On the agenda

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

   Approval of June 19, 2018 CRA Meeting Minutes

   approved

   The CRA Board approved the minutes of the June 19, 2018 CRA meeting.

   • motion:Motion to approve the June 19, 2018 CRA meeting minutes. (passed)

   #June 19, 2018 CRA Meeting Minutes

   ▶ Jump to 0:52 in the video

   ▸Show transcriptHide transcript

   Auto-transcript · machine-generated, may contain errors

   [00:00:52] First item on the agenda is the approval of the June 19th CRA meeting minutes. [00:01:00] Move for approval. [00:01:02] Second. [00:01:04] We have a motion and a second. Any discussion? All those in favor, please signify by saying aye. Aye. Opposed, like, signed. Motion passes.

   This text was generated automatically from the meeting video. It is not a verbatim or official record. For exact wording, consult the video or the city clerk.

3. 3

   Resolution No. 2018-11 Amended and Restated Interlocal Agreement

   approved

   The CRA Board considered Resolution 2018-11 to amend and restate the interlocal agreement with the City, lowering the interest rate on the CRA's debt to the City from 4.5% to 2.25%. After discussion about long-term cash flow implications to the general fund, the board approved the resolution, with the understanding the City Council would consider it in its separate capacity.

   Ord. Resolution No. 2018-11

   • motion:Move to approve Resolution 2018-11, amending the interlocal agreement to lower the interest rate from 4.5% to 2.25%. (passed)

   👤Casey👤Crystal👤Izzoli👤Murphy👤Starkey#Amended and Restated Interlocal Agreement#Business Incentive Program#Fiscal Year 2018-2019 CRA Budget#Main Street Landing project#Redevelopment Incentives (account 44952)#Resolution 2018-11#Tax Increment Financing (TIF)

   ▶ Jump to 1:13 in the video

   ▸Show transcriptHide transcript

   Auto-transcript · machine-generated, may contain errors

   [00:01:13] Next is Resolution 2018-11, Amended and Restated Interlocal Agreement. [00:01:17] A resolution of the City of New Port Richey, Florida Community Redevelopment Agency, a public body corporate and politic, authorizing the execution of an amended and restated interlocal agreement with the City of New Port Richey, Florida, providing certain other matters in connection therewith and providing an effective date. [00:01:34] Yes, ma'am. [00:01:35] Yes, sir. Mr. Mayor, in April of 2015, the City entered into an agreement with the CRA to make payments to the City in return for funds transferred to the CRA. [00:01:45] At the time that the terms of that agreement were specified, an interest rate of 4.5% was attached to, pardon me, the outstanding balance of the loan funds. [00:02:01] At this time, we are requesting that you lower the interest rate from 4.5% to 2.25%. [00:02:10] And the purpose of that request is so that the CRA has an opportunity to comfortably liquidate its debt and still serve as an economic drive to leverage investments that will serve both the residents and the business community. [00:02:29] The reason that the staff is recommending a 2.5% interest rate is because that's very close to what we recently paid on a restructuring of some debt. [00:02:46] And additionally, it's consistent with how other municipalities handle interlocal debt. [00:02:53] Thank you. Do we have any other presentations on this? [00:02:58] Crystal or anybody? [00:03:00] Seeing none, I'm going to open this up for public discussion. [00:03:03] Anybody from the public wish to address the Council on this issue? [00:03:09] Seeing no one come forward, I'll bring it back to the CRA Board. [00:03:12] Move for approval. [00:03:14] I'll second for discussion. [00:03:15] We have a motion and a second to the maker. [00:03:17] Yeah, I just, you know, going with what's going on in the economy today, I think that's a fair rate. [00:03:22] Actually, I got 2.25 for my truck. [00:03:25] I'll second. [00:03:27] Yeah, on the introduction and then the outline of this, there's a point that says budget impact. [00:03:36] And can somebody tell me what these actual numbers are, what we've changed from what to what, and how much is coming to the general fund? [00:03:45] And do we know what we're doing other than just changing the interest rate where it's available for discussion? [00:03:53] Crystal, could you answer that for us, please? [00:03:57] What I could share is that the total debt balance currently is $9,360,500. [00:04:07] Okay. [00:04:35] I'm just looking for the number. [00:04:36] I don't need a big discussion, you know. [00:04:39] How much are we – what are we going to be sending to the general fund in its budget this year? [00:04:46] Or how much are we saving in that fund? [00:05:03] Actually, it goes to in fiscal year 2020 at $600,000. [00:05:10] Councilman, I'll have to liquidate that debt over 20 years at 2.25% interest. [00:05:14] Actually, the payment is like $583,000 a year. [00:05:17] What you'll see when we talk about the budget is a really strong growth rate in our values. [00:05:25] And so going forward in time, even after we send that $600,000 to the budget, [00:05:30] we will have an excess of anywhere from $300,000 to $500,000 each year. [00:05:36] So the CRA can comfortably service when that debt comes due for payment both the prior debt of $800,000 [00:05:46] and the $600,000 and still function as a CRA. [00:05:50] All right. [00:05:51] That's not my question. [00:05:53] My question is at 4-point-whatever-percent, and it sounds like you're trying to amortize it as well. [00:06:02] You've got an amortization of when it's going to be paid off. [00:06:05] There must have been some math run for the purposes of accounting. [00:06:08] So my question is how much in the fiscal year will this CRA save in its payout from what it was paying? [00:06:18] And I understand apparently it's been accruing, so it hasn't been paying it. [00:06:22] So what do we have, a capitalized interest period that's still underway, or where are we with this debt? [00:06:28] I have those figures. [00:06:29] I can get them to you. [00:06:30] It's simply the difference between the two interest rates. [00:06:34] What happens is we accrue at 4.5 percent up until the point this resolution occurs, and we go down to 2.2 percent. [00:06:41] What you're asking for, I believe, is a difference between the 4.5 going forward and the 2.25 going forward. [00:06:48] Okay, I'm misunderstanding, and I'm thinking this is budget-related for us for next year so that we can deal with our budget. [00:06:54] You're asking us to just change the notes interest rate right now, lower it, and without any idea of the fiscal impact. [00:07:03] I mean, let's just do the math in our heads real quick. [00:07:05] What's the balance on the thing? [00:07:08] Okay, so 1 percent of that is $90,000. [00:07:13] So we're going to save about $180,000 a year. [00:07:17] And are you planning to reamortize it, or, I mean, are we paying principal off as well? [00:07:26] Because the reason I'm asking is if we are doing this because our governments are doing it, I doubt that's the case. [00:07:38] I think we're doing it because we want to provide some further relief to the CRA, and that was in your memo to us, [00:07:50] that this would give some relief and so we could do those things. [00:07:53] So before we just change the interest rate and find ourselves back at this, I would like to understand the analysis of, as example, [00:08:01] we could capitalize the interest, we could pay no principal but keep the interest rate going for a while. [00:08:09] I mean, there is a strategy that we want to make sure that the general fund is going to be well served in the future to receive money from the CRA. [00:08:17] You want to know what we're doing with the savings on the interest rate? [00:08:20] No, I want to understand the overall trajectory here. [00:08:23] If we lower the interest rate, then that's less money that's going to come back to the general fund in the long run. [00:08:28] And you all will recall the policy punches we received from the county about us misusing CRA funds and all of that. [00:08:36] So we have a very legitimate cash revenue plan to come from the CRA when it is healthy and can give that money back. [00:08:46] I'm more concerned about the goal, which is let's make sure we're still in the beginning. [00:08:53] We're about to get a report. [00:08:55] We may have additional capital improvements that we want to make as a result of what we're learning about parking, [00:09:01] and we'll be looking at all kinds of options for capital spending. [00:09:06] So the idea of providing immediately relief, lowering the interest rate, lowers the money that's going to be transferred ultimately into the general fund. [00:09:15] And I'm not so sure that is a long-term goal of the city. [00:09:21] The short-term goal is to free up some cash. [00:09:24] Then I'd rather make a motion to just continue to capitalize or defer that interest for another year. [00:09:29] But the general fund is going to need the money because it's not getting it. [00:09:34] So to me, I'm trying to understand, is this a fiscal money management issue or is it just simply to lower the rate? [00:09:43] And I think the overall amount of cash that goes from one fund to the other is really the question. [00:09:48] $180,000 isn't going to do a whole lot to solve any problems if we have them. [00:09:56] And I did take a peek at the budget, and it shows there's not a whole lot of robust, you know, [00:10:02] as much money as maybe we've had in the past because you're being tight with it. [00:10:06] So this is my offer to say let's talk about the end game here. [00:10:14] I'm not opposed to lowering the interest rate, but I'm not sure what it's doing. [00:10:19] Councilman, you make a really great point. [00:10:21] And I guess when I look at it, I look from the perspective of the stability of the CRA [00:10:29] and assuring that it functions as an economic development engine for the city. [00:10:33] So therefore, lowering the rate provides a very good degree of confidence that we can actually service that debt in the long run. [00:10:41] So a higher interest rate, we continue to accrue additional interest, [00:10:45] which we then have to illiquidate at some point forward. [00:10:49] You make a very good point in terms of being able to provide those cash flows back to the city. [00:10:54] We've taken a little bit different perspective is that we want a really healthy, strong CRA [00:11:00] so it can provide those functions also as a contributor to the city also. [00:11:04] All right. [00:11:05] Well, as you serve the executive director, and then she serves us, and we sit as this board, [00:11:09] I think we want to be involved in that discussion and not simply rely on your analysis. [00:11:16] I mean, we had professional sustainability analysis of the cash flows and the long-term moves. [00:11:23] And as you know, if we get back to the level we were at before, the CRA is going to be robust, [00:11:29] but the general fund is not going anywhere. [00:11:32] So we sit as directors of the CRA right now, so that should be the reason we're talking about lowering it. [00:11:38] But I'd like to know what the general fund's position on this is. [00:11:43] So I'm guessing legally, and this may be a question for the lawyer, as a CRA, this resolution is from the city. [00:11:52] CRA, it can't lower its own interest rate to the city as a city, can it? [00:11:59] It's just saying we'd like to, and then the city is going to have to vote on this? [00:12:03] Yes. [00:12:04] I mean, you're going to have to vote in each capacity that you have. [00:12:07] Right. [00:12:08] And in this instance, you're saying, as the CRA, that we'd like to get this interest rate reduction. [00:12:13] When you change hats and become the city council, you'll decide whether or not to grant that request. [00:12:17] That's when the other part of the discussion comes in. [00:12:20] And I know you're laughing, but I think really it is an important legal distinction. [00:12:25] There is a legal distinction. [00:12:26] So as a CRA, I agree with you completely, Mr. Izzoli. [00:12:29] As a city, I think I'll be raising those issues about the long-term cash flow to the city. [00:12:35] And I'd like to see the different scenarios, you know, strong growth, light growth. [00:12:41] We've been looking at all those scenarios. [00:12:44] And one of the other concepts we looked at quite a bit was delaying a little bit further on down the road [00:12:49] and possibly liquidating that liability in one big shot or at least a big of a chunk. [00:12:54] That's something that we looked at that I have continued discussions with the city manager on. [00:12:59] I wouldn't make it to a really relevant point, and we'll certainly take that under consideration. [00:13:07] So I will support the motion. [00:13:10] Council, Director Murphy. [00:13:12] Thank you. [00:13:15] Director Starkey. [00:13:16] I plan on supporting the motion as well. [00:13:18] Okay. [00:13:19] In that case, all those in favor of the motion, please signify by saying aye. [00:13:23] Aye. [00:13:24] Aye. [00:13:25] Opposed, like sign. [00:13:26] Motion passes from the CRA. [00:13:30] Next, fiscal year 2018-2019 proposed CRA budget. [00:13:40] Thank you very much, city manager. [00:13:41] Thank you very much. [00:13:49] I guess I just kind of want to start out real briefly. [00:13:52] You know, over the break, I took a call from a company out of Denver [00:13:56] that purges the building that's been on the market for five minutes. [00:14:02] And in that five minutes of time, we were able to solve the individual's concerns [00:14:06] and address it rather effectively. [00:14:08] And it's a good thing for the city. [00:14:11] I think that's the function of the economic development role here in the CRA [00:14:14] is to respond from a service perspective to the investment capital that looks at the city [00:14:19] and the opportunities of the city. [00:14:21] Ultimately, that adds to the value [00:14:24] and the mission of improving the quality of life for the residents. [00:14:28] In the Community Development Agency budget, I'm going to go over basically four counts here. [00:14:33] The first one is the 31110 tax increment from the county. [00:14:38] And you're looking at what is expressed as a 30% increase over the prior year budget. [00:14:45] And so the revenue there is $1,086,600. [00:14:49] And in looking at further adjustments, [00:14:52] it's likely that that value is going to go up by at least another $50,000. [00:14:57] In the count number 381110, [00:15:00] zero zero transfer from the general fund tax increment that amount is one million two hundred [00:15:06] and seventy one thousand two hundred dollars and that is reflective of 38 percent increase [00:15:11] and again in calculation of some of the revised TIF that's going to go up also to the tune of [00:15:17] about sixty thousand dollars which is very encouraging that there's such significant growth [00:15:23] in the TIF that's coming into the survey. We're carrying over an unused balance in [00:15:29] the business incentive funds in the tune of two hundred thousand dollars and we're also carrying [00:15:35] over some funding from last year was allocated to the main street landing project because we're [00:15:41] going to split that payment up to five hundred and eighty seven thousand five hundred dollars [00:15:45] so those are four essential components from the revenue side of the budget. [00:15:51] On the expense component in their personal services we have we share part of the salary of [00:16:01] Casey who works closely with Atlanta Recreation and so there's going to be a slight increase in [00:16:07] that salary to the tune of nineteen thousand eight eight hundred and ninety dollars and additional [00:16:14] matching social security and pension is also associated with that. On account number now we're [00:16:22] down in the operating section and it pretty much runs fairly consistent from prior year. [00:16:28] The one fund that I'd like to point out is 44 952 redevelopment incentives. We brought that [00:16:34] amount down from seven hundred thousand dollars to two hundred thousand dollars. To me the business [00:16:40] incentive program is perhaps the strongest tool we have at this point in CRA. What happens there [00:16:46] is when I deal with business owners and individuals looking to make capital investments in this town [00:16:51] and commit dollars having that money in the CRA's business incentive back pocket at the beginning of [00:16:58] the conversations with them goes a long way to people beginning to understand the benefit and [00:17:03] opportunity the city provides. So we are lowering that amount however we still think it's a strong

   This text was generated automatically from the meeting video. It is not a verbatim or official record. For exact wording, consult the video or the city clerk.

4. 4

   ↳You arrived here from a search for “September 20 CRA work session” — transcript expanded below

   FY2018-2019 Proposed Budget

   discussed

   The CRA Board reviewed the FY2018-2019 proposed budget, including a $1.475 million Main Street Landing incentive payment, $20,000 for neighborhood improvements, and debt service items. Discussion expanded to a new cigar distribution business relocating from Colorado to the old Vector building on Acorn Street, the status of the Aldi project, and the Mayor's concerns about extending the CRA beyond its 30-year mark. No vote was taken as this was a presentation.

   • direction:Budget presented for review; no vote taken as this was a presentation/workshop format. (none)

   📍5800 Main Street📍Acorn Street🏢Aldi🏢American Cigar🏢Main Street Landing🏢Suncoast News👤Mario👤McGurn#Account 46353 Main Street Landing incentive#Account 49152 CRA debt service (refinanced bond at 2.53%)#CRA established 1988, 60-year statutory maximum#CRA plan extension (30-year extension)#Fund 6463 neighborhood improvements#Leasehold improvement program#September 20 CRA work session

   ▶ Jump to 17:10 in the video

   ▸Show transcriptHide transcript

   Auto-transcript · machine-generated, may contain errors

   [00:17:15] staying the same and if you go down to in the capital section fund number six four six three [00:17:24] four three neighborhood improvements we're allocating twenty thousand dollars there. [00:17:30] The big item is main street landings incentive payment it's account number four six three five [00:17:38] three one point four seven five million dollars from main street landing. The really positive [00:17:46] thing about it is that the revenues from the CRA can service this payment as opposed to where we've [00:17:52] come with the CRA. The thing that you should also keep in mind is that we get that money back [00:17:57] beginning immediately in the form of additional tax revenues. So right now we're looking at [00:18:03] appraisal of main street landings at fifteen million dollars. Mr. McGurn has expressed to us [00:18:09] he's going to be spending quite a bit more beyond that somewhere in excess of twenty million dollars [00:18:12] for that building. Although we were making this payment in addition to the new people to be coming [00:18:18] to town and additional revenue as a result of the spending in town we will be getting that money back [00:18:24] in the form of additional tax revenues going forward in time. I am not taking that step up [00:18:29] in abnormal consideration at this point in time because I just derivative on that approach. [00:18:37] The last item on the bottom there is four nine one five two and again that's the debt service [00:18:45] from prior debt inside the CRA that was a bond that was refinanced down to two point five three [00:18:49] percent interest. We spend all seven hundred thousand last year? No we didn't. In fact [00:19:04] uh [00:19:14] it's about two fifty then? About two hundred thousand is what we're spending on an annual basis [00:19:22] without improvement program and in the leasehold improvement program. The bigger part of that [00:19:27] number had to do with the money that we had in store for the 5800 Main Street project which is [00:19:32] about two hundred and fifty thousand dollars. So the excess is being carried over. Other questions? [00:19:42] What building was bought? The building on Acorn Street. [00:19:48] Something that purchased that building was out of Denver, Boulder, Colorado. [00:19:52] The realtor called me up said get over there and meet the business owner. [00:20:02] Those papers out of there? The encouraging thing about that is that this company basically [00:20:08] distributes cigars. It owns multiple small little stores throughout the state of Florida [00:20:13] and Colorado had imposed upon this company a forty percent excise tax. So they're moving [00:20:19] the division of that company out of Colorado and they're relocating five full-time employees here [00:20:26] to that building and that building is going to serve as their sales staff throughout the entire [00:20:30] state. So they've looked far and wide for their best possible place to locate their business. [00:20:39] The really good thing is that you know I get the opportunity of working with really smart [00:20:43] business owners and this firm that we're working with has over 500 employees and I really think [00:20:47] that the value that economic development provides is when we can pick up the phone right away and [00:20:52] talk to these individuals that create jobs and invest in our city. I've been working really [00:20:56] closely with the city manager on the process to make sure that works really well for this [00:21:01] business owner. And the sale of that building has an awful lot to do with when we look at your [00:21:08] comp values and have loan values and that these these properties are being picked up by individuals [00:21:13] and again that translates to increased taxable value of a property and better calculations of [00:21:19] that. Is this in lieu of the Aldi that was talking about going up there? No this is a [00:21:26] new business. This is I think the company's name is called American Cigar. They lost tobacco. [00:21:35] I thought a separate piece of property. It's a separate piece behind the Suncoast [00:21:43] news building. You said they used to distribute newspapers. It's the old vector building. [00:21:47] The old vector building. That wasn't picked up in the Aldi's deal. That was [00:21:53] slated for a retention plan but it wasn't necessary until that building went back on [00:21:57] the market again. And that's what threw me because I was thinking that the Tribune building was. [00:22:06] I read an article online regarding Aldi this afternoon talking about different locations [00:22:11] throughout Pasco County. We're still proceeding with that with Aldi or still negotiations or [00:22:18] not talking about publicly here? It currently is an approved project. The only [00:22:29] hold up to them going forward is they haven't purchased the 0.3 acres of city-owned property [00:22:36] that they need to establish the full assemblage. But from all indications from the developer and [00:22:44] Mario and I speak to him virtually every week, it's still going forward. [00:22:50] Very good. Anything else on the budget? Well yeah back to the budget I guess. [00:22:57] The transfer to the general debt service fund which is identified as $887,000 [00:23:03] on this budget that's in front of me. Can you tell me is that a new note that's part of a [00:23:10] refinanced note? Is that that is the external notes? One line on them. [00:23:18] Last one 152. That is the CRA debt that was refinanced and became general fund debt. [00:23:30] Okay so this goes to the heart of my question and which is if the if the interest rate is changed [00:23:36] are we going to change the debt service? Because it's the same number that we had last year and [00:23:42] the year before. So this this is the actual this is actual a revenue note so this is separate from [00:23:51] the not by the general fund correct this is not the general fund just backed it okay so so the [00:23:58] so the 183 is the number is the city-owned debt is that the id where's the money to be [00:24:05] transferred back to the general fund so are we still in that deferred period and so all you're [00:24:14] doing is just trying to there's no economic effect when you said 2018 we're talking 18-19 [00:24:21] there's no payments due next year correct and I apologize if that wasn't clear earlier [00:24:27] so we're trying to plan the the debt the advance payment isn't due until fiscal year 1920 that's [00:24:34] when the repayments are scheduled to begin so in preparation of that we're trying to you know make [00:24:39] it so currently in the 18-19 budget it's still not budgeted to be repaid because of so the the [00:24:54] interest rate change has no bearing on the budget we're talking about for the city right okay I [00:25:03] appreciate you clarify helping get that clarified because that but but you were still wanting to [00:25:09] know the long-term plan based on this yeah yeah I I remember we did some uh sustainability models [00:25:15] and we paid a lot of money for it and it would probably take very little to go through that [00:25:19] exercise again but I think it's a important exercise we have new members on the council [00:25:23] I've been out a while to say these are the scenarios these are the growth rates this is [00:25:28] what's going to happen because there's been a lot of talk and I'm a big one for talking about [00:25:33] extending the length of the CRA and I'll I guess defer back to our council as well again to say [00:25:40] that the unanswered question to me is that the CRA began in 1988 in the downtown the law says it can [00:25:48] go a maximum of 60 years we've now gone 30 years I've been pushing considering the political [00:25:57] pressure we've had about CRAs and whether or not they're going to be around as well as just the [00:26:02] legality of us can of us coming up with an extension plan that would take us beyond 60 years [00:26:08] in any part and I've been pushing to try to get some response back on whether we could look at our [00:26:13] downtown segregate it and I have a strategy in my mind it was dismissed by a memo that came out [00:26:20] to all council I didn't even really get the the benefit of questioning the response it just came [00:26:26] out this isn't feasible don't do it so whatever is happening that's creating these policies back [00:26:32] to us I just want to have them fully flushed out so that I can understand them to determine whether [00:26:37] or not it's something I want to keep pushing or not I believe we're at a 30-year level we should [00:26:44] go now to to extend this thing go out 30 years those kind of decisions are going to be critical [00:26:50] and looking at the ability of the CRA to pay us note back and the effect that that that stalling [00:26:58] growth to the general fund is going to have on the general fund because the big question is going to [00:27:02] be how is the general fund going to survive in the long term not whether this body is able to pay it [00:27:06] back Mr. Mayor if you'll allow me just to interject the CRA plan is something that is currently being [00:27:14] worked on and we're due to conduct a work session on September 20th at which time we'll have a [00:27:20] complete plan to you for review and it does extend the plan out 30 years okay so there are some [00:27:27] options that I've suggested and I just want to make sure that we fully vet those options there [00:27:32] were you know there's responses that that come back that say this isn't feasible or you have to [00:27:37] start the you might have to start the the increment all over and we'd lose all that [00:27:42] increment and so it wouldn't it wouldn't be good for the CRA I'm just asking to try to get there's [00:27:49] not a whole lot of experts in the state on this there might be one or two lawyers who really know [00:27:53] the answers to these things so when when there's citations or we say somebody did this or that [00:27:59] I just I want to get deep enough in there to know what what their basis is for that [00:28:05] because I believe general theory as you extend the CRA you keep your original basis and if we [00:28:12] can keep the original basis anyhow enough said on the budget I understand now it's a non-monetary [00:28:20] issue it's just a matter of trying to keep the balance to the general fund down and I'm just [00:28:26] saying let's not worry about that so much because the general fund can always forgive or the thing [00:28:31] runs out it doesn't pay it back there's nobody to sue so keeping money coming to the general fund [00:28:37] and stopping it because we're concerned about how that might look on the financial statements [00:28:41] is really not an issue I don't think to the city but it's fine you know if we want to if we want to [00:28:48] do it I mean I just want to make sure our general fund can keep paying our police and our fire and [00:28:53] our general services into the long distance very very much so any other discussion on this [00:28:59] my understanding is we do not take a vote on this because this is just like the workshop we had [00:29:04] before it's just a presentation so I do Mr. Mayor want to say that I'm not seeing any [00:29:13] any provisions or any concepts for incentivizing for example this vector building or if we get a [00:29:19] big company or if we decide to do some parking or if we decide to do some utility work to really [00:29:27] promote we got this we got this stuff going on right now and I want to make sure that [00:29:32] we are contemplating doing a little bit more aggressive than just saying here's another [00:29:37] year of business incentives that's something that's being discussed with in the Sierra [00:29:43] update [00:29:54] yeah and it is a budget it's nice to just to be make a notation at this point to say [00:30:00] may be capital projects or other things that are necessary beyond just

   This text was generated automatically from the meeting video. It is not a verbatim or official record. For exact wording, consult the video or the city clerk.

5. 5Adjournment