On the agenda

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

   Approval of September 20, 2018 CRA Meeting Minutes

   approved

   The CRA Board approved the minutes from the September 20, 2018 CRA meeting.

   • motion:Approve the September 20, 2018 CRA meeting minutes. (passed)

   #September 20, 2018 CRA Meeting Minutes

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   [00:00:21] Thank you. [00:00:22] The first item on the agenda is the approval of the September 20th CRA meeting minutes. [00:00:23] Move for approval. [00:00:24] Second. [00:00:25] Do we have a motion and a second? [00:00:28] Any? [00:00:29] Aye. [00:00:30] Opposed? [00:00:31] Like sign? [00:00:32] hearing none. [00:00:33] All those in favor, please signify by saying, Aye. [00:00:36] Aye. [00:00:37] Opposed? [00:00:38] Like sign?

   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

   ↳You arrived here from a search for “First Baptist Church” — transcript expanded below

   Approval of Business Incubator Lease/Purchase Agreement

   approved

   The CRA Board approved a lease/purchase agreement with Stacey Tech (Grand Boulevard Investments, LLC) for the former business incubator/post office building at 6345 Grand Boulevard. The 3-year lease at $8.50/sq ft includes an option to purchase for $555,000 with a 3% annual escalation, returning the long-held property to the tax rolls.

   • motion:Authorize the CRA to enter into a lease with option to purchase agreement with Grand Boulevard Investments, LLC for 6345 Grand Boulevard. (passed)

   📍6345 Grand Boulevard🏢AT&T🏢Christina's🏢First Baptist Church🏢Grand Boulevard Investments, LLC🏢Gulf Middle School🏢Hacienda🏢IBM🏢LoopNet🏢Main Street Landing🏢Rose's🏢Stacey Tech🏢West Pasco Chamber of Commerce👤Fred👤George Stacey👤Manz👤Marilyn Deschamps👤Mario Iazzoni👤Shelly Sorenson#2012 CRA Plan#Alliance Channel#Florida Statute 163.38#HCA property#Opportunity Zones

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   [00:00:39] Executive Director Manz, could you tell us about the business incubator lease purchase [00:00:42] agreement, please? [00:00:43] I can, Mr. Mayor. [00:00:46] The request this evening is to approve the lease purchase agreement with Grand Boulevard [00:00:52] Investments, LLC, for the former business incubator post office building. [00:01:00] And Mr. Iazzoni has prepared a PowerPoint presentation which identifies a good number [00:01:06] of facts of which you should be aware in making your decision. [00:01:12] Thank you very much, Executive Director, Chairman, and board members. [00:01:21] The subject property is located at 6345 Grand Boulevard. [00:01:26] It was built in 1959 and housed U.S. post office. [00:01:32] It's approximately .45 acres, 9,000 square feet. [00:01:38] It was purchased in 1994 by the First Baptist Church, and the CRA acquired the property [00:01:45] in 2005 as part of the Baptist Church land acquisition, a land assembly. [00:01:54] The CRA of May 31st appraised value was $555,000. [00:01:59] A little bit of the history about this property is that in 2005, as part of that bundle of [00:02:09] acquisition, that occurred via a line of credit, an interest rate of 6.28%. [00:02:15] Again, it was refinanced in 2010 at 5.5%. [00:02:21] 2012, there was a community effort to clean up the property. [00:02:24] It sat pretty much idle from what I understand. [00:02:27] I wasn't here at the time. [00:02:29] But in January 14th, the general fund advanced funds to pay off $6.2 million of CRA debt [00:02:37] at 4.63%, with interest being capitalized for the next five years. [00:02:42] And again, this partial was part of that bundle related to this line of credit that was associated [00:02:48] with these property acquisitions back in 2005. [00:02:51] 2014, and the point I want to make here is that, you know, when we deal with these troubled [00:02:57] assets or we deal with assets for quite a long time, the approach from economic development [00:03:01] is to do an iterative process, to continue to try to chip away at a direction that is [00:03:07] actionable, that moves this property in a direction of disposal, and also to the benefit [00:03:12] of the city. [00:03:13] So my approach has always been iterative, where we continue to build it to the point [00:03:17] where we think that we have critical mass. [00:03:21] On May 18th, May 2018, the startup tenants departed that were in the incubator. [00:03:27] They're unable to execute on their business model. [00:03:29] And for the past six months, we've been advertising the property on LoopNet. [00:03:34] We had a sign out front, and we had 26,000 views, and we had 513 click-throughs on that. [00:03:40] So these were individuals that had looked at it closely. [00:03:43] We had one defense contractor look at it very closely. [00:03:46] They liked the downtown setting. [00:03:48] And thanks to the West Pasco Chamber of Commerce, we were introduced to Stacey Tech, and this [00:03:53] is a growing telecommunication and internet infrastructure firm. [00:03:57] They approached the city to locate its offices and possibly purchase the building. [00:04:03] The CRA requirements as part of the statute, 163.38, requires that such real property be [00:04:10] conveyed at a value determined to be in the public's best interest for uses in accordance [00:04:16] with the Community Development Plan. [00:04:18] So this is actually embedded in the state statute. [00:04:22] And in 163.38, it requires a public notice of disposition, which we executed on November [00:04:28] 24th. [00:04:30] And following with the CRA plan in 2012, page 34, the former Baptist Purchase site, the [00:04:36] narrative there basically says that the city should prepare this site for sale, and the [00:04:41] property should be sold and returned to the tax rolls as soon as possible. [00:04:47] In the CRA plan update, just an additional note here is that the recommendations to continue [00:04:53] to build on upon the 2012 CRA plan, in other words, don't throw the baby out with the bath [00:04:59] water. [00:05:01] Stacey Tech is here, and they can expand a little bit as to who they are. [00:05:04] But essentially, the firm is a turnkey solution provider in AT&T products and services. [00:05:10] Stacey Tech team has over 30 years of experience with telecommunication services, including [00:05:15] cloud computing, networking, as well as backgrounds in project management, ordering, and implementation. [00:05:21] They were looking, what they emphasized to me is that they need a class A space. [00:05:26] And they were looking down in St. Petersburg primarily, because they interface an awful [00:05:31] lot with AT&T officers and executives in terms of the products that they kind of evolve. [00:05:36] And it's very important to them that they have a very presentable space. [00:05:39] But because of the downtown setting, the evolution of the downtown setting, they took a good [00:05:43] look at New Port Richey. [00:05:45] They have moved into the area. [00:05:47] In fact, their children are actually part of Gulf Middle School, and they're active [00:05:50] in the library, of all things. [00:05:53] Stacey Tech has 11 employees and feels New Port Richey is an excellent environment to attract [00:05:57] talent. [00:05:58] Their firm needs to grow. [00:06:00] In addition to that, the setting is such, you know, it's one of these walkable communities. [00:06:07] And they very much believe that, you know, as they continue to build the business, you [00:06:12] know, our town provides a really great environment for the type of talent that they're looking [00:06:16] for. [00:06:17] In terms of the lease, Stacey Tech is to replace three bricked-in windows on northeast corner. [00:06:24] We're going to proceed with some of the plans we had early on of installing awning, upgrading [00:06:28] the entry, improving the sidewalk, repair and upgrade of the large bank windows. [00:06:34] And these are the windows actually down here. [00:06:37] And that we call pulling them out, putting better glass and putting them back in, repair [00:06:42] the parking space on the east side. [00:06:46] To secure the lease purchase agreement, they're going to provide a $10,000 deposit. [00:06:51] The lease will be for a period of three years at $8.50 per square foot with an option to [00:06:56] renew for an additional year. [00:06:58] You should know that there's an escalation clause in the following years in the language. [00:07:05] Because we have some ongoing projects with the Hacienda and some other kind of outstanding [00:07:08] issues that may come. [00:07:09] We're going to try to hold that base open for the city for at least six months. [00:07:15] So they're going to lease for an amount of $3,500, 5,000 square feet for six months and [00:07:21] the utilities will be prorated. [00:07:24] And then once six months are over with, they're going to lease the entire building at $6,300 [00:07:31] per month and a tenant will pay all utilities. [00:07:34] And this is kind of a schedule of each fiscal year. [00:07:36] And again, the asterisk denotes that there will be an escalation clause based on cost [00:07:41] of living increases and the lease rates will be adjusted accordingly. [00:07:45] Some key points about this building is that there was a significant carrier cost of the [00:07:51] building since the city acquired it in 2005. [00:07:54] It's been off the tax rolls for nearly 24 years. [00:07:58] This is a key component. [00:08:00] The taxpayers have incurred a cost of $355,695 in interest expense between the periods of [00:08:07] 12-5 when it was acquired to the end of this fiscal year 2018. [00:08:13] Because these were a line of credits that were ballooned, they really only amortized [00:08:17] for two years. [00:08:19] And we based that on, when we looked at the whole land assembly of the Baptist Church, [00:08:23] this building kind of holds a value of about $500,000. [00:08:26] So that's what we used to kind of calculate that. [00:08:28] And this data would be found in all the financial statements in terms of the interest expense [00:08:33] that occurred there. [00:08:35] So $855,000 is what the taxpayers have funded. [00:08:40] It would be interest in principle as of September 2018. [00:08:45] And if we continue to carry this asset and we don't liquidate that liability, the city [00:08:50] continues to incur a cost of $23,150 in interest expense in each additional year, plus the [00:08:56] cost of operating the building, utilities, mowing, and different things, which I typically [00:09:01] budget about $9,000 a year in this CRA to maintain that asset. [00:09:07] They're going to have, the plan also includes an option to purchase the building for $555,000. [00:09:14] Please note that there is an escalation of 3% each year after the first year. [00:09:23] Those proceeds would be of significant benefit to the CRA. [00:09:26] We're currently looking at opportunity zones. [00:09:29] And what seems to be playing out in the opportunity zones is basically residential development. [00:09:34] One of the ideas is looking at the HCA property, and this will provide us funds to be able [00:09:39] to further incentivize other projects if we're able to sell this building, and again to multiply [00:09:44] the impact of that investment that's currently fallow. [00:09:48] They will get a credit for the window installations, and incentive primarily to be able to move [00:09:54] forward with this is a 10% rent credit as an incentive if they execute on the contract. [00:10:00] The economic benefit is that taxpayers are relieved from the burden of carrying the building. [00:10:05] It would be back on the tax rolls. [00:10:07] The sale proceeds to this, again the point to support other CRA initiatives, and we get [00:10:13] calls all the time, and I love having money in my back pocket to be able to motivate those [00:10:17] deals. [00:10:18] The average wage of the employees they're going to hire is actually above the county [00:10:21] medium of about $46,000. [00:10:23] They're going to be paying about $50,000 in above market wages, and the nice thing about [00:10:29] that is it's going to be located within our urban core, so hopefully we'll be spending [00:10:32] money in our businesses. [00:10:35] Also it serves as economic support for the Hacienda. [00:10:38] Quite a number of AT&T people will be coming in and out of the city, interfacing with this [00:10:42] organization. [00:10:44] Obviously, if their employees grow and they do fairly well, it provides opportunities [00:10:49] for occupying Main Street, Landing, and the Central, and it also satisfies the auditor's [00:10:54] concern regarding CRA efforts to dispose these long-held assets. [00:10:57] This is something that they look into every year. [00:11:00] The big thing here is we get three, and that includes Fred there, talented entrepreneurs [00:11:05] and their support to promote Newport Rich here in their business circles. [00:11:10] This is a big step up from the entities that we've worked before as a business incubator. [00:11:16] In the negotiations of this agreement, we've been working with their law firm. [00:11:19] We've been working with their accountant. [00:11:21] They have a lot of business system processes in place. [00:11:24] We review financial statements. [00:11:25] Their firm is profitable, and it's growing very well, and they're looking to anchor and [00:11:30] root themselves in New Port Richey. [00:11:32] So the request is to authorize the CRA to enter into an agreement to lease with the [00:11:36] option to purchase 6345 Graham Boulevard. [00:11:40] Thank you very much. [00:11:41] Thank you. [00:11:42] I'll open it up for public comment. [00:11:45] Anyone? [00:11:46] Come on down, Marilyn. [00:11:49] Marilyn Deschamps, you've got the address already. [00:11:59] You know, in my very short period of time of being the Main Street Executive Director [00:12:06] with the program that is having some challenges right now, I was putting together a group [00:12:14] of people to do various things in downtown, including a walking tour and whatnot. [00:12:19] Now, some of these people I was working with, all women, one woman said her husband is really [00:12:25] in love with downtown and really wanted to make an investment. [00:12:28] I said, oh, well, gosh, we've got this wonderful building right on Orange Lake. [00:12:33] You need to take a look. [00:12:34] I'm telling you, this was only four months ago. [00:12:37] And I remember I talked to someone, and unfortunately, because of my advancing age, I have forgotten [00:12:43] who I spoke to. [00:12:44] But I was told that the city was not interested in selling that building, that they liked [00:12:50] using it for the various programs and having it available for the community and possibly [00:12:56] doing something else. [00:12:58] That was very interesting. [00:12:59] Now, I did not know anything about this building or this project until Sunday when I was going [00:13:09] online because I like to keep up with the business of city council. [00:13:13] And I went online and went to the minutes and the agenda, and I was quite surprised. [00:13:19] The reason I was surprised was because of how quickly this seemed to come about. [00:13:23] And I wrote to the mayor about it. [00:13:26] And one of the reasons I'm discussing it, even though I have no investment, I only have [00:13:33] a 30-year-plus love of downtown. [00:13:36] And I have had a lot of experience with not only being on city council and the downtown [00:13:41] program, but actually having made mistakes in the past, regretful. [00:13:47] However, this came to my attention because, number one, the sense of urgency was surprising [00:13:53] to me. [00:13:55] And then all this talk of the possible changes to it and then the additional work that the [00:14:02] city would need to do also sounded very much to me like Main Street landing. [00:14:08] Now one question came to my mind also was, if Stacy Tech does bring in all these workers, [00:14:16] are they expecting to allow them to park on the city parking lot just to the west of it? [00:14:21] And the reason I bring that up is because ever since the improvements of the park in [00:14:26] downtown, that parking lot is used tremendously, especially in the summer and on weekends. [00:14:32] So I'd be curious where they're going to be parking. [00:14:35] I'm also curious how many people they're planning to hire within the first few months or up [00:14:44] to six months. [00:14:48] The wages sound pretty good, but how I noticed in this memo that I printed offline, that [00:14:55] reference was made to how with the desire to [00:15:00] at the urban core employment with wages that would make leasing newly-constructed nearby [00:15:06] apartments attractive. [00:15:10] One project's not even broken ground yet, and the other one's been under construction [00:15:14] since 2005. [00:15:16] So I was a little curious where those apartments were coming from. [00:15:20] So with that being said, it sounds like I'm sure it's a good thing and a good deal. [00:15:27] All I ask of you is be cautious, really, really ask a lot of questions. [00:15:34] Is this business actually part of what we want in our downtown? [00:15:41] I can see the value of having people walking the streets and eating at Rose's or Christina's. [00:15:46] That's fabulous. [00:15:49] I also want to have a much stronger feeling of its longevity. [00:15:55] So with those words being said, I leave it up to your good discussion and judgment. [00:16:01] Thank you very much. [00:16:02] Thank you, Marilyn. [00:16:03] The folks at Stacy Tech are here if you wish to come up and say anything. [00:16:13] Before they speak, may I just ask, Mr. Arizona, a question? [00:16:18] I saw a real estate sign in the front yard of the business incubator, so I don't think [00:16:23] it's been a secret that the city's been trying to sell it, but Mr. Sean has some good points. [00:16:29] One question I had and that you did address with an email that I received from a resident [00:16:33] and you CC'ed me on the email back is I have a couple questions for the folks from Stacy [00:16:38] Tech as well, but do you feel like you're pushing this through too quickly, number one? [00:16:44] And number two, my other question was the only kind of not red flag, the only concern [00:16:51] I had was why not just get an updated appraisal? [00:16:57] Appraisal's over a year old. [00:16:58] They approached us, they really need a home, is why we kind of moved it very fast. [00:17:05] We weren't trying to fast track it whatsoever, but they really wanted to be in the business [00:17:08] January 1st. [00:17:10] That's really important to them and that's one reason why we've tried to move it on fairly [00:17:14] quickly. [00:17:15] We're trying to put it on an early agenda, but there's an awful lot of back and forth [00:17:18] with attorneys on the line in regard to that. [00:17:23] And it was just really important to this firm that they're really go-getters and strong [00:17:26] entrepreneurs and that's all we're trying to do is to get them in the building as soon [00:17:30] as possible because we really felt that, quite frankly I felt I would have lost them as a [00:17:36] possible tenant for the building had we not been able to do that. [00:17:39] Did I read that right, that the average wage from the 11 employees was $50,000? [00:17:43] Is that what that slide said or did I misinterpret that? [00:17:46] I can have them answer that, yes. [00:17:48] Okay. [00:17:49] Yes, come on up. [00:17:54] My name is Shelly Sorenson. [00:17:56] George Stacey. [00:17:57] And we own Stacey Tech. [00:17:59] And Stacey Tech is a technology firm whose main customer and partner is AT&T. [00:18:07] We have been in business for just one year as that entity, however we have had years [00:18:16] of experience, George worked directly with AT&T, but AT&T now has a partner solution [00:18:22] program called the Alliance Channel and it is a strong part of AT&T. [00:18:33] Our model, our business model is very effective in that we also implement the solutions we [00:18:39] sell which not many solution providers do do that. [00:18:44] On top of that we also have a service that we offer, part of our white glove service [00:18:50] we like to call, which is IT solutions including the installation of the actual products that [00:19:00] we sell. [00:19:01] So it is really a white glove service that we offer. [00:19:05] You asked about the wages and I can tell you that the wages that we offer now are well [00:19:11] above that average of $50,000, well above. [00:19:15] AT&T wages excel over $100,000 and that is what people are used to receiving. [00:19:22] So if you want to acquire talent that complement your business and really raise it to a higher [00:19:29] level you must pay the higher wages. [00:19:32] So yeah, we are well above that. [00:19:35] When Mario told us that there is an interest to bring in the millennial community, that [00:19:47] sparked great interest for us because technology and millennials just kind of go hand in hand. [00:19:54] Excuse me. [00:19:55] I know. [00:19:56] Just kidding. [00:19:57] I know. [00:19:58] I am talking about myself too. [00:20:01] It was of huge interest to us and when he was describing the walkability and we attended [00:20:08] the shopability analysis it just made us so excited. [00:20:14] If you know us you will know that we are extremely passionate about what we do and myself I worked [00:20:20] for my dad for 21 years so I believe you talked about longevity and it truly is our desire [00:20:30] to be really ingrained into New Port Richey, downtown New Port Richey. [00:20:35] So I will let George speak too if you have any questions. [00:20:40] If I could continue. [00:20:41] I just had two questions. [00:20:42] You kind of touched on my first question which was what attracted you to New Port Richey [00:20:45] for your business and then if you want to elaborate on that a little more you are welcome [00:20:49] to. [00:20:50] And then my second question is what is your projected growth as far as number of employees [00:20:53] say over the next three years? [00:20:57] Right now we have 11 employees. [00:20:58] We are going to have myself, Shelly, an assistant, a technical advisor in the building pretty [00:21:05] quick. [00:21:07] The rest of our employees are spread around the country but we are acquiring more employees [00:21:12] as we go in the 2019 fiscal year. [00:21:15] We just hired two new employees, one for Tampa sales market, one for Orlando sales market. [00:21:20] One of those, both of them will be out of the office but they will be traveling. [00:21:24] So most of the time, knock on wood, I want them on the street selling. [00:21:28] So they are not going to be here all the time but one lives in Tampa, one lives in Orlando. [00:21:34] So how that is going to work is they will be here stationed for meetings, scheduling, [00:21:38] lunches, customers, coming and going. [00:21:41] But we want to add to the technical side of our business which will then house more employees [00:21:46] here. [00:21:47] We are hoping to be around that four to five more employees in 2019 from back end support [00:21:52] implementation and also back end support for doing the technical IT standpoint of the [00:21:59] business. [00:22:00] So the amount of growth, the reason why we project that is because the amount of growth [00:22:05] is going to be, I believe, 300% more than what we, yeah, about 300% more. [00:22:14] The reason for that is because as AT&T flexes and changes, we have to as well. [00:22:22] So they incentivize you in certain ways and so that is what we are doing is we are following [00:22:30] the incentive. [00:22:32] And also this area has fiber that has been laid which is important for our business, [00:22:40] what we do. [00:22:41] But many people do not know that AT&T can now offer that product at the price that they [00:22:48] are used to receiving from other carriers. [00:22:51] So it is extremely important for us to make sure we take advantage of that and then offer [00:22:57] that savings on to businesses in the area. [00:23:01] So with those projections, we need more employees. [00:23:06] And it is imperative that we also support the sales. [00:23:10] When we first started, we had our back end support, we had more employees in our back [00:23:15] end support than we had feet on the street because we wanted to make sure our customers [00:23:20] were well supported. [00:23:21] That is the kind of people that we need to hire from this area are the people that are [00:23:26] going to help us support and have some of that technical knowledge to be able to do [00:23:31] that. [00:23:32] Right. [00:23:33] And to give you more examples on the pricing or the salaries that people are making, we [00:23:37] are hiring people out of IBM. [00:23:39] AT&T acquired a lot of employees to do implementation technical work from IBM or as a partnership, [00:23:47] we got an agreement where IBM and AT&T partnered together to use technical people. [00:23:51] AT&T didn't want to bring them on as employees, but they would go to IBM and say, okay, we [00:23:56] are going to pay you $300,000 per person to bring on and do our work. [00:24:00] We are going to white label that product. [00:24:02] Well, they have slowly kind of gotten overwhelmed in that area, so they are letting some of [00:24:09] them go. [00:24:10] We are picking them up from IBM because the work that they do are exactly what we do. [00:24:14] So we are picking up people that are in the $80,000 to $100,000 a year range, plus bonuses [00:24:18] and everything on top of that. [00:24:20] So that is the kind of people we are going to be putting into this building. [00:24:24] Our sales guys, they make anywhere between $100,000 and $150,000 a year. [00:24:27] They get a smaller salary with a lot of commission. [00:24:30] But our technical people, the people that are what we call our hard cost, we have no [00:24:34] way around it. [00:24:35] We have to pay those people that kind of money because that is what they get in the marketplace. [00:24:38] I want to go over there a little bit. [00:24:41] I have heard these numbers and these employee numbers, but then you sit there and say they [00:24:44] are on the road. [00:24:45] So of those 11, like four or five are going to be in the building and you are looking [00:24:49] at a growth of four or five over the next year. [00:24:51] So you are really only talking about 10 or 11 that are going to be in the building? [00:24:55] As of right now, like I said, we are going to have myself, Shelly, an assistant that [00:24:59] she is going to be hiring, another new technician, okay? [00:25:02] So there are four of us. [00:25:03] I plan on hiring four to five more permanently. [00:25:06] That is pretty much the numbers that I have said. [00:25:09] So everybody else is going to be at work. [00:25:10] Why do you need a 9,000 square foot building? [00:25:13] That is a good question. [00:25:16] One of those reasons is I believe that that number, the four to five, is going to expand [00:25:20] further than that and there is one of the businesses that we are really expanding on [00:25:24] right now and that is the IT sector. [00:25:26] That IT sector is more technicians and vans, guys that are going to be out doing installations. [00:25:32] I am going to need to house those guys in offices and IT offices doing those kind of [00:25:36] things. [00:25:37] Those guys are going to be doing installations of routers and servers and that kind of thing. [00:25:42] That I believe, that business is going to get larger as well but I also believe as we [00:25:47] are being invited to do new pilot programs for AT&T because of our growth and because [00:25:52] of what we have done, that pilot program that AT&T is putting us into 2018 or 2019 is going [00:25:58] to require way more technical people on the phone implementation. [00:26:04] I believe that is going to grow even more. [00:26:06] I try to keep our numbers down because some people don't believe our growth. [00:26:13] I can show you my balance sheet, my P&Ls from last year versus this year. [00:26:17] My accountant doesn't know what to do. [00:26:19] It's growing that fast and it's growing that large. [00:26:23] I don't want to make predictions that are not reasonable and don't make sense. [00:26:29] That's why I'm staying with those numbers in that range of four to five. [00:26:32] I think it's going to be more than that and I need that space. [00:26:36] I have a question for Mario. [00:26:38] You say that 10% of their rent is going to go for three years and possibly four years [00:26:43] go towards the purchase of the building. [00:26:45] What number does that add up to be? [00:26:47] It's about $13,000, $14,000. [00:26:53] A year? [00:26:54] I'm just going to state out right here right now, I have a little bit of Rosner in the [00:27:04] back of my mouth. [00:27:06] You told me about the same thing you said about these people you said about the Rosners. [00:27:10] They had some experience and these people have experience but not as Stacy Tech. [00:27:15] They don't have experience. [00:27:16] They have less than a year or a year in Stacy Tech. [00:27:18] Just a second. [00:27:19] Just a second. [00:27:20] I have a problem a little bit there. [00:27:23] Rosners, we know about. [00:27:24] You don't know who they are. [00:27:25] I have a little problem there. [00:27:28] Number one. [00:27:29] And also, just by a raise of hands, how many people own their house in here? [00:27:33] Raise your hands. [00:27:34] How many own their house? [00:27:36] With a mortgage? [00:27:37] No, no. [00:27:38] With a mortgage. [00:27:39] With a mortgage, yeah. [00:27:40] Out here, too. [00:27:41] How many own a house? [00:27:42] I mean, would you rent your house to somebody with a possibility of selling to them in three [00:27:47] years at the given price that you gave them today? [00:27:50] Yes, I would. [00:27:52] I'm just saying. [00:27:54] I just want you people to think about it. [00:27:55] Of course, you're selling this. [00:27:58] Whether you believe it or not, you're going to sell. [00:28:00] But I'm just saying that I don't know anybody that rents their house out for three years [00:28:05] or four years with a purchase price of today. [00:28:09] So I have a little problems with that. [00:28:11] 3%, right? [00:28:12] I mean, I can give them first right of refusal. [00:28:14] I just have a problem putting the price tag on it today. [00:28:17] That's why we have a 3% escalation in that. [00:28:21] I understand all that, but I'm just still, I don't know anybody that puts a price tag [00:28:25] on their house. [00:28:27] You know, we're going to sell it three or four years down the road. [00:28:31] I just, I guess I can understand what you're saying. [00:28:33] I fully address that. [00:28:34] When we presented this paperwork to our attorney as well as our accountant, my accountant's [00:28:38] already trying to figure a way to buy it tomorrow. [00:28:41] I mean, our goal is not to lease it and try to lease it and hold on to it for three years. [00:28:46] It's not. [00:28:47] I'm just going to be honest with you all. [00:28:48] My accountant doesn't want to lease it for three years. [00:28:50] Why did our attorney decide to put a price on it? [00:28:53] I didn't make the price. [00:28:54] That's not my responsibility. [00:28:55] I do the legal. [00:28:56] Okay. [00:28:57] I'm just asking. [00:28:58] You mean in terms of having an option price? [00:28:59] Yeah. [00:29:00] You have to have an option price if it's a true option, otherwise it's not an option. [00:29:03] You can change the terms of the agreement and make it a right of first refusal. [00:29:08] That's not an option. [00:29:09] That's just that they have the option to bid on if you have someone else that is interested. [00:29:16] But for it to be a true option, you have to have a price. [00:29:18] You have to set a price. [00:29:19] Otherwise, you don't have an agreement. [00:29:20] Listen, this is a rent with option, not lease with option. [00:29:23] Correct. [00:29:25] Okay. [00:29:26] I'm just... [00:29:27] Yeah. [00:29:28] So, I mean, you have to have a price because they have to have the exercise of the option. [00:29:32] So when they exercise, we all know what they're buying and for how much. [00:29:36] You can set that price a number of different ways. [00:29:39] Sometimes it can just be based on an appraisal that's done at that time. [00:29:44] This is another way to do it. [00:29:46] I like to have it set by a price and subject to an escalation or something like that. [00:29:51] But you can do it different ways. [00:29:53] You're not stuck with that particular way. [00:29:55] And you made a lot of emphasis on how much we paid in interest. [00:30:00] We're still going to pay that interest, whether you're talking from the 15 to today, which is, or from 05 to today, which is 13 years, we're still going to be paying that interest for the next four. [00:30:10] Absolutely. [00:30:11] You made an emphasis on this $385,000 or something, but it's still going to cost us the same $20,000 a year, $20,000-plus a year that it's going to cost us for the last X amount of years. [00:30:22] Absolutely right. [00:30:23] And the goal is to be able to make that asset active, be a tax-producing asset, and to take that $5.5 million and invest in other areas. [00:30:32] We're trying to take an opportunity and create another opportunity as a result of that as opposed to having the asset lay fallow and continue to grow interest. [00:30:43] And so that money would be reinvested in other economic development projects that would generate property taxes. [00:30:49] It's not going to be for three or four years, meaning that half a million dollars isn't going to come around for three or four years. [00:30:56] So it's still – I just have problems with this. [00:31:00] Mr. Altman, Director Altman had some – [00:31:03] Thank you. [00:31:04] Thank you, and welcome. [00:31:06] I have to say, first of all, that the comments that you made about your excitement and the whole millennial, the whole vibe that is trying to, you know, [00:31:18] percolate here in the city is part of what drives you to think this is a good place to settle. [00:31:24] And I think that's an important point to make sure that we identify in our CRA plan that we're attracting the types of businesses that we want. [00:31:34] You know, in Florida, it's going to be medical, high tech, you know, the creative class, whatever, [00:31:41] however you want to define that group of people that are going to support our businesses and to enrich our town. [00:31:50] So that excitement to me tells me that this is probably an industry we would put on a list of businesses that we would recruit and provide some incentive to. [00:32:04] So I know the city of Orlando had made much hay about identifying key moves that have to be made. [00:32:14] And, you know, the first – and I don't want to say high tech, but I guess it might be – I may be right. [00:32:19] But the first person with some high tech cred that can start to develop a business here can be a very important incubator for other businesses, [00:32:29] hopefully that would spin off other partners that you might need that are not part of your business that could kind of create a community here. [00:32:35] So if I'm hearing that kind of excitement to you to have this cool high tech millennial and those old ones of us still trying to hang on [00:32:44] and understand what's going on and participate, I think that's a great thing. [00:32:50] And, you know, I have been the person who has suggested that that building could be used for public purposes, [00:32:57] for, you know, for our students to help improve their ability to do after school art, creative, whatever it might be. [00:33:08] I've also been very interested in talking to the city, to the CRA, [00:33:11] about the potential that we might find our city to have one of these sort of workshops someday [00:33:17] where people who are living in empty nesters who have moved to smaller property, [00:33:24] renters who are renting smaller spaces and don't have garages, [00:33:27] to find a way for us to develop these sort of working creative opportunities for folks to get together, [00:33:34] whether it's woodworking or electronics. [00:33:37] I know I'm going down a little bit of a rabbit hole, but I want to say that I did see a program, [00:33:43] and I'm not sure where it was, where repair of appliances, like we used to have Monty's Appliances there on Bank Street, [00:33:52] where retired folks and folks that were just interested in that kind of thing actually had a program [00:33:59] where people could bring in their old equipment. [00:34:03] So for environmental purposes, for recycling, the whole millennial, all that sort of stuff, [00:34:08] I had in my mind something that I thought might be good and useful to the public and central to generate activity. [00:34:17] So I have to say I'm convinced by the fact that it's in our CRA plan, [00:34:23] and I know that back in 2012 there was a lot of angst about the city's financial position. [00:34:29] There was money problems. [00:34:31] So when it says sell as fast as we can, that was probably a sign of the times as well. [00:34:37] So it's really a matter of having the right fit, [00:34:41] and it seems to me that I'm willing to take a chance on you and your enthusiasm, [00:34:46] so I'm going to support your initiative, but I do have two questions to my colleagues, [00:34:51] and maybe if you wouldn't mind letting me discuss that with them [00:34:55] and then getting your response rather than try to negotiate something with you. [00:34:59] I would like to do that before we make a decision, [00:35:02] and hear if there's something else anyone else wants to question them on. [00:35:08] I'm happy to hear your questions. [00:35:11] Just to reiterate what you said, welcome, and I think this is a good thing. [00:35:16] We've been talking about bringing higher-paying jobs to downtown [00:35:19] and surrounding areas of downtown for quite some time. [00:35:23] To be honest with you, unless you're a doctor or a self-employed person [00:35:27] or highly educated and own your own business, there's not a lot of options right now. [00:35:33] So I think it's going to be a really good fit for your business. [00:35:36] I'm very, very happy that our downtown and our city attracted you for your business, [00:35:42] and I think your timing is impeccable, to be honest with you. [00:35:45] I think if you do buy the building, you're going to be very, very happy you did five years from now. [00:35:50] I really do. [00:35:52] Director Murphy, did you have a question? [00:35:55] A couple quick questions. [00:35:57] Since it's been for sale, I mean, how much traffic has it generated as far as people looking at it? [00:36:03] Very little. [00:36:04] I mean, you know, if somebody came to my office today, I see people right away. [00:36:08] I just had a defense contractor. [00:36:10] They would have been very similar to the quality of these individuals. [00:36:14] They looked at it quite closely. [00:36:16] I would say they only wanted an individual to look at it. [00:36:18] There was a lot of inquiries in terms of other uses, but it didn't elevate to the level of. . . [00:36:23] My concern was always it needs to be an economic driver to the city, [00:36:29] and the business has the capacity to acquire the building. [00:36:32] But, no, there's only been, you know, there's pretty much, you know, [00:36:37] there hasn't been any other serious inquiries except for that one defense contractor. [00:36:41] That was it. [00:36:42] And I followed up with them several times, and they weren't ready to pull the trigger. [00:36:45] They were down in Rocky Point paying $30 a square foot, and that's where they wanted to be and remain. [00:36:49] Yeah. [00:36:50] Okay. [00:36:51] But that was it. [00:36:52] There hasn't been anybody else that I've been able to facilitate that. [00:36:54] And, again, the speed at which we wanted to move it had everything to do with not losing these as potential tenants. [00:36:59] All right. [00:37:00] Thank you. [00:37:01] And then is there anything in the agreement as far as if something down the road does happen [00:37:04] and they want to sell that the city has first dibs on it or anything? [00:37:09] No. [00:37:10] No? [00:37:11] Nothing like that? [00:37:12] Okay. [00:37:14] I mean, what you're offering here is, I mean, it checks a lot of the boxes, I mean, most of the boxes. [00:37:19] And so, I mean, I think it's something we definitely need. [00:37:23] I understand Mr. Chan's comments about doing our due diligence to make sure everything's right, [00:37:28] but I think we'd be doing a disservice if we didn't move forward with it. [00:37:32] So thank you. [00:37:33] Mr. Allman, you had some questions you wanted to pose to us? [00:37:36] Yeah, and you're welcome to stand there if you'd like. [00:37:38] I'm not asking you to sit down, but I would like to communicate with the board members on the terms of the contract or the approval. [00:37:46] Two things I noticed on the drawing, and I don't know if we can pull the drawing back up of the site, [00:37:51] but we have this serious parking issue. [00:37:57] We're talking about renovating the parking. [00:37:59] I don't know if the client or the potential buyer is aware, [00:38:03] but we're trying to get as many parking spaces in for hotel park use and current business use and all that sort of thing. [00:38:11] I see it looks like the square goes around that back section, [00:38:17] and I don't know how many parking spaces are on the site that we have or how much in and out that they require, [00:38:23] but the last thing I would want to see is tow-away zones in that area, [00:38:29] and we've had that problem with private parking lots. [00:38:31] So they'll be moving into an area that is almost purely public parking for everybody, non-exclusive, [00:38:40] and the city's trying to develop a solution for parking. [00:38:43] So I don't want this lease to become a cause for us to not have the right as a city to identify as much parking as possible. [00:38:56] It's all public. [00:38:57] None of it's private, and I'd like to see if there's a way that our lease and purchase can, [00:39:04] that we can consider the possibility of extracting that or putting some provision that it should not be marked or subject to towing. [00:39:15] To tie in, I guess my question then is, like, if you're looking at the aerial view of the building, [00:39:19] the parallel parking to the east and then the straight-in parking to the south of the building, [00:39:24] is that going to be part of their building, part of their lease agreement? [00:39:29] If they purchase a building, that would be – they would have – [00:39:31] Because to me, that's separate from the Gloria Swanson parking lot, and I totally understand what you're saying about parking. [00:39:35] The one thing I was going to bring up with parking as well is as we hopefully have these discussions with proprietors [00:39:42] and new business owners and entrepreneurs that want to move into our city, we have to remember, too, [00:39:46] we talk about parking so much as far as when the cars come, when the cars go, right? [00:39:51] There's a parking lot 50 yards from here across Main Street that's a city-owned parking lot [00:39:56] that is pretty much completely empty during the day except for the exception of some Pasco County vehicles [00:40:02] that are stored there and are normally gone during the day and then return at night, [00:40:05] and whoever visits the health department, and maybe eating kazoos for lunch. [00:40:09] It's not a far walk, so that parking lot's open. [00:40:13] As far as whether or not we're going to have tow-away signs, I don't know, [00:40:16] but my point being is as far as parking goes, if I work at your business, I'm 100 percent comfortable, I know, [00:40:22] or downtown, parking in that parking lot to the south side of the health department and walking 50 yards to work. [00:40:28] It's not a big deal. [00:40:29] When those employees are gone, that opens the parking lot, that parking lot up for people coming down to visit our bars, [00:40:34] our breweries, and our restaurants in the evening time, so I think it's a good match. [00:40:38] But I hear what you say. [00:40:40] The one that sticks out in my mind the most is the Carl Reed parking lot, [00:40:43] and there are signs all over any business near there. [00:40:45] If you park here, you will be towed. [00:40:47] So I'm sure you know the building you're leasing and then option to buy is right next to probably the most popular parking lot for Sims Park, [00:40:58] along with the most popular parking lot for the Hacienda once it opens. [00:41:01] So are you comfortable with your employees parking across Main Street and other city lots and having a nice walk unless it's raining? [00:41:10] Yes, so it's our intention to partner with the city not to make things more difficult. [00:41:14] It would be a shame not to allow that to happen, not to allow people to park there if the space exists. [00:41:23] It would be a complete shame. [00:41:24] Yeah, we've been coming and going for the last couple weeks during the week and during night and time and checking out. [00:41:30] I was actually kind of surprised how much parking was available during the day even when we were coming and going. [00:41:36] For our first probably 12 months, I don't see an issue. [00:41:40] I really don't. [00:41:41] I mean, it seemed pretty open. [00:41:43] I know it gets busy at night. [00:41:44] It gets busy towards the end of the day, but I didn't see a concern, and I don't think our people are going to have a problem with it. [00:41:51] When your employees move into the Central, they'll be parked already. [00:41:53] They just have to walk to work. [00:41:55] I was just talking to a lady that's working for IBM right now, and I'm trying to get her to move here, [00:41:59] and she's already asking if I can get her to move here. [00:42:01] Is there something close by she can bike to work? [00:42:03] You know, that kind of stuff, right? [00:42:04] Those are the kind of people we want to bring in here that we can be close to the building. [00:42:08] Not now, but the gentleman that will be breaking ground in the next few weeks is sitting right behind you. [00:42:18] And I'll make a deal. [00:42:19] I'll save you two parking spots if you let me park my boat at the docks over here during the day from 8 to 5. [00:42:25] That way I can boat to work, and I'm good with that, guys. [00:42:27] I'm good. [00:42:28] I'll save you two spots. [00:42:30] But as far as the tow-away signs, do you want that in the lease agreement? [00:42:33] No. [00:42:34] No tow-away signs? [00:42:35] No. [00:42:36] I'm raising the issue to discuss with my colleagues. [00:42:39] It's not very attractive. [00:42:40] We don't want it. [00:42:41] So if I may get back the dais here for a minute. [00:42:48] Sorry to interrupt you, but there was a second point that I wanted to bring up, [00:42:53] which is their entrepreneurial effort and what they do. [00:42:58] And, you know, I brought to you all's attention a regional planning meeting I went to [00:43:03] and this former Cannon Ranch over on Interstate 75 and how they're publicizing this big technology. [00:43:10] And we talked about more Wi-Fi having the kind of technology that these folks want to have in the community. [00:43:18] My question to them would be, it was identified on the deal to partner with the city, [00:43:25] and it's been reiterated just then, which is why I cut you off because I liked what you said [00:43:30] and I wanted to focus on that, which is we could probably use them also as a part of our business community [00:43:39] to assist us in looking at our own systems and giving us some ideas of what we might be able to do [00:43:47] or ought to be doing. [00:43:48] And so to me, having folks with that kind of technical expertise, I would hope that [00:43:54] and it doesn't have to be in the lease, [00:43:56] but I would hope that we're finding someone that can attend these meetings when they're important [00:44:02] and to try to help us to achieve the goal that would allow them to attract [00:44:09] and recruit more people of the type that we're looking for. [00:44:13] Back to the comment you asked, would I want something in the agreement, [00:44:16] I think once you sign something and you say this is what we're selling, then that's what we're selling. [00:44:21] I think that the potential, as Director Chopra-Davis said the last time we had a CRA meeting, [00:44:28] which was that he saw, I think it was CRA, that he saw potentially a large employer there. [00:44:34] I remember Chopra you saying that. [00:44:36] And so if you have a one-story building and you've got an expansion plan, you know, [00:44:42] if this goes, you might see that there's other entities or a larger building, [00:44:48] or if the buildings on Main Street see that they want to put something and have a larger building [00:44:52] and the city looks to have a parking garage or something that would increase parking back there, [00:44:58] if the desire is there. [00:45:00] cost for a ramp to go across your property or an exit to go across our property now, [00:45:04] it would be a shame for us to have to pay you $500,000 to access it or to get into a [00:45:09] extended right-of-way, you know, taking or something. [00:45:13] So I don't know if there's any language that can be added, but I think the handshake idea [00:45:19] that you would be cooperative with something, hopefully this is recorded and we could bring [00:45:23] back if we found someone else that's wanting to do something, because we have such a limited [00:45:29] space and that may be ultimately worth more than one parking space on the ground. [00:45:36] The thing that I'd like to remind my fellow directors, we've had preliminary discussions [00:45:45] and drawings talking about redoing the Swanson parking lot and recovering... [00:45:55] I don't recall the specific number... [00:45:56] How many spaces? [00:45:57] A bunch. [00:45:58] How many spaces did you create through the project? [00:46:01] Robert, do you recall the number? [00:46:03] It was 85 and it called for a portion of the sidewalk area and that grass space to be taken [00:46:10] out. [00:46:12] And just to update you, we have been talking with the engineer and they did send over a [00:46:17] task order for that design, so we are getting ready to present it to you probably in a month's [00:46:24] time or so. [00:46:25] We may well be picking up far in excess of the number of parking spaces that Stacy Tech [00:46:31] is likely to be using in the foreseeable future. [00:46:37] Could we get the attorney to drop a couple of non-competes to make Brian and Nathan sign [00:46:44] before we vote? [00:46:47] Mr. Starkey, do you have any comments regarding a business that might be going in within walking [00:47:01] distance of your development that could bring jobs, in essence, to annual salaries of $80,000 [00:47:08] to $100,000 a year? [00:47:10] Frank Starkey, 5939 Grand Boulevard. [00:47:12] I am now a New Port Richey citizen. [00:47:15] Welcome, welcome. [00:47:16] I would be delighted to have employees who can live in our apartments and walk around [00:47:24] Orange Lake to work. [00:47:25] That would be fantastic. [00:47:26] The more, the merrier. [00:47:27] So, yeah, I am excited about the prospect of somebody occupying that building. [00:47:34] I would like to suggest that we have a name for that building besides the incubator building. [00:47:39] The post office building doesn't work because not enough of us are old enough to know that [00:47:43] that was ever a post office. [00:47:45] I don't even remember it being a post office, but anyway, it needs a better name. [00:47:49] Maybe you all will rename it something, but I think it would be great to have them there. [00:47:56] My last question is, what are the plans on what the outside of the building is going [00:47:59] to look like? [00:48:00] Because right now, I personally don't feel it's very attractive. [00:48:02] I know we're going to replace some windows. [00:48:03] Are you going to have signage on the outside? [00:48:08] Any preliminary plans on what it's going to look like? [00:48:11] We actually contacted one of your architects that is working on the Hacienda, and we've [00:48:16] talked to them about doing some different rock facade in the front, doing some awnings [00:48:21] in there over the windows, adding the two windows on the two sides of where there's [00:48:27] an office in there that has no windows, adding some pavers in the front, dressing it up from [00:48:32] that aspect. [00:48:33] Because obviously, there's future plans to do things as we grow and expand. [00:48:38] So we don't want to do a lot of infrastructure to the building because it doesn't make any [00:48:40] sense. [00:48:41] We don't want to put too much money into something that we're going to change around anyway. [00:48:44] We want to dress it up because as we've been making notations to AT&T about what we're [00:48:50] doing in our growth, we've already have attracted some of the officers from AT&T that actually [00:48:55] want to fly in and meet us in March, and they want to see the building. [00:48:59] I've already been on phone calls and conversations the last couple of weeks about this whole [00:49:03] process because they see a lot of things going on LinkedIn and what our business people are [00:49:07] doing and our reps are doing. [00:49:08] So we've already been asked to have Z Hussein, which is one of the officers, as soon as he [00:49:12] found out we had a building going in, he wanted to come here and see it. [00:49:15] So we have to dress it up somewhat to make it a little bit more presentable. [00:49:18] I think we're replacing ceiling tiles, some of the lights inside. [00:49:21] I think the carpet and everything is fine. [00:49:23] I think the walls are fine. [00:49:24] We might do some painting and stuff like that. [00:49:26] We're going to probably add screens, computers, make it more tech. [00:49:29] I think we're going to close off the reception area a little bit so that it's more of a secure [00:49:35] reception area, not just a wide open to the building, and just have a wall in there with [00:49:39] signage and stuff like that on the Stacy Tech side. [00:49:42] But we're just going to dress it up the best way we can with what we have. [00:49:46] I have one question for Robert, and you can just shake your head yes or no. [00:49:53] Will the lease sale of this parcel create any problems for the plans that you've got [00:49:59] for the redo of the Swanson lot? [00:50:03] It's possible. [00:50:06] It depends on how many feet of that sidewalk that we would have to go into if it was past [00:50:11] the right of way. [00:50:13] I think the one drawing that I saw had us going in in the grass area a little bit on [00:50:19] the back side of that sidewalk. [00:50:22] But I don't think it's anything major that we couldn't work with, because it also did [00:50:27] call out for going a little bit towards the north as well, and add that additional parking [00:50:32] up there. [00:50:33] So I think we could work it out. [00:50:35] I'm certain that we could, Mr. Mayor. [00:50:37] If you approve the purchase, I'm prepared to share the drawings with Stacy Tech so that [00:50:42] they have an opportunity to look at them. [00:50:46] I'll move for approval of the lease as presented to us, and ask the staff to address some of [00:50:56] these issues with them. [00:50:57] But nevertheless, it's in your hands. [00:50:59] I motion to approve. [00:51:00] Second. [00:51:01] Thank you, Mr. Mayor. [00:51:02] Any further comments? [00:51:03] No. [00:51:04] I think, you know, we've got to tell a story, and this is our first one as far as getting [00:51:09] a technology service. [00:51:11] No, I'm sorry. [00:51:12] Mr. Mayor, you are the first one, just like your father was the first doctor. [00:51:17] But it doesn't seem that you're quite as aggressive with the big boys as they are. [00:51:24] On purpose. [00:51:25] Yes, sir. [00:51:26] To the second. [00:51:27] I'd just like to thank Mariel for all the hard work I'm sure you put into this, and [00:51:30] all the hard work you're doing for our city. [00:51:31] I mean, you're, we, you know, up here when the newspapers report things like this, we're [00:51:37] normally the ones that, you know, have our names in the paper. [00:51:39] But you and Ms. Manns and, you know, our other department heads do so much behind the scenes [00:51:44] that the public and our citizens don't hear about. [00:51:47] You've done a phenomenal job, both of you, since you've come on board. [00:51:50] And, I mean, if you would have told me five years ago that we'd have a business like this [00:51:54] going in downtown, this kind of opportunity for employment at such a high salary, I would [00:51:58] have said, well, probably not quite that early, but it's happening. [00:52:01] So just thank you for all your hard work. [00:52:04] Mr. Davis, any further comments? [00:52:06] No, just in your architectural thinkings, just take a look at the architecture downtown, [00:52:12] that older 1920s, 30s. [00:52:13] Oh, yes. [00:52:14] I hear you have a lot of good ideas. [00:52:15] Yes. [00:52:16] And we'd like to talk to you about them. [00:52:17] That's what we've been told. [00:52:18] That's what we've been told. [00:52:19] I don't know. [00:52:20] I don't know anything about that. [00:52:22] Nobody listened when we put Sims Park together, let me say that. [00:52:24] We want to listen to everybody. [00:52:25] No, no. [00:52:26] Good luck. [00:52:27] Good luck. [00:52:28] Thanks. [00:52:29] Do we get Stacy T-shirts after we vote? [00:52:30] Yes. [00:52:31] Okay. [00:52:32] Just kidding. [00:52:33] I just want to say, I think it's going to be an outstanding addition, so thank you for [00:52:37] picking New Port Richey. [00:52:39] Thanks for... [00:52:40] It's a great town. [00:52:41] Yeah, it is. [00:52:42] As one of the business neighbors right next to you guys, good luck. [00:52:46] Thank you. [00:52:47] Appreciate it. [00:52:48] If there's any further discussion, hearing none, all those in favor, please signify by [00:52:53] saying aye. [00:52:54] Aye. [00:52:55] Aye. [00:52:57] Motion passes.

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4. 4Adjournment▶ 52:58