1 00:00:00,000 --> 00:00:05,200 Good morning, ladies and gentlemen. 2 00:00:05,200 --> 00:00:07,600 My name is John Baines, CPA. 3 00:00:07,600 --> 00:00:14,240 I have the privilege of being the chair of the economic development partnership board. 4 00:00:14,240 --> 00:00:21,080 And I have a very prestigious group of board members and city employees with me this morning. 5 00:00:21,080 --> 00:00:26,320 And we're about to start our meeting. 6 00:00:26,320 --> 00:00:35,520 And the first item on the agenda is TURS 21-001. 7 00:00:35,520 --> 00:00:40,840 Consider approval of the meeting minutes of February 12, 2020. 8 00:00:40,840 --> 00:00:44,040 So that's a year ago was the last time we had the meeting. 9 00:00:44,040 --> 00:00:48,280 And we'll give everyone just a second to take a look at the minutes. 10 00:00:48,280 --> 00:00:52,440 And once you're ready, you can just wave your hand and then that way we can go ahead and 11 00:00:52,440 --> 00:01:04,480 proceed. 12 00:01:04,480 --> 00:01:09,160 If everyone's had a chance to read the minutes, we'll entertain a motion to accept the minutes 13 00:01:09,160 --> 00:01:11,160 as presented, please. 14 00:01:11,160 --> 00:01:19,600 John Baines, this is Jill Jester and I move approval of the minutes as presented. 15 00:01:19,600 --> 00:01:21,800 We have a motion on the floor from Jill Jester. 16 00:01:21,800 --> 00:01:24,880 We need a second. 17 00:01:24,880 --> 00:01:27,260 Mr. Chairman, Tony Clark, I will second that. 18 00:01:27,260 --> 00:01:29,040 Mr. Clark seconds. 19 00:01:29,040 --> 00:01:37,360 Do we have any discussion of the minutes as presented? 20 00:01:37,360 --> 00:01:46,240 Hearing none, we will need to take a verbal approval of the minutes as presented. 21 00:01:46,240 --> 00:01:53,720 And we'll start with, let's see, Jesse Davis? 22 00:01:53,720 --> 00:01:57,280 I vote aye. 23 00:01:57,280 --> 00:01:59,280 Tony Clark? 24 00:01:59,280 --> 00:02:00,840 Aye. 25 00:02:00,840 --> 00:02:03,840 Jason Tomlinson? 26 00:02:03,840 --> 00:02:05,520 Aye. 27 00:02:05,520 --> 00:02:07,200 Jill Jester? 28 00:02:07,200 --> 00:02:08,360 Aye. 29 00:02:08,360 --> 00:02:10,000 Lee Ramsey? 30 00:02:10,000 --> 00:02:11,000 Aye. 31 00:02:11,000 --> 00:02:16,080 Jimmy Mejia? 32 00:02:16,080 --> 00:02:24,680 I'm going to mute Jimmy. 33 00:02:24,680 --> 00:02:25,680 Is it up now? 34 00:02:25,680 --> 00:02:26,680 Yes. 35 00:02:26,680 --> 00:02:27,680 Yes. 36 00:02:27,680 --> 00:02:28,680 Can you hear me? 37 00:02:28,680 --> 00:02:29,680 Aye. 38 00:02:29,680 --> 00:02:30,680 Okay. 39 00:02:30,680 --> 00:02:31,680 Mark McClellan? 40 00:02:31,680 --> 00:02:32,680 Aye. 41 00:02:32,680 --> 00:02:35,420 And let's see, is Steve on? 42 00:02:35,420 --> 00:02:42,880 I know I've tended to ignore Steve a few times, I don't see Steve, and then John Baines approved 43 00:02:42,880 --> 00:02:43,880 the minutes. 44 00:02:43,880 --> 00:02:44,880 Did I get everyone? 45 00:02:44,880 --> 00:02:46,280 Selwyn? 46 00:02:46,280 --> 00:02:50,840 Selwyn, forgive me, Selwyn. 47 00:02:50,840 --> 00:02:52,160 Okay. 48 00:02:52,160 --> 00:02:57,280 So we have unanimous approval of the minutes. 49 00:02:57,280 --> 00:03:05,960 And with that, we'll go on to the next item on the agenda, TURS 21-002. 50 00:03:05,960 --> 00:03:10,960 We want to receive a report, hold a discussion, and make a recommendation to city council 51 00:03:10,960 --> 00:03:21,100 regarding the 2019-2020 tax increment reinvestment zone number two, the West Park annual report. 52 00:03:21,100 --> 00:03:25,200 And I believe Jessica Rogers is going to give us that report, please. 53 00:03:25,200 --> 00:03:30,640 I'm actually going to turn it over to Erica Sullivan, who many of you know, our economic 54 00:03:30,640 --> 00:03:36,080 development analyst, who has worked on the West Park TURS for, I believe, since its creation. 55 00:03:36,080 --> 00:03:39,600 So she's going to give the report to you. 56 00:03:39,600 --> 00:03:40,600 Thank you, Erica. 57 00:03:40,600 --> 00:03:41,600 I'm going to go to your report here. 58 00:03:41,600 --> 00:03:48,440 I'm going to start by sharing my screen. 59 00:03:48,440 --> 00:03:56,600 Well, good morning. 60 00:03:56,600 --> 00:03:59,680 As you heard, my name is Erica Sullivan, I'm the analyst here at the city, and I'm going 61 00:03:59,680 --> 00:04:04,600 to be providing presentation on the 19-20 annual report for the TURS. 62 00:04:04,600 --> 00:04:09,980 The objective today is provide an overview of the West Park TURS and the 19-20 annual 63 00:04:09,980 --> 00:04:13,840 report. 64 00:04:13,840 --> 00:04:18,520 As many of you realize, we typically meet one time per year to review the TURS annual 65 00:04:18,520 --> 00:04:20,560 report that's required by the state. 66 00:04:20,560 --> 00:04:25,800 So we have a new member, relatively new, so I wanted to provide a little background. 67 00:04:25,800 --> 00:04:31,120 So in 2012, the city council adopted an ordinance designating and describing the boundaries 68 00:04:31,120 --> 00:04:32,760 of West Park TURS. 69 00:04:32,760 --> 00:04:36,640 You'll see the city limits in red and the West Park TURS on the west side of the map 70 00:04:36,640 --> 00:04:40,240 outlined in black. 71 00:04:40,240 --> 00:04:44,840 This map provides a little bit more detail of the boundaries. 72 00:04:44,840 --> 00:04:49,560 And the TURS is comprised of approximately 800 acres and is located north of Airport 73 00:04:49,560 --> 00:04:52,160 Road in the largest industrial area within the city. 74 00:04:52,160 --> 00:05:00,080 So you'll see Airport Road, you'll see Jim Crystal, and then 380. 75 00:05:00,080 --> 00:05:03,920 The West Park TURS district has established in its project and finance plans a budget 76 00:05:03,920 --> 00:05:09,480 for public improvements and these are necessary to support infrastructure in the zone. 77 00:05:09,480 --> 00:05:14,720 And so we have street improvements at 8 million, utilities and drainage at 5 million, industrial 78 00:05:14,720 --> 00:05:22,040 projects, which includes Chapter 380 agreements at 1.3 million for a total of 4.3 million 79 00:05:22,040 --> 00:05:27,200 estimated project costs for the TURS. 80 00:05:27,200 --> 00:05:31,160 There are two taxing entities that participate in the West Park TURS, the city of Denton 81 00:05:31,160 --> 00:05:40,120 and Denton County, and both participate at a rate of 40 percent for a period of 25 years. 82 00:05:40,120 --> 00:05:45,040 Now the TURS board structure consists of 14 members, 12 are from our Economic Development 83 00:05:45,040 --> 00:05:46,800 Partnership Board. 84 00:05:46,800 --> 00:05:51,120 Denton County has a single board member and Razor Investments, the developer also is a 85 00:05:51,120 --> 00:05:52,120 representative. 86 00:05:52,120 --> 00:05:56,760 And this structure was designed to streamline the process as the same group would be reviewing 87 00:05:56,760 --> 00:06:01,340 incentive agreements. 88 00:06:01,340 --> 00:06:05,520 The annual report is required by the State Comptroller of Public Accounts and is supposed 89 00:06:05,520 --> 00:06:08,480 to report on the previous year's activities. 90 00:06:08,480 --> 00:06:12,220 According to Chapter 311 of the tax code, the report is required to include the base 91 00:06:12,220 --> 00:06:18,520 and appraised value, revenue in the tax increment fund from all the participating tax entities, 92 00:06:18,520 --> 00:06:24,040 the purpose of the expenditures, the amount of principal and any outstanding bond indebtedness 93 00:06:24,040 --> 00:06:27,400 interest due. 94 00:06:27,400 --> 00:06:31,760 The first table we're going to go over provides the city valuation summary. 95 00:06:31,760 --> 00:06:36,960 You'll see on the left-hand column you have the tax year, you have the certified value, 96 00:06:36,960 --> 00:06:39,160 then you have the supplemental value. 97 00:06:39,160 --> 00:06:44,380 For both of our TURS, the last supplement for the calendar year in December is used 98 00:06:44,380 --> 00:06:46,400 for our cutoff point. 99 00:06:46,400 --> 00:06:51,280 Then you see the increase, decrease, and then the contribution and adjusted incremental 100 00:06:51,280 --> 00:06:55,600 value, and these are both at a rate of 40%. 101 00:06:55,600 --> 00:06:59,960 And then in the final column, you see the total revenue. 102 00:06:59,960 --> 00:07:17,560 So for 2019-20, the revenue that went into this particular TURS is $281,041. 103 00:07:17,560 --> 00:07:23,480 You'll now see the county valuation summary, and you'll see that on the bottom line there 104 00:07:23,480 --> 00:07:33,400 $107,227 went into this for the revenue and contribution for the county. 105 00:07:33,400 --> 00:07:39,360 And then you see the third table, which is the total combined city and county revenue, 106 00:07:39,360 --> 00:07:45,560 and so you'll see on the bottom line that a total of $388,268 went in, and there was 107 00:07:45,560 --> 00:07:56,080 also $7,709 in interest for a grand total of $395,977 contributed from both taxing entities. 108 00:07:56,080 --> 00:08:04,080 Now, the majority of this increase was due to Winko Foods, U.S. Cold Storage, and Exeter's 109 00:08:04,080 --> 00:08:09,880 new spec building for the new Lowe's Distribution Center. 110 00:08:09,880 --> 00:08:16,320 The market value you can see is $175.5 million – I'm sorry, the net taxable, but the market 111 00:08:16,320 --> 00:08:19,360 value is actually $191.3 million. 112 00:08:19,360 --> 00:08:23,880 As I've been presenting this on annual basis, we've seen that disparity get smaller and 113 00:08:23,880 --> 00:08:29,640 smaller as more and more of the property becomes developed and the ag exemptions removed. 114 00:08:29,640 --> 00:08:33,320 I'd be happy to entertain questions. 115 00:08:33,320 --> 00:08:40,960 I'm going to go ahead and stop sharing. 116 00:08:40,960 --> 00:08:47,400 Do we have any questions from the floor? 117 00:08:47,400 --> 00:08:50,640 So Erica, I do have a couple of questions, please. 118 00:08:50,640 --> 00:08:58,000 So I guess I'm supposed to know this, but I don't. 119 00:08:58,000 --> 00:09:02,000 We've got this piece of property there, and you prepared this report. 120 00:09:02,000 --> 00:09:06,460 This is a required report to the state comptroller? 121 00:09:06,460 --> 00:09:09,880 That's correct. 122 00:09:09,880 --> 00:09:16,000 It's governed by Chapter 311 of the tax code, and it requires us to submit an annual report 123 00:09:16,000 --> 00:09:23,040 to the state every year detailing the previous year's activities. 124 00:09:23,040 --> 00:09:26,560 So what do they do with this information? 125 00:09:26,560 --> 00:09:31,840 Actually they have a registry that they put out biannually, and it summarizes all of the 126 00:09:31,840 --> 00:09:35,740 tax increment reinvestment zones in the state. 127 00:09:35,740 --> 00:09:36,740 It's a little bit outdated. 128 00:09:36,740 --> 00:09:41,560 So if you go today, you'd probably be a little bit behind, but they do it on a biannual basis. 129 00:09:41,560 --> 00:09:49,760 So the state of Texas has some type of reinvestment credit that goes to people who invest in these 130 00:09:49,760 --> 00:09:51,720 particular zones? 131 00:09:51,720 --> 00:09:55,800 They track it, and it's required by the tax code. 132 00:09:55,800 --> 00:09:58,720 So who provides the credit? 133 00:09:58,720 --> 00:10:04,240 Is it the taxing entity rather than the state, and the state is keeping an idea of what's 134 00:10:04,240 --> 00:10:07,040 going on in their jurisdiction? 135 00:10:07,040 --> 00:10:09,680 They're keeping an eye on what's going on. 136 00:10:09,680 --> 00:10:14,760 Basically what happens is they increment, in a tax increment reinvestment zone and tax 137 00:10:14,760 --> 00:10:20,720 increment financing in general, you create a base year, and anything that increases over 138 00:10:20,720 --> 00:10:25,840 that year goes into the tax increment fund every year to support projects in that zone. 139 00:10:25,840 --> 00:10:29,400 All the entities in there are paying the same tax rate as you would in any other part of 140 00:10:29,400 --> 00:10:30,400 the city. 141 00:10:30,400 --> 00:10:34,760 You're just dedicating money to support projects in that zone over a long period of time. 142 00:10:34,760 --> 00:10:39,400 And that's a good sell for developers saying that this city, no matter what council changes 143 00:10:39,400 --> 00:10:45,560 is going to, and what other management changes, they've dedicated this amount of funds to 144 00:10:45,560 --> 00:10:49,400 this particular area over this period of time, in this case, 25 years. 145 00:10:49,400 --> 00:10:50,400 Thank you. 146 00:10:50,400 --> 00:10:55,640 I don't know if this is out of order or not, Jessica, but I have a question for you, Selwyn, 147 00:10:55,640 --> 00:11:05,480 since you are a Razor Ranch investor, how have you felt about the turrets? 148 00:11:05,480 --> 00:11:09,480 Do you feel like we're doing okay there? 149 00:11:09,480 --> 00:11:11,760 What's your thoughts there? 150 00:11:11,760 --> 00:11:13,200 Okay. 151 00:11:13,200 --> 00:11:17,360 I think it was, and first of all, just to make sure that it's not Razor Ranch, because 152 00:11:17,360 --> 00:11:22,320 we sold Razor Ranch, and Razor has nothing to do with Razor Ranch except for our name, 153 00:11:22,320 --> 00:11:26,120 so I just want to be careful about that. 154 00:11:26,120 --> 00:11:29,280 I think it actually worked really well with the city. 155 00:11:29,280 --> 00:11:38,040 I do think that because going forward, we don't have a lot of property left to develop, 156 00:11:38,040 --> 00:11:45,840 and I think how our partnership worked with the city and developing it, and also putting 157 00:11:45,840 --> 00:11:51,040 in all the infrastructure, I think it could be a great roadmap for other areas, and obviously 158 00:11:51,040 --> 00:11:56,640 we don't own these other areas, but I think, you know, Phil and myself would be happy to 159 00:11:56,640 --> 00:12:02,220 help with other, you know, to be consultants or do something on, or be a third party to 160 00:12:02,220 --> 00:12:07,400 look at which things work for us and which things were challenging. 161 00:12:07,400 --> 00:12:11,520 You know, clearly we still need to revisit some of the documents, because, you know, 162 00:12:11,520 --> 00:12:17,860 in this process, it was fluid and we had to, you know, prices changed and needs changed 163 00:12:17,860 --> 00:12:22,840 for the city since 2012, so there have been some, you know, changes that haven't quite 164 00:12:22,840 --> 00:12:30,960 been finalized in the documentation, but I think in general it went really well. 165 00:12:30,960 --> 00:12:31,960 Thank you, Sheila. 166 00:12:31,960 --> 00:12:32,960 I agree, Erica. 167 00:12:32,960 --> 00:12:33,960 I agree. 168 00:12:33,960 --> 00:12:37,320 And you'll hear more about the development in the next staff report. 169 00:12:37,320 --> 00:12:38,320 Okay. 170 00:12:38,320 --> 00:12:39,320 Oh, okay. 171 00:12:39,320 --> 00:12:40,320 Okay. 172 00:12:40,320 --> 00:12:41,320 Thank you. 173 00:12:41,320 --> 00:12:42,320 Thank you. 174 00:12:42,320 --> 00:12:43,320 Any, I recognize your gesture. 175 00:12:43,320 --> 00:12:44,320 Thank you. 176 00:12:44,320 --> 00:12:52,080 I wanted to comment on the big leap that we have in between 2018 and 2019, and how encouraging 177 00:12:52,080 --> 00:12:53,080 that looks. 178 00:12:53,080 --> 00:13:00,480 I know that we're very early into the 25-year projections and expectations, but I'm sure 179 00:13:00,480 --> 00:13:07,120 that that is a good sign as far as getting a return of value for the city of Denton, 180 00:13:07,120 --> 00:13:12,800 as well as Denton County, and so, and luckily, you know, everything that I read in here is 181 00:13:12,800 --> 00:13:19,880 that we can continue to have high expectations for these next couple of years, so, you know, 182 00:13:19,880 --> 00:13:23,200 as expected, it was a little bit of a slow start. 183 00:13:23,200 --> 00:13:28,720 However, we are still very early in this investment, and so I think this is a really great indicator 184 00:13:28,720 --> 00:13:32,760 of things to come, and I'm very encouraged by that, and these numbers are very helpful, 185 00:13:32,760 --> 00:13:36,160 and so is the way that it's being presented, so I'd also just want to say thank you for 186 00:13:36,160 --> 00:13:40,800 the work that was put into the presentation that really simplifies it for those of us 187 00:13:40,800 --> 00:13:42,840 that don't do what you do for our living. 188 00:13:42,840 --> 00:13:43,840 Thank you. 189 00:13:43,840 --> 00:13:44,840 Thank you. 190 00:13:44,840 --> 00:13:54,480 Any other questions or comments from the committee board members? 191 00:13:54,480 --> 00:14:03,280 Hearing none, seeing none, let's see, Erica, have we handled all of the exhibits that were 192 00:14:03,280 --> 00:14:04,280 listed there? 193 00:14:04,280 --> 00:14:11,360 Are we complete with 21-002? 194 00:14:11,360 --> 00:14:12,920 Well we provided the presentation. 195 00:14:12,920 --> 00:14:17,800 We also have an annual report and then a funding balance sheet at the end of that. 196 00:14:17,800 --> 00:14:19,520 That was provided in your backup materials. 197 00:14:19,520 --> 00:14:24,160 No, so I was asking, are we done with this particular agenda item, are we ready to go 198 00:14:24,160 --> 00:14:25,160 to the next one? 199 00:14:25,160 --> 00:14:26,160 Yes, sir. 200 00:14:26,160 --> 00:14:27,160 Okay. 201 00:14:27,160 --> 00:14:28,160 Thank you. 202 00:14:28,160 --> 00:14:34,640 Do we have a motion to recommend approval of the annual report? 203 00:14:34,640 --> 00:14:35,640 Yes. 204 00:14:35,640 --> 00:14:36,640 I'm sorry. 205 00:14:36,640 --> 00:14:37,640 Sorry. 206 00:14:37,640 --> 00:14:38,640 Thank you. 207 00:14:38,640 --> 00:14:39,640 Thank you. 208 00:14:39,640 --> 00:14:46,600 As indicated, we need to recommend approval of this report, and we'll entertain a motion. 209 00:14:46,600 --> 00:14:49,480 Mr. Chair, this is Jesse Davis. 210 00:14:49,480 --> 00:14:53,080 I'll move to approve the report or recommend approval of the report. 211 00:14:53,080 --> 00:14:54,720 Thank you, Jesse. 212 00:14:54,720 --> 00:14:56,400 We have a recommendation to approve. 213 00:14:56,400 --> 00:14:58,480 Do we have a second? 214 00:14:58,480 --> 00:14:59,480 Chair, this is Mark McClellan. 215 00:14:59,480 --> 00:15:01,040 I will second. 216 00:15:01,040 --> 00:15:02,040 Okay. 217 00:15:02,040 --> 00:15:04,020 Mark McClellan seconds. 218 00:15:04,020 --> 00:15:10,160 Do we have any further discussion before we vote? 219 00:15:10,160 --> 00:15:16,960 Hearing none, seeing none, we'll do the verbal acknowledgement once again. 220 00:15:16,960 --> 00:15:17,960 Let's see. 221 00:15:17,960 --> 00:15:18,960 Jesse? 222 00:15:18,960 --> 00:15:19,960 Aye. 223 00:15:19,960 --> 00:15:20,960 Tony Clarke? 224 00:15:20,960 --> 00:15:21,960 Aye. 225 00:15:21,960 --> 00:15:22,960 Selwyn Razor? 226 00:15:22,960 --> 00:15:23,960 Aye. 227 00:15:23,960 --> 00:15:24,960 Jason Tomlinson? 228 00:15:24,960 --> 00:15:25,960 Aye. 229 00:15:25,960 --> 00:15:26,960 Jill Jester? 230 00:15:26,960 --> 00:15:27,960 Aye. 231 00:15:27,960 --> 00:15:28,960 Jimmy Mejia? 232 00:15:28,960 --> 00:15:29,960 Aye. 233 00:15:29,960 --> 00:15:30,960 Mark McClellan? 234 00:15:30,960 --> 00:15:31,960 Aye. 235 00:15:31,960 --> 00:15:32,960 Lee Ramsey? 236 00:15:32,960 --> 00:15:33,960 Aye. 237 00:15:33,960 --> 00:15:42,760 And, Lee, did we miss you the first time on the first vote? 238 00:15:42,760 --> 00:15:43,760 Nope. 239 00:15:43,760 --> 00:15:44,760 You got me. 240 00:15:44,760 --> 00:15:45,760 Okay. 241 00:15:45,760 --> 00:15:46,760 All right. 242 00:15:46,760 --> 00:15:47,760 All right. 243 00:15:47,760 --> 00:15:48,760 Good deal. 244 00:15:48,760 --> 00:15:50,940 And then John Baines approves the recommendation as well. 245 00:15:50,940 --> 00:15:54,800 So I believe we're unanimous, and I don't think we missed anyone. 246 00:15:54,800 --> 00:15:59,760 I believe Bob Eames has joined us, at least via phone. 247 00:15:59,760 --> 00:16:00,760 Okay. 248 00:16:00,760 --> 00:16:01,760 Okay. 249 00:16:01,760 --> 00:16:02,760 Thank you. 250 00:16:02,760 --> 00:16:03,760 Thank you, Jessica. 251 00:16:03,760 --> 00:16:04,840 Bob Eames, we have you. 252 00:16:04,840 --> 00:16:10,920 Can you unmute, please? 253 00:16:10,920 --> 00:16:23,880 Good morning, Bob. 254 00:16:23,880 --> 00:16:28,960 See, we don't quite have an audio for you, Bob. 255 00:16:28,960 --> 00:16:32,160 So how about we do this, Bob? 256 00:16:32,160 --> 00:16:34,960 We'll catch you on the next one. 257 00:16:34,960 --> 00:16:42,120 And we have another report, and by then, we should have all the technical difficulties 258 00:16:42,120 --> 00:16:43,960 taken care of. 259 00:16:43,960 --> 00:16:44,960 Okay. 260 00:16:44,960 --> 00:16:48,360 We're ready to go to the next one, Jessica? 261 00:16:48,360 --> 00:16:49,840 Yes, sir. 262 00:16:49,840 --> 00:16:51,080 Thank you. 263 00:16:51,080 --> 00:16:59,240 We're now on agenda item, TURS 21-003, receive a report, hold a discussion, and give staff 264 00:16:59,240 --> 00:17:04,800 direction regarding the industrial development and tax increment reinvestment zone number 265 00:17:04,800 --> 00:17:05,800 two. 266 00:17:05,800 --> 00:17:06,800 That's the West Park TURS. 267 00:17:06,800 --> 00:17:09,760 And I believe, Erica, you're up once again, please. 268 00:17:09,760 --> 00:17:10,760 Yes. 269 00:17:10,760 --> 00:17:13,760 Let me share my screen. 270 00:17:13,760 --> 00:17:21,680 My name's Erica Sullivan, and I'm the analyst here, and I'm going to be providing a report 271 00:17:21,680 --> 00:17:26,240 on the industrial developments in the West Park TURS. 272 00:17:26,240 --> 00:17:30,280 The objective of this presentation is to overview the current and future development in the West 273 00:17:30,280 --> 00:17:34,520 Park TURS reinvestment zone number two. 274 00:17:34,520 --> 00:17:41,560 The first project that was developed in the West Park TURS was Winko Foods, and they constructed 275 00:17:41,560 --> 00:17:48,680 a regional 800,000 square foot multi-state distribution facility on 77 acres in the zone. 276 00:17:48,680 --> 00:17:53,040 Winko wanted to control their timeline, so Winko agreed to execute phase one of the reimbursement 277 00:17:53,040 --> 00:17:58,600 agreement with our developer, Westray, and was awarded an economic incentive to reimburse 278 00:17:58,600 --> 00:18:00,220 these improvements. 279 00:18:00,220 --> 00:18:08,120 They have 165 full-time employees and 130 million capital investment. 280 00:18:08,120 --> 00:18:11,720 The next project was United States Cold Storage. 281 00:18:11,720 --> 00:18:15,440 This is a refrigerated warehouse on a 40-acre site. 282 00:18:15,440 --> 00:18:21,520 And they employ 67 full-time employees with a $34 million capital investment. 283 00:18:21,520 --> 00:18:27,680 And they generate 1.5 megawatts per year of power use, so they are a top 25 customer for 284 00:18:27,680 --> 00:18:33,220 Denton Municipal Electric. 285 00:18:33,220 --> 00:18:35,800 Another development in the TURS is the retreat at Denton. 286 00:18:35,800 --> 00:18:41,760 This is a multi-family development that has been constructed, and it includes 193 units, 287 00:18:41,760 --> 00:18:46,520 and it's on 22 acres in the southern section of the zone. 288 00:18:46,520 --> 00:18:53,660 This construction accelerated some of the improvements along precision. 289 00:18:53,660 --> 00:18:57,540 New and future developments, Tyson Sales and Distribution. 290 00:18:57,540 --> 00:19:02,860 This company is planning to construct 350,000 square foot, highly automated refrigerated 291 00:19:02,860 --> 00:19:09,840 distribution center, and they estimate 100 full-time employees with a $97 million capital 292 00:19:09,840 --> 00:19:10,840 investment. 293 00:19:10,840 --> 00:19:16,220 They're a 2 megawatt annual electric demand user, which will add another top 25 customer 294 00:19:16,220 --> 00:19:18,900 for Denton Municipal Electric. 295 00:19:18,900 --> 00:19:23,620 This project has been paused as the company reexamines and prioritizes their expansions 296 00:19:23,620 --> 00:19:25,680 due to COVID-19. 297 00:19:25,680 --> 00:19:31,960 We remain in contact with Tyson and will bring any additional information forward when available. 298 00:19:31,960 --> 00:19:39,680 Our speculative developments, Denton Crossing at I-35, also known as Ironwood. 299 00:19:39,680 --> 00:19:44,800 This is a, at full buildout, will be a 1.2 million square foot industrial spec space along 300 00:19:44,800 --> 00:19:45,800 western. 301 00:19:45,800 --> 00:19:49,040 There will be four buildings upon completion. 302 00:19:49,040 --> 00:19:53,080 Buildings one and two are in the concept plan stage, and buildings three and four are currently 303 00:19:53,080 --> 00:19:57,600 under construction. 304 00:19:57,600 --> 00:20:04,320 Industrial speculative development, Exeter, what I mentioned, has completed 649,000 square 305 00:20:04,320 --> 00:20:09,520 foot building that will be the home to the Lowe's Home Improvement, and this is a distribution 306 00:20:09,520 --> 00:20:10,520 center. 307 00:20:10,520 --> 00:20:15,880 Hunt Southwest is developing a 23 acre site, and it's planned to have a 250,000 square 308 00:20:15,880 --> 00:20:25,080 foot warehouse space with a proposed build-a-suit for another 227,420 square foot building. 309 00:20:25,080 --> 00:20:32,000 West Park Industrial is in the planning stages, and this is a 16 acre parcel on southwestern 310 00:20:32,000 --> 00:20:40,520 that will be divided into two sites that will each have 100,000 square feet. 311 00:20:40,520 --> 00:20:45,580 This is a map of the West Park Industrial area of what's been developed inside and outside 312 00:20:45,580 --> 00:20:46,760 the TURS. 313 00:20:46,760 --> 00:20:50,840 You'll see the TURS boundary in yellow, and then you'll see some of the projects that 314 00:20:50,840 --> 00:20:58,520 we discussed in purple, leased and spec space, and in red, recently sold and developed. 315 00:20:58,520 --> 00:21:05,560 Under contract is included in orange, available is included in green, and then finally on 316 00:21:05,560 --> 00:21:11,120 the southern portion of the zone, you'll see the police department in blue, and this gives 317 00:21:11,120 --> 00:21:17,720 you an idea of what's going on out there currently. 318 00:21:17,720 --> 00:21:23,760 And then the final thing is a summary of the West Park Industrial development. 319 00:21:23,760 --> 00:21:27,920 So you'll see in the first column, you have the development itself, the estimated square 320 00:21:27,920 --> 00:21:34,480 footage, the status, if there's any additional square footage available, a number of these 321 00:21:34,480 --> 00:21:38,320 are multi buildings, and then the project type. 322 00:21:38,320 --> 00:21:43,320 So that you can see at the bottom, the square footage, it's roughly 1.6 million has been 323 00:21:43,320 --> 00:21:48,920 constructed and/or occupied, there's a remaining almost 2 million that's still planned and 324 00:21:48,920 --> 00:21:53,440 under construction that we can market, and then the total square footage in the entire 325 00:21:53,440 --> 00:21:57,960 West Park TURS is close to 3.6 million. 326 00:21:57,960 --> 00:22:03,160 And this was just an update to give you an idea of what's going on there. 327 00:22:03,160 --> 00:22:05,960 I'd be happy to interchange questions. 328 00:22:05,960 --> 00:22:16,000 Erica, could you go back to that last slide where you have all of the different companies 329 00:22:16,000 --> 00:22:18,840 and the square footage, please? 330 00:22:18,840 --> 00:22:19,840 Sure. 331 00:22:19,840 --> 00:22:24,840 Summary slide. 332 00:22:24,840 --> 00:22:28,440 Yes. 333 00:22:28,440 --> 00:22:32,960 One more. 334 00:22:32,960 --> 00:22:33,960 It's blocked. 335 00:22:33,960 --> 00:22:39,960 Try resharing. 336 00:22:39,960 --> 00:22:45,040 Okay. 337 00:22:45,040 --> 00:22:51,880 Okay. 338 00:22:51,880 --> 00:22:54,600 Thank you. 339 00:22:54,600 --> 00:22:59,800 So board members, please feel free to prepare your questions. 340 00:22:59,800 --> 00:23:02,440 I did have a few I was going to ask. 341 00:23:02,440 --> 00:23:06,720 And then we'll continue if there are some more. 342 00:23:06,720 --> 00:23:07,800 Tell us about Exeter. 343 00:23:07,800 --> 00:23:13,780 What is Exeter, Erica, or who is Exeter? 344 00:23:13,780 --> 00:23:18,280 Exeter is a developer that's developed spec space in the zone. 345 00:23:18,280 --> 00:23:23,000 And so they completed a 649,000 square foot building. 346 00:23:23,000 --> 00:23:25,960 And that's going to be home to the new Lowe's distribution center. 347 00:23:25,960 --> 00:23:28,520 So they built spec space out there. 348 00:23:28,520 --> 00:23:29,520 I see. 349 00:23:29,520 --> 00:23:30,520 Okay. 350 00:23:30,520 --> 00:23:33,600 And Hunt Southwest, what are they doing? 351 00:23:33,600 --> 00:23:34,600 Okay. 352 00:23:34,600 --> 00:23:37,880 So they're developing on a 23-acre site. 353 00:23:37,880 --> 00:23:42,420 So they're developing two buildings, one 250,000 square feet. 354 00:23:42,420 --> 00:23:47,720 And then another build a suit on seven acres for another 227,420 square feet. 355 00:23:47,720 --> 00:23:51,280 So they'll be over 400,000 for both. 356 00:23:51,280 --> 00:23:56,240 So Hunt then will have the opportunity to have some tenants in their property. 357 00:23:56,240 --> 00:23:57,560 Okay. 358 00:23:57,560 --> 00:24:04,440 And then I saw on the next slide that U.S. cold storage had 92,000. 359 00:24:04,440 --> 00:24:08,080 I was thinking they had much more square footage than that. 360 00:24:08,080 --> 00:24:12,000 Actually, they have about 350,000. 361 00:24:12,000 --> 00:24:17,160 So what does this 93 represent? 362 00:24:17,160 --> 00:24:18,160 That is an error. 363 00:24:18,160 --> 00:24:20,880 It was probably done earlier and not updated. 364 00:24:20,880 --> 00:24:21,880 Okay. 365 00:24:21,880 --> 00:24:23,600 I apologize for that. 366 00:24:23,600 --> 00:24:26,600 I was thinking that they were a little bit larger than that. 367 00:24:26,600 --> 00:24:28,080 Yes, they are. 368 00:24:28,080 --> 00:24:32,480 Tyson and U.S. cold are very similar in square footage. 369 00:24:32,480 --> 00:24:34,640 I don't have it here, but I remember. 370 00:24:34,640 --> 00:24:35,640 Okay. 371 00:24:35,640 --> 00:24:36,640 Okay. 372 00:24:36,640 --> 00:24:38,960 I'm going to stop sharing. 373 00:24:38,960 --> 00:24:39,960 Okay. 374 00:24:39,960 --> 00:24:42,200 So we can discuss. 375 00:24:42,200 --> 00:24:44,080 Okay. 376 00:24:44,080 --> 00:24:49,120 Any other conversation or questions from the other committee members? 377 00:24:49,120 --> 00:24:51,160 We have one from Jesse Davis, please. 378 00:24:51,160 --> 00:24:52,880 Thank you, Mr. Chair. 379 00:24:52,880 --> 00:25:00,680 A year ago when we last met as this board and discussed this part of the world, we talked 380 00:25:00,680 --> 00:25:04,840 a little bit about some of the prospects for the remaining properties, some of the challenges 381 00:25:04,840 --> 00:25:05,840 specifically. 382 00:25:05,840 --> 00:25:11,960 And I wonder if, and maybe Selwyn is a question for you as well, if there are any particular 383 00:25:11,960 --> 00:25:16,080 challenges we foresee for future development out there and if there's anything that this 384 00:25:16,080 --> 00:25:21,320 board or, you know, wearing our other hats, members of this board ought to be thinking 385 00:25:21,320 --> 00:25:27,200 about for those remaining properties that we'd like to see developed out there. 386 00:25:27,200 --> 00:25:28,720 Sure. 387 00:25:28,720 --> 00:25:32,600 I think, Erica, you want to, can you put the map back up while I? 388 00:25:32,600 --> 00:25:33,600 Certainly. 389 00:25:33,600 --> 00:25:36,280 Maybe it'd be easier to look at it that way. 390 00:25:36,280 --> 00:25:41,040 I mean, I think what you're, we really have one large piece left in that. 391 00:25:41,040 --> 00:25:47,440 And it's, you know, it's south of the old, we'll refer to it as the Selwyn school site. 392 00:25:47,440 --> 00:25:53,160 And I mean, as you know, it just recently went under contract with Billingsley who I've 393 00:25:53,160 --> 00:25:56,480 had various conversations with. 394 00:25:56,480 --> 00:26:00,640 And we'll see, we'll get the picture. 395 00:26:00,640 --> 00:26:05,400 I mean, I think what you're seeing is that the least attractive sites are the ones that 396 00:26:05,400 --> 00:26:10,880 are left and most of them because of, you know, flood issues, floodplain issues. 397 00:26:10,880 --> 00:26:17,640 I think the Selwyn school site that, you know, there was this pond or I want to say legal 398 00:26:17,640 --> 00:26:21,200 pond, not really well, well managed water. 399 00:26:21,200 --> 00:26:22,200 Yeah. 400 00:26:22,200 --> 00:26:23,760 See where they stand are under contract. 401 00:26:23,760 --> 00:26:28,200 I want to point to my screen that the green 80 plus net acres there. 402 00:26:28,200 --> 00:26:29,200 Yes. 403 00:26:29,200 --> 00:26:34,600 I think depending on, you know, we were in conversations with many of the people that 404 00:26:34,600 --> 00:26:38,180 have already, you know, that have already purchased land from us that are looking at 405 00:26:38,180 --> 00:26:45,000 expanding there and potentially with Billingsley again, it's, it's most likely going to be, 406 00:26:45,000 --> 00:26:49,160 you know, warehouse, you know, space as well. 407 00:26:49,160 --> 00:26:53,000 But most of the problems there have been with, with flood issues. 408 00:26:53,000 --> 00:26:58,760 But I think if now that you have somebody taking it under control, the Selwyn school, 409 00:26:58,760 --> 00:27:02,000 they'll, they'll be able to manage that. 410 00:27:02,000 --> 00:27:06,960 And you know, I think it's just a matter of time at this point. 411 00:27:06,960 --> 00:27:08,680 We have strong interest in that. 412 00:27:08,680 --> 00:27:13,960 But again, what, what it's going to be most likely, I think similar to what Billingsley 413 00:27:13,960 --> 00:27:21,080 is doing north of us and what you've already seen in the, in the rest of West park. 414 00:27:21,080 --> 00:27:22,080 Thank you. 415 00:27:22,080 --> 00:27:23,080 That answers my question nicely. 416 00:27:23,080 --> 00:27:24,080 I appreciate it. 417 00:27:24,080 --> 00:27:25,080 Sure. 418 00:27:25,080 --> 00:27:33,040 We have any other questions from the committee. 419 00:27:33,040 --> 00:27:37,560 I would just like to add that we know that the cost of improvements is going to exceed 420 00:27:37,560 --> 00:27:42,560 the total amount that we estimated in the project plan and finance plans. 421 00:27:42,560 --> 00:27:45,720 So we are aware of that. 422 00:27:45,720 --> 00:27:48,560 You mean to finish out the development, Tony Clark? 423 00:27:48,560 --> 00:27:53,400 Yeah, Mr. Chairman, along those lines, Erica, I think there was something in our package 424 00:27:53,400 --> 00:27:55,840 that estimated those costs. 425 00:27:55,840 --> 00:28:00,960 Now I was curious as to what those costs are and what the city has, has budgeted or committed 426 00:28:00,960 --> 00:28:06,640 to infrastructure wise to continue to allow those properties out there to be developable. 427 00:28:06,640 --> 00:28:11,680 Is that a good way of putting that we have a number of that or idea? 428 00:28:11,680 --> 00:28:13,080 Thank you. 429 00:28:13,080 --> 00:28:14,080 Yes. 430 00:28:14,080 --> 00:28:20,640 The, the project cost involves street improvements for 8 million utilities and drainage for 5 431 00:28:20,640 --> 00:28:26,880 million industrial projects for a little under 1.3 million for a total of $4.3 million. 432 00:28:26,880 --> 00:28:33,640 These were written generically and openly so we wouldn't have to amend the plan so, 433 00:28:33,640 --> 00:28:34,640 so many times. 434 00:28:34,640 --> 00:28:39,480 So street improvements, if you want the definitions for that, that includes construction and reconstruction 435 00:28:39,480 --> 00:28:43,740 of paving improvements capable of handling heavy truck traffic that can provide common 436 00:28:43,740 --> 00:28:48,920 turning radius for semi-trailers and may consist of it's not limited to primary secondary major 437 00:28:48,920 --> 00:28:51,640 arterial thoroughfares and collector streets. 438 00:28:51,640 --> 00:28:54,960 And this is to improve access utilities and drainage. 439 00:28:54,960 --> 00:28:58,780 We mentioned that a number of the properties are in the floodplain. 440 00:28:58,780 --> 00:29:03,280 This includes the extension of water, wastewater, because this was a undeveloped area, lines 441 00:29:03,280 --> 00:29:06,360 along the right of ways of the streets within the district. 442 00:29:06,360 --> 00:29:10,760 Water and wastewater lines will be built adequately accommodate the district build out. 443 00:29:10,760 --> 00:29:15,520 We discussed the floodplain and then there's also adequate storm water drainage as well. 444 00:29:15,520 --> 00:29:20,400 And then the final project category of industrial projects, this may include grants loans or 445 00:29:20,400 --> 00:29:26,080 Chapter 380s and services for public and private development, eligible tourist project costs 446 00:29:26,080 --> 00:29:31,360 are not limited to public uses specifically, including that stimulate economic development 447 00:29:31,360 --> 00:29:35,800 under Chapter 380, which I mentioned. 448 00:29:35,800 --> 00:29:40,040 And these are outlined in our project plan and finance plans. 449 00:29:40,040 --> 00:29:44,960 Does that answer your question, Tony? 450 00:29:44,960 --> 00:29:45,960 I think so. 451 00:29:45,960 --> 00:29:49,400 I guess maybe Jesse or Selwyn could just expand on that. 452 00:29:49,400 --> 00:29:51,960 Are we are we taking the right approach? 453 00:29:51,960 --> 00:29:56,280 Are we investing the dollars that we need to as a city to continue to make those properties 454 00:29:56,280 --> 00:30:08,600 attractive for developers to come in and continue to grow that area for us? 455 00:30:08,600 --> 00:30:14,560 I think at this point, we mean most of everything's I mean, unless I'm wrong here, just Jessica 456 00:30:14,560 --> 00:30:20,460 or Eric, I mean, the only thing that's left is really development within infrastructure 457 00:30:20,460 --> 00:30:29,520 and you'd probably be negotiating with Billingsley as opposed to us on on water issues on floodplain 458 00:30:29,520 --> 00:30:30,520 issues. 459 00:30:30,520 --> 00:30:34,900 I think a lot of it is just, you know, there's a negotiation between us about what becomes 460 00:30:34,900 --> 00:30:38,040 a price on what we net out, what is gross, what is net. 461 00:30:38,040 --> 00:30:41,160 And that's just kind of wheeling and dealing kind of discussions. 462 00:30:41,160 --> 00:30:47,160 But I don't really think anything now is substantial in our area within TURS. 463 00:30:47,160 --> 00:30:51,960 Now outside of our area, I think there is some other infrastructure issues, but I don't 464 00:30:51,960 --> 00:31:01,000 necessarily think within our what we consider West Park, there's much left to do, if anything. 465 00:31:01,000 --> 00:31:04,160 I can add a little bit more clarification for the board. 466 00:31:04,160 --> 00:31:07,920 It's probably been a long time since everyone's reviewed the project plan, but in the project 467 00:31:07,920 --> 00:31:13,360 plan itself, there is an identification of some more specificity in the projects. 468 00:31:13,360 --> 00:31:18,960 Western Boulevard is a great example of an improvement that was done in conjunction with 469 00:31:18,960 --> 00:31:20,560 this with the TURS. 470 00:31:20,560 --> 00:31:25,080 And so when WINCO needed that improvement to be made, they took on those improvements 471 00:31:25,080 --> 00:31:27,720 and they're now being reimbursed back through the TURS. 472 00:31:27,720 --> 00:31:32,680 And so those are the types of projects that we're going, Jim Crystal being precision being 473 00:31:32,680 --> 00:31:37,400 the other kind of major infrastructure projects that were identified. 474 00:31:37,400 --> 00:31:42,640 The city is aware that obviously Jim Crystal as development occurs will likely need to 475 00:31:42,640 --> 00:31:45,120 be improved sooner rather than later. 476 00:31:45,120 --> 00:31:48,860 And that's something that we look at pretty regularly and we're doing a little bit more 477 00:31:48,860 --> 00:31:55,120 of a deep dive into that particular roadway right now in conjunction with our capital 478 00:31:55,120 --> 00:31:57,160 projects department. 479 00:31:57,160 --> 00:32:02,920 And how do we get that roadway where we need it to be to support the development that's 480 00:32:02,920 --> 00:32:03,920 occurring. 481 00:32:03,920 --> 00:32:08,080 And then the other piece of that, like Selwyn mentioned, are those adjacent pieces. 482 00:32:08,080 --> 00:32:14,240 So there are roadways that are immediately adjacent to the TURS that get impacted by 483 00:32:14,240 --> 00:32:16,360 development within the TURS. 484 00:32:16,360 --> 00:32:23,640 The piece of Western Boulevard north of Jim Crystal, again, I'm sorry, if you're not looking 485 00:32:23,640 --> 00:32:28,800 on a map, it's kind of hard to visualize, but the piece that connects Western Boulevard, 486 00:32:28,800 --> 00:32:33,880 a piece of Western Boulevard that connects from Jim Crystal to US 380, lies outside of 487 00:32:33,880 --> 00:32:34,880 the TURS. 488 00:32:34,880 --> 00:32:36,680 And so it has not been improved. 489 00:32:36,680 --> 00:32:40,360 And so those improvements are also not supported by funds from within the TURS. 490 00:32:40,360 --> 00:32:47,000 And so there are adjacent impacts that occur that we're looking at in a really holistic 491 00:32:47,000 --> 00:32:54,680 level from our team of how does the TURS impact that development and how can we best situate 492 00:32:54,680 --> 00:33:00,980 properties that are influenced by the TURS for future development. 493 00:33:00,980 --> 00:33:04,040 These specifics are actually included in the reimbursement agreement. 494 00:33:04,040 --> 00:33:08,800 And we work with Kimley-Horn, that is the engineering firm that the developer uses, 495 00:33:08,800 --> 00:33:19,200 and they provide us with regular updates on that as well, on phasing and whatnot. 496 00:33:19,200 --> 00:33:21,200 Thank you guys for that. 497 00:33:21,200 --> 00:33:24,680 Good information. 498 00:33:24,680 --> 00:33:26,160 Any other questions from anyone? 499 00:33:26,160 --> 00:33:35,400 I'm sitting here with a couple, but I'm reluctant to ask, but I'd rather defer to someone else. 500 00:33:35,400 --> 00:33:47,880 Okay, we'd like to entertain a motion to accept the recommendation at this point. 501 00:33:47,880 --> 00:33:50,040 So no motion needed on this one. 502 00:33:50,040 --> 00:33:52,480 This was just a discussion. 503 00:33:52,480 --> 00:33:57,320 Last year, we recognized that there was probably a level of detail that needed to be provided 504 00:33:57,320 --> 00:34:02,200 to this board related to development that's not required as part of the annual report. 505 00:34:02,200 --> 00:34:07,760 So we wanted to give everyone the opportunity to discuss what's happening in sort of a more 506 00:34:07,760 --> 00:34:11,760 global perspective as opposed to what's statutorily required. 507 00:34:11,760 --> 00:34:19,400 So we're here to answer questions or take any guidance you have related to other information 508 00:34:19,400 --> 00:34:24,440 that might be helpful specific to the TERS, but no motion is necessary. 509 00:34:24,440 --> 00:34:30,520 Well, Jessica, with that being said, I think I will ask the question, just kind of to continue 510 00:34:30,520 --> 00:34:34,460 Tony Clark's question. 511 00:34:34,460 --> 00:34:37,600 And I hope this isn't a bad analogy. 512 00:34:37,600 --> 00:34:44,280 I think there was a movie called, what, "Seven Brides for Seven Husbands" at one time, and 513 00:34:44,280 --> 00:34:50,300 I'm thinking the seven of the husbands, excuse me, several of the husbands have been taken 514 00:34:50,300 --> 00:34:58,000 away and now we have the less favorable husbands left and it's going to be hard to dress them 515 00:34:58,000 --> 00:34:59,000 up and make it simpler. 516 00:34:59,000 --> 00:35:00,000 Yeah, you got it. 517 00:35:00,000 --> 00:35:01,000 Yes. 518 00:35:01,000 --> 00:35:02,000 They need to go to the gym. 519 00:35:02,000 --> 00:35:03,000 Yeah. 520 00:35:03,000 --> 00:35:04,000 Okay. 521 00:35:04,000 --> 00:35:05,000 All right. 522 00:35:05,000 --> 00:35:06,000 Well, good. 523 00:35:06,000 --> 00:35:08,520 Some of them, I think, are under construction. 524 00:35:08,520 --> 00:35:09,520 Okay. 525 00:35:09,520 --> 00:35:10,520 All right. 526 00:35:10,520 --> 00:35:11,520 Thank you. 527 00:35:11,520 --> 00:35:16,480 But they're beginning to look good because all the other ones are gone, so… 528 00:35:16,480 --> 00:35:19,480 All the good looking ones are gone, so now we're working on the ones that they were… 529 00:35:19,480 --> 00:35:20,480 Yeah, so they look pretty good, though. 530 00:35:20,480 --> 00:35:21,480 So they're beginning to look okay. 531 00:35:21,480 --> 00:35:30,600 I don't want to make a reference of 2 a.m. at the bar, but yeah, that's good. 532 00:35:30,600 --> 00:35:31,600 Thank you. 533 00:35:31,600 --> 00:35:32,600 Thank you. 534 00:35:32,600 --> 00:35:33,600 All right. 535 00:35:33,600 --> 00:35:41,760 All right, so do we have any concluding items according to the agenda? 536 00:35:41,760 --> 00:35:44,640 Okay. 537 00:35:44,640 --> 00:35:50,960 So we'll entertain a motion to adjourn the meeting. 538 00:35:50,960 --> 00:35:54,720 I'll make that motion. 539 00:35:54,720 --> 00:35:55,720 Lee Ramsey makes the motion. 540 00:35:55,720 --> 00:35:56,720 Need a second? 541 00:35:56,720 --> 00:35:57,720 Sure. 542 00:35:57,720 --> 00:35:58,720 Sal will make the second, too. 543 00:35:58,720 --> 00:35:59,720 All right. 544 00:35:59,720 --> 00:36:05,280 So thank you. 545 00:36:05,280 --> 00:36:09,360 So I'm just going to be brief here. 546 00:36:09,360 --> 00:36:13,320 If you feel good about this, just wave your hand, and we'll go from there. 547 00:36:13,320 --> 00:36:15,800 We'll go ahead and adjourn the meeting. 548 00:36:15,800 --> 00:36:19,760 And thank everyone for your participation today, and Happy New Year. 549 00:36:19,760 --> 00:36:22,720 Hope that 2021 is a good one for all of us. 550 00:36:22,720 --> 00:36:23,720 Thank you. 551 00:36:23,720 --> 00:36:24,720 Thank you. 552 00:36:24,720 --> 00:36:25,720 Thank you. 553 00:36:25,720 --> 00:36:26,720 Thank you.