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MITCHELL RIZZO, ELLISON FLORES, KALE HERE, BRADSHAW HERE, PARSLEY HERE.
I'LL TAKE A MOTION TO APPROVE THE MINUTES FROM TERS MEETING AS OF APRIL 29TH, 2021 SECOND.
ALL RIGHT, GO AHEAD AND CALL RO ON THE BOAT.
ANY OPPOSED? ALRIGHT, LET'S MOVE ON TO ANY, DO WE HAVE ANY PUBLIC COMMENTS? SAY NOBODY SIGNED UP.
WE'LL MOVE ON TO, UH, CONSIDER POSSIBLE ACTION.
YOU'LL SEE THE MOTION ABOVE YOU IN FRONT OF YOU.
ANY COMMENTS? ANY DOWN HERE? ALL RIGHT, STEPHANIE, WE'LL GO AHEAD AND LET YOU MAKE A PRESENTATION.
THANK YOU FOR HAVING ME HERE TONIGHT.
MY NAME IS STEPHANIE LIBBY ATTORNEY WITH NORTON ROSE FULBRIGHT, OUR FIRM'S SERVICES BOND COUNSEL TO THE CITY.
UM, BEFORE YOU TODAY, YOU HAVE A RESOLUTION THAT WOULD APPROVE, UH, REIMBURSEMENT OF THE CITY TO THE CITY OF CERTAIN PROJECTS, WHICH WILL BE TOURIST FUNDED.
THE BOARD HAS PREVIOUSLY CONSIDERED A RESOLUTION THAT AUTHORIZED TRANSPORTATION PROJECTS IN THE AMOUNT OF $5 MILLION, THE RESOLUTION BEFORE YOU TONIGHT, WHAT INCREASED THAT AMOUNT TO $8 MILLION.
SO THIS RESOLUTION IS APPROVED.
WE'LL TAKE THIS RESOLUTION TO CITY COUNCIL FOR THEIR ACCEPTANCE, AND THEN IF THEY ACCEPT, WE WOULD MOVE FORWARD WITH ISSUANCE OF CERTIFICATES OF OBLIGATIONS.
THE CEO'S WOULD BE ISSUED BY THE CITY AND THEN RAN BURSTS FROM TOURIST REVENUES.
HAPPY TO ANSWER ANY QUESTIONS IF ANYONE HAS ANY, DO WE HAVE ANY KIT QUESTIONS? YES.
IS THIS ITEM NUMBER 22 ON THE COUNCIL AGENDA? I JUST WANT TO CONFIRM THAT WAS, WAS THAT EIGHT OR $9 MILLION.
AND IS THIS FOR, UM, ROADS THAT THE DEVELOPER HAS AGREED TO PAY FOR ALREADY? THIS IS ROADS RELATED TO THE INFRASTRUCTURE AGREEMENT THAT WAS BRIEFED AT THE LAST CITY COUNCIL MEETING.
AND SO TO REPEAT, THAT WAS WHERE THESE ROADS THAT WERE ALREADY AGREED TO BE PAID FOR BY THE DEVELOPER.
PAGE, SIGN CITY ATTORNEY FOR THE RECORD, THE DEVELOPER IS NOT PAYING FOR THE ROADS WHAT'S PROPOSED UNDER THE INFRASTRUCTURE AGREEMENT IS THAT THE CITY CONSIDER ISSUING CERTIFICATES OF OBLIGATION TO PUT, TO PAY FOR THE ROADS AND TRANSPORTATION IMPROVEMENTS, WHICH ARE PUBLIC IMPROVEMENTS.
UM, AND THEN THE DEVELOPER IS CONVEYING CERTAIN PROPERTY INTERESTS TO THE CITY, AS WELL AS FORGIVING A CREDIT OF IMPACT FEES THAT ARE IN THE AMOUNT OF APPROXIMATELY I THINK 1.8, YEAH, 1.8, $1.9 MILLION IN IMPACT FEE CREDITS.
UM, AND THERE ARE ADDITIONAL PROPERTY CONVEYANCES THAT ARE CONTEMPLATED.
AND UNDER THAT AGREEMENT THAT ARE IN ADDITION TO SOME OF THE PROPERTY CONVEYANCE OBLIGATIONS, THE DEVELOPER ALREADY HAS TO THE CITY UNDER EXISTING AGREEMENTS.
SO IS MY STATEMENT INCORRECT? MY PREVIOUS STATEMENT OF WHEN I ASKED YOU HAD THE DEVELOPER, THEY AGREED TO PAY FOR THESE ROADS, IS THAT INCORRECT? THE QUESTION THAT YOU ASKED RIGHT NOW IS THE DEVELOPER IS, IS NOT PAYING FOR THE ROADS.
ARE YOU TALKING ABOUT WITH THE DEVELOPER HAVE TO INSTALL THE ROADS? NO, IT WAS MY PREVIOUS UNDERSTANDING THAT, UM, THE REASON WHY THESE ROADS ARE BEING PUT ON A CO BOND IS BECAUSE, UM, THEY'RE NOT, UH, CREATING THE ROADS FAST ENOUGH, BUT THE DEVELOPER HAD AGREED TO ALREADY PAY FOR THESE ROADS.
IS THAT INCORRECT? THAT'S NOT MY UNDERSTANDING.
UM, AND SO THIS IS GOING TO ADD TO THE TOURS, TO, TO THE CAUSE OF THE TOURIST WHO WAS GOING TO PAY US BACK, IS THAT CORRECT? CORRECT.
THE, THE PROPOSALS THAT THE CITY ISSUE, CERTIFICATES OF OBLIGATION AND THEN THE DEVELOPER PAY THE DEBT SERVICE ON THOSE CERTIFICATES OF OBLIGATION, CORRECT? YEAH.
SO THEY WILL PAY THE CITY AND THEN THE CITY WILL PAY THE BONDS.
SO WILL THE TURRET OR THE TOURIST PAYBACK, THE ALREADY AT LEAST WAS $7 MILLION IF THEY CURRENTLY OWN PRIOR TO THE BONDS OR WILL THE BONDS COME FIRST? I'LL HAVE TO DEFER TO SOME OF THE FINANCING ON THE PRIORITY OF PAYMENTS, THE PEOPLE IN CHARGE OF THE FINANCING ON, I DON'T KNOW THAT INFORMATION.
IS THERE ANY WAY I CAN S WE CAN FIGURE OUT WHO KNOWS THAT INFORMATION THAT'S IN A FEATURE BUDGET.
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CREATES A BUDGET TO REPAY THE GENERAL FUND, THEN THIS BOARD RIGHT HERE WOULD MAKE THAT VERBAL.IS IT, IS IT POSSIBLE FOR ME TO SPEAK TO THE CITY'S FINANCE DIRECTOR? THAT'S AN, THAT'S A PROBLEM.
YOU, THEY SAY NO BOARD CHAIR AND MEMBERS OF THE TERS NUMBER TWO BOARD PERVEZ MIND FOR THE RECORD CITY'S DIRECTOR OF FINANCE.
UM, THE QUESTION YOU HAVE RAISES IS REALLY TWO SEPARATE THINGS.
THE ITEM BEFORE YOU IS FOR THE TOURIST BOARD, INCREASING THE AMOUNT OF THE CEO'S THAT WOULD BE ISSUED ON BEHALF OF THE TERRORS BY THE CITY TO PAY FOR INFRASTRUCTURE IMPROVEMENTS.
SO THE BOARD IS AUTHORIZING INCREASING THAT AMOUNT.
I THINK WHAT YOU'RE REFERRING TO IS THE $16 MILLION THAT THE GENERAL FUND HAS LOAN TUTORS.
NUMBER TWO FOR LOVER DAY PARK, CULTURAL TRAIL, AND HERO'S MEMORIAL THAT'S $16 MILLION WILL BE PAID OVER TIME FROM TERJE REVENUE, INCREMENT TAX REVENUE TO THE GENERAL FUND.
AND THAT'S INCLUDED IN THE BUDGET FOR THE TERSE.
NUMBER TWO, NEXT YEAR'S BUDGET.
WE ARE PROPOSING $250,000 TO BE REPAID BACK TO THE GENERAL FUND.
I THINK THAT WAS YOUR QUESTION.
I FIND THAT YOU ARE ABSOLUTELY CORRECT.
SO WHAT I DID IS I PRINTED OFF THE, UH, ANNUAL REPORT FOR THE TERSE, AND I DID NOT HAVE THE NUMBERS RIGHT OFF HAND FOR THE CURRENT YEAR, BUT I KNEW ALL THE TOGETHER, THE NUMBER WAS 16 MILLION.
SO MY QUESTION THEN GOES TO, IS THAT 16 MILLION PAID AT THE SAME TIME AS THE BOND, OR IS THAT WHAT HAPPENS IF IT EXPIRES PRIOR TO PAYING THE CITY BACK, I GUESS IS MY ULTIMATE CONCERN.
THE TERSE BONDS WHEN ISSUED WILL BE PAID PRINCIPAL AND INTEREST TWICE A YEAR, AND THAT WILL COME STRICTLY FROM THE TERS REVENUES.
THE REPAYMENT SCHEDULE TO THE GENERAL FUND, AS LONG AS HERS IS IN EXISTENCE WILL CONTINUE UNTIL THE AMOUNT IS FULLY PAID.
SO LET ME ASK THIS WAY, IF THIS IS A 20 YEAR, AND I DON'T KNOW WHAT IT IS FOR SURE, 20 OR 30 YEAR TERS IN 21 YEARS, IF IT HAS NOT PAID THE CITY BACK MONEY THAT IS OWED, WILL THE, WILL THE CITY RECEIVED SEE THAT MONEY AT ALL THE RE THE CEO OR RECEIVE A HUGE INCREASE IN THE AMOUNT OF CASH FLOWS? YO, YOU DON'T WANT ME TO ANSWER? THAT'S FINE.
AT THE TIME THAT TERSE IS TERMINATED OR EXPIRES, THE CITY WILL BE ENTITLED TO RECEIVE 100% OF THE PROPERTY TAX REVENUE FROM THAT PRIOR TERS BOUNDARY.
SO THE CITY WOULD BE ENTITLED TO RECEIVE 100% OF THE MONEY THAT WAS INITIALLY GOING TO THE TERSE FUND.
SO THE REPAYMENT WILL BE IN AN, IN OF THE WAY TO LOOK AT IT.
THERE'LL BE MUCH FASTER BECAUSE NOW YOU'RE ENTITLED TO A HUNDRED PERCENT OF THE REVENUE INSTEAD OF YES.
SO, YEAH, MIKE, I'M SORRY, MIKE.
MY, MY CONCERN IS RIGHT NOW, THEY OWE 16 FROM THE TERRORS AND THEN WE'RE DOING ANOTHER THREE.
DOES THAT ALSO INCLUDE THE FIVE OR NO? SO WE HAVE 16, WHICH IS FROM THE GENERAL FUND.
WE HAVE THREE THAT DOING NOW IN FIVE.
I'M NOT SURE I UNDERSTAND THE 3 0 1 WE'RE GOING FROM FIVE TO EIGHT.
WERE WHERE WERE YOU ASKING FOR THE CEO BONDS AT FIVE.
AND NOW YOU'RE ASKING FOR IT TO GO TO EIGHT, RIGHT? OKAY.
SO IS IT 16 PLUS FIVE PLUS EIGHT? NO.
16 WILL BE, OH, TO THE GENERAL FUND, THE 8 MILLION WON'T BE IN DEBT OF THE TERSE.
IT MAY BE OWED BY TERS AND PAID BY WITH TURNER'S REVENUE, BUT ALL THAT MONEY WILL BE MONEY THAT'S OWED TO THE CITY ONLY 16 MILLION.
AND THAT'S JUST ASSUMING THAT IT DOESN'T ACCUMULATE ANY MORE MONEY CAN BE MORE DEBT.
THAT'S ASSUMING THAT THE PROJECT COSTS DO NOT INCREASE FROM WHERE WE ARE.
DOES THAT ANSWER ALL OF THEM? I THINK SO.
I'VE GOT A MOTION AND A SECOND ALL IN FAVOR, SAY AYE.
UH, DO WE NEED TO GO AND EXACT, ALL
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RIGHT.THEN I HOPE TO MAKE, NOW TAKE A MOTION TO ADJOURN.
WE GOT A SECOND WE'RE ADJOURNED.