[DECLARATION OF A QUORUM AND CALL TO ORDER] [00:00:02] >> CALL TO MEETING THE CITY OF ANGLETON BETTER LIVING CORPORATION AGENDA. I HAVE IN FRONT OF ME A REGULAR AGENDA. GOT A QUORUM, SO CALLED ORDER. REGULAR AGENDA ITEM NUMBER 1. [1. Discussion and possible action to approve the minutes of the Angleton Better Living Corporation meeting of August 21, 2023] DISCUSSION AND POSSIBLE ACTION TO APPROVE THE MINUTES OF THE ANGLETON BETTER LIVING CORPORATION MEETING FIRST OF 2023. >> MOVED, DO WE ACCEPT THE MINUTES? >> SECOND. >> I HAVE A MOTION IN A SECOND. ANYTHING ELSE ANYWAY? I'M CALLING FOR A VOTE. ALL IN FAVOR? >> AYE. >> ANY OPPOSED? CARRYING ON, REGULAR AGENDA ITEM NUMBER 2. [2. Discussion and possible action on the Angleton Better Living Corporation, Recreation division, and Angleton Recreation Center division YTD financial statements as of September 30, 2023.] DISCUSSION AND POSSIBLE ACTION ON THE BETTER LIVING CORPORATION RECREATION DIVISION IN ANGLETON RECREATION CENTER DIVISION. YEAR-TO-DATE FINANCIAL STATEMENTS AS OF SEPTEMBER 30TH, 2023. DO WE HAVE SOMEBODY ELSE SPEAKING ON THAT? HEY, PHIL. >> [INAUDIBLE]. >> I'M NOT SURE HIS MIC IS WORKING. WANT TO MAKE SURE WE HAVE IT. >> CAN YOU HEAR ME NOW? >> BETTER. >> I NEED TO PREFACE MY REPORT. THESE ARE SUBLIMINAL NUMBERS. THE SEPTEMBER 30TH PROCEED HANDOVER THIS YEAR. AS WE CLOSE OUT THE YEAR, THESE NUMBERS WILL CHANGE. THESE ARE MOST UP-TO-DATE NUMBERS THAT I HAVE. THE RIGHT YEAR. AS OF SEPTEMBER 30TH, DEFINE DOWN TO THE ANGLETON BETTER LIVING CORPORATION IS $281,288. THE FUND BALANCE FOR THE- >> EVEN BETTER. >> RECREATION DIVISION IS $101,229. FOR THE RECREATION CENTER IS $285,576. I'D BE GLAD TO ANSWER ANY QUESTIONS OR PROVIDE ANY MORE DETAIL IF I CAN. >> DOES ANYBODY HAVE ANY QUESTIONS FOR PHIL? >> I'D LOVE TO POSE A QUESTION, BUT MY INTERNET IS NOT WORKING. I CAN'T SEE ANYTHING. >> HEY, PHIL. MY QUESTION IS, AND THIS MAY ALSO INCLUDE MEGHAN. WHERE DO YOU FEEL LIKE WE ARE AS FAR AS WHERE WE SHOULD BE? >> IS YOUR TABLET WORKING? >> NO. IT'S NOT LOADING ANY OF THE INFORMATION. >> I'VE GOT ONLINE. >> PHIL, DO YOU WANT TO ANSWER THAT QUESTION? >> I'LL REPEAT MYSELF. HOW ABOUT I JUST WAIT UNTIL SOME OF THAT CONFUSION DIES? >> WHICH VERY GOOD, WAIT. >> YOU'RE GOOD. SORRY. >> NO PROBLEM. JUST GENERALLY SPEAKING. HOW DO YOU FEEL LIKE WHERE WE ARE PRESENTLY, THE HEALTHINESS OF OUR BALANCES? >> I THINK THAT FUND BALANCE IN ENGLAND IN THE ADLC IS GREAT, IS GROWING. I THINK IT'S DOING PRETTY WELL. I THINK WE'RE WELL ON BUDGET, AS WELL AS REVENUES. WE HAVE TWO MORE MONTHS OF REVENUE THAT WILL BE ADDED TO THIS ONE BALANCE. I THINK IT WILL BE OKAY. >> ONE OTHER THING THAT I'LL ADD ONTO THAT IS THAT HE JUST MENTIONED THAT THE ANGLETON RECREATION CENTER FEDERAL OFFICES AT I THINK AROUND 285. YOU ALL MENTIONED TO CAP OUT AT THE LAST MEETING TO 100. YOU'LL HAVE AN ADDITIONAL TRANSFER OVER TO THE ANGLETON CORPORATION BY BOUNDS ALSO. >> DOES ANYBODY HAVE ANYTHING ELSE THEY WISH TO ADDRESS QUESTIONS FOR PHIL? >> WANT TO MAKE? YEAH. [00:05:01] >> I KNOW IT SAYS HERE THAT YOU'RE LOOKING FOR FEEDBACK. WHAT FEEDBACK WERE YOU ALL ARE INTERESTED IN BEFORE WE MOVE ON TO THE NEXT AGENDA ITEM? ANYTHING FROM YOU, MEGHAN, YOU-ALL HAVE ANY PARTICULAR AREAS THAT YOU WANTED ANY FEEDBACK ON. >> AS IT RELATES TO THE FINANCIAL STATEMENTS I DIFFER FOR HIS AGENDA ITEM. BUT AS FAR AS FEEDBACK, WE WILL DEFINITELY BE. I WOULD LIKE YOU TO KEEP IN MIND THE FUND BALANCES THAT WERE MENTIONED HERE. IN ADDITION TO THE NOTE THAT PHIL JUST SAID WE'RE STILL TWO MONTHS BEHIND. I FEEL WE'RE IN A VERY HEALTHY POSITION AS IT RELATES TO THE FUND BALANCE. WHICH WILL BE A TOPIC OF DISCUSSION AS WE START DISCUSSING DEBT CAPACITY AND ALSO PROJECTS FOR THIS NEXT FISCAL YEAR. >> WE TALKED ABOUT BRIEFLY ON THAT TRANSFER. WHEN DO YOU ANTICIPATE THAT BEING EFFECTIVE? >> WILL PROBABLY BE SOMETIME EARLY DECEMBER BEFORE WE GET THAT TRANSFER MADE. IT WILL BE A TRANSFER DATED SEPTEMBER 30TH. >> MY FEEDBACK WOULD BE AS WE PROCEED TO THE NEXT YEAR. I THINK WE SHOULD EVALUATE THAT FIGURE OF 100,000. IF THAT DOES NOT GIVE ENOUGH ROOM FOR OPERATIONS. THEN WE SHOULD CONSIDER ADJUSTING ACCORDINGLY. BUT AT LEAST FOR ONE YEAR IN TRANSFER. I DON'T THINK THAT'LL PUT US IN A BAD POSITION. HOPEFULLY IT DOESN'T. THEN WE CAN REEVALUATE IT PERHAPS SAME TIME NEXT YEAR. MEGHAN, AUGUST WHATEVER MEETING, JULY, AUGUST. WE COME BACK AND WE LOOK AT WHERE WE ARE. DO WE PERHAPS TRIM THE BUDGET A LITTLE TOO MUCH THERE. IF NOT, PROCEED, KEEP WHAT WE'RE DOING. THEN IF NOT, THAT'S MY ONLY FEEDBACK. >> WHAT I WON'T MENTION THERE IS JUST BECAUSE YOU MADE THE MOVE AT THE LAST MEETING TO MAKE THAT TRANSFER. IT DOESN'T PREVENT STACK [NOISE] ADLC TO ASK FOR ADDITIONAL FUNDS. WHETHER THEY'RE IN YOUR CONTINGENCY LINE ITEM OR WE WANT TO HIT THE BALANCE. YOU STILL HAVE THE AUTHORITY JUST BY WAY OF HOW THESE FUNDS CAN BE SPENT. JUST BECAUSE WE HAVE 100,000 AND ANGLETON RECREATION CENTER FUND BALANCE DOESN'T MEAN THAT YOU CAN'T APPROVE MORE THAN $100,000 WORTH OF PROJECTS. WE DEFINITELY HAVE OPTIONS. IT HAS NOT LIMITED TO US IN ANY WAY. WE CAN STILL COME TO THE CORPORATION AND ASK FOR ADDITIONAL PROJECTS TO BE FUNDED. >> I THOUGHT IF I REMEMBER CORRECTLY, THE BALANCE. PUTTING IT, SWITCHING IT OVER WOULD BE TO ACTUALLY GIVE A GREATER FLEXIBILITY FOR US TO USE IN ALL AREAS OF THE DEPARTMENT. >> CORRECT. >> BUT WE CAN EVALUATE THAT. THAT'S MY ONLY FEEDBACK. >> ANYTHING ELSE? >>WE'LL MOVE ON TO ITEM NUMBER 3. [3. Presentation and discussion with City’s Financial Advisor regarding the Angleton Better Living Corporation’s long-term debt capacity.] PRESENTATION DISCUSSION WITH CITY'S FINANCIAL ADVISOR REGARDING THE ANGLETON BETTER LIVING CORPORATION'S LONG-TERM DEBT CAPACITY. I THINK WE HAVE JOE HERE WITH US. >> YES. >> GOOD TO SEE YOU. >> BOARD MEMBERS, JOE MORROW, HILLTOP SECURITIES, I'M GO THROUGH A PRESENTATION. THOSE OF YOU WHO HAVE BEEN ON THE BOARD, WE'VE DONE THE FIRST FEW PAGES BEFORE, BUT IT'S ALWAYS GOOD TO GO THROUGH AND REFRESH OURSELVES. BASICALLY, A CORPORATION HAS TWO WAYS THAT THEY CAN SELL DEBT. ONE IS INDEPENDENTLY ON YOUR OWN, THAT IS WITH SALES TAX REVENUE BONDS. WHEN YOU SELL SALES TAX REVENUE BONDS, YOU HAVE A GROSS PLEDGE OF THE SALES TAXES, SO YOU ARE PROMISING TO THE BONDHOLDERS THAT THE FIRST DOLLARS THAT COME IN WILL GO TOWARDS THE PAYMENT OF YOUR BONDS. IN ORDER TO SELL DEBT, WE HAVE TO LOOK AT YOUR DEBT AND YOUR REVENUE AND WE HAVE A CONCEPT CALLED COVERAGE, AND THAT IS THAT YOUR DEBT SERVICE WILL BE COVERED BY YOUR REVENUES BY A CERTAIN PERCENTAGE. MINIMUM IS ONE AND A QUARTER TIMES AND IT'S BETTER TO HAVE 1.4 TIMES OR MORE. WHEN I SAY BETTER, I AM SPEAKING IN TERMS OF YOUR CREDIT QUALITY, THE MORE COVERAGE THAT YOU GIVE TO THE BOND HOLDERS, THE HIGHER THE CREDIT QUALITY. SALES TAX REVENUE BONDS REQUIRE THAT YOU HAVE A RESERVE FUND. THE RESERVE FUND IS SIMPLY A SET ASIDE EQUIVALENT TO ONE YEAR'S DEBT SERVICE THAT IS USED IN THE EVENT THAT THERE'S A SHORTFALL IN CURRENT COLLECTIONS. [00:10:01] WHEN WE ISSUE DEBT, WE HAVE TO HAVE AN ADDITIONAL BONDS TEST SO THAT OUR CURRENT BOND HOLDERS DO NOT GET DILUTED. THEY WENT TO HAVE THAT SAME CLAIM ON YOUR REVENUES THAT THEY STARTED. THEY DON'T WANT TO ALL OF A SUDDEN YOU SELL MORE BONDS IN YOUR ONE-TO-ONE. NO, WE CAN'T DO THAT BECAUSE WE HAVE AN ADDITIONAL BONDS TESTS WHICH PROTECTS THE ORIGINAL BONDHOLDERS. ONE OF THE CREDIT FACTORS THAT WE HAVE WITH SALES TAX REVENUE IS IT IS A PASSIVE TAX. THAT MEANS YOU CANNOT CHANGE THE RATE, YOU GET 1/2 OF 1%. THAT'S ALL THE STATE ALLOWS YOU, THAT'S ALL THAT WAS VOTED IN WHEN ANGLETON BETTER LIVING CORPORATION WAS CREATED. YOU CAN INCREASE YOUR SALES BY HAVING MORE PEOPLE MOVE TO ANGLETON, MORE PEOPLE COME AND SHOP IN ANGLETON, YOU EXPAND YOUR CITY LIMITS AND TAKE IN ADDITIONAL AREA, BUT IT IS FAIRLY LIMITED IN WHAT WILL INCREASE THE AMOUNT OF YOUR SALES TAXES. IT'S A CHOICE OF AN INDIVIDUAL TO SPEND MONEY WHERE THEY SPEND MONEY. IF IT'S WITHIN YOUR BOUNDARIES, GREAT. BUT THAT IS WHY IT'S A PASSIVE INCOME STREAM. BECAUSE IT'S A PASSIVE INTEREST INCOME STREAM, WE HAVE TO PAY A HIGHER INTEREST RATE BECAUSE THERE'S NOTHING WE CAN DO, BUT SIT BACK AND WAIT FOR THE MONEY TO COME IN, AND WE PAY A HIGHER INTEREST RATE BECAUSE OF OUR CREDIT RATING. GENERAL OBLIGATION BONDS, ON THE OTHER HAND, YOU DON'T SELL THOSE, THE CITY SELLS THOSE. BUT THIS BOARD CAN ENTER INTO AN AGREEMENT TO PAY THE DEBT ON BEHALF OF THE CITY. THAT IS HOW WE HAVE ALWAYS SOLD DEBT FOR PROJECTS IN ANGLETON PREVIOUSLY. THE CITY WOULD SELL A DEBT OBLIGATION, CERTIFICATES OF OBLIGATION, THERE'S NO COVERAGE REQUIREMENT ON THAT. WE DON'T HAVE TO LOOK BACK AND HAVE A COVERAGE REQUIREMENT SPECIFICALLY TO GO TO MARKET, TO SELL. WE DO SO INTERNALLY BECAUSE WE WANT TO BE ABLE TO ASSURE THE CITY OF OUR ABILITY TO PAY FOR OUR OBLIGATIONS THAT WE HAVE MADE WITH THEM IN TERMS OF OUR INNER LOCAL AGREEMENT TO PAY OUR DEBT, AS WELL AS THE OTHER ITEMS THAT WE ARE UNDERTAKING IN CONJUNCTION WITH THE CITY. BECAUSE WE HAVE AN AD VALOREM TAX, THERE IS NO RESERVE FUND REQUIRED. WE GET AWAY WITH HAVING TO USE SOME OF OUR PROCEEDS TO SET ASIDE ONE YEAR'S DEBT SERVICE. THERE'S NO ADDITIONAL BONDS TEST, IT WILL BE AT THE DISCRETION OF THE CITY AS TO WHEN YOU HAVE ENOUGH REVENUE TO PAY FOR ANOTHER OR ADD A PROJECT TO ANOTHER DEBT SERVICE. AS A CREDIT FACTOR, TAXES AND USER FEES CAN BE CONTROLLED BECAUSE EVERY YEAR THE CITY SITS DOWN AS THEY'RE GOING THROUGH THE BUDGET AND THEY LOOK AT USER BASE LIKE WATER AND SEWER OR ADD MORE IN TAXES AND THEY SAID ON ANNUALLY TO BRING IN WHAT THEY MADE. THAT'S DIFFERENT THAN BEING A PASSIVE INCOME STREAM LIKE YOUR SALES TAX. WHEN WE SELL GENERAL OBLIGATION BONDS OR CERTIFICATES OF OBLIGATION THROUGH THE CITY, THE CITY IS STEPPING UP TO THE BOND MARKET AND MAKING THE PLEDGE AND THE PROMISE TO BOND HOLDERS AND THEN BEHIND THAT, NOT PART OF THE LEGAL PLEDGE ON THE BONDS, PART OF A LEGAL AGREEMENT BETWEEN THE CITY AND THE ABLC IS THE AGREEMENT THAT YOU WILL PAY THAT DEBT. THE CITY IS STEPPING OUT IN FRONT AND COSIGNING ALONE, IF YOU WILL, BUT ITS THEIR LOAN, SO YOU ARE COSIGNING ALONE FOR THEM, I GUESS, BECAUSE YOU'RE GOING TO PAY IT. IT GETS A LOWER INTEREST COST BECAUSE WITH THIS YOU WILL BENEFIT FROM THE CITY'S AA CREDIT RATING AS OPPOSED TO IF WE DID SALES TAX REVENUE BONDS, IT WOULD BE DIFFICULT. WE WOULD BE INVESTMENT GRADE, BUT WE WOULD BE LOW INVESTMENT GRADE. I'LL GO THROUGH WHY THAT'S TRUE IN A MINUTE. [00:15:03] ON THE NEXT PAGE, WE GET TO JUST A REAL QUICK REVIEW. YOU RECEIVE YOUR FUNDING FROM ONE-HALF CENT OF SALES TAX. NO OTHER SOURCE OF REVENUE OTHER THAN WHAT YOU MAY GET AN INTEREST EARNINGS OFF OF YOUR FUND BALANCE. IT'S A PASSIVE TAX, YOU CAN'T DO ANYTHING TO CHANGE OR INCREASE IT. SALES TAX REVENUE BONDS FOR THESE REASONS ARE NOT A REALISTIC OPTION FOR THIS PARTICULAR CORPORATION AND WE'LL TOUCH ON THAT ON THE NEXT SLIDE AS TO WHY THAT'S TRUE. DEBT ISSUED BY THE CITY WILL COME WITH THAT PLEDGE OF AD VALOREM TAXES, AND THAT IS THE FULL FAITH AND CREDIT OF THE CITY OF ANGLETON AND AGAIN, THAT'S VERY HIGHLY RATED. THE KEY CONCEPT THOUGH, IS COVERAGE, AND WE'RE GOING TO HAVE A COVERAGE THAT WE'RE GOING TO IMPOSE UPON OURSELVES, EITHER SELF-IMPOSED BECAUSE WE'VE GOT AN AGREEMENT WITH THE CITY AND WE WANT TO BE SURE THAT WE CAN MEET OUR AGREEMENT OR WITH THE BONDHOLDERS BECAUSE WE'LL HAVE THE COVENANT IN OUR BOND DOCUMENTS WHERE WE PROMISED THAT WE'RE GOING TO HAVE A CERTAIN AMOUNT OF COVERAGE. ON OUR NEXT SLIDE, WE'RE GOING TO TALK REAL QUICKLY ABOUT THE CONCEPT OF COVERAGE. I HAVE ON THE RIGHT SIDE OF THE PAGE, BACK HERE 2024 BUDGET IS. I THINK ON THE REVENUE SIDE, THERE'S $2,014,000 IN REVENUE THAT'S BEEN BUDGETED. INTEREST EARNINGS OF $2,538, TOTAL REVENUE THERE $2,016,000. THEN WE GO THROUGH THE EXPENDITURE. IN THE FIRST STEP, FEW ITEMS THERE, THE LARGEST ONE IS ABLC CONTINGENCY. WE'RE ALMOST 275,000. WE HAVE HAD THAT HIGH OF OUR NUMBER PREVIOUSLY, AND THAT HELPS TO CALCULATE OUR COVERAGE. DOWN BELOW, THE TRANSFER TO THE GENERAL FUND, TRANSFER TO DEBT SERVICE, TRANSFER TO ACTIVITY CENTER, AND TRANSFER TO RECREATION. THOSE ARE WHAT I PUT IN THE YELLOW BOX, I CALL THEM HARD COSTS. THOSE ARE ESSENTIALLY THE TRANSFER TO GENERAL FUND INTO THE ACTIVITIES CENTER AND THE RECREATION. THOSE ARE HARD COSTS AND I DEEM THEM HARD BECAUSE THOSE ARE NUMBERS NEEDED TO OPERATE FACILITIES. THEY'RE HARDWIRED INTO THE CITY'S BUDGET, AND WITHOUT THOSE, YOU'RE GOING TO BE CUTTING SERVICES TO THE PARKS DEPARTMENT. SO THOSE ARE COSTS THAT WE TREAT AS IF THEY WERE DEBT SERVICE, THEY'RE JUST AS IMPORTANT. IT'S PART OF THE FUNCTION OF THE ANGLES AND BETTER LIVING CORPORATION TO TAKE ON THESE EXPENDITURES. SO I BLOCKED THOSE INTO HARD COSTS, AND I'M GOING TO CALCULATE THEN OUR REVENUES, THE 2,000,016 DIVIDED BY THE HARD COSTS, AND THAT'S GOING TO GIVE ME MY COVERAGE. SO WE'RE BUDGETED IN AT COVERAGE OF 1.17. LITTLE BIT HIGH. OUR TARGET COVERAGE WOULD BE ONE AND A QUARTER. FOR THAT REASON, I WOULD SAY REVENUE BONDS ARE OFF THE TABLE FOR US, BUT THAT'S OKAY. VERY FEW CITIES IN THE STATE OF TEXAS SELLS TAX REVENUE BONDS. I'VE GOT A LOT OF CLIENTS THAT HAVE FOUR BIG CORPORATIONS, YOU'RE ONE OF TWO THAT ACTUALLY SPEND THEIR MONEY ON PART AND ENHANCEMENTS TO THE LIFESTYLE AND QUALITY OF LIFE ISSUES WITHIN THE CITY LIMITS. SO FOR THAT MATTER, YOU'RE NOT ALONE THAT YOU DO THIS. A LOT OF OTHER ECONOMIC DEVELOPMENT CORPORATIONS, STRICTLY THAT FOUR BIG CORPORATIONS FOR ECONOMIC DEVELOPMENT. YOU-ALL ARE DEVOTING YOUR TIME AND ENERGY TOWARDS PROVIDING A BETTER QUALITY LIFE. ALL ARE IMPORTANT THINGS. SO OUR COVERAGE HERE DOESN'T QUITE MAKE IT TO [00:20:05] BE AT ONE AND A QUARTER OR HARD EXPENDITURES NEED TO BE NO MORE THAN 80% WITHIN OUR BUDGET. NOW, IS THERE ANYTHING WRONG WITH BEING BELOW? NO, NOT AT ALL. IT JUST MEANS THAT SALES TAX REVENUE BONDS, WE'RE GOING TO TAKE THAT OFF THE TABLE, AND WE'RE GOING TO SAY OUR ROUTE TO FUND CAPITAL PROJECTS IS GOING TO BE A PARTNERSHIP WITH THE CITY FOR PROVIDING CAPITAL FUNDING. THE NEXT PAGE, I JUST TOUCHED ON YOUR RECENT SALES TAX COLLECTIONS. I GOT THIS OFF THE CONTROLLER'S WEBSITE, THAT'S WHERE THIS CAME FROM. BUT WE START WITH THE TOTAL TO THE COMPTROLLER THAN THE CITY IS 1%, YOU GET A 1/2%, SO YOU CAN SEE I SPLIT THAT OUT, DOING PRETTY GOOD THIS YEAR. BUDGETED AMOUNT WAS ABOUT 1,000,850 A YEAR, ABOUT 1,000,627 WITH TWO MONTHS TO GO. 83.33% THROUGH THE BUDGET CYCLE, AND YOU'RE SITTING AT 87.98% OF YOUR REQUIRED AMOUNT OR POSTED AMOUNT ALREADY COLLECTED, WHICH PUTS YOU 4.65% AHEAD OF YOUR BUDGETED NUMBER. SO IT LOOKS LIKE IT'S GOING TO BE A GOOD YEAR, AND YOU'LL END WITH A LITTLE BIT OF SURPLUS. YOU'LL NOTICE THAT WE'RE A LITTLE BIT BEHIND AND I SHOW THAT WE STILL HAVE A PAYMENT IN 10/31, AND THE NOVEMBER PAYMENT THAT COUNT ON YOUR FISCAL YEAR. BUT YOUR FISCAL YEAR ENDED 930. WELL, WHAT'S GOING ON? WELL, THE AUDITORS DO THIS ON AN ACCRUAL BASIS. WHAT THAT MEANS IS THE MONTH OF EXPENDITURE, IS WHAT GOES INTO THE AUDIT AND IT JUST TAKES TIME, BECAUSE I GO INTO THE STORE, I SPEND MONEY TODAY, THE STORE IS GOING TO REMIT AT THE END OF THE MONTH OR A LITTLE BIT THEREAFTER TO THE COMPTROLLER WHO'S THEN GOING TO PROCESS IT AND THEN THEY SEND IT OUT. IT WINDS UP JUST BEING APPROXIMATELY 60 DAY LAG BETWEEN WHEN THE MONEY IS SPENT HERE AND THEN CANDIDATE COMES IN. SO THAT MONEY THAT YOU'VE SEE SHOWED UP AT THE BOTTOM THERE IN SEPTEMBER 30TH OF '23, THAT'S ACTUALLY MONEY THAT WAS SPENT IN JULY. SO JUST ON THIS BASIS HERE, YOU'RE DONE WITH YOUR YEAR, AND YOU'RE STARTING OVER, BUT YOUR MONEY IS STILL COUNTING. AND THAT'S WHY WE HAVE FUND BALANCES AND OTHER THINGS LIKE THAT. THE ACCRUAL BASIS IS JUST DIFFERENT. LOTS OF TIMES WE WILL DEAL WITH BONDS, WE'LL TALK ON THE CASH BASIS. EVEN THOUGH PERMANENT ACCOUNTING STANDPOINT YOU WOULD BE DOING IT ON THE ACCRUAL BASIS. JUST WANTED TO BE SURE THAT JOEL MAKE NOTE OF THAT, HERE A LITTLE BIT AHEAD OF BUDGET THIS TIME. HERE'S THE BIG ONE, WHAT KIND OF CAPACITY DO WE HAVE? WE PUT YOUR EXISTING DEBT IN THERE, AND THEN FOR CAPACITY ON THE NEW, YOU HAD A DECREASE IN YOUR DEBT SERVICE FROM LAST YEAR TO THIS YEAR. THAT AMOUNTED TO ABOUT $107,735. SO WE TOOK THAT AND 250,000 THAT IS CURRENTLY IN THE CONTINGENCY AREA, SO THAT GIVES US A TOTAL OF $357,735. WE WOULD BE TARGETING AS YOUR DEBT SERVICE PAYMENT. AFTER WE GET TO THE EXISTING DEBT, OVER YOU'LL SEE NEW COMBINATION TAX AND REVENUE CO SERIES 2024, AND THE PRINCIPAL AMOUNT DOWN THERE TOTALS UP TO 4,525,000 AT A 5% COUPON. YOUR PAYMENTS THERE, AND YOU ADD THE PRINCIPAL AND INTEREST THAT'S IN THE TOTAL COLUMN, AND YOU'LL SEE WE ARE APPROXIMATELY RIGHT AT THE $357,735. WE'RE REJECTING THAT YOUR COVERAGE, [00:25:06] THE AMOUNT OF BONDS THAT WERE TARGETED THERE, REVENUE TARGET WILL PRODUCE BY FOUR-AND-A-HALF MILLION DOLLARS AT 5%. IF WE WERE SELLING TODAY, WE'D BE A LITTLE BIT UNDER 5%. THIS HAS A LITTLE BIT OF A FLUFF IN IT FOR PLANNING PURPOSES. BY THE TIME THAT YOU ACTUALLY GET AROUND TO SELLING DEBT, IF RATES ARE COMING DOWN, WE'LL LET THAT PREFAB IF YOU ALL ARE OKAY WITH THAT, SO THAT OUR PAYMENT REMAINS AROUND THE 357,000 LIMIT. WE'LL JUST SQUEAK OUT A LITTLE BIT MORE DEBT, BUT IT WON'T BE MUCH. IT'S NOT LIKE WE'RE GOING TO MOVE THE NEEDLE A WHOLE LOT. MAYBE THE FIVE MILLION, BUT SHE MAY HAVE 50,000 TO THAT NUMBER, MAYBE 100,000, BUT IT'S NOT GOING TO BE A WHOLE LOT. BECAUSE I STILL THINK IF YOU WERE SELLING TODAY, YOU'D PROBABLY BE 460-470, SO WE'VE GOT A LITTLE BIT OF ROOM. MOST FOLKS RIGHT NOW ARE NOT THINKING THAT WE'RE GOING TO GET A RATE HIKE IN NOVEMBER. EVEN THOUGH THE FED SAID WE'RE GOING TO GET ONE MORE IN THIS YEAR. WE'LL SEE THERE'S BEEN ENOUGH WORLD EVENTS AND ENOUGH PEOPLE ARE BEGINNING TO THINK THAT WE'RE GOING TO HAVE A SLOWDOWN IN OUR ECONOMY JUST BECAUSE THE HIKING INTEREST RATES THAT HAVE BEEN DONE. FROM 5.5% IN INTEREST RATE HIKES OVER THE COURSE OF THE YEAR, THAT'S STARTING TO SLOW THINGS DOWN. THAT WOULD BE YOUR CAPACITY, AND SOMEWHERE AROUND FOUR-AND-A-HALF MILLION. TIMING ON THIS FROM THIS POINT FORWARD, ALL FIGURING OUT WHAT PROJECTS ANGLED IN BETTER LIVING CORPORATION WOULD WANT TO TAKE ON AND DO HAVING THE CONVERSATIONS WITH THE CITY. YOU'VE GOT TO GET PUBLICATION AND PUBLIC HEARINGS DONE ON WHATEVER PROJECT YOU DO DECIDE ON. ONCE AN AGREEMENT WITH THE CITY IS REACHED THAT THEY WILL SELL THE DEBT, THEN THERE'S A PROCESS THAT THEY STARTED. MEANWHILE, YOU ALL ARE GETTING YOUR INNER LOCAL PUT TOGETHER, WHICH IS THE AGREEMENT THAT YOU'RE GOING TO PAY THAT PORTION OF THE DEBT SERVICE. THEN IT'S JUST A MATTER OF GETTING EVERYTHING TO ALIGN. IF IT'S 60 DAYS TO DO YOUR PUBLICATIONS IN HEARINGS AND THEN THE CITY STARTS THEIR PROCESS, IT'S ABOUT 60 DAYS FOR THEM TO GET A NOTICE DONE IN 45 DAYS OF PUBLISHING, AND DONE THREATS TO SELL, SO REALLY THE FASTEST. I DON'T KNOW, MAYBE WE'LL GET TO HOW FAST CAN WE GET TO THE MARKET. BUT IF YOU'RE WONDERING THAT, THE FASTEST WOULD PROBABLY BE LATE FIRST QUARTER, AND THEN IT JUST DEPENDS ON WHAT OTHER PROJECTS THE CITY MAY HAVE. THEY MAY SAY, WELL, LET'S COMBINE THEM TOGETHER. THERE COULD BE SOME COST EFFICIENCIES IN DOING THAT WHERE IT COULD BE THAT YOU DECIDE FOR WHATEVER REASON THAT YOU SEPARATED, THE CITY MAY COME TO MARKET WITH TWO BATCHES. THIS MAY GIVE AN OPPORTUNITY FOR THE CITY TO COME INTO BATCHES SALES DEPENDING ON TIMING OF THEIR [INAUDIBLE] . THE CITY HAS A DIFFERENT ISSUE. >> [INAUDIBLE] YOU MENTIONED $11 MILLION BOND, [INAUDIBLE] WHICH COULD INCLUDE ARCS OR ROAD PROJECTS [INAUDIBLE] >> YOU'RE RIGHT, CHRIS, AND THAT'S A GOOD POINT. I WAS THINKING IN TERMS OF THE ELECTRIC CONTRACT, YOU MAY MOVE FORWARD, BUT THE CITY DOES HAVE A LARGE PIECE OF CIP TO MOVE FORWARD WITH THAT WE NEED TO LEVY A TAX. WE JUST SET A TAX. WE'RE NOT GOING TO SET A TAX AGAIN FOR 11 MONTHS. THERE'S SOME FEDERAL TAX LAW THAT GETS INVOLVED WITH THAT. THE CITY COULD SELL. WE DON'T WANT TO REALLY HAVE A LONG FIRST COUPON, WE CAN FROM FEDERAL TAX. ALSO, THE CITY CAN SELL MAY, [00:30:02] JUNE, TIME FRAME ON A FIRST REG. >> ABLC COULD SELL SOONER. >> ABLC COULD SELL SOONER BECAUSE THEY HAVE THE CONTINGENCY FUND AND THEY COULD ALLOCATE SOME OF THAT TO PAY INTEREST ON THEIR PORTION OF THE DEBT. AGAIN, THE COSTS ARE HIGHER IF YOU DO THAT. ISSUANCE GOT SWIPED GRIMY AND BOND COUNCIL GO INTO MARKET. SOME COSTS WON'T BE AS HIGHLIGHTED RATING BECAUSE WE WOULD BECOME A CLOSE ENOUGH, THEY WOULD TREAT IT AS A SINGLE ISSUE. BUT ANYWAY, THOSE ARE SIDEBAR CONVERSATIONS, BUT I THINK IF YOU HAVE ANY QUESTIONS FOR ME, I WOULD BE HAPPY TO ANSWER ANYTHING I'VE COVERED A LOT. >> WOULD YOU MIND STICKING AROUND FOR AT LEAST ONE MORE? >> I CAN STICK AROUND FOR A LITTLE BIT. I'M THE LAST AGENDA ITEM ON CITY OF [INAUDIBLE] . THEY STARTED IT. >> WELL, I DON'T THINK IT'LL TAKE US THAT LONG. I MEAN, WE'LL GO AHEAD. ANY QUESTIONS BEFORE I MOVE THIS OUT OF ITEM NUMBER 3? RACHEL, LOOKS LIKE SHE HAS SOMETHING. >> I JUST HAD ONE QUESTION ON THIS CERTIFICATES OF OBLIGATION, WHAT DOES THAT PROCESS LOOK LIKE IN TERMS OF THE VOTERS? ARE THEY ABLE TO VOTE ON THAT OR IS THAT A SERIES OF PUBLIC HEARINGS? WHAT DOES THAT LOOK LIKE? THAT PROCESS. THAT'S A REALLY GOOD QUESTION. WITH CERTIFICATES OF OBLIGATION, WE HAVE A PUBLICATION PROCESS THAT MIMICS AN ELECTION. WHAT WE DO IS WE PUBLISH IN THE NEWSPAPER THE CITY'S INTENTION TO ISSUE. [INAUDIBLE] OUT ON WHAT THE PROJECTS ARE. WE ARE GOING TO KNOW HOW MUCH YOU'RE GOING TO SELL IN-DEPTH, WHAT THE PROJECTS ARE, AND WHEN YOU'RE GOING TO TAKE ACTION. WE HAVE TO PUBLISH TWO TIMES. THAT STARTS THE LEGAL PROCESS. DURING THAT TIME, IF SOMEBODY OBJECTS TO THE PROJECTS, THEY HAVE AN OPPORTUNITY TO PROTEST AND THEY MAY DO SO BY FILING A PETITION TO CALL AN ELECTION. IF THE PETITION IS FILED WITH THE CITY SECRETARY BEFORE OFFICIAL ACTION IS TAKEN ON THE NIGHT THAT DEBT IS TO BE SOLD, THEN IT PUTS A STOP IN THINGS AND IT HAS TO GO TO THE VOTERS ONCE THE CITY SECRETARY VERIFIES THAT ALL OF THE SIGNATURES ARE TRUE AND ACCURATE, AND THEY MEET THE THRESHOLD. THE THRESHOLD IS 5% OF THE VOTERS THAT PARTICIPATED IN THE LAST CITYWIDE ELECTION. IT WINDS UP BEING A VERY SMALL AMOUNT IN MOST CASES. IT DOESN'T TAKE MUCH TO PROTEST [INAUDIBLE] . [BACKGROUND] BUT I WILL TELL YOU THIS, I'VE BEEN DOING THIS SINCE MAY OF 92, AND PERSONALLY, I'VE ONLY HAD TWO ELECTIONS OR TWO NOTICES THAT WERE PETITIONED. ONE WAS FOR A ROAD THAT WAS GOING TO GO THROUGH A PRIVATE GOLF COURSE, AND THAT COMMUNITY DIDN'T WANT THAT ROAD TO GET THROUGH THERE. THEY PETITIONED, THEY GOT IT FROM THEIR SIGNATURES. BUT YOU KNOW WHAT? TODAY THAT ROAD GOES THROUGH THERE. [LAUGHTER] THEY STOPPED IT, [OVERLAPPING] NOT I FOREVER. >> ROY, THIS IS JUST TO PROVIDE THE BONDING ABILITY AND LIKE JOSEPH, POTENTIAL TIMELINE. WE CAN BRING THIS BACK AT THE NEXT ABLC MEETING TO DEVELOP PROJECTS THAT YOU WANT TO GO BOND FOR, AND THEN CREATE A TIMELINE THAT SAYS, THIS IS WHAT THE SALE TIMELINE WOULD BE IN THE FUNDING. IF THAT'S WHAT YOU'RE INTERESTED IN, YOU CAN SAY SOMETHING WHEN WE CAN COME BACK. [OVERLAPPING]. >> SURE. I'LL ASK TO HAVE THIS REPRESENTED AS A ACTION ITEM, OR AT LEAST A DISCUSSION ITEM FOR OUR NEXT MEETING. SPECIFICALLY ON PROJECTS THAT I GUESS PEOPLE WANTED THE CAPITAL IMPROVEMENTS. >> I WOULD RECOMMEND ACTION. [OVERLAPPING] >> THAT'S FINE. [OVERLAPPING] >> WE WANT TO DO IT SOONER THAN LATER. >> SURE. WE CAN HAVE DISCUSSION AND ACTION. I'M FINE WITH THAT WITH LUMP SUM. >> WE CAN ALWAYS HAVE OTHER MEETINGS AND DECIDE CENSUS WE NEED MORE DATA. BUT AT LEAST THAT'S AN OPPORTUNITY, WE'VE REACHED CENSUS. WE CAN MOVE THAT. >> I DON'T KNOW ABOUT YOU ALL, BUT THIS IS OBVIOUSLY AN OPPORTUNITY FOR US [00:35:03] TO BOND SOME MONEY AND THEN ADDRESS SOME OF THE ISSUES DIRECTLY. >> GOOD. MUCH BETTER DEAL WITH THE MORE [INAUDIBLE] [OVERLAPPING]. >> ON THE NEXT FEW ITEMS, ACTUALLY THE VERBIAGE, WELL, YOU MAY NOT SEE SOME PROJECTS THAT ARE NEAR AND DEAR TO YOUR HEART. THE LAST ITEM ON THAT IS A CATCH-ALL VERBIAGE THAT WE PUT IN THERE. WHEN WE HAVE THIS NEXT ITEM WHICH IS THE PUBLIC HEARINGS FOR PROJECTS THAT ARE LISTED HERE, IT'S NOT THAT IT'S ALL-INCLUSIVE AND WE WILL BE REQUIRED TO PUBLISH ADDITIONAL PUBLIC HEARINGS ONCE YOU GUYS IDENTIFY THE SPECIFIC PROJECTS YOU WOULD LIKE US TO PURSUE. WE'LL GET INTO THAT HOMEWORK DEPTH IN THE NEXT COUPLE OF ITEMS. >> WHAT'S PUBLISHED HAS TO BE SPECIFIC. >> REAL QUICK, I FORGOT MY MANNERS WITH ME TONIGHT. BENJAMIN WROTE, HAVE JOINED US IN ADJONE. WE'RE GLAD TO HAVE YOU. >> I SEE YOU BEATRICE. >> HELLO. >> THANKS FOR JOINING US. >> THANK YOU. >> THAT WILL MOVE OUT OF ITEM REGULAR AGENDA, ITEM NUMBER 3 AND WILLS PROCEED TO A PUBLIC HEARING AND ACTION ITEMS NUMBER 4, CONDUCT A PUBLIC HEARING REGARDING DESIGNATION OF PROJECTS FOR [4. Conduct a public hearing regarding designation of projects for the Angleton Better Living Corporation for fiscal year 2023-2024.] THE ANGLETON BETTER LIVING CORPORATION FOR THE FISCAL YEAR 2023, 2024. WE'LL START WITH MEGHAN. REALLY WANT TO OPEN THE PUBLIC HEARING FIRST. DO YOU HAVE A MOTION? >> I'LL MAKE A MOTION. >> MOTION TO OPEN THE PUBLIC HEARING. SECOND? >> SECOND. >> SECOND BY, LET'S CALL FOR A VOTE. ALL IN FAVOR OF OPENING A PUBLIC HEARING? >> AYE. >> ANY BOSSA PERIODS, I'LL BET. ANYBODY WISHING TO SPEAK ON THIS PUBLIC HEARING? GOING ONCE, TWICE. DO YOU HAVE ANOTHER MOTION? MOTION TO CLOSE THE PUBLIC HEARING. >> I'M NOT TOO CLOSE. >> NO SECOND. > WE GOT IT. A MOTION IN A SECOND. ALL IN FAVOR SAY AYE. >> AYE. >> ANY OPPOSED? MOTION IS CLOSE. MAYNER. >> THE NEXT ITEM ON THE AGENDA IS TO HAVE DISCUSSION OF POSSIBLE ACTION ON DESIGNATION OF [5. Discussion and possible action on designation of projects for the Angleton Better Living Corporation for fiscal year 2023-2024.] PROJECTS FOR THE ANGLETON BETTER LIVE INCORPORATION FOR FISCAL YEAR 2023, 2024. WE DO HAVE A NUMBER OF ITEMS THAT WE HAVE BROUGHT TO YOU, EITHER THROUGH BUDGET OR WE'VE LISTED THROUGH CIP. SOME ITEMS THAT ARE NOT LISTED ON HERE, BUT IT COULD BE CONSIDERED NOW THAT YOU HAVE AN UNDERSTANDING OF BONDING CAPACITY OR EVEN SOME OF THE FUTURE CFP PROJECTS THAT WE'VE DISCUSSED AT ONE TIME INCLUDING ABIGAIL PARK OR DESIGNED DEVELOPMENT OF FREEDOM PART ACTIVE AREA WHICH WOULD INCLUDE THE FIELD. I JUST WANT TO VERY QUICKLY BREAK DOWN, JUST GO ONE-BY-ONE SO THAT YOU HAVE AN UNDERSTANDING OF WHERE WE ARE, THE THINGS THAT WE HAVE LINED UP STRATEGICALLY, FINANCIALLY. ITEMS A, GROUP D HAVE ALREADY BEEN APPROVED BY A VLC THIS LAST FISCAL YEAR BUT HAVE NOT BEEN SPENT TO DATE. THE 46,313 FOR THE DOWNING TENNIS COURTS. MANY OF YOU HAVE GONE BY AND SEEING THAT IS NOT YET COMPLETELY PAID THAT OUT. THAT IS COMMITTED BUT NOT YET PAID OUT. WE'RE IN THE MIDDLE OF DESIGN DEVELOPMENT FOR PASSIVE AREA OF FREEDOM PARK MASTER PLAN. YOU ALL APPROVE THAT IN THE LAST BUDGET AND THE REMAINING BALANCE IS JUST OVER 27,000. IN YOUR REGULAR BUDGET, WHICH WAS ACTUALLY IN JOE'S PRESENTATION, WE HAVE BUDGETED PARK DESIGN 20,000 FOR TEXTILES TRANSPORTATION ALTERNATIVES GRANT. WE SHOULD KNOW IF WE'RE BEING GIVEN THAT GRANT TO DEVELOP A TRAILS MASTER PLAN THIS MONTH. IF WE'RE NOT AWARDED THAT, THAT IS A SAVINGS OF $20,000. COMMITTED FOR LAST YEAR, YOU ALL PROVED A PROJECT FOR VG PACK SOCCER OR COMPLEX SOLAR LED PARKING LOT LIGHTING. WE ARE STILL COLLECTING BIDS FROM VENDORS. WE HOPE TO MOVE THAT THROUGH AND GET THAT EXECUTED. HOPEFULLY, THIS FILE, I WANT TO SAVE THIS FILE, WE'RE WRAPPING UP, COLLECTING ALL THOSE QUOTES SO WE STILL HAVE ARPA FUNDS. THIS IS THE MATCHING PORTION TO SOLIDIFY AND COMPLETE THAT PROJECT SO THAT IS ALREADY COMMITTED. THE ADA FOR NEXT FISCAL YEAR, THIS IS FOR PART, A TRANSITION ITEMS AND ALSO ANGLES AND RECREATION CENTER TRANSITION ITEMS. WE ALSO HAVE THESE WERE ITEMS THAT WE INCLUDED ON THE BUDGET TO BE CONSIDERED BY CITY COUNCIL TO APPROVE ADDITIONAL FUNDING. IN ADDITION TO THE WATER WALL PUMP, IT BGP SOCCER COMPLEX AND LOWER FOR OUR PARKS, TRAILER FOR OUR PARKS ON PAGE 36 AND A SKID STEER LEASE. THOSE ARE ALL ITEMS THAT PARKS AND RECREATION STAFF WOULD LIKE TO TAKE TO CITY COUNCIL TO CONSIDER. THEY DO HAVE SOME ADDITIONAL PROJECT FUNDS THAT THEY MAY CONSIDER FUNDING FOR DEPARTMENTS MOVING INTO THIS FISCAL YEAR. THOSE ARE WHAT WE WOULD PROPOSE TAKING THE CITY COUNCIL FOR SOME CONSIDERATION. [00:40:04] DO KEEP IN MIND THAT WHAT WE DID LAST YEAR WITH THE FIRST PHASE OF ADA TRANSITION WAS WHEN THAT WAS NOT FUNDED. WE KICKED BACK TO PARKLAND'S DEDICATION BECAUSE THOSE FUNDS CAN BE USED FOR PARK IMPROVEMENTS. THAT WOULD BE JUST ANOTHER LAYER OF. IF IT DOESN'T DO FUND ADVICE AND COUNSEL, THEN MAYBE WE GO TO PARKLAND DEDICATION FUNDS AS THOSE ARE AVAILABLE. NOW TO TORREON COMPONENTS. YOU SEE A RANGE HERE, THOSE WERE INCLUDED IN YOUR PACKET TO LOOK AT, WE RECEIVED THREE PROPOSALS. INITIALLY, WE TRIED TO GET THE UNIT THAT WE HAD JUST REPAIRED. WE HAD SOMEONE COMMITTED. THEY WALKED AWAY. IT WAS MORE THAN THEY COULD HANDLE. THIS IS WE'RE LOOKING AT REPLACEMENT. WE HAVE A VERY BASIC REPLACEMENT AND THEN WE HAVE QUITE A BIT OF IMPROVEMENT. YOU CAN SEE THE RANGE THERE. I WOULD RECOMMEND MIDDLE OF THE ROAD. NOW AUDITORIUM DECK IS AN ADA ISSUE ALSO. YOU CAN SEE THE RANGE THERE SO WE COULD WORK WITH THAT. THAT COULD BE CONSIDERED FOR ARC FUND BALANCE. REMEMBER WE HAVE THAT HUNDRED THOUSAND COMPLETELY OUTSIDE OF WHAT YOU MAY CONSIDER FOR BOND INTENSITY. THAT COULD BE SOMETHING THAT COULD BE CONSIDERED FOR THAT FUND BALANCE. ARC POOL PLASTER THAT MIGHT BE CONSIDERED FOR BOND PROJECT, THE CONTROL SYSTEM THAT COULD EITHER COME OUT OF OUR OPERATIONAL FUNDS THIS FISCAL YEAR OR COME OUT OF THE ARC FUND BALANCE, VG PECK, CULVERT, AND THE SOCCER COMPLEX ROAD. THOSE NEXT TWO ITEMS, IT'S ONE OR THE OTHER SO YOU EITHER REPAIR THE ROAD AFTER YOU DO ALL OF THE DRAINAGE WORK AT BGP SOCCER COMPLEX OR YOU MOVE THE CULVERTS WE OPTED FOR AND WOULD RECOMMEND THE LESSER AMOUNT WHICH IS ALIGNING THE CULVERTS AND EXITS THROUGH THE PARKING LOT, SO YOU'RE NOT HAVING TO REBUILD AN ASPHALT ROAD. WE DID JUST RECENTLY GET IN SOME ESTIMATED PROBABLE CAUSE FROM HER FOR FIELDS GRADING FOR THE ENTIRE PROJECT. IT DOESN'T INCLUDE IRRIGATION, SO I SHOULDN'T SAY ENTIRE PROJECT BUT THE GRADING FOR VG PECK SOCCER COMPLEX, INCLUDING THE DESIGN WORK, BIDDING, AND CONSTRUCTION ADMINISTRATION. THAT'S JUST AROUND 367,000. AGAIN, THAT COULD BE A BOND PROJECT. THEN I WILL JUST SAY A COUPLE OF ITEMS. ARC MASTER PLAN, WE CAN PUT THAT ON HOLD, WE'RE DOING GREAT JOB MOVING FORWARD WITH OUR MASTER PLAN AS IT IS AND WE STILL HAVE ITEMS WE NEED TO TACKLE. C-CODE GRANT. WE WENT OUT FOR C-CODE GRANT, WHICH IS AN ENERGY EFFICIENCY SAVINGS GRANT WITH A MATCH OF 20% UP TO 50,000 WE SUBMITTED TO APPLICATIONS. WE COULD WIN MORE THAN, BE AWARDED MORE THAN ONE APPLICATION. THAT MAY HELP TO ADDRESS THE ANGLETON RECREATION CENTER AND NONE TORN LIGHTING. WE'RE HOPING TO FIND THAT OUT LATER THIS MONTH ALSO. WHAT THAT WOULD REQUIRE WHILE IT WOULD TAKE CARE OF THE LIGHTING SO WE WOULDN'T NEED THAT 52,000 CHUNK. WE WOULD HAVE TO COMMIT 10,000. WE'VE GOT A LOT OF IRONS IN THE FIRE TO TRY TO HAVE SOME BACKUP PLANS IF THINGS DO NOT GET FUNDED. BUT JUST TO SUMMARIZE WHAT WE TALKED ABOUT. FOR THE ARC FUND BALANCE, YOU COULD PROCEED WITH DUCK REHAB, JIM PAINT AND CONTROL SYSTEM WITH YOUR FUND BALANCE. YOU COULD SUGGEST THAT WE GO TO CITY COUNCIL FOR SOME GENERAL FUND ITEMS FOR APPROVAL THAT WEREN'T FUNDED. JUST CAPITAL OUTLAY, WE'RE TALKING ABOUT OUR TRAILER, SKID STEER LEASE AND THEN BOND. YOU COULD TAKE SOME OF THOSE BIGGER PROJECTS CONSISTING OF BG PECK, IMPROVEMENTS, DESIGN DEVELOPMENT FOR FREEDOM PARK, ACTIVE AREA TO MOVE FORWARD THAT PROJECT. THEN YOU COULD ALSO INCLUDE IN THAT BOND PACKAGE, ABIGAIL AREAS, PARK DESIGN, DEVELOPMENT CONSTRUCTION. I'LL OPEN IT UP FOR DISCUSSION. >> I HAVE A QUESTION FOR YOU. >> YES. >> THE TOTAL WHERE IT SAYS 952,000. I KNOW YOU MENTIONED FOR EXAMPLE, NONE TORREON COMPONENTS, MIDDLE OF THE ROAD BETWEEN THE 88 AND THE 396, SO TO GET THE TOTAL NUMBER FOR 952,000, WAS THAT ON THE TOP END OF EVERYTHING? >> IT WAS AND I WILL TELL YOU HAVE SOME TVDS HERE AND THE FIELDS GRADING. WE DIDN'T HAVE A NUMBER FOR THAT. WE HAVE THAT TODAY AND THAT'S OVER 200 OR EXCUSE ME, 360,000. THAT DOESN'T EVEN TAKE INTO CONSIDERATION THAT AMOUNT. >> IT'S GOOD TO SHOOT FOR THAT AMOUNT BASED OFF THE HIGHER NUMBERS, SO WE HAVE THE MONEY TO WORK WITH. >> TWO AGAIN, THAT KIND OF CATCH-ALL. LAST ITEM IS FOR PARK PROJECTS THAT WEREN'T MENTIONED IN THIS ITEMIZATION, LIKE FREEDOM PARK, ACTIVE AREA, DESIGN DEVELOPMENT OR EVEN CONSTRUCTION. IF WE'RE GOING THROUGH DESIGN DEVELOPMENT OF THE PASSIVE AREA AT FREEDOM PARK, IF YOU GUYS WANT TO MOVE FORWARD WITH CONSTRUCTION OF THAT, THE LOW END OF THAT, WE JUST GOT THOSE NUMBERS. WHILE WE ARE AT OUR CONFERENCE LAST WEEK, THE LOW END IS JUST OVER 700,000, THE HIGH END 1.8. WE'RE GOING TO SUGGEST THE LOW END. [00:45:01] WELL, WE'RE WORKING ON SOME ALTERNATIVES TO BRING THE COST DOWN. THERE'S A LOT OF PROJECTS THAT AREN'T NECESSARILY ITEMIZED HERE. AGAIN, ABIGAIL PARK, IF YOU GUYS WANT TO, YOU ALL AS A BOARD HAD MENTIONED THAT BEING A PRIORITY. BUT YOU CAN DO A LOT WITH YOUR BOND PACKAGE AND TACKLE SEVERAL ITEMS IF YOU DECIDE. >> SPEAKING QUICKLY, I WOULD LIKE TO SEE US ADDRESS ABIGAIL AREA AS PARK. I GUESS WE CAN DISCUSS THE MOUNT, WE CAN DEBATE THAT. ONE ITEM THAT IS NOT INCLUDED ON HERE IS, I WOULD LIKE TO ALSO PERHAPS LOOK AT BUILDING OUT FREEDOM PARK, THE JUNIOR LEAGUE FIELD, 320 FEET FIELD, WHEREVER YOU WANT TO CALL IT. I THINK IT'S BEEN A PRIORITY FROM LISTENING AND FOLLOWING A LITTLE BIT ALONG. THAT'S DEFINITELY SOMETHING THAT AS SOON AS YOU GET BUILT, IT WILL BE APPLIED TO GET USED. >> ONE THING THAT I WANT TO MENTION ON THAT JUST FOR CLARITY. WE LOOKED AT THOSE NUMBERS IN ORDER TO GET THE DESIGN DEVELOPMENT COSTS FOR YOU SO YOU HAD AN ESTIMATE. THAT PROJECT THAT ACTIVE AREA, FREEDOM PARK, IT INCLUDES THE FOUR PLEX THAT IS EXISTING. IT WOULD BE IMPROVEMENTS TO THAT AREA TOO. BUT THAT IS THE ESTIMATE OF PROBABLE COST WAS ABOUT 2.6. I JUST WANT TO PUT THAT NUMBER IN YOUR HEAD WHEN YOU'RE LOOKING AT [OVERLAPPING]. >> MAYBE NOT SOMETHING THAT WE ADDRESS ALL IN ONE SWOOP. >> IT MAY JUST BE THAT NORTHERN FIELD THAT THEY'RE NOT ADDRESSING THE FOUR POINTS AREA SO THAT COULD REDUCE COST. >> WE ADDRESSED WHAT ABOUT TWO YEARS AGO. I DON'T KNOW IF IT WAS A PLC, A GEL ADDED THAT COVERED AWNINGS. THAT'S FOR SHADE, THAT'S HAS BEEN NICE IMPROVEMENT. WHILE WE WOULD MAYBE NOT IMMEDIATELY ADDRESSED THE QUAD FLEX OR FLEX WEEK, IT SOUNDS LIKE IT'S GOING UNCHECKED UNTREATED. BUT I GET A LOT OF FEEDBACK FROM ESPECIALLY KIDS OR PARENTS WITH 13, 14-YEAR-OLD, IF THAT'S REALLY NEEDED, IF POSSIBLE, TO ADDRESS. THOSE TWO AREAS. THEN OF COURSE, ON GAME WITH CHECKING OFF AS MANY BOXES AS WE CAN WITHIN BUDGET AND THEN LIKE YOU SAID, I'M SURE SO THE COUNCIL COULD LOOK AT SOME OF THOSE SMALLER IN ITEMS FOR ADDRESSING PERHAPS A TRAILER OR PERHAPS A MOLAR, SOMETHING THAT MAY NOT JUST BE SUFFERING FROM THE FUND BALANCE FROM THE CITY. ALL THAT. >> MEGHAN, CAN I ASK A QUICK QUESTION? BELTS AND MASTER PLAN ARC MEASUREMENT. WHY WOULD WE WANT TO HOLD OFF ON IT? >> WE ARE MOVING INTO YOUR FIVE OF OUR PLAN AND WE STILL HAVE ITEMS THAT WE COULD BE ADDRESSING. TYPICALLY, IN A MASTER PLAN, IT'S A 10-YEAR PLAN, IF YOU WILL, BUT FIVE YEARS INTO IT, YOU USUALLY DO AN UPDATE. THE UPDATE WAS SUGGESTED, BUT IT IS SOMETHING THAT WE CAN STILL WORK ON AND PUSH BACK ANOTHER YEAR. BUT WE DO NEED TO KEEP IT IN MIND. >> THE UPDATE WOULD CALL 70,000. >> IT MAY, RIGHT NOW, WE JUST TALKED ABOUT THIS AT OUR CONFERENCE LAST WEEK. YOU'RE LOOKING AT ANYWHERE FROM 80 - 124, A FULL-FLEDGED PLAN. THAT MIGHT BE AROUND, AND WE MIGHT BE ABLE TO REDUCE THAT DOWN TO 50, BUT I DON'T KNOW THAT FOR CERTAIN. >> [INAUDIBLE] >> WE DO SO HAVING MASTER PLAN, IT GIVE US ADDITIONAL POINTS, ESPECIALLY WITH STATE GRANTS. BUT WE DO HAVE OUR MASTER PLAN THAT IS CONSIDERED 10 YEAR ON FILE WITH TW. WE'RE STILL IN COMPLIANCE, BUT IF WE DIDN'T UPDATE, WE WOULD SEND THAT UPDATE TO THEM ALSO. >> ADD A NEW FEATURE ON YOUR PLAN, AND YOU CAN'T TALK ON RECORD. >> SAY LIKE WE UPDATED THIS YEAR, WOULD IT BE JUST FOR THE NEXT FIVE YEARS OR WOULD YOU CREATE ANOTHER 10-YEAR PLAN? >> WE COULD DETERMINE WHAT THAT SCOPE. >> YOU COULD DO THAT. >>LOOK LIKE. >> YOU COULD PUT THINGS IN THERE IN YEAR 6 -10, LIKE HE'S TOLD HIM THAT, WE WANTED TO WAIT THAT LONG. BUT YOU COULD ACTUALLY EXTEND IT OUT INSTEAD OF AT THE END OF YEAR 9.5, CREATE A WHOLE RATHER [OVERLAPPING] THAN JUST KEEP IT UPDATED. BUT WHAT HAPPENS IF WE DON'T DO THE FIVE-YEAR UPDATE? WILL IT STATE. >> WE STILL, HAVE A 10-YEAR PLAN JUST LIKE WHAT CHRIS WAS SAYING. IF YOU'RE APPLYING FOR A GRANT AND IT'S FOR A COMPONENT THAT'S NOT NECESSARILY IN YOUR PLAN, THEY'RE GOING TO QUESTION, OKAY, YOU STILL HAVEN'T FINISHED X, Y, AND Z PROJECTS AND YOU'RE ASKING FOR FUNDS FOR [00:50:01] THIS ONE AND YOUR PUBLIC HASN'T ASKED FOR THAT. >> I HAVE A QUESTION. LET'S SAY THAT WE, AS A BOARD, DECIDED NOT TO MOVE FORWARD WITH THE CERTIFICATE OF OBLIGATION, WHAT ARE THE THINGS YOU WOULD WANT PRIORITIZED FOR THE NEXT YEAR FROM YOUR PERSPECTIVE? >> I WOULD SAY AND JASON, YOU'RE WELCOME CHIME IN TOO BUT OUR NATATORIUM COMPONENTS REALLY HAVE TO BE ADDRESSED. YOU'RE TALKING ABOUT THE WATER FEATURES. WE CONSTANTLY, THOSE OF YOU THAT AND MAYBE SOME CITY COUNCIL MEMBERS AND YOU BOTH MAY HAVE HEARD THAT OUR WATER FEATURES OR PLAY FEATURE, ONE OF THEM WAS DOWN THE SUMMER. WE'VE GOT TO GET THAT ADDRESSED. YOU CAN REPLACE IT WITH A VERY BASIC ABA $89,000 MOVEMENT, BUT THE MORE, IF WE'RE GOING TO GO IN AND ACTUALLY DO AN UPDATE, I WOULD ENCOURAGE THE BOARD TO CONSIDER AT LEAST A MIDDLE OF THE ROAD THAT MAY ALSO IMPACT YOUR PLASTER IF YOU'RE GOING TO BE IN THERE DOING UPDATES. WE ALREADY HAVE COMPLIANCE ISSUES WITH OUR DECK OR A DECK NEEDS TO BE DONE. I WOULD DO AN OVERHAUL OF THE NATATORIUM. BUT AGAIN, THERE'S A NUMBER OF ITEMS AT THE FACILITY ITSELF. I WOULD SAY THAT THOSE ARE A HIGH PRIORITY. ALSO, YOU STARTED DESIGN DEVELOPMENT FOR THE PASSIVE PARKING OF FREEDOM. WHAT'S GOING TO HAPPEN WITH THAT IS WE'RE GOING TO HAVE SOME GREAT CONSTRUCTION DOCUMENTS AND THEY'RE JUST GOING TO SIT THERE UNTIL YOU AWARD FUNDING FOR THAT TO BE CONSTRUCTED. YOU COULD SAY THE SAME FOR ANY OF THESE OTHER PARK PROJECTS. YOU CAN PAY FOR FUNDING FOR DESIGN DEVELOPMENT, BUT UNLESS YOU ISSUE DEBT, YOU'RE REALLY NOT GOING TO BE ABLE TO AFFORD TO DO ANYTHING WITH THAT UNLESS YOU HAVE SOME MONEY IN THE BANK. >> REALLY PLANING IT. >> ALL YOU'LL BE CHIPPING OFF IS SOME OF THESE SMALLER TICKET ITEMS AS WELL, SO LARGE PROJECTS YOU WON'T BE ABLE TO ADDRESS. >> WE'RE GOING TO TRY TO SEE IF WE COULD RETROFIT SUDDEN MOMENT, THE OLD THING THEY'D PROBABLY LOOKED AT AND SAID, WHAT IS THIS? >> I DON'T WORK. >> YEAH, AND TWO WE JUST RECENTLY HAULED 14,000 CUBIC YARDS OF DIRT THAT'S GOING TO BE SITTING THERE UNTIL WE WRITE FOR THAT IN THAT PROJECT. >> ON THE DESIGNS THAT WE'VE ALREADY HAVE WORKING, HOW LONG ARE THOSE GOING FOR? I'M ASSUMING THEY HAVE. >> AS FAR AS, WHEN YOU'RE TALKING ABOUT A PLAN OR A SCHEMATIC OR THINGS LIKE THAT, THAT DOESN'T HAVE THE NUTS AND BOLTS OF ACTUAL DESIGN DEVELOPMENT CONSTRUCTION DOCUMENTS. RIGHT NOW, I CAN'T REMEMBER WHAT THE ANTICIPATED DEADLINE FOR THE NORTHERN TRACK OF FREEDOM PARK WAS, BUT YOU'LL HAVE BEATABLE DOCUMENTS WHERE A CONSTRUCTION COMPANY CAN PUT IN A PROPOSAL BECAUSE THEY KNOW WHAT SCREWS YOU WANT TO USE FOR THE BRIDGE. YOU KNOW WHAT I'M SAYING? SO IT'S VERY DETAILED. THAT'S NOT GOING TO GO AWAY. IT'S FINE THAT IT FITS THERE, BUT YOU JUST HAVE TO THINK OF INFLATION AND COSTS AND MATERIALS INCREASING IF THE LONGER. >> I AGREE. I THINK THAT MAINTENANCE AND REPLACEMENT SHOULD TAKE PRECEDENCE OVER NO THINGS THAT'S COMING. THAT WAY WE HAVE TO MAINTAIN WHAT WE HAVE AND THEN WE HAVE RESOURCES LEFT, JUST DO THE BIG TICKET ITEMS OR MAINTENANCE, AND THEN NEXT WILL BE NEW GROWTH. >> I THINK THE NUMBER ONE PRIORITY AND THIS IS MY OPINION, IS ANY OF THE ADA COMPLIANCE STUFF THAT WE HAVE TO GET DONE, BECAUSE THERE'S THINGS THAT WE HAVE TO. TO USE YOUR EXAMPLE OF AN EDITORIAL DECK, IF THAT'S NOT ADA COMPLIANT, THEN IT MAKES COMPLETE SENSE TO PUT DOWN ON A TOP PRIORITY LIST BECAUSE IT NEEDS TO BE A COMPLAINT TO THAT. >> I AGREE. >> I'M GOING TO ADD THIS. I THINK THE FIELD GRADING, WE KNEW IT WAS GOING TO BE REALLY EXPENSIVE. THIS IS A CONVERSATION THAT WE'VE HAD AN PARK SIDE FOR AWHILE. THAT'S NOT SURPRISING TO ME. IT'S A LOT MORE THAN I THOUGHT. HOWEVER, WE HAVE BEEN SITTING ON UPGRADING FREEDOM FOR A LONG TIME. HE'S RIGHT. THAT FIELD NEEDS TO BE DONE. WE NEED A BIGGER FIELD FOR THOSE BIGGER KIDS THAT WE HAVE, BECAUSE WE CAN USE IT IMMEDIATELY ONCE IT'S IN THERE. I AGREE WITH YOU. I THINK MAYBE WE DON'T DO THE ENTIRETY OF WHAT WE NEED TO DO WITH FREEDOM, BUT IF PARTS OF IT WE CAN GET DONE THIS YEAR IS COMING YEAR, I THINK WE SHOULD AS MUCH AS I WANT THE SOUTH SIDE AT THE ABIGAIL PART, WE STILL ARE JUST LIKE ON THE BEGINNING ENDS OF THAT. TO SPEND MONEY RIGHT NOW, I DON'T NECESSARILY KNOW IF WE HAVE THAT RIGHT NOW, BUT I'M WITH TREVOR, I THINK WE SHOULD START LOOKING INTO THAT. THAT SHOULD BE IN THE UPPER LEVEL OF PRIORITY BECAUSE THERE IS NOTHING ON THE SOUTH SIDE, WHICH IS SOMETHING THAT WE'VE TALKED ABOUT ON THE PARK SIDE FOR THE LAST TWO OR THREE YEARS. I THINK. EVER SINCE WE PURCHASED IT, IT'S A IT'S A IT'S A WASTE OF MONEY. IF WE'RE JUST PURCHASING LAND, IF WE'RE NOT DOING ANYTHING WITH IT, IT'S JUST SITTING THERE. BUT I DO THINK ANY OF THE ADA I'M WITH YOU ON AN EDITORIAL. [00:55:03] I HAVE A LITTLE BIT OF SKIN IN THIS GAME SINCE MY SON'S A LIFEGUARD NOW. BUT NOW THE SUMMER WHENEVER THEY DIDN'T HAVE IT, IT WAS WHEN HE STARTED WORKING THERE AND HE WAS WE CAN HAVE SOME WITH MORE CAPACITY, SO MANY MORE KIDS THERE IF THIS IS WORKING. I THINK THAT ON THIS, YOU HAVE A BUNCH OF DIFFERENT EXAMPLES OF UPGRADES THAT WE CAN DO ON IT. I THINK THAT'S A WHOLE OTHER ACTION ITEM THAT WE COULD DO ON ITSELF LOOKING AT THE PRICES OF IT, BUT AGAIN, I THINK ADA COMPLIANCE HAS TO BE ON THE TOP OF OUR PRIORITY LIST, FOLLOWED BY SOME OF THE THINGS THAT WE'VE ALREADY MENTIONED. >> I AGREE WITH THAT. ESPECIALLY, ABIGAIL PART MAYBE WE CAN'T SPEND A WHOLE LOT OF MONEY RIGHT NOW, BUT AT LEAST GET AN [OVERLAPPING] IDEA, STUDY WHAT ADA DO WE ALREADY KNOW WHAT IS GOING TO LOOK LIKE? IS THERE A PLAN? [OVERLAPPING]. >> I WOULD SAY PART OF THE SCHEMATIC PLANNING AND DESIGN DEVELOPMENT FOR ABIGAIL. IF YOU'RE GOING TO START THAT PROJECT, JUST LIKE FREEDOM SPARK MASTER PLAN, I WOULD ENCOURAGE YOU AS A BOARD TO BE PREPARED TO CONSTRUCT SOMETHING. >> AT LEAST GETTING IT TO WHERE PEOPLE FEEL COMFORTABLE TO BE ABLE TO AT LEAST GET ME AROUND THAT IS JUST A FIELD. IF SOMEONE WANTED TO GO OUT THERE AND PITCH BALL TO KID, CAN THEY ACCESS IT WITHOUT HAVING TO WALK. CAN THEY ACCESS IT, BUT IT'S NOT 100 DEGREES AND THE GROUNDS MADE A LITTLE MUSHY OR SO? WE COULD JUST GET SOMETHING LIKE THAT FIGURED OUT BUT THE ONES WHO KEEP MOVING ON IT BECAUSE IT'S THE SIGNS THERE. IT'S GOING TO START COMING UP THAT WE'RE NOT DOING ANYTHING. >> IF IT'S A SIMPLE SURVEY OR SOMETHING. >> I GUESS, I DISAGREE A LITTLE BIT. I AM OF THE MIND OF THESE TWO OVER HERE. WE'VE ALREADY GOT PLANS WITH THIS DARKER COMPLEX. WE'VE GOT STUFF GOING ON IN FREEDOM. I'D RATHER PRIORITIZE THAT THAN DEVELOPING ABIGAIL AREAS. >> WHAT I SEE IS I STILL SEE OPPORTUNITY. I'M LOOKING AT THE BUDGET, I KNOW THIS IS NOT A FIXED NUMBER AND IN FACT, IT LOOKS LIKE IT'S I KNOW YOU PUT INTO YOUR NUMBERS THE HIGH END BUT WE, SOME OF THESE TBDS ARE QUITE EXPENSIVE. >> THE TBDS ARE EXPENSIVE. >> THEY ALWAYS ARE. [LAUGHTER] >> HOWEVER, I STILL THINK THERE'S AN OPPORTUNITY TO ADDRESS MOST, IF NOT EVERYTHING, WE WILL BE ABLE TO TOUCH EVERYTHING BUT MOST OF THE THINGS AND ACCOMPLISH, WHAT RACHEL SEEKING WHICH IS TO FINISH OFF. I THINK THERE'S AN OPPORTUNITY TO UPDATE THE ARC. TO ADDRESS THE NEEDS THAT JAIME'S DISCUSSED. I THINK THERE'S SOME THINGS THAT WE CAN DO LIKE RACHEL'S TALKING ABOUT. WE CAN FIX ALL OR TAKE THE NEXT STEP IN FREEDOM. BUT I THINK THERE'S STILL ROOM FOR US TO START MAKING ABIGAIL PARK, THE PARK WE WANT IT TO BE. JUST LIKE FREEDOM. FREEDOM HAS BEEN AROUND FOR WHAT, 20 YEARS AND WE'RE STILL WORKING ON IT. BUT IT'S 20 YEARS THAT PEOPLE HAVE GOT TO USE IT, BUT MIGHT NOT BE THE BEST. WHAT DO WE WANT TO BE THE PARTNER INTO BEING? IT'S STILL 20 YEARS OF THE PARTY. GOING BACK AT THIS POINT, THERE IS A NEED ON THE SOUTH END. IT MAY NOT WE MAY HAVE TO BUDGET ACCORDINGLY I'M SAYING THERE MAY NOT BE AS A BIG BUDGET FOR THAT, HAVE A GOAL TO GET IT GOING HEARD AT LEAST WE WILL START MAKING TAKEN STEPS. >> KNOWING THAT THESE ARE JUST PRELIMINARY CONVERSATIONS, THIS IS FIRST PUBLIC HEARING WE CAN DEFINITELY WE CAN HAVE AS MANY PUBLIC HEARINGS AS WE WOULD LIKE TO DISCUSS AS MANY PROJECTS AS YOU WOULD LIKE. WHAT WOULD YOU LIKE TO SEE COME BACK TO THIS CORPORATION THE NEXT MEETING? >> THE FREEDOM PARK. MAYBE LOOKING AT EXPANDING. [OVERLAPPING]. >> ITEMIZATION OF WHAT [INAUDIBLE]. [BACKGROUND] >> EXPANDING LEAST ONE FIELD. >> EVEN IF IT WAS JUST ANYTHING. >> WHAT ABOUT THE PASSIVE AREA THAT IS ALREADY UNDER DESIGN DEVELOPMENT RIGHT NOW? DO YOU WANT THE NUMBER FOR CONSTRUCTION? >> YEAH. I WOULDN'T BE NICE I THINK TO LOOK AT. >> SORRY, WHAT IS IT? >> THE PASSIVE AREA WAS REMINDS US. >> IT'S ON THE OTHER SIDE OR INJURY TO SHIFTS IN NORTHERN TRACT WHERE THEY SPENT THE LAST MEETING. [BACKGROUND] >> THEY WANTED TO DO SOMETHING THE LITTLE TRAIL. >> THEY ALL HAD THE OPPORTUNITY TO SEE IT? >> WHERE WERE DUMBBELL FREEDOM PARK? >> YEAH. IT'S ON THE NORTHERN END OF THE DITCH. >> WERE THERE WERE THERE DOING ALL THE WORK? >> YEAH. I THINK COST OF ITEMS TO WHERE WE'RE [01:00:03] AT IN THE SENSE OF WHAT WE'RE LOOKING TO IMPROVE HER FREEDOM, I THINK WOULD BE GREAT. SPECIFICALLY THAT THAT OLDER THE BIGGER PARK, BALLPARK I THINK WOULD BE RIGHT. I THINK WE ALL AGREE THAT WE DIDN'T LOOK AT WHAT THAT LOOKS LIKE. >> I WILL GET RID VERDICT CONSULTANTS WHO HELPED US WITH THAT MASTER PLAN BECAUSE THEY INCLUDE THE FOUR FLEX, MAYBE THEY DIDN'T GIVE ME A BETTER IDEA SINCE THEY PROVIDED THE ESTIMATED VARIABLE COST IF WE DIDN'T ADDRESS THE BOARD FLEXIBLE, WHAT JUST THAT NORTHERN TRYING TO GET BETTER NUMBERS. >> I WOULD ALSO ADD JUST STUFF THAT WE'RE LOOKING AT WHEN AN EDITORIAL, IF WE NEED TO DO AN UPGRADE ON THAT BECAUSE SINCE THERE'S THE VARIETY OR 88-396, WHAT DOES THAT ALL LOOK LIKE? MIDDLE OF THE ROAD, WHAT DOES THAT LOOK LIKE? WHAT DOES IT WHAT ARE WE ABLE TO GET? THEN, AND THEN MAYBE A LITTLE BIT MORE ON THIS. SPECIFICALLY LIKE WE HAVE A LOT OF INFORMATION HERE, WE HAVE 130 SOMETHING PAGES OF THIS BOOK. [LAUGHTER] >> [OVERLAPPING] THEN MANDATORY AND COMPONENTS, IF WE KNOW THE LAST MEETING THAT WAS STRESSED SO HIGHLY, SO YOU ALL HAVE THE LOW AND MEDIUM RANGE, HIGH-END PROPOSALS FOR YOU TO LOOK IN? >> I THINK THERE SHOULD BE A LOT OF EMPHASIS ON THE DIRECTORIAL BECAUSE WHEN YOU HAVE ANYTHING HAS TO BE FUNCTIONAL AND YOU CAN HAVE ANY COMPONENTS WHERE THE PARCEL BUT THAT'S NOT. YOU GOT TO HAVE SOMETHING HAS TO BE FUNCTIONAL. >> ON AN AUDITORIUM. I THINK THERE IS A TIME GOING TO THAT. CHEDDAR, WE CAN GET IT FOR MAY, JUNE. >> CORRECT. THAT'S QUITE EFFECTIVE. >> ABSOLUTELY. >> I MEAN, THAT'S JUST MAKES IT. AS FAR AS I MEAN, I STILL WOULD LIKE TO SEE WHERE WE ARE WITH ALL THOSE SPECIFIC NUMBERS AND STILL LOOK AT WHAT WE CAN DO. WHAT'S LEFTOVER, I GUESS BASICALLY, AND SEE WHERE THAT LEAVES US. >> I DO WANT TO CLARIFY, WE'RE TALKING ABOUT TWO DIFFERENT CONVERSATIONS ALSO, WHAT I HEARD RACHEL TALKING ABOUT WAS IF WE DIDN'T GO OUT FOR DEBT CAPACITY, WHAT COULD WE DO AND WHAT WERE THE PRIORITIES? >> CORRECT. >> YOU'LL SEE THAT NUMBER, JUST LIKE JOE MENTIONED, IS RIGHT AROUND 275,000, THAT'S YOUR CONTINGENCY SO THAT'S WHAT YOU HAVE TO WORK WITH. IF YOU WANT TO LOOK AT VG-PECK SOCCER COMPLEX, THE PASSIVE PARK FREEDOM, AND AUDITORIUMS, THOSE ARE ALL OUT THE DOOR BECAUSE SHE CAN'T AFFORD ANYTHING. I JUST WANTED TO BE VERY CLEAR WITH WHAT PROJECTS WE'RE BRINGING TO THE TABLE. >> CAN WE NOT PULL FROM BOTH HATS AS BEING? CAN WE NOT ADDRESS SOME ISSUES FROM [INAUDIBLE]? >> IT'LL BE A BALANCED BUT THAT CONTINGENCY IS HELPING YOUR DEBT PAYMENTS. >> MAKES SENSE. >> I MEAN, I STILL THINK THAT THERE'S STILL OPPORTUNITY TO ADDRESS MANY OF THESE CONCERNS. [OVERLAPPING] >> ABSOLUTELY. WE CAN COME UP WITH WHATEVER PACKAGES YOU GUYS WANT AND IF YOU FEEL MORE COMFORTABLE WITH ISSUING DEBT IN THE FUTURE, WE CAN DO THAT TOO, WE JUST NEED TO GET A GAME PLAN TOGETHER BECAUSE WE HAVE A LOT OF PROJECTS WE CAN'T DO. [LAUGHTER] >> I GUESS TRAVIS, IN AS MANY CHECK-MARKS WE CAN GET FOR THE MONEY THAT WE HAVE. >> SURE. >> IS THAT WHAT YOU'RE SAYING? >> YEAH, NO, ABSOLUTELY. I DEFINITELY WANT US TO [OVERLAPPING] SPREAD OURSELVES AND WITH THE UNDERSTANDING THAT, EVERYTHING THAT DOESN'T GET CHECKED OFF HERE, DOES IT'S NOT THERE IN THE WORLD. WILL GET ADDRESSED AT SOME POINT. >> WE WE WANT AT ALL. >> GOT IT. I'M GOING TO HAVE MORE [LAUGHTER] NUMBERS TO THIS OTHER SIDE [OVERLAPPING] [INAUDIBLE]. >> WE CAN DEFINITELY SELECT PRIORITIES. I DON'T THINK IF THAT'S A PROBLEM. I THINK WE'RE GROWN UPS. >> CORRECT. >> IS THERE ANY FURTHER DISCUSSION? >> I WILL SAY I MEAN, IN SOME OF THESE PROJECTS AND I DON'T KNOW WHERE WE'RE GOING JUST YET, BUT CITY COULD ALSO BE LOOKING AT DOING OR DRESSING OR EVEN ASSISTING ANY OF THESE PROJECTS. CITY OBVIOUSLY HAS POTENTIAL BONDING CAPACITY IS SO HARD DOLLARS. > THAT'S CORRECT. >> IMAGINE WILL PROBABLY DRESS MANY OTHER ISSUES LIKE [INAUDIBLE] . [OVERLAPPING]. >> IT HAS IN THE PAST OUR CONTRACTS AND YOU CAN PROBABLY SPEAK TO THIS OFTEN. ABLC WOULD SAY, WE'RE GOING TO ADDRESS THIS, WE WOULD LIKE TO CITY COUNCIL TO [OVERLAPPING] ADDRESS THIS. WE CAN ALWAYS APPROACH IT THAT WAY WHETHER CITY COUNCIL DECIDES TO ADDRESS IT OR NOT WE STILL THAT'S UP CITY COUNCIL. BUT YOU GUYS CAN DEFINITELY PRIORITIZE WHAT A ABLC IS GOING TO ADDRESS AND WHAT YOU WOULD LIKE US TO LOOK AT FINDING THROUGH PARKLAND DEDICATION GRANTS, ETC. >> BECAUSE I ALREADY HAD MY EYE ON ONE THING LIKE THE MORE. >> YEAH. THE CITY CAN DO THAT. >> I LIKE THAT. >> THERE'S THERE'S SOME OPPORTUNITIES BUT I CAN'T SPEAK FOR [INAUDIBLE]. >> I'M GOING TO MOVE ON TO THE NEXT ACTION ITEM OR ACTUALLY. [OVERLAPPING]. >> I THINK THAT'S IT. [01:05:03] >> NO, I THINK WE'RE DONE. >> WELL, THIS TIME I WILL ENTERTAIN A MOTION TO ADJOURN. >> I MOTION THAT WE ADJOURN. >> I SECOND THAT. * This transcript was compiled from uncorrected Closed Captioning.