WEBVTT 00:00:00.000 --> 00:00:08.820 Okay, it's 9.02 and we have a quorum, so we're called to order the Public Utilities Board 00:00:08.820 --> 00:00:13.880 for the City of Denton from Monday, August 22nd, 2022. 00:00:13.880 --> 00:00:17.280 The first item is presentations from members of the public. 00:00:17.280 --> 00:00:22.480 Does anyone from the public wish to address the board? 00:00:22.480 --> 00:00:25.180 Seeing none, the next is the consent agenda. 00:00:25.180 --> 00:00:27.880 We have items A through E. 00:00:27.880 --> 00:00:31.240 Does any board member wish to pull an item on the consent? 00:00:31.240 --> 00:00:32.480 Item B is in boy. 00:00:32.480 --> 00:00:35.120 B is in boy, Mr. Jumper. 00:00:35.120 --> 00:00:36.120 Anyone else? 00:00:36.120 --> 00:00:38.380 Item E, item E. 00:00:38.380 --> 00:00:43.280 E as in Edward? 00:00:43.280 --> 00:00:44.280 Echo. 00:00:44.280 --> 00:00:45.280 Yes. 00:00:45.280 --> 00:00:46.280 All right, any others? 00:00:46.280 --> 00:00:50.720 All right, do we have a motion to approve items A, C, and D? 00:00:50.720 --> 00:00:55.540 Mr. Beck is moved and Barbara's seconding, all in favor say aye. 00:00:55.540 --> 00:00:56.540 Aye. 00:00:56.540 --> 00:00:57.540 Aye. 00:00:57.540 --> 00:00:58.540 Please. 00:00:58.540 --> 00:00:59.540 Item B. 00:00:59.540 --> 00:01:00.860 Is someone here to? 00:01:00.860 --> 00:01:10.960 I kind of know who I'm asking questions to. 00:01:10.960 --> 00:01:13.840 Howdy. 00:01:13.840 --> 00:01:16.440 Hello. 00:01:16.440 --> 00:01:22.760 So, just wanted to kind of clarify the purpose of this. 00:01:22.760 --> 00:01:26.760 I'm assuming it's just mostly for like remote communication between sites, is that it? 00:01:26.760 --> 00:01:27.760 It is. 00:01:27.760 --> 00:01:28.760 Okay. 00:01:28.760 --> 00:01:32.480 It's how we communicate between remotes and other water plant at Ray Roberts. 00:01:32.480 --> 00:01:40.600 And then is there any alternative option for anything like this, or what, I guess why is 00:01:40.600 --> 00:01:42.600 this what you need and not something different? 00:01:42.600 --> 00:01:43.600 Talk me through that. 00:01:43.600 --> 00:01:52.200 Well, this is what we've had for a number of years, this microwave network, the radiocommunication. 00:01:52.200 --> 00:02:00.800 There is talk about maybe looking at fiber, but that's very costly, especially going to 00:02:00.800 --> 00:02:02.640 Ray Roberts. 00:02:02.640 --> 00:02:08.640 So we're just, this radio network is efficient and it works. 00:02:08.640 --> 00:02:13.480 So we just, you know, we keep a, have a contract so if anything goes wrong, let somebody that 00:02:13.480 --> 00:02:18.320 can repair it and replace radios as quickly as possible so we can keep our communications 00:02:18.320 --> 00:02:19.320 up. 00:02:19.320 --> 00:02:20.320 Yeah. 00:02:20.320 --> 00:02:21.320 Okay. 00:02:21.320 --> 00:02:30.840 Is the microwave only used for the kind of rural connection up to Ray Roberts or is it 00:02:30.840 --> 00:02:33.480 used in the city as well? 00:02:33.480 --> 00:02:38.600 Yes, it's used between all the remote locations like the elevated storage, the pump stations. 00:02:38.600 --> 00:02:42.640 Yeah, that's how we get all our data back and forth. 00:02:42.640 --> 00:02:43.640 Okay. 00:02:43.640 --> 00:02:46.600 So it's pretty much all major facilities then? 00:02:46.600 --> 00:02:47.600 Yes. 00:02:47.600 --> 00:02:48.600 Okay. 00:02:48.600 --> 00:02:49.600 Thank you. 00:02:49.600 --> 00:02:50.600 That it? 00:02:50.600 --> 00:02:51.600 All right. 00:02:51.600 --> 00:02:52.600 Do we have a motion to approve item B? 00:02:52.600 --> 00:02:53.600 Yes. 00:02:53.600 --> 00:02:54.600 Mr. Jumper moves. 00:02:54.600 --> 00:02:55.600 Do we have a second? 00:02:55.600 --> 00:02:56.600 Are there seconds? 00:02:56.600 --> 00:02:58.600 All in favor, say aye. 00:02:58.600 --> 00:02:59.600 Aye. 00:02:59.600 --> 00:03:13.040 Item E. Good morning, Stephen Gay, director of water utilities. 00:03:13.040 --> 00:03:14.040 Good morning. 00:03:14.040 --> 00:03:15.040 Good morning. 00:03:15.040 --> 00:03:17.140 I just had a few questions. 00:03:17.140 --> 00:03:21.200 So this agenda item doesn't have any cost on it but it's because we don't get the invoice 00:03:21.200 --> 00:03:23.240 until the Corps sends it to us. 00:03:23.240 --> 00:03:29.120 I was wondering, is it generally consistent or does it vary widely year to year? 00:03:29.120 --> 00:03:30.120 Yeah. 00:03:30.120 --> 00:03:34.400 I would say there's about, if you look over historically, about a three to eight percent 00:03:34.400 --> 00:03:40.200 increase every year that we've recognized on that cost. 00:03:40.200 --> 00:03:42.000 But it's fairly steady just? 00:03:42.000 --> 00:03:43.000 Yes. 00:03:43.000 --> 00:03:45.800 And what is the approximate amount, maybe last year or the year before? 00:03:45.800 --> 00:03:52.880 It's roughly a hundred and, for both facilities, for Lake Louisville and Ray Roberts, both 00:03:52.880 --> 00:03:58.440 dams, it's right around a hundred and thirty thousand dollars. 00:03:58.440 --> 00:04:01.520 That was last year, it was a hundred and thirty eight. 00:04:01.520 --> 00:04:02.520 Okay. 00:04:02.520 --> 00:04:10.040 And do we also have, we still have remaining bonds on Ray Roberts, right? 00:04:10.040 --> 00:04:12.520 That's a finance question but I don't believe we do. 00:04:12.520 --> 00:04:17.760 I believe that those have been satisfied, at least our obligation with the federal government 00:04:17.760 --> 00:04:19.040 has been satisfied. 00:04:19.040 --> 00:04:23.960 We may have a different financing mechanism that's still active but our obligation, our 00:04:23.960 --> 00:04:28.560 contractual obligation to the federal government has been resolved or has been satisfied. 00:04:28.560 --> 00:04:29.560 Okay. 00:04:29.560 --> 00:04:30.560 And then one last question. 00:04:30.560 --> 00:04:36.920 It mentioned in the agenda item information sheet that we're moving to a multi-year or 00:04:36.920 --> 00:04:40.520 are we currently on a multi-year or is this a new thing? 00:04:40.520 --> 00:04:43.740 This is a new thing that we're doing because historically what we have to do is when we 00:04:43.740 --> 00:04:47.840 get the bill we have to come before PUB and City Council to get authorization to make 00:04:47.840 --> 00:04:51.080 a payment that we're contractually bound to make. 00:04:51.080 --> 00:04:54.720 So we're trying to streamline the process and what we'll do is when we do make that, 00:04:54.720 --> 00:04:59.320 we accommodate for it in our budgeting process but when we receive the bill and we actually 00:04:59.320 --> 00:05:03.800 make the payment, we'll notify PUB and City Council that that payment has been made and 00:05:03.800 --> 00:05:06.040 that's, the intention is moving forward. 00:05:06.040 --> 00:05:11.160 Okay yeah, it makes a lot of sense to streamline this process but I was, like I said, curious 00:05:11.160 --> 00:05:15.040 if it varies widely year to year, it's a very consistent payment so thank you. 00:05:15.040 --> 00:05:18.280 You know it's a very, very small percentage increase every year and it's based off of 00:05:18.280 --> 00:05:21.200 the Corps of Engineers evaluation. 00:05:21.200 --> 00:05:22.200 Thanks. 00:05:22.200 --> 00:05:24.400 You're very welcome. 00:05:24.400 --> 00:05:27.320 Okay, do we have a motion to approve item E? 00:05:27.320 --> 00:05:28.320 So moved. 00:05:28.320 --> 00:05:29.320 Mr. Taylor moves. 00:05:29.320 --> 00:05:30.320 Larry Beck seconds. 00:05:30.320 --> 00:05:32.320 All in favor say aye. 00:05:32.320 --> 00:05:33.320 Aye. 00:05:33.320 --> 00:05:34.320 That carries. 00:05:34.320 --> 00:05:38.720 This item is considered the approval of the August 8th, 2022 minutes. 00:05:38.720 --> 00:05:41.200 Do we have any changes or corrections? 00:05:41.200 --> 00:05:45.640 Okay, do we have a motion to approve? 00:05:45.640 --> 00:05:46.640 Mr. Beck's motioning. 00:05:46.640 --> 00:05:47.640 Nope. 00:05:47.640 --> 00:05:50.080 Do we have a second? 00:05:50.080 --> 00:05:52.120 Okay, Ben Jumper seconds. 00:05:52.120 --> 00:05:53.720 All in favor say aye. 00:05:53.720 --> 00:05:54.720 Aye. 00:05:54.720 --> 00:05:55.720 Management reports. 00:05:55.720 --> 00:06:00.880 Madam Chair, members of PUB, so we have a couple items on here. 00:06:00.880 --> 00:06:07.340 The first one is two monthly reports for the DEC dashboard for April and May and then the 00:06:07.340 --> 00:06:12.440 only item that I'll mention that we did not include in the future agenda is that we are 00:06:12.440 --> 00:06:18.680 planning to come to the PUB on October 24th, that's our tentative date, to discuss the 00:06:18.680 --> 00:06:20.400 Greensense incentives program. 00:06:20.400 --> 00:06:27.120 As I mentioned before, we plan to go to the sustainability committee first in the PUB 00:06:27.120 --> 00:06:31.040 and my hope is that through that process we'll answer the two outstanding questions that 00:06:31.040 --> 00:06:34.160 we have on our list, Mr. Jumper's and Mr. Sof's as well. 00:06:34.160 --> 00:06:40.520 So with that, that's all I have, happy to answer any questions that you may have. 00:06:40.520 --> 00:06:41.520 Any questions? 00:06:41.520 --> 00:06:42.520 All right. 00:06:42.520 --> 00:06:47.000 Concluding items, I do need to read into the record that my absence for July 11th and August 00:06:47.000 --> 00:06:51.480 8th were approved by the City Council and Barbara's August 8th absence was approved 00:06:51.480 --> 00:06:52.480 by the City Council. 00:06:52.480 --> 00:06:59.040 Does any board member wish to add anything else or say anything that are concluding items? 00:06:59.040 --> 00:07:00.040 All right. 00:07:00.040 --> 00:07:05.040 Then we're into the work session. 00:07:05.040 --> 00:07:15.240 Good morning, my name's Erica Sullivan, I'm the Economic Development Administrator here 00:07:15.240 --> 00:07:19.720 for the City. 00:07:19.720 --> 00:07:23.720 And I'll be giving a presentation on the infrastructure financing policy for development 00:07:23.720 --> 00:07:27.960 plan line funds for water and sewer. 00:07:27.960 --> 00:07:31.960 So the objective of this presentation is provide background information and the recommended 00:07:31.960 --> 00:07:39.040 updates to the infrastructure financing policy for water and wastewater plan line funds. 00:07:39.040 --> 00:07:45.440 The policy was created in 1991 through Resolution 91008, which utilizes the City's water and 00:07:45.440 --> 00:07:47.920 wastewater development plan line funds. 00:07:47.920 --> 00:07:51.880 And this was designed to facilitate local economic development growth through a program 00:07:51.880 --> 00:07:54.000 of infrastructure financing. 00:07:54.000 --> 00:07:58.000 The program has been underutilized and has been allocated to a single project, Winko 00:07:58.000 --> 00:08:00.360 Foods, in 2015. 00:08:00.360 --> 00:08:04.520 Winko Foods was our first tenant in the West Park TURS, the tax increment reinvestment 00:08:04.520 --> 00:08:08.280 zone in our industrial area. 00:08:08.280 --> 00:08:14.400 They were building a 100,000 square foot facility, regional distribution facility, and they wanted 00:08:14.400 --> 00:08:19.560 to take on all of phase one improvements of the entire TURS in order to control the timeline 00:08:19.560 --> 00:08:21.560 for the construction of their facility. 00:08:21.560 --> 00:08:25.440 So we had to be real creative in how we decided to reimburse them. 00:08:25.440 --> 00:08:28.520 The grant actually includes five grants within one. 00:08:28.520 --> 00:08:31.240 One of the components is related to this. 00:08:31.240 --> 00:08:37.040 Winko received reimbursement of $1 million for water lines and $865,000 for sewer lines. 00:08:37.040 --> 00:08:42.960 It was greenfield, so new development, and it was lacking infrastructure. 00:08:42.960 --> 00:08:47.120 So both the city and the county participate into the West Park TURS at a rate of 40 percent, 00:08:47.120 --> 00:08:51.680 so they were granted a grant from the West Park TURS as well, ad valorem. 00:08:51.680 --> 00:08:55.000 And then they were also granted, that was 40 percent, 60 percent for the city. 00:08:55.000 --> 00:08:59.440 So in order to get 100 percent of their increment in order to reimburse, they also received 00:08:59.440 --> 00:09:04.120 a sales and use tax for construction for equipping the facility where we participate with a comptroller 00:09:04.120 --> 00:09:06.920 to do a Texas direct pay permit in order to do that. 00:09:06.920 --> 00:09:11.280 And then after that was reimbursed, they also received a grant from the city only for four 00:09:11.280 --> 00:09:12.760 years, for 60 percent. 00:09:12.760 --> 00:09:17.160 And they were, we're trying to reimburse $7.1 million for those improvements. 00:09:17.160 --> 00:09:22.840 If I may, thank you, Chair. 00:09:22.840 --> 00:09:25.080 We're, okay, so they took on the whole project. 00:09:25.080 --> 00:09:27.480 They got, they took on all of phase one of the TURS. 00:09:27.480 --> 00:09:30.160 They got the contractors, bought the materials and everything. 00:09:30.160 --> 00:09:35.320 Was the city involved in any way as far as making sure it was proper materials and? 00:09:35.320 --> 00:09:38.480 Yeah, we have to accept them, and yes, we were involved in that process. 00:09:38.480 --> 00:09:39.480 So they did have to go through that process. 00:09:39.480 --> 00:09:43.640 In order to get reimbursement too, they had to provide documentation in order to get reimbursement 00:09:43.640 --> 00:09:44.640 for this grant. 00:09:44.640 --> 00:09:45.640 Okay. 00:09:45.640 --> 00:09:46.640 That they were accepted. 00:09:46.640 --> 00:09:48.600 And they also had to have a CO and everything as well. 00:09:48.600 --> 00:09:49.600 Assumed too much. 00:09:49.600 --> 00:09:50.600 For most of the grants. 00:09:50.600 --> 00:09:54.840 Do we think that we, that the city overall, by doing it this way, saved money? 00:09:54.840 --> 00:09:55.840 Or would- 00:09:55.840 --> 00:09:56.840 It accelerated. 00:09:56.840 --> 00:09:57.840 It was definitely a catalyst. 00:09:57.840 --> 00:10:02.040 And you can, if you look at the West Park TURS now, this is one tenant in 2015 and it 00:10:02.040 --> 00:10:03.240 has grown exponentially. 00:10:03.240 --> 00:10:06.720 We can't even keep our maps up with how fast it's grown. 00:10:06.720 --> 00:10:07.720 Okay. 00:10:07.720 --> 00:10:11.560 So by doing it this way, the city really profited better. 00:10:11.560 --> 00:10:12.560 Yes. 00:10:12.560 --> 00:10:13.560 Yeah. 00:10:13.560 --> 00:10:14.560 It spurred additional development. 00:10:14.560 --> 00:10:15.560 Benefited. 00:10:15.560 --> 00:10:18.560 I don't know about profited, benefited. 00:10:18.560 --> 00:10:23.160 The cost benefit, yes. 00:10:23.160 --> 00:10:27.480 So we've been working to align our new strategic plan with all of our policies and we're updating 00:10:27.480 --> 00:10:29.520 this policy as well. 00:10:29.520 --> 00:10:33.600 You can see that the strategic plan, I'm going to give a high level overview, has five guiding 00:10:33.600 --> 00:10:34.600 principles. 00:10:34.600 --> 00:10:38.700 And these are what define how we do economic development in Denton. 00:10:38.700 --> 00:10:44.240 They're core resiliency, future focused, inclusive growth, entrepreneurial spirit and 00:10:44.240 --> 00:10:45.240 cultural vitality. 00:10:45.240 --> 00:10:49.960 And then we also have three goals that are building blocks in our strategic plan and 00:10:49.960 --> 00:10:54.800 that is to accelerate recovery, foster growth and strengthen community inclusion. 00:10:54.800 --> 00:10:58.640 Our plan was approved in late, I believe it was December of 2020. 00:10:58.640 --> 00:11:05.960 So we had started the process before COVID, but that ended up incorporating it into our 00:11:05.960 --> 00:11:11.080 strategic plan because of timing. 00:11:11.080 --> 00:11:14.840 So under accelerated recovery, we also have strategies under these. 00:11:14.840 --> 00:11:18.400 So we have the nerve center, taking pulse of the business community, virtual business 00:11:18.400 --> 00:11:24.180 retention because again, due to COVID, workforce collaboration, inclusive economic recovery 00:11:24.180 --> 00:11:28.920 and regional collaboration. 00:11:28.920 --> 00:11:33.160 So the recommended changes to the proposed policy that align with our strategic plan. 00:11:33.160 --> 00:11:36.920 The first major one is business retention and expansion has been added to the policy 00:11:36.920 --> 00:11:40.200 to be in line with our strategic plan. 00:11:40.200 --> 00:11:45.840 And under 1.12, we want to shift the focus of existing economic development structure 00:11:45.840 --> 00:11:50.520 from relief to cross-functional elements of economic recovery, such as business retention, 00:11:50.520 --> 00:11:55.120 which we have here, workforce and community services, which are all tied together. 00:11:55.120 --> 00:11:59.760 And under 1.3, we have the top economic development priority for the cities to continue supporting 00:11:59.760 --> 00:12:03.040 and retaining existing businesses through this recovery period. 00:12:03.040 --> 00:12:05.920 Again, keep in mind when this was approved. 00:12:05.920 --> 00:12:09.360 And we've conducted both in-person and virtual visits through this process. 00:12:09.360 --> 00:12:13.960 We've also awarded three expansion grants since 2020, so we're excited that we were 00:12:13.960 --> 00:12:19.040 able to continue moving throughout that process. 00:12:19.040 --> 00:12:24.240 So then we have foster growth in strategic areas for two. 00:12:24.240 --> 00:12:29.760 And goal number two is divided into four sections, connectivity, sustainability, creativity, 00:12:29.760 --> 00:12:34.920 and competitiveness. 00:12:34.920 --> 00:12:40.080 The next recommend change to align with the strategic plan involves Class A office space 00:12:40.080 --> 00:12:41.080 and mixed use. 00:12:41.080 --> 00:12:45.400 These have been added to commercial, retail, prospect section of the proposed policy to 00:12:45.400 --> 00:12:49.400 attract and support professional services and tech-oriented companies, particularly 00:12:49.400 --> 00:12:50.480 in our downtown core. 00:12:50.480 --> 00:12:56.320 So 2D2.1 is to sustain implementation of the downtown implementation plan, the DTIP, and 00:12:56.320 --> 00:13:00.400 the recommendations to create more mixed use pedestrian-friendly development, again, in 00:13:00.400 --> 00:13:03.320 our urban square and moving out from there. 00:13:03.320 --> 00:13:08.520 2D3.1 is to promote the development of Class A space for office space and creative redevelopment 00:13:08.520 --> 00:13:12.560 of existing structures to attract professional services and tech-oriented development. 00:13:12.560 --> 00:13:16.360 So we wanted to create infill development as well. 00:13:16.360 --> 00:13:22.200 And then 2D3.2 is utilize financial incentives to support the development of this office 00:13:22.200 --> 00:13:26.160 space. 00:13:26.160 --> 00:13:30.680 So I'm now going to go over the recommended interdepartmental changes to the policy. 00:13:30.680 --> 00:13:35.160 We mentioned the sales and use tax grant, and that's mentioned actually in the policy. 00:13:35.160 --> 00:13:37.320 So we have added the Texas Direct Pay Permit. 00:13:37.320 --> 00:13:41.800 This is a form and process that's done through the Comptroller, the Texas Comptroller of 00:13:41.800 --> 00:13:42.920 Public Accounts. 00:13:42.920 --> 00:13:46.480 And we've had this for two grants, for WinCo and O'Reilly, and it's worked really well. 00:13:46.480 --> 00:13:48.920 So we added that to the policy. 00:13:48.920 --> 00:13:51.760 Intermittent payments have been changed to quarterly payments, and this is to aid in 00:13:51.760 --> 00:13:55.520 the administration of the reimbursement so we can better plan for it. 00:13:55.520 --> 00:13:59.480 And then the Economic Development Partnership Board didn't exist at the time. 00:13:59.480 --> 00:14:03.880 So this is a '91 policy, so they weren't created until 2003. 00:14:03.880 --> 00:14:06.380 So we added our advisory board. 00:14:06.380 --> 00:14:10.440 And then staff has identified minor administrative changes, such as name of departments that 00:14:10.440 --> 00:14:15.880 has changed over time, like development services. 00:14:15.880 --> 00:14:18.120 And then some additional changes. 00:14:18.120 --> 00:14:20.280 We sent this to utilities. 00:14:20.280 --> 00:14:21.320 We sent it to legal. 00:14:21.320 --> 00:14:22.320 We sent it to finance. 00:14:22.320 --> 00:14:26.560 Of course, economic development reviewed it as well. 00:14:26.560 --> 00:14:27.560 And development services. 00:14:27.560 --> 00:14:30.760 We took all those comments and came up with the following changes. 00:14:30.760 --> 00:14:35.360 The finance requested that the change of the capital improvement budget to the operating 00:14:35.360 --> 00:14:40.520 fund, and then the dates were also removed since the appropriation is done annually by 00:14:40.520 --> 00:14:41.520 council. 00:14:41.520 --> 00:14:44.080 And the allocation was changed from $500,000 to $1 million. 00:14:44.080 --> 00:14:49.680 The obligated annual allocation remains at not to exceed $2 million at any given time. 00:14:49.680 --> 00:14:54.400 Again, WinCo got $1.8, and they were the only recipient so far. 00:14:54.400 --> 00:14:58.000 From talking with finance, I understand that they stepped it in. 00:14:58.000 --> 00:15:03.600 So it was like $500,000, $750,000 to $1 million, and then so on. 00:15:03.600 --> 00:15:09.280 The economic development benefits have changed from a five-year period to a 10-year period. 00:15:09.280 --> 00:15:12.080 And a cost-benefit percentages were removed. 00:15:12.080 --> 00:15:15.440 Standard economic development practice is 10 years, so we wanted to do a 10-year analysis 00:15:15.440 --> 00:15:17.240 since we'd be conducting it. 00:15:17.240 --> 00:15:22.800 We wanted to align it with our methods and our modeling tools. 00:15:22.800 --> 00:15:24.720 I'm happy to entertain questions. 00:15:24.720 --> 00:15:25.720 Questions? 00:15:25.720 --> 00:15:33.680 Not a question, but a statement, the fact that WinCo was willing to take this on probably 00:15:33.680 --> 00:15:39.560 expedited it greatly, and the city would have treated this as they do any other project with 00:15:39.560 --> 00:15:44.600 all the inspections and everything, as per usual, and we're pretty lucky on this. 00:15:44.600 --> 00:15:47.560 It was a great effort of public and private. 00:15:47.560 --> 00:15:49.560 I agree. 00:15:49.560 --> 00:15:52.640 Go ahead, Devin. 00:15:52.640 --> 00:15:57.160 So when was the last time this policy was updated? 00:15:57.160 --> 00:15:58.160 Do we know? 00:15:58.160 --> 00:15:59.160 '91, it looks like. 00:15:59.160 --> 00:16:04.280 I had to go back through laser fish files to look through it. 00:16:04.280 --> 00:16:08.560 The AIS has additional information not presented here, but yes. 00:16:08.560 --> 00:16:10.120 All the updates look really good. 00:16:10.120 --> 00:16:16.440 I have a concern on policies that might get updated every five or 10 years for putting 00:16:16.440 --> 00:16:24.200 COVID recovery into the policy that in a few years, like in 10 years, it might be this 00:16:24.200 --> 00:16:26.080 strange artifact. 00:16:26.080 --> 00:16:32.040 Is there a plan to update the policy regularly, or when you're referencing recovery on, I 00:16:32.040 --> 00:16:34.880 think, slide six, is that not going to be directly? 00:16:34.880 --> 00:16:40.080 I'm referencing recovery in the plan as it relates to business retention. 00:16:40.080 --> 00:16:47.300 So it doesn't specifically call out in the policy COVID or recovery in the actual infrastructure 00:16:47.300 --> 00:16:51.320 financing policy, but this is where it's coming from in the strategic plan. 00:16:51.320 --> 00:16:52.320 Okay. 00:16:52.320 --> 00:16:53.320 All right. 00:16:53.320 --> 00:16:56.080 So we're talking about just business retention and supporting existing businesses. 00:16:56.080 --> 00:16:57.080 Okay. 00:16:57.080 --> 00:16:58.200 And that's standard economic development practice. 00:16:58.200 --> 00:16:59.200 Right. 00:16:59.200 --> 00:17:02.600 I just wanted to make sure that we weren't saying COVID recovery, because in 2040 when 00:17:02.600 --> 00:17:05.520 we're updating the plan, we're like ... And we are going to look at it more often than 00:17:05.520 --> 00:17:08.440 it has been in the past, certainly. 00:17:08.440 --> 00:17:10.760 Thank you. 00:17:10.760 --> 00:17:14.240 Any questions? 00:17:14.240 --> 00:17:15.240 Any other questions? 00:17:15.240 --> 00:17:16.240 All right. 00:17:16.240 --> 00:17:17.240 Thank you. 00:17:17.240 --> 00:17:18.240 Thank you very much. 00:17:18.240 --> 00:17:19.240 All right. 00:17:19.240 --> 00:17:22.240 Do we have a motion to adjourn? 00:17:22.240 --> 00:17:24.240 It is 919. 00:17:24.240 --> 00:17:25.240 Okay. 00:17:25.240 --> 00:17:26.240 Adjourned. 00:17:26.240 --> 00:17:27.240 All right. 00:17:27.240 --> 00:17:27.240 Thank you.