Aug 10, 2021 Regular City Council

I'D LIKE TO INVITE CITY MANAGER TO OKAY.

POSE A SECOND ITEM.

TOM OF EDISON VERSUS GREENHILL LLC.

THERE'S NO ACTION TAKEN.

[ Announcements and Acknowledgments Regarding Town and Council Events and Activities Discussion of Meetings / Events]

HERE IN COUNCIL.

GOOD EVENING.

UM, WE DO HAVE A COUPLE OF ANNOUNCEMENTS FOR TONIGHT, AND THEN, UH, I'M TRYING TO PULL THOSE UP RIGHT NOW.

I APOLOGIZE.

FIRST OF ALL, UH, THE CITY, I SUPPOSE, I, THE CITY MANAGER, UH, SUBMITTED MY PROPOSED BUDGET RECENTLY, UM, JULY 30TH AND THAT, UH, INFORMATION, UH, WAS, UH, MADE AVAILABLE TO THE, UH, THE COMMUNITY AT THAT TIME.

UM, THE BUDGET IS ON THE TOWN'S BUDGET PAGE ON THE WEBSITE.

HOW LONG WITH OTHER BUDGET IMPORTANT BUDGET RELATED DATES? UH, WE WILL BE HOLDING PUBLIC HEARINGS ON THE BUDGET AND THE TAX RATE ON SEPTEMBER 7TH AND 14TH, THAT RESPECTIVELY, SO THAT THE COMMUNITY HAS, UH, AN ADDITIONAL OPPORTUNITY TO SHARE THEIR FEEDBACK AND MAKE ANY COMMENTS.

WE ALSO, AS YOU ARE AWARE AT ANYBODY'S YOUR WORKSHOP LAST WEEK WAS VERY, UM, EFFICIENT AS WELL.

UM, ON JULY 22ND, UH, THE WEEK OF JULY 22ND, WE RECEIVED THE INFORMATION FROM BOTH MOODY'S AND STANDARD PORES, UH, THAT, UH, THE TOWN, UH, THE TOWN'S AAA BOND RATINGS WERE REAFFIRMED.

UH, SO, UH, THAT'S GREAT NEWS.

WE SHOWED THAT IN OUR RECENT TOWN NEWSLETTER.

UM, THOSE ARE THOSE RATINGS OF THE HIGHEST RATINGS AWARDED BY THOSE AGENCIES, UH, AND BOTH PROVIDE STABLE OUTLOOKS FOR ADDISON ADDISON.

I'D LIKE TO REMIND PEOPLE IS ONE OF ONLY 10 CITIES IN TEXAS WITH TOP RATINGS FROM BOTH MOODY'S AND S AND D.

AND THAT INFORMATION IS IMPORTANT BECAUSE TONIGHT WE'LL, UH, WE'LL TALK ABOUT, UM, THE RESULTS OF, UH, UH, BOTH A RE A DEN REFUNDING AND A DEBT, A NEW DEBT SALE THAT TOOK PLACE EARLIER TODAY, UH, FOR THE TOWN, AS A REMINDER, AS AN OCTOBER FEST RETURNS, UH, TO ADDISON CIRCLE PARK, UH, IN SEPTEMBER, SEPTEMBER 16TH THROUGH 19TH, UM, MORE THAN THREE DECADES, DECADES, FANS

[00:05:01]

HAVE COME TOGETHER AND ADDISON TO SHARE A LOVE OF POKER, GERMAN CULTURE, GERMAN FOOD, AND OF COURSE, GERMAN BEER.

SO TICKETS GO ON SALE AUGUST 11TH AT 10:00 AM, AND, UH, THEY CAN ALSO BE INFORMATION ABOUT THAT EVENT CAN BE FOUND AT THE WEBSITE, WWW DOT ADDISON, OKTOBERFEST.COM, AND ALSO ADDISON IS GOING TO THE DOGS ON AUGUST 12TH.

SO WE ENCOURAGE EVERYBODY TO GRAB THEIR FOUR LEGGED FRIENDS AND HIT ADDISON CIRCLE PARK FOR THE ATIS AND AFTER DARK PINTS AND PUPS EVENTS, UH, YOU AND YOUR POP WILL ENJOY THE POP-UP DOG PARK PHOTO BOOTH, AND THE POP ART THAT THEY'LL VIEW.

YOU HAVE A DECK THAT WILL BE AVAILABLE.

ADDISON ANIMAL CONTROL WILL ALSO BE KICKED UP KICKING OFF.

IT'S CLEAR THE SHELTERS EVENT WITH ADOPTABLE DOGS, FOR THOSE WHO ARE INTERESTED IN A DOCUMENT AUGUST THE 12TH.

I'M SORRY, AUGUST THE 21ST.

UM, SO, UH, YOU AND YOUR WIFE WILL, AGAIN, IF YOU WANT TO ENJOY THE TIME WITH YOUR DOG, PLEASE, WE ENCOURAGE THEM TO COME, UH, ENJOY LIVE MUSIC ON BELONG IN SAMPLES FROM LOCAL CRAFT BREWERIES, UH, AND CIDERIES AS WELL.

AND THAT THAT STUFF WILL BE AVAILABLE TO THE PUBLIC HAS SUPPLIES LASTS.

SO FOR A COMPLETE LIST OF BREWERIES, SAME ORDER OF INFORMATION, WE ENCOURAGE PEOPLE TO GO TO WWW.DOTADDISONAFTERDOCDARK.COM.

SO THOSE ARE MY ANNOUNCEMENTS FOR THIS EVENING, MAYOR AND COUNCIL, AND I APPRECIATE YOUR ATTENTION CENTRAL WEST OR ABOUT POCKET COMMENTS, PEOPLE ON THE PHONE.

ALL RIGHT.

CONSENT AGENDA, ITEM NUMBER 1, 2, 5.

[ Consent Agenda All items listed under the Consent Agenda are considered routine by the City Council and will be enacted by one motion with no individual consideration. If individual consideration of an item is requested, it will be pulled from the Consent Agenda and discussed separately.]

OKAY, ANYTHING ELSE? SO FOR ITEM NUMBER 1, 2, 4, 5, 2, I HAVE EMOTION AND SEVEN OF TWO GROUPS.

SO I HAVE MOTION BY MANUEL SAYS SECOND BY PAUL WARDEN FOR ITEM 1, 2, 4, OR FIVE, IF YOU AGREE, PRETTY EASY AS YOUR POST

[3. Consider Action on a Resolution Establishing the Town's Intention to Reimburse Itself for Prior Lawful Expenditures of Funds Relating to Constructing Various City Improvements (Authorized 2019 Bond Projects such as Improvements to Parks Facilities and Repairs at Existing Municipal Facilities) in the Amount of $8,095,000.]

ATTEMPT.

NUMBER THREE MAYOR.

UM, YEAH, THE REASON I, I PULLED ITEM NUMBER THREE, I JUST HAD A, I THINK IT WAS A QUICK QUESTION, UM, ON THE EXHIBIT A, THE DESCRIPTION OF THE PROJECT AND IT GOES INTO THE PURPOSE, UM, IN THE PROJECT.

AND THEN A QUESTION I HAD, IT SAYS THAT IT'S INCLUDING THE ACQUISITION OF LAND AND THEREFORE I JUST COULD NOT REMEMBER WHAT, WHAT THAT MIGHT LOOK LIKE.

YOU'VE GOT A PIECE OF IT.

THERE'S NO ACQUISITION OF LAND.

IT'S JUST, UH, UH, I BELIEVE, I THINK IT'S JUST, UH, ASSOCIATED WITH MAKING SURE THAT THE LANGUAGE IS, UH, SUBSTANTIALLY BROAD ENOUGH TO COVER ANYTHING THAT WE MIGHT DO ASSOCIATED WITH IT.

BOY, I DID NUMBER SIX, HOLDING PROPERTY, HEARING QUIZZES, CONSIDERATION ON AN ORDINANCE, CHANGING THE RULING ON A 1.1 700 ACRE PROPERTY LOCATED AT 45 51 DEVOTEE DRIVE FROM A LOCAL TO COMMERCIAL ONE DISTRICT CASE NUMBER 180 3, 0 4 5 5 1 GOOD EVENING, MAIREAD CITY COUNCIL, KEN SCHMIDT, DIRECTOR OF DEVELOPMENT SERVICES FOR THE TOWN OF MADISON.

THAT'S THE EXACT LANGUAGE IN THE ELECTION SCHEMING, LIKE MY CHIEF FINANCIAL OFFICER, SO THAT THE EXHIBITS THERE MATCH THEIR LANGUAGE.

RIGHT.

NOW WE DON'T HAVE ANYTHING, NONE OF THE PROJECTS THAT ARE IN THE ISSUANCE THAT WE'RE DOING REALLY.

I WAS JUST TRYING TO FIGURE THAT OUT.

OKAY.

UM, YEAH, THAT'S ALL I HAD WITH THAT.

I'D MOVED THAT WE, SO LAURIE SECOND SECONDED ALL IN FAVOR.

SAY I PROPOSE

[6. Hold a Public Hearing, Present, Discuss, and Consider Action on an Ordinance Changing the Zoning on a 1.17 Acre Property Located at 4551 Beltway Drive, from Local Retail (LR) to Commercial-1 (C-1) District. Case 1830-Z - 4551 Beltway Drive. ]

SO THE REQUEST BEFORE YOU TONIGHT IS A REQUEST TO READ ZONE A 1.17 ACRE PROPERTY.

UH, IT IS LOCATED AT THE EASTERN LEG OF BELTLINE ROAD OR BELTWAY DRIVE 350 FEET SOUTH OF BELTLINE ROAD.

UH, THE REQUEST IS TO REZONE THAT TRACT FROM LOCAL RETAIL TO COMMERCIAL ONE DISTRICT.

SO THE PURPOSE OF THE REZONING REQUEST IS TO ACCOMMODATE A MEDICAL OFFICE USE.

UH, THE APPLICANT DID PREVIOUSLY PRESENT A CONCEPT PLAN FOR THAT MEDICAL OFFICE USED TO PLANNING AND ZONING CONDITIONALLY APPROVED.

SO THIS, UH, SUBJECT PROPERTY, UH, DOES HAVE SOME HISTORY ON IT.

IT IS CURRENTLY VACANT, UH, BUT PREVIOUSLY THERE WERE SOME STRUCTURES IN 1985

[00:10:01]

AND SUP WAS APPROVED FOR A RESTAURANT, UH, WITH ALCOHOL SALES.

UH, THERE WAS ALSO PREVIOUSLY A CEO ISSUED, UH, FOR THAT BUILDING FOR OFFICE USE, UH, AROUND THE 2006, 2007 TIMEFRAME.

UH, THOSE IMPROVEMENTS MORE WERE DEMOLISHED.

AND SO NOW, UH, WHAT YOU SEE THE VACANT TRACT IS THE CONDITION THAT'S BEEN IN PLACE SINCE THAT TIME.

SO WHEN THEY REZONING REQUEST IS SUBMITTED, UH, THE, UH, PROCEDURE STAFFED, UH, TYPICALLY APPLIES IN CONSIDERATION CONSIDERATION OF THE MERITS OF THAT REQUEST IS TO FIRST, UH, EVALUATE THAT REQUEST THROUGH THE LENS OF THE TOWN'S LONG RANGE PLANNING POLICIES, UH, BEGINNING WITH THE COMPREHENSIVE PLAN, UH, THE VISIONING DOCUMENT FOR THE TOWN.

UM, SO WITH THE TOWN'S COMPREHENSIVE PLAN, WHICH WAS LAST UPDATED IN 2013, THE TOWN, UH, APPLIED IN ATTRIBUTES OF SUCCESS ANALYSIS TO VARIOUS PROPERTIES THROUGHOUT THE TOWN.

UH, SOME, THE MAJORITY OF THOSE WERE INVOLVED PROPERTIES THAT WERE UNDER UTILIZED OR WERE PRIME FOR, UH, REINVESTMENT OR REDEVELOPMENT, UH, THIS PARTICULAR PROPERTY, UH, THE COMPREHENSIVE PLAN WAS SILENT THUMB.

UM, BUT WITH THAT, UH, STAFF DIDN'T LOOK AT HOW IT COULD POSSIBLY BE EVALUATED THROUGH THAT ATTRIBUTES OF SUCCESS LENS.

SO, UH, WHAT WE FOUND, UH, WITH REGARDS TO THEIR REQUEST TO REZONED THE COMMERCIAL ONE DISTRICT IS THAT, UH, WITH THE COMPETITIVE AND FUNCTIONAL ATTRIBUTES OF SUCCESS, WE FOUND THAT THAT REZONING, UH, WOULD, UH, BE POSITIVELY VIEWED, UH, AS IT RELATES TO THOSE ATTRIBUTES.

UH, THIS SITE GIVEN THAT IT'S DOES NOT HAVE FRONTAGE ON BELTLINE ROAD, DOESN'T REALLY LEND TO MORE OF THE LOCAL RETAIL ZONING, WHERE, WHICH WOULD TYPICALLY ACCOMMODATE RETAIL AND RESTAURANT USE SINCE IT'S OFF OF BELTLINE, THE MORE COMMERCIAL, UH, ZONING THAT IS REALLY MORE CONSISTENT WITH THE LAND USE PATTERN OFF OF A LINE WOULD BE MOST APPROPRIATE AND IMITATE COLOR FOR THIS MEDICAL OFFICE USE, WHICH WOULD CERTAINLY BE COMPATIBLE WITH THE SURROUNDING AREA.

THE OTHER PLANNING DOCUMENTS THAT WE LOOK AT PRIMARILY RELATE TO, UH, SOCIAL AMENITIES AND TOWN INFRASTRUCTURE BEGINNING WITH THE PARKS MASTER PLAN.

SO THE PARKS MASTER PLAN DOES NOT ENVISION OPEN SPACE, UH, FOR THIS PARTICULAR PROPERTY.

UH, IT DOES ENVISION THIS AS AN AREA THAT NEEDS TO BE CONNECTED, UH, AND HAVE STRONG PEDESTRIAN CONNECTIONS TO ALLOW PEOPLE TO GET THROUGH OPEN SPACES EASILY AND SAFELY.

SO, UH, WITH THIS, UH, REQUEST, UM, AND EXCUSE ME, I'M ON THE MASTER TRANSPORTATION PLAN.

SO I SKIPPED THE PARKS, I'LL COVER PARKS.

UH, SO WITH THE PARKS, UH, MASTER PLAN, UH, IT DID, UH, IDENTIFY A LOCAL OFF-STREET TRAIL.

UH, THAT'S A NEED WITH THE CONCEPT PLAN THAT WAS EVALUATED BY THE CLIMATE AND ZONING COMMISSION.

THEY WILL COMPLY WITH THE PARKS MASTER PLAN THROUGH THE PROVISION OF AN EIGHT FOOT SIDEWALK ALONG THEIR PROPERTY FRONTAGE, GOING BACK TO THE MASTER TRANSPORTATION PLAN, A BELT WAY, DRIVE IS CATEGORIZED AS A COLLECTOR STREET.

UM, THIS, UH, USE, UH, WOULD, UH, BE SUFFICIENTLY SERVED BY THAT COLLECTOR STREET SECTION.

UH, THERE IS SUFFICIENT CAPACITY NOW AND IN THE FUTURE, UH, IF THIS PROPERTY WERE TO DEVELOP, UH, IN ACCORDANCE WITH THE COMMERCIAL ONE ZONING DISTRICT RIGHT AWAY WOULD BE EVALUATED, UH, AS WE GO DEEPER INTO THE PLANNING PROCESS FOR, UH, ANY DEVELOPMENT ON THIS PROPERTY ON THE, UH, NEXT LONG RANGE PLANNING POLICY THAT WE'LL LOOK AT IS THE TRAIL MASTER PLAN.

THIS WAS RECENTLY ADOPTED AND CONSISTENT WITH THE PARKS MASTER PLAN.

THIS IS AN AREA THAT'S IDENTIFIED FOR ENHANCED PEDESTRIAN CONNECTIVITY, AS WELL AS BICYCLE CONNECTIVITY.

SO WITH BICYCLE K CONNECTIVITY, BELTWAY DRIVE IS CATEGORIZED AS A TEACHER BIKE BOULEVARD.

SO YOU WOULD HAVE BIKE TRAFFIC MIXING WITH VEHICLE TRAFFIC.

UH, THIS ZONING REQUEST, UH, COULD ACCOMMODATE THAT AND IT WOULD BE COMPATIBLE WITH THAT USE.

AND THEN ALSO ONCE AGAIN, THE WIDE SIDEWALK WITH BUFFER, UH, WOULD BE REQUIRED IN THIS AREA.

AND THE PROPOSED CONCEPT PLAN DOES ACCOMMODATE THAT TREATMENT.

SO IT DOES COMPLY WITH THE TRAIL MASTER PLAN AS WELL.

THE OTHER THING WE LOOKED AT WHEN WE EVALUATE A REZONING REQUEST IS HOW THE REQUESTS WOULD IMPACT THE SURROUNDING AREA, HOW COMPATIBLE IT IS WITH THE SURROUNDING USES AS WELL AS THE SURROUNDINGS.

SO IF YOU LOOKED AT WHAT EXISTS IN THIS AREA, AND THIS IS HOME, THE ONLY VACANT TRACKS, EVERYTHING ELSE IS BUILT OUT TO

[00:15:01]

IT'S EAST AND NORTHEAST, AND YOU HAVE A OFFICE AND SERVICE USE SOME OFFICE SHOWROOM TYPE OF USE THAT MAYBE HAS MORE OF A FLEX INDUSTRIAL TYPE OF CHARACTER, UH, TO ITSELF.

ONCE AGAIN, OFFICE SERVICES, A LITTLE BIT OF RETAIL, BUT THE SAME GENERAL FORM AND CHARACTER THAT YOU SEE ALONG THE BELTWAY DRIVE AND TO THE WEST.

AND THE NORTH IS PROBABLY WHERE YOU SEE A BIT OF A TRANSITION, PARTICULARLY TO THE NORTH WHERE YOU HAD IT MORE OF A RESTAURANT SERVICES TYPE OF PATTERN WITH THAT ADJACENCY TO A BELT, UH, BELTLINE, UH, TO THE WEST.

YOU DO HAVE AN EXISTING HOTEL, UM, UH, THAT, UH, MEDICAL OFFICE WOULD CERTAINLY BE COMPATIBLE WITH, HEY, KEN, COULD YOU GO BACK TO THAT LAST SLIDE AGAIN? AND WHERE, WHERE IS THE PROPERTY IN QUESTION AND BREAD? IT'S THE GREEN .

I WAS STRUGGLING WITH THE STREETS TRYING TO FIGURE OUT THE STREETS.

I GOT IT.

THANK YOU, NORTH IS TO THE BOTTOM OF THE SLIDE IN THAT IMAGE.

AND THEN THE LAST THING I'D LOOK AT IS THE, UH, ZONING PATTERN IN THIS AREA.

UM, SO, UH, THE CURRENT ZONING IS LOCAL RETAIL.

UH, THAT'S SECONDLY, WHAT YOU SEE ALONG BELTLINE ROAD, AND THEN ALSO TO THE SOUTH, UH, WHERE YOU HAVE MORE OF A, UH, A COMMERCIAL PATTERN, UH, TO THE EAST.

YOU DO HAVE COMMERCIAL ONE DISTRICT WHERE YOU PRIMARILY HAVE THAT OFFICE USE.

AND THEN TO THE WEST, YOU DO HAVE A PLANNED DEVELOPMENT DISTRICT, WHICH WAS LARGELY DONE TO FACILITATE THAT HOTEL IN DEVELOPMENT.

UH, COMMERCIAL ONE DISTRICT IS COMPATIBLE WITH THE SURROUNDING LOCAL RETAIL AND PDS ZONING.

SO THIS IS THE CONDITIONALLY APPROVED CONCEPT PLAN THAT WAS EVALUATED BY THE PLANNING ZONING COMMISSION AT THEIR MOST RECENT MEETING, UH, IS A PROPOSED 3,200 SQUARE FOOT MEDICAL OFFICE BUILDING.

UH, IT'S NOT, UH, IT'S A SPECK OF LIVE, UH, PRODUCTS.

UH, IT'S NOT, UH, CURRENTLY IDENTIFIED FOR AN END USER.

THEY WILL MARKET THE PROPERTY.

AND, UH, WITH THE GOAL OF DEVELOPING THIS CONCEPT, UH, YOU DO, IF YOU LOOK AT THIS CONCEPT, HAVE OPPORTUNITY TO LOOK AT A SECOND PHASE AND YOU DO HAVE SOME, UH, VACANT AREA TO THE SOUTH THAT, UH, CERTAINLY WOULD LIKELY, UH, BE, UH, UH, HAVE POTENTIAL FOR FUTURE DEVELOPMENT, UH, TO EXPAND UPON THIS MEDICAL OFFICE CONCEPT.

SO IN ACCORDANCE WITH TOWN AND STATE LAW, UH, STAFF DID, UH, PROVIDE NOTICE TO, UH, NINE ADJACENT PROPERTY OWNERS, UH, WITHIN 200 FEET OF THE SUBJECT PROPERTY.

WE HAVE NOT RECEIVED ANY INPUT ON REQUEST, UH, AT THE JULY PLANNING AND SOMETHING COMMISSIONS MEETING, THE COMMISSION DID APPROVE THIS REZONING REQUEST BY A SEVEN ZERO VOTE.

AND THEY ALSO, UH, CONDITIONALLY APPROVED WITH CONCEPT PLAN ALLOCATION BY A SEVEN ZERO VOTE.

SO WITH THAT, UH, THIS REQUEST DOES COMPLY WITH COUNTY POLICIES AND IT COULD BE SUPPORTED BY EXISTING AND PLANNED INFRASTRUCTURE IN THIS AREA.

AND STAFF DOES RECOMMEND APPROVAL OF THE REQUEST AS SUBMITTED, HAPPY TO ANSWER ANY QUESTIONS THAT YOU HAVE.

WE ALSO DO HAVE REPRESENTATIVES FOR THE APPLICANT ON THE LINE.

MATTER OF FACT, THIS PROPERTY USED TO BE A BANK WITH DRIVE-THRU.

THEN THE LAWYER WENT INTO PURCHASE THAT PROPERTY AND TURN THAT INTO A LAW OFFICE FOR MANY, MANY YEARS UNTIL HE SOLD IT, YOU KNOW, AND THIS THEN THEY BULLDOZED.

SO THIS BEING EMPTY VACANT THERE FOR A LONG, LONG TIME.

SO I BELIEVE THE NEIGHBORHOOD IS VERY HAPPY TO SEE THIS IS GOING TO BE DEVELOPED.

SO, UH, LADIES AND GENTLEMEN, THIS ITEM IS LISTED PROBABLY HEARING IF ANYONE IN PUBLIC WISH TO SPEAK ON THIS ITEM, PLEASE DO SO.

SO YOU HAVE ANY QUESTION TO THE, UH, APPLICANT.

I DON'T HAVE ANY QUESTIONS, BUT I WOULD LIKE TO HEAR FROM YOU BEFORE WE DO THAT, I HAVE A COUPLE OF QUESTIONS.

UM, WE TAKE A LOOK AT THE SLIDE WITH THE COMPATIBILITY, WITH THE TURTLE MASTERS PLAN.

CAN YOU TELL US WHERE THIS GRAPHIC UP OF LEFT IS ENVISIONED? IS IT ON THE EAST OR WEST SIDE OF THE NORTH, NORTH, SOUTH STREET THERE ALONG THE PROPERTY? IT MAY BE BETTER FOR ME TO GO TO THE CONCEPT PLAN.

SO, UM, WE, UH, IN EVALUATING THE CONCEPT

[00:20:01]

PLAN, UH, WE DIRECTED THE APPLICANTS AND THEY AGREED TO ACCOMMODATE IT.

THEY DO HAVE AN EIGHT FOOT, UH, ENHANCED SIDEWALK, UM, UH, THEIR, UH, SOUTHERN AND EASTERN EDGE OF THE SITE THAT ANSWERS THAT QUESTION BECAUSE IT WON'T BE ON BOTH SIDES.

OBVIOUSLY I'D LIKE TO HEAR IT FROM THE APPLICANT, JUST, AND THEIR WORDS ABOUT THEIR, THEIR PLANS AND WHATEVER THEY'D LIKE TO SAY.

AND I'M HAPPY TO SPEAK ON ME AFTER THE APPLICANT.

MY NAME IS ELIZA SALANDER AND I'M THE REAL ESTATE WORK REPRESENTING PRAIRIE MEDICAL GROUP.

I THINK, UH, KEN SCHMIDT DID AN EXCELLENT JOB.

DO YOU CHAMPION OUR REQUEST? OUR ZONING CONSULTANT IS DOUBLE BOOKED, SO I AM HERE TO REPRESENT THE APPLICANT, UM, NEVER DONE THIS BEFORE.

SO BEAR WITH ME.

UM, FORTUNATELY I DO HAVE KAREN THRASHER WITH WORKS AS THE ARCHITECT ON THIS PROJECT, AND SHE CAN PROVIDE TECHNICAL INFORMATION IF YOU DESIRE THAT OVERALL, AS KEN SAID, THIS IS A SPECULATIVE MEDICAL OFFICE BUILDING.

THE DESIGN IS MEANT TO BE GENERIC, ALLOWING FOR GENERAL MEDICAL USE AND MAKING IT SUITABLE FOR A TENANT OR A POTENTIAL BUYER WANTS TO BUILD IN THIS COMPLETE.

IT WILL NOT BE SUITABLE FOR AS A SURGERY CENTER.

UM, WE'VE BEEN WORKING WITH THE CITY STAFF TO SHIRTS AND SPIRITUAL, THE DEVELOPMENT CODE AND ADDRESSES ALL THEIR COMMENTS.

WE WILL BE FOLLOWING UP WITH THE STAFF AND THE DETAILS AS OUR PROJECTS FOR, AND I JUST THANK YOU FOR CONSIDERING OUR ZONING REQUEST.

WELL, I THINK YOU DID A GREAT JOB.

FAVOR TO APPROVE THIS, PLEASE SAY, AYE.

FIRST TIME TO PRESENT SORT OF COUNCIL AND MORE QUESTION.

YUP.

GOOD.

I THINK I'VE GOT A QUESTION FOR KEN AND FORGIVE ME A FEW.

YOU MENTIONED IT, BUT THIS WAS NOT, THIS, THIS PLOT OF LAND WAS NOT IN THE COMPREHENSIVE PLAN, RIGHT.

AND THAT IS THAT BECAUSE IT WAS THE DOME THAT TIME.

IT'S MORE SO IT WAS NOT DEVELOPED AT THE TIME OF THE MOST RECENT COMPREHENSIVE PLAN.

IT'S MORE REFLECTIVE OF THE, UM, APPROACH THAT WE TOOK TO THE COMPREHENSIVE PLAN.

UH, IT WAS A VERY GOOD APPROACH, UH, FOR WHERE ADDISON WAS AT THAT TIME.

UH, IT ADDRESSED A LOT OF THE, UM, AREAS THAT NEEDED ADDITIONAL STRATEGY FOR REINVESTMENT AND REDEVELOPMENT.

UH, ONE OF THE REASONS WHY I PUT, UH, I ASKED THE CITY MANAGER TO PUT A COMPREHENSIVE PLAN UPDATE IN HIS BUDGET IS, UH, THERE ARE GAPS THAT CONTINUE TO, TO REMAIN IN THAT POLICY FRAMEWORK.

SO WE NEED TO LOOK AT ADDITIONAL AREAS OF TOWN AND CONTINUE TO EXAMINE WHERE INVESTMENT IS NEEDED, WHERE IT'S LIKELY TO HAPPEN AND WHAT THAT SHOULD LOOK LIKE.

WHAT TYPE OF LAND USE PATTERN, UH, IS, UH, IS NEEDED IN THOSE AREAS AND HOW THOSE INTEGRATE LATE WITH OUR OTHER, UH, POLICY PLANS, SUCH AS THE PARKS PLAN, TRAVEL PLAN AND TRANSPORTATION PLAN THAT ARE, UH, SPECIAL AREAS STUDIES.

SO WHEN WE TALK ABOUT AN UPDATE LIKE THIS, AN EXAMPLE YOU COULD USE AND SAY, YOU KNOW, WHEN WE UPDATE AN ADDRESS, THIS IS, YES, THIS IS A PERFECT EXAMPLE.

TYPICALLY, WHAT TOWNS DO IS THEY ADOPT THE DOCUMENT WITH THE COMPREHENSIVE PLAN CALLED A FUTURE LAND USE PLAN.

AND TYPICALLY YOU WOULD LOOK AT THE, UH, ALL PROPERTIES IN THE TOWN AND PROVIDE GENERAL POLICY DIRECTION FOR IF CHANGE WERE TO OCCUR, WHAT THAT CHANGE SHOULD LOOK LIKE.

THANK YOU, KEN RETAIL, FROM ALL THE RESEARCH I DID ON THIS, IT SEEMS THAT LOCAL RETAIL HAS BEEN THE ZONING THAT'S BEEN APPLIED FOR SOME TIME.

UH, THE SUP THAT WAS APPROVED, UH, THE MARRIAGE OF THE, UH, A GREAT JOB OF GIVING ME SOME GAPS IN THAT HISTORY.

IT APPEARS THAT THE RESTAURANT NEVER EXISTED.

THERE WAS CERTAINLY A STRUCTURE.

WHAT I COULD DO IS LOOK AT GOOGLE EARTH AND LOOK AT THE HISTORICAL IMAGERY AND, AND LOOK AT THE CEO HISTORY.

BUT, UH, AS FAR AS I COULD SEE BACK FROM A ZONING HISTORY, IT WAS A LOCAL RETAIL WITH THE SEP THAT WAS NEVER IMPLEMENTED.

ANY MORE QUESTION SINCE NO ONE HAS QUESTIONS, SO I HEREBY CLOSE THE POP AT YOU.

SO DO I HAVE EMOTION AND NO DISCUSSION CIRCUIT WILL HAVE MOTION FOR LORI AND SECOND FROM OR YOU

[00:25:01]

I DID ANOTHER SEVEN PRESENT, DISCUSS IT, CONSIDER IT EXTRA ON YOUR OWN, THIS SQUINTING AND MY VICTORIOUS EXCEPTION TO CHAPTER 62 OF THE CODE OF ORDINANCES FOR BOLERO LOCATED AT 38 0 5 BILL LAUNDRY ROAD IN ORDER TO EXCEED THE TOTAL EFFECTIVE WITH AREA AND THE FOUR ATTACHED SILENCE CASE NUMBER.

OPPOSED.

SO I'M REALLY HAPPY IF MISS DEVELOP BECAUSE BEING GREAT 20 YEARS PRIOR TO THAT IS KIND OF A LONG DOCK.

IT'S GOOD TIME TO DEVELOP THIS.

JUST ONE TIME.

I SAID, CONGRATULATIONS,

[7. Present, Discuss, and Consider Action on an Ordinance Granting a Meritorious Exception to Chapter 62 of the Code of Ordinances for Bowlero, Located at 3805 Belt Line Road, in Order to Exceed the Total Effective Area and the Maximum Allowable Logo Height for Attached Signs. Case MR2021-007.]

AND ON 2 0 2, 2 1 0 7.

CURRENT CONDITION AND COMPARE IT TO THE PROPOSED CONDITION, IT'S, IT'S FAIRLY SIMILAR.

MARION CITY COUNCIL, KEN SCHMIDT, DIRECTOR OF DEVELOPMENT SERVICES FOR THE TIME I HAD SOME.

UH, SO THE REQUEST BEFORE YOU TONIGHT IS A MIGRATORY SUCCESSION FOR THE, UH, FORMER BOWLMOR LANES PROPERTY.

THIS PROPERTY, UH, IS LOCATED BETWEEN, UH, BUSINESS AVENUE, COMMERCIAL DRIVE, UH, 500 FEET NORTH OF BELTLINE ROAD, AND THEN ALSO, UM, BACKS TO, UH, ARAPAHO ROAD.

UH, THE REQUEST IS ONCE AGAIN, UH, FOR A MERITORIOUS EXCEPTION TO THE TOWN SIGN ORDINANCE, UH, THEY ARE REPLACING THE EXISTING SIGNS, UH, BOWLMOR LANES ACTUALLY REBRANDED, UH, TO BOLERO SEVERAL YEARS AGO.

AND SO THEIR REQUEST IS TO REFLECT THAT REBRANDING AND TO PROVIDE A, UH, UH, MORE PROMINENT FRONTAGE AS, UH, WE, UM, UH, COME OUT OF THE PANDEMIC, UH, GRADUALLY OVER TIME.

SO, UH, THE IMAGE YOU SEE BEFORE YOU NOW IS THE PROPOSED CONDITION.

UH, THERE'S TWO, UH, BOLERO SIGNS, UH, AT THE, UH, SOUTHWESTERN, UH, BUILDING FACADE AND SOUTH EASTERN FACADE, AND THEN A LOGO SIGN AT THE SOUTHERN FACADE.

UH, SO THE COMPLIANCE ISSUES THAT ARE PRESENTED BY THIS REQUEST, UH, ADDRESS THE NUMBER OF SIGNS, UH, MAXIMUM LETTER AND LOGO HEIGHT FOR THE SIGNS THAT HAVE THE MALARIA TEXT AND THEN THE EFFECTIVE AREA OF ALL THE SIGNS THAT SOME OF THAT AFFECTIVE AREA.

SO, UH, WE'LL START WITH THE NUMBER OF SIGNS.

UM, THERE IS, UM, PER OUR SIGN ORDINANCE, UH, A TENANT IS PERMITTED ONE ATTACHED SIGN, UH, PER EACH FACADE.

SO WITH THIS SOUTHERN FACADE, BOLERO IS PROPOSING, UH, THREE SIGNS.

UH, CURRENTLY THERE ARE TWO SIGNS, SO IT IS AN INCREASE OVER THE CURRENT CONDITION.

AND THEN ALSO, UM, WITH THE SIGNAGE THAT HAS LETTERING, UH, AND LOGOS, UH, START WITH THE TWO LETTERED SIGNS.

UH, THE MAXIMUM PERMITTED, UH, LETTER HEIGHT IS 37 AND A HALF INCHES THERE.

WELL IN EXCESS OF THAT.

AND THEN WITH THE, UH, LOGO SIGN, UH, THERE, UH, MAXIMUM PERMITTED LOGO, HEIGHT IS 41.2, FIVE INCHES.

AND THEN FINALLY WITH REGARDS TO EFFECTIVE AREA, UH, SO THEY ARE PERMITTED, UM, AN EFFECTIVE AREA OF A HUNDRED SQUARE FEET.

SO THAT AFFECTIVE AREA, YOU GET THAT BY DRAWING A RECTANGLE AROUND THE SIGN, THAT INCLUDES ALL PORTIONS OF THAT SIGN.

SO WHEN YOU CONSIDER THAT THERE'S THREE LARGE SIGNS, THERE ARE WELL IN EXCESS OF THAT 100 SQUARE FEET, AND HERE YOU SEE THE SONG, UH, THEY ARE, UH, AT, UH, JUST UNDER A 300 SQUARE FEET.

SO THEY ARE EXCEEDING THAT 100 SQUARE FOOT LIMITATION BY 195 SQUARE FEET HERE.

YOU SEE, UH, THE ISSUES WITH REGARDS TO LETTER AND LOGO HEIGHTS WITH THAT LETTERED SIGN.

UH, THEY EXCEED, UH, THE MAX HEIGHT FOR LOGOS BY 56 INCHES.

UH, THAT'S THAT CIRCULAR PATTERN AROUND THE LETTER TEXT, AND THEN THE LETTERS BY 13 AND A HALF INCHES.

AND THEN WITH THAT SIGN, THAT'S JUST THE LOGO OF THE BALL WITH THE ANTLERS.

UH, THEY, UH, EXCEED THE MAX HEIGHT BY, UH, 64.75 INCHES.

SO HERE, SEE THE TWO CONDITIONS, UM, SIDE BY SIDE.

UH, THE ONE ON THE LEFT IS THE EXISTING CONDITION.

UH, ONE ON THE RIGHT IS THE PROPOSED.

UM, AS YOU CAN SEE, THE, THE CURRENT SIGNAGE IS, IS QUITE LARGE AND DOES NOT COMPLY WITH, UH, THE TOWN SIGN ORDINANCE.

UM, IF YOU WERE TO SUM THE EFFECTIVE AREA OF THE

[00:30:01]

AND THEN THIS IS AN INTERESTING IMAGE THAT IT'S VERY SIMILAR TO WHAT WE SAW WITH THE ADDISON AIRPORT BUILDING, UH, IS WHEN YOU DO, UH, APPLY A, UM, CONFORMING SIGN AND COMPARE IT TO THE EXISTING CONDITION, YOU SEE, UM, QUITE A SIGNIFICANT DIFFERENCE, PARTICULARLY FOR THE SCALE OF THIS BUILDING AND WHERE IT IS IN RELATION TO THE BELTLINE ROAD.

UM, ONE OF THE THINGS THAT, AND REALLY THE KEY DRIVER OF THAT SIGN LOCATION IS, UH, HOW THIS PROPERTY IS SITUATED IN RELATION TO THE SURROUNDING STREET NETWORK.

SO, UM, THE WAY OUR ORDINANCE IS DRAFTED THE SIGNED SIDES, UM, A, A MAJOR INFLUENCE ON THAT IS THE DISTANCE OF THE SIGN FROM A STREET.

SO BECAUSE ALTHOUGH THIS BUILDING IS 500 FEET FROM BELTLINE ROAD AND IS VERY CLOSE TO COMMERCIAL AND BUSINESS, SO THAT TRIGGERS THE SMALLER, MAXIMUM SCIENCE, SCIENCE SIZE REQUIREMENT.

UH, SO, UH, THE, UH, SORRY, DOES PROVIDE CRITERIA, UH, FOR THIS, UH, MERITORIOUS, UH, EXCEPTION PROCESS.

AND THE BASIS OF THAT IS THAT, UH, SUCH REGULATIONS OR STANDARDS WILL BY REASON OF EXCEPTIONAL CIRCUMSTANCES OR SURROUNDINGS CONSTITUTE A PRACTICAL DIFFICULTY OR UNNECESSARY HARDSHIP.

SO, YEAH, UM, WITH, UH, THE, UH, CLINIC, WE JUST DISPLAY THAT SHOWS WHAT A CONFORMING SIGN LOOKS LIKE.

IT IS THE APPLICANT'S POSITION THAT, UH, THAT, UM, UH, CERTAINLY MAKES IT MORE DIFFICULT TO SEE THE SIGNAGE, UH, FROM THE PRIMARY THOROUGHFARE, UH, THAT, UM, UH, CUSTOMERS WOULD ACCESS THIS SITE FROM, AND, AND IT PRESENTS CHALLENGES AS THEY MOVE FORWARD WITH THEIR REBRANDING AND TRY TO, UH, UM, RESUME PAST OPERATIONS OR, OR PAST VOLUME, UH, PRIOR TO THE PANDEMIC AND GET THIS BUSINESS MOVING FORWARD IN A POSITIVE DIRECTION.

SO, UH, THEY WANT TO REQUEST THIS EXCEPTION, UH, TO ELIMINATE THAT HARDSHIP.

SO STAFF DOES AGREE WITH THE APPLICANTS, UH, JUSTIFICATION AS IT RELATES TO THE HARDSHIP AND THE PRACTICALITY OF APPLYING, UH, THE ORDINANCE AND STAFF DOES RECOMMEND APPROVAL OF THIS REQUEST.

UH, THE APPLICANT'S REPRESENTATIVES ARE ON THE LINE AND THAT THEY'RE AVAILABLE ANSWER ANY QUESTIONS THAT YOU HAD AS WELL.

THANK YOU KID.

I HAVE A FEW COMMENTS JUST TO LOOK AT VOLVO MORE, THEY GET A MERITORIOUS EXCEPTION AS WELL.

JOC IS OFFERING IT.

IT IS.

SO TO ME, YOU KNOW, I'LL AGREE WITH YOU, YOU KNOW, IT'S 500 FEET NORTH OF BILL ON ROAD.

THERE WILL BE NO VISIBILITY IF BASED ON THE COMPLIANCE SIZE, THAT'S JUST RIDICULOUS.

SO I HOPE, YOU KNOW, ASKED TO DO A D C, THEN WE CAN MAKE SOME IMPROVEMENT ON THIS BECAUSE YOU KNOW, YOU DON'T WANT TO SIGN IS NOT EVEN VISIBLE, LOSE THE EFFECT AND THE PURPOSE FOR A SIGN.

NUMBER ONE, NUMBER TWO, THE ONLY THING TO ME IS BECAUSE IT HAD THE LOGO IN THE MIDDLE, SO IT'S KIND OF A LODGE GOOGLE, LIKE A HOME, YOU KNOW, SO THAT IF, IF YOU WANT TO COVER ALL THE RECTANGLE, THE AREA, OF COURSE, IT'S REAL BIG.

BUT TO ME, IT'S AN ART, JUST LIKE A, WE ALWAYS GO AHEAD THE MURAL, RIGHT? WONDERFUL PJ RESTAURANT, THE VITRUVIAN IN THE AMALIE.

IT'S BEAUTIFUL.

AND THE FLOWER CHILD.

RIGHT.

IT'S BEAUTIFUL.

SO I AGREE WITH THE STAFF'S RECOMMENDATION AND ANY MORE COMMENT MAYOR I'D LIKE TO FOLLOW UP ON THAT A LITTLE BIT.

I, I BELIEVE THAT A HARDSHIP IS PROVEN HERE ALONG WITH SUPPORT THE STAFF'S RECOMMENDATION.

I MEAN, I WOULD AGREE.

I DON'T KNOW IF THERE WAS A MERITORIOUS EXCEPTION BEFORE, BUT IF THERE WASN'T, THERE PROBABLY SHOULD HAVE BEEN, BUT KNOWING THAT IT WOULDN'T BE A HARDSHIP BECAUSE THEY OPERATED WITH THAT SIDE, SIGN IT BEFORE AND TO MAKE THEM NOW COME BACK AND MAKE IT SMALLER.

IT'S GOING TO, WILL THOSE REPRESENT THE HARDSHIPS I'M IN FAVOR OF IT AS WELL? YEAH.

ALL RIGHT.

DO I HAVE A MOTION, SECOND MOTION.

ON YOUR FAVOR TO APPROVE THIS, PLEASE SAY, AYE.

UM, I JUST WANT TO THANK YOU OR UNDERSTANDING AND FOR SUPPORTING US.

POST HOW MUCH RELATIONS?

[00:35:02]

MY NAME IS SANDRA , VICE PRESIDENT OF DEVELOPMENT, LOCAL OPERATION.

THANK YOU SO MUCH.

I I'M REALLY HOPEFUL.

THIS IS GOING TO HELP US GET BACK TO THE AGREEMENT THAT THE LEVELS AND WE REMAIN COMMITTED TO THE COMMUNITY AND TO EXIT.

THANK YOU FOR THE .

[8. Present, Discuss, and Consider Action on a Resolution Approving the Professional Consulting Agreement Between the Town of Addison and BKD, LLP to Perform Audits for Fiscal Years 2021, 2022, and 2023 (with the Option to Extend the Agreement for Fiscal Years 2024 and 2025 for Additional Fees), and Authorizing the City Manager to Execute the Agreement in an Amount Not to Exceed $287,500.]

I TEND TO NUMBER EIGHT, PRESENT, DISCUSS CONSIDERATION A RESOLUTION, APPROVING THE PROFESSIONAL CONSULTING AGREEMENT BETWEEN THE POWER OF EDISON AND THE BKD LLP TO PERFORM AUDITS FOR FISCAL YEARS, 20 21, 20 22 AND 2023 WITH THE OPTION TO EXTEND THE AGREEMENT FOR FISCAL YEARS, 2024 AND 2025 FOR ADDITIONAL FEES AND AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT, THE AMOUNT NOT TO EXCEED $287,500.

STEVEN, THANK YOU, MAYOR STEVEN GLICKMAN, CHIEF FINANCIAL OFFICER, UH, THIS EVENING BEFORE YOU, IS YOUR RESOLUTION TO APPROVE BKD TO CONTINUE TO BE THE TOWN'S AUDITOR.

UH, THEY'VE BEEN THE TOWN'S AUDITOR SINCE 2016.

UH, SO WHEN THAT CONTRACT EXPIRED, AFTER FIVE YEARS, WE WENT, UH, DID HE HAVE REQUEST FOR QUALIFICATIONS? UH, WE RECEIVED SIX, UH, FIRMS THAT APPLY, UH, UNDER THAT, UH, RFQ.

AND WE INTERVIEWED THE TOP TWO FIRMS, UH, AND UNANIMOUSLY CHOSE BKT AS THE TOP FIRM.

UH, AND THEY BEGAN NEGOTIATIONS WITH THEM.

UH, THIS LAST YEAR FOR FISCAL YEAR 2020S AUDIT, OUR AUDIT FEE WAS A HUNDRED THOUSAND DOLLARS WITH A SINGLE AUDIT FEE OF $7,000.

THE PROPOSED FIRST YEAR, THIS A NEW AGREEMENT IS AN AUDIT FEE OF $86,000 WITH A $7,000 SEEING A LOT OF FEES OR REDUCTION $14,000 IN FEES.

UM, WITH THAT, I'LL BE HAPPY TO ANSWER ANY QUESTIONS YOU HAVE.

I ALSO HAVE KEVIN KENT, UH, PARTNER WITH PKD IS HERE TO ANSWER ANY QUESTIONS ON, ON PKD SIDE.

I BELIEVE WE HAVE A VERY PROFESSIONAL STAFF, SO THEN THEY AUTOMATICALLY REVIEWS SOME FEES, WHICH I AM.

RIGHT.

SO CONTINUING TO REDUCE THE FEES IS A GOOD SIGN.

ANY COMMENTS? QUESTIONS, IF NOT, DO I HAVE MOTION TO APPROVE SECOND? ALL RIGHT.

SO I HAD AN APOLLO ONE HUMAN EMOTION GROCERIES.

THAT IS SECOND.

ALL IN FAVOR, PLEASE SAY, AYE.

READ POST NINE 10, BECAUSE WE CAN SPEAK AT THE SAME TIME.

OPPOSED HOW MUCH RELATIONS I LIKE TO

[9. Present, Discuss, and Consider Action on an Ordinance Authorizing the Issuance of Town of Addison, Texas, General Obligation Bonds, Series 2021; Awarding the Sale Thereof; Levying a Tax, and Providing for the Security and Payment of Said Bonds; Authorizing the Execution and Delivery of a Paying Agent/Registrar Agreement; Approving the Official Statement; Enacting Other Provisions Relating to the Subject; and Declaring an Effective Date. ]

[10. Present, Discuss, and Consider Action on an Ordinance Authorizing the Issuance of Town of Addison, Texas, General Obligation Refunding Bonds, Taxable Series 2021; Awarding the Sale Thereof; Levying a Tax, and Providing for the Security and Payment of Said Bonds; Authorizing the Execution and Delivery of a Paying Agent/Registrar Agreement and an Escrow Agreement; Approving the Official Statement; Enacting Other Provisions Relating to the Subject; and Declaring an Effective Date. ]

THEY WILL APPROACH SEPARATELY.

I HAVE NUMBER NINE IS THAT DISCUSSED THE CONSIDERATION OF ORDINANCE AUTHORIZING THE EASE-OF-USE OR POWER ADDISON, TEXAS GENERAL OBLIGATION BONDS SERIES 2021, OR WHAT IN THE SALE OF THE OFF LOVING A TAX AND PROVIDING FOR THE SECURITY AND PAYMENT OF SAID BONDS.

ALSO, I THINK THE EXECUTION AND DELIVERY ALL PAYING AGENT REGISTRAR AGREEMENT, APPROVING THE OFFICIAL STATEMENT IN ACTING OTHER PROVISIONS RELATING TO THE SUBJECT AND DECLARED EFFECTIVE DATE ITEM, NUMBER 10 PRESENTED DISCUSSED THERE.

CONSIDER ACTION ON ORDINANCE AUTHORIZING THE ISSUANCE OF TABA, ADDISON, TEXAS GENERAL OBLIGATION REFUNDING BOX TAXABLE SERIES 2021, OR WHAT HAVE YOU A SALE THEIR OFF LAGGING ATTACKS AND PROVIDING FOR THE SECURITY AND PAYMENT OR THE SANDBOX AUTHORIZING THE EXECUTION AND DELIVERY OF A PAYING AGENT REGISTRAR AGREEMENT AND, AND ASKED HER, OR APPROVING THE OFFICIAL STATEMENT IN ACTING OTHER PROVISIONS RELATING TO THE SUBJECT AND THE CLAIRMONT EFFECTIVE DATE.

GREAT, THANK YOU, MAYOR STEVEN GLICKMAN, CHIEF FINANCIAL OFFICER.

UH, WE HAD, UH, TWO BOND SALES TODAY.

UH, ONE WAS A REFINANCING OR REFUNDING OF SOME BONDS, AND ONE WAS A NEW ISSUANCE OF BONDS.

UH, THE NEW ISSUANCE, UH, WAS, UH, FOR APPROXIMATELY, UH, $14,850,000, UH, WITH PREMIUM.

UH, THE PROCEEDS THAT THE TOWN WILL RECEIVE ARE JUST OVER $16 MILLION.

AND THE PROJECTS ASSOCIATED WITH THAT NEW MONEY IS $8 MILLION FOR MIDWAY ROAD.

AND THEN WE HAVE, UH, FUNDING, UH, WHICH WAS THE PROPOSITION ONE

[00:40:01]

FROM THE 2012, A BOND ELECTION.

AND WE HAVE FUNDING RELATED TO OUR 2019 BOND ELECTION FOR PROPOSITIONS, UH, CNB, UH, ONE RELATES TO, UH, IMPROVEMENTS OF FACILITIES.

UM, AND THEN ONE RELATES TO, UM, IMPROVEMENTS THAT RELATED TO, UH, ROOF IMPROVEMENTS IN HVAC IMPROVEMENTS AND THINGS OF THAT NATURE.

UM, THEN WE HAD A REFUNDING OF, UH, 2013, UH, CEO LOANS, UH, AND SOME 2013, UH, GEO BONDS AS WELL.

UH, SO THREE ISSUANCE, TOTAL REFUNDED.

UH, WE HAVE ADAM WAYNE CARTE WITH, UH, HILLTOP SECURITIES, OUR FINANCIAL ADVISOR.

UH, HE'S GOING TO GO TO THE DETAILS OF THAT SALE.

AND THEN WE ALSO HAVE JULIE PARTAIN OUR BOND COUNSEL WITH, UH, BRACEWELL GIULIANI WHO COULD GO OVER ANY QUESTIONS RELATED TO THE BOND ORDINANCES.

SO WITH THAT, I'LL TURN IT OVER TO ACT.

GOOD EVENING.

MAYOR COUNCIL, ADENOID CARD, HILLTOP SECURITIES IN FRONT OF YOU, I'VE PUT TOGETHER A CELL BOOK, UH, THAT, UH, GIVES AN OVERVIEW OF TODAY'S SALES.

UM, IF YOU TURN TO THE COVER PAGE, UH, JUST KIND OF BRIEFLY GO OVER A COUPLE OF POINTS AND THEN, UH, STEVEN AND WESTLAND KIND OF THE TIMELINESS ISSUE PRETTY WELL TODAY.

UM, BUT, UH, AS, UH, MR. PEARSON MENTIONED EARLIER TODAY, UH, BASICALLY, UH, MOODY'S AND S AND P DID, UH, REAFFIRM THE CITY'S AAA RATING Y'ALL ARE ONE OF 10 CITIES IN THE STATE OF TEXAS THAT CARRY THAT, UH, DESIGNATION, WHICH IS, UH, SOMETHING TO BE VERY PROUD OF.

IT'S IT'S VERY HARD TO DO, UH, THE ONLY SPEAKS TO YIELD A GREAT PRANK CONDITION HERE IN THE CITY.

UM, IF YOU TURN TO TAB ONE, WE'LL GO OVER THE SELL RESULTS, UH, FOR THE, UH, GENERAL OBLIGATION BONDS.

THIS IS FOR THE NEW MONEY ISSUANCE.

UH, IT WAS IN THE PAR AMOUNT OF 14 MILLION, $850,000.

UH, WE TOOK IT OUT TO BID THIS MORNING.

WE RECEIVED ALL BIDS AROUND 10 O'CLOCK AT 10 O'CLOCK, THREE RECEIVED FIVE BIDS.

THE WINNING BID CAME IN FROM VO VFA SECURITY IS AT 1.7, SIX, 9% COVERED BID WAS A REALLY CLOSE.

AND THEN THERE WERE SEVERAL OTHER BIDS THAT WERE OUT IT'S ABOUT 1.8, 5%.

IT'S KIND OF PUT THIS A BIT IN PERSPECTIVE.

IT WAS RIGHT IN RANGE WITH WHAT WE WERE EXPECTING.

WE WERE EXPECTING, UH, THE 20TH, 20 YEAR RATE TO KIND OF COME IN AROUND 1.7, 1.8%.

AND SO THE FACT THAT IT CAME, CAME IN RIGHT AROUND THE MIDDLE, THAT THE BIDS WERE SO CLOSE, KIND OF REAFFIRMED OUR THOUGHTS, UH, INTO KIND OF PUT THIS IN PERSPECTIVE INTO THE TOTAL PLAN.

THIS WAS WAY BETTER THAN WHAT WE WERE PROJECTING WHEN WE ORIGINALLY PUT TOGETHER THE 20, 19 LONG PACKAGE.

SO, UH, AGAIN, IT'S GONNA ALLOW YOU TO, UH, ISSUE THIS DEBT BY MORE EFFICIENTLY AND MORE EFFECTIVELY.

UH, IF YOU TURN TO TAB TWO, ACTUALLY, SORRY, UH, RIGHT BEHIND THAT, THAT BID TABULATION, THERE'S BASICALLY THAT, THAT SERVICE, UH, SUMMARY, SO THAT YOU CAN SEE THE DEBT SERVICE PAYMENTS, UH, BASICALLY OVER THE 20 YEAR PERIOD, YOU'RE AVERAGING WITH DEBT SERVICE PAYMENTS NINE OR $60,000.

YOU DON'T WANT TO MISS THAT POINT.

UH, NOW TURNING TO TATTOO, UH, WE HAVE THE BIDS THAT WERE RECEIVED FOR THE REFUNDING OPPORTUNITY.

SO, UH, WE, ON A YEARLY BASIS, WE CONTINUALLY MONITOR YIELDS BELL'S DEBT.

THAT'S OUTSTANDING, AND TO LOOK FOR REFINANCING OPPORTUNITIES AND, UH, THIS, UH, REFUNDING REFINANCE, UH, SEVERAL OF YOUR 2013 ISSUES, UH, IT REFINANCED THE GENERAL EDUCATION BOND SERIES 2013, THE GENERAL OBLIGATION BOND SERIES 2013, AMT, AND YOUR SERIES 2013 CO ISSUE SOMEWHERE ELSE, STAYING IN THE AMOUNT OF 10 MILLION, $155,000.

SO, UH, WE SAID THAT, UH, FONDEST ISSUE OUT TO BID TODAY, AND WE RECEIVED A TOTAL OF NINE MINUTES.

UM, WE RECEIVED A LOT OF INTEREST ON THIS DEAL.

UH, THIS, UH, AS YOU KNOW, RIGHT NOW, RATES ARE EXTREMELY LOW.

SO THERE'S A LOT OF INVESTORS OUT THERE THAT ARE LOOKING FOR TAXABLE PAPER THAT WON'T BE ABLE TO GET MORE IN YIELD SO THAT THEY CAN, UH, BASICALLY MEET THEIR NEEDS.

BUT ESSENTIALLY THIS, THIS DEAL CAME IN AT 1.47%, WHICH IS, WHICH IS A GREAT RATE.

UM, THE COVER BID WAS EXTREMELY TIGHT AT 1.48 IN BIDS, KIND OF RANGED UP TO 1.7, 2%.

UH, THIS WAS A LITTLE BIT BETTER THAN WHAT WE WERE ACTUALLY ORIGINALLY PROJECTING FOR THIS DEAL.

I BELIEVE THAT WHEN WE ORIGINALLY LOOKED AT IT, WE WERE LOOKING TO ACHIEVE AROUND 10% SAVINGS.

UH, WE ACTUALLY ENDED UP AROUND THAT 13%, 13% NPV SAVINGS.

SO WE TURNED TO EIGHT, RIGHT AFTER THIS, YOU'LL SEE A SUMMARY OF THOSE SAVINGS RESULTS.

UH, IT'S GOING TO RESULT IN ABOUT $120,000 A YEAR AND THE DEBT SERVICE SAVINGS TO

[00:45:01]

THE TOWN, UH, WHICH, LIKE I SAID, IT'S ABOUT 13.7% OF THE FARM.

NOW, UM, THAT'S SCHEDULED RIGHT AFTER THAT PAGE HAS THE DEBT SERVICE SCHEDULE FOR THE NEW BONDS, UM, WHICH BASED IN MATCHES THE SAME AMORTIZATION SCHEDULE AS THE ORIGINAL BONDS.

SO WE'RE NOT EXTENDING ANY OF THE DEBT, UH, AND ESSENTIALLY WE'RE JUST REDUCING THE DEBT SERVICE YOUR YEAR AND IT LASTS.

BUT A LOT OF THAT IS THAT LAST PAGE IS THE SUMMARY OF ALL THE BONDS THAT WERE, IT'S JUST, UH, FOR, UH, TAB THREE, UH, THIS TIME I'VE INCLUDED IN HERE, JUST SO YOU CAN SEE, UH, THE BOND BUYER INDEX, THIS IS BASICALLY THE INDEX THAT WE TRACKED IN THE BOND INDUSTRY.

UH, THIS, THIS GRAPH HERE, IT GOES ALL THE WAY BACK TO 1980S.

SO YOU CAN KIND OF SEE WHERE RATES HAVE BEEN HISTORICALLY AND KIND OF WHERE WE ARE TODAY.

AND OVER THE PAST COUPLE OF YEARS, I MEAN, WE'RE IN AN EXTREMELY LOW INTEREST RATE ENVIRONMENT RIGHT NOW.

UH, WE'RE ALMOST LEVELS WHERE WE WERE LAST YEAR WHEN WE SOLD, UH, WE'RE JUST ABOVE THOSE LEVELS LEVELS CURRENTLY, BUT STILL IN A VERY LOW HISTORICAL INTEREST RATE ENVIRONMENT.

SO IT BODES WELL FOR REFINANCING ISSUED DEBT, ISSUING DEBT.

IF YOU TURN TO THE PAGE RIGHT AFTER THIS ONE, UH, HERE'S YOUR 10 YEAR, UH, SALVAGE HISTORY FOR THE TOWN.

UH, BOTH THESE ISSUES ARE NOT YOUR LOWEST, UH, YOUR TWO DEALS LAST YEAR WERE PROBABLY THE LOWEST, UH, IN YOUR HISTORY, BUT THEY ARE STILL RIGHT ON TOP OF THOSE AND INSTILL A MUCH BETTER THAN ANYTHING ELSE I'VE EVER SOLD IS AS FAR AS AVERAGE LIFE AND INTEREST RATE.

SO IN COMPARISON, THEY'RE REAL EVERYTHING ELSE ON THE SHEET.

THIS, THIS WAS, UH, A GREAT FINANCING FROM OUR PERSPECTIVE.

UM, IF YOU TURN TO TAB FOUR, WE'VE JUST INCLUDED THE REGULAR REPORTS FROM MOODY'S AND S AND P UH, FOR Y'ALL TO READ THROUGH AT YOUR LEISURE.

UH, WE ALWAYS JUST LIKE TO INCLUDE THIS INFORMATION JUST IN CASE YOU LIKED TO SIT THROUGH, READ ANYTHING THAT THE AGENCIES ARE SAYING, BUT ESSENTIALLY, UH, TO KIND OF SUMMARIZE EVERYTHING THEY THOUGHT THAT Y'ALL, WHETHER IT'S COVID, UH, AND THE IMPACTS COVID PRETTY WELL.

UH, AND SO THAT HAD, THEY BASICALLY SEEN THE TOWN KIND OF TAKING OFF THOSE COVID, UH, KIND OF AS BUSINESS AS USUAL, AND THEN LAST BUT NOT LEAST, UH, TAB FIVE IS THE PRELIMINARY OPERATING DOCUMENT WE USE TO MARKET THE BONDS TO INVESTORS TODAY, JUST IN CASE YOU WANTED TO SEE THAT DOCUMENT.

BUT WITH THAT, I'M HAPPY TO ANSWER ANY QUESTIONS, UH, PAYING THE COUNCIL MEMBERS MAY HAVE, UH, AND IT'D BE OUR RECOMMENDATIONS APPROVAL ITSELF.

YOU KNOW, UM, I HAVE JUST COMPELLED TO COME IN HERE.

UM, I MEAN THE COST OF CAPTAINS VIRTUALLY NOTHING.

AND SO WE YOU'D BE EXTREME NEGLIGENT TO NOT TAKE ADVANTAGE OF THESE, UH, VERY FAVORABLE RATES TO ALLOW US TO SPREAD THE COST OF LARGE CAPITAL PROJECTS OVER MANY YEARS AND HAVE FUTURE TAXPAYERS PAY THEIR FAIR SHARE FOR THE TERM CHARACTER PROJECTS AND NOT UNDULY BURT, CURRENT TAXPAYERS WITH THE ENTIRE AMOUNT OF ALL OF THESE CAPITAL PROJECTS, WE'RE INVESTING MILLIONS OF MILLIONS OF DOLLARS IN INFRASTRUCTURE, WHICH WAS ONE OF THE, UH, LARGE, UH, DIRECTIONS THAT, UH, THIS COUNCIL RECEIVED FROM CITIZEN SURVEYS AND FEEDBACK THAT, UH, THE COMMUNITY IS INTERESTED IN MAINTAINING AND REINVESTING IN INFRASTRUCTURE TO, UH, KEEP MADISON VIABLE AND ENJOY THE HIGH QUALITY OF LIFE WE DON'T CURRENTLY DO AT WORK HERE.

SO, UM, I, I APPLAUD THE CFO AND MANAGER HILLTOP WORKING VERY HARD TO, UH, TO, TO SQUEEZE OUT EVERY, EVERY OPINION.

UH, WE'VE HAD VERY SUCCESSFUL RELATIONSHIP WITH HILLTOP FOR MANY YEARS AND, UH, THE HISTORY OF THE BOND ISSUES, CEO ISSUES AND STUFF.

IT'S INDICATIVE OF ONE SUCCESS STORY AFTER ANOTHER.

AND, UH, IN SOUND FISCAL MANAGEMENT AND SAM MANAGEMENT DEBT SERVICE, WHICH IS A TOOL, JUST A TOOL.

IT'S NOT THE SOLE TOOL WE HAVE, BUT IT'S A TOOL.

AND I THINK THAT, UH, IN OUR CONVERSATIONS WITH THE FINANCE PEOPLE, IT'S CFO IN PARTICULAR THAT WE'VE, WE'VE GONE OVER THIS AND I HAVEN'T JUST

[00:50:01]

COME OUT OF A BUDGET WORKSHOP AND SPEAK ABOUT THIS DAY FOR EXPENDITURES AND LONG-TERM EXPENDITURES FOR, FOR DEATH, ET CETERA.

SO I THINK THIS IS THIS AN EXTRAORDINARY, EXTREMELY PROUD TO, UH, TO, TO SUPPORT BOTH OF THESE MEASURES.

AND I'M VERY GRATEFUL AS CITIZEN TAXPAYER TO, UH, BE ABLE REFUND THE THAT'S, UH, ALREADY EXTREMELY FAVORABLE, UH, THAT, UH, INTEREST RATES TO EVEN MORE FAVORABLE DEBT AND INTEREST RATES.

SO, UH, WELL DONE.

THANK YOU VERY MUCH.

A PUBLIC CERTAINLY BE SUPPORTIVE OF.

AND, YOU KNOW, I ECHO WHAT YOU SAID, YOU KNOW, UH, UH, GREATEST CITY, WHAT OTHER CAN IN TEXAS, BUT YOU HAVE TO REMEMBER THE TEXAS GOT IT NOW.

HUNDRED SOME CITIES, SMALL BIT SO, WELL, A 10, IT'S NOT AN EASY TO GET.

THE OTHER THING IS, YOU KNOW, THEY PAY US THE FULL PREMIUM FOR THE, SO WE ONLY NEEDED TO BORROW THAT EASTERN 14 MILLION, $850,000.

SO THAT'S GREAT VIEWS IN A WAY WE USED TO SO MUCH, BUT IT WOULD ONLY PAY FOR THE INSURANCE FOR LESS THAN A MONTH.

AND THEN ALSO, YOU KNOW, THE INTEREST RATE IS SO LOW.

WE LEVERAGE THIS, SPREAD OTHER THE RISK, AND ALSO TAXPAYERS, CURRENT TAXPAYERS TO PAY ALL THE MAJOR FOR THE REFUND.

AND THEN, YOU KNOW, WE GET A GOOD GRADE OR DEAL TO, YOU KNOW, 1.7, THREE NINE.

SO I CAN'T THINK OF ANY OTHER CITY CAN DO WHAT, UH, WE HAVE DONE.

NOT ONLY WILL HAVE A GREATER STAFF.

AND ALSO WE HAVE A STABLE, GREAT CITY COUNCIL, STABLE CITY GOVERNMENT.

SO EVERY YEAR WE WILL, WE ARE FROM TRIPLE AAA BOND RATING AND MOVIES, S AND P.

SO THIS JUST AMAZINGLY HIGH ACQUIRED STANLEY'S.