Sep 22, 2020 Regular City Council

SO YOU CAN VOTE AT ANY POLLING PLACE AS LONG AS IT'S IN DALLAS COUNTY FOR ELECTION DAY, RIGHT? NO, EARLY VOTING.

SO YOU FEEL LIKE A FRESH PROMOTING CLUB.

GOT IT.

BUT WILL DO REMIND A STAFF, MAKE SURE SEND MORE NOTICE OUT BECAUSE EVERYBODY THOUGHT, YOU KNOW, EARLY VOTING USED TO BE AT A CENTRAL FIRE STATION, BUT THIS YEAR IS NOT SO LET'S MAKE SURE THEY DON'T WASTE THEIR TRIPS.

CORRECT.

ALRIGHT.

THE NEXT, THANK YOU AS WELL.

THAT'S WHY

[ Public Comment The City Council invites citizens to address the City Council on any matter, including items on the agenda, except public hearings that are included on the agenda. Comments related to public hearings will be heard when the specific hearing starts. Citizen comments are limited to three (3) minutes, unless otherwise required by law. To address the Council, please fill out a City Council Appearance Card and submit it to a staff member prior to the Public Comment item on the agenda. The Council is not permitted to take any action or discuss any item not listed on the agenda. The Council may choose to place the item on a future agenda.]

HE IS A PUBLIC COMMENT.

UM, I HAVE A FEW GENTLEMEN READY SIDE OF THE CAR, THE FIRST ONE, JASON, TRAVIS, YOU KNOW, MATT, JASON AND JASON MENTIONED, HE JUST MOVED BACK FROM WASHINGTON DC.

SO HE CURRENTLY LIVE AT WOMAN LAND, AND THIS IS WANTING TO SPEAK A FEW MINUTES AND INTRODUCE HIMSELF.

SO IF IN THE FUTURE, THERE'S SOME INITIATIVES OR VOLUNTARY WORK OR ADVISORY COMMITTEE AND, UH, YOU ALL CAN CONSIDER HIM AS INVOLVED WITH CANDIDATES.

SO JASON, YOU WANNA, UH, OR YOU WANT TO SPEAK WITH THIS MICROPHONE?

[00:10:03]

CAN YOU HEAR ME? YES.

MR. MAYOR MEMBERS OF THE COUNCIL.

THANK YOU VERY MUCH FOR ALLOWING ME TO SPEAK TONIGHT.

MY CREATIVE PREPARED STATEMENT, WHICH I WOULD LIKE TO READ MR. MAYOR AND MEMBERS OF THE COUNCIL.

THANK YOU FOR INVITING ME TO SPEAK THIS EVENING, TO INTRODUCE MYSELF TO THE TOWN OF MADISON COMMUNITY.

DURING THE PAST 16 YEARS, I'VE SUPPORTED THE UNITED STATES FEDERAL GOVERNMENT INITIATIVES.

THESE INITIATIVES HAVE CONTRIBUTED TO THE FOLLOWING ADVANCEMENTS IN TECHNOLOGY FOR LAW ENFORCEMENT, PAT ON PAT, OUR BOARD AND THE SAFETY AND EFFICIENCY OF CARGO TRANSPORT ENHANCEMENTS IN AIR TRANSPORTATION FOR THE PURPOSES OF REDUCING COSTS TO THE AVIATION INDUSTRY AT FLIGHT DELAYS, OKAY.

EFFICIENCIES IN WEATHER PREDICTION TO SPEED THE DELIVERY OF IMPACTS ATMOSPHERE PHENOMENA HAVE ON THE PUBLIC.

THESE EFFORTS JUST HOLD THE PUBLIC COULD NOT HAVE BEEN ACHIEVED WITHOUT TAKING STRONG KNOWLEDGE FROM SUBJECT MATTER EXPERTS IN LAW ENFORCEMENT, AVIATION, AND METEOROLOGICAL PROFESSIONS, HAVING EXPERTISE IN INFORMATION AND TECHNOLOGY FACILITATED THESE BENEFITS PUBLIC.

IT IS ON THIS TOPIC FOR WHICH I WOULD LIKE TO ADDRESS THE COUNCIL TONIGHT.

I'M A NEW MEMBER OF THE ADDISON COMMUNITY AND WOULD LIKE TO LEARN ABOUT THE VARIOUS TOPICS THE COUNCIL ADDRESSES.

AS I LEARNED MORE ABOUT THE NEEDS AND CONCERNS OF ADDISON BUSINESSES AND THE ADDISON COMMUNITY IN GENERAL, THE POSSIBILITIES FOR ME TO SERVE THE COUNCIL AND ASSIST THE ADOLESCENT COMMUNITY GROW THE 16 YEARS OF SERVICE TO THE PUBLIC THROUGH UNDERSTANDING GOVERNMENTAL CONCERNS AND APPLYING SOUTH PRINCIPLES OF DATA AND BUSINESS ANALYSIS IS WHAT I BRING TO THE TOWN BASS.

I WOULD LIKE TO VOLUNTEER MY SERVICES AND SUPPORT TO SUPPORT THEM TO THE COUNCIL AND ITS MISSION IN CLOSING, MR. MAYOR, MEMBERS OF THE COUNCIL AND MEMBERS OF THE COMMUNITY.

THANK YOU FOR YOUR TIME TONIGHT.

I WELCOME ANY QUESTIONS YOU MAY HAVE.

THANK YOU, JASON.

THANK YOU, MAYOR.

MR. THOMAS, DO YOU MIND STATING YOUR ADDRESS PLEASE? THAT'S RECORD SEVEN ZERO TWO SIX MORMON LANE, ADDISON, TEXAS SEVEN FIVE ZERO ZERO ONE.

SO THE NEXT GENTLEMAN IS BOB JACOBY.

SO WE WANT TO JUST STATE YOUR NAME AND ADDRESS.

STOPPING TRAFFIC, AND WE'D BE FLATFOOTED.

MAYOR CHOW, ROBERT JACOBY FOUR ZERO ONE SIX LIVE LANE OUT OF SOME 25 YEAR VETERAN IN ADDISON.

BEFORE THAT HAPPENED IN KENOSHA, I WAS TALKING TO A FRIEND OF MINE, FORMER MARINE, AND HE SAID, THIS HAPPENED.

HE SAID, YOU KNOW WHAT? WE ARE JUST ONE BAD INCIDENT AWAY FROM ANOTHER RIOT IN THIS TIME OF DALLAS, ONE BAD ARREST, ONE TRAFFIC ACCIDENT AWAY FROM HIM.

I'M A BAD, BAD SITUATION.

AND KENOSHA HAPPENED WHEN I LOOKED AT WHAT HAPPENED IN KENOSHA.

I THINK IT HAPPENED SO FAST.

THEY WERE CAUGHT FLATFOOTED AND DIDN'T REALIZE WHAT HIT THEM ON THE FIRST NIGHT, THE SECOND NIGHT THEY BROUGHT IN SOME NATIONAL GUARD, BUT NOT ENOUGH BECAUSE ADDISON HAS AN AREA OF COMMERCE WITH BARS AND RESTAURANTS AND IT MIXED RACE POPULATION.

WE'RE ONE BAD INCIDENT AWAY FROM BRICK AND RYE.

AND I'M GOING TO ASK ALL OF YOU TO TAKE PERSONAL RESPONSIBILITY.

I KNOW A FRIEND OF MINE, BLAKE BEEN HAD SENT AN EMAIL TO THE CITY MANAGER TO TALK ABOUT IT, BUT THESE THINGS CAN FLARE UP SO FAST.

IF IT FLARES UP, IT NEEDS TO BE ALL HANDS ON DECK.

EVERY ONE OF YOU NEED TO BE INVOLVED.

IF SOMEONE WERE TO BE JUST SAY, THE CITY MANAGER WOULD BE OUT OF TOWN AND SOMETHING WOULD HAPPEN, WHO'S GOING TO TAKE CHARGE BECAUSE IT'S LITERALLY ALL HANDS ON DECK AND WHY I WOULD ENCOURAGE YOU ALL TO DO.

IF YOU CAN, WITH APPROPRIATE TRAINING AND PERSONNEL IS TO WORK IN IT.

THAT'S WHAT THE MILITARY DOES.

THE WAR GAME IN THE SENSE OF LOOK AT ALL THE OPTIONS, COME UP WITH A SCENARIO, NOT JUST ONE, BUT LIKE SEVEN SCENARIOS THAT COULD HAPPEN.

WHO'S CALLING, WHO'S DOING WHAT WHO'S CALLING THE RESTAURANTS.

WHO'S CALLING WHAT YOU FAST, BECAUSE IF KENOSHA HAD MOVED FASTER, WHAT HAD HAPPENED WOULD NOT HAPPEN.

I DO NOT WANT TO SEE IT HERE.

THE REALITY IS WE LIVE IN A LARGE METRO AREA.

IF A SMALLER INCIDENT WERE GOING TO HAPPEN IN MADISON, THEY COULD HAVE 200 PEOPLE ON BELTLINE ROAD, UPSET, TEARING DOWN THINGS,

[00:15:01]

SO I'M JUST ASKING YOU TO WORK B, BE EVERYONE TO BE INVOLVED.

HE WAS ON CITY COUNCIL AND CITY LEADERSHIP.

WE HAVE ONE OTHER INDIVIDUAL THAT WANTS TO SPEAK AND SHE ON THE PHONE ALREADY AND HE'S READY TO ALL RIGHT, PAUL YOU'RE IN THE ALLEY.

YOU'LL WANT TO STOP TO INTRODUCE YOURSELF.

CAN YOU HEAR ME OKAY? YES.

AND THE WAY HE COME SEND AGENDA ITEM NUMBER ONE, TWO, THREE, FOUR, FIVE, ANYTHING NEED TO BE BOUGHT, LIKE PULL NUMBER ONE AND THREE, ONE.

SO MY COMMENTS TONIGHT IS IN REGARDS TO THE CONTINUED PROBLEM AT THE TOWN OF ADDISON OFFICIAL FACEBOOK PAGE.

UM, SECRETARY PARKER, UH, WAS VERY NICE, UH, TWO MEETINGS AGO WHEN SHE READ MY PREVIOUS COMMENT INTO THE RECORD.

AND IN MY STATEMENTS THAT SHE READ, UH, SECRETARY MENTIONED OC PROVOKED ATTACK LEVEL AGAINST ME.

I'LL BE OFFICIAL TOUT ABOUT IT FROM FACEBOOK PAGE.

AND UNFORTUNATELY THESE, UH, CONTINUE, UH, SHE MISSED, UM, MS. PARKER ALSO, UM, ADVISED ME THAT SHE COULD NOT READ THESE, UM, UH, TEXTS THAT I EMAILED TO HER TO READ INTO THE RECORD, BUT I CAN, UM, COUNCILMEMBER COLE, WALDEN SUPPORTERS, PATRICIA HEARNS, AND MARK HARPER HAVE POSTED HORRIBLY ABUSIVE, RACIST, THE DEEPLY PERSONAL ATTACKS, UM, ALL THIS WITH THE ACTIVE IN PUBLIC ENCOURAGEMENT BY COUNCIL MEMBER, PAUL WALDEN.

HERE'S JUST A SAMPLE OF WHAT HAS BEEN POSTED ON THE OFFICIAL TAXPAYER FUNDED.

TELL HIM ABOUT HIS FACEBOOK PAGE.

WHAT COMMENTS BY MARK LESSER CONTAINED MARK HARPER IS A POLITICAL SUPPORTER OF POLO AND IT CONTAINS THE PHOTO OF A MANHOLE TO THE FACE OF A WOMAN, WHICH IS TWO HANDS.

SO THE MAN FRUSTRATED AND THE WOMAN LOOKS DOWN IN SHAME AS THE BAN ANCHOR, THE CORPORATE INGREDIENTS SANDWICH COUNCIL MEMBER POLO.

THIS PUBLIC REACTION TO THIS WAS, THIS IS HILARIOUS.

HE THOUGHT THIS WAS SO FUNNY AND HE POSTED IT PUBLICLY AND SHAMELESS ON THIS PUBLIC ACCOUNT OF THE TOWN OF ADDISON PAID BY TAXPAYERS, ANOTHER PRO BY MARK HARPER.

AGAIN, THIS IS A MAN I HAVE NEVER MET, BUT WHO IS A FRIEND? WHO'S A POLE WALTON.

HE CALLS ME PUMPKIN.

SO HONEY, IN ORDER, JUST NEED TO RELAX.

I CAN PULL UP AND GO WITH REACTION TO THIS WAS, OH, THIS IS HILARIOUS.

THERE ARE MANY OTHER POSTS THAT I OBVIOUSLY DON'T HAVE TIME TO READ, BUT THEY USE WORDS LIKE DEPRESSED, NASTY.

THEY ALL HAVE THE SAME REACTION OF APPROVAL BY FULL LOGAN.

BECAUSE I SUPPOSE WE BELIEVE THAT WHEN A WOMAN SPEAKS HER MIND, SHE MUST BE SAD OR CRAZY.

SO ONE MORE JUST LAST WEEK, LAST WEEK, SEVEN DAYS AGO, MARK HARPER, AGAIN, POSTED A STRING OF VITRIOLIC COMMENTS DIRECTED AT ME.

IT INTERTWINED.

HE SHOWS A PHOTO OF A WOMAN SITTING ON THE LAP OF A MAN.

THE MAN LOOKED OLDER THAN THE WOMAN AND THE MAN IS INCUR IS USING HER NECK.

THE CAPTIONING ADDED BY HARPER.

THIS IS HOW TROPE PAID THE RENT.

JUST A FEW OF THE WORDS THAT HAVE BEEN DIRECTED AT ME OVER THE LAST FEW MONTHS AND CONTINUE UP TO LAST WEEK.

OUR EMAILS, DOG MISTRESS IT'S I DON'T HAVE THE TIME TO READ ALL THE COMMENTS HERE.

PERHAPS AT THE COUNCIL MEETING, I WILL BE ALLOWED MORE TIME AND WE'VE OVERCOME INCLUDING OUR BELIEF THAT ELECTED OFFICIALS SHOULD BE HELD TO A HIGHER STANDARD OF CONDUCT AND PARTICIPATING IN ANY ENCOURAGING HARASSMENT AND ABUSE OF WOMEN ON THE OFFICIAL KIND OF ADDISON FACEBOOK PAGE IS INEXCUSABLE AND IT SHOULD BE INTOLERABLE.

OH, WELL THEN SHAME ON YOU.

THAT'S WE DON'T DISCUSS ANYTHING.

THIS IS JUST PUBLIC COMMENTS.

SO LET'S GO TO REGULAR MEETINGS

[ 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.]

DO I HAVE MOTION FOR ITEM NUMBER TWO, FOUR AND FIVE.

SO, UH, LORI WARD BED MOTION, AND SECOND.

ALL IN FAVOR, PLEASE SAY AYE.

AYE.

OPPOSED.

ALRIGHT, ITEM

[1. Consider Action to Approve the Minutes from the September 1, 2020 Special Meeting and September 8, 2020 Regular Meeting.]

[00:20:01]

NUMBER ONE.

MA'AM I'VE GOT SOME MINOR EDITS TO THE, TO THE PAST MINUTES.

UM, I'VE SHARED THEM WITH CITY SECRETARY, UH, IRMA PARKER.

UNFORTUNATELY I WAS TRYING TO, LIKE, I JUST SHARED WITH HER.

UM, BUT I WOULD LOVE TO TALK THROUGH THEM WITH COUNSEL IF THAT'S OKAY.

UM, AND IF ACCEPTABLE, WE CAN IMPROVE OR IF WE WANT TO WAIT AND PROVIDE COPIES TO DO THAT ALSO, BUT I'D LOVE TO TRY AND TALK THROUGH THIS AND HOPEFULLY APPROVE THE MINUTES WITH MINOR EDITS WE CAN DO.

IS IT JUST SMELLING? NO, NO, NO, BUT JUST RECORD IT DIFFERENTLY.

YES, SIR.

UM, SO ON THE SEPTEMBER 1ST MEETING AGENDA ITEM, NUMBER ONE, HOLD A PUBLIC HEARING, PRESENT, DISCUSS THE TOWN OF MADISON PROPOSED PROPERTY TAX RATE FOR THE FISCAL YEAR, COMMENCING OCTOBER 1ST, 2020 AND ANY SEPTEMBER 30TH.

UM, ALL THE THIRD, THIRD, WHAT STARTS WITH THE SECOND LINE? UM, AT THE END IT SAYS COUNCIL MEMBER WILL THE SENATE, UH, INQUIRED WHETHER THE PROCESS COULD BEGIN EARLIER IN THE FUTURE.

ACTUALLY, IF YOU LOOK BACK AT THE VIDEO I WAS IN WAS THE OPPOSITE I WAS ACQUIRING.

WE COULD, UM, MOVE THE PROCESS LATER IN THE FUTURE TO GIVE DECAB MORE TIME, ACTUALLY TALK ABOUT, MOVE BACK, MOVE BACK, WHO BACK.

SO, UM, I WOULD LIKE TO STRIKE, UM, THE WORD EARLIER IN THE FUTURE AND REPLACE THAT WITH LATER.

UM, I THINK THAT WOULD SUFFICE SUFFICE.

AND THEN ALSO IF YOU MOVE TO THE SEPTEMBER 8TH MEETING MINUTES, THE, UH, CONSENT ITEM, NUMBER SEVEN, IT SAYS, UH, COUNSEL, THERE'S THE MOTION.

AND THEN, AND THEN THERE'S THE WORDING UNDER THE MOTION.

IT SAYS COUNCIL MEMBER WILSON STATED THAT A 30 YEAR LEASE EXTENSION HAD BEEN DONE PREVIOUSLY IN QUESTION WHY A SIX YEAR EXTENSION IS BEING REQUESTED.

AND IF YOU GO BACK AND LOOK AT THE VIDEO, UM, I WASN'T QUESTIONING WHY A SIX YEAR EXTENSION IS BEING REQUESTED.

I WAS, UH, UH, SPECIFICALLY A QUESTION.

THESE ARE MY WORDS, WHY IT MAKES SENSE TO APPROVE A SECURE EXTENSION.

UM, SO I WOULD LOVE TO CHANGE, CHANGE THAT WORDING.

AND THEN, UM, ONE OTHER, ONE OTHER COMMENT ON, UH, OUR EDIT ON ITEM, NUMBER 11 OF THOSE MEETINGS, UH, OF THOSE MINUTES AT THE BOTTOM OF PAGE 11, IT SAYS, UH, UH, LAST PARAGRAPH COUNCIL MEMBER WILSON COMMENTED THAT IN THE FUTURE COUNCIL SHOULD BE COGNIZANT OF THE FACT THAT MUCH OF THE PROPERTY TAX IN ADDISON HAVE GENERATED BY BUSINESS.

AND THEN HE SAID HE REFERENCED, UM, OTHER CITIES AND THEN IT GOES ON.

AND BASICALLY WHAT I'D LIKE TO CHANGE IS IT SAYS HE REFERENCED OTHER CITIES.

I'D LIKE TO STRIKE OTHER CITIES AND IN 18 FRISCO PLANO, IF EVERYBODY RECALLS, THAT'S WHAT WE'VE BEEN TALKING ABOUT.

UM, SO IT GIVES THEM THE, THE MINUTES, IF SOMEBODY'S READING THEM, IT GIVES THEM THE RIGHT CONTEXT OF WHAT, WHAT, WHAT I ACTUALLY SAID.

SO, SO WITH THOSE EDITS, I WOULD, UM, UNLESS THERE'S SOME DISCUSSION I'D LIKE TO MAKE A MOTION THAT WE APPROVE, UM, WITH THOSE CHANGES.

NUMBER THREE, ITEM NUMBER THREE.

DO I HAVE SECOND FOR THAT SECOND? SO MONICA SUBMITTED A MOTION AND I'M A USE SECOND IN FAVOR TO APPROVE THIS CORRECTED ITEM, SAY AYE.

AYE, AYE.

OPPOSE.

ALRIGHT, SO ITEM

[3. Consider Action on a Resolution to Name Three Parks in the Addison Grove Development and Provide an Effective Date.]

UM, CONSIDER ACTION ON A RESOLUTION TO NAME THREE PARKS IN THE ADDISON GROVE DEVELOPMENT AND PROVIDE HER AN EFFECTIVE DATE.

UM, AFTER OUR LAST WORK SESSION, UM, UH, DISCUSSION ABOUT THIS ITEM, UM, I WAS OVER AT, UH, AT ADDISON GROVE AND I WAS OVER LOOKING AT THE MODEL, IT IN TOWN HOMES AND, UM, IN TOWN HOMES HAS GOT A, UH, UH, UH, MARKETING FLYER THAT THEY PASS OUT, BUT IT'S GOT A, IT'S GOT A MAP AND THE MAP, UM, APPEARS TO ME LIKE IT'S, IT'S TAKEN FROM, UH, THE PLANNING AND ZONING SUBMITTAL WITH THIS WHEN ADDISON GROW, CAME THROUGH PLANNING AND ZONING.

AND SO ONE OF, ONE OF THE THINGS THAT IF YOU LOOK AT THE MAP ON THE, ON THE BOTTOM, RIGHT, YOU'VE GOT, UM, THIS LAND DEDICATED TO THE TOWN AND BASICALLY IT'S, IT'S THE, IT'S THE GREEN SPACE EAST OF MAGNOLIA STREET.

AND, AND, UM, THAT, THAT IS REALLY, IT'S THE BIGGEST GREEN SPACE IN THE WHOLE DEVELOPMENT.

AND THE, I GUESS THE QUESTION I I HAD FOR MAYBE JANA WOULD BE THE APPROPRIATE PERSON IS, IS, UM, ARE WE, ARE WE LOOKING OR CONSIDERING, UM, HAVING, HAVING A PARK NAME FOR THAT, THAT LARGE RESPECTS? I CAN ANSWER THAT.

YES, THAT IS.

[00:25:01]

I DON'T, I DON'T KNOW WHY IT'S SHOWN US THAT, BUT THAT IS PROPERTY THAT WE'RE NOT CONTEMPLATING AT PARKLAND.

WE'RE NOT VERY GOOD.

UM, OKAY.

WELL, I WOULD LOVE TO TALK TO YOU MORE ABOUT IT.

UM, BUT, BUT I DON'T WANT TO, YES.

YOUR SORRY TO INTERRUPT YOU, BUT THE GREEN SPACE ACTUALLY IS EXISTING GREEN SPACES.

NO, NO, IT'S JUST, UH, IT'S, IT'S IT'S AS CONCRETE OR IT'S PAVED AND IT'S RIGHT NEXT TO, UM, THE RESTAURANTS, THE, THE, YEAH, IT'S NEAT.

BUT ON THE, ON THE SOUTH SIDE IS A CHRISTOPHER'S SNUFFERS AND, UM, THANK YOU VERY MUCH.

THAT'S A PLACE WE TALK ABOUT PARKING SPACE.

THAT'S CORRECT.

IT'S NOT, IT'S NOT CONTEMPLATE, SO WE CANNOT BE A POX.

ALRIGHT.

WE'RE TALKING ABOUT THE PROPERTY THAT DID JOIN SPRING CREEK BARBECUE.

WE'RE TALKING ABOUT THIS PROPERTY THAT YOU'RE REFERRING TO RIGHT HERE, CORRECT? ANOTHER PROJECT, ANOTHER USAGE, ANOTHER PROJECT.

SO YOU WANT TO KNOW ABOUT THAT? THAT'S WHAT WAS THROWING ME OFF WITH THAT, WITH THAT I WOULD LIKE TO MAKE A MOVE UNLESS YEAH, WELL, WE'LL MAKE SURE THAT THEIR MARKETING MATERIAL DOESN'T GIVE ANY INDICATION THAT THERE'S SOME KIND OF PLAN FOR APARTMENT.

AND AGAIN, IF YOU LOOK AT IT, THEIR MARKETING MATERIAL OVERLAID WITH ART P AND Z A PACKET FROM, FROM WHEN WE APPROVED THAT IT SHOWS THIS SAME GREEN SPACE.

SO WITH THAT, WITH THAT, I WOULD LIKE TO MAKE A MOTION.

WE APPROVE ITEM NUMBER THREE AS SUBMITTED.

DO I HAVE A SECOND? OKAY.

SO I'M EMOTIONAL ABOUT MODERN LOSS IN A SECOND, BUT I'M INFUSED WITH THE CLARIFICATION OF THIS ITEM, PLEASE SAY, HI.

ITEM, ITEM, NUMBER SIX, PRESENTED DISCUSSING CONSIDERATION ONLY RESOLUTION OF 20 A CONTRACT WITH COMMITTED TO A WASTE DISPOSAL FOR RESIDENTIAL REFILLS AND RECYCLING SERVICES BEING IN ABOUT NOT JC 300, $1,440 AND FOUR POUNDS FACILITY IN A MONTH, NOT TO EXCEED $66,428 AND AUTHORIZE THE CITY MANAGER TO ASK WHO'S THE AGREEMENT.

REGULAR

[6. Present, Discuss, and Consider Action on a Resolution Approving a Contract with Community Waste Disposal for Residential Refuse and Recycling Services in an Amount Not to Exceed $301,440 and for Town Facilities in an Amount Not to Exceed $66,428 and Authorize the City Manager to Execute the Agreement.]

SHANNON HE'D BE MAYOR AND COUNCIL OF HICKS, DIRECTOR OF PUBLIC WORKS AND ENGINEERING SERVICES.

AS YOU MAY RECALL, AT THE MAY 12TH CITY COUNCIL MEETING STAFF WAS DIRECTED TO SEEK PROPOSALS FOR THE TOWN'S RESIDENTIAL REFUSE AND RECYCLING CONTRACT OR WORKING ON THIS.

IT WAS DISCOVERED THAT THE TOWN'S FACILITY TRASH CONTRACT WAS ALSO EXPIRED.

SO THIS WAS INCLUDED IN THE SCOPE ON JUNE 8TH.

THIS RFP WAS ISSUED IN ON JULY, UH, JULY 8TH, UH, FOR SUBMITTALS WERE RECEIVED THREE OF WHICH, UH, MET THE REQUIREMENTS OF THE RFP ON AUGUST 11TH, A CITY COUNCIL MEETING STAFF PRESENTED THE RESULTS OF THE RFP AND WAS GIVEN DIRECTION BY COUNCIL TO RECEIVE THE AWARD OF THE CONTRACT TO CWD WITHOUT THE ALTERNATE OF THE BULK AND UNBUNDLED BRUSH INCLUDED STAFF RECOMMENDS APPROVAL.

AND I'LL BE HAPPY TO ANSWER ANY QUESTIONS YOU MAY HAVE.

WE HAD A WORK SESSION ON THIS ITEM LAST PRIOR MEETINGS.

SO, UH, IF YOU HAVE A STUDENT WITH SOME QUESTION, PLEASE ASK.

SEE IF WE COULD LOOK AT IT, BUT IF IT, IF IT, UH, WHATEVER IT IS IT IS, BUT, UM, IF WE'RE, IF WE'RE WANTING TO PROVIDE THAT GUIDANCE GREAT, OKAY.

I, I THINK MINE IS MORE OF A THOUGHT THAN A QUESTION, BUT, UM, THIS IS JUST TRASH RELATED.

SO RIGHT NOW WITH A REFUSE, UM, IS OUR ORDINANCE SAY ONE WAY, UM, ONE WAY PLASTIC GARBAGE BAGS USE ONE WAY PLASTIC GARBAGE BAGS, UM, AND THE THOUGHT IS NOT EVERYBODY'S DOING THAT.

SO IF, IF WE'RE GOING TO PUT SOMETHING IN THE TOWN NEWSLETTER REGARDING THIS ITEM AND COUNCIL MADE WHATEVER DECISION, UM, I WOULD ASK THAT THAT STAFF WOULD CONSIDER SOME TYPE OF MARKETING ABOUT ONE WAY GARBAGE BAGS, SO THAT HOPEFULLY WE CAN, WHEN THE TRASH IS PICKED UP A LITTLE BIT CLEANER STREET, AFRICANS, WE DON'T REQUIRE PEOPLE TO PUT BAGS IN THEIR CANS, CORRECT.

IT'S JUST, IF THEY'RE TO PUT IT ON THE STREET, LIKE ON A, ON THE CURVE, THE WAY I UNDERSTAND IT IS WE ENCOURAGE THEM TO USE ONE RAIL RECEPTACLES AND WE WILL NOT REPLACE A TRASHCAN IF IT'S DAMAGED, IT'S AT THEIR OWN RESPONSIBILITY.

IT'S NOT, YOU'RE SAYING IT'S NOT REQUIRED.

IT'S JUST GUIDANCE.

I NEED TO DO SOME RESEARCH.

I JUST, I WOULD, I WOULD

[00:30:01]

I THOUGHT IF I READ IT CORRECTLY IS ALL FOR YOU OR YOU'RE PUTTING THE TRASH BAG EITHER.

SO I GUESS WE'VE GOT THE REFUSE, WHICH IS LIKE REGULAR TRASH OR NOT RECYCLABLE.

AND THEN YOU GET YOUR RECYCLED, RIGHT? AND SO IT'S OBVIOUS.

I THINK IT'S OBVIOUS TO EVERYBODY, YOU PUT YOUR RECYCLES, THE RECYCLE BIN THAT THEY PROVIDE YOU.

SO WHAT I'M TALKING ABOUT IS THE REFUSE OR THE TRASH.

THAT'S NOT RECYCLE.

IT'S JUST REGULAR TRUCKS, GUIDING, UH, RESIDENTS TO, TO PUT THAT IN A PLASTIC BAG RATHER THAN THEIR OWN TRASH CAN.

BECAUSE WHEN, WHEN THE, WHEN THE, UH, CWD RIGHT NOW, WHEN THEY COME BY AND COLLECT, THEY PICK IT UP AND, AND THERE IS NOTHING REMAINING ON THE STREET AND IT MAKES OUR STREETS LOOK A LOT BETTER AND CLEANER.

SO, UM, NOT EVERYBODY, YOU KNOW, SOME PEOPLE HAVE GOT THEIR OWN TRASH CANS.

TRASH COMES THROUGH, WE LOOK AT TRASH CANS ON THE STREET, I'LL SAY, AND IT'S MORE PREVALENT WHEN YOU LIVE IN A TOWNHOME COMMUNITY.

LIKE I DO.

WE CAN'T ALWAYS EVEN CODE THOSE MESSAGES.

AND ALSO WITHIN NEWSLETTER, I DIDN'T REMEMBER WHAT THE WORDING IS.

MY QUESTION IS I'LL NEED TO GO BACK AND LOOK AT THE EXACT WORDING OF THE ORDINANCE.

SO NOW I'LL SEND SOMETHING OUT.

AND MY DISCUSSION ON THIS SIDE, JUST LIKE, I JUST WANTED TO COMMENT ON THE EXTENSIVE INFORMATION THAT WE RECEIVED FROM.

I APPRECIATE THAT.

THERE'S A LOT OF INFORMATION ABOUT THE MOTHER COMPANY THIS YEAR.

I HAVE APPRECIATED THE EFFORT THAT THEIR RESPONSE FOR THAT PACKAGE, AT LEAST THEY HAVE DONE A GREAT JOB.

ANY OTHER COMMENTS? I AGREE ALSO WITH A REASONABLE PRICE, FURTHER DISCUSSION HERE, HOW MANY HAVE IMPROVED 6%.

SO I HAVE A MOTION THAT ABIDE ALL WANTED TO SECOND BY LORI WOR ALL IN FAVOR, PLEASE SAY, AYE.

AYE, AYE.

THEN SEVEN

[7. Present, Discuss, and Consider Action on an Ordinance to Amend the Code of Ordinances by Amending Chapter 66 (Solid Waste) Article II (Collection And Disposal), Division 2 (Service Charge) Section 66-52 to Increase the Mandatory Monthly Fee for Garbage Collection Hauling and Disposal (Curbside Pickup) from each Single Dwelling Unit within the Town from $12.51 to $12.56; Providing that such Increased Rate Shall be Effective October 1, 2020, and Reflected in the November 2020 Billing Cycle.]

IS THEN DISCUSS A CONSIDERATION ON YOUR OWN INSTITUTE AND MEN.

OH, ORDINANCES BY AMENDING CHAPTER 66, SOLID WASTE ARTICLE TWO COLLECTION AND DISPOSAL DIVISION TWO SERVICE CHARGE, SECTION 66 50 TO SQUEEZE THE MANDATORY MONTHLY FEE FOR BBQ COLLECTION, HAULING AND DISPOSAL CURBSIDE PICKUP FOR EACH SINGLE, THE WALLING UNION WITHIN THE PATH FROM 1250, ONE TO 1256, PROVIDING THAT A SUCH INCREASE THE WAY SHALL BE EFFECTIVE OCTOBER 1ST, 2020, AND REFLECTED IN THE NOVEMBER, 2020 BERLIN CYCLE.

GOOD EVENING.

MAYOR AND COUNCIL STEVENS, WHITMAN CHIEF FINANCIAL OFFICER.

CAN EVERYONE HEAR ME? OKAY? YES.

GREAT.

UH, MAYOR AND COUNCIL, THIS ORDINANCE BASICALLY IS A, UH, I CAME TO MIND THEM TO THE CONTRACT THAT WAS JUST APPROVED TO CWD.

AND THIS WAS WITHIN THAT CONTRACT.

THE, UH, THE PRICE FOR THE RESIDENTIAL SOLAR BASE AND RECYCLING, UH, WENT FROM $12 AND 51 CENTS TO $12 AND 56 CENTS.

THIS MOMENT, UH, ADOPT THAT REGULAR $12 AND 56 CENTS, WHICH WILL BE EFFECTIVE OCTOBER 1ST OR NOVEMBER, 2020 BILLING CYCLE.

AND WITH THAT, I'LL BE HAPPY TO ANSWER ANY QUESTIONS.

SO THE WAY I HAD A WORK SESSION ON THIS ITEM AS WELL, MOVE APPROVAL.

SO THEY HAD A VARIETY OF MODERN INQUIRIES, WHICH THE 5 CENTS A MONTH.

SO DO I HAVE SECOND? YOU DO.

SO I MADE IT MOTION AND MODERN WAS IN SECOND ON

[00:35:01]

FAVOR JOB, BOOM.

YOU'RE RIGHT.

TO SAY, I SUPPOSE I CAN

[8. Present, Discuss, and Consider Action on a Resolution Authorizing the City Manager to Enter into a Commercial Real Estate Broker and Advisory Services Agreement with Cushman & Wakefield, U.S. Inc. for Services Related to the Finding and Selection of a Master Developer and the Real Estate Transaction Services for Properties Located Adjecent to the CottonBelt/Silver Line Rail Corridor and Future Rail Station.]

PRESENT DISCUSSED THE CONSIDERATION OF A RESOLUTION, AUTHORIZING THE CITY MANAGER TO ENTER INTO A COMMERCIAL REAL ESTATE BROKER ON ADVISORY SERVICES AGREEMENT WITH CUSHMAN AND WAKEFIELD USA FOR SERVICES RELATED TO THE FUNDING AND SELECTION OF A MASTER DEVELOPER AND THE REAL ESTATE TRANSACTION SERVICES FOR IS LOCATED ADJACENT TO THE COTTON BELT.

SILVER LINE.

WE'LL CALL YOU IN FUTURE REAL STATION, WHICH MEANS OUR STATION.

GOOD EVENING, MAYOR AND COUNCIL, ABSOLUTELY MENTAL DEPUTY CITY MANAGER.

I AM, I GUESS, NO LONGER FILLING IN FOR, BUT TRYING TO FILL THE VERY LARGE SHOES OF CHARLES GOLF.

SO PLEASE BEAR WITH ME.

UM, I DO HAVE DAVID LINIGER HERE WHO CAN HELP ANSWER SOME QUESTIONS ALONG WITH, WE HAVE REPRESENTATIVES FROM CUSHMAN AND WAKEFIELD.

SO JUST TO GO OVER, THIS IS THE COMPETENCE THAT WE'RE TALKING ABOUT RIGHT ABOUT AROUND THE COTTON BELT.

IT'S 22 ACRES, AND THEN ANOTHER POSSIBLE FIVE ACRES.

IF WE ENTER INTO AN ILA WITH DART TO REPRESENT THEM.

SO OUR PROCESS WAS TO ESTABLISH A VISION WHICH WE'VE DONE THROUGH THE COTTON BELT, SPECIAL AREA STUDY, DO SITE DUE DILIGENCE.

WE HAVE STARTED THAT PROCESS.

YOU'VE ACTUALLY ALREADY APPROVED A CONTRACT WITH COD FINDLAY TO DO SOME EVALUATIONS ON WATER, SEWER UTILITIES.

AND OUR NEXT STEP IS TO SELECT OUR REAL ESTATE ADVISOR AND THEN ONTO SELECT A DEVELOPER AND START ASHLEY, JUST MAYBE TO GO BACK.

CAUSE I WASN'T CLEAR, MAYBE PEOPLE LISTENING AND PREVIOUS LINE TO PREVIOUS ONE JUST POINTING OUT THAT IT'S, IT'S ALL ABOUT US AND CENTRAL.

THAT WAS VERY MUCH DISCUSSED.

EXCEPT FOR THE, IT'S NOT THE DARK, NOT CURRENTLY, BUT WE'RE GOING TO NEGOTIATE IT TO ENTER THAT IN.

AND IT'S THE TWO ADDISON OWNED PIECES OF PROPERTY FROM THE EDISON WEST.

IF ANYONE GETS IN CIRCLE LIST, IF ANYONE WANTS TO TRACK THAT CIRCLE WEST CENTRAL, CENTRAL CENTRAL, CAN YOU POINT ALL THE COLLIN CHARTS SO EVERYBODY CAN REFER TO THE RIDE ACREAGE? YEAH, I CAN'T SEE.

IS THERE A WAY TO DO A POINTER YELLOW? SO THE TWO YELLOW AREAS, I APOLOGIZE.

UM, MADISON, UM, AND THEN THE BLUE IS THE DARK PIECES SEPARATED.

AND ALSO THE SOUTH EAST QUARTER THAT'S SALTED SAW THE NORTHEAST QUARTER, A ROCKWELL HAD THE QUOTA.

YOU GET OLD, YOU GET ALL, ALL THE BY PAULA MADISON, THEN THE LIGHT BLUE STRIPES.

I ACTUALLY, I THINK YOU ACTUALLY, SO YES, I'M NOT SURE IF THERE'S A SLIDE UP ON THIS OR NOT.

I CAN'T SEE IT FROM HERE, BUT WHEN WE LOOK AT, UH, WHEN WE GO EAST, UH, THE BIG PROPERTY FOR THE, YES.

SO FEBRUARY 27TH, WHERE WE RELEASED A REQUEST FOR PROPOSALS, LOOKING FOR A RECORD REPRESENTATION IN THE LEASE OR SELL OF THE TOWN OWNED PROPERTY AND POSSIBLY THE DAR PROPERTY TO A MASTER, TO THE DEVELOPER FOR THE COTTON BELT.

WE WANTED SOMEBODY WITH EXPERIENCE WITH MUNICIPALITIES AND MIXED USE DEVELOPMENT, PUBLIC, PRIVATE PARTNERSHIPS, TOD, AND MULTI-PHASE DEVELOPMENT.

WE CLOSED THIS ON APRIL 16TH.

WE ACTUALLY EXTENDED IT A LITTLE BIT BECAUSE OF COVEN.

WE RECEIVED THREE RE RESPONSES FROM CVRD CUSHMAN AND WAKEFIELD AND JLL.

ALL THREE FIRMS WERE INTERVIEWED.

WE NARROWED IT DOWN TO TWO FIRMS. THERE WAS AN INTERNAL GROUP, UM, MYSELF, CHARLES SCOTT, DAVID LINIGER WEST WAS ON THAT GROUP IN WILL NEWCOMER AND WAS LIKE, YEAH, I KNOW ORLANDO COMBOS WERE PART OF THAT.

WE NARROWED THAT DOWN TO CVRE AND CUSHMAN AND WAKEFIELD, AND THEN CUSHMAN AND WAKEFIELD WAS SELECTED BY THE STAFF.

AND NOW WHAT I'M GOING TO TURN IT OVER TO CHRIS WITH CUSHMAN AND WAKEFIELD, AND HE'LL GO THROUGH WHAT THEIR APPROACH IS.

CHRIS, ARE YOU ON? YES,

[00:40:01]

UM, BUT THE SLIDE THAT I'M LOOKING AT RIGHT NOW IS THE, UH, EIGHT NUMBER FIVE CUSHMAN AND WAKEFIELD APPROACH.

AND WHAT WE DO IS WE START WITH WHAT WE CALL OUR STRATEGIC PLANNING AND PROJECT UNDERWRITING.

AND THE INTENT OF THAT IS TO REALLY GAIN AN UNDERSTANDING OF THE GOALS AND OBJECTIVES FROM THE STAKEHOLDERS AND ANY, UM, UH, INDIVIDUALS THAT WILL BE MAKING THE SELECTION OF A DEVELOPER AND TO BUILD CONSENSUS.

SO USUALLY THAT'S WITH THE TOWN COUNCIL AND STAFF, BUT ANY OTHER STAKEHOLDERS THAT MAY BE, UH, YOU KNOW, NEED A VOICE IN THAT DECISION MAKING PROCESS.

WE WANT TO GET EVERYBODY ON BOARD WITH THE GOALS AND OBJECTIVES BEFORE WE GET UP TO THE MORGAN AND START MARKETING THE REQUEST FOR PROPOSALS.

AND, UH, BUT THE POINT OF THAT IS WHEN WE GO OUT AND WE SOLICITED IT BACK, WE DON'T WANT TO BE FLAT, BUT IF WE WANT TO KNOW THAT WE CAN KIND OF TAKE ACTION.

ONCE WE RECEIVE THE GOODS IN AND HAVE A PROCESS TO EVALUATE THOSE BIDS AND THEY CAN FILTER THE BIDS THROUGH THIS EVALUATION PROCESS THAT HAS BEEN AGREED UPON BY THE STAKEHOLDERS EARLY ON IN THE PROCESS.

THAT MAKES SENSE.

AND ARE THERE ANY QUESTIONS ON THAT OR SHOULD I KEEP GOING? WE DO HAVE ONE QUESTION.

DID I UNDERSTAND, I JUST AM SORRY.

I DON'T HAVE YOUR LAST NAME DOWN, PLEASE.

APPROVE THE MARKETING MATERIALS.

THAT WOULD BE AN OPPORTUNITY FOR PUBLIC COMMENT.

IS THAT WHAT I'VE HEARD? NO.

SO WHEN YOU SAID TALKING ABOUT THE STAKEHOLDERS, I WASN'T SURE WHAT IT WAS.

AND THEN HERE THE STAKEHOLDERS ARE, ARE IN, IN, IN BROADER TERMS, THE COUNCIL STAFF AND ANY PRIVATE PROPERTY OR PUBLIC PROPERTY OWNERS THAT ARE IN THE AREA.

SO WHAT WE'RE TALKING ABOUT NOW IS FOR EXAMPLE, OUR PROPERTIES IN ALIGNMENT WITH WHAT WE'VE ALREADY GOTTEN A PUBLIC COMMENT ON, AND THEN DARK PROPERTY, FOR EXAMPLE, OR THE PROPERTY THAT BELONGS TO PRIVATE PROPERTY OWNERS THAT ARE FURTHER REASONABLE.

WELL, THANKS.

I JUST WANTED TO BE SURE IT WAS CLEAR AND WHAT WAS MEANT.

THAT'S GREAT.

AND ONCE, ONCE WE HAVE THAT CONSENSUS AMONG BASICALLY STAFF AND COUNCIL, THEN WE WOULD PREPARE THE MARKETING MATERIALS, WHICH WOULD INCLUDE THE INFORMATION THAT THE PUBLIC WOULD SEE THE MARKET TO DEVELOPERS, INVESTORS, LENDERS, FINANCIAL YEARS OF THE PROJECT BEFORE IT GOES OUT.

AND IT, ANY COMMENTS TO THOSE MARKETING MATERIALS.

AND AGAIN, IT WAS CLEARLY OUTLINED THE SUBMISSION GUIDELINES, THE EVALUATION CRITERIA IN THE SELECTION PROCESS.

AND THOSE ARE ALL VERY IMPORTANT PIECES, OBVIOUSLY THAT NEED TO BE AGREED UPON EARLY ON BEFORE WE GO OUT TO MARKET.

AND SO WE USUALLY TAKE THAT FIRST 30 TO 45 30.

SOMETIMES IT CAN TAKE 60 DAYS TO DO THAT.

AND IN THIS CASE, IF WE'RE LOOKING AT A TIMELINE, WE HAD PROBABLY TAKING OCTOBER, NOVEMBER TO DO THAT.

AND THEN DECEMBER IN JANUARY TO PREPARE THE MARKETING MATERIALS FOR STAFF AND COUNCIL APPROVAL, ANY QUESTIONS UP TO THAT POINT? NO QUESTIONS.

AND THEN THE WAY WE TYPICALLY BREAK DOWN THE MARKETING PROCESS IS CONDITIONAL.

UM, WHAT WE CALL THE LAUNCH OF THE MARKETING EFFORT, WHAT WE'RE TRYING TO DO IS GET AS MANY PROPOSALS AS FROM AS MANY INTERESTED INVOLVED BY DEVELOPERS.

WHAT'S YOUR EXPERIENCE, MORE OF A QUALIFICATION OF, OF THE INTERESTED PARTIES.

SO WE BREAK IT DOWN WITH AN INITIAL PROPOSAL AND A FORMAL PROPOSAL UNTIL THE ADDITIONAL PROPOSAL IS A MORE HIGH LEVEL, UM, DATA POINTS AND VARIABLES THAT WE'RE ASKING FROM THE INVESTMENT IN DEVELOPMENT COMMUNITY.

UM, YOU KNOW, WHAT'S YOUR VISION, GIVE US SOME OF YOUR GENERAL BUSINESS TERMS.

[00:45:01]

AND IT ALSO GIVES THE BROADER MARKET CHANCE TO, UH, NO PARTNER WHERE THEY USED TO PARTNER.

AND WE WANT AS MANY GOOD IDEAS AS POSSIBLE BECAUSE WE ALL LEARN FROM, FROM THESE, UH, ONCE WE GET IT ALSO A PART OF THE INITIAL PROPOSAL PROCESS IS THAT WE HOLD A THREE BIG CONFERENCE.

SO WE WOULD ADVERTISE ALONG WITH THE MARKETING MATERIALS, THAT THERE WAS A PRETTY BIG CONFERENCE AND INVITE ANY INTERESTED PARTY TO THAT EVERY BIG CONFERENCE THAT ANSWERED ANY QUESTIONS THEY HAD ABOUT THE SUBMISSION GUIDELINES, THE EVALUATION CRITERIA, THE SELECTION PROCESS, AND YEAH, WHAT HAPPENED TYPICALLY, YOU KNOW, TWO TO THREE WEEKS BEFORE THE ACTUAL BIDS, OUR VIEW, ONCE WE GET THE INITIAL PROPOSALS, IT WILL GO, UM, WORK WITH STAFF TO PREPARE, UM, A PRESENTATION THAT WE WOULD PRESENT TO COUNCIL.

THAT'S TYPICALLY HOW WE WOULD, WE WOULD LOOK TO STAFF TO TELL US HOW THAT NEEDS TO HAPPEN.

AND AT THAT TIME WE WOULD PRESENT THE BEDS THAT DIFFERENT DEVELOPERS IN THEIR PROPOSALS, HOW THEY'RE FINANCING THE PROJECT, ET CETERA, OR EXPERIENCE LEVEL, AND ANSWER ANY QUESTIONS THAT MAY COME UP.

AND THEN WE CAN DO SOME FOLLOWUP QUESTIONS THAT COME OUT OF THAT PRESENTATION WITH COUNCIL AND GO BACK TO THE MARKET AND ASK QUESTIONS, GET CLARIFICATION ON, ON SOME OF THE THINGS THAT MAY NOT BE CLEAR IN THEIR PROPOSAL.

ONCE WE DO THAT AND THEN COME BACK, PRESENT THOSE FACTS.

AND, UM, YOU WOULD GO TO STAFF IN COUNCIL FOR INSURRECTION ON KIND OF A SHORT LIST, I GUESS YOU WOULD CALL IT OF DEVELOPERS FROM THE INITIAL PROPOSALS THAT THEY WOULD LIKE TO INVITE FOR THE FORMAL PROPOSAL SOLICITATION.

THE FORMAL PROPOSALS TYPICALLY THERE'LL BE TWO OR THREE DEVELOPERS THAT HAVE BEEN SELECTED TO GO TO THAT PROCESS AND, YOU KNOW, INCLUDE MUCH MORE DETAIL PROGRAM OF THE DEVELOPMENT COST ESTIMATES OF THE CONSTRUCTION, UM, A SCHEDULE, HOW THEY'RE GOING TO FINANCE THE PROGNOSIS, HOW THEY'RE GOING TO FINISH THE PROJECT, BUT WHO IS FINANCING THE PROJECT? DO THEY HAVE A LENDER? DO THEY HAVE EQUITY PARTNERS WHO HAS APPROVAL PROCESS? WE GO THROUGH A VERY DETAILED EVALUATION PROCESS AND QUESTIONING OF THAT.

AND WE ASK FOR THE RESPONSES, REFLECT THOSE QUESTIONS, AND WE'LL PUT THAT IN A FORMAT THAT WE'LL BE ABLE TO EASILY COMPARE THE DIFFERENT RESPONSES.

AND WE'LL AGAIN, COME BACK AND PRESENT THOSE TO STAFF AND COUNCIL FOR DIRECTION ON WHO THEY WOULD LIKE TO ASK QUESTIONS, FOLLOW UP QUESTIONS, ET CETERA.

AND ALSO PART OF THAT PROCESS IS A PRESENTATION FROM THE DEVELOPERS TO STAFF AND COUNCIL, SO THAT YOU CAN ASK THEM QUESTIONS DIRECTLY.

AND I HAVE BEEN WALKING THROUGH THEIR VISION, THEIR PROGRAM AND HOW THEY'RE SEEING THE PROJECT ON HOLD, ANY QUESTIONS WITH ALL OF THEM.

THIS WILL BE THE TIME WHERE WE DO THE CONTRACT NEGOTIATIONS AND ULTIMATELY THE EXECUTION OF THE DEFINITIVE, THE DEFINITIVE AGREEMENTS THAT SOMETIMES INCLUDE DEVELOPMENT AGREEMENTS AND GROUNDS IS PURCHASE AND SALE AGREEMENTS, VENTURE AGREEMENTS, UM, ET CETERA.

ONCE WE GET THROUGH THE FORMAL PROPOSAL PROCESS, THAT WOULD BE THE TIME THAT STAFF AND COUNCIL AND ULTIMATELY COUNCIL WILL MAKE THE DECISION ON WHICH DEVELOPER THEY WOULD LIKE TO NEGOTIATE A CONTRACT WITH.

AND WE'LL GO THROUGH THE CONTRACT NEGOTIATIONS OR THE VENDOR AGREEMENTS, AND DEPENDING ON THEIR PROPOSAL, THEY MAY PROPOSE.

AND THE FEE UPFRONT THOSE OBJECTIVES, THE DEVELOPERS MAY HAVE PROPOSED A DEVELOPMENT AGREEMENT WITH THE CITY OR THE IS, IS, UH, REQUIRED TO PROVIDE CERTAIN INFRASTRUCTURE, POTENTIALLY CERTAIN ZONING, POTENTIALLY, UM, PARKING REQUIREMENTS, UH, MAYBE SOME SHARED PARKING, SOME SHARED PUBLIC AMENITIES.

AND THAT WILL BE OUTLINED IN A DEVELOPMENT AGREEMENT.

THERE MAY ALSO BE A GROUND LEASE DOCUMENT OR PURCHASE AND SALE AGREEMENT DOCUMENT THAT WILL NEED TO BE NEGOTIATED.

AND IT MAY BE A PHASED APPROACH THAT THE DEVELOPERS TAKING.

SO WHATEVER PATH THE TRANSACTION TAKES,

[00:50:01]

I HAVE A QUESTION.

THIS IS JOE CHOW, YOU KNOW, UH, WELL, NOT JUST TALKING ABOUT YOUR SLACK ONE DEVELOPER, OR YOU CAN'T HAVE A MULTI, UH, DEVELOPERS IN A DIFFERENT LOT CAME TO CLARIFY THAT, CORRECT.

THERE COULD BE A MASTER TO GO OVER FOR THE ENTIRETY OF THE, OF THE, UH, UH, THERE COULD BE ALSO PROPERTY SPECIFIC OR PROPERTY TYPE SPECIFIC DEVELOPERS THAT MAY DECIDE IF YOU'D LIKE TO WORK WITH ON A PARCEL BY PARCEL BASIS.

AND THAT'S PART OF THE UPFRONT WORK OF UNDERSTANDING THE GOALS AND OBJECTIVES AND BUILDING THAT CONSENSUS.

IF, IF THE TOWN AND YOU CAN'T GET THE TOWN COUNCIL WANTS TO MOVE FORWARD WITH A MASTER DEVELOPER, WHICH IS OUR UNDERSTANDING AS OF NOW, AND THAT'S WHAT WE WOULD SET UP AND WHAT FOR NOW, THE, UH, THE MASTER DEVELOPER THAT NEEDS TO BE BURST IN MULTIPLE PRODUCT TYPES, MULTIFAMILY, SENIORS, RETAIL, OFFICE HOTEL.

THEY NEED TO UNDERSTAND ALL THOSE PIECES AND, UH, TO COME UP WITH, I MEAN, THERE'S ALREADY A VISION OUT THERE, BUT IT'S MAKING THAT A REALITY.

AND SOMETIMES THAT NATIONAL DEVELOPER MAY NOT HAVE THE EXPERTISE IN ONE OF THOSE PRODUCT GUIDES THAT THE TOWN HAS DECIDED THEY WANT TO MOVE FORWARD WITH.

IN OTHER WORDS, IF WE REALLY LIKE IT, MASTER DEVELOPER, THAT IT'S MORE RETAIL FOCUSED PART OF THEIR PROPOSAL THAT WE'LL SUGGEST TO THEM IS TO BRING IN AN OFFICE PARTNER OR BRING IN A MULTIFAMILY PARTNER AS PART OF THAT.

AND THEN THEY WOULD HAVE TO COME UP WITH THEIR OWN AGREEMENT ON HOW THEY WERE GOING TO WORK TOGETHER.

AND WE WANT TO KNOW HOW THAT WAS GONNA, HOW THAT WAS GOING TO WORK.

THAT MAKES SENSE.

BUT OUR MAYOR, JUST TO FOLLOW UP ON WHAT CHRIS SAY, OUR GOAL AT THIS POINT IS, HAS BEEN FOCUSED ON LOOKING AT A MASTER DEVELOPER AND THEN UNDERSTANDING THAT WHAT CHRIS JUST EXPLAINED IS PART OF THAT PROCESS.

AND WE NEED TO MAKE SURE WE KNOW AND UNDERSTAND WHAT THAT, HOW THAT'S ALL GOING TO WORK AS WE'RE MOVING FORWARD AS WELL.

IT SAYS, THIS IS A PRETTY LARGE PROJECT.

SO YOU MIGHT HAVE A MULTIFAMILY AND YOU MAY HAVE A RETAIL STORE AND THEN MAYBE SMALL SCALE GROCERY STORE OFFICES, MAYBE EVEN SENIOR FACILITIES.

AND IT'S TYPICAL IN THE DEVELOPMENT COMMUNITY FOR A MASTER DEVELOPER TO GO AND FIND THOSE PARTNERS TO BRING TO THE TABLE BECAUSE THEIR GOAL IS TO MAXIMIZE, YOU KNOW, THE PRODUCT THEY'RE GOING TO OFFER.

AND IF SOMEBODY, IF THEY CAN DO THAT WITH SOMEBODY ELSE MORE EFFECTIVELY THAN THAT, CERTAINLY SOMETHING THAT THEY HAVE.

EVERYBODY ELSE NAMING.

CLEARLY I WAS CONFUSED WHEN I FIRST READ THE AGENDA.

I DIDN'T, BECAUSE I WAS WANTING TO GO BACK AND LOOK AT WHAT THE VISION WAS AND HOW DID THIS ALIGN AND ALL OF THAT.

AND THAT'S REALLY NOW WHAT'S ON THE TABLE HERE, WHAT'S IN THE TABLE IS SELECTING SOMEONE WHO WILL HELP US SORT THROUGH WHAT IS NEEDED AS THAT VISION BECOMES CLEAR.

I WASN'T REALLY, I DON'T KNOW.

I COULDN'T HAVE ARTICULATED EXACTLY WHAT CUSHMAN AND WAKEFIELD WAS GOING TO DO.

SO I REALLY APPRECIATE THE CLARIFICATION THAT IT'S LEADING AND GUIDING THE PROCESS ALL THE WAY THROUGH.

CAN YOU TELL US IF THE DATES THAT ARE ON HERE WERE AT THE TIMES, WERE THOSE DRIVEN BY THE CITY OR TOWN OR ANOTHER, OR THOSE AND INCLUDING EACH OF THE PROPOSALS AND EACH PROPOSAL WAS DIFFERENT AND HOW THAT AFFECTED YOUR, YOUR DECISION? I THINK THESE ARE, ARE GENERALLY GENERAL GUIDELINES THAT WE'RE GONNA, YOU KNOW, IF IT MAKES SENSE THAT THAT 30 TO 45 DAYS IS WHAT'S NEEDED.

AND THAT'S OUR NUMBER.

IF, IF IN MEETING WITH CUSHMAN AND WAKEFIELD AND CHRIS, YOU CAN CERTAINLY CHIME IN HERE IF I'M MISSPEAKING, BUT IF CUSHMAN AND WAKEFIELD LOOKS AT KIND OF THE ENVIRONMENT OF THE MARKET AND SAYS, WE ACTUALLY NEED A LITTLE BIT MORE TIME IN THIS AREA WHERE YOU HAVE THE ABILITY TO BE FLEXIBLE IN THAT CASE.

BUT WHAT YOU SEE ON HERE WAS PROVIDED BY CUSHMAN AND WAKEFIELD AND, UM, IF IT NEEDS TO CHANGE, THEN, THEN WE WOULD HAVE AN APPROPRIATE CONVERSATION TO MAKE SURE THAT WE'RE DOING WHAT MAKES SENSE FOR A SUCCESSFUL PROCESS.

JANUARY, 2020 TO 2022, THAT'S 465 DAYS.

THAT THE LAST BOX CONTRACT NEGOTIATIONS, 180 DAYS, THAT LOOKS TO BE LANDING IN

[00:55:01]

SO CAN YOU GIVE US A SENSE OF, I MAY NOT BE ABLE TO, CAN YOU GIVE US A SENSE OF WHAT YOUR UNDERSTANDING IS OF HOW FAR DARK SHOULD BE ALONG 22? JANUARY? THE GOAL IS TO HAVE, UH, THE OPERATING, HAVING THEIR GOAL IS TO OPERA, HAVE A REVENUE SERVICE DATE OF, UH, END OF YEAR 2022, MARCH 29, 23.

BUT THEY, SO THAT WAS THEIR ORIGINAL THING, RIGHT? THAT IS SLID TO MARCH 20, 23.

SO WE'RE IN THE BALLPARK OF HAVING SOMETHING STARTING IN BY DARK.

IF YOU, IF THIS LET'S SAY THIS WENT PERFECTLY AND EVERYTHING STARTED, YOU KNOW, WE GOT EVERYTHING DONE BY THE BIG HIT JANUARY OF 2022, THEN PRETTY, PRETTY SOON AFTER THAT, RELATIVELY SPEAKING WITHIN THE NEXT 18 MONTHS, YOU'VE GOT RAIL SERVICE RUNNING THROUGH THE AREA.

CHRIS, DID YOU HAVE ANYTHING ELSE? NO OTHER QUESTIONS ABOUT THE PROCESS.

WHAT'S IT LOOK LIKE THERE IS RIGHT NOW, BUT WE MAY COME BACK TO YOU YET.

YEAH, NO PROBLEM.

SO, AS CHRIS SAID, EARLY ON, HE AND HIS TEAM WILL WORK WITH STAFF AND THE COUNCIL TO DEVELOP THE CRITERIA AND EVALUATING PROPOSALS.

CITY COUNCIL NEEDS TO DETERMINE WHAT'S THEIR PREFERRED METHOD FOR, FOR REVIEW AND EVALUATION OF THE INITIAL PROPOSALS BASED ON THE CRITERIA THAT WE SET.

AND WHAT IS THE METHOD FOR SELECTION OF FINALISTS TO SUBMIT MORE DETAILED PROPOSALS FOR FURTHER ABOUT WHAT IS THE PREFERRED METHOD FOR REVIEW OF THE FINAL PROPOSALS AND SELECTION COUNCIL WILL APPROVE THE DEVELOPMENT AGREEMENT.

LAND TRANSACTION SELECTED A MASTER DEVELOPER, AND THE COUNCIL WILL REPROVE ANY ZONING CHANGES REQUIRED FOR THE DEVELOPMENT.

SO SOMETHING THAT WE TALKED ABOUT INTERNALLY WAS, AND I'VE SEEN IT BOTH WAYS IS DO YOU HAVE, DOES COUNCIL APPOINT A COUNCIL SUB COMMITTEE? AND YOU HAVE A SUB COMMITTEE THAT NARROWS DOWN YOUR FINALIST AND THEN BRINGS THAT BACK TO COUNCIL.

DO YOU WANT ALL OF COUNCIL TO REVIEW ALL OF THE PROPOSALS? HOW DOES COUNCIL WANT TO MOVE FORWARD IN THAT PROCESS TO OBVIOUSLY WE'RE WANTING TO MOVE EXPEDITIOUSLY AND KEEP THINGS MOVING, BUT COUNCIL WILL NEED TO DETERMINE WHAT THAT PROCESS IS.

I DON'T BELIEVE THAT HAS TO BE DETERMINED TONIGHT, CORRECT, BUT IT'S SOMETHING THAT WE WILL NEED TO COME BACK TO AND THINK ABOUT AND HOW WE WANT TO MOVE FORWARD ON THAT.

ONE OF THE THINGS THAT WAS MENTIONED WAS COMMUNITY INVOLVEMENT WANTED TO JUST REMIND EVERYBODY THAT WE HAD A LOT OF COMMUNITY INVOLVEMENT IN THE CREATION OF THE VISION FOR THE SILVER LINE.

WE HAD A 13 MEMBER COMMITTEE, WE HAD TWO COMMUNITY MEETINGS, TWO PUBLIC HEARINGS, UM, AND THEN THE FINALIST DEVELOPERS CAN MAKE THEIR PRESENTATIONS TO THE COUNCIL SO THAT THE COMMUNITY CAN SEE JUST AS A REMINDER, TOO, AS THESE THINGS COME TO THE COUNCIL, FOR EXAMPLE, FROM A PLANNING AND ZONING STANDPOINT, FIRST IS PLANNING AND ZONING.

AND THEN TO THE COUNCIL FOR CONSIDERATION, THOSE WILL BE OPPORTUNITIES, ADDITIONAL OPPORTUNITIES FOR THE PUBLIC TO PROVIDE FEEDBACK, COMMENTS ON ANY PROPOSALS.

I WOULD SUGGEST, YOU KNOW, ASSIST.

THIS IS A VERY LARGE PROJECT AND ALSO BRIGHTON PROJECT.

SO MAYBE WE CAN HAVE SOME JOIN THE MEETING, YOU KNOW, WITH THE P AND Z IN THE NEAR FUTURE.

YOU KNOW, WHEN WE GET TO THIS, NO, WE CAN JOIN JOINS AND THEY HAVE A MEETING ON THE STANDING THAT FALLS SCOPE.

SO, SO TO GET CLARITY THERE, ARE WE TALKING ABOUT, ARE WE TALKING ABOUT, ARE YOU TALKING ABOUT WANTING TO DO THAT AS WE SELECT THE DEVELOPMENT? YEAH.

YOU HAVE TO DO A MAKE DECISION.

YOU KNOW, I'M DOING THE PROCESS OF SELECTING MESSAGE DEVELOPMENT.

SO PROBABLY GOING TO HAVE TO JOIN THE MEETING.

SO ALL THE PNC MEMBERS AND COUNCIL MEMBERS WILL UNDERSTAND, YOU KNOW, SO

[01:00:01]

YOU DON'T HAVE TO TAKE IT MORE THAN ONE WEEK.

WHAT SHOULD YOU BE ABLE TO DO IN THE MARKET? WHAT WOULD BE THE VALUE THAT TERMS, THE NOI LAND VALUE.

WELL, I DON'T THINK YOU WANT THE P AND Z INVOLVED WITH THE SELECTION OF THE MASTER DEVELOPER.

NO.

SO WHEN YOU'LL HAVE SOME CANDIDATES COMING UP, YOU KNOW, WE CAN CERTAINLY TALK ABOUT THAT.

LET'S TALK ABOUT THIS OFFLINE, BUT NOTICE ON YOUR, YOUR, YOUR DESIGNER CHATTER THIS TOMORROW.

SO THE CUSHMAN AND WAKEFIELD CONTRACT, THEIR SCOPE REFLECTS THEIR APPROACH, THAT THEY WENT OVER WITH US, THEIR STRATEGIC PLANNING AND PROJECT UNDERWRITING, MARKETING MATERIALS, PHASE ONE SOLICITATION OF THE INITIAL PROPOSAL FROM THE PRE-BID CONFERENCE, A INITIAL PROPOSAL ANALYSIS AND PHASE TWO SOLICITATION OF THEIR FORMAL PROPOSALS, FORMAL PROPOSAL EVALUATIONS AND MASTER DEVELOPER SELECTIONS.

AND THEN THE CONTRACT NEGOTIATIONS AND EXECUTION, THEIR INITIAL TERM WILL EXPIRE IN DECEMBER 31ST OF 2021 AS COUNCIL MEMBER KITA.

NIA MENTIONED, WE MAY, WE CAN EXTEND THAT FOR ONE YEAR TERMS FOR AN ADDITIONAL FOUR YEARS.

SO WE MAY HAVE TO EXTEND THAT FOR AN ADDITIONAL YEAR, IF WE'RE NOT WHERE WE NEED TO BE AT THAT POINT.

UM, THEIR COMPENSATION IS A 10,000 PER MONTH.

OVER THE TERM OF THE CONTRACT WOULD DEFER TO CREDIT IT TOWARDS ANY TRANSACTION FEE MARKETING EXPENSES, IF $25,000, AGAIN, DEFERRED AND CREDITED TOWARDS ANY OF THEIR TRANSACTION FEE AND THEN THEIR TRANSACTION FEE.

AS YOU CAN SEE UP HERE, IT'S LISTED AT 4% OF THE GROUND LEASE RENT FOR 10 YEARS, AND THEN IT'S A TIERED COMMISSION BASED ON SALES PRICE.

ANY QUESTIONS I DON'T KNOW ENOUGH ABOUT THIS TO RELATE WHETHER THIS IS NORMAL, ANY COMMENTS ON, ON THAT? SURE.

WE HAVE DAVID LEININGER HERE.

WHO'S HELPING US WITH THIS PROCESS.

I'D BE HAPPY TO HAVE HIM ANSWER THAT QUESTION.

WE HAVE A MICROPHONE MASKING STAND FAR OUT OF THE WAY DAVID LINE.

SOME OF YOU HAVE TO WORK WITH ART, UH, WORKING THROUGH THE GATE COTTON BELT LINE.

UH, I AM MARRIED WITH THESE KINDS OF PERMISSION STRUCTURES.

UH, USUALLY TWO THINGS ARE, UH, ON THIS MATTER PROJECT, ONE HAS TO DO WITH A BASIC TRANSACTION.

WE'LL CALL IT.

AND THERE'S OBVIOUSLY A SUCCESS FEE.

SUCCESS FEE IS BUILT TO MAKE SURE THAT YOU'RE REALLY ASPIRING FOR AS MUCH AS YOU CAN ACHIEVE WITHIN THE BOUNDARIES OF REALLY WHAT YOU WANT.

SO YOU DON'T WANT TO COMMISSION BROKER TEAM TO UNDERSHOOT.

UH, OBVIOUSLY, SO THE SUCCESS FEE IS INTENDED TO WORK IN A WAY WHERE, AS IT GETS CLOSER TO A HIGHER LEVEL THAN YOU COMPENSATE THEM FOR THAT, BUT YOU GOTTA GET THROUGH THE FIRST PIECE, UH, THESE, UH, MISSION STRUCTURES.

AND I SHOULD MAKE SURE THAT, YOU KNOW, THAT THAT'S, UH, BRADLEY'S FOR THE LAND TRANSACTION.

THE ASSUMPTION IS THAT YOU COULD HAVE LIMITED BOUNDARIES AND THAT WOULD BE A WAY TO DO IT.

AND THEREFORE THEN PUT THEM THE 4% IS A PRETTY COMMON WAY TO DO THAT.

IF IT'S TRANSACTIONS SOLD IN TOTAL OR PIECES, THEN YOU'LL SEE THE COMMISSION STRUCTURE AND THE COMMISSION STRUCTURE, THIS PRETTY, PRETTY NORMAL IN TERMS OF THE WAY IT'S CHEERED.

YOU NOTICE TODAY, JUST START GOING UP AT A DOLLARS IN TOTAL, THEN YOUR COMMISSION PERCENTAGE DROPS DOWN.

SEE IF IT'S ALL THE WAY DOWN TO 0.5 BASIS POINTS WHEN YOU WERE ABOVE 21 BILLION.

SO THAT'S TYPICAL.

AND OBVIOUSLY THIS IS QUITE DIFFERENT THAN A RETAIL COMMISSION THAT YOU MIGHT BE USED TO WHAT YOU'RE SEEING 3% OR 6%, 4%, UH, COMMERCIAL STRUCTURES, OR ARE MORE OFTEN STRUCTURED LIKE THIS, BUT IT'S REALLY IMPORTANT TO DIFFERENTIATE BETWEEN THE GROUND LEASE AND WHY AND SALE THERE'S EVEN A POSSIBILITY.

YOU COULD SEE A PLAN AND DIFFERENT PROPERTIES, BUT THAT'S WAY DOWN THE LINE IN TERMS OF YOU GOTTA GET YOUR DEVELOPERS RESPOND TO THAT, UH, WHILE I'M UP, UH, WEST, IF YOU'D LIKE ME TO SPEAK TO NOW THE PIECE TO THAT ON THE SUCCESS, SPEED AND BASELINE, UH, PUTTING TOGETHER A SUCCESS FEE, UM, AND, AND YOU HAVE TO FIGURE OUT, WELL,

[01:05:01]

THIS IS ESSENTIALLY GREENFIELD PROPERTIES.

IT'S, IT'S RAW LAND, MORE THAN BUILT STRUCTURES.

AND SO WHEN YOU'RE TRYING TO GO THROUGH A WHAT'S THE LAND, THE LAND IS NOT WORTH, UH, AND IN THE RIGHT ENVIRONMENT, WHAT IT IS WORTH THIS, BUT WE WORK MORE.

SO YOU REALLY DON'T WANT TO ESTABLISH A LAND VALUE BASED ON TOO LOW OF A USE, UH, AND THE WAY YOU DO VALUATIONS.

WE EITHER DO A COMP SALES COMPS, AND THIS INSTANCE WOULD WORK VERY WELL BECAUSE YOU'RE GOING OUT DOING IT, UH, OR YOU'LL GET A BUILT ENVIRONMENT YOU'RE GOING TO GET, YOU KNOW, WHAT THE VALUE OF THE PROPERTY IMPROVEMENTS ARE.

AGAIN, THIS IS REALLY A PROGRAM OF PROPOSED USE.

SO, UM, UH, THE EASIEST WAY TO DO THIS, UH, TO AN EXPENSIVE EXERCISE IS TO COME UP WITH WHAT A MEET THE MARKET, UH, PROGRAM IS THAT YOU CAN MOST LIKELY ACHIEVE WITHOUT A GREAT DEGREE OF EFFORT.

UH, AND THEN, AND THEN PUT A PERCENTAGE OF THE TOTAL VALUE YOU HAVE THAT AGAINST SPLIT, WHAT LAND WOULD BE WORTH.

SO IN OTHER WORDS, I WORK WITH PRETTY QUICKLY, UH, AND IT'S, IT'S ONE THAT QUESTION THAT IF YOU WERE SO INCLINED AS A TOWN COUNCIL, YOU COULD BUILD THROUGH THAT 10 TO 1500 WITH, UH, BASICALLY FOUR STORIES, THE SIX STORY AND MULTIFAMILY WITH A LITTLE BIT OF RETAIL AND SOME OFFICE WITH A HIGH DEGREE OF CONFIDENCE THAT MARK CONSUME THAT IN PRETTY SHORT ORDER.

I MAY NOT BE WHAT I WANT, BUT I'M JUST SAYING THAT THAT'S A MEET THE MARKET WAY TO DO THAT, THAT PROGRAM, UH, JUST BASED ON WHAT IT COSTS TO BUILD APARTMENT UNITS, TO HAVE ABOUT $200,000 A UNIT, UH, WE'LL LOOK AT A COUPLE HUNDRED DOLLARS, A SQUARE FOOT FOR OFFICE AND RETAIL ON THERE.

AND WORKING WITH FRESHMEN, WE ARRIVED AT AND A KIND OF A STANDARD MIX, A UNIT.

YOU COULD PROBABLY DO IT.

I'M NOT LOOKING AT IT RIGHT NOW.

IT SEEMS TO BE, THEY HAVE TO GO UP AND LOOK AT IN TERMS OF THE NUMBER OF UNITS IN THE LOWEST CASE ABOUT 700, I THINK 500, 400 TO 700 UNITS.

AND THEN YOU HAVE A, YOU CAN KIND OF THINK ABOUT SOMETHING THAT'S MORE HEAVILY WEIGHTED TO OFFICE SOMEBODY THAT'S MORE OF EMILY WADE, THE PRESIDENTIAL, UH, THE, IT IS, IS THAT WORKED OUT TOO.

IF YOU USE A CAMERA, THE MEET, THE MARKET IS FOUR OR 500 UNITS OF ONLY FAMILY, A LITTLE BIT OFFICE THAT WORKED OUT TO ABOUT 200.

YEAH, 250 MILLION.

I THINK IT WAS 260, 220 IN A WAY, THE MAP WHERE I DON'T WANT TO BE OVERLY PRECISE.

UH, I'M THE CFO BY BACKGROUND.

AND SOMEBODY COACHED ME EARLY ON TO DON'T SOLVE TO THE FOURTH DECIMAL POINT, BUT TO DECIMAL POINT DATA.

SO I DON'T WANT TO BE CAREFUL ABOUT, YOU KNOW, FALLING IN LOVE WITH A PARTICULAR OR NUMBER, BUT IN THAT RANGE OF TWO, 200, TWO, 10 TO 235, SOMETHING LIKE THAT, THAT'S ABOUT WHAT YOU CAN EXPECT AND CONVENTION THAT COMMERCIAL BANKERS SHOES, UH, ABOUT WHAT THE LAND VALUE IS AN APPROPRIATE AMOUNT OF THAT PLAN SHOULD BE AS A PERCENTAGE OF THE TOTAL PROJECT IS ROUGHLY 15%.

THEY GET PRETTY UNCOMFORTABLE IF THEY START SEEING LAND IN BIG COMMERCIAL COMPLEX, IS THAT ABOVE 15%? I'LL GIVE YOU AN EXAMPLE.

WELL, THAT RULE DOESN'T WORK.

WHEN YOU TALK ABOUT LUXURY SINGLE FAMILY HOUSES, UH, THE OLD SAY, UH, PERCENTAGES THAT MAYBE 30 TO 40 LAND IS A PERCENTAGE OF THE TOTAL PROJECT PRICE.

SO IT'S A PROJECT FOR MULTIFAMILY OFFICE.

TYPICALLY BETWEEN TENANTS 20% IS THE BOUNDARIES THAT THE BANKERS WILL, WILL THEN TAKE AGAIN.

SO THEY GET PRETTY UNHAPPY.

THEY SEE A WAY OF VALUES THAT ARE MUCH HIGHER THAN THEIRS, BASICALLY INTERVIEWING THAT'S GOING TO SQUEEZE THE MARGINS ON THE OVERALL SUCCESSFUL PROJECT.

SO IF YOU TAKE 225 MILLION PRODUCTS FROM 2016, EIGHT, 15%, AND AGAINST THAT, UH, YOU'RE GONNA COME UP INTO EVALUATION FOR THE LINE LAND AROUND 30, $35 MILLION.

SO WHAT WE'RE WANTING, HE HAS TWO THINGS, UH, UH, WHAT'S THE TOTAL WELL PROPERTY VALUE AND WHAT THE CITY EXPECT TO SEE.

SO ULTIMATELY TAX VALUE FROM AGAWAM AND THEN SALES TAX FROM BE THERE.

UH, BUT THEN, UH, ON THE OTHER HAND, WHAT'S THE LAND VALUE YOU OWN THE LAND.

SO, UM, THE VALUE, I THINK THAT 30 SOME MILLION WOULD ALSO INCLUDE THE DARK PROPERTY IN TOTAL, BUT BASICALLY LOOKING AT IS THE VALUE PROBABLY A 22.5 MILLION, UH, FOR YOUR LAND RIGHT NOW ON A MEET THE MARKET STRATEGY.

I WANT TO QUICKLY SAY THOUGH THAT THE THAT'S NOT THE GOAL, UH, YOU KNOW, I LISTENED TO ENTER YOUR PROGRAM

[01:10:01]

WORK.

I'M VERY FAMILIAR WITH THE HISTORY OF ADDISON AND HOW HARD THE TOWN HAS WORKED TO GET THIS LAND ACQUIRED.

YOU HAD IT SET UP FOR CHURCH, SO YOU CAN TAKE ADVANTAGE OF THE TIME DEVELOPMENT AND IT FINALLY OCCURRED.

SO YOU'RE DANG CLOSE NOW TO THAT.

AND OBVIOUSLY YOU FIRE TO DO SOMETHING THAT'S MUCH MORE SIGNIFICANT THAT SIMPLY BUILDING YEAH.

TO, UH, MEET THE MARKET STRATEGY.

UM, AND THIS IS, UH, THIS WHAT'S AT THIS, AND WE READ TALKING BACK AND FORTH THAT IT'S REASONABLE TO THINK THAT, UH, UNDER THE RIGHT COMBINATION OF CIRCUMSTANCES, YOU MAY SEE VALUATIONS CLOSER TO 600 TO 750 MILLION, UH, IN THIS PRODUCT.

AND THIS PROGRAM WORKED SO, SO WOW.

200 TO 225 MILLION IS KIND OF A BASE CASE.

AND THAT'S, SO WE'RE SAYING THAT THE SUCCESS FEE NEEDS TO GET ABOVE THAT THE SUCCESS PAGE SHOULDN'T EVEN KICK IN AND TELL YOU YOU'VE DONE AT LEAST THE MINIMUM THRESHOLD.

AND THEN AFTER THAT IS WHEN THE SEXIST SUCCESS FEE KICKS IN.

I THINK REALISTICALLY, UH, WITHOUT STRETCHING A LOT, A 400 AND 509 WOULD BE A NUMBER.

UH, AND I THINK YOU'D BE HAPPY WITH THAT, BUT THERE'S NO QUESTION THAT IT'S, IT'S ALSO CONCEIVABLE WITH A GOOD PROGRAM, THAT MEXICAN DEVELOPMENT PROGRAM THAT YOU COULD GET UP INTO A HIGHER RANGE THAN THAT.

AND THAT'S NOT, WE'RE PUTTING BIG HIGH RISE TOWERS AND ANYTHING LIKE THAT.

IT'S, IT'S REALLY, IT'S AN INTELLIGENT, NEXT REASONABLE DENSE HIGH DENSITY USE PROPERTIES.

UM, ONE COMMENT, UH, I'VE TAKEN THE LIBERTY HERE ON TIMING, UH, AS IT WORKED OUT PROBATE HAS HAD, IF YOU IMAGINE AN IMPACT ON THIS PROCESS, BUT ALSO ON MARTIN.

UH, AND WHEN YOU TALKED TO TOD AND I'M THE COCHAIR OF THE TOD PRODUCT COUNCIL HERE IN DALLAS FORT WORTH, AND WE HAD A LOT OF DISCUSSION ABOUT THE FUTURE OF TOD PROJECTS.

AND THE CONSENSUS WAS THAT THIS IS THAT THE FUTURE IS REALLY GOOD POST 2022.

UH, AND THE POINT OF THAT IS THAT TELL THE, THE, THE VACCINE IS OUT THERE AND DISTRIBUTED, BUT THE BANKERS ARE SAYING, UH, TELL ME WHEN THAT'S, WHEN THE VACCINES ARE DISTRIBUTED AND THERE WE'LL TALK ABOUT NEW MIND.

UH, AND THAT'S KIND OF THE MESSAGE TO THE DEVELOP COMMUNITY MO WELL, EVERYBODY FEELS REASONABLY CONFIDENT.

THIS IS GOING TO GET WORKED THROUGH IN THE 2021 TIMEFRAME AND 2022 AND BEYOND IS WHEN YOU REALLY BEGAN TO SEE SOMETHING, LOOKING LIKE A NORMAL MARKET ENVIRONMENT.

AND ACTUALLY THERE'LL BE A LITTLE BIT OF PENT UP DEMAND BECAUSE NOT MUCH NEW IS COMING ON THE BOOKS RIGHT NOW.

SO THERE'S GOING TO BE SOME OPPORTUNITY THERE.

SO AS IT WORKS OUT, ACTUALLY BEING IN THE MARKETING CYCLE IN 2021, WHICH IS WHAT THAT SCHEDULE SHOWS WORKS OUT PRETTY WELL.

I DEED AWAY FROM, FROM A MEET OF, OR HIT THE MARKET WHEN THE MARKET IS BEGINNING TO BE INTERESTED IN THIS KIND OF PROPERTY AGAIN.

AND THEN COINCIDENTALLY, YOU SHOULD SEE THE OPPORTUNITY FOR SOME DIRT TO MOVE ABOUT THE TIME THAT THE DART IS ACTUALLY FINISHING OFF THE STATION.

SO THAT'S A LONG WINDED WAY TO EXPLAIN A LITTLE BIT ABOUT THE VALUATIONS.

AND HOPEFULLY THAT GIVES YOU A LITTLE BIT OF A SENSE OF HOW THESE, THESE NUMBERS COME TO STACK UP AND THEN HOW THOSE CONDITIONS STRUCTURED FOR IT.

BUT THE DIRECT QUESTION I BELIEVE WAS IS THIS COMPARABLE TO WHAT MACHINES ARE PLACED IN THE ANSWER IS YES.

IN FACT, I THINK THAT'S ACTUALLY AN IMPROVEMENT IN TERMS OF WHAT YOU'RE PAYING.

LIKE YOU MIGHT SEE OTHERWISE I HAVE A QUESTION IS THE FLATTER BASELINE IMPROVEMENT IN VALUE? YOU KNOW, YOU'RE ASKING ME $260 MILLION BASED ON 200,000 PER UNIT, THEN 60 UNITS AN ACRE.

SO THIS BASE DENSITY, RIGHT.

BUT WHAT'S THE HEIGHT ASSOCIATED WITH THEM? WELL, OR EVEN HIGHER, THAT'S PROBABLY FOUR, FOUR STORY.

SO THAT'S BASIC.

CHRIS IS ON THE LINE.

I THINK HE PROBABLY, I THINK HE WAS MAYBE USUALLY THAT'D BE FOUR STORIES WITH MAYBE ANOTHER STORY.

THAT'S A, THAT'S A, YOU KNOW, WHAT YOU SEE, UH, LIKE AMWAY HAD, HAD, HAD DONE JUST TO THE SOUTH, THAT SAME PRODUCT.

I'VE WHEN WE SAW THE PLAN, UH, YOU KNOW, EARLY ON THIS PRELIMINARY PLAN.

SO WE TALK ABOUT SOUTHERN FOUR STORY, A STORY, 12 STORIES, THEN WITH MANY, MANY BUILDINGS, YOU KNOW, AT A TOWN.

SO WHAT I'M SAYING IS, IS A BASELINE IMPROVEMENT VALUE IS KIND OF A TOO LOW.

SO THAT'S MY QUESTION.

QUIZ, BIG QUESTION FOR HER CUSHMAN AND WAKEFIELD TO RESPOND TO.

HEAR YOU SAY DAVID, THAT HE WAS TOO LOW? OKAY.

DID I

[01:15:01]

YEAH, BECAUSE YOU KNOW, YOU JUST, WITH THE FOUR STORIES, SIX UNIONS, I REMEMBER WE SAW THE POET LIVE IN DORY AND I THINK OUR CITY MANAGER, WEST PEARSON AND CHARLES GOLF, THEY WENT TO MAKE A PRESENTATION TO A LAND INSTITUTE IS TO DO THAT'S, THAT'S A FOUR STORY, A STORY, 12 STORY, BENNY MANY.

AND THEN SOME OF HIS OFFICE BUILDING MAKES USE WITH SUMMARIZE DENTURE ON THE TOP RETAIL ON THE BOTTOM, SOME OFFICE IN BETWEEN.

SO IF YOU JUST USE A FOUR STORY RESIDENTIAL ABOUT THAT FAMILY.

SO THE, I FEEL LIKE THE BASE VALUE IS MUCH LOWER.

THEY DON'T BOTHER YOU ACTUALLY PROJECTED TO DO THAT'S.

SO THAT'S A GREAT QUESTION.

UM, THE ANSWER TO THAT IS, UM, WHEN DAVID HAD ALLUDED TO OR EMAILED OUT, UH, IN REGARDS TO MEETING THE MARKET, SO THE MARKET TODAY FOR OFFICE, UH, THIS, UH, MARKET, YOU'D BE VERY DIFFICULT TO GET, YOU KNOW, ABOVE FOUR STORY.

I THINK WHAT YOU'RE GONNA SEE MOST DEVELOPERS WANT TO DO AT MARKET RENTS AND WHAT CONSTRUCTION COSTS ARE TODAY IS, UH, TILT WALL, CONCRETE WALL CONSTRUCTION, AND WHAT THEY CALL MORE VALUE OFFICE.

UH, CALI BARTERS IS A, IS A GOOD GAMBLE THAT THEY'RE ONE OF THE BEST IN DFW.

THEY DO A VERY GOOD PRODUCT, BUT IT'S NOT, UH, WHICH YOU WOULD PROBABLY WANT, UH, IN, IN THE TOWN OF MADISON AT, BASED ON THE VISION THAT THAT HAS BEEN SET FOR.

AND THAT'LL REQUIRE A DIFFERENT CONSTRUCTION TYPE, WHICH IS MUCH MORE COSTLY, REQUIRES MUCH HIGHER RENT.

AND TYPICALLY WHERE THAT ADDITIONAL COST COMES, UH, THE WAY THAT DEVELOPERS ABLE TO MAKE THAT WORK EITHER CITY SETS OR REDUCING THE LAND COST.

AND SO, UH, THAT WAS THE IDEA HERE.

THIS IS GIVEN TAKE OF PUSHING THE MARKET BEYOND WHAT THEY'RE COMFORTABLE DOING IN WHAT COULD GET FINANCED BASED ON CURRENT CONSTRUCTION COSTS, CURRENT RANCH, CAR ABSORPTION RATES, ET CETERA, AND PUSHING THEM TO DO SOMETHING THAT'S ABOVE MARKET.

IF WE'RE, WE'RE SAYING IS THE $216,000, FRANKLY, THAT, THAT WE, WE THINK THAT THE PRETTY HIGH BAR AS IT IS, UM, AND, UH, YOU KNOW, CAUSE IT'S, IT'S A LOT OF, THAT'S, THAT'S A LOT OF IMPROVEMENT VALUE, BUT TO GET THE VISION ACHIEVED AND GET THOSE MID RISE BUILDINGS, WE THINK THERE'S GOING TO BE SOME GIVE AND TAKE WITH THE, UH, THE DEVELOPERS TO MAKE THEM ABLE TO LOWER LAND VALUES.

THEY MAY COME UP WITH DIFFERENT STRUCTURES, UH, BUT WE'RE GOING TO HAVE TO REALLY PUSH THE MARKET TO GO BEYOND WHAT THE CURRENT RENTS AND CONSTRUCTION COSTS AND DFW RULE WILL SUPPORT.

AND SO THAT'S WHY WE'VE ONBOARDED CHRIS.

I THANK YOU.

I CONFIRMED THAT.

I WAS PUSHING YOU ON THIS A LITTLE BIT, CAUSE I THOUGHT XSP SHOULD BE HIGHER THRESHOLD TWO.

AND THEN I SAW TAKE OUT, EXPLAIN FOR HIM.

HE PUSHED BACK PRETTY HARD AT THIS POINT.

SO I DO ACTUALLY KNOW WHERE THAT WE WERE.

THAT WAS A SUBJECT OF DISCUSSION.

I WILL SAY THOUGH, THAT, UH, THE OBLIGATION IN MY MIND IS YOUR ADVISOR ON THIS IS TO, TO PUSH CUSHMAN PRETTY HARD ON SELLING THE VISION AND EXPLAINING THE PRODUCT.

THIS IS NOT A NORMAL 10 ACRES SOMEWHERE IN DALLAS FORT WORTH.

AND SO REALLY SETTING THE STAGE, EXPLAINING THE LOCATION, EXPLAINING THE CONTEXT, THE HISTORY, THE FACT YOU'VE ALREADY GOT BRANDING WELL-ESTABLISHED AND HAS SOME CIRCLE.

THERE'S A LOT OF THINGS THAT REALLY GO INTO THE SALES PROCESS AND THE COMMUNICATION PROCESS.

SO THIS IS WHERE THEY NEED TO EARN THEIR MIND IS PROPERLY PRESENTING WHAT THIS OPPORTUNITY IS.

UH, AND THEN MAKING SURE THAT DEVELOPERS DON'T LOOK AT THIS AS A THREE TO FOUR STORY MULTICAM OPPORTUNITY.

EXACTLY.

DAVID, THE REASON I SAY THAT WE ARE DIFFERENT FROM CITY LINES OR FARMER'S BRANCH OR CARROLLTON, THEY DO FOUR STORY, BUT WE HAVE A VERY LIMITED LAND.

SO WE ARE BUILDING HIGHER IF WE CAN.

SO THAT'S THE REASON I MENTIONED THAT BASELINE IMPROVEMENT KIND OF LOW AND, YOU KNOW, WE CAN ALWAYS DISCUSS THIS.

WE NEED TO DISCUSS THAT.

WE NEED TO DISCUSS THAT RIGHT NOW.

RIGHT, RIGHT.

AND AT

[01:20:01]

LEAST DELIVER WHAT YOU'RE THINKING IN YOUR MIND.

I WAS GOING TO ASK CAUSE IT'S THOSE THE BASELINE.

AND THEN COULD WE GO BACK TO THAT CHART? AND IF YOU COME IN ON THIS STEP UP OVER THE 216 MILLION, WHAT IT, THESE CAUSE THAT'S THE OTHER PART OF THE EQUATION AS TO WHAT'S RIGHT HERE.

CERTAINLY WE'VE GOT WHAT WE'VE GOT HERE IS A, UM, THAT'S CHANGED.

WE'VE GOT A, WE'VE GOT TWO, WE'VE GOT TWO FEES, THERE'S A TRANSACTION FEE AND A SUCCESS FEE AND THE TRANSCENDENTAL TRANSACTION FEE FEE, REGARDLESS OF WHAT KIND OF THE DEVELOPMENT OCCURS IS GOING TO BE THE SAME.

RIGHT? SO THAT IS, THAT'S THE SAME.

THE SUCCESS FEE IS A PERCENTAGE OF A CONSTRUCTION VALUE IS ULTIMATELY AGREED TO, RIGHT? SO IN THE END YOU'VE GOT A BROAD SPECTRUM OF THOSE THINGS.

AND IN ORDER TO BE ABLE TO QUALIFY FOR THE SUCCESS FEE, YOU HAVE TO FIRST PASS THAT 216,000 MILLION DOLLAR THRESHOLD.

AND THEN YOU'RE TALKING ABOUT APPLYING THAT PERCENTAGE TO ANY CONSTRUCTION VALUE OVER THAT.

LISTENING TO YOUR PRESENTATION.

AND SO IF, FOR EXAMPLE, WE HAVE, UH, A LIGHT MIXED USE DEVELOPMENT.

IT'S THE THIRD COLUMN IN AND U S AND WE APPLY THE SUCCESS FEE TO THAT.

THEN WHAT WE ENDED UP PAYING CUSHMAN AND WAKEFIELD IS $426,000, PLUS THE $116,000 AND, AND EVERYBODY, AND THAT'S WHAT WE'RE PROPOSING.

AND THEN EVERYBODY MOVES ON IF THEY ARE SUCCESSFUL IN WHICH WE HOPE THAT THEY ARE IN, UH, PROMOTING AND SECURING A DEVELOPER WHO IS COMMITTED TO AN ASPIRATIONAL TYPE OF PROJECT AND IS MAKING THE MARKET AS OPPOSED TO MEETING THE MARKET.

AS DAVID HAS EXPLAINED, UH, THEN THE SUCCESS FEE IS QUITE A BIT HIGHER, BUT IT'S BECAUSE IT'S A PERCENTAGE OF A LARGER NUMBER.

AND SO IT'S, THEY ARE INCENTIVE INCENTIVIZED TO GO AND FIND THAT ASPIRATIONAL PRODUCT AND GET THAT AS THE COMMITMENT TO THE PRODUCT, TO ADDISON, WHICH IN THE LONGTERM WE BELIEVE IS GOING TO BE BETTER, THE HIGHEST AND BEST USE WITH THE LAND AND ULTIMATELY SERVE US IN ALLOWING US TO HAVE PEST THE TOWN, HAVE THE RESOURCES WE NEED TO BE ABLE TO TAKE CARE OF NOT ONLY THIS, THIS DEVELOPMENT, BUT ALSO THE, OUR OBLIGATIONS TO THE REST OF THE COMMUNITY.

AN ADD ON POINT TO THAT, IF ONE OF THE TESTS I HAVE SUPPLY, AS MANY AS SUCCESS FEES IS WHAT'S THE TOWN GETTING IN TERMS OF NET.

IN OTHER WORDS, IT'S FINE TO HAVE SUCCESS FEE, BUT YOU NEED TO BE GETTING AN INCREMENTAL REVENUE STREAM ON YOUR SIDE AND TAXES AND VARIOUS PEAS THAT ARE WELL ABOVE.

WHATEVER THAT SUCCESS BE.

A, THE SUCCESS FEE IS A ONE TIME PAYMENT, THE ONGOING, AND THAT'S WHAT THIS CALCULATION HERE WAS LOOKING AT AS A FIRST YEAR AND ADD MORE EVALUATION, WHAT THE $2.3 MILLION THAT'S ANNUAL.

AND SO IN DOING THE TEST, AND HE'S SAYING, YOU REALLY JUST GOTTA MAKE SURE THAT PAY WINDOW IS RIGHT AND THAT, YOU KNOW, IT'S FINE TO COMPENSATE SOMEBODY.

IF THEY'RE BRINGING SOMETHING TO THE PAY WINDOW THAT REALLY SUBSTANTIALLY BENEFITS YOU, AND THAT'S THE WAY THESE SPEECH NEED TO WORK.

THEY, YOU KNOW, YOU WANT THEM TO BE EXCITED ABOUT REACHING FOR THE SET SUCCESS FEE.

IT'S GOTTA BE THE RIGHT PROGRAM.

IT'S GOTTA MATCH UP WITH WHAT YOU WANT.

UH, AND YOU GOTTA MAKE SURE THAT YOU'RE GETTING, UH, YOU KNOW, REAL GOOD DIVIDENDS FROM THAT.

UH, AND WHAT, UH, WHAT WASN'T TALKED ABOUT VERY MUCH, BUT THE FRESHMEN AND THE OTHERS DO A REALLY GOOD JOB OF THIS.

UH, THERE'S A LOT OF ANALYSIS, FINANCIAL ANALYSIS THAT WILL BE REQUIRED WHEN YOU GET REAL DEVELOPERS IN FRONT OF YOU WHO ARE HIGH QUALITY NATIONAL INTERNATIONAL SCALE DEVELOPERS, THEY'RE SOPHISTICATED.

THEY KNOW HOW TO RUN THE NUMBERS AND THE CUSHMAN TEAM DOES TOO.

AND WHILE YOU WANT TO MAKE SURE IS, IS THAT, YOU KNOW, THEY MAY ACTUALLY HAVE THE MONEY TO DO THIS SORT OF THING, THAT THEY ACTUALLY HAVE THE EXPERIENCE TO DO IT.

AND YOU REALLY KNOW HOW THE NUMBERS REALLY WORK BECAUSE OF COURSE THERE'S A LOT THAT CAN BE LOST JUST IN DEAL STRUCTURE HERE.

SO YOU'RE A LONG WAY AWAY FROM THAT.

BUT, UH, BUT THAT'S THE GENERAL IDEA IS IT'S OBSESSIVE.

YOU SHOULDN'T EVEN KICK IN UNTIL YOU HIT AT LEAST THIS BASELINE.

AND THEN, UH, THE PAY WINDOW IS IF IT REALLY GETS TO THE, UP INTO THE LEVELS WHERE YOU REALLY AREN'T MATCHING UP WITH YOUR TOWN ASPIRATIONS, UH, QUALITY CHARACTER VALUE.

I MEAN, THAT'S, THAT'S THE GENERAL THEME.

WELL, I, FOR ONE, I'M VERY APPRECIATIVE OF YOUR EXPLANATION OF HOW THE VALUATION PROCESS WATERS.

I FEEL MY IQ JUST GOT BUMPED UP TWO OR THREE POINTS

[01:25:01]

AND I DO HAVE THE UTMOST CONFIDENCE THAT THE WAY, THE WAY THIS IS LOOKING IS ON THE RIGHT TRAJECTORY.

AND BASED ON THE TIME THAT WE'RE IN, UM, TIMING IS A LITTLE BIT QUIRKY.

SO LIKE YOU SAID, MAYBE MAYBE THE STARS WILL ALIGN AND THE TIMING IS GOING TO, HOPEFULLY, YOU KNOW, THIS IS ALL GONNA WORK TOGETHER IN TANDEM, BUT I SEE THE AMOUNT OF WORK THAT'S GONE INTO THIS AND THE AMOUNT OF EXPERTISE THAT NEEDS TO BE THERE.

IT NEEDS TO BE ON POINT SO THAT WE CAN HAVE SUCCESSFUL CONVERSATIONS WITH THE DEVELOPERS AND MAKE SENSE OF THIS WHOLE, YOU KNOW, ON TOP OF THE SALES PRESENTATION ASPECT OF JUST THE WHOLE, YOU KNOW, THE CHARACTER AND THE HISTORY, THE VALUE AND ALL THESE THINGS.

IT'S A, IT'S A SIZABLE THING.

SO I LIKE WHAT I'M SAYING WITH THEM SO MUCH MORE COMFORTABLE WITH THAT EXPLANATION.

THIS ISN'T SOMETHING I NORMALLY DO VERY MUCH APPRECIATE IT.

BY THE WAY YOU WERE INVOLVED WITH TODAY'S EXPERT IS TO DO A, PAY A COMPLIMENT THE WEST BECAUSE HE HASN'T BROUGHT THIS UP.

BUT WHEN THEY DID THE PRESENTATION, UH, DOI IN WASHINGTON, DC, UH, THE PANEL, THIS WAS AN INTERNATIONAL PANEL OF DEVELOPERS AND PLANNERS, UH, TOLD WEST THAT THE BEST PART OF THE PRESENTATION WAS HIS PART.

UH, AND, AND THE POINT THEY WERE MAKING IS THAT HE HAD DONE SUCH A GOOD JOB OF KIND OF PRESENTING THE PASSION AND THE VISION.

UH, UH, THE REST OF THE TEAM WAS REALLY PRETTY MECHANICAL ABOUT BREAKING THAT BY THE NUMBER OF TALKING ABOUT THE PARK AND ALL THAT SORT OF STUFF.

AND THE POINT THAT THEY WERE MAKING IS THAT YOU REALLY HAVE TO HAVE AN EFFECTIVE ADVOCATE.

UH, AND WHEN YOUR TOWN MANAGER AND STAFF REALLY ARE HEAVILY INVOLVED IN THE PROCESS, THAT'S A PLUS.

SO YOU'VE GOT THAT WORD BEFORE.

CUSHMAN'S EXCELLENT.

UH, THEY DIDN'T MENTION, BUT THEY ACTUALLY DID THE WORK FOR DART.

UM, THE, UH, UH, THE WORK IS BEING DONE NOW IN MY FIRST STATION, THAT THAT PROJECT IS, I THINK THAT THE PRIOR $600 MILLION PROGRAM THAT'S JUST GOT APPROVED THERE.

UH, THEY'VE DONE QUITE A LOT OF WORK IN OTHER OTHER AREAS.

SO CUSHMAN'S VERY GOOD MECHANICALLY.

THEY HAVE AN OBLIGATION TO GATHER ITSELF, UH, THAT'S PART OF WHAT THEY REALLY HAVE TO DO.

AND THEN YOU'VE GOT A GOOD STAFF WORKING ON YOUR INTEREST HERE.

SO I THINK A VERY REASONABLY SUCCESSFUL PROJECT PROGRAMS REALLY THAT PRIVATE THANKFUL FOR HAVING THE OPPORTUNITY TO PARTICIPATE WITH ONE MORE QUESTION.

SO 30% IS, WAS STANDARD, OR JUST FOR THIS PROJECT.

THAT'S THE THING THAT'S DIFFERENT.

I'D SAY THAT FIRST PART WITH THE DECLINING PERCENTAGE RATES.

THAT'S, THAT'S PRETTY USUAL IN MY EXPERIENCE, A BIT LOWER THAN WHAT I'VE SEEN THE SUCCESS BE.

UH, THAT'S A NEGOTIATION EVERY TIME, UH, HOW IT'S PRESENTED, SO THAT THEN YOU, SO YOU HAVE TO TEST IT AND SAY, HOW'S IT WORK BASED ON THE SIZE OF THE PROGRAM.

IT'S REALLY CHEAP.

IT DOESN'T, DOESN'T REALLY PAY OFF IS THE YIELD ROI ON THAT REALLY RETIRE.

SO THAT'S THE MOST NEGOTIATING REQUIRE ALIVE.

THAT'S THE TERM YOU CAN NOT SET UP, YOU KNOW, THE CUSTOMER, WE, YOU KNOW, A PERCENTAGE OF THE CONDITION.

SO EVERYTHING IS BULLSHIT.

THANK YOU, DAVID.

ANY MORE DISCUSSION ON THIS? WELL, SO WE, WE, WE AGREED TO CONTRACT CUSHMAN WAKEFIELD.

WE'VE GOTTEN A LOT OF DATA DUMP INFORMATION, AND I CAN JUST LET ME JUST FOCUS ON THE SUCCESS AND THE, IN THE $216 BILLION PIECE ON THAT.

I MEAN, I THINK THAT THAT'S, THAT ALONE HAS WORSE DISCUSSION IN, AND IF WE'RE GOING, CAUSE THAT'S GONNA BE PART AND PARCEL OF ACCORDING TO THIS AGREEMENT.

CORRECT ON THAT.

AND, UM, AND I'D BE, I'D BE INTERESTED IN, IN, UM, SOME MORE FEEDBACK FROM DAVID ON, UM, WHERE GIVEN THIS, THIS, THIS CERTAINLY WILL BE CONSIDERED AS A UNIQUE OPPORTUNITY THAT WILL BE COMING DOWN THE ROAD BASED ON A LOT OF POSITIVE FACTORS OF DARDEN, THE CENTRAL NATURE OF ADDISON VERSUS IN DOWNTOWN FORT WORTH AREA, ET CETERA.

IT'S ON, THAT'S PART OF THE AGREEMENT THAT'S ON THE SHOW AGENDA.

SO, YOU KNOW, WE, WE NEED TO SPEND SOME TIME ON THAT AND,

[01:30:01]

UM, YOU KNOW, WHERE, WHERE WERE Y'ALL WITH THEM? I MEAN, THIS IS A FIRST, THIS IS A FIRST PROPOSAL.

IT'S THE FIRST THERE START SOMEWHERE, RIGHT? SO LET'S START WITH WHAT WE HAVE AND LET'S SEE HOW COMFORTABLE WE ARE.

AND IF THAT'S, IF THAT MAKES SENSE FOR THE, THIS UNIQUE OPPORTUNITY, I MEAN, IS THAT, DOES THAT MAKE SENSE? DO YOU HAVE THAT CONVERSATION OR, OR IT'S MORE FEEDBACK FROM DAVID ON THIS TOPIC AND YOU KNOW WHAT DAVID HAS DONE A GREAT JOB.

DAVID HAS A LOT OF EXPERIENCE IN TRANSIT ALREADY DEVOTED TO, BUT YOU KNOW, THIS IS THE FIRST TIME WE LEARNED BECAUSE THIS IS THE FIRST TOD ADDISON, AND THEN, UH, IS INVOLVED IN THE BASELINE PROVEN VALUE.

YOU DETERMINE THAT WE LEARN AND THEN, UH, THEY WOULD LEARN THE SUCCESS FEES, 70% BASIS POINT, YOU KNOW, UM, THIS IS A BIG PROJECT.

SO, SO THIS IS THE ITEM I SPEND THE MOST TIME READING, HONESTLY, BECAUSE I AM INVOLVED IN A LARGEST SUM OF MONEY.

I'M A SMALL BUSINESS OWNER.

I LIVE TO BE THE FIGURES, ALWAYS HESITANT TO IMMEDIATELY APPROVE THAT.

SO IF YOU HAVE ANY QUESTION, JUST, YOU KNOW, I STRUGGLED WITH THAT TOO.

THIS WAS THE AGENDA ITEM THAT REALLY REALLY HAD THE PUZZLE CONVERSATIONS JUST RELATING TO WHAT IT WAS WE'RE SAYING.

COULD I ASK A QUESTION THOUGH, DAVE, BUT MAYBE IT HELPED IN, I'LL CALL IT A SENSITIVITY ANALYSIS.

AND IF YOU COULD COMMENT WE'RE LANDING IN TOTAL, EVEN 16 MILLION AS THE BASELINE AND 30 BASIS POINTS AS THE STEP UP ON THE FEE BEFORE WE SPEND A LOT OF TIME UPON THAT, HOW MUCH WOULD YOU READ? WHAT IS REALLY THE RANGE THAT WOULD BE UNDER CONSIDERATION? IS IT 200 TO TWO 50? AND WE'RE IN THE MIDDLE OF WHAT, IN YOUR JUDGMENT YOU CONSIDER A REASONABLE BASELINE RANGE AND THE SAME THING ON THE STEP UP ON THE PERCENTAGE, THE SUCCESS, YOU KNOW, IS IT 25, 35? I'M JUST LOOKING FOR HOW MUCH WE WOULD HAVE BACK THEN.

DO YOU UNDERSTAND? WELL, LET ME SEE.

I CAN BREAK IT ON THE TRANSACTION SIDE.

THAT'S THAT'S IT IS, THAT'S JUST GOING TO BE A CALCULATION THAT QUIET AGAINST THE ACTUAL SALES OR A GROUND LEASE.

THAT ACTUALLY TURNS, SO THAT'S THE MOST CONVENTIONAL PIECE TO THIS, AND ACTUALLY IT'S ACTUALLY SLIGHTLY MORE COMPETITIVE THAN THE OFFER YOU MIGHT SEE, UH, YOU KNOW, IF YOU WOULD JUST FIRST COMPENSATION FOR THE BROKERAGE GROUP.

SO THE SUCCESS FEE IS REALLY THE AREA WHERE, UH, THE QUESTION IS, UH, WHAT'S APPROPRIATE.

UH, AND HOW DO YOU FIGURE WHAT THE APPROPRIATE, UH, AND SO THAT'S WHERE YOU GET INTO, WELL, WE'VE GOT TO ESTABLISH WHAT YOU SHOULD BE ABLE TO DO, UH, AND WHAT YOU SHOULD BE ABLE TO DO.

DOESN'T WARRANT PAYING A SUCCESS FEE, AND THAT'S GOTTA BE THE BASIC PREMISE THERE.

SO THEN THE QUESTION IS, WELL, WHAT IS IT YOU SHOULD DO? UH, AND THE, AND THAT'S WHAT, UH, AND I'D PROBABLY HAVE YOU CAREFUL ON THAT.

I DON'T WANT TO DEFEND, UH, THAT PARTICULAR PREMISE SO MUCH.

I LOOKED AT WHAT THEIR THOUGHT, WHAT THEIR THOUGHT PROCESS WAS ABOUT WHAT THE MARKET WOULD DELIVER TO YOU, UH, KIND OF WITH JUST NORMAL SALES EFFORT, UH, IN TERMS OF A PROGRAM NUMBER OF UNITS IN A MIX, IT WAS MOSTLY MOSTLY MULTIFAMILY.

ONE OF THE FEEDBACK FROM UI PANEL WAS THAT THE DEVELOPERS FIRST INSTINCT, AND THESE WERE DEVELOPERS FROM EAST COAST, WEST COAST LOOKING AND SAID, WELL, UH, YOU KNOW, I WOULD JUST GO WITH MULTIFAMILY, BUT THAT'S, YOU KNOW, THERE'S A HIGH DEMAND FROM ALL THE FAMILIES.

IT'S THE EASIEST THING TO, YOU KNOW, TO DELIVER A STACKED, A STICK BUILT PRODUCT IS PROBABLY THE EASIEST THING YOU DO.

AND SO YOU CAN KIND OF BUILD OUT THE NUMBERS AND FRESHMEN SUPPLIED SOME OF THEIR EXPERIENCE ON WHAT THESE MULTIFAMILY PROJECTS ARE DELIVERING NOW, INTERN WHAT THEY COST TO ACTUALLY BUILD THE, WHATEVER.

UH, SO, UH, WHETHER

[01:35:01]

THE SUCCESS FEES SHOULD BE TRIGGERED A LITTLE HIGHER THAN THAT.

UM, YOU KNOW, HONESTLY, UH, I HAVE TO STEP BACK AND SAY THAT ISN'T NEGOTIATION, UH, AND, UH, THE, UH, UH, I DON'T, I DON'T HAVE A PARTICULAR PROBLEM WITH THE TOP END OF IT.

UH, BECAUSE FRANKLY, IF YOU GET ANYTHING CLOSE TO THAT, THAT'D BE GREAT DIVIDENDS FOR THE TOWN IN TERMS OF PROPERTY VALUE, SALES TAX, ALL THAT SORT OF STUFF.

SO THE QUESTION PROBABLY IS, YOU KNOW, WHETHER YOU WANT TO PUSH BACK A LITTLE BIT WHERE THE THRESHOLD IS SUCCESSFUL, I HAVEN'T HAD TO TELL YOU THAT, THAT I DON'T WANT TO SEE YOU SPEND A LOT OF MONEY AND GOING OUT AND APPRAISERS AND SO FORTH, BECAUSE IT IS SUBJECTIVE IN THE END ABOUT WHERE THAT SHOULD BE.

UM, AND SO IT'S YOUR, IT'S THE SENSE OF THE SENTENCE HERE, QUITE FRANKLY.

I MEAN, YOU, YOU HAVE TO MAKE A JUDGMENT ABOUT WHAT YOU'RE COMFORTABLE WITH AND FEEL LIKE THAT'S A DEFENSIBLE THRESHOLD, BUT THE SUCCESS, THE CONCEPT OF SUCCESS SPEED IS THAT YOU GOTTA GET UP TO AND OVER WHAT YOU SHOULD BE ABLE TO DO IN ANY EVENT.

UH, AND THEN SUCCESS KICKS IN.

AND AGAIN, IT'S 30 BASIS POINTS.

THAT'S THE, THAT'S WHAT THEY'VE SUGGESTED.

THAT'S NOT A LINE I'VE SEEN THAT KIND OF CALCULATION FOR, BUT I WOULD TELL YOU THAT, I MEAN, I REMEMBER MY FOUR DECIMAL, TWO DECIMAL POINT ARGUMENT HERE.

I, YOU KNOW, I WOULDN'T SAY IT TWO 16 IS, IS A GREAT NUMBER.

I MEAN, IT'S, UH, IT'S A DEFENSIBLE NUMBER.

UH, YOU COULD PROBABLY GET IT.

I DON'T THINK YOU COULD GET IT MUCH ABOVE TO 60 TO 70, UH, WITHOUT REALLY CHANGING THE MIX AND SOME ASSUMPTIONS ABOUT THAT.

SOME BILL OUTBREAKS AND SO FORTH, BUT, YOU KNOW, UH, UH, I WANT TO BE CAREFUL THAT I'M NOT INSURING YOU THE HORSE TRADE.

UH, I'M JUST TELLING YOU THAT BAN HERE IS, IS SOMEWHERE IN THAT RANGE, DESERT WEST, YOU WERE IN THE NEGOTIATION AND MAYBE YOU COULD ASSESSMENT OF THE 26TH.

SO WE, WE DID BRING BACK A NUMBER THAT WASN'T NEGOTIATED, RIGHT? SO WE, WE, WHAT WE BROUGHT BACK, WE, WE FELT WAS A GOOD PLACE TO BE.

UM, YOU KNOW, I DON'T, I MEAN, WE CAN GO BACK AND NEGOTIATE MORE, BUT WHAT'S, WHAT'S THE COST BENEFIT OF THAT.

UM, SO, UM, POINT IS THIS WASN'T NEGOTIATED.

WE BROUGHT BACK SOMETHING THAT WE THOUGHT WAS, WAS REASONABLE AND DEFENSIBLE, AND THAT'S WHY IT'S HERE.

WE'RE, WE'RE, WE ARE DEEPLY INVESTED IN WHAT'S WHAT'S RIGHT FOR THE TOWN.

WE REALLY COULDN'T SECOND, GUESS THIS WITHOUT GOING OUT AND GETTING THE PRAISES AND SO ON.

I MEAN, I MEAN, WE CAN SECOND GUESS THAT THAT'S WHAT WE BE DO.

A LOT OF MONEY, BUT IT'S, I THINK IT'S MORE IMPORTANT.

I'D BE CAUTIOUS BY GETTING AN APPRAISAL AT THIS POINT, BECAUSE IT WOULD BE, UH, IT WOULD HAVE TO BE BUILT ON AN ASSUMPTION PROGRAM.

UH, SO YEAH, BUT I MEAN, YOU, YOU COULD CERTAINLY DO THAT.

AND I, I'M LOOKING TO GENERAL COUNSEL HERE A LITTLE BIT SOMETIMES IN DISCUSSIONS ABOUT FEE NEGOTIATIONS.

UH, I DON'T KNOW HOW PUBLIC, ALL THAT, RIGHT.

SO I'M GONNA STOP HERE FOR A MINUTE TO DISCUSS THIS FURTHER, PROBABLY GENERAL COUNSEL ABOUT HOW THAT OCCURS.

WELL, I THINK IF THERE'S A DESIRE TO INCLUDE IT IN A MOTION, THE SAME NAME, IT HAS TO OCCUR IN OPEN SESSION WITH A FRANK DISCUSSION.

I JUST DON'T HAVE A BASIS FOR SECOND GUESSING.

THE NUMBER IS WHAT I'M STRUGGLING WITH IS HOW WOULD I COME UP WITH A DIFFERENT NUMBER THEN COME UP WITH IN GOOD FAITH? THE OTHER ONE OTHER THING I'D LIKE TO SAY, AND I THINK IT'S IMPORTANT.

I DON'T, I THINK EVERYBODY'S LOOKING AT THIS A ASPIRATIONAL COLUMN AND SEEING THE NUMBER, THE TOTAL PAY TO SEE W CUSHMAN AND WAKEFIELD OF $1.6 MILLION.

DON'T GET CAUGHT UP ON THAT, BECAUSE IF WE GET 1.6 MILLION, IF WE HAVE TO PAY THEM $1.6 MILLION, IT'S BECAUSE WE'RE GETTING A HECK OF A THING BUILT, WE'RE GOING TO HAVE A PRETTY, PRETTY AWESOME THING GOING ON AN ASS.

SO THAT, YEAH, THAT'S A BIG NUMBER, BUT IT'S BECAUSE IT'S A PERCENTAGE OF A REALLY BIG NUMBER.

AND THAT'S A GOOD THING.

I MEAN, IN EVERY INSTANCE WE'RE DATING, WE'RE PAYING THEM ABOUT 45% OF WHAT WE'RE GOING TO GET IN TAXES FOR ONE YEAR.

I MEAN, SO, AND THEN AFTER THAT, WE'VE GOT GOING ON FOREVER, THAT'S IT? I MEAN, I, MY PERSONAL OPINION IS IF IT'S MORE TO THE, WHO DO WE, THINK'S THE BEST SUITED TO DO THIS? I MEAN, WE'RE TALKING ABOUT TWO 16 MILLION AS, AS THE BASE OR 270 MILLION, THAT'S $150,000.

I MEAN, THAT'S

[01:40:01]

I'D RATHER PAY $150,000 TO SOMEBODY THAT WE ARE COMFORTABLE WITH.

THAT'S GOING TO GIVE WHAT'S THE BEST JOB INSTEAD OF, AND I'M HOPING THAT YOU GUYS HAVE DONE A LOT OF NEGOTIATIONS WITH THEM AND THAT'S WHERE WE'VE LANDED.

SO PERSONALLY I'M OKAY WITH MOVING FORWARD.

I'M, I'M FIRMLY, I'M, I I'M, I'M FIRMLY PLANTED IN MY COMFORT LEVEL BASED ON MY TRUST AND WHAT STAFF HAS DONE, AND WE HAVE GREAT COUNSEL, GREAT, YOU KNOW, GREAT ADVISOR.

I FEEL COMPETENT THAT I FEEL CONFIDENT THAT, UH, THAT WE'RE ON THE RIGHT TRAJECTORY, THAT THE FRAMEWORK IS THERE.

AND I DON'T FEEL THAT WE CAN.

AND MY UNDERSTANDING OF THIS AS A COUNCIL, I DON'T KNOW THAT WE CAN COME UP WITH ANYTHING THAT'S BETTER, UNLESS THERE'S SOME INFORMATION THAT I'M MISSING BECAUSE YOU KNOW, LIKE DAVID SAID, A LOT OF THIS IS SUBJECTIVE.

AND SO, UM, CONSCIOUS I'M IN THE SAME PLACE BECAUSE I KEEP ASKING MYSELF, IS THERE ANY BASIS FOR A SECOND ESSAY? THE ANSWERS, NO, THE WORD DEFENSIBLE, YOU KNOW, WHAT, WHAT CAN I COME UP WITH OFFENSIVE? GIVE YOU ONE EXAMPLE, YOU KNOW, UM, I'M NOT SAYING I JUST USE THIS EXAMPLE THE OTHER DAY, I WATCHED 12 SEC PLUG UP ON A BOEING AIR FORCE ONE.

SO BOEING 100 BILLION, $5 BILLION FOR LIKE ELF WAS FUN.

SO HE SAID, I DON'T WANT IT.

AND THEN FINALLY HE CUT DOWN TO 3.6, WHEN YOU DO THAT, AS AN EXAMPLE, JUST LIKE I BUY STUFF, I WILL CHECK TO CERTAIN COMPANY, YOU KNOW, I UNDERSTAND WHAT CHOSEN, WHAT ARE THOSE THREE, BUT WHEN WEIRD TALK ABOUT BIG BUCKS, I WILL LAUNCH IT.

TWO THINGS.

ONE IS TWICE, THREE TIMES, AND THEN EVERYTHING IS NEGOTIATED, YOU KNOW? AND LIKE, ADDISON'S, THIS LENGTH IS MORE PRECIOUS THAN THE LAND, WHICH WAS IN THE CITY LINE BECAUSE CITY LINE IS RIGHT UNDER THE HIGHWAY ONE 90 CENTRAL EXPRESSWAY.

THIS IS OUR PRIME LAB.

ALSO, WE TALK ABOUT NOT JUST FOUR STORY BUILDING.

NOW IT'S FOUR STORY UPON, WE'RE TALKING ABOUT HIGHER RISE, YOU KNOW, I MEAN, YOU JUST CANNOT EVALUATE DIFFERENT THINGS WITH THE SAME NUMBER.

THAT'S, THAT'S MY SECOND THOUGHT YOU'RE TALKING ABOUT BASELINE.

I KNOW DAVID IS EXPRESSED.

SO HE SAID, WOULD IT BE, YOU KNOW, EVERYTHING IS NEGOTIABLE.

WOULD IT BE PROBABLY 270? YOU KNOW, MAYBE EVEN MORE OR A LITTLE LESS, THE BASIS POINTS CAN BE, YOU KNOW, A LITTLE MORE CAN BE A LITTLE LESS, EVERYTHING IS NEGOTIATED THIS, YOU KNOW, THIS, I UNDERSTAND THAT GENERATE A LOT OF SALES TAX ON OR HOWEVER LONG CAPSULE, YOU KNOW, I'M PROBABLY TEST.

AND ALSO IN THE FUTURE, MAYBE A LOT OF OTHER SPENDING ALL OF THE SALES TAX, ALL KINDS OF TAX CITY CAN RECEIVE, BUT SINCE THIS IS A LARGE PROJECT, SO I REALLY LIKE TO TABLE THIS AND FOR FURTHER DISCUSSION AND TO GIVE US ANOTHER LOOK AT THIS BIG PROJECT, SO THAT THIS, THIS PROJECT TO YOU, THE FIRST TIME YOU SEE IT.

RIGHT, RIGHT.

CAROLYN'S AND FARMS, RANCH, YOU KNOW, RATIOS OF POSITIVE NUMBER THAT'S YEAH.

FOR ME THE SAME.

SO I SPENT ALL THIS AGENDA, YOU KNOW, AND I SPEND THE MOST TIME READING THIS TO UNDERSTAND AND ABOUT, I JUST HAVE THE TWO QUESTIONS, HOW YOU LAND AT $216 BILLION IS BASIC BASELINE IMPROVEMENT, AND THEN HOP AND COME UP WITH 30% BASIS POINT.

SO I DON'T HAVE OTHER EXAMPLE FROM OTHER SIMILAR APOLOGETICS.

SO I JUST TRYING TO UNDERSTAND A LITTLE MORE ABOUT ALONG MOCKINGBIRD

[01:45:01]

LET'S MAKE IT A LITTLE MORE COMPARISON.

ONE THING THAT I DO WANT TO JUST SUPPLEMENT YOUR ARGUMENT A LITTLE BIT, UH, ABSOLUTELY AGREE THAT NEGOTIATION VERY IMPORTANT.

I DO WANT TO EMPHASIZE THAT THE BIG NEGOTIATION IS WITH THE NATIONAL DEVELOPMENT.

UH, THAT'S THE ONE WHERE YOU'RE TALKING TO ME ABOUT TENS OF MILLIONS OF DOLLARS, UH, UH, WHAT THEY'RE GOING TO BE ARGUING FOR IN TERMS OF CONCESSIONS FOR INFRASTRUCTURE IMPROVEMENTS.

UM, THAT'S THE ONE WHERE WE REALLY HAVE FOCUS.

UH, AND SO, UH, AND, AND AGAIN, I'M YOUR ADVISOR ON THAT? CUSHMAN'S HIS PFIZER IN THIS, SO I'M NOT TRYING TO SELL THEM.

UH, I JUST THINK THAT, UH, IF YOU, IF YOU SETTLE ON THAT FEE AND JUST WORK THEM HARD, THE THING THEY'VE GOT TO DO IS REALLY NEGOTIATE HARD ON YOUR BEHALF ON THAT DEVELOPMENT AGREEMENT.

CAUSE THESE ARE SOPHISTICATED DEVELOPERS.

IT'S NOT THEIR FIRST RODEO, UH, AND THERE'S SOME BIG NUMBERS THAT THEY'RE GOING TO TRY TO EXACT FROM THE TOWN.

UM, AND THAT'S WHERE, TO ME THE HARD NEGOTIATION OR LIKE, AND I CAN, THERE'S A LOT OF ROOM IN THAT.

UH, SO AS YOU'RE THINKING ABOUT THIS, REFLECTING ABOUT IT, UH, DON'T TAKE YOUR EYE OFF THE BIG WALL, WHICH IS THAT'S WHERE THE NEGOTIATION AND THE HARD NEGOTIATION REALLY WILL OCCUR.

AND I THINK IT'S IMPORTANT TO REMEMBER FOR WHAT WE'RE DOING HERE TONIGHT, AND THAT IS SELECTING OUR ADVISOR.

THEY ARE GOING TO ADVISE US THROUGH THAT PROCESS.

SO THEY KNOW WHAT THE VISION AND THE, THE ASK THE GUIDING PRINCIPLES ARE FOR THE MASTER, EXCUSE ME, THE AREA DEVELOPMENT PLAN THAT THE COUNCIL HAS SEEN, THAT THE PLANNING AND ZONING COMMISSION IS SEEING THAT THE PUBLIC HAS COMMENTED ON AND THEY'RE GOING TO GO HELP US FIND A PARTNER TO BE THE RIGHT PARTNER WITH AND TO MAKE THAT A REALITY AS, AS MUCH AS WE POSSIBLY CAN.

THAT'S WHAT WE'RE FOCUSING ON TODAY.

I THINK WITH ALL DUE RESPECT MAYOR I'M, I'M NOT IN FAVOR OF TABLING THIS FOR, UH, FOR A COUPLE OF REASONS.

ONE, ONE IS THERE ARE TIMES WHEN WE, YOU KNOW, COME TO DECISIONS WHERE WE'RE NOT EXPERTS ON THE FACTS, STORY, THE TOPIC, AND THERE'S NOT A WAY FOR ME OR US TO ACHIEVE THAT LEVEL OF EXPERTISE BEFORE WE NEED TO COME TO A DECISION TO IDENTIFY AN ADVISOR, TO GET THIS, YOU KNOW, MOVE THIS ALONG INTO THE NEXT PHASES.

AND I DON'T SEE, I HAVE A LOT OF CONFIDENCE AND CUSHMAN AND WAKEFIELD.

I HAVE A LOT OF CONFIDENCE AND OUR ADVISOR.

UM, ONE OF THE THINGS THAT GIVES ME CONFIDENCE IS NOT ONLY THE EXPERTISE WITH DART SPECIFICALLY, BUT ALSO DAVID'S ABILITY TO EXPLAIN THE VALUATION AND SUMMARIZE THE VALUATION PROCESS.

AND IN LISTENING TO WHAT HE SAID, THERE ARE INNATE DNA STRANDS AND THE PROCESS THAT ONLY EXPERIENCE, UH, FROM TRUSTED PROFESSIONALS CAN REALLY INFORM AND ADVISE.

I JUST DON'T SEE HOW WE AS A GROUP ARE GOING TO MAKE PROGRESS IF WE WERE, IF WE, YOU KNOW, WE'RE MEETING EVERY DAY AND WE'LL, YOU KNOW, THIS WAS A DIFFERENT SCENARIO, BUT AS A COUNCIL, I JUST, I, I FEEL, I FEEL FIRM AND THE CONFIDENCE LEVEL THAT OUR STAFF AND OUR TEAM AND ADVISORS AND COUNCIL HAVE SORTA, YOU KNOW, LED US TO THIS POINT.

I SEE.

YEAH, BUT I WOULDN'T GO BACK, ASK A QUESTION DIFFERENTLY, ASK EARLIER, I'LL CALL IT SENSITIVITY ANALYSIS.

IF THE NUMBER WERE TWO 15 MILLION, INSTEAD OF TWO 16, THE DIFFERENCE IN THE AMOUNT IN THE FEE WOULD BE HUNDRED THOUSAND $100,000.

WHICH I HAVE A HARD TIME JUDGING AGAIN.

THIS IS A IT'S IT'S IT'S IT'S I THINK IT'S SLIPPERY SLOPE FOR, FOR, FOR US AS A BODY BOARD.

SO TO SPEAK, TO GO AT THIS, I DON'T, I JUST DON'T, I DON'T KNOW.

I DON'T KNOW HOW MUCH GAIN THERE IS.

I THINK TO REITERATE DAVID'S POINT IS THAT YOU SET THE FEE AND THEN YOU

[01:50:01]

MAKE THEM EARN IT.

I THINK THAT'S WHERE WE NEED TO FOCUS ON.

SO I THINK ABOUT $700,000, $10,000 IN THE GRAND SCHEME OF THINGS, IT'S NOTHING, YOU KNOW, I MEAN, THIS IS KIND OF PART OF IT.

I MADE THIS A LITTLE BIT, THE TAX RATE THAT 10%, YOU KNOW WHAT I MEAN? SO THAT'S THAT KIND OF RESONATES.

SO I, YOU KNOW, THIS IS, THIS IS A GENERATIONAL, UM, AND I HAVE A STRONG SENSE.

YOU KNOW, DAVID MENTIONED SITE AND FEEDBACK FROM URBAN LAND INSTITUTE OF THE SENSE OF PASSION THAT YOU PARTICULARLY EXHIBIT PRESENTATION.

SO, UM, ARE YOU COMFORTABLE THAT CUSHMAN AND WAKEFIELD GETS IT? THEY UNDERSTAND THAT THEY'RE ASKING FOR OUR CONTRACTED, YOU KNOW, IT'S LIKE CAREFUL WHAT YOU ASK FOR, YOU KNOW, I MEAN, YOU KNOW, THIS IS, I MEAN, THIS DOC TALK ABOUT SCREW ME AND, AND, AND I'M NOT INTERESTED FOR STORIES STEAKS.

I'M NOT INTERESTED IN CHRISTIAN, IF YOU'RE ON THE LINE, HOPE YOU HEAR THAT.

BUT, UM, SO I I'D APPRECIATE YOUR FEEDBACK.

IT'S NOT A NEGOTIATION AND TALK THAT STUFF.

SO MAYBE YOU FEEL BETTER.

THEY, I MEAN, IF THEY DIDN'T HEAR WHAT YOU JUST SAID, THEY DIDN'T GET IT, THEN I DON'T KNOW WHAT ELSE WE CAN SAY.

BUT, UM, THE, THE POINT OF IT IS, IS, UH, I, I BELIEVE THAT THEY GET IT BECAUSE WE WERE CLEAR IN OUR PRESENT, IN OUR INTERVIEW PROCESS ABOUT WHAT WE EXPECTED.

AND IN FACT, UM, WHEN WE BROUGHT THEM CUSHMAN AND ANOTHER GROUP, UH, CVRE BACK FOR A SECOND INTERVIEWS, THAT PURPOSE WAS THAT WAS TO HONE THEIR UNDERSTANDING.

THEY GET US, THEY ALLOW US TO ASK ADDITIONAL QUESTIONS TO MAKE SURE THAT WE WERE COMFORTABLE WITH THE FACT THAT THEY UNDERSTOOD WHAT OUR EXPECTATIONS WERE.

UM, SO I THINK THEY GET IT AND GUESS WHAT? THIS IS JUST THE START OF THE PROCESS.

AND SO NOT ONLY DO THEY GET TO HEAR FROM ME, AND THEN THEY GET TO GET IT THERE, BUT THEY GET TO HEAR FROM THE REST OF THE COUNCIL, AS WE GO THROUGH AND PUT THINGS TOGETHER TO PUT THIS OUT THERE, THEY'RE GOING TO GET IT.

AND WHEN THEY GET IT, CAUSE THEY WILL AND THEY, AND THEN THEY GO AND EARN THEIR FEE.

THEN I THINK WE'RE GOING TO SEE SOMETHING THAT'S PRETTY, PRETTY SPECIAL.

THAT'S MY EXPECTATION.

WELL, WITH THAT, I'LL MOVE APPROVAL IS PRESENTED.

I'D LIKE TO MAKE A SENTENCE WE'VE SORT OF DISCUSSED SECOND FLOOR.

I'D LIKE TO US, I LIKE TO SEE WHERE EVERYONE IS COMFORTABLE ON THIS.

I HAVE A MOTION.

SECOND.

I APPRECIATE THE COMMENTS THAT HAVE BEEN MADE.

IT'S TRUE THAT WE WERE NOT GOING TO LEARN.

WE'RE NOT GOING TO BECOME THE EXPERTS.

I UNDERSTAND THAT POSITION.

CERTAINLY NOT EXPERTS NEED TO HAVE THIS PACKAGE IN FRONT OF US FOR LESS THAN A WEEK.

AND I'M GOING THROUGH THE NUMBERS AND UNDERSTAND ALL THAT.

THEY, THEY, THEY, THE IMPLICATIONS THAT GO ALONG WITH IT.

AND OF COURSE, LOOKING DOWN THE LINE IN THE YEARS THAT WE'RE MAKING GENERAL GENERAL DECISIONS FOR, FOR GENERATIONS TO COME.

UH, IT IS VERY IMPORTANT AND IT IS STARTING.

WE ARE JUST TAKING THE FIRST STEP.

AND SINCE WE ARE DISTINCT IN THE FIRST STEP, THIS IS WHERE I THINK IF THERE'S ANY WAVERING IN MAKING THIS FIRST STEP, WE SHOULD DO IT.

WE SHOULD TAKE THAT PAUSE IF NEEDED, BECAUSE ONE WEEK ONE, ONE MORE COUNCIL MEMBER COUNCIL MEETING IS INSIGNIFICANT FROM THERE, BY THE TIME THAT THIS IS GONNA AFFECT OUR FUTURES.

SO WHAT I'D LIKE TO SEE IS, UH, I'M GONNA, I'M GOING TO CHEAT.

I'M SENSITIVE TO WHAT THE MAYOR SAID.

I, I'M NOT SURE THAT HE'S NOT BASHING IT.

HE'S NOT SAYING THIS ISN'T THE RIGHT WAY TO GO.

HE'S JUST NOT COMFORTABLE YET.

IT DOESN'T SEEM.

AND

[01:55:01]

IF WHAT IF ONE OF US IS NOT NECESSARILY COMFORTABLE ON IT? I THINK WE NEED TO BE HERE CONVERSATIONAL.

I'M EXACTLY WHERE YOU'RE AT WITH THIS.

UM, I'VE GOT NOTHING TO BELIEVE THAT CUSHMAN AND WAKEFIELD WOULDN'T BE THE PERFECT CHOICE.

I JUST WOULD LIKE SOME MORE TIME TO DISCUSS IT, THINK ABOUT IT AND, UH, ASK, ASK MORE QUESTIONS.

ONE OF THE THOUGHTS THAT I HAVE JUST TO, FOR CONSIDERATION THAT I ABSOLUTELY RESPECT THE MAYOR'S OPINION AND GQ YOURS AS WELL.

AND, AND I WOULD SPEND ALL OF YOUR OPINIONS IS I WOULD RATHER EXERCISE CUSHMAN AND WAKEFIELD'S IN THE NEXT PHASE OF THE PROCESS.

AND NOW I'M OPEN TO HEARING OTHER COMMENTS, UM, AND HAVING FURTHER DISCUSSION.

BUT TO MY MIND FOR THIS LEG OF THE PROCESS, I'M NOT AS INTERESTED IN THEM EXPANDING, YOU KNOW, A LOT OF EXERCISE TIME IN THIS, IN THIS PHASE.

AND I DON'T DISAGREE THAT IT'S EXTREMELY IMPORTANT AND THEN IT WILL AFFECT GENERATIONS.

AND IT'S OUR RESPONSIBILITY AS A COUNCIL TO DO OUR DUE DILIGENCE AND TO ALL BE COMFORTABLE.

UM, AND I THINK THAT THERE'S PLENTY OF TIME FOR THE HEAVY LIFTING AND THE NEXT CHAPTER.

I'D LIKE TO HEAR IT.

I WANT TO REITERATE WHAT I SAID BEFORE, WHICH IS WE WEREN'T INVOLVED IN THE NEGOTIATIONS.

THEY'VE GONE THROUGH MULTIPLE INTERVIEWS WITH MULTIPLE PEOPLE AND WE'VE HIRED AN EXPERT TO HELP US.

SO BETWEEN EVERYBODY HAS STAFF THAT ARE EXPERTS, THEY COME TO US AND SAY, THIS IS A GOOD NEGOTIATION FOR A CONTRACT AND MOVE FORWARD.

AND I, MY PERSONAL OPINION IS YOU HAVE, IF WE CAN'T TRUST OUR PEOPLE, THEN I'M JUST GOING TO TAKE THE LEAP OF FAITH THAT I BELIEVE THAT THEY'VE DONE THE RIGHT THING.

THEY NEGOTIATE THE BEST THING THEY CAN FOR RIGHT NOW.

AND I THINK IN THE END, IT'S MORE IMPORTANT THAT WE HAVE THE RIGHT PARTNER ON THIS END, THEN THIS SMALL FEE WHERE WE COULD BE ARGUING ABOUT, UM, I DON'T, YOU KNOW, I DON'T KNOW.

I KNOW CRYSTAL.

I KNOW OF COURSE TO WHITEFIELD.

I KNOW OF CVRD.

I KNOW ALL THESE PEOPLE, I DON'T KNOW ANY OF THEM PERSONALLY, BUT I, LIKE I SAID, I THINK THAT I THINK OUR STAFF THEY'VE SPENT A BUNCH OF TIME ON IT'S ALREADY MULTIPLE INTERVIEWS.

SO THAT'S WHAT THEY WERE, AND THAT'S WHAT OUR EXPERT WAS HIRED TO HELP DO.

SO I THINK, I THINK WE NEED TO MOVE FORWARD.

WE KEEP, I DON'T KNOW WHAT ANOTHER, REALLY, ANOTHER TWO WEEKS, WHAT ARE WE GONNA LEARN BY ASKING QUESTIONS? I DON'T KNOW IF I DON'T THINK ANY OF US FROM THE EDUCATOR AND SAY, WELL, THE, THE, THE LOW BAR, UM, THRESHOLD SHOULD BE $235 MILLION.

I MEAN, WE'RE NOT GOING TO BE ABLE TO COME UP WITH A NUMBER.

IT'S A RANGE.

I PERSONALLY I'VE SEEN OTHER, I MEAN, I THINK, I THINK THEY'RE IN THE FEE PART OF IT AND THE SALES PART, IT SEEMS TO BE PROBABLY A LITTLE BIT LOWER THAN I WOULD EXPECT.

A LOT OF TIMES FOR SALES AGREEMENT PERCENTAGE IS LOWER.

SO I THINK WE'RE GETTING A GOOD DEAL THERE.

I THOUGHT THAT I WAS GOING TO, SHE GOT HUNG UP ON THIS, THIS LOW THRESHOLD, BECAUSE IN THE END, WE'RE NOT GOING TO MOVE FORWARD.

I DON'T THINK WITH THE LOW THRESHOLD OPTION.

SO IT'S SORT OF A MOOT POINT, RIGHT? I MEAN, AND IF WE GET IN AND THEY ENDED UP DOING THAT 500 MILLION OR $700 MILLION WITH THE DEVELOPMENT, WE'LL BE HAPPY TO PAY THEM THAT EXTRA HUNDRED $50,000.

SO THAT'S, YOU KNOW, I THINK I'M READY.

I'M READY TO MOVE FORWARD AND GET THIS KICKED OFF.

AND THEY'RE LIKE, LIKE WE SAID, LET'S MAKE THEM EARN IT.

PLUS I ENVISION A CONVERSATION AND THE ONLY WAY I CAN ENVISION THIS, WE'LL GET INTO WHAT'S THE MODEL.

AND THEN WE CAN QUESTION EVERY SINGLE ASSUMPTION.

AND WHEN WE'RE ALL DONE, EVERY ONE OF THOSE ASSUMPTIONS THEY'LL HAVE RANGE.

AND AT THE END, WE'LL SAY, WE DON'T KNOW ANY BETTER.

I'M NOT SAYING STAFF DIDN'T DO A GOOD JOB.

I NEVER SAID, YOU KNOW, DAVID'S NOT AN EXPERT, BUT THIS IS A LARGE PROJECT, EVEN THOUGH I UNDERSTAND, YOU KNOW, IN THE FUTURE, YOU KNOW,

[02:00:01]

SLASH MASTER DEVELOPERS IS MOST IMPORTANT.

THAT'S TRUE, BUT THIS IS IMPORTANT TOO.

RIGHT? SO WHATEVER YOU BUY, YOU DON'T NEGOTIATE ENOUGH.

YOU JUST TAKE WHATEVER THEY OFFER.

NO, YOU DON'T EVEN LOOK SECOND TIME.

AND I THINK IT'S WRONG.

I THINK WE HAVE A FIDUCIARY DUTY AND AT LEAST TAKE IT ANOTHER TWO WEEKS.

WHAT'S A BIG DEAL.

LET'S SIT DOWN AND TAKE A LOOK OR STEP, GO BACK TO CUSHMAN WAKEFIELD, YOU KNOW, SAY, HEY, YOU UNDERSTAND THE REASON I SAID THAT THE BASELINE IMPROVEMENT VALUES SO MUCH, OH, LENS PROJECTED, EVEN LEFT AT A UI.

THE MINUTE PRESENTATION IS A FOUR STORY, A STORY, 12 STORIES TO THE EIGHT, 12 STORY BUILDING.

NOW YOU USE SUCH A LOW, YOU IMPROVE IN THAT VALUE TO BEGIN WITH.

THAT'S MY ARGUMENT.

THE OTHER THING IS I UNDERSTAND TOM SAID, WE MAY NOT REACH IN NOVEMBER, DEPENDING ON WHO IS MASSIVELY BASKETS.

THE OTHER THING IS ANY REAL ESTATE TRANSACTION BULLSHIT.

THAT'S THE REASON I ASKED QUIET.

YOU ALWAYS WANT TO CELEBRATE 70%.

I UNDERSTAND.

MAYBE HE'LL PAY SOMEBODY MORE COMMISSION, MORE SUCCESS FEES.

YOU MAY GET THEM WHAT HARD, BUT IT'S NOT ALWAYS THE TRUTH.

SO WHY DON'T YOU GO BACK AND LOOK AT IT.

IF YOU CAN SAVE SOME RACE, THE STRETCH HOLE FOR THE BASEMENT IMPROVEMENT VALUE NEVER HURT, YOU KNOW, AND THEN HUNDREDS OF THOUSANDS, A HUNDRED THOUSAND, NOTHING, YOU KNOW, I JUST DON'T GET IT.

EVEN THOUGH IN THE FUTURE, YOU CHOOSE, THEY CHOSE MASSIVE DEVELOPER.

WE'RE HAVING A HUMAN TOUGHER NEGOTIATION, RIGHT.

SO I REALLY THINK, YOU KNOW, IT NEVER HURTS THAT OUR STAFF GO BACK, WE NEGOTIATE.

WHAT'S A BIG DEAL.

HE NEVER HEARD.

AND I TRUST ALL THE EXPERTISE YOU HAVE, BUT YOU DON'T WANT TO JUST LAND THIS SUCH IMPORTANT BIG PROJECT.

JUST SO EASY TO SAY.

YOU KNOW, JUST LIKE THAT.

SO MAYOR, I HAVE A QUESTION IS, IS PART OF YOUR CONCERN THAT I'M, CAUSE I HEAR I'M HEARING EVERYTHING YOU'RE SAYING IS PART OF YOUR CONCERN THAT WE DID NOT SEE, UH, THE, UM, THE DETAILS OF THE NEGOTIATION THAT HAPPENED BEFORE WE GOT TO THE SHEET.

CAUSE I'M THE REASON I'M ASKING THAT IS BECAUSE I WAS THINKING ABOUT, WE DID THIS WITH THE CWD PROPOSAL AND WE SAID, LET'S GO BACK AND GET MORE BIDS.

AND THEY, THEY CAN'T, YOU KNOW, WE, WE, WE DID, WE TOOK A STEP BACK AND INSTALLED, AND THIS IS NO COMPARISON.

THIS IS, THAT'S A SMALLER PROJECT.

IT'S MUCH.

LOW BUILDING AS BASIC IMPROVEMENT.

SO, BUT AS PART OF YOUR CONCERN THAT YOU DIDN'T SEE WHAT HAPPENED BEFORE WE GOT HERE, YOU'RE RIGHT.

THIS, YOU CANNOT BRING APPLE TO ORANGE TO COMPARE CWD IS IMPORTANT FOR THE CITIZENS AND FOR US, BUT IT'S MUCH SMALLER PROJECT.

YOU CAN TALK ABOUT THE WHOLE PROJECT ANYWAY, EXPENSES, JUST $300,000 ISH.

THIS YOU'RE TALKING ABOUT BIG, BIG PROJECT.

SO I DON'T SEE WHY WE WANT TO JUST RUSHES TO, WITHOUT LOOKING SECOND TIME.

I MEAN, ANYTHING CAN BE SAVED.

YOU KNOW, IT'S NEVER, I GUESS MORE OF MY QUESTION IS, ARE YOU ASKING THAT THE STAFF GO AND, UH, UH, UH, WHAT ARE YOU ASKING STAFF TO DO? I ALREADY SAID THAT IN OTHER TOD, THEY BUILD ALL FOUR-STORY APARTMENT EXCEPT MONTGOMERY STATION.

BUT LOOK, WE PROJECT ALL TOD IS HIGHER BUILDING.

THEN THEY USE THE

[02:05:01]

I DON'T THINK IT'S, IT'S A REASONABLE, YOU KNOW, YOU USE A VERY LOW STANDARD AND VERSUS, YOU KNOW, WE TALK ABOUT ULI PRESENTATION, YOU'LL SEE THAT FOUR STORY, A STORY, 12 STORIES.

SO MANY STORES, 12 STORY, WHY THEY USE THE LOWEST FOUR STORY HOTEL FABRICS SO THAT I DON'T THINK THIS IS A REASONABLE AND A LOW THAT'S THE REASON THE FIRST TIME I READ IT, I GO BACK TO READ IT, YOU KNOW, SORT OF WHY I LOOK AT THE SUCCESS FEES, YOU KNOW, IF WE ARE SUCCESSFUL, I DON'T WANT TO PAY PEOPLE.

OF THE THRESHOLD VALUE IS ONE THAT ACTUALLY CHRISTIAN AND CHEAT THE FIN, UH, UH, THE, UH, AND CAUSE THAT'S ONE WHERE WE WERE REALLY TRYING TO AGREE THAT THERE NEEDS TO BE A THRESHOLD VALUE AND IT NEEDS TO BE AT LEAST AT OR ABOVE WHAT THE MARKET SHOULD BE ABLE TO DELIVER TO YOU.

BUT, BUT IT IS THIS JUST RATE PERCENTAGE OR IS JUST US BECAUSE THIS PERCENTAGE, WHY DON'T YOU GO BACK, TAKE ANOTHER LOOK, THAT'S ALL I ASKED.

YOU KNOW, I BELIEVE, YOU KNOW, YOU GO BACK, SET UP, STOP.

LET'S TALK ABOUT THIS HUNDRED THOUSAND HUNDRED THOUSAND.

EVEN, MAYBE EVEN MORE, THE SUCCESS OF FEES PROBABLY WOULD ONLY CHOSE 20% BUSINESS CONTRIBUTORY.

SO YEAH, IT'S JUST SOME AMERICAN.

I MOVED HERE FROM DAVID ON THAT TO SEE WHAT, WHAT OUR ADVISORS RECOMMENDED.

PAUSE ONLY, NOT EVEN CALL IT, PAUSE.

ONE COMMENT THAT CURSED ME A PRIVATE WAS DELINQUENT ON THIS.

UM, UH, AND, UH, IT'S A GOOD POINT TO POINT OUT THAT, UH, YOU'VE NOT BEEN PRIVY TO THE TRADE OFFS THAT WERE GOING BACK AND FORTH BEFORE RECOMMENDATION BROUGHT TO YOU.

AND IT'S ALWAYS A BAD ASSUMPTION TO THINK THAT YOU WOULD APPRECIATE THAT THERE WAS A LOT OF TRADE OFFS GOING ON, BUT LET ME POINT OUT A COUPLE OF THINGS HERE TO KIND OF NARROW.

I THINK THE QUESTION THAT THE MAYOR'S RAISING, UM, WE HAD TWO AREAS IN PARTICULAR, WE REALLY FOCUSED ON THE SUCCESS FEE, UH, BEFORE WE GOT TO THE 30 BASIS POINTS.

THE FINAL BAG ONE WAS TO MAKE SURE THAT THERE WAS A MINIMUM THRESHOLD, UH, AND WAS VERY CLEAR THAT NOTHING WAS PAID ON SUCCESS FEE UNTIL YOU GOT TO A MINIMUM THRESHOLD, UH, THAT WASN'T NEGOTIATION ITSELF BECAUSE THERE'S ALWAYS A DISCUSSION ABOUT, YOU KNOW, HOW DO YOU MEASURE SUCCESS? WHAT DEFINES IT, WHEN DO YOU GET INTO IT? AND SO WE KEPT IT UP AND WE HIT THE PINCH POINT BASICALLY ABOUT WHERE WE ARE RIGHT NOW, BUT THAT WE DIDN'T START THIS WASN'T THEIR OFFER.

UH, THIS, THIS WAS, THEY WERE REALLY HAD MUCH LOWER SUCCESS.

THE SECOND PIECE, UH, WAS WHEN IT'S PAID.

UH, AND AT THAT POINT, UH, WE ARE ADAMANT THAT IT COULD ONLY BE PAID WHEN PROJECTS WERE DONE, MEANING THAT THERE HAD TO BE A KIND OF A CERTIFICATE CERTIFICATE OF OCCUPANCY OR AT LEAST BUILDING PERMITS ISSUED AND GROUND-BASED AND BREAK THINGS YOU'VE DONE BEFORE YOU WOULD ACTUALLY PAY OUT A SUCCESS FEE.

OTHERWISE YOU'RE PAYING OFF PROFORMA AND YOU NEVER WANT TO DO THAT.

SO THE TWO THINGS THAT I WAS REALLY FOCUSED ON IS MAKING SURE THAT NUMBER ONE, THERE WAS A THRESHOLD THERE THAT WAS SUFFICIENTLY HIGH, THAT YOU HAD TO WORK, UH, BEYOND WHAT MAYBE THE MARTIN WOULD GIVE YOU OTHERWISE.

AND SECONDLY, THAT YOU REALLY WERE GETTING REAL ON THE GROUND DELIVERY WHEN YOU PAY, WHEN YOU PAID US AND THE SUCCESS, WE WILL GET PAID OUT IN INCREMENTS, AND IT WON'T ALL GETS BUILT, YOU KNOW, 24 HOURS OR 24 DAYS OR DOWNSTATE MONTHS, IT'LL TAKE FIVE TO SEVEN YEARS, WHATEVER IT IS, BUILD THAT.

SO I THINK THAT WE'VE, WE'VE GOTTEN CLEAR UNDERSTANDING ON ONE.

I THINK YOU CAN ALL AGREE TO YOU DON'T PAY A SUCCESS FEE UNTIL THERE'S ACTUALLY WORK DONE.

UH, I DOUBT THAT THERE'S MUCH DIFFERENCE IN OPINION ON THAT.

UH, I DON'T THINK THAT 30 BASIS POINTS ITSELF AS YOUR ISSUE, WHAT I'M HEARING AS MUCH AS WHERE DOES IT TRIGGER WHERE WHERE'S THAT BASELINE SUPPOSED TO BE? UM, I WOULDN'T SUGGEST THAT THIS IS AN APPROPRIATE QUESTION TO GO BACK, TO PUSH ME DOWN.

UH, THEY SHOULD DEFEND, UH, THE THRESHOLD, UH, AND I CAN TAKE ANOTHER LOOK AT IT AND YOUR BEHALF AND SAY WHERE, WHERE THE RANGE IS.

I KNOW THAT THE NUMBERS ARE REASONABLE IN TERMS OF SAYING THAT'S A PROGRAM THAT WOULD IS IT'S NOT THE LOWEST CASE.

UH, I WOULDN'T WANNA, UH, SUGGEST THAT BECAUSE THERE'S ANOTHER CASE.

I DON'T THINK YOU'RE WANTING TO ACCEPT WHAT THE MARKET WOULD DELIVER TODAY.

I THINK YOU'VE ALL SAID THAT PRETTY CLEARLY, UH, UH THERE'S BUT THERE ARE, YOU KNOW, THERE ARE OTHER USES THAT ARE EVEN LOWER VALUE IF YOU BUILT A LOWER DENSITY, OR IF YOU, YOU KNOW, IF YOU BUILT SOME FLEX TECH IN THERE, THERE'S SOME OTHER USES THAT MIGHT BE FINE USES, BUT THEY WOULDN'T GENERATE AS MUCH VALUE.

UH, BUT I DO THINK THE QUESTION

[02:10:01]

THAT WAS REALLY WHERE I WAS NOW IN THE SHAPE OF A SUCCESS FEE.

YOU REALLY WANT IT TO GO UP AS YOU REALLY ACHIEVE MUCH HIGHER VALUES.

YOU DON'T WANT MUCH SUCCESS, MEAN TO BE PAID OUT.

IF YOU'RE ONLY GETTING A FIVE TO 10% INCREMENTAL ADJUSTMENT OVER WHATEVER THE BASE IS, YOU AGREE TO.

SO YOU OBVIOUSLY WANT TO SEE THE WINDOW, THE PAY WINDOW.

YOU REALLY WANT TO MOTIVATE PEOPLE TO GO AFTER A PROGRAM.

THAT'S MUCH MORE OPPRESSIVE THAN JUST WHAT YOU COULD EXPECT IF BASICALLY YOU MEET THE MARKET.

UM, SO, SO I JUST WANT TO BE CLEAR THAT THERE WAS, THERE WERE SOME REAL TRADE OFFS AND NEGOTIATIONS GOING ON ON THOSE SEVERAL THINGS.

UH, AND YOU KNOW, IN TERMS OF NARROWING IT DOWN, I DON'T KNOW THAT THE 30 BASIS POINT WOULD BE THE THING I'D BE NEGOTIATING.

I THINK I'D PROBABLY NARROW IT DOWN IF YOU WOULD LIKE TO THE QUESTION OF DEFEND THAT THRESHOLD AND WHY IT SHOULDN'T BE HIGHER.

UH, QUESTION, I TALKED ABOUT THIS EARLIER TODAY, IT'S NOT AN UNREASONABLE QUESTION.

I CERTAINLY WOULDN'T WANT SUGGEST THAT IT'S INAPPROPRIATE TO SAY, WHERE DID THAT COME FROM? UH, YOU KNOW, CAN YOU CONVINCE ME OF IT? UH, I THINK IT IS REASONABLE, BUT ON THE OTHER HAND, AS I SAID, UH, THIS IS NOT SOLVED BY SOME EXTENSIVE SET OF ALGEBRA, UH, YOU KNOW, PRETTY, PRETTY STRAIGHTFORWARD CALCULATION.

AND THERE IS ROOM FOR NEGOTIATION, BUT, UH, I THINK WE SHOULD GET PUSHED THEM THE OPPORTUNITY TO MAKE THEIR CASE.

THANK YOU, DAVID.

IT'S MORE FAIR KNOW, ISN'T IT FASCINATING.

CAN I, I'VE GOT IT.

I'VE GOT A QUESTION.

UM, WHEN, WHEN WE LOOK AT THE VISION, UM, THAT WE'RE PROPOSING, WE'RE TALKING, I REALIZED WE'RE TALKING TO UP TO EIGHT STORIES TO 12 STORIES AND SO FORTH.

UM, AND WE'RE, WE'RE LOOKING AT WHAT WE'VE PUT TOGETHER IS THAT, UM, THIS, THIS MIXED ASPIRATIONAL, UH, ASPIRATIONAL OR DAVID, WHERE, WHERE WOULD YOU, DO YOU HAVE ANY FEEL FOR WHAT THAT I'M JUST TRYING TO PUT IT IN MY HEAD, WHAT WE PUT FORTH, YOU KNOW, FOR OUR ASPIRATIONAL VISION, WHAT'S THAT DOLLAR AMOUNT? WHAT DOES THAT KIND OF THING? WELL, FIRST OF ALL, THE PROGRAM USES URBAN NEXT YEARS, UH, HAVE A FAIR AMOUNT OF RESIDENTIAL UNIT.

UH, SO BECAUSE YOU WANT ACTIVITY THAT GOES BEYOND JUST THE WORK, UH, YOU CLEARLY HAVE OFFICE TO THE EXTENT THAT OFFICE MARKET'S THERE.

IT'S A LITTLE TRICKIER ON THE OFFICE RIGHT NOW TO KNOW WHAT KIND OF OFFICE WORK GOING FORWARD.

SO THAT'S PROBABLY THE ONE THAT'S TOUGHEST COMPETITOR.

YOU ALWAYS WANT A COUNTDOWN OF OFFICE.

AND THEN, UH, USUALLY YOU'RE TALKING ABOUT DESTINATION RETAIL OR ENTERTAINMENT, UH, OURS, UH, AND YOU KNOW, AND OTHER KINDS OF ENTERTAINMENT, OBVIOUSLY THAT'S A HARD THING TO TALK ABOUT, RIGHT.

BUT IS THAT ALL THAT ASIDE? THE, UH, SO YOU TYPICALLY THINK YOU'RE GOING TO SEE A STOREFRONT RETAIL.

YOU HAVE TO BE REAL CAREFUL WITH THAT BECAUSE IT'S TOUGH TO DO REFIT DESTINATION, RESTAURANT ENTERTAINMENT.

UH, YOU MIGHT SEE SOMETHING LIKE A FOOD HALL OR ADVANCE STRATEGY IN THERE.

HE SAYS, BUT IT'S, IT'S GOTTA BE MORE THAN JUST, I'D SAY THE EASIEST THING FOR A DEVELOPER TO DO IS TO TAKE A PIECE OF GREENFIELD AND STRIP IT OUT AND SAY, THIS PARCEL IS GOING TO BE AN APARTMENT.

AND THIS PARCEL OVER HERE, IT'S GOING TO BE AN OFFICE BUILDING.

IF IT HELPS ALL OF US HERE, I'M PRETTY CERTAIN, ALL OF US HERE HAVE LISTENED TO THE ULI PATIENT AND WHICH IS BASICALLY WHAT YOU'RE DESCRIBING.

YOU DON'T WANT TO COVER UP ALL YOUR WAY IN WITH STRUCTURAL PARKING THAT SAID, YOU KNOW, TIM, THAT FOREST PARK AND SO FORTH, DO YOU HAVE THE OPTION OF GOING DOWN AND GOING UNDERNEATH THAT BUDGET, $23,000 A SPACE MORE, SHOULD YOU HAVE TO CONVINCE YOURSELF THAT YOU GOT A TENANT THAT REALLY WANTS THAT? BUT POINT IS DENSITY IS A LITTLE TRICKY.

SO THAT HELPS YOU.

I THINK I'M PRETTY CERTAIN THAT I SAT IN TO ONE OF YOUR MEETINGS WHEN YOU WERE GOING THROUGH THAT, AND IT WAS CLEAR THAT YOU WOULD ALL LISTEN TO IT.

BUT MY POINT IN SAYING ALL THAT IS MIXED, URBAN, MIXED USE IS GOING TO BE DEFINED BY THOSE ATTRIBUTES.

AND IN TERMS OF ITS INTENSITY, HERE'S THE BIGGEST VARIABLE IN TERMS OF MANAGING YOUR HEIGHT CHALLENGE.

YOU DON'T WANT THIS THING TO BE TOWERING IS WHAT I'VE HEARD.

UH, YOU KNOW, YOU DON'T WANT, MAYBE YOU COULD BUILD SET SIX TO 16 TO 22 STORY BUILDINGS, BUT YOU MAY NOT FEEL THAT THAT REALLY ISN'T CHARACTER, BUT HOW DO YOU GET THAT? YOU KNOW, WE'RE LIVING BY, BY OUR AIRPORT.

AND I THINK THAT'S IN THE PLAN UP TO SURE.

THEY MAY NOT WANT TO BUILD THAT, BUT THE WAY YOU CAN GET DENSITY, UH, IS TO GO DOWN AS WELL AS UP, UH, PART OF WHAT, UH, CAUSES YOU PROBLEMS WITH DENSITIES.

IF YOU DON'T DO UNDERGROUND PARKING, THEN YOUR, YOUR PARKING IS GOING BE THE SURFACE OR IT'S GOING TO BE STRUCTURAL, BUT ADJACENT TO THE BUILDING.

SO ONE OF THOSE ISSUES ABOUT INVESTMENT IS IF YOU'RE A DEVELOPER AND YOU THINK THAT YOU'D REALLY LIKE TO GET UP TO SUB THRESHOLD NUMBER A MILLION SQUARE FEET, LET'S SAY, AND

[02:15:01]

IT'S NOT JUST HEIGHT.

IT'S ALSO HOW YOU USE THE WHOLE ARTICLE, INCLUDING, UH, BUT I THINK WHAT YOU'RE TALKING ABOUT 15 ACRES BASICALLY BROUGHT, UH, 15 ACRES DOWNTOWN.

UH, YOU COULD PUT FIVE MINUTES SQUARE FEET, UH, YOU KNOW, SO IT'S NOT THE 15 ACRES THAT IS, UH, THAT'S GOING TO DEFINE YOUR DENSITY.

IT'S GOING TO BE A SET OF RULES.

THE AIRPORTS CAN BE ONE.

IT'S GOING TO BE A CONTROLLING FACTOR.

THE MARKET'S GOING TO BE ANOTHER ONE IN TERMS OF WHAT THEY'D BE WILLING TO FILL, BUT TO GET THE CHARACTER YOU WANT TO CONTINUE WHAT YOU'VE ALREADY STARTED WITH THAT AS A CIRCLE AND WHAT THE DESTINATION, THE BRANDING YOU'VE ALREADY GOT.

YOU WANT SOMETHING THAT REINFORCES THAT, BUT JUST IN TERMS OF WHAT'S, CAN YOU GET TO 600 TO 800 MILLION SQUARE FEET? AND THAT'S ENTIRELY REASONABLE TO THINK ABOUT, UH, THE, UH, NOW IT'S GOING TO BE THE ONE THAT'S GOING TO BE, YOU KNOW, CHALLENGING.

SO FOR DEVELOPERS, WHAT WOULD BE DELIGHTFUL IS IF YOU COULD CAPTURE, UM, A MAJOR END-USER MOVING IN FROM ANOTHER END, THE COUNTRY, UH, WHO IS GOING TO DO BUILD THE SUIT, UH, AND, UH, DO IT IN A WAY THAT CONFORMS WITH YOUR ARCHITECTURAL STRATEGY.

UH, AND, UH, THAT'S PART OF WHERE THE CUSHMAN OR A CBRA OR AN L YOU KNOW, JLL COMES IN BECAUSE THEY, THEY PLAY IN THAT STAGE, BUT IT WOULD BE REALLY GOOD IF YOU DIDN'T HAVE TO WORRY ABOUT SPEC OFFICE.

IF YOU SAID, I'D LIKE TO HAVE A HALF OF MAY, THE 750,000 SQUARE FOOT OR MORE, BUT I REALLY NEED TO BE THAT DRIVEN BY, UH, YOU KNOW, AN INVESTMENT GRADE, HIGH QUALITY TENANT OR PER USER, AND, YOU KNOW, PICK AN APPLE, GO TECH TALK AND BE WHATEVER IT IS THAT, YOU KNOW, THAT MY POINT IS THAT THIS IS ALL PART OF WHAT YOU'RE GOING TO GET INTO.

THAT'S THE SAY, THAT'S THE NEGOTIATION THAT YOU'RE GOING TO GET INTO.

UH, AND OF COURSE THE MORE THAT YOU PUSH TOWARD 800 MILLION, THE MORE THAT THEY'RE GOING TO SAY, IT'D BE REALLY HELPFUL.

WE HAD THIS GREAT TIP, UH, WHERE ALL OF THE INFRASTRUCTURE DEVELOPMENT WAS PAID FOR BY THE CITY.

THEN YOU HAVE TO WORK YOUR WAY THROUGH THAT WORK AND ALL THAT.

BUT GOING BACK TO THE BASIC QUESTION, UH, DENSITY IS IN THAT 500 TO 750 MILLION RANGE ON 15 ACRES, IS IT DOESN'T SET ANY RECORDS, UH, IN TERMS OF EVERYTHING, BUT WHAT USUALLY LIMITS IT IS AGAIN, I MEAN, YOU'RE NOT UPTOWN, BUT YOU HAVE A CHARACTER QUALITY THAT THEY CAN APPROACH IN UPTOWN, BUT YOU'RE TALKING ABOUT $200 TO $225 A FOOT FOR LAND DOWN THERE.

AND UP HERE, YOU'RE ALL AWAY RIGHT NOW BETWEEN 20 AND $50, DEPENDING WHERE EXACTLY YOU'RE SITTING, IT'S A LONG WINDED ANSWER.

I WAS JUST TRYING TO GET A FEEL IT'S OKAY.

I WAS TRYING TO TRY TO FIGURE OUT IF WHAT WE'VE PUT FORTH BASICALLY WAITS TO THIS FIRST COLUMN, THAT'S MAKES YOUR DESPERATION PRESENTATION WOULD TAKE YOU ON THE ASPIRATIONAL SIDE AND IT'D BE ON THE MIXED USE.

THAT WOULD BE MORE REPRESENTATIVE OF WHAT YOU'VE BEEN LAYING OUT IN YOUR, IN YOUR WORK WITH KIMBERLY HORN AND, UH, AND WHAT AND PRESENTATION, WHAT IS THAT? THAT'S WHAT THAT TRANSLATES NEXT VEHICLE.

SO THAT'S $615 MILLION RANGE SOMEWHERE.

UM, OKAY.

YEAH, JUST THAT'S I GUESS.

SO I GUESS I'M STRUGGLING WITH THE BASELINE IMPROVEMENT.

NOW YOU FIGURE JUST LIKE ONE THIRD OF FOCUSED ON FOCUS ON THE SUCCESS FEE.

WHAT'S INAPPROPRIATE SUCCESS BEFORE SHOOT STAR.

UH, THE OTHER WAY TO THINK ABOUT SUCCESS FEES IS USUALLY GOING TO BE ONE TO THREE TIMES BASE, UH, AND GET UP INTO THE HIGHER LEVELS.

TWO TIMES MORE THAT MADE YOU REALLY SUBSTANTIALLY EXCEEDED SOME KIND OF EXPECTATION AND ASSESS THE OF SUCCESS.

IT NEEDS TO BE STRUCTURED.

SO YOU REALLY INCENTED TO REACH, UH, YOU KNOW, INSIDE OF SOME BOUNDARIES.

SO IT, YOU KNOW, SO TWO TO ONE, THREE TO ONE, YOU KNOW, I'D SAY TWO TO ONE, TWO AND A HALF, ONE, UH, IT'S NOT UNUSUAL, BUT YOU REALLY NEED TO BE UP AT THE HIGHER, THE HIGHER END.

IF YOU'RE GOING TO HAVE A WINDOW TO THEN THE OTHER THING IS WHAT ARE THE THRESHOLD IS? UH, I DON'T, YOU KNOW, AGAIN, UH, THE BASELINE IS, UH,

[02:20:02]

NORMALLY, UH, WHAT THE MARKET'S GOING TO DELIVER TO YOU, UH, IN THE NORMAL COURSE OF BROKERAGE.

AND THAT'S, THAT'S WHERE YOU TYPICALLY START.

SO YOU WANT TO DO BETTER THAN YOU'RE DIFFERENT THAN THAT.

THEN, THEN YOU'RE, YOU'RE BEING A LITTLE ARBITRARY, BUT YOU, BUT THAT'S A NEGOTIATION.

SO I'M NOT SAYING YOU'RE BEING ILLEGALLY ARBITRARY.

I'M JUST SIMPLY SAYING THAT IT'S SUBJECTIVE.

ONCE YOU MOVE ABOVE THE BASELINE WITH THE MARKET DELIVERY, YOU SAY OUR SITUATION IS NORMAL.

NO, I'M GOING TO COUNT ON THE AMOUNT OF LAND THAT IT DOES THIS.

NO, NO, IT'S VERY UNUSUAL FOR A TOWN TO DEVOTE THIS MAY YEARS AND ACTUALLY DECADES TO ASSEMBLING LAND, UH, WITH THIS INSIGHT AND YOUR MIND.

UH, SO NO, I MEAN, DO YOU SEE THAT EVERY ONCE IN A WHILE, BUT TYPICALLY IT'S PRETTY UNUSUAL FOR, UH, FOR A TOWN THAT HAD CHOSEN TO DO THAT, BUT IT IS YOUR HISTORY.

I MEAN, YOU HAS A TOWN THAT MADE A LOT OF BIG BETS, UH, GOING BACK FOUR DECADES IN MY MEMORY, UH, OF THINGS YOU'VE DONE THAT ARE OUT OF CHARACTER WITH WHAT YOU READ TYPICALLY, AND YOUR COMMITMENT TO OUR, UH, OUR, OR YOUR ATHLETIC FACILITY THAT YOU'VE DONE, UH, HERE YEARS AGO.

I MEAN, DONE IN A NUMBER OF THINGS THAT YOU'VE SET A HIGHER STANDARD.

SO THAT'S ALL PART OF THAT STORY ABOUT EXPLAINING WHY WE'RE DOING THAT IS DOING SOMEBODY WHO REALLY DOES THAT CONCERN ABOUT QUALITY CHARACTER, AND THEY'VE ACTUALLY EXECUTED AGAINST THAT FOR DECADES.

AND I LIKE, I THINK THAT WE'RE ALL, UH, YOU KNOW, SPEAKING FOR MYSELF, I'M, UH, IN LOVE WITH THE STORY.

SO TO SPEAK THE, THE STORY I'M A BELIEVER SOLD ON, UH, THE UNIQUENESS OF ADDISON AS IT PERTAINS TO THE DECISIONS THAT WE'VE MADE, THAT YOU'VE MENTIONED OTHERS.

AND, YOU KNOW, I DON'T, I DON'T HAVE A MAJOR ISSUE WITH GOING BACK AND ASKING THE QUESTION ON THE BASELINE.

I DO, I DO FEEL THAT WE SHOULD BE PRUDENT AS IT RELATES TO THIS WHOLE THING.

I'LL SAY IT AGAIN, IT'S A SLIPPERY SLOPE FOR US AS A BODY TO GO BACK.

AND, YOU KNOW, I THINK IT'S, I'M, I'M FINE WITH GOING BACK AND ASK THE QUESTION, ESPECIALLY BECAUSE I HEARD, I ALSO HEARD THE MAYOR SAY THAT HE DOESN'T MIND, YOU KNOW, PAYING SOMEONE FOR WHAT THEY DO, BUT FOR SOME REASON THE BASELINE IS OFF, YOU KNOW, LET'S HEAR THEM DEFEND IT AND THAT'LL MAKE IT EVEN MORE DEFENSIBLE FOR ALL OF US.

AND I'M FINE WITH THAT.

I JUST, I JUST WANT TO STAY FOCUSED ON GETTING, GETTING THE WORK, YOU KNOW, GETTING TO THE NEXT PHASE, BECAUSE I THINK THAT THE, UH, THE TEAM, THE TEAM, WHOEVER THE TEAM IS, IF IT'S CUSHMAN AND WAKEFIELD, THEY'RE GOING TO EARN THOSE BASIS POINTS BECAUSE OF HOW WE ARE IN TERMS OF MAKING SURE THAT EVERYTHING IS DONE TO THE ALISON STANDARD.

I THINK WE'RE GOING TO HELP THEM WITH OWNING THIS PROPERTY.

THEY WILL REACH THE SUCCESS OF FEES AND THEN WE WOULDN'T MIND TO PAY THEM.

THIS BECAUSE I'M WILLING TO DEFER TO THE EXPERT AND TO STAFF.

ACTUALLY, IT'S A GOOD THING.

SO WE'LL BE SITTING FAR MORE, HOW WOULD YOU CALL IT A TEXT READING? I'LL BE TEXTS IN ALL KINDS OF TEXTS, REVENUE RELATED TO THE, UH, DANCED, YOU KNOW, DEVELOPMENT.

SO I REALLY THINK WE NEED TO GO BACK AND THEN RENEGOTIATE THIS BASELINE IMPROVEMENT COMING BACK FOR I'M GOING, IF THIS MOTION IS NOT RESCINDED, I'M GOING TO VOTE.

NO, BUT IT'S NOT .

UM, AND, AND SO I'M GONNA JUST SHARE I'M GONNA VOTE.

NO, AND IT'S NOT A NO VOTE OF CONFIDENCE FOR CUSHMAN AND WAKEFIELD.

IT'S JUST, I WOULD LIKE SOME MORE OPPORTUNITY TO, TO THINK ABOUT THIS AND ASK SOME MORE QUESTIONS SO WE CAN GET MORE COMFORTABLE WITH IT.

I'D LIKE TO GET MORE COMFORTABLE FOR THAT BEFORE.

SO I WAS JUST SHARING THAT WITH EVERYBODY BEFORE WE GO, WHEN I WAS GOING TO SAY, BECAUSE I BELIEVE WE NEED TO BE IN AGREEMENT ON THIS.

I'M GOING TO WITHDRAW MY SECOND, BECAUSE I DON'T THINK WE SHOULD MOVE FORWARD ON

[02:25:01]

I THINK THEY'VE DONE AN EXCELLENT JOB AND MAYBE EXPLAIN TO, I THINK THAT ANY GROUP CAN NEGOTIATE A LOWER RATE.

I KNEW.

AND SO IF THAT'S THE GOAL, I'M SURE IT CAN BE DRIVEN DOWN SOME, BUT I'M ALSO NOT COMFORTABLE DEFERRING TO THE WORDS, BUT I THINK WE HAVE TO COME OUT OF THIS IN AGREEMENT.

SO I WOULDN'T DO ALL THE SECOND DISTRICT SAYS I WOULD JUST REMIND THE COUNCIL.

THE COUNCIL WILL MAKE DECISIONS AS TO THE NATURE GROUP, THAT PROJECT, THAT CHRISTIAN CENSUS.

BUT THIS WASN'T GOING TO HAPPEN ALL AT ONCE.

SO WHEN YOU SAY $216 MILLION, U S IS AN ARTIFICIALLY LOW NUMBER, THAT'S FINE.

I HAVE NO INTENTION OF ENTERTAINING.

THE LOW END OF THE SPECTRUM.

I'M NOT PRESUMING WE'RE ALL PRETTY MUCH ON THE SAME PAGE.

SO WHAT DIFFERENCES, WHETHER WHETHER 216 OR 265 IS, IS, IS THE STARTING POINT FOR THE SUCCESS FEE, WHAT IS, I'M NOT GOING TO DO SOONER AT $16 MILLION ANYWAY, THAT'S OFF THE TABLE WITH ME, SO WE CAN, WE CAN SEND THIS BACK.

AND NOW I DON'T HAVE A SECOND OR SO, SO WE'RE BACK TO SQUARE ONE, BUT JUST WHAT YOU SAID, IVAN WILL COME BACK AND WE'LL HAVE A RANGE.

AND HE'S BEEN INVOLVED IN NEGOTIATION.

THEY'VE BEEN INVOLVED IN NEGOTIATIONS AND WE'RE TALKING ABOUT SMALL DOLLARS RELATIVE TO A HUGE, HUGE, HUGE PROJECT HERE THAT I'M NOT GOING TO, I'M NOT GOING TO ENTERTAIN THE LOW END DEVELOPMENT HERE.

I'M JUST NOT GOING TO DO IT AS LONG AS I GOT A SEAT AT THE TABLE HERE.

SO I DON'T KNOW WHAT WE'RE, WHAT WE'RE, WE'RE CONCERNING OURSELVES WITH THEM, THAT NUMBER I'M IN AGREEMENT WITH YOU AND YOUR POINTS.

HOWEVER, I BELIEVE THERE'S A GENERAL DEFERRING TO A REQUEST TO CONSIDER FOR , BUT WHAT DID WE ACCOMPLISH WITH THAT? I THINK WE ACCOMPLISHED SOME COMMUNITY HERE AND I, CHRIS, CHRIS HARDMAN WANTS TO SAY SOMETHING, CHRIS, ON THE PHONE, PLEASE GO AHEAD AND SAY SOMETHING.

OKAY, THANK YOU.

I JUST WANTED TO SAY, UM, A COUPLE THINGS ABOUT THIS AND IF IT'S HELPFUL, JUST FROM OUR POINT OF VIEW, UM, WE'VE GONE BACK AND FORTH WITH STAFF AND DAVID FOR THE LAST FEW MONTHS.

AND I THINK WE ENDED UP ON OUR, I THINK IT WAS THE EIGHTH OR NINTH VERSION IS WHAT YOU'RE SEEING HERE.

AND THE, THE ORIGINAL INTENT, WHATEVER INTENT ALWAYS IS, IS TO HAVE AN ALIGNMENT OF WITH OUR CLIENTS.

SO IF WE'RE SUCCESSFUL, WE'RE ONLY SUCCESSFUL IF YOU'RE SUCCESSFUL.

AND THE ONLY OTHER THING I'D POINT OUT HERE IS THAT WHEN WE'RE LOOKING AT THE BASELINE, THAT IS ONLY BASED ON CERTIFIED CONSTRUCTION COSTS, THAT DOES NOT INCLUDE ANY SOFT COSTS.

DOESN'T INCLUDE THE OTHER HAND.

IT DOESN'T INCLUDE LEASING COMMISSIONS, TENANT ALLOWANCES, THE, UH, YOU KNOW, THE MONEY THAT, UH, TENANTS OR USERS MAY INVEST INTO THE BUILDINGS THEMSELVES, INCLUDING THE OTHER, UH, PUBLIC INFRASTRUCTURE.

AND NOT THAT IT'S PURELY JUST THE CERTIFIED CONSTRUCTION COSTS.

SO WHEN, WHEN THIS, WHEN THESE PROJECTS GET COMPLETED, THE ASSESSED VALUE SHOULD BE SIGNIFICANTLY HIGHER THAN THIS, UH, BASELINE IMPROVEMENT VALUE, WHICH WAS A THRESHOLD THAT WE ESTABLISHED AS A, YOU KNOW, A, UH, WELL, WE, WE STILL THINK IT'S A VERY HIGH BAR, UH, CAMERON FOR THE ENTIRETY OF THE, OF THE, UH, THE LAND AREA.

AND THAT'S BASED ON 18 ACRES OF LAND.

THE OTHER THING IS THIS ISN'T GOING TO, UH, OCCUR ALL AT ONE TIME.

SO THIS IS A VERY LONG TERM MULTI-YEAR MULTIFAITH PROJECT.

AND YOU COULD IMAGINE, YOU KNOW, MAKING A THREE ACRE SITE BEING GOOD, YOU KNOW, YOU KNOW, UH, YOU KNOW, STARTING, AND THEN ANOTHER 3% OR FIVE ACRE SITE,

[02:30:01]

AND SO WE UNDERSTAND THE CONCERN COMPLETELY THAT THE NUMBERS LOOK BETTER.

IT'S NOT THAT WE'RE GOING TO GET PAID THAT ALL AT ONCE.

YOU KNOW, THIS, THIS, THIS PROJECT IS GONNA TAKE TIME TO GO ABOUT IT'S GOING TO HAPPEN OVER MANY YEARS.

AND, UH, AND I THINK IT WAS SO SEE AT THE END OF THE DAY, IS THAT THE, UH, THE TAX REVENUE THAT'S GENERATED FROM THOSE FORRESTER PAST ANYTHING THAT, UH, YOU KNOW, WE GET PAID, YOU KNOW, ON OUR, OUR FEE IS MOVING, COMPENSATED BY THE ADDITIONAL VALUE THAT WE BRING TO THE TABLE.

UM, SO I JUST WANTED TO, TO ENTERTAIN, UH, YOU KNOW, THAT IT'S HELPFUL, BUT IF I WANT TO SEND SOME CONTRACT, YOU KNOW, SINCE NOBODY CAN SEE WHAT GOING TO HAPPEN IN THE FUTURE, SOME MISTAKE OCCURRED IN THE CONTRACT.

IT WILL STILL GO BACK TO THE COUNTRY.

I MADE A MISTAKE BEFORE I, IT, BUT I, I JUST DON'T WANT THAT TO HAPPEN.

AND THEN TWO, I HAVE A LAST THOUGHT ON DETAIL AND CORRECT NUMBER, WHETHER WE REACH IT OR WE DON'T REACH IT, IT'S STILL PRUDENT.

SO I STILL FEEL LIKE, YOU KNOW, QUEST, YOU KNOW, YOU CAN GO BACK AND REVIEW IT ALL FOR THE, UH, WITHIN COME UP WITH SOME BASELINE VALUE IS MORE REASONABLE FIGURES.

EVEN THOUGH YOU MAY TAKE THIS BIG PROJECT, MAY NOT A COMPLETE IN 10, 15 YEARS SIMILAR TO BE TRULY THIS BIG PROJECT.

SO, UH, BUT I HOPE, YOU KNOW, IT WILL FINISH COMPLETED LONG BEFORE 10, 15 YEARS.

SO ANYTHING CAN HAPPEN IF YOU WANT TO SIGN SOME CONTRACT DON'T YOU WANT, THAT'S MORE COMPLETE, YOU KNOW, SO THAT'S MY POINT, YOU KNOW, I'M JUST A SMALL BUSINESS OWNER, YOU KNOW, THAT'S WHAT I SAID.

I MADE A MISTAKE SOMETIMES, BUT MOST OF THE TIME I'M CORRECT.

WHETHER MAYBE SOME PEOPLE FEEL LIKE, OH, YOU KNOW, WE SHOULD APPROVE THIS, LET IT GO.

AND THAT, BUT I DON'T, YOU KNOW, I DON'T FEEL COMFORTABLE TO DO THAT.

AND I, I WANT TO GO BACK.

I WANT TO, THIS WOULD BE MY, SO I'M FINE WITH, IF, YOU KNOW, I WANT, I WANT THE MAJORITY OF THE COUNCIL WILL BE COMFORTABLE, BUT I WOULD SAY AS A CONCESSION, AND I WOULD ASK THIS OF MYSELF AND OF MY FELLOW COUNCIL, WE'VE GOT TO DO A BETTER JOB OF ASKING GOOD QUESTIONS, JUST, YOU KNOW, DELAYING THINGS BECAUSE WE'RE NOT COMFORTABLE, BUT WE DON'T KNOW WHY WE DON'T KNOW WHAT TO ASK, AND WE'RE NOT GOING TO DO ANYTHING DIFFERENT BETWEEN NOW AND THE NEXT TIME WE MEET OR NOT GOING TO, UM, YOU KNOW, YOU KNOW, YOU KNOW, THE CRUDE IS WHAT HAPPENS IS ALL OF THE OWNERS GET US BACK TO STAFF.

AND BASICALLY THE MESSAGE THAT WE'RE SENDING BACK TO STAFF IS YOU PROBABLY MISS SOMETHING.

UM, EVEN THOUGH YOU WENT BACK AND FORTH EIGHT TO NINE TIMES IN THE NEGOTIATION.

AND SO I WANT TO BE A RESPONSIBLE COUNCIL MEMBER AND PERFORM MY DUTIES ETHICALLY AND RESPONSIBLY.

AND THE NUMBER ONE THING FOR ME AND TOM MENTIONED THIS EARLIER, IT'S WHO YOU DO BUSINESS WITH AND THE CITY MANAGER THAT WE HAVE IN PLACE, WE HAVEN'T TRUSTED TO DO EXCELLENT WORK.

HE HAS DONE NOTHING LESS THAN EXCELLENT WORK, NOTHING LESS UNDER TREMENDOUS SCRUTINY TIME AND TIME AND TIME AGAIN, IT'S TIME TESTED.

AND SO THIS MORE THAN ANYTHING FOR ME IS I, I NEED TO DO A BETTER JOB OF, OF, OF IF I'M, IF I'M GOING TO SCRUTINIZE, I NEED TO EITHER A COME UP WITH BETTER QUESTIONS IN THE COUNCIL MEETINGS THAT ARE PUBLIC AND OR B, I NEED TO DO A BETTER JOB OF ASKING QUESTIONS IN MY ONE ON ONE WITH WHAT US, IF I THINK THAT HE'S NOT DOING A GOOD ENOUGH JOB IN HIS WORK THAT I NEED TO SAY, HOW DID YOU COME TO THIS CONCLUSION? AND HOW DOES YOUR PROCESS WORK? AND I NEED TO GET COMFORTABLE WITH THAT AS A COUNCIL MEMBER, IF I'M NOT.

AND SO THAT'S THAT, THAT WOULD BE MY, MY CALL TO ACTION JUST TO MY PEERS AND TO MYSELF IN THAT I DON'T MIND

[02:35:01]

MAYOR, I DON'T MIND THE CONCESSION OF GOING BACK TO DO SOME ADDITIONAL NEGOTIATION, UH, BUT I JUST WANT TO BE HYPER RESPONSIBLE WITH DOING THIS.

UM, AND THE WAY, THE WAY WE DO IT IN THE FUTURE, AS A MATTER OF FACT, YOU KNOW HOW TO TALK TO THE SUITS, THE BASELINE PROVEN VALUE AND SO LOW, AND HOW THEY COME UP WITH THAT NUMBER ONE, GOOD REASON.

SINCE AS I KEEP ON SAYING, YOU KNOW, WHEN YOU DID YOUR PRESENTATION, I LOVE IT SO MUCH.

AND THEN NOW YOUR BASELINE BATTERY BASED ON JUST REGULAR, REGULAR, ORDINARY FOUR STORY APARTMENTS, THAT'S NOT SOMETHING I CAN SWAP.

I DON'T THINK SO.

SO I UNDERSTAND STAFF WORK HARD, BUT THIS HAS NOTHING TO DO WITH ME WORK HARDER.

THEY ARE NOT A BUSINESS.

SO IT HAS NOTHING TO DO WITH THE PROFESSIONALISM OR THE KNOWLEDGE.

IT'S JUST, I JUST THINK, YOU KNOW, IT NEVER HURT HER FOR GIVING US TWO MORE WEEKS.

WE'LL BE SO DIFFICULT FOR SUCH A HUGE PROJECT.

I SAID, DON'T GET IT.

WE DON'T HAVE TO WASTE A COUPLE OF HOURS DISCUSSING THIS.

YOU KNOW? I MEAN, IT'S GRAB OBLIGATES.

SO YOUR HEART, IF THIS YOUR OWN PRIVATE PROJECT, WILL YOU DO THE SAME KNIFE TODAY? I JUST WANT TO ASK YOU, IF YOU GOING TO SPEND THIS MUCH MONEY, ARE YOU GOING TO PROVE IT YOU'RE WRONG? I ALONE.

I'M A VERY PASSIONATE, I TELL YOU.

I WANT, IF I BUY STUFF, I WANT TO MAKE SURE THAT'S A GOOD DEAL.

I WOULDN'T SAY YOUR BEST DEAL.

I WOULD GO BACK SOMETIME I GO TO TWO DIFFERENT STORE, JUST SPECIFICITY, SPECIFIC THINGS, ITEMS IN THAT STORE AND THE SPECIFIC THINGS IN OTHER STORES, JUST FOR SAVING MAYBE FIVE, 10 OR $20.

BUT I WANT YOU TO HAVE THE SAME PHILOSOPHY AND THE IDEA, THE CONCEPT IN YOUR MIND, YOU KNOW, I, I DON'T THINK, YOU KNOW, I ASKED FOR TOO MUCH AND I REALLY DON'T KNOW THIS IS A BIG PROJECT.

WE ALL HAVE THIS FIDUCIARY DUTY.

I'M NOT A RUBBER SKIN.

AND I DON'T DAILY FOR A LONG TIME.

I TRUST HIM, BUT ALSO HE GAVE US GOOD ADVICE.

SO I DON'T BELIEVE I PERSONALLY MADE ANY MISTAKE, TRY TO DELAY THIS BECAUSE I JUST DON'T SEE.

I DON'T FEEL IS RIGHT.

AND I POINT OUT IN THE BEGINNING, I'M NOT SATISFIED WITH THIS BASELINE.

I DO.

AND I HASHEM ABOUT SUCCESS OF FEES.

30 BASIS POINTS IS CUSTOMER RATE, OR EVERYBODY PAID THE SAME.

RIGHT? I DON'T THINK I MADE ANY MISTAKE.

$225 MILLION, YOU KNOW, ROUNDED OFF TO WHATEVER THAT IS.

I KNOW PEOPLE BEING MORE PRUDENT IN THIS BIG PROJECT IS ALWAYS BETTER THAN JUST TRYING TO WATCH.

LET'S SEE EVEN MUCH BIGGER THAN CW THESE DAYS.

BUT I FIGHT BECAUSE I THINK WE NEED TO GO BACK RENEGOTIATE WITH CUSHMAN WAKEFIELD AND IN A REASONABLE WAY.

EVERY THING GOT TO BE IN AGREEMENT.

WE DON'T REGRET IN THE FUTURE.

SAME THING, JUST LIKE WHAT A TOWEL.

I'M THE ONLY PERSON GOT AGAINST IT BECAUSE THERE WERE ONLY ONE BIDDER.

I NEVER FEEL COMFORTABLE, BUT THE OTHER SIX CANS OF DOOR LISTEN TO, AND I, I CAN SMELL IT.

NO, WHY NOT? LET'S JUST TABLE FOR TWO MORE WEEKS, THEN GIVE CUSHMAN WAKEFIELD.

SOMETIME WE DON'T COME BACK WITH STAFF, COME UP WITH A BETTER VALUE AND I WILL FEEL MORE COMFORTABLE.

I HOPE YOU'LL FEEL THE SAME WAY, JOE.

CAN I ASK A QUESTION? WHAT, IN TWO WEEKS TIME AND THEY COME BACK AND THEY SAY, WELL, WE'VE EVALUATED.

AND VALUE IS LOW.

THRESHOLD IS

[02:40:01]

AND OUR FEED IS STOLEN SAYING NOTHING.

WHAT? I MEAN, WHAT ARE YOU, WHAT ARE YOU EXPECTING TO GET? I MEAN, YOU HAVE NUMBER IN MIND BECAUSE PART OF THE DEAL IS, I KNOW YOU SAY, I MEAN, I NEGOTIATE STUFF WITH CONTRACTORS EVERYDAY TOO, RIGHT? AND I DON'T DO THIS KIND OF SIZE OF JOBS, BUT YOU KNOW, I'LL HAVE MILLION DOLLAR SUB CONTRACTS ALL THE TIME, BUT THEY'VE HAD, THEY'VE HAD A LONG, THE ONE CALMER, I MEAN, NEGOTIATION, THE STAFF AND, AND OUR, OUR CONSULTANT IS THAT CONVERSATION HAS BEEN GOING ON FOR WEEKS.

AND YOU GET TO A POINT WHERE YOU WANT THE BEST PERSON YOU WANT.

I ALWAYS WANT THE BEST SUBCONTRACTOR.

I KNOW CAN DO THE WORK.

I CAN, I CAN GUARANTEE YOU.

I CAN ALWAYS GO FIND SOMEBODY ELSE THAT WILL DO IT CHEAPER, BUT IT'S NOT THE RIGHT PERSON TO DO IT FOR THE JOB.

AND THAT'S, THAT'S SOMETHING THAT YOU HAVE TO, YOU HAVE TO TAKE INTO CONSIDERATION AT SOME POINTS.

AT SOME POINT, YOU'RE GONNA LOSE IT.

YOU'RE GONNA LOSE THESE PEOPLE.

I'VE HAD IT HAPPEN TO ME BEFORE.

I UNDERSTAND.

AND WE INTERVIEWED ALL THREE.

WELL, SO I MEAN, WE DO THIS ALL THE TIME AND I DON'T WANT TO GET YOU IN THE MIDDLE OF NEGOTIATIONS WITH INTERVIEWS, PROFESSIONAL FEE SERVICES.

OUR STAFF DOES IT ALL THE TIME.

WHEN YOU'RE HIRING AN ENGINEER, YOU'RE HIRING AN ARCHITECT.

THIS IS, THIS IS A, THEY DO A PROPOSAL REQUEST FOR PROPOSAL AND IT'S OUR PROPOSAL, BUT IT'S LIKE, IT'S A QUALIFICATION PACKAGE.

THEY INTERVIEW HIM MULTIPLE STAFF, PEOPLE INTERVIEWING THEM.

THEN THEY MAKE A SELECTION AND THEY COME TO US AND SAY, WE RECOMMEND USING THESE GUYS TO DO THIS WORK.

AND THAT'S BEEN, IT'S LIKE, IT'S ALL BEHIND THE SCENES.

YOU DON'T SEE IT, BUT IT'S BEEN GOING ON FOR WEEKS AND MONTHS.

A LOT OF TIMES.

RIGHT? I DON'T KNOW.

I DON'T UNDERSTAND.

I UNDERSTAND WHAT YOU'RE SAYING IS LOW FEE, BUT IN THE END, I'M KIND OF MORE, I'M MORE WHERE WE'RE PAULA IS.

IT'S LIKE, I'M NOT GONNA, I'M NOT GONNA AGREE TO A THING.

A PROJECT IS $200 MILLION PROJECT.

AND I THINK WE WOULD ALL AGREE THAT IF WE, IF WE HIT THE MARK WHERE WE THINK IT SHOULD BE, WE'D BE HAPPY TO PAY THEM THAT EXTRA MONEY.

SO I GUESS MY QUESTION IS, I MEAN, EVERYBODY'S SAYS THEY WANT TO WAIT FOR TWO WEEKS TO THEN TALK ABOUT IT AGAIN.

I DON'T KNOW WHAT WE'RE GOING TO EXPECT TO GET IN THE NEXT TWO WEEKS TIME.

THAT'S GOING TO CHANGE OUR MIND.

I MEAN, IT SOUNDS TO ME LIKE, YOU JUST WANT, I KNOW YOU WANT A HIGHER FEE AND YOU WANT A LOWER PERCENTAGE IN THE END.

I MEAN, GRANTED, WE WOULD ALL LIKE THAT, BUT I DON'T THINK THAT'S GOING TO HAPPEN.

YOU KNOW, IF YOU HAVE THIS INTENTION THOUGH, YOU WANT TO TRY IT, NOTHING WILL HAPPEN.

I CAN TELL YOU THAT IF YOU HAVE THOSE INTENTION BEGIN WITH WHO YOU'RE GOING TO, YOU'LL GO NOWHERE.

SO, YOU KNOW, I DON'T, I DON'T WANT TO TELL YOU HOW TO NEGOTIATE IN THIS PUBLIC MEETING.

I DON'T THINK IT'S APPROPRIATE, BUT THAT DOESN'T GO.

FOR EXAMPLE, YOU'VE GOT TO DO A PRESENTATION.

I THINK IN THE WONDERFUL RIGHT.

EVERYBODY SAW THAT, RIGHT? AND THEN THEY USE TOTALLY DIFFERENT KIND OF PROPERTY TO BE THE BASELINE.

IF YOU USE SOMETHING IN BETWEEN AND ALLOW WE'LL FEEL MORE COMFORTABLE, RIGHT.

WE WOKE HAVE, THIS IS NOT JUST THE FIRST DAY.

AND WE TALK ABOUT YOU GIVE US A LOT, RIGHT? SO NOT BECAUSE STEPHANIE DIDN'T DO A GOOD JOB.

YOU KNOW, DAVID, DAVID IS THE MOST EXPENSIVE PERSON.

I HAVEN'T GONE AS FAR AS T O D.

AND I'M NOT TRYING TO GIVE EVERYBODY A HARD TIME.

IT'S NOTHING TO DO WITH THIS.

AND ALL, I FEEL LIKE IT'S NOT A GOOD AND BAD BASELINE THAT I HAVE A GOOD REASON TO DEFEND THAT.

SO, AND I, AND I NEVER FEEL IT'S WRONG TO ASK, JUST GO BACK AND PLUG AWAY THE QUIZ GO REFIGURE.

IT WAS A DIFFERENT VALUE.

IT'S NOT GOING TO BE 225.

IT'S NOT GOING TO BE APPROVED.

SO JUST TALK ABOUT A REASONABLE STRETCH.

STRESSFUL.

WOULD IT BE MORE REASONABLE? YOU CAN ALWAYS FIND OUT THE COMPANY.

YOU KNOW, THERE ARE SO MANY COMPANIES, IF SOMEBODY DON'T WANT TO DO IT, RIGHT? NO, THERE'S NOT.

THERE'S THREE BIG COMPANIES THAT DO THIS.

[02:45:01]

AND WE'RE SAYING, THIS IS THE BEST FOR US NOW.

I DON'T MEAN THAT TO BE DISRESPECTFUL.

AND I APOLOGIZE IF I AM BEING, BUT WE HAVE TALKED THIS TO DEATH SO GREAT.

IF, IF WE COULD DO SOMETHING, I WOULD, YEAH.

AWESOME.

I'LL MAKE A MOTION THAT WE TABLE THIS TO THE NEXT MEETING VOLUME.

IF THERE'S NO SECONDS.

THERE'S NO SECOND.

ALL SECOND.

AND THEN WE GOT A MOTION, A MOTION, SECOND, ALL IN FAVOR TO TABLE.

THIS MOTION IS THE PAST AND I MADE THE MOTION AND FOUND THE SECOND .

SO, I MEAN, IT DOESN'T MAKE ME, NO, SHE BOUGHT IT.

IF YOU WANT TO MAKE THE MOTION TO TABLE IT FIRST AND LET'S GO BECAUSE YOU ALREADY MADE THE MOTION.

RIGHT? OKAY.

SO THAT'S THE STATE OF YOUR MOTION.

AGAIN? MY MOTION IS TO APPROVE ITEM MAINTENANCE, PRESENT TIME, OR SECONDLY, THIS I'M JUST GOING TO COMMENT.

I WILL VOTE IN FAVOR OF THIS BECAUSE I AM DEFERRING TO STAY ON REFERRING TO EXPERT COUNSEL, AND I FEEL IT'S REASONABLE THAT I WOULD HAVE PREFERRED THE MOTION TO TABLE.

ARE WE GOING TO CALL IT? SO, UH, NO, I WOULDN'T MIND, EVEN THOUGH I'M THE ONLY PERSON, I GUESS THIS I DON'T MIND, BUT I JUST EXPRESS WHAT I FEEL, RIGHT? YEAH.

A DIE PRESENT, DISCUSS IT.

SO I HAVE MOTION TO APPROVE THIS ITEM FROM ALL OF IT IN A SECOND FUN COMES ALONG AND IN FAVOR TO APPROVE THIS, SAY AYE.

OPPOSE.

ALRIGHT.

WELL, I SHOULDN'T CARE.

EVEN THOUGH I DISAGREE

[9. Present, Discuss, and Consider Action on an Ordinance to Amend the Town's Annual Budget for the Fiscal Year Ending September 30, 2020.]

CONSIDER THE ACTION ORDINANCE TO THE POLICY.

CAN YOU BUDGET FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 20, 20, GOOD EVENING.

MAYOR AND COUNCIL.

STEVEN GLICKMAN, CHIEF FINANCIAL OFFICER.

UH, ONE SECOND WHILE I SHARE MY SCREEN HERE.

ALRIGHT, STEVEN, JUST HOLD IT FOR FIVE MINUTES.

ARE YOU GOING TO RECESS THE RECESS FOR THREE MINUTES? RIGHT? HOW LONG HAVE YOU READ IT? I JUST DON'T NIGHT STEVEN.

SO WE'RE READY.

WE READY? OKAY, GREAT.

THANK YOU, MAYOR.

UH, MARION COUNCIL.

UH, AND I WANT TO MAKE SURE EVERYONE CAN SEE MY SCREEN CAMERA.

YES, YES.