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SHALL WE CALL THIS SPECIAL STUDY SESSION OR THIS MEETING TO ORDER?
[1. CALL TO ORDER ]
WE CAN DO THAT.5:02 P.M. THANK YOU, AND I WILL DISPATCH WITH ROLL CALL AS THERE WILL BE NO FORMAL ACTION TAKEN TONIGHT AND AS IT WAS AGENDIZED.
THE PURPOSE OF TONIGHT'S MEETING IS TO GIVE COUNCIL TWO, THREE FOLD.
ONE, TO GIVE YOU KIND OF A STATUS UPDATE ON SOME OF THE WORK WE'VE BEEN DOING RELATIVE TO THE EIFD AND THE PFA.
TO KIND OF BRING WENDY AND RICK UP TO SPEED A LITTLE BIT ON THE HISTORY AND THE PURPOSE OF IT, AND ALSO TO HAVE A LITTLE BIT OF A DISCUSSION ABOUT HOW DO WE WANT TO ADVANCE SOME OF THE PROJECTS OR ASSIST AS THE CITY WITH ADVANCING SOME OF THESE PROJECTS GOING FORWARD AND TAKE THE TEMPERATURE OF COUNCIL.
ALTHOUGH BEFORE WE DO, I NEED TO POINT OUT THAT MUIR WILL BE LEAVING US AS HE HAS A CONFLICT AND MUST ABSTAIN FROM ANY VOTING OR DISCUSSION IN THIS FORUM OF THIS MATTER AS HE HAS OWNERSHIP INTEREST IN PROPERTIES LOCATED AT 2411 AND 2425 FIRST STREET, WHICH IS IN THE VICINITY, OBVIOUSLY IS WITHIN THE [INAUDIBLE].
SO WITH THAT WE WILL SAY BYE TO MUIR AND SEE HIM AT THE REGULAR COUNCIL MEETING.
THANK YOU. OK, SO WHAT I'D LIKE TO DO IS I HAVE PREPARED A PRESENTATION WITH THE
[3. Council Study Session - The City Council will meet in study session for a presentation on financing options for projects in the Enhanced Infrastructure Financing District. ]
ASSISTANCE OF MY TEAM AS WELL AS WITH LARRY'S TEAM, AND AS HAS BEEN COMMON WITH STUDY SESSIONS WE'VE DONE IN THE PAST, BE VERY INTERACTIVE, STOP FOR QUESTIONS FROM COUNCIL, AS WELL AS IF ANY OF THE TEAM HAS SOMETHING THEY'D LIKE TO ADD.IT'S A VERY INFORMAL DISCUSSION.
AGAIN, I'M NOT EXPECTING, NOR SHOULD THERE BE ANY FORMAL ACTION THAT'S TAKEN FROM COUNCIL TONIGHT, JUST GETTING BROAD DIRECTION ON WHAT NEXT STEPS SHOULD BE.
SO WITH THAT, I'LL LET ERIC DO THE SHARE SCREEN ON THE PRESENTATION THAT WE PUT TOGETHER AND SEND OUT A VERY THANKS TO EVERYBODY FOR THEIR INPUT AND HELPING TO PUT IT TOGETHER.
THE EIFD, OR THE ENHANCED INFRASTRUCTURE FINANCING DISTRICT WAS A CONCEPT THAT WE STARTED LOOKING AT IN TWENTY FIFTEEN, SIXTEEN, AND REALLY WHAT IT WAS IS IT WAS AN IMPLEMENTATION TOOL OR SEEN AS ANSWERING THE QUESTION OF HOW DO WE IMPLEMENT THE VISIONING DOCUMENT OF THE SPECIFIC PLAN THAT WAS ADOPTED IN MARCH OF TWENTY TWENTY THREE.
AND THAT WAS AN EIGHT YEAR, NINE YEAR PROCESSOR, GIVE OR TAKE TO [INAUDIBLE] THE DOCUMENT, WHICH BASICALLY OUTLINED WHAT THE CITY SAW AS THE DEVELOPMENT WE WANTED TO SEE ASSOCIATED AROUND THE GOLD LINE STATION WHEN AND IF IT CAME AT THAT TIME.
AND SO ONCE THAT A DOCUMENT WAS PASSED, WE STARTED TO WORK WITH KOSMONT ENGAGED IN MEETINGS WITH ULV AS WELL AS FAIRPLEX, THE TWO SIGNIFICANT PARTNERS AROUND THE STATION ON EXPLORING WAYS THAT WE COULD HELP TO FUND SOME OF THE CRITICAL INFRASTRUCTURE NEEDS THAT WE KNEW NEEDED TO BE ADDRESSED AS PART OF THE EITHER IN CONCERT WITH THE DEVELOPMENT OR IN ADVANCE OF THE DEVELOPMENT THAT WE WANTED TO SEE IN THAT AREA.
HOW DID THE CITY PARTICIPATE IN HELPING TO FACILITATE THAT? THROUGH A SERIES OF DISCUSSIONS, AS WELL AS EXPLORATION OF IDEAS WITH KOSMONT'S TEAM, AS WELL AS THE PARTNERS I TALKED ABOUT IN WHAT YEAR WAS THAT? TWENTY SEVENTEEN.
THE CITY FORMED THE FIRST EIFD ENHANCED INFRASTRUCTURE FINANCING DISTRICT, WHICH IS BASICALLY AN OPPORTUNITY TO FREEZE THE BASE OF WHAT THE ASSESSED PROPERTY VALUE IS IN THE DEFINED DISTRICT. AND I'LL SHOW YOU THAT IN A MINUTE AND THEN TAKE THE REVENUES GENERATED ABOVE THAT AND SECURE IT TO HELP FUND THE PROJECTS THAT ARE IDENTIFIED IN THE DOCUMENT ITSELF. AND IN LAVERNE'S CASE, WE ENJOY ABOUT 18, ALMOST 19 CENTS ON EVERY DOLLAR OF TAX REVENUE THAT'S GENERATED IN THIS AREA.
AND SO THAT IS NOW BEING DEDICATED AND SET ASIDE FOR THAT PURPOSE.
IN ADDITION, IN TWENTY TWENTY AT THAT POINT, THE CITY WENT AT IT ALONE.
WE EXPLORED IT WITH THE COUNTY.
COUNTY WASN'T QUITE READY THAT WE'RE TRYING TO UNDERSTAND THIS NEW CONCEPT OF EIFD AND HOW AND IF THEY WANTED TO PARTICIPATE.
SO THE CITY PUT IT IN PLACE ON THEIR OWN IN TWENTY SEVENTEEN, IN TWENTY TWENTY AFTER CONTINUED MEETINGS WITH THE COUNTY THEIR EVALUATION, THEY AGREED TO PARTICIPATE AND COMMITTED 50 PERCENT OF THEIR INCREMENT IN THAT AREA, WHICH WAS IMPORTANT BECAUSE IT ENABLES US TO, AS YOU'LL SEE LATER, GET TO A CRITICAL DOLLAR AMOUNT TO TAKE ON THE PROJECTS SOONER RATHER THAN LATER, BECAUSE THERE'S MORE MONEY FLOWING INTO THE DISTRICT ON AN ANNUAL BASIS.
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AND THESE DISTRICTS LIVE ON FOR 50 YEARS OR COMMITMENTS ARE THERE FOR 50 YEARS BECAUSE YOU ISSUE BONDS AGAINST.THE CITY AND THE COUNTY THEN APPROVED THE JOINT PFA AND HAD TO AMEND, IF YOU MAY REMEMBER, ITS BYLAWS AND ADD COUNCIL MEMBER COUNTY SUPERVISOR BARGER TO THE PUBLIC FINANCE AUTHORITY. AND SO WE UNDERSTAND THE PUBLIC FINANCE AUTHORITY AND THE EIFD IS NOW A COMPLETELY SEPARATE ENTITY.
SO THEY CAN ACTUALLY ISSUE THE BONDS TO TAKE ON THE WORK AT THE APPROPRIATE TIME AND MAKE OBLIGATIONS AND COMMITMENTS, BUT ONLY LIMITED TO THE INFRASTRUCTURE PLAN, WHICH OUTLINES THE 14 OR SO PROJECTS THAT ARE IDENTIFIED IN THAT INFRASTRUCTURE PLAN THAT THEY HAVE ADOPTED. THE GOVERNING BOARD MEETS ON A REGULAR BASIS, THEY HAVEN'T MET ERIC SINCE ROUGHLY [INAUDIBLE].
AUGUST. YEAH, AND WE ARE WITH KOSMONT WE WANT TO SIT DOWN AND START TO EXPLORE.
HOW DO WE BEGIN TO DISCUSS THE FINANCING OR FUNDING TO MOVE FORWARD WITH SOME OF THESE PROJECTS? AND SO WE WANTED TO COME BACK AND.
I'M SORRY? WELL, WE WANTED TO TOUCH BASE WITH THE COUNCIL BEFORE WE STARTED TO EXPLORE THOSE IDEAS, BECAUSE SOME OF THEM DO INVOLVE CONSIDERATION BY THE CITY AND IF THEY WOULD, IF THEY CAN OR BE WILLING TO PARTICIPATE.
ANY QUESTIONS ON THE BACKGROUND OR STATUS? OK, SO, AGAIN, LIKE I MENTIONED, THE EIFD IS REALLY TAKING THE SPECIFIC PLAN CONCEPT AND TRYING TO PUT IT INTO PLACE, AND THE CONCEPT BASICALLY IS IT DOESN'T HAVE TO BE JUST IN THE DEFINED AREA OF WHERE THE SPECIFIC PLAN IS.
IT DOESN'T HAVE TO BE CONTIGUOUS.
THE AREAS JUST HAVE TO HAVE SOME TYPE OF BENEFIT BACK TO WHERE YOU'RE USING THE DOLLARS.
AND WHAT WE WENT THROUGH WHEN WE WERE, WHEN WE WERE PUTTING TOGETHER THE PARCELS, WE WERE LOOKING AT THOSE PARCELS THAT HAD THE BEST OPPORTUNITY TO HAVE A LOW VALUE NOW, BUT THE OPPORTUNITY TO EITHER BE DEVELOPED OR LATER GROWN.
AND SO THEIR PROPERTY VALUE WOULD GROW BECAUSE THOSE ARE THE ONES WHERE YOU HAVE A LOWER BASE, THAT YOU GENERATE MORE REVENUE THAT CAN LATER BENEFIT FUNDING THE PROJECTS INTO THE FUTURE. AND SO YOU'LL SEE THESE SHADED AREAS AND THERE ARE THREE.
THERE'S THE YELLOW ONE, WHICH IS I'LL CALL IT THE MAIN PORTION OF THE DISTRICT WHERE IS THE PREDOMINANT AMOUNT OF THE PROJECTS AND IMPROVEMENTS WILL BE TAKEN ON.
THERE'S AREA B, WHICH IS CAMPUS WEST, WHICH WE WERE TAKING.
WE PUT THOSE IN THERE AS WE SAW THOSE, AS OPPORTUNITIES FOR MAYBE FUTURE POTENTIAL GROWTH WITHIN THE UNIVERSITY'S CAMPUS AREA, AS WELL AS SOME OF THE OTHER SEGMENTS OF THE INDUSTRIAL AREA ALONG ARROW HIGHWAY.
AND THEN THE LAST AREA THAT WE ADDED BECAUSE IT WAS IT WAS SMALLER, BUT IT HAD AN OPPORTUNITY FOR MORE HOUSING DEVELOPMENT TO OCCUR, WAS ON THE NORTH SIDE OF FIRST STREET.
AND YOU'LL ACTUALLY, AS YOU KNOW, THAT IS WHERE SOME OF THE MORE RECENT PROJECTS HAVE BEEN TAKEN ON BECAUSE OF THE MASSING OF PARCELS ALONG THAT AREA.
AND THEY'RE A LITTLE BIT MORE MANAGEABLE.
SO WE ADDED THAT AS A THIRD OPPORTUNITY TO SEE PROPERTY GROWTH AND GROWTH COMES FROM THE GROWTH IN THE PROPERTY VALUE COMES NOT JUST FROM THE GROWTH OVER TIME, BUT THE REDEVELOPMENT OF THE AREA AND IMPROVEMENTS.
AND THEN THERE THAT ASSESSMENT IS NOW AT A HIGHER LEVEL.
SO IN TOTAL, THOSE TWO THOSE THREE AREAS COMPRISE ABOUT ONE HUNDRED AND TEN ACRES, WHICH ARE SIGNIFICANTLY SMALLER, SMALLER THAN THE AREA THAT COMPRISED OUR FORMER REDEVELOPMENT AGENCY, WHICH WAS A TAX INCREMENT CONCEPT THAT EXISTED PRIOR TO EIFD.
NEXT SLIDE. SO THIS IS JUST TO KIND OF REITERATE WHAT EXISTS IN THE PREDOMINANT AREA AT THIS TIME AND WHAT THE POTENTIAL AND THIS IS A VISIONARY DOCUMENT. SO WHEN WE GET TO THE FINAL LOOK BACK 20 YEARS FROM NOW, IT PROBABLY WON'T LOOK EXACTLY LIKE THIS.
BUT WHAT THE SPECIFIC PLAN KIND OF ENVISIONED AND THE TYPE OF DEVELOPMENT OPPORTUNITIES THAT COULD EXIST FOR LAVERNE IN THIS AREA, MORE HIGH DENSITY, HIGHER AND MEDIUM DENSITY HOUSING, TRANSITIONING DOWN, AS WE OVER FIRST STREET, REALLY CREATING THE POTENTIAL OPPORTUNITY TO USE THE SYNERGY OF THE GOLD LINE FAIRPLEX, AS WELL AS THE UNIVERSITY AND THOSE THREE AMENITIES AND HOW TO PUT THEM TOGETHER TO GET MAXIMIZE OUR OPPORTUNITY FOR
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FUTURE DEVELOPMENT. BUT WHEN THE WHEN THE SPECIFIC PLAN WAS PUT TOGETHER, IT WAS PRETTY MUCH PIE IN THE SKY.WHAT WAS IT DESCRIBES WHAT IS THE MAXIMUM OPPORTUNITY? WE'VE CREATED THE ZONING TO TAKE ON THAT HIGHER DENSITY.
BUT WHEN WE STARTED TO LOOK AT THE REALITY OF WHAT COULD OUR AREA SUPPORT AT THIS TIME WITH DEVELOPMENT, WHAT WOULD THE DEVELOPMENT COMMUNITY TOLERATE? WE REALIZED THAT THAT VISION IS NOT PRACTICAL.
SO WITH KOSMONT'S HELP AND EVALUATING WHAT THE MARKET TOLERANCES THAT WE UNDERSTOOD AND THIS GOES BACK, LARRY, TWENTY SEVENTEEN, TWENTY EIGHTEEN, WE DID.
CORRECT. SO THESE NUMBERS REFLECT WHAT OUR VIEW OF THE DEVELOPMENT OPPORTUNITIES SCALED DOWN TO THOSE REALITIES WOULD LOOK LIKE.
SO, AS YOU CAN SEE, WE ENVISION ONE HUNDRED AND FIFTY ROOM HOTEL, OUR SEVEN HUNDRED AND FIFTY APARTMENTS, NINE HUNDRED FIFTY CONDOS.
AND THEN YOU CAN SEE THE SQUARE FOOT BUILDINGS AS WELL AS THEN RETAIL AND A BUSINESS PARK HOPEFULLY. CAN BE CONFIGURED ALL WITHIN THE DEVELOPMENT OPPORTUNITIES THAT EXIST [INAUDIBLE].
MAYBE MORE THAN THAT COULD BE LESS THAN THAT.
BUT WE BUILT OUR ASSUMPTIONS AS FAR AS FINANCIAL PROJECTIONS AROUND THESE MORE CONSERVATIVE NUMBERS. THEN WHAT THE SPECIFIC PLAN HAD.
ERIC YOU HAVE ANYTHING? TO ADD TO THAT? I DO NOT. NO. OK.
WHEN WE LOOK AT THE VISIONING DOCUMENT AND WE LOOK AT THESE DEVELOPMENT OPPORTUNITIES, WE HAVE TO TAKE A STEP BACK AND SAY, WHAT ARE THE PUBLIC IMPROVEMENTS? THAT NEEDED TO BE TAKEN ON TO.
FACILITATE OR ACCOMMODATE THIS GROWTH THAT WE HOPE TO SEE IN THAT AREA AND SO THE INFRASTRUCTURE PLAN THAT WAS ADOPTED BY COUNCIL AND THEN PASSED ON TO THE PUBLIC FINANCE AUTHORITY AS PART OF THE EIFD, OUTLINED THESE PROJECTS.
AND I'LL TALK ABOUT THEM IN A LITTLE BIT.
BUT THEY'RE BASICALLY IN THREE CATEGORIES.
I DESCRIBE THEM. THE FIRST IS THEY'RE THE PHYSICAL AND ESTHETIC IMPROVEMENTS THAT ARE NECESSARY TO THE AREA TO GIVE IT THE LOOK AND FEEL MORE LIKE FOOTHILL THEN LIKE ARROW.
WE WANT THE DEVELOPMENT COMMUNITY TO SEE AND FEEL THAT WE'RE INVESTED AND COMMITTED TO THE CHANGE OF THIS AREA TO SEE THAT LEVEL OF DEVELOPMENT OPPORTUNITY TAKE ON HERE.
SO HOW DO WE GET AHEAD OF THAT CHANGE? THE OTHER IS ENHANCING CONNECTIVITY.
AS I MENTIONED, WE HAVE THREE ASSETS IN THIS AREA, MORE, BUT CERTAINLY THREE WITH THE FOUR WITH THE HISTORIC DOWNTOWN CONNECTED TO THE ULV.
BUT HOW DO WE MAKE SURE THAT THOSE FUNCTION WELL AND SYNERGISTICALLY TOGETHER? AND SO WHAT TYPE OF ENHANCEMENTS TO THE CONNECTIVITY BETWEEN THAT AND THOSE IMPROVEMENTS AND THE COST ASSOCIATED WITH THAT WILL WE TAKE ON? AND THEN THE LAST I CALL THE INVISIBLE IMPROVEMENTS, THE EXPANSION OF THE UTILITIES THAT NEED TO GO ON TO ACCOMMODATE THE DEVELOPMENT, THE ONES YOU DON'T SEE.
BUT THEY'RE THE MOST EXPENSIVE.
REPRESENTS ABOUT 33 MILLION DOLLARS IN PROJECTED.
IN TWENTY SIXTEEN, SEVENTEEN DOLLARS, SO CERTAINLY COST WILL GROW OVER TIME, BUT WE LOOKED AT THAT AND SAID THESE ARE THE ONES WE NEED TO TAKE THAT NEED TO BE TAKEN ON AS A WHOLE.
BUT SEPARATE FROM THAT, WHAT ARE THE PRIORITY PROJECTS AND THOSE ARE IN BOLD THAT WE NEED TO DO IN THE MORE IMMEDIATE BECAUSE THEY ARE MORE RELEVANT TO ENTICING THE DEVELOPMENT WE WANT TO SEE SHOWING THE DEVELOPMENT COMMUNITY, ATTRACTING IT AS WELL AS WE WANT TO HAVE THEM DOWN IN ADVANCE OF THE GOLD LINE COMING ON, BECAUSE IT JUST MAKES MORE SENSE TO HAVE THESE THINGS IN PLACE SOONER RATHER THAN AFTER THE GOLD LINE IS FUNCTIONING BECAUSE OF ALL THE OTHER CONSTRUCTION ACTIVITIES THAT ARE GOING ON DOWN THERE.
SO THE BOLD REPRESENT THOSE PRIORITY PROJECTS.
AND THEN IN ADDITION TO THAT, THE ASTERISK THAT I'LL POINT TO RIGHT NOW REPRESENT OPPORTUNITIES FOR GRANTS OR OTHER NON CITY FUNDED SOURCES, MAYBE NOT TO PAY FOR ALL OF IT, BUT FOR SOME PORTION OF THOSE PROJECTS TO SUBSIDIZE WHAT THE EIFD WOULD OTHERWISE HAVE TO TAKE ON AS PART OF THESE PROJECTS.
SO AS WE LOOK AT THESE DOLLARS, THE DOLLARS THAT GO ON FROM HERE, I'M LOOKING AT IT AS IF THERE WERE NO GRANT DOLLARS OR OTHER FUNDS.
SO WORST CASE SCENARIO, BUT THERE WHERE THERE ARE THOSE OPPORTUNITIES, WHETHER IT BE FIRST MILE, LAST MILE OR OTHER GRANT OPPORTUNITIES, WE'LL CERTAINLY LOOK TO EXPLORE THOSE AS WE GO FORWARD. I'LL STOP THERE AND SEE IF THERE'S ANY QUESTION FROM COUNCIL OR
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ANYTHING FROM ANYBODY ON MY TEAM THAT THINGS I MISSED.THIS IS ROBIN CARTER, I HAVE ONE QUESTION ON THIS SPREADSHEET HERE FOR THE COST.
THE PEDESTRIAN BRIDGE IS THAT THE BRIDGE THAT COG IS TALKING ABOUT PAYING FOR OR GIVING US MONEY TOWARDS? WELL, THAT'S WHAT WE HOPE.
AND I'LL TALK ABOUT THAT IN A MINUTE.
I'LL GET A LITTLE MORE OF THE DETAILS.
BUT YES, THAT IS THAT PEDESTRIAN BRIDGE.
OK. ANYBODY ELSE? OK. SO AS WE FOCUS THIS NEXT PART OF THE DISCUSSION, I WANT YOU TO JUST THINK ABOUT IN PARTICULAR JUST THE PRIORITY PROJECTS, NOT THE WHOLE THIRTY THREE MILLION DOLLARS, BUT THOSE PRIORITY PROJECTS THAT I BOLDED BECAUSE THOSE ARE THE ONES WE REALLY WANT TO WE SEE NEED TO BE TAKEN ON SOONER RATHER THAN LATER.
AND AS I START TO TALK ABOUT THIS, YOU'LL UNDERSTAND WHY WE'VE GOT TO KIND OF BREAK APART THIS PIE AND PUT IT IN MANAGEABLE PIECES.
AND THAT GETS INTO THE FINANCING OPTIONS AND THE REASON WE HAVE TO KIND OF EXPLORE WHAT OPTIONS EXIST OR BECAUSE AS IT RELATES TO TAX INCREMENT DISTRICTS IN AND OF THEMSELVES, THEY ALL HAVE THE SAME PROBLEM.
AND THAT IS THAT IN THE EARLY YEARS, THEY SIMPLY AREN'T GENERATING THE REVENUE TO SUPPORT THE PROJECTS THAT THEY NEED TO TAKE ON.
IT HAPPENED WITH REDEVELOPMENT AGENCIES.
IT HAPPENS WITH ANY OTHER TYPE OF [INAUDIBLE] BECAUSE IT'S ABOUT A PROJECTION OF WHAT'S GOING TO BE THERE IN THE FUTURE WHEN THE NEW DEVELOPMENT COMES IN AND THE GROWTH THAT'S GOING, THE VALUE GROWTH THAT'S GOING TO GROW AROUND IT.
SO THEY THEY'RE SLOW TO START AND THEN THEY GET MORE DOLLARS AS THE YEARS GO ON.
BUT IN THAT, IT'S KIND OF A CHICKEN IN THE EGG.
AND I REVERSE THE ORDER MY BULLETS HERE THAT UNDERTAKING THESE PROJECTS SOONER IS MORE BENEFICIAL TO MARKETING THE AREA AND GETTING THE DEVELOPER INTEREST THAT WE WANT.
YOU KNOW, THERE IS INTEREST THAT WE'RE SEEING WITHOUT THESE PROJECTS BEING DONE.
BUT PART OF ONE, WE HAVE BEEN OUT THERE MARKETING THIS AREA.
WE HAVE SHOWN THAT THESE ARE THE PROJECTS, THE PROJECTS AT THE CITY, THE EIFD ARE GOING TO SUPPORT AND TAKE ON IN BENEFIT TO IMPROVING THE OVERALL AREA.
SO IT CREATES THAT INTEREST, BUT IT ALSO CREATES THAT THE CITY IS INVESTING IN THIS AREA.
SO IT PUTS THAT DESIRE TO THE DEVELOPER THAT THEY MAY WANT TO BE A PART OF IT, TOO.
AND WE DON'T HAVE ANY COMMITMENTS.
BUT FAIRPLEX HAS BEEN THERE HAVE BEEN SEVERAL MAJOR DEVELOPERS THAT HAVE BEEN INTERESTED IN THE NORTH SIDE OF THE FAIRPLEX PROPERTY AND HAVE ASKED A LOT OF QUESTIONS ABOUT THESE PROJECTS THAT THE CITY IS LOOKING TO PUT IN PLACE AS PART OF IT.
SO IT DOES HAVE THAT VALUE ADDED.
SO WHAT IS IT AT THIS TIME THAT WE DEFINED AS PRIORITY PROJECTS AND THE FUNDING THAT'S NEEDED AND THE CURRENT FUNDING ESTIMATE FOR THOSE PROJECTS, AND I'LL BREAK THEM INTO TWO CATEGORIES BECAUSE THEY JUST MAKE SENSE.
ONE IS THE PEDESTRIAN BRIDGE AND THE UNDERGROUND OR THE REWORKING OF THE WIRES THAT ARE ALONG THE SOUTH SIDE OF ARROW HIGHWAY THAT NEED TO BE ADDRESSED TO ACCOMMODATE THE BRIDGE IS ROUGHLY SIX MILLION DOLLARS.
AND THEN THE STREETSCAPE AND IMPROVEMENTS FOR PEDESTRIAN MOVEMENT, WHICH ARE ALL THOSE OTHER THINGS THAT WERE BOLDED, ARE ROUGHLY FOUR AND A HALF MILLION DOLLARS IN PROJECTS ESTIMATES. SO AS ROBIN MENTIONED, THE PEDESTRIAN BRIDGE, THERE'S WE'VE ALREADY STARTED SOME OF THAT DESIGN WORK BECAUSE WE WANT TO GET AHEAD OF IT AS IT RELATES TO THE GOLD LINE AND HOW THEY START TO DESIGN THEIR PARKING LOT AND HOW DO WE CONFIGURE THE PEDESTRIAN BRIDGE AND LET THAT FUNCTION THE BEST WAY IT CAN WITHIN THE GOLD LINE PARKING LOT THAT'S ON THE SOUTH, THE NORTH SIDE.
AND WHERE DOES IT THEN SITUATE AS IT COMES INTO THE NORTH, THE SOUTH SIDE OF ARROW HIGHWAY ONTO THE FAIRPLEX PROPERTY? SO THE POINT IN THAT IS THAT SIX MILLION DOLLARS HOPEFULLY WON'T ALL NEED TO COME FROM THE BE SUPPORTED BY THE FDA.
HOPEFULLY THERE WILL BE AN OPPORTUNITY TO GO OVER, GO AFTER FUNDING SOURCES THROUGH GOLD LINE, THROUGH THE STATE, THROUGH OTHER THROUGH OTHER MEANS.
SO WHEN WE START TO LOOK AT HERE'S ROUGHLY 10 MILLION DOLLARS IN PROJECTS THAT NEED TO BE FUNDED IN SOME WAY, AND HOW DO WE GET THERE SOONER RATHER THAN LATER, KNOWING THAT THE DISTRICT IS NOT GENERATING WHAT IT NEEDS TO SUPPORT IT AT THIS TIME? THE FIRST ONE WILL IT KIND OF RUNS THROUGH THE OTHER THREE, BUT WE ATTAIN FUNDING AND GRANTS AND OTHER OUTSIDE SOURCES.
AND W BELIEVE THERE ARE OPPORTUNITIES, LIKE WE SAID, FOR THE PEDESTRIAN BRIDGE, AS WELL
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AS FOR SEVERAL OF THE FIRST MILE LAST MILE PROJECTS AS WELL AS CONSIDERING THIS IS CONNECTED TO MASS TRANSIT.OUR PROP C DOLLARS ARE ELIGIBLE TO BE USED.
OUR LOCAL RETURN MONEY IS ELIGIBLE TO BE USED FOR THESE PROJECTS BECAUSE IT'S CONNECTED WITH A MASS TRANSIT PROJECT.
AND SO THE OTHER OPTIONS BEYOND THERE ARE DIRECT PLACEMENT OF A SHORT TERM WITH AND I MISSED SOME WORDING HERE AT PAYMENTS THAT ARE LESS THAN WHAT THE ACCRUED INTEREST WOULD BE. SO BASICALLY IT'S A NEGATIVE AMORTIZATION BOND THAT THE PFA WOULD HAVE THAT WOULD ISSUE. AND THEN AT THE END, LET'S SAY THEY ISSUE A FIVE MILLION DOLLARS, WHEN THEY GET TO A POINT THAT THEY CAN LATER ISSUE TO MAKE PAYMENT, THEY REISSUE IT AS A SHORT TERM, BUT THEY ISSUE IT AT A HIGHER AMOUNT THAN WHAT THEY BORROWED.
NOT SOMETHING THAT I AM ADVOCATING AND NOT GOING TO RECOMMEND THAT THE PFA DO, BUT IT IS AN OPTION IF THEY WANTED THE MONEY NOW TO TAKE ON THOSE PROJECTS.
ANOTHER OPTION IS THE CITY FRONTS THE FUNDING AND WHICH THIS HAS HAPPENED.
THIS HAPPENED WITH THE REDEVELOPMENT AGENCIES IN THEIR EARLY STAGES, AND THEN THEY EXECUTE A REPAYMENT AGREEMENT WITH THE PFA AND THE FINE AND THE FINANCING DISTRICT, BECAUSE ESSENTIALLY IT'S TWO SEPARATE ENTITIES THAT ARE THAT EXIST.
AND THERE WOULD NEED TO BE SOME TYPE OF GUARANTEE THAT WHEN ENOUGH REVENUE IS GENERATED BY THE DISTRICT, THE CITY WOULD BE PAID BACK.
AND THEN THE THIRD IS, IF NEITHER OF THOSE ARE INTEREST, IS ESSENTIALLY THE EIFD AND THE PFA, WAIT UNTIL THE INCREMENT LEVELS INCREASE TO A POINT WHERE THEY CAN SUPPORT PAYMENT OF A BOND. AND WITH THE EXCEPTION OF A BRIDGE, SO WE HAVE PERSPECTIVE AND I THINK THE NEXT SLIDE ILLUSTRATES THAT BASED ON.
OUR ESTIMATES OF WE'VE OUR TAX PROPERTY TAX CONSULTANT LOOKING AT OUR PROJECTED GROWTH AS WELL AS THE AND THE CURRENT ASSESSED VALUE IN THE AREA, WE WOULDN'T HIT A MARK TO ISSUE ABOUT A FOUR POINT FIVE DOLLARS MILLION BOND AND BE ABLE TO SUPPORT THOSE PAYMENTS UNTIL YEAR 10. NEXT SLIDE.
SO. WHAT I WANT TO DO IS KIND OF GIVE YOU, FIRST OF ALL, A LITTLE BIT OF AN UPDATE ON WHERE WE WERE AT, WHERE WE'RE AT WITH THE PEDESTRIAN BRIDGE, BECAUSE THAT'S PROBABLY THE MOST SIGNIFICANT PROJECT THAT THIS DISTRICT WILL TAKE ON.
THERE WILL BE THE UTILITY IMPROVEMENTS, BUT THIS WILL BE THE MOST NOTABLE AND THE MOST SIGNIFICANTLY FUNCTIONING PIECE AS IT RELATES TO THIS AREA, BECAUSE IT'S REALLY GOING TO CONNECT THE STATION PLATFORM TO THE SOUTHERN AREA, WHICH IS NOT JUST FAIRPLEX AS FAR AS THE ACTIVITIES WE'RE SEEING THERE, BUT THE MOST SIGNIFICANT DEVELOPMENT WE HOPE TO SEE IN THE AREA AS FAR AS CONCENTRATION IN ONE AREA.
SO WE REALLY BELIEVE THAT THE BRIDGE IS AN IMPORTANT PIECE OF HOW WE MOVE, HOW WE'RE MOVING PEOPLE FROM THE STATION TO THAT SOUTHERN PIECE AND CREATING THAT EASE OF CONNECTIVITY. AND THAT'S A LOT OF WHAT'S BEING TAKEN INTO CONSIDERATION WITH THE DESIGN, COG HAS FUNDED.
DAN, WHAT WAS THE CONTRACT FOR? YOU THERE? YEAH, SORRY I HIT THE WRONG BUTTON.
THEY HAVE FUNDED IN SUBREGIONAL MEASURE M MONEY JUST SHY OF NINE HUNDRED THOUSAND DOLLARS TO DO THE DESIGN AND ENGINEERING WORK.
AND WE'VE ALSO COMMITTED CLOSE TO FOUR HUNDRED THOUSAND DOLLARS IN PROP C MONEY TO FUND THE BALANCE OF WHAT IS ABOUT A ONE POINT TWO ONE POINT THREE DOLLARS MILLION CONTRACT WITH KPFF, WHICH IS THE ENGINEERING DESIGN FIRM THAT WAS AWARDED THE WORK THROUGH THE COG. AND SO THE COG IS TAKING THIS FIRST STEP AND WE HOPE THAT THEY WILL BE IN LINE AND TO ASSIST BECAUSE THERE'S ANOTHER ROUND OF SUBREGIONAL MONEY IN TWENTY TWENTY TWO FOR CONSIDERATION, IS THAT RIGHT? I THINK IT MIGHT BE THIS YEAR, ACTUALLY TOWARDS THE END OF THIS YEAR.
SO WE WILL OBVIOUSLY MAKE APPLICATION AS IT RELATES TO THE CONSTRUCTION OF THE PROJECT FOR THE WHOLE THING AND MAYBE NOT GET AWARDED THE WHOLE THING, BUT GET SOME AMOUNT OF THIS PROJECT FUNDED THROUGH THE SUBREGIONAL MONEY THAT WILL BE COMING IN.
THE SUBREGIONAL MONEY IS MEASURE M MONEY THAT IS BEEN DIRECTED TO THE EACH OF THE REGIONAL COUNCIL OF GOVERNMENTS TO BE DISTRIBUTED OUT TO THE CITIES FOR PROJECTS SUCH AS
[00:25:02]
THIS. MR. RUSSI, I THINK MR CROSBY'S GOT A QUESTION.I'M SORRY. I CAN'T SEE ANY OF THE COUNCIL ON MY SCREEN, I APOLOGIZE.
YEAH. HE'S GOT A QUESTION. HE'S GOT HIS HAND UP.
GO AHEAD MR CROSBY. THANK YOU.
I'M SORRY. SO THE QUESTION THOUGH, ABOUT THE MONEY THAT YOU TALKED ABOUT, THE COG.
NINE HUNDRED THOUSAND DOLLARS AND THE CITY PUT IN MONEY, WOULD THAT BE THEN A REDUCTION OF THE SIX MILLION OF THE TOTAL PROJECT, OR IS THAT ON ADDITIONAL SIX MILLION WOULD BE ADDITIONAL TO THAT OTHER PIECE, THAT OF THE DESIGN? THAT IS ROUGHLY THE IT WOULD BE IT WOULD BE IT WOULD REDUCE THE SIX POINT SIX DOLLARS MILLION. SIMPLE ANSWER.
THE PROJECT. WE INITIALLY ESTIMATED CONSTRUCTION AT ABOUT FOUR AND A HALF MILLION AND WE WERE ESTIMATING THE ENGINEERING AT ABOUT ONE MILLION.
WHEN WE DEVELOPED THE CONTRACT, I GUESS, IF YOU WILL, WITH THE COG DURING OUR INITIAL ESTIMATES IN TWENTY SEVENTEEN, WHEN WE WERE ESTABLISHING THE EIFD, WE WERE PROBABLY A LITTLE LOW. I THINK WE WERE ABOUT FOUR AND A HALF MILLION DOLLAR FOR DESIGN AND CONSTRUCTION. I DON'T KNOW, BOB, IF YOU SAW MY EMAIL FROM EARLIER THIS AFTERNOON, BUT I I LEARNED TODAY THAT THE CALIFORNIA TRANSPORTATION COMMISSION STAFF ARE RECOMMENDING THEY PUT OUT THEIR RECOMMENDED LIST OF PROJECTS FOR THE ATP GRANT, THE ACTIVE TRANSPORTATION GRANT THAT THE COG SUBMITTED ON OUR BEHALF TO FUND CONSTRUCTION OF THE BRIDGE, AS WELL AS WELL AS THE ENGINEERING. THEY WENT THAT FAR WITH IT.
WHILE OUR PROJECT MADE THE UPPER THIRD OF THE LISTING OF ONE HUNDRED AND FIFTY TWO HUNDRED PROJECTS THAT WERE SUBMITTED, WE DIDN'T QUITE MAKE THE FINAL CUT OFF.
SO THE ACTIVE TRANSPORTATION GRANT THAT WE WERE CHASING FOR THIS PROJECT USING THE TWENTY TWENTY ONE CYCLE FIVE ATP IS NOT GOING TO PAN OUT FOR US.
SO WE HAVE TO LOOK TO AGAIN, OTHER RESOURCES, SUCH AS THE CITY MANAGERS MENTIONED EARLIER IN HIS REPORT HERE.
IT'S UNFORTUNATE. SO WHERE DOES THAT LEAVE THEN, FUNDING OPTIONS AND SO THAT WAS ONE OF THE FUNDING OPTIONS AND THAT WAS TIMELY THAT WE GOT THAT UNFORTUNATE.
COG IS ALSO ONE THAT WE WILL STILL EXPLORE.
AND THEN, OF COURSE, THROUGH THE EIFD WOULD BE THE BALANCE OR THE LION'S SHARE.
I'M SORRY. I CAN'T I DON'T KNOW HOW TO RAISE MY HAND OR DO ANY OF THAT STUFF.
INITIALLY WHEN WE WHEN WE APPROACH THE COG OR WHEN THE COG APPROACHED US ABOUT MANAGING THIS PROJECT AND ABOUT WORKING WITH US ON THIS PROJECT, THEY WERE SUPPORTIVE OF SUBREGIONAL MEASURE M MONEY FOR CONSTRUCTION AND ACTUALLY HAD SUBMITTED IT TO METRO THAT WAY. METRO IS THE ONE THAT SAID, LOOK, WE'LL GIVE YOU THE ENGINEERING MONEY NOW SO YOU CAN DO THE PROJECT ENGINEERING DESIGN WORK.
AND WE WANT YOU TO CHASE AN ATP GRANT IN LIEU OF US GIVING YOU SUBREGIONAL MEASURE M FOR THIS PROJECT. SO I THINK THE OPPORTUNITY IS STILL THERE FOR THAT IN THE FUTURE.
AND WE KEEP THAT ON THE LIST OF ALTERNATIVE FUNDING RESOURCES TO CHASE IN ADDITION TO SOME FIRST MILE, LAST MILE STUFF, MAYBE IN OTHER AVENUES OR FUNDS.
YOU KNOW, THE COG GET A MAJOR PUSH ON THIS WITH THE DESIGN ASPECT OF IT, AND I REALLY THANK THEM FOR THAT. BUT THERE ARE OTHER THINGS TO [INAUDIBLE], QUITE A FEW THAT ARE COMING UP, AS MR. [INAUDIBLE] SAID. SO IT'S NOT OVER.
BUT WE DID GET THE FUNDING FOR THE DESIGN, WHICH IS EXTREMELY IMPORTANT.
SO THEY'RE VERY MUCH IN FAVOR OF THIS BECAUSE IT'S ACTIVE TRANSPORTATION, IT'S GOLD LINE AFFILIATED, SO THEY CONSTANTLY PUSH.
AND I WILL SAY TOO JUST FOR EVERYONE'S BENEFIT, THE IMPORTANCE OF DOING THE DESIGN WORK AND CHASING CONSTRUCTION MONEY FOR THIS BRIDGE IS IT TIES INTO THE GOLD LINE PARKING LOT DESIGN. WE CAN'T LET THAT PARKING LOT GET DESIGNED WITHOUT HAVING SPACE FOR LANDING THIS BRIDGE ON THAT PROPERTY, IF WE DO IT AFTER THE FACT, THE COSTS GO UP, THE PROCESSES GO UP, THE ENVIRONMENTAL REVIEW GOES UP, ALL SORTS OF PROBLEMS ARE GENERATED IF WE CANNOT COORDINATE THIS WORK NOW WITH GOLD LINE.
[00:30:01]
SO IT IS IT IS, IN MY MIND, EXTREMELY IMPORTANT TO MOVE IT FORWARD.I THINK THE COG IS EXTREMELY INVESTED IN THIS, ALONG WITH OTHER FAIRWAY PROJECTS, MONTBELLO PROJECTS, GREAT SEPARATIONS, THEY'VE GOT ANOTHER BRIDGE THERE TOO.
SO THESE ARE THE ONES THAT THEY'RE VERY INTERESTED IN BECAUSE THEY CAN DO THE DESIGN BUILD IN-HOUSE. AND IT'S A REALLY GOOD THING AND NOT LIKE THAT WITH THE CONNECTIONS, CHANGE OF ADMINISTRATION AND THINGS LIKE THAT, I THINK WE'RE GOING TO SEE SOME DIFFERENCE AS FAR AS SOME OF THESE GRANTS THAT ARE FOR SOME OF THE COMMUNITIES THAT HAVE ASKED FOR THAT, WHERE WE'RE NOT GRANTED THOSE, BUT THE OPPORTUNITY IS BIG.
YEAH. AND WE'VE ALSO ENGAGED FAIRPLEX WALTER AT FAIRPLEX TO MAKE SURE THAT HE'S A PART OF THE DISCUSSION NOW IN THE DESIGN, BECAUSE WE UNDERSTAND THAT WHERE IT LANDS ON THE OTHER SIDE IS EQUALLY AS IMPORTANT AS WHERE IT FITS INTO THE GOLD LINE PARKING LOT.
WE'RE WANTING TO MAKE SURE IT FEELS AS SEAMLESS AND IT'S NOT JUST THIS THING THAT GOT PUT IN AND WE DEVELOPED AROUND IT.
ANYTHING ELSE ON THAT? ANY OTHER QUESTIONS FROM COUNCIL? SO THE OTHER PART OF THIS OF THAT PARTICULAR PROJECT IS THE UNDERGROUNDING OR THE MOVEMENT OF THE LINES THEMSELVES, AND IT HAS THAT'S TAKING UP MORE OF DAN'S TIME IDENTIFYING THE INDIVIDUALS THAT HE NEEDED TO BE TALKING TO WITH EDISON TO TO GET TO AN ANSWER.
AND HE FINALLY WAS SUCCESSFUL.
THANK YOU, DAN. AND THEY'RE STILL THERE.
DAN, WHY DON'T YOU TELL WHERE THEY'RE AT IN THE DESIGN OR AT LEAST THE REVIEW OF THAT? WELL, I ABOUT TWO WEEKS AGO NOW.
I HAD A MEETING WITH ALL PARTIES, ALL DEPARTMENTS OF EDISON OUT IN THE FIELD, FINALLY, BECAUSE NONE OF THEM REALLY UNDERSTOOD THE PROJECT OR THE REQUEST THAT WE WERE WE WERE LOOKING AT. UNFORTUNATELY, THOSE POLLS ON THE SOUTH SIDE OF ARROW HIGHWAY CARRY NOT ONLY EDISON'S DISTRIBUTION FACILITIES, FACILITIES, IT CARRIES THEIR TRANSMISSION LINES.
IT CARRIES POWER INTO THE FAIRPLEX, INTO ONE OF THEIR SUBSTATIONS, AND IT HAS OTHER VARIOUS UTILITIES THAT ARE ON THOSE POLES AS WELL.
SO I WAS HAVING DIFFICULTY TRYING TO GET EDISON, TO UNDERSTAND WHAT WE NEEDED TO DO, WHO WAS WHO WAS RESPONSIBLE PERSON TO TALK TO WITH EDISON, AND IT FINALLY BOILED DOWN TO NOW THAT THEY WANT TO PUT THIS INTO THEIR LOCAL RESOURCES GROUP.
IF WE GO UNDERGROUND IN A RULE 20 A PROJECT AND I SAY A RULE 20 A PROJECT, EVEN THOUGH WE DON'T HAVE MONEY FOR THAT, IF WE WERE TO DO THIS PROJECT OURSELVES, WE'RE LOOKING AT ROUGHLY THREE AND A HALF MILLION, MAYBE FOUR MILLION DOLLARS OUT OF POCKET TO DO THE UNDERGROUND WORK ALONG NARROW HIGHWAY FROM WIDE AVENUE TO FAIRPLEX DRIVE, E STREET RIGHT THERE. IF WE WENT OUT AND MADE THIS A RULE 20 A PROJECT IN WHICH EDISON DOES ALL THE DESIGN WORK AND WE DON'T HAVE TO DO IT.
AND WE CAN PURCHASE SOME RULE 20 A CREDITS FROM OTHER AGENCIES, WE CAN PROBABLY GET THOSE THOSE CREDITS FOR FIFTY FIVE CENTS, 60 CENTS ON THE DOLLAR OR SOMETHING LIKE THAT.
SO WE CAN REDUCE OUR COST DOWN TO ABOUT TWO POINT ONE TWO POINT FIVE MILLION DOLLARS OUT OF POCKET. RIGHT NOW, IT'S A MATTER OF DO WE WANT TO CHASE THAT MONEY OR CHASE THOSE CREDITS FROM SOME OTHER AGENCIES SO I CAN GET EDISON TO KICK OFF A RULE 20 A PROJECT? THEY WON'T DO IT WITHOUT US ESTABLISHING THE DISTRICT, THE UNDERGROUND DISTRICT, JUST AS WE DID WITH WHITE AVENUE.
AND THERE'S NO SENSE DOING THAT UNLESS WE HAVE SUPPORT TO GO TRY AND BUY THOSE CREDIT FROM SOMEBODY. IF WE CHASE WHAT THEY CALL A RULE 20 B PROJECT, AND THAT'S BASICALLY A TOTALLY CITY FUNDED PROJECT OUT OF POCKET.
WE HAVE TO DO ALL THE ENGINEERING UP FRONT BEFORE THEY WILL START WORKING WITH US.
WE NEED TO GIVE THEM A BUNCH OF DESIGN WORK, A BUNCH OF PROPOSALS AND THINGS OF THAT NATURE. AND WE COULD SPEND A COUPLE HUNDRED THOUSAND DOLLARS DOING THAT BEFORE THEY WILL ACTUALLY START PICKING UP AND ASSISTING US ON THAT.
I WOULD NOT RECOMMEND FOLLOWING THAT APPROACH BECAUSE OBVIOUSLY IT'S IT'S NEARLY TWICE AS
[00:35:03]
MUCH AS A RULE 20 A PROJECT.SO I'M KIND OF AT LIMBO AGAIN.
I FINALLY GOT THE RIGHT PEOPLE TO TALK TO YOU, BUT NOW WE'RE BACK TO KIND OF A SQUARE ONE. DO WE CHASE A RULE 20 A PROJECT? DO WE CHASE A RULE 20 B PROJECT? AND THEN, OF COURSE, INTERNALLY, AS A STAFF, YOU KNOW, WE'VE TALKED ABOUT ALTERNATIVES, WHETHER OR NOT WE JUST SEE IF WE CAN GET THEM TO RAISE THE LINES, WHICH WE DON'T HAVE AN ANSWER ON YET VERSUS OR VERSUS THE ANAGRAMMING OR POTENTIALLY SOME OTHER AVENUE, SUCH AS AN UNDERGROUND TUNNEL OR SOMETHING.
THAT IN A NUTSHELL, IS KIND OF WHERE THAT STANDS RIGHT NOW.
SO. AND DAN YOU SAID YOU'VE PUT OUT AN INQUIRY TO OTHER AGENCIES TO SEE IF THERE'S AN INTEREST AND THERE ARE SEVERAL AGENCIES THAT DO HAVE CREDITS THAT WOULD BE WILLING TO SELL THEM, CORRECT? YES.
YES, I HAVE AT LEAST FOUR FROM EDISON'S TERRITORY.
I RECEIVED I RECEIVED INTEREST FROM ALL OVER THE STATE.
BUT AFTER I HAD PUT OUT THE REQUEST, I LEARNED THAT.
THE CREDITS HAVE TO BE USED WITHIN THE UTILITY'S SERVICE AREA, SO ANYTHING WE DO WOULD HAVE TO BE OBTAINED FROM SOMEBODY WITHIN SCE'S SERVICE AREA.
BUT WE'VE GOT POTENTIALLY [INAUDIBLE] WHO HAS A LOT OF MONEY THAT THEY HAVEN'T USED YET.
WE'VE GOT SOME AGENCIES ON THE WEST SIDE THAT DON'T SEEM LIKE THEY HAVE INTEREST IN DOING ANY PROJECTS OR WE NEED TO DO ANY PROJECTS THAT HAVE SOME MONEY.
SO WE DO HAVE PROBABLY FOUR OR FIVE RIGHT NOW THAT HAVE EXPRESSED INTEREST IN SELLING SOME MONEY OR SELLING SOME CREDITS TO US.
WE HAVE A NEGOTIATOR TO TALK DOLLARS OR CENTS WITH THEM, YET I DON'T WANT TO GO THERE UNTIL WE GET SOME DIRECTION FROM YOU OR THE COUNCIL.
ANY OTHER QUESTIONS ON THE PEDESTRIAN BRIDGE AT THIS POINT? OK, AND I'VE ALREADY MENTIONED THIS, SO I WON'T NECESSARILY SPEND MUCH TIME ON IT, BUT THE OTHER PRIORITY PROJECTS, THE FIRST BULLET GRANTS AND OTHER ELIGIBLE FUNDING FORCES FIRST MILE, LAST MILE, ALL THOSE ARE FUNDING OPTIONS THAT ARE THAT WILL BE PURSUED.
AND THE OTHER THING THAT I AND I MENTIONED, THIS IS MOST OF THOSE PROJECTS, MAYBE NOT ALL, BUT MOST OF THOSE PROJECTS ARE ELIGIBLE FOR FUNDING UNDER OUR PROP C LOCAL RETURN, WHICH I MENTIONED. AND I THINK THAT'S IMPORTANT AS WE START TO LOOK AT THESE NEXT COUPLE OF OPTIONS BECAUSE IT WILL COME INTO PLAY.
BOB, ONE QUESTION SORRY I KNOW THE PLAN FOR THE PEDESTRIAN BRIDGE FROM THE GOLD LINE PARKING LOT TO THE FAIRPLEX SIDE, BUT THERE IS NO PLAN.
THERE WAS NO TALKS OF ANY KIND OF BRIDGE THAT MOVES INTO OVER THE TRACKS TO THE DOWNTOWN AREA. CORRECT? NO, THE DISCUSSION THERE IS TO IMPROVE THE STREETSCAPE AND THE WALKABILITY FROM E GOING GOING NORTH TILL YOU GET INTO THE OLD TOWN.
SO HOW DO WE AND THAT'S IN THOSE PRIORITY THOSE OTHER PRIORITY PROJECTS OF FOUR AND A HALF MILLION DOLLARS. SO THAT FOCUS IS GOING THE OTHER WAY.
AND THEN ALL THE OTHER STREETSCAPE THAT WOULD BE ASSOCIATED TO IT.
YEAH. BECAUSE I UNDERSTAND OF GOING LIKE THE FAIR AND THE DRAG RACES.
AND POSSIBLY THAT'S WHY I ALSO MAKE SURE THAT THEY'RE GOING TO OUR BUSINESSES, ALSO TO OUR DOWNTOWN AREA AND TO THE UNIVERSITY WHERE STUDENTS TO BE COMING AND TRAVELING TO SCHOOL TOO. ABSOLUTELY.
THE AND THE REASON THE BRIDGE IS BECAUSE WE'RE TRYING TO MOVE PEOPLE ACROSS ARROW HIGHWAY AND, YOU KNOW, TO MOVE THAT NUMBER OF PEOPLE AND PROBABLY MORE LEAVING THAN COMING, BUT CERTAINLY COMING. HOW DO WE DO IT IN A MORE CONVENIENT MANNER THAN WAITING AT SIGNALS AT ARROW. AND THAT'S WHERE THE CONCEPT OF THE BRIDGE THERE CAME INTO PLACE.
AND MOST LIKELY MULTIPLE AT ONE TIME GOING TO THE FAIRPLEX THEN IT WOULD BE GOING TO THE DOWNTOWN AREA, A MASSIVE AMOUNT OF PEOPLE.
AND YOU COULD MORE EASILY GO JUST NORTH ON THE EAST SIDE OF THE STREET AND THEN SIDEWALK AND THEN WORK YOUR WAY TO THE OLD TOWN FROM MULTIPLE STREETS.
OK THANK YOU JUST WANT TO MAKE SURE ABOUT THIS, THOUGHT ABOUT GOING TO OUR BUSINESSES.
LOCAL BUSINESS. ABSOLUTELY EQUALLY IMPORTANT, IF NOT MORE SO.
SO TALKED ABOUT THE OTHER PRIORITY PROJECTS.
SO THE APPROACH IS AND WHY WE'RE TALKING TO COUNCIL ABOUT THIS, BECAUSE IN A COUPLE OF WEEKS WE HAVE A MEETING SET WITH THE PFA AND I WANT TO START EXPLORING WHAT ARE THE OPTIONS THAT ARE AVAILABLE TO THEM AND IS IT JUST ARE WE GOING TO BE IN A HOLDING PATTERN, WHICH CERTAINLY WE CAN? OR ARE THERE IS THERE AN ALTERNATIVE WHERE THE CITY HAS AN APPETITE FOR ADVANCING THE
[00:40:04]
MONEY, IF YOU WILL, ISSUING THE BOND WITH THAT REPAYMENT OR EVEN A DIRECT LOAN AS IT RELATES TO USING ONE OF OUR SURPLUS FUNDS FOR ONE OF OUR UTILITIES WITH, AGAIN, A AN OPPORTUNITY TO REPAY THE CITY OVER TIME, ONCE THE DOLLARS GET ACCUMULATED WITHIN THE DISTRICT ITSELF. AND THE ISSUANCE OF A BOND ON THE CITY SIDE BASICALLY PUTS LIENS ON THE CITY'S CREDIT FOR A PERIOD OF TIME AND THE CITY WOULD BE THE ISSUER.BUT THE THING THAT THE CITY HAS THE OPPORTUNITY TO DO IS, AS I MENTIONED, THE DEBT SERVICE COULD BE PAID WITH NON GENERAL FUND DOLLARS BECAUSE THE PROJECTS ARE ELIGIBLE FOR THAT. SO WE COULD BASICALLY LOSE OUR PART OF OUR PROP C LOCAL RETURN, NOT ALL OF IT.
WE BASICALLY GET ANYWHERE FROM FIVE TO SIX HUNDRED THOUSAND A YEAR AND AN ISSUANCE OF ABOUT FOUR AND A HALF MILLION WOULD REQUIRE ABOUT TWO HUNDRED AND FORTY THOUSAND OF THAT TO BE USED TO PAY THAT BOND.
THAT'S ONE CONCEPT THAT EXISTS.
THERE ARE OTHERS THAT WE COULD EXPLORE, BUT GENERALLY, IF WE WERE TO DO IT, I WOULDN'T WANT US TO USE GENERAL FUND DOLLARS TO ADVANCE, BUT WHERE COULD WE USE NON GENERAL FUND DOLLARS TO SUPPORT GETTING SOME OF THESE PROJECTS OFF THE GROUND.
QUESTION ABOUT IF YOU USE NON GENERAL FUND DOLLARS, THOSE THAT ARE MORE RESTRICTIVE, WHAT PROJECTS AND OTHERS [INAUDIBLE] RIGHT NOW TOO IF WE'RE GOING THAT WAY, WHAT PROJECTS ARE WE NOT GOING TO DO SO THAT THIS IS THIS WAY IS FUNDED? SO LOOKING AT WHAT BETTER BENEFITS FOR US AS WELL.
YEAH. AND I THINK AND WITHOUT GETTING INTO SPECIFICS, WE HAVE GONE BACK AND LOOK, MOST OF THE OTHER THAN THE PEDESTRIAN BRIDGE AND THE THE UNDERGROUNDING MOST OF THOSE OTHER IMPROVEMENTS WOULD BE ABLE TO BE FUNDED.
I DON'T KNOW EXACTLY WHICH ONE WOULDN'T, BUT THE ONES THAT AREN'T.
WE COULD ALSO LOOK TO OUR MEASURE R OR MEASURE M DOLLARS TO FUND THOSE AS WELL, BECAUSE THEY WOULD BE STREET IMPROVEMENTS.
SO [INAUDIBLE] PACIFIC WEEDS, IF THIS WAS A DIRECTION COUNCIL WANTED TO GO WITH F METRO, WHO IS THE OVERSEER OF OUR PROP C DOLLARS AND HOW THEY CAN BE USED.
WE'VE ALREADY TALKED BROADLY ABOUT THE CONCEPT, SHARED THE PROJECTS AND THEY SAID YES, GOLD LINE, IF IT'S GOLD LINE LINE RELATED, THESE ARE ELIGIBLE TO USE THOSE LOCAL RETURN DOLLARS FOR IT. BUT WE WOULD WANT TO GET A SPECIFIC ANSWER ON THOSE FOR SURE.
SO THEN ANY OTHER QUESTIONS AS IT RELATES TO THIS PAGE OR WHAT WE DISCUSSED HERE? OK, THEN THE ONLY OTHER THING AND PRETTY EVIDENT, JUST KIND OF TALKS ABOUT THE CITY ISSUANCE PROCESS, IT'S YOU KNOW, WE WOULD FIRST HAVE TO IF WE GOT TO THAT POINT, ENTER INTO THAT LOAN AGREEMENT THAT COST THAT REIMBURSEMENT AGREEMENT THAT SOMETIME IN THE FUTURE TO BE DEFINED, THE PFA AND EIFD WOULD BE RETURNING THOSE DOLLARS BACK TO THE CITY.
IT COULD TAKE LONGER. WE DON'T KNOW.
THE CITY WOULD THEN GO OUT AND ISSUE THE BONDS FROM THE CITY BENEFIT TO IT IS BECAUSE THE CITY HAS AT THIS POINT A BETTER CREDIT RATING THAN THE EIFD WOULD BECAUSE EIFD, IF THERE'S ONE THING INVESTORS DON'T LIKE IS UNKNOWNS AND EIFD THERE'S KIND OF THIS NEW THING. SO IT WOULD NO DOUBT AND CERTAINLY ACCORDING TO LARRY'S ASSESSMENT, WOULD HAVE A HIGHER INTEREST RATE AT FIRST BECAUSE OF THE RISK FACTOR INVOLVED.
THIS NEXT ONE AND I, LARRY, I'LL LET YOU SPEAK TO IT, BECAUSE WE'RE ISSUING FOR PROJECTS, IT DOESN'T REQUIRE VALIDATION, BUT IT MIGHT BE PREFERRED BY THE MARKET.
IS THAT BECAUSE WE'RE ISSUING ON BEHALF OF THE PFA? YEAH, CORRECT. THE YOU KNOW, THERE IS A IT'S A NEW VEHICLE.
I MEAN, THESE THINGS WERE CREATED, AS YOU KNOW, BOB, IN 2012.
AND THERE HAS NOT BEEN IN THE STATE ANY ISSUANCE OF PURELY TAX INCREMENT BACKED BONDS BY PUBLIC FINANCING AUTHORITIES, VIA THE EIFD.
WE HAVE A PRETTY CLEAR OPINION THAT NOT ONLY WOULD IT BE PREFERABLE BY THE MARKETPLACE, IT MAY EVEN BE A REQUIREMENT OF THE MARKETPLACE OF THE MARKETPLACE TO VALIDATE THE CAPACITY OF THE CITY TO ESSENTIALLY PLEDGE ITS INCREMENT THROUGH TO THE PFA AND ISSUE BONDS AGAINST IT. SO THAT'S WHY THAT'S THERE.
OK, AND VALIDATION SIMPLY MEANS THE CITY WOULD TAKE IT TO THE COURT AS PART OF THE
[00:45:04]
PROCESS, WE DID THAT WITH, DID WE DO THAT WITH THE PLD BOB? YES, WE DID. OK, SO IT'S NOT AN UNCOMMON PROCESS, BUT SOMETHING THAT WE COULD IF WE NEEDED TO DO, WE CERTAINLY WOULD BE PREPARED TO.THEN THE NEXT STEP FROM THAT AND DEPENDING ON HOW WE STRUCTURED THE REIMBURSEMENT AGREEMENT, IS AT SOME POINT THE EIFD COULD REFINANCE THE REMAINING BALANCE OR EVEN IF AT THAT POINT THEY HAD THE CAPACITY, THE FULL AMOUNT, IF THEY HAVEN'T PAID ANY OF IT BACK, TO TAKE THE BURDEN OFF OF THE CITY FOR THE REMAINDER OF THE THE BOND AND THEN RELEASE THE CITY'S CREDIT SO WE COULD HAVE IT FOR OTHER THINGS.
FORTUNATELY THE ONE BENEFIT FOR LAVERNE IS WE DON'T CARRY A LOT OF DEBT.
SO WE ARE IN A VERY GOOD POSITION THAT IF WE WANTED TO DO THIS, IT WOULDN'T BE A SIGNIFICANT STRAIN AND SOMETHING THAT I WOULD THINK THE MARKET WOULD LOOK ON US FAVORABLY FOR. NEXT SLIDE.
SO NEXT STEPS AND REALLY I AGAIN, IT'S.
TRYING TO GET THE COUNT, TAKE THE COUNCIL'S TEMPERATURE, IF THERE'S A TOLERANCE FOR THE CITY PROVIDING ASSISTANCE, THERE'S STILL A LOT OF QUESTIONS THAT WOULD NEED TO BE ANSWERED. AND I WOULDN'T EXPECT YOU TO SAY, YES, WE'RE GOING TO GO OFF AND ISSUE THIS BOND TOMORROW. BUT I BEFORE WE WENT AND MET WITH THE PFA, WE WERE DISCUSSING THIS AS A TEAM IS THAT WE REALLY GOT TO FIND OUT WHERE THE COUNCIL'S AT AND THEIR FEELING ON THIS BEFORE WE TAKE SOMETHING FORWARD TO THE PFA AND START TALKING ABOUT OPTIONS.
SO THAT'S WHY I WANTED TO COME TO YOU FIRST.
WE'RE GOING TO GO BACK AND REVIEW ALL THE FINANCIAL APPROACHES WITH THE PFA BECAUSE ULTIMATELY THEY'RE THE ONES WHO ARE GOING TO EITHER BE A PARTNER WITH THE CITY WE'RE GOING TO WANT TO SAY, NO, WE'RE GOING TO WAIT UNTIL WE ACCUMULATE ENOUGH MONEY ON OUR OWN.
WE THEN WOULD WANT TO GO BACK AND CONFIRM THE PRIORITY PROJECTS, UPDATE OUR COST ESTIMATES, WHICH WOULD REQUIRE US BRINGING IN AN ENGINEERING FIRM TO LOOK AT THOSE PRIORITY PROJECTS AND IDENTIFY SPECIFICALLY WHAT WE NEED TO DO.
THAT WOULD CLARIFY THEN THE BOND AMOUNT THAT WE WOULD NEED TO ISSUE AND THEN WE WOULD WANT TO BRING ALL OF THAT BACK TO THE CITY AND THE PFA TO FINALIZE THE PREFERRED APPROACH IF, IN FACT, THE CITY WANTED TO PARTICIPATE IN SOME WAY IN ADVANCING THE DOLLARS OR ISSUE WITH THE BOND. SO WITH THAT, I WILL STOP.
SEE, FIRST OF ALL, IF FOR MY TEAM AND LARRY'S TEAM, IF THERE WAS ANYTHING I MISSED IN WHAT WE NEEDED TO ACCOMPLISH TONIGHT.
FROM MY PERSPECTIVE, YOU GOT I THINK ALL OF IT THAT YOU NEEDED TO COVER, IT'S REALLY NOW, AS YOU STATED, A FUNCTION OF COUNCIL CONFIRMING THEY WANT US TO KEEP PROCEEDING DOWN THIS LINE TO EXPLORE LEVERAGE AND OTHER SOURCES OF MONEY AND GET THE PFA INVOLVED BECAUSE THEY HAVE TO BE THEY PLAYED AN INSTRUMENTAL ROLE AND THEN COME BACK WITH THE FULL APPROACH WHEN WE'RE READY. [INAUDIBLE] ERIC, DAN.
OK. PETER DID I STAY OUT OF TROUBLE? [INAUDIBLE] OK, GOOD.
ANY QUESTION OR COUNCIL QUESTIONS THAT YOU HAVE? NOT QUESTIONS, BUT I'M IN AGREEMENT WITH THE TO RESEARCH AND SEE WHAT WE HAVE AND LOOKING AT ISSUING BONDS.
I THINK WHAT MR. CROSBY IS TALKING ABOUT IS IF WE WERE TO TAKE MONEY FROM OTHER FUNDS, WHAT WOULD THAT LEAVE THAT FUND FOR FUTURE PROJECTS? I THINK THAT'S WHAT HE WAS TRYING TO GET AT.
I THINK WE NEED TO LET THIS STAND ON ITS OWN TWO FEET AND FIND OUT THE NEEDS, FIND OUT WHAT WE'RE THINKING OF DOING, FIND OUT THE PROJECTS WE'RE LOOKING AT.
BECAUSE INITIALLY WHEN WE FIRST STARTED THIS AND COUNCIL MEMBER CARDER WILL JUMP IN TOO.
THAT, IT WAS REALLY THE BOND FINANCED THIS TO BUILD THESE GREAT THINGS AND THEN CITY PAY BACK WITH THE MONEY THAT THIS IS GENERATING FOR OUR COMMUNITY.
SO AND ALSO BACK TO WHAT MR. KESSEY'S WITH THE PURCHASING THOSE EXCESS FUNDS THAT PEOPLE HAVE, I THINK IT'S A GREAT IDEA TO BRING DOWN THE COST OF THE UNDERGROUND AND THOSE LINES AS FAR AS THE [INAUDIBLE].
BUT I THINK WE NEED TO DO I PERSONALLY THINK THAT THE MOVE FORWARD WITH THAT AND LOOKING AT THE BOND STRUCTURE AND THEN SEE HOW THAT COULD WORK OUT, YOU KNOW, WITH SUCH GREAT RATING, LIKE YOU SAY, YOU KNOW, WE'VE GOT A GOOD RATING IN.
AND TO SEE THAT, THAT'S KIND OF WHAT I WOULD I'M KIND OF LOOKING AT COUNCIL? I MEAN. YES, I HAVE A QUESTION ON THIS BOB.
EVEN THOUGH WE'RE JUST IN THIS BEGINNING STAGES, DO YOU HAVE ANY KIND OF A TIME FRAME THAT YOU EXPECT SOME OF THESE THINGS TO BE DONE, OR IS IT TOO SOON TO HAVE DATES? WELL, I REALLY THINK IT'S TOO SOON TO HAVE DATES UNTIL WE KNOW WHAT OUR FINANCING IS GOING TO LOOK LIKE. I MEAN, IF WE IF I GET DIRECTION FROM COUNCIL THAT SAYS, YEAH, WE'RE OK WITH COMMITTING OUR PROP C AND ISSUING THIS, AT THIS TIME, WE CAN REALLY START TO PUT
[00:50:05]
TOGETHER A PLAN AROUND.WE'RE GOING TO HAVE THE MONEY IN PLACE.
IDEALLY, WITHIN THE NEXT YEAR OR SO, THEN WE CAN START TAKING ON THOSE PROJECTS.
OK, SO WITH ALONG WITH THAT WITH WHAT TIM WAS SAYING IS THAT TIM AND I BOTH SIT ON THE BOARD AND I FEEL THAT AS LONG AS WE CAN LOOK AT ALL THE FUNDING, BUT IF WE CAN USE, MEASURE AND MEASURE OUR FUNDS THAT AREN'T INTERFERING SO MUCH WITH OUR PROJECTS, IT'S STILL WORTH INVESTIGATING AND SEEING WHAT KIND OF MONIES WE COULD GET FROM THAT TOO TO ADD TO OTHER FUNDING AND KEEP TRYING FOR OTHER SOURCES FOR FUNDING TOO.
BUT I'M IN SUPPORT OF YOUR AREA THAT YOU HAD FOR US TO CONSIDER AND TO MOVE FORWARD, THAT I FEEL THE CITY SHOULD BE ACTIVE, INVOLVED IN IT.
I THINK, OH DAN YOU HAD SOMETHING.
YEAH, I'M SORRY TO BUTT IN, BUT I WAS JUST HAVING A THOUGHT MAYBE LARRY MIGHT SPEAK TO THIS OR MAYBE IT'S NOT A BIG DEAL.
IF WE ARE TO GO PURCHASE RULE TWENTY A CREDITS FROM ANOTHER AGENCY.
I'M KIND OF GUESSING THAT BOND FUNDS WOULD NOT BE COULD NOT BE USED FOR SOME.
EXPENSE LIKE THAT, EVEN THOUGH THEY WOULD BE DIRECTED AT UNDERGROUNDING THE EDISON UTILITIES.
MOST LIKELY, AND HOPE YOU GET A GOOD DISCOUNT ON THEM, BUT MOST LIKELY THE THE PURCHASE.
YOU KNOW, RULE 20 A OR B MONIES WOULD BE SORT OF ONE TIME SOURCE FUNDS, BUT NOT ONGOING REVENUES. SO THEY WOULDN'T BE SOMETHING THAT WE WOULD PLEDGE AS A SORT OF A DEBT LEVERAGE PIECE TO BE A CONTRIBUTION TO THE PROJECT COST, IN MY VIEW.
THAT WE WOULD NOT WE MIGHT NOT BE ABLE TO USE BOND FUNDS TO TO PURCHASE THESE RULE TWENTY A CREDITS TO DO THIS CONSTRUCTION.
THAT MEANS WE WOULD HAVE TO LOOK AT ANOTHER REVENUE SOURCE, SUCH AS ONE OF OUR INTERNAL UTILITIES, LET'S SAY, AND THAT EIFD REVENUES COULD BE PLEDGED BACK TO THE CITY TO PAY BACK THAT UTILITY FOR SOME LOAN.
SO I THINK THAT NEEDS TO BE A CONSIDERATION THAT YOU NEED TO KEEP OPEN TO RIGHT NOW IF WE'RE TO CONTINUE MOVING FORWARD WITHOUT MUCH DELAY.
I'LL TELL YOU, THOUGH, I MEAN, I WOULD I WOULD EXPLORE IT.
AND I JUST HAVING DONE THESE YOU KNOW, RULE 20 FUNDS, THEY TEND TO BE, YOU KNOW, BASICALLY STANDALONE FUNDS AND MOST OF THE PROJECTS THAT I'VE DONE THEM WITH.
BUT THE, YOU KNOW, USING BOND FUNDS TO ACQUIRE OTHER DISCOUNTED FUNDS.
IT MAY BE IT MAY BE HARDER TO DO, AND I THINK IT WOULD BE A QUESTION OF BOND COUNCIL AND WHETHER OR NOT WE CAN GET THAT, WE MAY EVEN TRY AND GET THAT VALIDATED AS PART OF THE COURT PROCESS AS WELL.
IT'S JUST WORTH THE DISCUSSION, BUT I WOULD NOT COUNT ON IT.
AND THANK YOU, DAN, CUS AND THAT DOES PUT TWO THE TWO PATHS IN PLACE, RIGHT, THE ONE PATH FOR THE PRIORITY PROJECTS THAT WE TALKED ABOUT IN THE ISSUANCE OF A BOND LIKE YOU'RE REFERRING TO AND THEN USING SOME OF OUR UTILITY RESERVES, WHETHER IT BE SEWER OR WATER DOLLARS THAT WE WOULD HAVE AVAILABLE TO FRONT TO PURCHASE THOSE UNDERGROUND CREDITS, SHOULD THAT BE THE DIRECTION THAT IS THE MOST PRUDENT TO GO.
AND I WOULD ASSUME THE USE OF [INAUDIBLE] FUNDS TO REIMBURSE THE CITY FOR THE MONEY IT SPENDS TO BUDGET. RIGHT.
IT WOULD HAVE TO THERE WOULD BE A REIMBURSEMENT AGREEMENT FOR THAT.
SEPARATELY FROM THE BOND ISSUANCE IS WHAT I WOULD ENVISION.
RIGHT? THAT'S WHAT I WAS THINKING AS WELL.
AND MAYOR, YOU'RE RIGHT ON MY QUESTION IS, IS THAT IF WE'RE USING OF COURSE, NOT GENERAL FUND, BUT USING SOME OTHER RESTRICTED FUNDS AND WHAT PROJECTS WOULD BE DELAYED TO USE THOSE FUNDS TO AND JUST A LIST OF THAT SO THAT WE KNOW WHAT WE WOULD BE GIVING UP FOR A LONGER PERIOD OF TIME TO PUSH THIS PROJECT FORWARD FASTER.
SO THOSE ARE ALWAYS THE THINGS OF WHAT ARE WE USING OUR MONEY BEST AND OR ARE THOSE PROJECTS A PRIORITY AS WELL? AND THEN THEY CAN'T JUMP ANOTHER PROJECT SO [INAUDIBLE] THAT PROJECTS THAT ANN'S WORKING ON IMMEDIATELY FOR LIKE THE WATER AND GETTING TO THE PUMPS AND THINGS LIKE THAT, SO THAT
[00:55:04]
WE ARE THINGS THAT WE HAVE TO INSTEAD OF THE NICE TO TO WANT TOS.AND I CAN SAY ON THE AND YOU'RE RIGHT AND ON THE SPECIFICALLY TO THE PROP C, I CAN'T SPEAK FOR THE OTHER FUNDS AND THE SACRIFICES THAT WOULD BE MADE, BUT DEPENDING ON WHAT WE IDENTIFY AS THOSE PROJECTS.
BUT I KNOW ON PROP C WE HAVE BEEN USING.
WHAT WE NEEDED TO, BUT WE'VE ALSO BEEN PUTTING MONEY ASIDE IN ANTICIPATION OF BEING ABLE TO USE THAT FOR GOLD LINE RELATED PROJECTS, SO WE KNEW THIS WAS GOING TO BE COMING.
SO WE'VE BEEN NOT NECESSARILY THE ISSUANCE OF THE BOND, BUT WE KNEW THAT THEY WERE GOING TO BE PROJECTS AND WE HAD SET ASIDE CLOSE TO EIGHT HUNDRED THOUSAND THAT WE'VE BEEN USING HERE THERE. BUT EIGHT HUNDRED THOUSAND HAD BEEN SET ASIDE IN ANTICIPATION OF GOLD LINE RELATED PROJECTS. IN ANTICIPATION OF YOUR WORK DURING YOUR RETIREMENT.
AND WITH RESPECT TO THE UTILITIES AND PROJECTS THAT MAY BE LOST, WE CAN CERTAINLY DO THE EVALUATION FOR YOU.
BUT IT'S MY SENSE THAT WE WON'T DISTURB.
ANYTHING IF WE'RE IF WE'RE LOOKING AT TWO AND A HALF MILLION DOLLARS THAT WE NEED TO GO PURCHASE. THIS IS MONEY THAT THAT WE HOLD IN RESERVE FOR PARTICULAR PURPOSES, FOR EMERGENCIES AND THINGS LIKE THAT, AND AND I DON'T THINK IT WILL HAVE A DELAY ON ANY PROJECTS. BUT AS I SAID, WE CAN DO THAT EVALUATION FOR YOU.
I THINK I THINK THAT WOULD BE HELPFUL BECAUSE I'D BE CURIOUS TO WEIGH OUT THE PROS AND CONS ON THAT. DO YOU OBVIOUSLY SEE THE BENEFIT TO TRYING TO GET SOME OF THIS STUFF IN FIRST IF IT'S GOING TO ATTRACT PEOPLE TO COME TO US? AND, YOU KNOW, I DON'T WANT TO LOSE OUT ON THAT MOMENTUM EITHER, SO.
BUT I'D LIKE TO SEE THE WHOLE PICTURE.
OF COURSE, AGAIN, JUST TRYING TO AT THIS POINT, IF IT WAS.
NO, WELL, THEN WE'RE JUST GOING TO GO AND LET THE PFA KNOW WE'RE GOING TO HAVE TO JUST PUT THE BRAKES ON IT FOR A WHILE. BUT I APPRECIATE THE THE INPUT.
AND I WILL ABSOLUTELY WHENEVER WE BRING BACK, WE'LL CERTAINLY EVALUATE THE WHAT SACRIFICES OR WHAT PROJECTS MAY HAVE TO BE DELAYED, IF THAT IS, IN FACT THE CASE.
MR. [INAUDIBLE], DID YOU HAVE ANY COMMENTS OR INPUT OR WERE IN THE RIGHT? THINK WE'RE GOING IN THE RIGHT DIRECTION, IT SOUNDS LIKE, AS TO WHAT YOU GUYS ARE TALKING ABOUT. WE KEEP MOVING FORWARD WITH THIS AND BUT TOTAL TRANSPARENCY TO THE COUNCIL AND ALSO ALL OF US TO MAKE SURE WHAT WE'RE DOING AND HOW WE'RE GOING TO, YOU KNOW, WHAT THIS IS COMING FROM AND WHERE IT'S GOING TO SO.
YEAH GO AHEAD ERIC. OH, YEAH, I WILL JUST SAY THAT THE YOU KNOW, THESE PROJECTS THAT WE'RE LOOKING TO TAKE ON AND ALSO THE THE CHANGE THAT IS EXPECTED TO COME, WHETHER IT'S A COMPLETE THE SPECIFIC PLAN, COMES OUT AS AS FULL AS WE HAD ANTICIPATED OR EVEN SOMETHING CLOSE. THAT IS JUST GOING TO BE A MONUMENTAL CHANGE FOR THAT ENTIRE PART OF LAVERNE.
AND WE'RE STARTING TO SEE SOME OF THAT ALREADY.
AS YOU KNOW, YOU TOOK ON THE APPROVAL OF THE HOUSE BEING MOVED FOR FIRST AND LIGHT TO ACCOMMODATE THE DEVELOPMENT THAT'S GOING TO GO THERE.
THE LANDINGS THERE'S OTHER INTERESTED PROPERTY OWNERS IN REDEVELOPMENT OF FIRST STREET.
AND IF WE CAN START TO TAKE ON SOME OF THESE OTHER INFRASTRUCTURE PROJECTS, THAT WILL ONLY HELP TO KEEP THAT WHEEL SPINNING MORE AND MORE.
OK, ANY OTHER COMMENTS OR QUESTIONS FOR STAFF COUNCIL OR ANY FROM OUR STAFF, ANY MORE COMMENTS OR QUESTIONS? I THINK YOU HAVE YOUR DIRECTION.
I DO, THANK YOU VERY MUCH AND I APPRECIATE IT.
AND I APPRECIATE EVERYBODY'S TIME AND HELP.
THANK YOU, EVERYBODY. APPRECIATE IT VERY MUCH.
OK. WE WILL ADJOURN AT 6:01 P.M..
OH, WAIT, WAIT. DO WE HAVE ANY PUBLIC COMMENT? I DIDN'T.
I CONFIRMED WE HAVE NOT RECEIVED ANY COMMENTS TO REQUEST JUST BECAUSE.
THEN WE'LL GO AHEAD AND WE'LL ADJOURN AT SIX O'CLOCK.
THIS TEAM IS CUTTING REALLY NEW GROUND.
I MEAN, KOSMONT IS INVOLVED IN THREE OF THESE EIFDS UP AND DOWN THE STATE.
AND, YOU KNOW, BOB AND ALL OF YOU ARE REALLY AT THE FRONT END OF THIS.
SO, YOU KNOW, JUST WITH THIS MEETING AND DIRECTION TONIGHT, I CAN TELL YOU THAT YOU'RE AS FAR ALONG IN THE STATE AS ANYONE, IF NOT NUMBER ONE, IN LINE FOR FIGURING OUT HOW TO CREATE SOME FINANCING AROUND EIFD, WHICH WAS A BRAND NEW PIECE OF LEGISLATION THAT DIDN'T EVEN EXIST UNTIL 2012.
SO IT HASN'T BEEN AN EASY ROAD.
AS YOU ALL KNOW. IT'S TAKEN A WHILE.
I JUST THINK IT'S IT'S AMAZING THAT WE'RE THIS FAR AND WE'VE ALL PERSEVERED AND MORE TO COME. THANK YOU, MR. KOSMONT. AND YEAH, IT'S HAS BEEN AN INTERESTING ROAD BECAUSE WE KIND OF PAVED A NEW PATH AND YOU KNOW, THE REDEVELOPMENT AGENCY WENT AWAY AND ALL OF A SUDDEN THIS LITTLE IDEA POPPED UP AND IT'S LIKE THIS COULD WORK.
[01:00:02]
WELL, NO, MAYBE IT WILL WORK.BUT A LOT OF HARD WORK FROM OUR STAFF DID AN UNBELIEVABLE JOB.
AND AND KUDOS TO OUR COUNTY SUPERVISOR, BARDER, FOR HEADING THAT UP AND BRINGING THIS FORWARD. BUT IT'S ALWAYS NICE TO BE THE FIRST OR THE SECOND IN LINE FOR THIS, BECAUSE WE'RE GOING TO PAVE THE WAY AND REAP THE BENEFITS FOR OUR COMMUNITY SO.
CREATE BUSINESS AND JOBS, WHICH IS REALLY IMPORTANT.
THANK YOU VERY MUCH. THANK YOU.
MR. RUSSI. IS THAT IT? THANK YOU EVERYBODY WE'LL SEE YOU IN A BIT.
EVERYBODY HAVE A GREAT EVENING. THANK YOU, ALL.
* This transcript was compiled from uncorrected Closed Captioning.