,599 size or bigger or they own a th000 plus units that's what this language means at 585 00:56:25,960 --> 00:56:35,880 8 80 through 8.97 yeah line 884 says an owner though doesn't say a developer 586 00:56:32,039 --> 00:56:43,160 line 884 that you could sell it uh to some to another 587 00:56:38,039 --> 00:56:43,160 owner so if somebody owns not 588 00:56:44,119 --> 00:56:51,680 developed so I think we could yeah that's probably that was probably an 589 00:56:47,920 --> 00:56:57,039 oversight in a if we struck owner I think you'd have to strike owner 590 00:56:54,000 --> 00:57:02,680 investor trust real estate manager general contractor I think you'd have to 591 00:56:58,760 --> 00:57:08,280 say unless a developer well it could be um yeah you could have a sure um because 592 00:57:06,960 --> 00:57:12,880 then the second part of this is if they're sort of a non-developer but they 593 00:57:10,640 --> 00:57:15,440 own a lot of units that's the point the the point of the second part of this 594 00:57:14,160 --> 00:57:18,319 correct that's why I'm saying I think that first part owner needs to go out of 595 00:57:17,400 --> 00:57:22,559 there investor yeah I think we could we could 596 00:57:20,440 --> 00:57:29,160 agree to revise that language to address that Mr I mean while we're all going but 597 00:57:25,920 --> 00:57:29,160 you can and you can stay 598 00:57:29,680 --> 00:57:40,880 under I once uh had an attorney that I was associated with who testified in 599 00:57:37,799 --> 00:57:48,119 court as an expert on the comma uh commas and punctuation does 600 00:57:44,319 --> 00:57:57,599 matter I would agree with Mr Bailey that if we change that comma to a period and 601 00:57:52,599 --> 00:58:05,480 there is a elimination of past Ive owners in in that sentence that it would 602 00:58:01,480 --> 00:58:13,680 get us closer to the situation that we'd like to be in uh except that uh you do 603 00:58:11,039 --> 00:58:20,960 have a lot of for example in the Milwaukee Journal they've been featuring 604 00:58:16,720 --> 00:58:26,760 over the last year or so how outof State Equity companies largely from California 605 00:58:24,680 --> 00:58:33,319 have been selling security and buying single family homes and not 606 00:58:30,599 --> 00:58:38,960 maintaining them appropriately and Milwaukee has a crisis and people ask 607 00:58:36,000 --> 00:58:44,319 why well because compared to the coast uh prices here are very attractive 608 00:58:43,119 --> 00:58:52,559 and economical 609 00:58:46,000 --> 00:58:58,760 and uh so again uh if that were to be modified I guess it would provide some 610 00:58:55,319 --> 00:59:04,599 more protection for the village but still the risk remain which is something 611 00:59:01,200 --> 00:59:09,280 that the board has to evaluate and and since we're really wide open right now I 612 00:59:06,760 --> 00:59:14,960 I actually am understanding both sides of saying put a period in because it 613 00:59:11,920 --> 00:59:20,440 does give the Assurance to the Village I do have concerns for The Village on if 614 00:59:17,799 --> 00:59:23,799 it would to hit a point of having to liquidate not let's not call it 615 00:59:22,200 --> 00:59:27,440 liquidate having to sell or at least having the ability to sell because 616 00:59:25,000 --> 00:59:31,319 you're going through a bankr y if they aren't at 50% completion the wording 617 00:59:29,799 --> 00:59:36,039 would then say you're a quarter of the way done but the and I'm not saying 618 00:59:34,359 --> 00:59:40,559 three leaf would be going down they wouldn't even technically they wouldn't 619 00:59:37,599 --> 00:59:44,720 even have the option to sell to a qualified developer I'm just saying I 620 00:59:42,520 --> 00:59:48,920 see both sides it does give us a better Assurance with the period what' you say 621 00:59:47,119 --> 00:59:53,559 I said he can come up to yeah I mean that's that would be worse for the 622 00:59:50,760 --> 00:59:59,200 village and and by the way the village can't preempt Federal bankrupt propy 623 00:59:56,520 --> 01:00:04,079 laws which is what B Part B so we can't put a period in it's not allowed not 624 01:00:01,200 --> 01:00:09,599 legal can't do that uh we could further qualify sub a like we were talking about 625 01:00:06,319 --> 01:00:12,359 just now about who that developer is but that would be worse for the village if 626 01:00:10,880 --> 01:00:15,200 you're like you're not allowed to and we're like guys we're trying to make 627 01:00:13,520 --> 01:00:18,240 sure this project gets done by selling it to a qualified developer and you're 628 01:00:16,559 --> 01:00:21,119 like nope not allowed to that would be worse for the village and for us and for 629 01:00:19,839 --> 01:00:24,640 everybody and that's what I'm saying by I agree with both I mean yeah the period 630 01:00:22,920 --> 01:00:33,359 would give us you know I have never practiced in the 631 01:00:27,960 --> 01:00:40,000 bankruptcy area but I do know that the federal laws 632 01:00:35,240 --> 01:00:47,799 override these contracts they can be nullified so my solution to what is 633 01:00:44,720 --> 01:00:55,079 being suggested here would be insert the period the lead the reference to the 634 01:00:50,319 --> 01:01:01,240 federal law is Superfluous here because of federal court can nullify the 635 01:00:57,480 --> 01:01:10,839 contract and sell it the trustee in bankruptcy can sell it to whoever it 636 01:01:04,960 --> 01:01:13,960 nominates and they move on good so here's where I'm at as because I mean we 637 01:01:12,559 --> 01:01:17,440 you know we're going back and forth that is our attorney that's our legal opinion 638 01:01:15,799 --> 01:01:22,359 we are hearing from the developer we've heard from and I I'm going to throw it 639 01:01:19,640 --> 01:01:28,640 one last time uh Mr Antman Mr hussinger for this body uh if 640 01:01:26,079 --> 01:01:31,319 there's reservations it would be very important right now that the plan 641 01:01:30,160 --> 01:01:37,319 commission and the members of the village board know it and if there are 642 01:01:33,720 --> 01:01:43,400 none that's fine but just I mean I support the project okay 643 01:01:40,760 --> 01:01:47,760 that's I support the project as well I just want okay so uh we do have I mean 644 01:01:46,319 --> 01:01:51,000 that is the legal opinion coming from our attorney and and and the reason that 645 01:01:49,680 --> 01:01:56,559 I'm kind of jumping the gun on this unless someone has some more questions 646 01:01:53,760 --> 01:02:01,119 uh I think it's been very thorough uh gone over that it sounds like however 647 01:01:59,279 --> 01:02:05,920 many doc however many pages this document is uh that we've got it down to 648 01:02:03,599 --> 01:02:14,079 one section which is basically from line 880 through 887 let's say right 890 649 01:02:11,680 --> 01:02:17,039 um and I think it's at a point where it's going to be up to the board to 650 01:02:15,559 --> 01:02:20,680 decide what they think is best for the village of Heartland uh obviously I'll 651 01:02:19,240 --> 01:02:27,640 open the floor back up for people to give their opinions but this would be 652 01:02:22,559 --> 01:02:31,480 for plan commission first but the um we have a property that's sat for a very 653 01:02:29,200 --> 01:02:36,440 long time that no doubt about it a lot of people have walked it it's a blighted 654 01:02:33,720 --> 01:02:39,559 property it'd be in my opinion this is my 655 01:02:37,319 --> 01:02:42,520 opinion it would be wonderful to see it get developed for the village of 656 01:02:41,319 --> 01:02:47,440 Heartland and for the future of Heartland for the next over the next 50 657 01:02:44,680 --> 01:02:50,760 years especially after the next 27 uh hopefully if the economy goes good maybe 658 01:02:49,039 --> 01:02:57,319 a little less but I think it would be very good I do think that there's 659 01:02:51,920 --> 01:03:01,799 limited risk because of the pgo um as with anything of this 660 01:02:59,279 --> 01:03:06,200 magnitude uh you 661 01:03:04,039 --> 01:03:10,720 know obviously there's risks on both sides there's risk for the investor or 662 01:03:08,520 --> 01:03:14,680 the developer and there's risk for the investor that has invested in the 663 01:03:12,160 --> 01:03:19,599 developer and there's uh there is some risks of where something catastrophic 664 01:03:17,079 --> 01:03:24,200 Could Happen uh in the village but I think the Commissioners need to ask 665 01:03:21,240 --> 01:03:31,359 themselves whether uh the outlook for the village 666 01:03:26,440 --> 01:03:36,359 is worth um you know what what does appear to be minimal risk but could turn 667 01:03:34,240 --> 01:03:41,119 uh large according to the legal opinion uh from our attorney um but there's no 668 01:03:39,440 --> 01:03:44,520 guarantee that that catastrophe would ever happen either I think I've kind of 669 01:03:43,000 --> 01:03:48,799 made it clear but I think it's at this point it's up to the elected and 670 01:03:45,799 --> 01:03:52,000 appointed officials um to come up with those decisions I'll open it one last 671 01:03:50,480 --> 01:03:55,319 time if anybody has any other questions or has anything to say about it or if 672 01:03:53,960 --> 01:03:59,839 they disagree that we shouldn't move towards 673 01:03:56,599 --> 01:04:04,160 uh deciding what we're going to do um and coming to some type of decision uh 674 01:04:02,680 --> 01:04:09,960 feel free to say it can I just say something Derek in in 675 01:04:07,279 --> 01:04:13,520 line 884 if we get rid of owner investor what other language would you get rid of 676 01:04:12,359 --> 01:04:17,480 in there that would again I don't I just hate the 677 01:04:15,599 --> 01:04:22,480 owner investor section of that and do you guys hate any other 678 01:04:19,760 --> 01:04:27,319 language in that Real Estate Investment Trust real estate manager general 679 01:04:24,359 --> 01:04:30,839 contractor I mean truly developer to me is that's we want to sell it if they 680 01:04:29,240 --> 01:04:36,880 have if this happened we'd want it to go to another development comparable 681 01:04:33,440 --> 01:04:40,880 developer comparable yeah so I mean I'd be comfortable in a if we just had it 682 01:04:38,720 --> 01:04:47,880 say to another comparable developer and then you know 683 01:04:44,960 --> 01:04:52,720 who has developed where those criteria below yeah yeah yeah my my my only thing 684 01:04:51,200 --> 01:04:57,039 here with with the putting the period after 685 01:04:53,680 --> 01:05:00,880 the apartment project it doesn't make sense to me that's an 686 01:04:58,440 --> 01:05:03,880 incomplete sentence until and then the comment says what happens until if you 687 01:05:02,799 --> 01:05:07,720 just put a period there that's an incomplete sentence and means nothing 688 01:05:05,520 --> 01:05:12,039 you'd have to restructure the whole sentence that that's why I was shooting 689 01:05:10,000 --> 01:05:17,680 for so I think if you guys are okay with it in 884 it'll just say for the 690 01:05:14,559 --> 01:05:21,200 apartment project asset unless a to another comparable 691 01:05:22,359 --> 01:05:31,000 developer uh who has owned developed or constructed your with that we will 692 01:05:27,799 --> 01:05:37,160 strike so that at least guarantees the developer yeah I think he is right it 693 01:05:35,160 --> 01:05:40,880 and truly the the next part is giving them the opportunity and I'm just saying 694 01:05:38,960 --> 01:05:47,160 that thousand is saying somebody who owns a th units is probably a very 695 01:05:44,400 --> 01:05:50,480 qualified yeah absolutely we'd be okay with that so it would just say to 696 01:05:48,720 --> 01:05:56,000 another comparable developer which owns or has owned developed or 697 01:05:52,200 --> 01:05:59,440 constructed um yeah and since since we're doing this and I I want to make I 698 01:05:57,640 --> 01:06:03,839 mean this is a very big project I want to make absolutely certain that we have 699 01:06:01,720 --> 01:06:08,760 the wording right especially if if we're changing things I think it has to be on 700 01:06:05,680 --> 01:06:12,839 the record of anything that was changed that's actually where I was 701 01:06:10,880 --> 01:06:17,920 going to go too before you if if there is a motion and a vote I just wanted to 702 01:06:15,720 --> 01:06:21,680 see if anybody had contingencies I know we're waiting on exhibits but if there's 703 01:06:19,720 --> 01:06:26,119 anything that should be read into the record as part of this So eventually 704 01:06:23,839 --> 01:06:31,119 staff before any motion is made and Derek it's no surprise that it'll just 705 01:06:27,880 --> 01:06:35,480 be things that we make sure all get Incorporated question on the we're going 706 01:06:33,680 --> 01:06:39,359 to change this to another comparable developer 707 01:06:36,799 --> 01:06:43,799 developer do we want to say a developer who has who owns or has owned or 708 01:06:41,920 --> 01:06:49,599 somebody who has developed I mean I think they were 709 01:06:46,920 --> 01:06:56,079 develop well I mean a Development Group three leaf maybe owns or has ownership 710 01:06:51,520 --> 01:06:59,880 in 700 apartment complexes Maybe develop those I don't know I'm just this is this 711 01:06:58,200 --> 01:07:02,599 is where some of these get get really tough because let's say let's say 712 01:07:01,039 --> 01:07:05,920 someone owns a real estate investment trust they might own the trust and 713 01:07:04,160 --> 01:07:08,720 underneath them is a development company but they sell it to the trust that that 714 01:07:07,480 --> 01:07:12,440 that's where this gets really tough we were just talking about a there's 715 01:07:10,079 --> 01:07:17,559 companies in Lake Country area where you know they own if I'm not mistake they're 716 01:07:14,680 --> 01:07:19,920 developer but then they build homes under a different name but it's all 717 01:07:18,760 --> 01:07:23,760 under the same thing and I believe they have a Solar Company also but all of 718 01:07:21,599 --> 01:07:29,319 those are all under the same you know umbrella I'm just 719 01:07:27,400 --> 01:07:33,240 not trying to confuse anyone I'm just look at our clerk is like you know what 720 01:07:31,599 --> 01:07:37,359 I'm going home actually she's added right to 721 01:07:35,039 --> 01:07:41,079 Palmer that's why I'm saying whatever if we get to a motion that's we'll just 722 01:07:38,920 --> 01:07:44,799 want to make sure we we kind of clean it up and and everybody's got to be on 723 01:07:42,880 --> 01:07:49,039 board because again I know we mentioned earlier but today we agreed in the 724 01:07:46,599 --> 01:07:53,440 language is a $50,000 letter of credit or 100 Ryan Antman ran the numbers we're 725 01:07:51,440 --> 01:07:56,440 comfortable with an 80 I mean there's that and I'm going to clear and I 726 01:07:55,240 --> 01:08:00,400 understand it may sound like I'm really pushing for the developer here but it 727 01:07:58,920 --> 01:08:03,640 does continue to read and 728 01:08:03,799 --> 01:08:10,920 says uh which owns or has owned developed or constructed multif family 729 01:08:09,319 --> 01:08:16,440 apartment properties aggregating to at least 267 units or owns is a primary 730 01:08:14,400 --> 01:08:21,960 investor in or manages multif family apartment properties aggregating to at 731 01:08:19,000 --> 01:08:21,960 least 1,000 732 01:08:24,440 --> 01:08:32,239 units I I just feel like we're we're passing 733 01:08:28,120 --> 01:08:34,759 that liability to what I'm looking here is do they have the money when we sue 734 01:08:33,719 --> 01:08:36,799 them do they have the money that they're going to have to finish the project and 735 01:08:36,080 --> 01:08:41,480 I feel uh with the wording that that's 736 01:08:39,199 --> 01:08:44,759 covered but I we can we can make changes like you and to be honest we've talked 737 01:08:43,400 --> 01:08:49,480 about this language for probably the past two and a half 738 01:08:46,120 --> 01:08:54,120 months this it has this paragraph itself has been difficult this paragraph would 739 01:08:52,839 --> 01:08:57,960 become very very important if things were started to change answer and would 740 01:08:55,679 --> 01:09:02,520 be I mean very important I think the changes to 884 like we've been talk 884 741 01:09:00,159 --> 01:09:07,239 and 885 like we were just talking about I think takes a lot of it puts a lot 742 01:09:05,000 --> 01:09:10,239 more clarity to who we want if it ends up being sold who we would want it to be 743 01:09:08,679 --> 01:09:13,000 sold to can you read us something out loud and saying they 744 01:09:15,199 --> 01:09:21,920 can so I if if I may I just tweaked it in a way that I think is what you guys 745 01:09:20,000 --> 01:09:25,920 are looking for yeah want read it if that's okay yeah please so would say 746 01:09:24,120 --> 01:09:29,960 unless sub to another comparable developer which 747 01:09:28,120 --> 01:09:36,480 has developed multif family apartment properties aggregating to at least 267 748 01:09:33,359 --> 01:09:40,719 units or another owner investor developer Real Estate Investment Trust 749 01:09:38,679 --> 01:09:45,080 real estate manager general contractor or similar real estate operator or 750 01:09:42,440 --> 01:09:51,920 company which owns is a primary investor in or manages multif family apartment 751 01:09:47,679 --> 01:09:51,920 properties aggregating to at least 1,000 752 01:09:52,199 --> 01:10:00,640 units I will on the recording okay I like the first half of that a lot 753 01:09:58,040 --> 01:10:04,320 better than the second half I don't like that you put the owner investor Real 754 01:10:03,159 --> 01:10:09,199 Estate Investment Trust real estate manager back into the language at 755 01:10:06,760 --> 01:10:14,360 all personally so but those are the types of 756 01:10:11,760 --> 01:10:18,000 companies that would not be developers but might own a thousand plus units 757 01:10:16,480 --> 01:10:22,360 that's not who we want to take over a project that's 758 01:10:19,719 --> 01:10:28,000 incomplete we want a comparable developer but keep in mind built there's 759 01:10:25,880 --> 01:10:33,040 27 years to run and they cannot sell it then to a real estate investment 760 01:10:30,280 --> 01:10:36,239 trust that that's the tough thing that's why the two that's what I was going to 761 01:10:34,239 --> 01:10:41,440 say that's the hard part is in five years take out that that first part this 762 01:10:39,480 --> 01:10:44,960 is still even talking once this is completed if they want to sell it he had 763 01:10:43,840 --> 01:10:49,600 mentioned there's companies in Brookfield that own thousands and 764 01:10:46,920 --> 01:10:53,760 thousands billions so MLG Capital owns billions of dollars of multif family and 765 01:10:51,960 --> 01:10:57,880 they've never developed but if they said tomorrow we're going to develop 766 01:10:56,199 --> 01:11:03,480 they would they would be well qualified to do that perhaps more qualified than 767 01:11:00,159 --> 01:11:07,360 us because of who they are it's a tough thing because there's 768 01:11:05,440 --> 01:11:10,239 all it's moving Parts the whole way you know it's like you got to get halfway 769 01:11:08,800 --> 01:11:15,760 through with the race 770 01:11:13,040 --> 01:11:19,360 um go ahead I I just I don't know I think all we did was we plucked it out 771 01:11:17,960 --> 01:11:22,600 of here and put it down here and it's saying the exact same thing as it said 772 01:11:20,880 --> 01:11:28,159 from the gecko like you we're going to S it only 773 01:11:24,960 --> 01:11:33,880 to a developer that's developed or owned or developed 267 unit complexes or to 774 01:11:32,679 --> 01:11:39,360 any of these other people that we just took out of lines to above and moved 775 01:11:35,840 --> 01:11:42,480 them down to here I just I think it's you're saying the exact same 776 01:11:54,239 --> 01:12:00,480 thing and I'm going to Hector touched on this let's say this is only half built 777 01:11:58,920 --> 01:12:04,080 and they did sell it to someone I'm just going to throw a number someone that's 778 01:12:01,679 --> 01:12:07,920 worth a billion dollars but all they do is own they don't 779 01:12:05,639 --> 01:12:11,600 develop the village does still have the remedy that we'll be calling Mr delura 780 01:12:10,159 --> 01:12:14,560 up and saying okay start drafting the papers because we're going to take them 781 01:12:12,960 --> 01:12:18,679 to if they said nope we don't have to build the next half we still can take 782 01:12:16,800 --> 01:12:23,600 them to court for it because they still have to F they still have to meet the 783 01:12:20,440 --> 01:12:27,920 agreements of the Pud but Mr delura was alluding to there's not language that 784 01:12:25,960 --> 01:12:30,600 says automatically that they have to do it but if they said no we're not going 785 01:12:29,239 --> 01:12:35,080 to develop any more of it we're just going to stop at 135 units that were 786 01:12:33,000 --> 01:12:39,840 already built when we bought it we could still go and force them to and basically 787 01:12:37,600 --> 01:12:45,719 going to court would be having a judge say he's disagreeing go 788 01:12:42,000 --> 01:12:49,960 ahead well I'll just as he's disagreeing direct attention to line 768 where we 789 01:12:48,000 --> 01:12:53,600 already dealt with this exact issue which means the village could seek 790 01:12:51,400 --> 01:12:58,320 specific performance against our successors or assigns meaning you can go 791 01:12:56,719 --> 01:13:02,400 show up in court and say build the damn thing that's what we already did as part 792 01:13:00,000 --> 01:13:02,400 of this 793 01:13:15,000 --> 01:13:24,120 process it all depends on the transfer vehicle that's used if there is an 794 01:13:21,560 --> 01:13:30,480 assignment of the membership uh a sale of the membership 795 01:13:27,440 --> 01:13:37,880 it's the same shell entity we can't get specific 796 01:13:33,960 --> 01:13:45,080 performance uh that's my response and so again we're getting closer to closing 797 01:13:40,040 --> 01:13:49,400 the Gap but uh the Gap is still there and I understand all us might not 798 01:13:47,280 --> 01:13:54,040 be on the same page I mean I I just feel that uh whoever is in the charge of The 799 01:13:52,639 --> 01:13:58,480 Village at that time when this were to come up whether it's all the same people 800 01:13:55,719 --> 01:14:03,320 or whether it's not there is paperwork language and specific parameters even 801 01:14:01,120 --> 01:14:06,520 down to what materials has to be used how the architecture has to be because 802 01:14:04,800 --> 01:14:13,520 they submit drawing for those types of things that have to be met 803 01:14:10,800 --> 01:14:19,080 and I do agree with you and I understand that there's a gap 804 01:14:16,400 --> 01:14:23,560 um but so I don't think there is a gap and I'll reiterate line 883 specifically 805 01:14:21,480 --> 01:14:29,080 includes that we will not sell transfer or sign the Apartment project asset or 806 01:14:26,520 --> 01:14:33,239 the membership interest in developer for the apartment project and your rights to 807 01:14:31,280 --> 01:14:37,400 enforce specific performance are to our successors and assigns meaning the 808 01:14:36,000 --> 01:14:41,080 people who take assignment and Assumption of this agreement which would 809 01:14:39,280 --> 01:14:45,440 also be someone buying our membership interest this issue's been you know and 810 01:14:43,880 --> 01:14:49,440 again I think we started this by saying this is a policy decision and somehow 811 01:14:47,360 --> 01:14:53,360 now we're taking legal opinions on the record at plan commission and we've 812 01:14:51,480 --> 01:14:57,159 spent you know nine months working on this agreement so again I I really think 813 01:14:54,840 --> 01:15:01,000 it's it's important that we that we you know find a path here with this language 814 01:14:59,320 --> 01:15:06,560 that that everybody's comfortable with because we spent a lot of time uh in 815 01:15:03,440 --> 01:15:09,800 energy working on this and only and I know part of the reason that we're just 816 01:15:08,199 --> 01:15:13,440 spending the time is because for some people yeah it's the first time that 817 01:15:11,639 --> 01:15:17,840 they're jumping in so we're making sure that we you know cross the te's and Dot 818 01:15:15,679 --> 01:15:17,840 the 819 01:15:18,520 --> 01:15:27,480 eyes I don't have a problem with with a because we're we're def line what line 820 01:15:25,239 --> 01:15:34,800 wait 884 got it I don't have a problem with with after a because um we're 821 01:15:31,159 --> 01:15:40,040 defining what a is underneath the 267 and the 1,000 units so it doesn't matter 822 01:15:36,840 --> 01:15:44,840 what it's titled it's just basically somebody who has the experience so I 823 01:15:42,360 --> 01:15:48,120 don't I don't have a problem with it but they could just be owners 824 01:15:50,679 --> 01:15:59,199 But but so what we're going we're going to do now um 825 01:15:56,639 --> 01:16:03,840 this a lot of good useful information unless the board wants to say no I think 826 01:16:01,239 --> 01:16:08,679 it' be appropriate now that we uh that we do you know we know what we have 827 01:16:05,760 --> 01:16:13,360 before us um Mr Delmore alluded to this is one of the biggest 828 01:16:11,199 --> 01:16:18,520 um developments and I don't think that I'm not using the word biggest or 829 01:16:15,360 --> 01:16:22,800 largest uh to scare anyone um this is one of the largest opportunities The 830 01:16:20,320 --> 01:16:26,199 Villages had uh especially in this case for not just some Farmland but for a 831 01:16:24,199 --> 01:16:30,199 blighted property um obviously the Planning Commission we 832 01:16:28,320 --> 01:16:35,080 do this every month we know what we got to do but uh at some point we'll have to 833 01:16:33,400 --> 01:16:39,440 make a decision on we are whether we're going to say Let's uh what we want to do 834 01:16:37,880 --> 01:16:45,120 for the village that's what we're here for um I can tell you in my personal 835 01:16:42,800 --> 01:16:50,000 opinion I think that this is an extremely valuable opportunity for the 836 01:16:48,480 --> 01:16:56,840 village that we have waited on a very long time long before I even got on the 837 01:16:51,800 --> 01:16:56,840 board and it's been now seven years so 838 01:16:56,960 --> 01:17:06,159 uh while Tiff will go on for some time 30 and 40 years from now there will be a 839 01:17:03,600 --> 01:17:11,040 substantial amount of tax revenue coming in and as people say there's not enough 840 01:17:09,239 --> 01:17:16,280 places to live in Heartland will also provide a heck a lot of places for 841 01:17:13,400 --> 01:17:20,800 people to be able to come and move well I I'll be glad to make a 842 01:17:18,440 --> 01:17:26,159 motion but how do you want me to address line 843 01:17:22,400 --> 01:17:31,480 884 do you want me to show I'm the vill manager so some type of a modification 844 01:17:29,480 --> 01:17:37,080 maybe I'm naive I'm newer I've never been burnt um this is all language if 845 01:17:34,000 --> 01:17:40,880 everything goes south theoretically in 48 months we should all be out somewhere 846 01:17:39,280 --> 01:17:44,480 having a beer saying I can't believe we spend to no on that but it could happen 847 01:17:43,400 --> 01:17:48,639 so it's really what you guys are comfortable 848 01:17:45,600 --> 01:17:53,120 with attorney de Laura has given you know his opinion and he his his goal is 849 01:17:51,320 --> 01:17:57,080 to make sure that he mitigates as much risk for us as possible I had this 850 01:17:55,400 --> 01:18:01,320 conversation with Ryan Atman in the very beginning of this project there is some 851 01:17:59,800 --> 01:18:06,239 risk The Village will have with this no matter what the risk we really mitigated 852 01:18:03,679 --> 01:18:12,159 was by a let's say this project gets half-developed we are not out any money 853 01:18:09,199 --> 01:18:16,760 we have built the infrastructure and we will get that we get the first pack of 854 01:18:14,239 --> 01:18:20,400 money back up to a certain amount so I don't have concerns about that my 855 01:18:18,400 --> 01:18:23,760 concern I and I hear it is something happens to them or they do sell it we 856 01:18:21,800 --> 01:18:27,400 want to make sure somebody's qualified we will have the ex iits that whatever 857 01:18:25,639 --> 01:18:31,400 is being developed has to meet the specific qualifications that we put 858 01:18:29,360 --> 01:18:36,159 forth and that are approved by the plan commission when they come back to us so 859 01:18:34,600 --> 01:18:41,120 truly whatever language you guys are comfortable with from 884 to 890 that 860 01:18:38,960 --> 01:18:44,360 the developer is also comfortable with because again I don't think we're going 861 01:18:42,159 --> 01:18:48,320 to get something where we're 100% satisfied and we're trying to get 862 01:18:46,360 --> 01:18:54,480 something from them again you heard him say it that most developments they don't 863 01:18:51,679 --> 01:18:59,880 even have language like this in there this is a a Corey it's a different 864 01:18:56,560 --> 01:19:04,800 project um there's certain people that could in it could build this but in my 865 01:19:01,960 --> 01:19:10,159 opinion once that Earth work is done it's people coming in putting foundation 866 01:19:07,000 --> 01:19:13,480 and padding in you know pay and Dolan has has done quaries before they're 867 01:19:11,880 --> 01:19:20,880 going to be the ones doing all of this Quarry work correct yes you can add yeah 868 01:19:18,320 --> 01:19:24,440 well you get where I'm going is once that pad is ready the utilities that go 869 01:19:23,239 --> 01:19:27,679 in they're going to have going to be inspect ected by our building inspector 870 01:19:26,120 --> 01:19:31,560 they're going to have to meet code everything that they do is going to have 871 01:19:29,040 --> 01:19:34,880 to meet what we want the risk is if something happens along the way or if 872 01:19:33,120 --> 01:19:39,120 they want to sell it again they're not going to I I I jokingly said we had a 873 01:19:37,320 --> 01:19:43,760 clerk in the police department who owned Farmland sold it and then I'll own like 874 01:19:41,120 --> 01:19:47,080 300 multi family units in Iowa they've never developed I don't want them to own 875 01:19:45,480 --> 01:19:51,000 it that's why we bumped it up to the Thousand again there could be somebody 876 01:19:48,520 --> 01:19:55,199 who own it but we have specific performance to make them develop it to 877 01:19:53,400 --> 01:19:59,800 the standards we would have to sue them take them to court to get them to finish 878 01:19:56,920 --> 01:20:02,960 building it but truly the risk we're not losing money we're not putting out any 879 01:20:01,320 --> 01:20:08,400 Tiff money so it's really whatever you guys feel is far as a comfort of what 880 01:20:06,000 --> 01:20:12,880 you wanted to say but before any motion I would just make sure that staff 881 01:20:09,760 --> 01:20:17,560 doesn't have any you know there's a we agreed upon a $80,000 letter of credit 882 01:20:15,440 --> 01:20:20,920 deposit that is what we talked about earlier John said he was fine with that 883 01:20:19,440 --> 01:20:25,719 John Ford in in the agreement it was 50,000 884 01:20:23,719 --> 01:20:29,199 we said 100 we numbers were comfortable with 880 so that would have to get 885 01:20:27,040 --> 01:20:34,120 updated in here and then whatever you guys want for 884 is there anything else 886 01:20:31,159 --> 01:20:34,120 that would be contingent 887 01:20:36,320 --> 01:20:47,159 on by staff excuse me by staff including myself of all of 888 01:20:43,280 --> 01:20:52,440 the exhibits at this point I don't think that there are any 889 01:20:48,880 --> 01:20:59,120 issues uh Ryan Atman has done a tremendous job in making sure that 890 01:20:55,440 --> 01:21:05,480 the the documents contain this the specifics uh again what I'm trying to 891 01:21:02,239 --> 01:21:11,560 deal with is my experience I've had situations where the specs were laid out 892 01:21:08,880 --> 01:21:16,960 someone succeeded and came before the board and 893 01:21:13,000 --> 01:21:22,960 said I can't do it it's too costly the cost of material whatever I'd like to 894 01:21:19,679 --> 01:21:22,960 substitute this for 895 01:21:23,560 --> 01:21:26,560 that 896 01:21:30,000 --> 01:21:36,080 yeah what 897 01:21:33,760 --> 01:21:41,520 verbage can you repeat your verbiage at the microphone please and it you know I 898 01:21:39,239 --> 01:21:46,760 I I know it's for the next session but they could approve that you could make 899 01:21:43,159 --> 01:21:46,760 recommendations at the next section 900 01:21:47,960 --> 01:21:55,560 too so the language um if we were to revise what was presented to the plan 901 01:21:53,280 --> 01:22:01,679 commission um to address some of the topics we've discussed tonight it would 902 01:21:56,880 --> 01:22:05,880 read instead in subsection a on line 884 to another comparable developer which 903 01:22:04,239 --> 01:22:12,920 has developed multif family apartment properties aggregating to at least 267 904 01:22:09,760 --> 01:22:20,239 units or hold on pause so that first section is saying a comparable developer 905 01:22:15,280 --> 01:22:20,239 who has developed 267 units 906 01:22:21,199 --> 01:22:26,840 okay and but the hard part like we said is after this is fully developed they 907 01:22:25,239 --> 01:22:31,400 want to be able to have the opportunity if they if they ever because again 908 01:22:28,960 --> 01:22:33,560 investment it is you sell your stocks you 909 01:22:34,239 --> 01:22:43,000 sell uh continuing then would be or another owner investor developer Real 910 01:22:41,040 --> 01:22:47,800 Estate Investment Trust real estate manager general contractor or similar 911 01:22:45,480 --> 01:22:52,360 real estate operator or company which owns is a primary investor in or manages 912 01:22:50,639 --> 01:22:57,080 multif family apartment properties aggregating to at least 1,000 units 913 01:22:55,360 --> 01:23:03,120 and the sence continues and the thought behind that is 914 01:22:59,800 --> 01:23:06,719 that's a pretty big you know like we mentioned Mandel and we joking they said 915 01:23:05,199 --> 01:23:10,320 one day it could be a Mandel that buys us or it could be we don't know and 916 01:23:08,960 --> 01:23:14,440 they're just trying to not limit their future of it you know it's weird because 917 01:23:12,719 --> 01:23:18,159 this is a plan unit development when you think of other multifamilies that aren't 918 01:23:16,560 --> 01:23:21,719 part of a tiff or part of a PUD they can sell it to whoever they want and do 919 01:23:19,639 --> 01:23:26,920 whatever they this just happens to have a PUD because they're getting specific 920 01:23:24,000 --> 01:23:31,560 things Tiff all of that so we have freedom to see what whatever you guys 921 01:23:28,840 --> 01:23:37,800 like for the ver that just going to ask our clerk a question CU I want to verify 922 01:23:34,480 --> 01:23:41,719 something once you take the recording can that please be sent to the village 923 01:23:39,400 --> 01:23:46,360 board and the plan commission stating what was just read so everybody is on 924 01:23:43,960 --> 01:23:49,719 the same page and nothing is missed and everybody knows that that's what the 925 01:23:47,920 --> 01:23:55,199 wording was change too yeah sure and Derek that comes from 926 01:23:53,280 --> 01:24:01,000 a previous Tiff that there items set in a plan commission village board that did 927 01:23:57,280 --> 01:24:05,400 not make it into the Pud that we want to make sure everything that we do discuss 928 01:24:02,840 --> 01:24:05,400 truly gets 929 01:24:09,920 --> 01:24:15,440 in so we're only covering the Pud because if that wording is going to 930 01:24:13,840 --> 01:24:18,800 change and if people are good with it it makes it possible for you to make a if 931 01:24:17,480 --> 01:24:24,679 someone wants to make a motion they can just make a motion 932 01:24:20,840 --> 01:24:28,520 to so I'm not I'm not U appr the resoning then either you are as well 933 01:24:26,320 --> 01:24:31,560 yeah you can you have the right to I'm not saying you have to I would just ask 934 01:24:30,199 --> 01:24:37,280 that somewhere in there you mentioned that $80,000 letter credit or 935 01:24:34,600 --> 01:24:40,360 deposit and Derek you you'll understand what we mean by that 936 01:24:42,239 --> 01:24:50,520 okay yeah and the exhibits like that staff can review them and and and and 937 01:24:47,520 --> 01:24:54,119 attorney as well staff and attorney okay that that what do you say if you I think 938 01:24:52,920 --> 01:25:00,639 I know where you're going so I'm just I'm I'm helping this along it would 939 01:24:58,280 --> 01:25:03,639 be you can include the tax however you want to word it because you know I 940 01:25:01,560 --> 01:25:08,119 always read it back but you'd be uh approving uh the resoning and the Pud 941 01:25:06,280 --> 01:25:14,800 agreement for the project at the Quarry with the uh stipulation that the 942 01:25:11,520 --> 01:25:18,400 $80,000 letter of credit be put into the letter in place of what's in it now be 943 01:25:16,719 --> 01:25:25,560 put into the letter that's in place Mr Taylor's stated revisions Mr 944 01:25:22,600 --> 01:25:32,800 Taylor stated revisions of line 80 84 in sub paragraph a on yep and includes the 945 01:25:28,960 --> 01:25:37,800 exhibits and review by staff riew so that motion is exactly what we just 946 01:25:34,080 --> 01:25:37,800 talked about s you got that 947 01:25:40,280 --> 01:25:47,320 I real quick truly all we're doing is saying the $80,000 well I'll wait till 948 01:25:45,119 --> 01:25:51,159 there's a second there hasn't been a motion I thought that's that be a you 949 01:25:50,280 --> 01:25:53,760 want me to read this whole thing official motion well you don't have you 950 01:25:52,199 --> 01:25:59,560 got to make a motion well I'll make the motion I'll make the motion to uh to 951 01:25:57,199 --> 01:26:06,239 okay I I'll try this now I'll make a motion to uh approve the proposed P 952 01:26:03,480 --> 01:26:12,920 development and resoning uh that's being sought by three Leaf Partners LLC on 953 01:26:08,520 --> 01:26:19,040 property tax Keys ha 073 0981 ha 073 954 01:26:16,800 --> 01:26:25,280 0985 ha v73 955 01:26:21,080 --> 01:26:31,199 0986 and ha a073 30987 located at 956 01:26:27,440 --> 01:26:37,800 7701 West Capital Drive uh this also will include the 800 or $80,000 letter 957 01:26:34,320 --> 01:26:44,840 of deposit Credit Credit I'm sorry and also the the uh revised statement that 958 01:26:41,360 --> 01:26:52,400 Mr Taylor has put into uh notes about and also the the exhibits as 959 01:26:49,000 --> 01:26:56,880 well uh and that was uh line what 884 884 subsection a okay 960 01:26:57,040 --> 01:27:05,119 exhibits exactly so you got it Sandy what you 961 01:27:02,639 --> 01:27:11,880 missed I'm talking just the line 884 that Mr Taylor stated and uh staff 962 01:27:07,880 --> 01:27:18,760 review and approval of the exhibits second that's easy it has been moved and 963 01:27:15,239 --> 01:27:25,440 seconded to approve the proposed rezoning and PUD agreement for the 964 01:27:21,360 --> 01:27:30,520 project at the Quarry which is uh this is for three Leaf Partners LLC 965 01:27:27,560 --> 01:27:40,560 on property tax Keys ha07 966 01:27:32,159 --> 01:27:48,199 30981 H 073 0985 H 073 0986 and ha 073 987 located at 700 and also 7001 967 01:27:45,840 --> 01:27:54,880 West Capital Drive in that motion 968 01:27:51,280 --> 01:27:59,760 includes that added to the agreement must be the language stating that there 969 01:27:56,719 --> 01:28:05,960 must be an $80,000 letter of credit that line 884 shall have the wording as read 970 01:28:04,080 --> 01:28:12,320 by Mr Taylor at the plan commission meeting on April 3rd 2024 and also 971 01:28:09,840 --> 01:28:20,320 includes the exhibits with the stipulation that staff is allowed to 972 01:28:14,880 --> 01:28:26,840 make final rev final review of those exhibits any 973 01:28:22,199 --> 01:28:26,840 discussion just just make sure both 974 01:28:27,000 --> 01:28:39,080 legal is anyone not okay with the motion that I just uh read all six pages of 975 01:28:34,239 --> 01:28:43,840 it are you okay good our clerk I know that was a long one got it we're 976 01:28:41,679 --> 01:28:51,000 good I'm just I'm going to clarify with legal did I state it properly where it's 977 01:28:46,320 --> 01:28:51,000 understood clearly good any 978 01:28:52,880 --> 01:28:59,560 discussion if if there's no discussion then I'll call the question all in favor 979 01:28:57,880 --> 01:29:06,040 I all opposed that motion is 980 01:29:02,880 --> 01:29:09,600 carried make a motion to adjourn second it's been moved in seconded to adjourn 981 01:29:07,639 --> 01:29:12,600 the plan commission architectural board meeting 982 01:29:14,800 --> 01:29:22,600 um all in favor I I this meeting is adjourned okay at this time I will call 983 01:29:21,600 --> 01:29:26,040 to order the 984 01:29:26,360 --> 01:29:34,639 village board meeting uh plan anybody that's only on plan commission uh just 985 01:29:31,440 --> 01:29:38,600 not that please uh you know don't you had your chance to 986 01:29:35,810 --> 01:29:41,760 [Laughter] talkot um 987 01:29:43,080 --> 01:29:48,320 sure obviously we were all in the same room so typically this would be at 988 01:29:46,880 --> 01:29:53,040 different times and we would go through this all again for the fun of it I'm 989 01:29:50,440 --> 01:30:00,600 going to ask that we do not do that 990 01:29:55,040 --> 01:30:07,800 but I will call this meeting to order um and this is the uh a as a as a roll call 991 01:30:04,880 --> 01:30:13,440 other than the fact that Mr Trel is not here trusty Trel 992 01:30:09,480 --> 01:30:21,560 is right true oh she got on uh trusty Trel is not here Sean trusty dor no 993 01:30:18,560 --> 01:30:21,560 matter how 994 01:30:22,400 --> 01:30:29,400 it's because like I said you're on the 995 01:30:26,600 --> 01:30:34,520 mic so for a roll call trusty feifer is here president 996 01:30:32,440 --> 01:30:41,080 faner Still's here trusty Connor's here trusty Holquist is here and present also 997 01:30:37,360 --> 01:30:46,920 is Trusty dbor trusty dbor hello Hi how are you doing wonderful how are you I'm 998 01:30:44,400 --> 01:30:55,080 good thanks trusty deor is also here uh we do have trusty Trel and trusty Walger 999 01:30:49,880 --> 01:31:00,800 which are not uh here but are excused the plan commission just got done 1000 01:30:56,920 --> 01:31:04,159 approving um a motion uh that was referenced uh everyone was already here 1001 01:31:02,960 --> 01:31:08,480 so just to recap um our first item for the village 1002 01:31:07,040 --> 01:31:11,880 board is the review and consideration of Heartland Quarry and proposed PUD 1003 01:31:10,040 --> 01:31:18,760 development whose approval and resoning is being sought by three Leaf Partners 1004 01:31:13,400 --> 01:31:30,719 LLC on property tax Keys H 073 0981 H730 985 ha 0730 986 and ha AV V 0730 1005 01:31:25,960 --> 01:31:36,239 987 located at 700 and 7001 West Capital Drive so what the village board needs to 1006 01:31:33,840 --> 01:31:41,199 review and consider is a proposed rezoning and PUD agreement for the 1007 01:31:38,880 --> 01:31:46,280 project I'm going to add that is properly on the agenda but a motion uh 1008 01:31:44,400 --> 01:31:53,119 and a second was taken and a vote of approval was taken by the plan 1009 01:31:48,719 --> 01:32:00,960 commission uh that the wording I just stated with all the tax codes at 700 and 1010 01:31:55,760 --> 01:32:06,679 7001 West Capital Drive uh that they approved rezoning and the Pud 1011 01:32:04,760 --> 01:32:10,480 agreement for the project with the stipulation that language needs to 1012 01:32:08,639 --> 01:32:18,960 include that there should be an $80,000 security deposit the wording on 1013 01:32:14,520 --> 01:32:24,960 884 of the Pud agreement needs to reflect the words that were spoken at 1014 01:32:22,520 --> 01:32:28,520 the plan commission meeting by Mr Taylor of three 1015 01:32:26,040 --> 01:32:33,239 leaf and that it also needs to include the 1016 01:32:30,119 --> 01:32:37,719 exhibits with the stipulation that staff gets a final review of those exhibits 1017 01:32:36,159 --> 01:32:41,920 that's what was sent forth to this village board moments ago from the plan 1018 01:32:46,239 --> 01:32:54,920 commission we're not going to Rego through what we did at plan commission 1019 01:32:52,199 --> 01:32:57,719 so since everyone was present I will just say on the record in case 1020 01:32:56,480 --> 01:33:01,560 someone were to just grab the village board we've been here for an hour and a 1021 01:32:59,840 --> 01:33:04,679 half everybody that's in the room was present for the entire plan commission 1022 01:33:03,119 --> 01:33:08,040 meeting I strongly encourage if you want to hear all of it to go and grab the 1023 01:33:06,639 --> 01:33:11,880 grab the recording from the plan commission meeting that happened on 1024 01:33:09,239 --> 01:33:11,880 April 3rd 1025 01:33:12,080 --> 01:33:18,560 2024 anybody that would like to do whatever they need to do feel free to do 1026 01:33:18,800 --> 01:33:21,920 it all 1027 01:33:22,760 --> 01:33:25,760 right 1028 01:33:26,199 --> 01:33:33,440 screen no I got all that but just all the the specifics that that you read 1029 01:33:31,480 --> 01:33:38,840 there there you go I I I have the other part so all right so I'll make a motion 1030 01:33:36,719 --> 01:33:43,119 to approve the Heartland quy a proposed PUD development project whose approval 1031 01:33:41,040 --> 01:33:48,639 and resoning is sought by three leaf Rivers Partners LLC on property tax Keys 1032 01:33:46,480 --> 01:34:02,239 H 073 0981 ha 073 0985 ha07 73 0986 and ha 073 1033 01:33:57,880 --> 01:34:07,360 0987 located at 700 and 701 West Capital Drive uh for the proposed resoning and 1034 01:34:04,880 --> 01:34:15,320 PUD agreement of the project and included in there is an $80,000 line of 1035 01:34:11,040 --> 01:34:22,639 credit um a revision on line 884 subsection a um stipulated by Mr Taylor 1036 01:34:19,480 --> 01:34:29,159 and that exhibits are finalized and approved in um brought to the staff to 1037 01:34:25,760 --> 01:34:35,239 look them over as well um I think I covered everything it's 1038 01:34:32,199 --> 01:34:39,920 been moved and seconded to approve the um 1039 01:34:37,159 --> 01:34:43,360 rezoning and PUD agreement for the project that's located at 1040 01:34:42,030 --> 01:34:52,040 [Music] 77001 West Capital 1041 01:34:47,119 --> 01:34:52,040 Drive with four tax keys on that 1042 01:34:52,080 --> 01:34:58,520 property along with the stipulation that the wording in the 1043 01:34:56,560 --> 01:35:06,040 beuty agreement or that in with the wording that an $80,000 security deposit 1044 01:35:01,840 --> 01:35:12,360 needs to be included line 884 wording has to be as read by Mr Taylor at the 1045 01:35:08,520 --> 01:35:17,080 plan Commission on April 3rd 2024 and that all exhibits will be included with 1046 01:35:14,679 --> 01:35:22,600 the opportunity and stipulation that staff does get a final review of those 1047 01:35:22,639 --> 01:35:33,320 exhibits good any discussion all in favor I all 1048 01:35:30,880 --> 01:35:38,719 opposed that motion is carried make a motion that we adjourn 1049 01:35:36,239 --> 01:35:43,880 second it has been moved and seconded to adjourn this meeting any discussion all 1050 01:35:42,119 --> 01:35:48,239 in favor I I thank you Shante we are 1051 01:35:52,639 --> 01:35:55,639 adjourned 1052 01:36:00,639 --> 01:36:03,639 for