On the agenda

1. 1Call to Order - Roll Call▶ 0:00
2. 4

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   RFQ 16-007: Residences of Orange Lake

   approved

   Staff recommended Frank Starkey of People Places, LLC as the preferred developer for the former Baptist Church property (Residences of Orange Lake) under RFQ 16-007. Starkey discussed his vision incorporating findings from the Lori Volk housing study, including soft lofts and mansion apartments, and treating Central Avenue as a centerpiece of the development. The CRA Board moved to pursue a development agreement with People Places.

   • motion:Motion to pursue a development agreement with People Places, LLC for the Residences of Orange Lake project. (passed)

   📍3104 Alachua Place, Newport-Ritchie, 34655📍Central Avenue📍Grand Boulevard📍Orange Lake📍Railroad Square📍former Baptist Church property🏢Before Brady's🏢Brass Tap🏢Hacienda Hotel🏢Main Street Landing🏢People Places, LLC👤Debbie👤Director Davison👤Director Phillips👤Frank Starkey👤Jim Goodchild👤Jose Cardenas👤Lisa👤Lori Volk👤Mario👤Mr. Iazzoni👤Ms. Manz👤Ms. Tabella Thomas#RFQ 16-007#Residences of Orange Lake#Volk Housing Study#new urbanism

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   [00:00:22] Ms. Manz, I believe you're show. [00:00:25] All right, thank you, Mr. Mayor. [00:00:29] Members of the City Council, we are adjusting the item in which things are presented to [00:00:38] you on your agenda for discussion this evening. [00:00:42] The City's Financial Advisor is en route and stuck in traffic, so we're going to defer [00:00:48] that item until he arrives. [00:00:51] And we're going to start by talking about the RFQ that was released for the residences [00:00:56] of Orange Lake. [00:00:57] We have Mr. Frank Starkey in attendance this evening, along with Mr. Jim Goodchild and [00:01:04] Jose Cardenas, all of whom are associated with the project. [00:01:10] As you know, the project was let for qualifications in November, November 13th of 2015. [00:01:20] The submission date for qualifications was December 18th of 2015, and the project rankings [00:01:27] occurred during the remainder of the month of December. [00:01:31] We were pleased to have such a qualified developer present themselves to us for review. [00:01:39] In particular, the experience of Mr. Starkey in bringing successful projects to fruition, [00:01:47] his affinity for the City of New Port Richey, and his commitment to new urbanism make him [00:01:52] very much of interest to us as a candidate for this project. [00:01:57] He also brings with him great experience in architecture as a developer and in real estate. [00:02:06] The staff this evening stands before you fully prepared to recommend to you that you accept [00:02:15] Mr. Starkey as the preferred developer for the former Baptist Church property, and allow [00:02:22] the staff to go forward with discussions with him so that we can bring back before you a [00:02:28] formal proposal for the development of the property. [00:02:32] And Mr. Iazzoni, did I miss anything? [00:02:34] No, you covered it all, thank you. [00:02:40] And therefore, we are asking you to allow us to proceed with negotiations. [00:02:47] Very good. [00:02:48] Mr. Starkey, do you care to say anything here? [00:02:53] Do I need to state name, rank, serial number? [00:03:01] Frank Starkey, 3104 Alachua Place, New Port Richey, 34655. [00:03:07] Local of People Places, LLC, the proposed developer. [00:03:11] I just want to say I'm looking forward to working with the city to put together an exciting [00:03:18] proposal and exciting development for what I think is potentially a really spectacular [00:03:25] location and a real seed to start the renaissance of New Port Richey's residential development [00:03:34] on this side of the river at least, and we're looking forward to working together. [00:03:39] The discussions that we've had so far with council members and staff, Debbie and Mario [00:03:45] specifically, have been very good. [00:03:48] Look forward to working with Lisa to the extent that we need, and I'll be happy to answer [00:03:55] any questions. [00:03:56] But basically, this is kind of the starting line, so we have done some thinking about [00:04:01] a proposal, but we'll be sharpening our pencil and getting more specifics ironed out in the [00:04:06] coming months. [00:04:07] Any questions? [00:04:08] I'd just like to ask you publicly, Mr. Starkey, why are you and your staff so interested in [00:04:13] downtown New Port Richey, in a nutshell? [00:04:18] In a nutshell, it's the ... Well, a whole bunch of reasons, but what really draws me [00:04:29] to it as a student of urbanism and a passionate urbanist is that it's got really good bones [00:04:37] in place. [00:04:40] It's suffered some hard times, but basically the raw material for a really great downtown [00:04:47] is already here, kind of the heavy lifting of building streets in an interconnected fashion, [00:04:55] which Pasco County is trying so desperately hard to do, and they're having such a difficult [00:04:58] time doing it. [00:04:59] That's all been sitting here for 80 years, 100 years or more, so the raw material that [00:05:06] there is to work with here in terms of the physical structure of the city is really good. [00:05:11] I also am excited about the new energy of people who have moved to town that are excited [00:05:19] about its future prospects, and so there's a lot of potential there. [00:05:26] I'm also very encouraged by the housing analysis that was done by Lori Volk this past summer. [00:05:37] Her findings were encouraging that there is a market to be found here. [00:05:42] It will take some work to make it happen and to get that market to show up, but the potential [00:05:51] for New Port Richey's residential offerings is pretty strong, so we'll work to get that, [00:05:58] but I think there's a good long-term upside. [00:06:01] Plus, it just looks like a fun project. [00:06:06] I don't get excited about the boring commodity kind of development that, A, there's too much [00:06:17] of it, and B, there's too many people chasing those kinds of deals. [00:06:21] It's just not what floats my boat, so I'm passionate. [00:06:26] I've got a lot of experience that's specifically and uniquely geared towards doing this sort [00:06:34] of development. [00:06:35] I've got a great network of other developers nationally who are doing the same sorts of [00:06:40] things in towns across the country, so I've got a good network of people to draw on for [00:06:47] experience, and so I think it's a good opportunity to do something fun and, in the long run, [00:06:52] rewarding for all of us. [00:06:53] Other questions? [00:06:54] As usual, I've got two or three, but the first one is, in your concept, you're looking to [00:07:01] do a one- and two-bedroom kind of apartment settings. [00:07:08] Is that to tie back into the Volcker Report, trying to bring that type of living accommodations [00:07:16] as opposed to ... Don't get me wrong, I appreciate it, because some of the other things that [00:07:21] we've looked at, some of the other things that have been proposed to us, always lead [00:07:25] us back to what the least best use ... Let me put it to you that way. [00:07:32] Yeah, or the path of least resistance. [00:07:33] Correct. [00:07:34] Yeah, when the times get tough. [00:07:35] Yeah. [00:07:36] We paid specific attention to really all the categories that she had in her report, and [00:07:46] we kind of started off as a starting point, and basically just taking the mix of unit [00:07:53] types that she had in her report as kind of a given, and then there were some adjustments [00:08:00] from there, but basically, we were aiming to meet the market potential that her study [00:08:09] identified, because it would be foolish not to. [00:08:13] Yeah, we were all trying to figure out which group we fall into, what day it was, or what [00:08:19] week it was, because she had some new categories, and I like that one, but everybody tells me [00:08:24] I'm still this one. [00:08:25] And what band do you listen to? [00:08:29] To help me a little bit, you've got a couple of different combined concepts in here. [00:08:34] You have what you call a mansion apartment, and then you have soft loft. [00:08:41] Can you kind of give me a feel, because obviously, I think I have an idea of what those kind [00:08:49] of bring to the table? [00:08:51] The soft lofts are ... There are actually really good descriptions of those in her study, [00:08:56] if you go dig that back out, or get Mario to send you a new copy of it. [00:09:04] She describes those types really well, but in a nutshell, soft lofts are ... They're [00:09:10] called soft lofts as distinct from hard lofts, like you would see in a converted industrial [00:09:16] building in Soho in New York, where everything is really edgy, maybe kind of like my new [00:09:22] office, where there's exposed brick walls, and exposed duct work, and services. [00:09:28] Soft lofts have a little bit of that feel, but being new construction, they're not quite [00:09:32] as edgy and hard edged. [00:09:35] And they generally appeal to a more urban, and frequently younger tenant, but not necessarily [00:09:45] always young, maybe people more in creative fields. [00:09:50] The upscale apartments is kind of more of a description of what the apartments themselves [00:09:56] are like, on the inside, as well as the term soft loft. [00:10:02] If you read her study, she talks about the characteristics of the apartments themselves [00:10:07] on the inside. [00:10:08] And then on another discussion, she talks about different building types, and those [00:10:12] are sort of crossable and interchangeable. [00:10:16] You can have a soft loft in a mansion apartment building, for example. [00:10:21] A mansion apartment building just means a ... It's the kind of apartment building that [00:10:26] looks more like a mansion, and less like an apartment building, and they're of a type [00:10:32] that you would see in older neighborhoods, like Old Northeast St. Pete, or Hyde Park [00:10:37] in Tampa. [00:10:38] And it enhances the lakeside aspect of the project, from what I can tell. [00:10:44] Right. [00:10:45] Right. [00:10:46] And what I appreciated was your ... In a couple of things that we've seen over time, the utilization [00:10:54] of the smaller lot across Central Avenue, which doesn't fall into one of our newly created [00:11:02] downtown zones. [00:11:03] Right. [00:11:04] But the other was, I appreciated the concept of at least kick-starting the Central Avenue [00:11:11] look that it really needs, because obviously the city years ago did Railroad Square, which [00:11:16] nobody knows what the heck that is, except it's the back side of Nebraska Avenue there. [00:11:25] And a lot of us have always thought about the connectivity between downtown with our [00:11:32] streetscape going up, not to the same degree, but some of the minor elements of it, taking [00:11:39] it up by the hospital, also taking it down Graham Boulevard. [00:11:44] We also know that if you go on the other side of Central Avenue, it already has trees and [00:11:51] landscapes down the middle, and that the money that was spent on Railroad Square possibly [00:11:57] could have been done on Central Avenue, and the effect of that years ago might have changed [00:12:03] that. [00:12:04] But that being the additional connectivity over to the hospital and that whole zone. [00:12:10] But I appreciate that in your development, at least your drawing, you show that up front [00:12:15] as the way that it kind of bridges from the larger parcel to the smaller one, and brings [00:12:23] that together. [00:12:24] Because everybody's always said, well, how are you going to use the smaller one to make [00:12:27] it dovetail in? [00:12:30] We had a concept a couple of years ago, and it was strictly parking, and it just really [00:12:35] lacks some of the elements that you're trying to bring to a complete development. [00:12:41] So I just want to thank you for that. [00:12:44] Railroad Square is a wonderful urban amenity of a very different character than Central [00:12:50] Avenue. [00:12:52] But as somebody who trained in urban design, Central Avenue is a wonderful opportunity. [00:13:01] It's got a nice wide right of way. [00:13:04] It terminates its view in Orange Lake the same way that Grand Boulevard does. [00:13:09] It's sort of a piece with Grand Boulevard, but it's of a different character, a little [00:13:16] bit more residential in nature. [00:13:20] From an urban design standpoint, we wanted to look at Central Avenue as the centerpiece [00:13:27] of that property, rather than an edge, and rather than a division between two different [00:13:33] conditions. [00:13:35] So we really are trying to make it a gateway through the residential areas to the east [00:13:41] and towards the hospital, like you say, and also really a significant address on Orange [00:13:50] Lake. [00:13:51] So that really, from an urban design standpoint, has a lot of potential, but it needs to be [00:13:56] thought of as a center, and as something that has a character that's similar on both sides. [00:14:05] So that's what we were trying to do. [00:14:08] But I wouldn't have not spent the money on Railroad Square in lieu of that. [00:14:13] They're just two different things, and over time, we can get both of them great. [00:14:20] Director Davison? [00:14:23] No, I don't have any questions other than comments, but I'll save that for later. [00:14:29] And I just wanted to say, and it sort of applies to what Director Phillips was just alluding [00:14:34] to, when I read the report and it said that you were recommending putting trees down the [00:14:40] middle of Central, it was like, why didn't any of us think of that? [00:14:45] It's so obvious once you said it. [00:14:46] I think Lisa's thought of it, but... [00:14:49] At this time, before I ask for a motion, I'll open this up to any members of the public [00:14:57] that want to say anything about this. [00:15:00] Seeing nobody racing forward, I'll bring it back to the CRA. [00:15:06] I would like to make a motion that we pursue a development agreement with People's Places. [00:15:10] Second. [00:15:12] Well, Mayor made a good point, you know, why didn't we think of this. [00:15:17] I'm just delighted that the stars have aligned, the planets are in place. [00:15:22] This is the time and this is now for this to happen. [00:15:25] I personally could not be more excited to be working with you all. [00:15:30] I think your presentation presented itself so beautifully. [00:15:35] Delighted that you incorporated all of the historic features of our Hacienda Hotel. [00:15:42] And, you know, it's almost like a no-brainer to think that those buildings around Orange Lake will complement [00:15:49] and appear to have been there all this time. [00:15:52] Why any other developer or anyone else didn't think of it, it's irrelevant. [00:15:58] It's that you did see it, that we are, you know, at this place and time. [00:16:05] I'm very excited about this and I hope that as a city that we can fast track this [00:16:12] and get this project done quickly because I think it will help dispel a perception [00:16:21] that the city is difficult to work with or that we throw up roadblocks for contractors or developers or whatever. [00:16:28] It's exciting to have entrepreneurs coming into our city and investing in the city that we love, [00:16:36] that we serve and just could not be more excited about this project. [00:16:41] I think, again, with all that's going on right now, this will be a, you know, just a perfect embellishment to what we're doing. [00:16:50] So thank you for your talent. [00:16:52] We are really excited to be working with you. [00:16:55] Thank you. And to the second? [00:16:56] Very well said. Very well said. [00:16:58] No, I enjoyed reading it. [00:16:59] I think you put together a great team. [00:17:01] What's so dynamic and important about this project to me, I'm very excited about it. [00:17:06] I think everyone up here would say the same thing. [00:17:09] But we all have these great ideas of what could happen in New Parichy. [00:17:14] And, you know, you talk to investors and people and, like, well, you're just not there yet. [00:17:17] You know, like I'll give you an example. [00:17:19] Very excited about the Before Brady's going in. [00:17:21] I wish there was a brass tap going in with it. [00:17:23] And so Before Brady's runs the demographics. [00:17:26] They're not there. [00:17:27] I think if, you know, they did have a brass tap, it would do very, very well. [00:17:31] And I think they draw from markets outside the two-mile radius they ran the demographics on. [00:17:36] So what's exciting to me, once again, I'm very excited about the Before Brady's. [00:17:40] Don't get me wrong, but I would just love to see things like that. [00:17:43] A little microbrewery bar downtown, you know, things of that nature. [00:17:46] But you're committing yourself and your capital, your team, to New Parichy. [00:17:50] You're creating the market. [00:17:52] And that's, to me, that's what really gets me excited about this project. [00:17:58] I know you've lived here your whole life, and I've known you a long time. [00:18:00] But I just thank you for your commitment and putting the team together. [00:18:04] And I enjoyed reading it. [00:18:05] And I think it's going to be a great thing for the downtown. [00:18:08] Thank you. [00:18:09] Director Phillips. [00:18:10] Yeah, we appreciate you putting the monkey on our back a little bit more. [00:18:13] Because as you do that, as Main Street Landing starts to do what they do, yeah, that just doesn't sound right. [00:18:21] Does it like they do do or whatever? [00:18:23] But the end of the day is that it's going to bring those elements that Ms. Tabella Thomas talked about [00:18:32] in us defining a parking element in the center of the city away from the street lines [00:18:44] because of the developments that are happening. [00:18:48] And as you talked about the vibe, on a Friday, you can't find a place to park for lunchtime. [00:18:55] And you're bringing your business downtown. [00:18:57] We appreciate that. [00:18:58] But we also know that it's going to, as you say, it's kind of like we've invited everybody. [00:19:04] Now we have to have a place for them to be comfortable at [00:19:07] and be able to walk within certain block areas to enjoy all the things. [00:19:13] And then, of course, with your development, the clientele that will come from that [00:19:18] will be that clientele that makes those other parts of downtown even more successful.

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3. 3

   Resolution No. 2016-05 and Amended and Restated Interlocal Agreements

   discussed

   The CRA Board considered Resolution 2016-05 approving the form and execution of two amended and restated interlocal agreements in connection with refinancing the CRA's outstanding 2005A and 2005B bonds (originally held by Bank of America) with a new ~$11.265M refunding note from TD Bank. Jerry Ford presented loan terms (15-year fixed rate ~2.63%, maturity extended to 2031, ~$700K NPV savings) and Duane Draper explained the two interlocal agreements governing past city subsidies/advances and debt service on the new note. Discussion included board questions about the 4.5% CRA obligation rate and outdated project references in Exhibit A.

   Ord. Resolution No. 2016-05

   • direction:CRA Board discussed Resolution 2016-05 approving form and execution of two amended and restated interlocal agreements connected to the refunding note. (none)

   📍Main Street Landings🏢Bank of America🏢Bryant, Miller & Olive🏢Ford & Associates🏢TD Bank👤Crystal👤Director Davis👤Duane Draper👤Jerry Ford👤Mike#2005A and 2005B bonds#Amended and Restated Advances Interlocal Agreement#Main Street Landings streetscape project#Ordinance 2016-2071#Refunding Note#Resolution 2016-05#Resolution 2016-06#Resolution 2016-07#TIF

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   [00:19:25] Thank you. [00:19:26] Director Davis. [00:19:27] Thanks for joining us, Mike. [00:19:30] I'm looking forward to it as well. [00:19:33] If there's no further discussion, all those in favor of the motion, please signify by saying aye. [00:19:36] Aye. [00:19:37] Opposed, like sign. [00:19:39] Look forward to working to get an agreement put together. [00:19:43] Next item on the agenda is Resolution 2016 and the amended and restated interlocal agreement. [00:19:50] Mr. Mayor, Jerry Ford of Ford & Associates has now joined us. [00:19:54] We also have in attendance this evening Dwayne Draper of Bryant, Miller & Olive. [00:19:58] The purpose of the discussion this evening is to approve the form [00:20:06] and authorize the execution of two amended and restated interlocal agreements. [00:20:10] With that, I'd like Crystal to address the group. [00:20:20] You're on. [00:20:21] Yeah. [00:20:24] On January 5th, a presentation was given to City Council. [00:20:33] Tonight at this meeting and at tonight's City Council meeting, a number of actions will be requested. [00:20:39] During this meeting, we are being asked to approve Resolution 2016-05 and the accompanying amended and restated interlocal agreements. [00:20:51] Later at City Council meeting, I will be requesting approval of Ordinance 2016-2071, Resolutions 2016-06 and 2016-07. [00:21:04] Before any of these items are presented to you tonight, please allow me to take you back to the process flow chart that was presented at the last City Council meeting. [00:21:17] I have asked Jerry Ford of Ford & Associates to circle back to Step 1 and provide us with information on the terms and conditions of the refunding note now that we're closer to finalizing. [00:21:32] Although the refunding note will belong to the City and not the CRA, I felt that it was important for you to get this information before actually approving the resolution presented to you tonight. [00:21:44] Jerry? [00:21:52] Good evening. Thank you for your patience this evening. [00:22:02] As we discussed in the last City Council meeting, the City earlier this year, actually late last year, undertook an effort to go out and to refinance the CRA's debt. [00:22:14] Specifically, the outstanding 2005A and 2005B bonds that were held by Bank of America. [00:22:22] Those bonds were subject to a make whole call prior to last fall, which would have caused you to have to make a considerable payment in addition to the stated principal amount if you wanted out of that. [00:22:34] That call provision went away last year and you were able to call those away from the bank without the repayment penalty. [00:22:42] That being the case, we solicited proposals from more than a dozen banks. I think it was 19 to be specific. [00:22:51] After looking at those proposals, we received four of those proposals. We thought two were very competitive. [00:22:59] We honed in on the one that had the best terms and combination of terms, conditions, and price. That was TD Bank. [00:23:06] The staff is recommending to the City that they move forward with TD Bank. [00:23:10] The note will be approximately $11,265,000. I know in the documents that the City had the first reading of last time, it said not to exceed $11,500,000 for the note, but the actual numbers are less than that. [00:23:26] It will be backed by the City's covenant to budget and appropriate from available non-ad valorem revenues. [00:23:35] It will not be a direct obligation of the CRA, unlike the existing debt, which will be paid off. [00:23:41] However, the CRA's obligations to the City will continue. It will still owe the City the money for the debt service over time, but that pledge will not be pledged to the bondholder. [00:23:54] It will be pledged to the City. [00:23:56] Next slide, please. [00:24:00] So the rate of interest will be fixed for 15 years. At the end of that period, the bank can reset the loan for the additional 18 months that it has before it matures. [00:24:11] Or it can demand payment of the principal plus accrued interest. There will be no prepayment penalty at that time. [00:24:18] At the same time, the City at that point could elect to pay off the debt without prepayment penalty either. [00:24:24] That's what we refer to as a par call, simply the principal amount and outstanding interest. [00:24:29] If you chose to try to prepay the debt prior to that time, the City would be subject to the same type of make whole call that it had with Bank America. [00:24:38] It would be subject to make a market payment for that. [00:24:42] The original maturity of the 2005 A and B bonds was approximately, the original cost was approximately 4.13%. [00:24:50] The final rate on this will be set tomorrow between the City and the Bank according to a formula that was contained in their proposal. [00:24:57] As of today, that rate would be a 263, which is lower than the rate that we indicated to the City on January 5th, and that's because of the rally in Treasury securities. [00:25:08] The next slide shows a summary of the provisions of the transaction. [00:25:15] The final maturity has been extended from 2025 to 2031. [00:25:21] The interest rate has gone down from a 4.13% to approximately 4.63%. [00:25:27] It could go up or down by a few basis points either way when the numbers are released tomorrow. [00:25:32] Annual debt service through 2025, which is when the existing notes would have normally paid off, were $1,363,000. [00:25:40] They are $894,000 during that period under the new loan. [00:25:45] That is on a cumulative basis through the end of 2025. [00:25:50] That is a reduction of over $5,124,000, almost $5,125,000. [00:25:57] You notice I didn't say savings. [00:25:59] That is because you have extended the loan and the total P&I is actually slightly higher by a couple of thousand dollars than the existing loan. [00:26:08] However, within that, you are including the interest payment, which would have been due February 1, so it's almost a wash on a cash flow basis. [00:26:16] But on a present value basis, when you look at the time value of money and including all costs, the savings to the City are over $700,000, [00:26:25] and there is a net present value savings of more than 6.7%. [00:26:30] So, in a nutshell, that's a summary of the transaction. [00:26:34] I know that Duane is going to come up and talk to you about the ordinance itself, but if anyone has any questions, I'd be happy to answer them. [00:26:41] Questions? [00:26:43] Thank you. [00:26:45] Thank you. [00:26:48] I'll fast forward to Step 3 of the whole process, actually requesting for approval of Resolution 1805 and the accompanying agreements. [00:27:00] Duane will present to you this afternoon on those items, [00:27:06] and will defer the approval of the ordinance and additional resolutions that I mentioned earlier until 9th City Council. [00:27:17] Thanks, Crystal. Duane Draper at Bryant, Miller & Olive, your bond counsel. [00:27:22] Pleased to be in front of you again. [00:27:26] The resolution before the Community Redevelopment Agency approves the form and authorizes the execution and delivery of two amended [00:27:35] and restated interlocal agreements in connection with the refinancing. [00:27:41] So these interlocal agreements will be executed and delivered and recorded in connection with the closing of the financing, [00:27:49] which is scheduled to occur Monday. [00:27:51] The pre-closing of this transaction is scheduled to occur at 9 a.m. on Friday, but the actual funding would occur next Monday, the 25th. [00:27:59] There are two interlocal agreements. [00:28:02] One of them generally governs past subsidies and advances made by the City to the CRA, [00:28:12] and that would relate to paying off debt or paying expenses that are allocable to the Community Redevelopment Agency. [00:28:23] The other interlocal agreement is really unique to the debt service on the new refunding note, [00:28:30] the one that is extended at a lower interest rate that Jerry described. [00:28:35] So those two interlocal agreements holistically are designed to the extent of TIF to make the City whole for expenditures that it has made [00:28:48] or will make in furtherance of the community redevelopment projects. [00:28:53] And so those are the documents being approved by the resolution before you. [00:28:58] I'd be happy to answer any questions. [00:29:00] I certainly will go through the other resolutions and ordinances at the City Council meeting, [00:29:06] but this is the only one considered at this particular meeting. [00:29:10] Questions? [00:29:12] I have two. [00:29:14] One is in one of the documents, you still have the CRA paying 4.5 percent of whatever money that they borrow or that they're obligated for. [00:29:30] You know, I guess we have to wear two different hats. [00:29:33] One, I wear it as a CRA. [00:29:35] You wear it as a City Council. [00:29:37] You've got a 4.5, and you've got new debt service of under 3 percent, which gives me pause, [00:29:44] because, you know, it's not taking advantage of yourself, but that's one. [00:29:49] And then number two on your exhibit, it speaks to, on exhibit A, [00:29:54] it speaks to a project that has been totally completed, totally paid off. [00:30:00] longer, to me, needs to be part of the exhibit, which [00:30:03] is the streetscape at Main Street Landings, [00:30:06] anticipated cost of not $200,000. [00:30:08] That project has been completed, paid, developer back and forth. [00:30:12] So it's strictly a little bit of housekeeping. [00:30:15] But to me, it's past history. [00:30:20] And then, obviously, just the question [00:30:22] of what drove the interest rates. [00:30:25] I know it drove it previously, because you're at 4.13. [00:30:30] You got cost incurred if they have the money. [00:30:33] So just trying to be fair to both entities, [00:30:36] I guess, is my question. [00:30:38] So in reference to exhibit A, which number item [00:30:41] were you referring to that's on page 3? [00:30:49] Item 2, let's see. [00:30:54] Yeah, item 2. [00:30:56] That's the 4.5% reference, right? [00:30:58] And then what was the other reference? [00:31:00] I'll address both questions. [00:31:01] The other reference is on the exhibit. [00:31:02] Exhibit A, the first one, Main Street Landings project, [00:31:06] anticipated cost, that's a project that's been completed [00:31:12] and, in my mind, really doesn't have any reference to me. [00:31:15] That's number 1? [00:31:16] Yes, sir. [00:31:17] So you're referring to what we're referring to [00:31:23] as the amended and restated advances interlocal agreement. [00:31:32] And it was originally put in place in May of 2012. [00:31:40] And so it was, as of that moment, the purpose of it [00:31:49] was to put into a contractual form that which [00:31:53] had been advanced or subsidized by the city. [00:31:57] So going to your exhibit A, item number 1, [00:32:01] that is part of the including without limitation record

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4. 2

   Approval of the November 10, 2015 Community Redevelopment Agency Board Meeting Minutes

   Discussion of the November 10, 2015 CRA Board Meeting Minutes, including clarification on preserving prior advance history in an agreement and noting that a 4.5% rate had been established during the prior budget process.

   #4.5% interest rate#November 10, 2015 CRA Board Meeting Minutes

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   [00:32:07] of what advances existed as of that moment. [00:32:11] And so we're preserving that history within the agreement [00:32:16] to the extent that that item or any item [00:32:19] has been paid in full, that would close the loop on that item. [00:32:27] With regard to the 4.5% on page 3, [00:32:33] I think that was actually put in place in connection [00:32:37] with the budget process about eight or nine months ago. [00:32:44] And so we brought that forward. [00:32:48] The 4.5% didn't match up with the interest rates

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5. 6Adjournment▶ 32:51
6. 5Communications