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Event transcript
Which it says. 00:00:01
Under God. 00:00:02
Indivisible with liberty and justice for all. 00:00:03
OK. Thank you. We have no public hearings tonight, so we'll open up public comment. 00:00:11
It is now open Trudy, if you want to come on up and. 00:00:15
Tell us what's happening at the library. 00:00:18
A lot. How's the? 00:00:22
How's the Moon Tree doing? Or whatever that's called the Moon Tree. 00:00:23
Still alive, That's. 00:00:27
Awesome. 00:00:30
It's surviving us. 00:00:32
I'm kind of a plant tiller. It's. 00:00:34
You don't have a green thumb. 00:00:36
No green phone. 00:00:38
I'm just not allowed anywhere near. 00:00:39
We want to thank everybody for. 00:00:43
The summer reading. 00:00:44
If you haven't used it yet, your fine waiver is still good through the end of this month. 00:00:47
And also thanks to everybody who came in yesterday and donated blood. We had a great turn out. 00:00:53
On Saturday. 00:00:59
We are going to be celebrating National Book Lovers Day. 00:01:01
From 1:50 you can come in and sublimate a bookmark. 00:01:05
Or, umm. 00:01:09
Decorate a little mini composition book. 00:01:10
See you on Tuesday. 00:01:13
You can come back again to vote in the primary election. 00:01:15
And then all the normal kind of. 00:01:18
Ongoing fun things are happening. 00:01:20
But at the end of the month, on the 29th, we're going to have an after hour star party. 00:01:22
So. 00:01:27
The calendar says 9:00 PM, but it's going to be dusk. Whenever that sun goes down, that's when we're starting. 00:01:28
But we will be doing it with the Salt Lake Astronomical Society, so we'll bring all of their really good telescopes and we'll have 00:01:33
treats and crafts and all fun stuff. 00:01:37
And that's what we're doing at the library in August. 00:01:41
Any questions? No. Fabulous. Thank you. 00:01:44
I want to make sure this lady back here is not here for public comment. 00:01:53
Are you here to make public comment? 00:02:03
To the Council, I just want to make sure I don't close it if you are. 00:02:06
It's good you asked. 00:02:17
You know what? 00:02:20
I'll keep it open. 00:02:21
I'll keep it open and we'll move with the agenda. 00:02:24
When he gets here, I'll allow him to come up and make come up and then I'll close it. 00:02:27
Aaron. 00:02:31
So we won't close public comment that we'll move to item number 4 on the agenda. This is. 00:02:33
The code relating to outdoor lighting standards, we discussed it in the prior meeting. It was kind of those three items. 00:02:39
Umm. 00:02:46
That we asked John to kind of. 00:02:49
To go through in detail. 00:02:51
So any. 00:02:53
Questions for Steph. Sorry, I'm making a couple of notes. 00:02:56
Any questions for John or clarifying? 00:03:01
Questions before we take a motion. 00:03:04
Are you good? 00:03:09
Mr. Mayor, I move approval of Ordinance 2025-13 amending Title 13.84 of the City code relating to outdoor lighting standards. 00:03:12
Second OK, motion in a second, we'll go to vote. 00:03:20
Councilmember Gray. 00:03:23
Yes. 00:03:24
Councilmember Quinn. 00:03:26
Yes, Councilmember Fotheringham. Yes. 00:03:27
Councilmember Durham. 00:03:30
Councilmember Brewer. 00:03:32
And chair votes yes and. 00:03:35
Thanks, John. 00:03:37
That was a big lift. 00:03:38
Getting that through Planning Commission and getting those details in there so. 00:03:39
Tell your staff thank you ever did the. 00:03:44
Did all the work on that. 00:03:46
Probably you. 00:03:48
What can I say? 00:03:50
Thanks, John. 00:03:53
OK, item number 5 is the. 00:03:54
Maintenance agreement for historical markers. It's in your packet. 00:03:58
Pretty straightforward there at Olympus Hills Park and Creekside Park and. 00:04:02
We'll start those installations as we complete this historical walk back here. 00:04:06
And any questions before we go to motion on this one? 00:04:11
OK. 00:04:17
Mr. Mayor, I move that we. 00:04:19
Approve Resolution 2025-16 approving an interlocal agreement with Salt Lake County for construction and maintenance of historical 00:04:21
markers. 00:04:24
Second OK motion. In a second, we'll go to vote Councilmember Gray. 00:04:28
Yes, Councilmember Quinn. 00:04:32
Yes, Councilmember Fotheringham. Yes. Councilmember Durham. Yes. 00:04:34
Councilmember Brewer. 00:04:38
And chair vote just that is approved. 00:04:40
Thank you. Now big item on the agenda is this ongoing negotiation we've had with Granite School District. 00:04:42
It's been almost a year, I think, since this started. 00:04:49
And. 00:04:53
Gene is going to come up and kind of it's in your packet. I'm assuming everybody's kind of. 00:04:54
Perused it but. 00:04:58
She'll hit the high points and then see what questions we have and we'll move towards a motion on the approval of this lease. 00:05:00
Europe almost exactly what? 00:05:06
So we. 00:05:16
Is the microphone on? 00:05:16
How about now? 00:05:17
Yeah. All right. So we. 00:05:22
Began negotiations with Granite School District in September of last year. 00:05:26
And the result of that ongoing negotiation is in front of you it. 00:05:31
Is. 00:05:38
30 year. 00:05:39
Lease Land lease. 00:05:40
With the school district assuming responsibility for demolition of Spring Lane Elementary, which has happened. 00:05:43
The lease includes a 2% escalator over that 30 year term beginning with a first year payment. 00:05:50
Of about 37,000 annualized. 00:05:59
In this fiscal year, for us, that will be a payment of just over $18,000. 00:06:03
Over the term of the lease, the total amount that will pay the school district is about $1.5 million. 00:06:09
Umm. 00:06:18
Honestly. 00:06:22
Is a pretty straightforward lease with not a lot of restrictions on the city in terms of use. 00:06:23
We are will begin responsibility for maintenance of the school district and of the school grounds. 00:06:33
And we'll begin payment in January of 2026. 00:06:43
We have included in the lease a tenant's first right to purchase if the school district at some point. 00:06:48
Changes their mind. 00:06:55
About. 00:06:58
Their willingness to sell rather than lease the property. 00:06:59
Other than that, Todd, I don't know if there's anything you would point to. 00:07:06
I think the council ought to be aware that the lease requires the city to design its use of the park property. 00:07:13
In a way that leaves open about 5 acres in case there's some kind of horrible emergency in the county. Needs to put relocatables 00:07:19
there for a period of time. 00:07:23
It does provide that after 20 years. 00:07:28
The district could. 00:07:31
Take the property back if there was a forced measure event that required them. 00:07:34
To do so. 00:07:38
But it would it's restricted in a way that. 00:07:40
They would only be able to do that if there were an event that was within 3 miles I believe of. 00:07:43
Of the park site. 00:07:48
And it was a reasonable location to relocate a school facility. 00:07:50
At that point, they would be obligated to reimburse the city. 00:07:55
For the depreciated capitalized cost you put into the park property. 00:07:59
To take it back. 00:08:02
And and that's at a period of time when your bonds would be at a point where they're about to expire. 00:08:04
By their own terms, so. 00:08:09
We think the district at the. 00:08:12
End of a long negotiation. 00:08:14
Reached a good place with us. 00:08:17
And and allowed us to pursue this agreement in a way that we think is fair. 00:08:19
And really allows you to go forward in a way that benefits the public interest significantly. 00:08:24
And the Granite School District board approved this lease on Tuesday. 00:08:30
With that first item refusal is it? 00:08:38
Is that if they were to choose to sell it? 00:08:41
Is there a valuation like a valuation approach in that case or is it where they would list it for sale and we'd? 00:08:43
Of a first try to somebody else were to make an offer on or how did that work? There is right now in state law a first right of 00:08:47
refusal for the city. 00:08:51
On any piece of property that a district. 00:08:54
Decides to surplus. 00:08:57
Our first ride is based on that statutory first rite. 00:08:59
There's evaluation. 00:09:03
Sort of a process. 00:09:05
In state law. 00:09:06
In our contractual first right piggybacks on that and provides that if the Legislature for any reason eliminates that statute. 00:09:08
And doesn't prohibit a first right. 00:09:15
Than our contractual first right would follow that same statutory process. 00:09:18
And a similar valuation. 00:09:23
Would that be up for grabs? 00:09:25
We incorporated the statute wholesale so it would be under the same evaluation process. 00:09:26
Gotcha. 00:09:30
And I'm noting the amortization schedule. 00:09:34
Average payment midway through with the 2% is like 50 grand. 00:09:36
So it goes from 37 all the way up to 65 over the course of 30 years. 00:09:40
So that's. 00:09:45
Pretty light load. 00:09:46
Relatively speaking. 00:09:49
For what it is. 00:09:50
Yeah, I think. 00:09:51
Make a comment before we take a motion, assuming we're going to approve this. 00:09:54
But. 00:09:59
Yeah, I mean, it was a sad day when Spring Lane Elementary closed, but umm. 00:10:02
You know, I commend our Council for. 00:10:07
Being willing to take a long term vision of this because it is this is going to be a burden to our taxpayers to. 00:10:11
One, improve the facility but also the ongoing maintenance for it, but. 00:10:17
An opportunity to preserve. 00:10:22
Around 12 acres of open space inside our city. 00:10:24
Is unique. I think our residents will benefit tremendously from preserving this space. 00:10:28
I think it's a great use of taxpayer dollars. 00:10:35
In fact, I think it. 00:10:38
I think it double S. 00:10:40
About double S. 00:10:42
I think it's like 6 acres and so it double s. 00:10:43
Between Knutson and City Hall Park and. 00:10:47
City Hall at about double S the amount of public space we have right now. 00:10:50
So, umm. 00:10:54
You know, thanks to Gina and staff for. 00:10:55
It's been kind of a long process to get to the. 00:10:58
To a lease point and we're there. 00:11:01
And we're excited. 00:11:04
Get started on improving this next year. 00:11:07
I think we take. 00:11:10
We actually take possession January 1st. 00:11:11
And I assume we'll start. 00:11:14
I'm assuming, I guess we can talk about in council, but the target would be to. 00:11:16
Hopefully get started on it next year. 00:11:20
That is the goal and how we've built. 00:11:23
The need for potential bonding based on that January 1 acquisition date. 00:11:27
OK, well, there's also when I'm out. 00:11:34
I don't want to bring in the campaign at all, but just when I've been out canvassing there's. 00:11:38
Certainly get a lot of. 00:11:42
Taxpayers who? 00:11:44
They don't want to have change. Well, this is one of those examples where change happens. 00:11:45
Whether you wanted to or not. 00:11:49
And then the question is what you do with that? 00:11:51
Opportunity when changes happened and how do you adapt to it? 00:11:53
And I think this is a great. 00:11:57
Move, uh. 00:11:58
In terms of. 00:12:00
Addressing the. 00:12:01
Values of our citizens generally. 00:12:02
To add the screen space, so I'm excited to. 00:12:04
Make a motion. 00:12:07
If we're ready. 00:12:08
Think we are. 00:12:11
Mr. Mayor, I move approval of Resolution 2025-17 approving a lease agreement the Granite School District for Spring Lane 00:12:12
Elementary. 00:12:16
2nd. 00:12:20
OK, we have a motion in a second. We will go to vote. 00:12:22
Council Member Gray. 00:12:26
Yes, Councilmember Quinn. Yes. 00:12:27
Councilmember Fotheringham, Yes. Councilmember Durham. Yes. Councilmember Brewer. 00:12:29
Yes and chair vote yes. 00:12:34
We have approval of that lease agreement. 00:12:36
That's a big one. 00:12:43
OK. We're going to, I'm going to handle these next two items and then we'll open up public comment again. 00:12:45
Gina, since you're up there, let's talk a little bit about item 7:00 and 8:00 because they deal with the same thing. They're just 00:12:52
updated contracts I believe for. 00:12:56
Hansen Law and. 00:13:01
Stole crate for. 00:13:03
Prosecution services and indigent defense services, That's right. So the first one, item 7 is our prosecution agreement. 00:13:06
This change in contract reflects. 00:13:16
A proposed addition of language that allows for a 3% escalator. 00:13:20
In the cost of overall cost of our fixed contract with the prosecution. 00:13:26
This year that will be about $10,000. 00:13:32
Like all Justice Court expenses, that is shared between holiday. 00:13:37
Mill Creek and Cottonwood Heights on a proportional basis. 00:13:42
But because we administer, the court will see the full amount. 00:13:46
In. 00:13:50
On our budget. 00:13:52
This $10,000 increase was not reflected in the budget you approved in June. 00:13:54
And we'll monitor it closely to see if we'll need a budget amendment to reflect that change later in the year. 00:13:59
Item 8 is an update in our indigent defense contract. This contract was originally executed in 2010. 00:14:07
And rates have been. 00:14:18
Stagnant for that 15 year period. 00:14:20
So this contract adjust that. 00:14:25
The primary rate from $150.00 to $200. 00:14:28
And that increase was reflected in your budget that you passed in June? 00:14:34
Any questions for Gina on either contract? 00:14:39
OK. Thanks, Gina. 00:14:44
OK, let's take item 7 first then. 00:14:46
Mayor Motion approval of Resolution 2025-18 approving a criminal legal service agreement with Hanson Law for prosecution and 00:14:48
services. 00:14:53
2nd. 00:14:57
OK, Motion and a second Councilmember Gray. 00:14:59
Yes, Councilmember Quinn. 00:15:01
Yes, Councilmember Fotheringham. Yes, Councilmember Durham. Yes, Councilmember Brewer. Yes and chair votes Yes. The contract is 00:15:03
approved. 00:15:07
Now, item 8, any final questions on the Engine Defense Services contract? 00:15:11
If there aren't any, we'll take a motion on this one. 00:15:18
Mr. Mayor, I move approval of Resolution 2025-19. 00:15:20
Approving an agreement with Stonewall Creek. 00:15:25
PLLC for indigent defense services. 00:15:29
Second motion and a second Councilmember Gray. 00:15:32
Yes, Councilmember Quinn. 00:15:35
Yes, Councilmember Fotheringham. Yes, Councilmember Durham. Yes, Councilmember Brewer. 00:15:36
Yes. And Chair votes yes, that contract is approved as well. Thank you, Council. 00:15:41
We'll return to item number 3 on the agenda public comment, which remained open. 00:15:46
We were informed that you're on your way and didn't want to. 00:15:51
Didn't want to shut you out for public comment, just to name and address and. 00:15:54
Try to keep it to 3 minutes or less please. 00:15:59
My name is. 00:16:01
My name is Rusty. 00:16:02
I live at 5220 Holiday Blvd. 00:16:04
And. 00:16:08
Thank you for being so kind to let me get happy. Trying to get here for a month and I just have not been able to do it. 00:16:09
I'm actually here to ask for help. 00:16:15
I've gone through city planning. 00:16:19
I've gone to the mayor. 00:16:21
And talking to my attorney, the last. 00:16:23
I have is to you guys. 00:16:25
The work done at my neighbor's house was not done up to code. 00:16:28
It was not even done up to the variance that was asked for. 00:16:33
When I talked to the city planner, they made it seem like that. 00:16:37
If it wasn't up to code, they would. 00:16:42
Get that taken care of and. 00:16:45
Make sure that the neighbor got it up to code. 00:16:48
Since then, he's waffled on that his time has gone on. 00:16:51
In order for me to do what I need to do on my side. 00:16:55
To protect myself. What's happening on his side? 00:16:58
It's eye wateringly expensive. 00:17:01
And it's very evasive for stuff that's already there. 00:17:03
Where if it would have just been right what you guys asked to do and wanted to have done in the first place? 00:17:06
I wouldn't even be in this situation and it would resolve like 90% of my problems. 00:17:14
I see that. 00:17:21
John is here which is fantastic, so if you have any questions feel free to ask him, but. 00:17:23
Can you guys please look into this? 00:17:27
When I was here when this happened, there's a lady in Darker right there and she said that the stairs were going to be protected. 00:17:31
And the gentleman that sat next to her was going to make sure that the. 00:17:36
Guns be compacted properly and proper lift so that there would be no. 00:17:39
Movement of the Hill. 00:17:43
None of that has happened. 00:17:45
So. 00:17:47
This has been going on for years. 00:17:48
And we just had. 00:17:50
You know, we're in the thick of it. We've got to mediation. 00:17:52
And. 00:17:55
With the last thing that happened, my attorney just asked me to come in here and just plead one more time for help. 00:17:56
Because they should not have this burden. I'm an innocent party. 00:18:00
And I am burying the majority of the cost of what's happening. 00:18:03
That's all I have to say. 00:18:08
I don't know what happens after this if I get feedback or whatever, but. 00:18:09
Please someone look into this. 00:18:13
Yeah. I mean typically just just so you know, in a public comment, we won't. 00:18:14
Get in it back and forth, but we'll. 00:18:18
We've got your comments on the record and I'm sure we'll take a look at it. 00:18:21
With the address. Thank you. 00:18:24
I don't see anybody else here that would be making public comment. 00:18:28
But it's still open. 00:18:33
OK. I don't see anybody. So we'll close public comment at this point then and we'll. 00:18:36
Return to the agenda to. 00:18:41
Item number 9, which is the Royal Holiday Hills project. 00:18:43
Related to tax increment funding. 00:18:48
To basically for the city. 00:18:50
To install the hat hat. 00:18:53
Shannon and Murray Holiday Rd. 00:18:56
We were going to make. 00:18:58
Two small changes. I don't know if Todd's got the language on that. 00:18:59
In the motion. 00:19:03
Yeah, Mayor, our recommendation would be that you do change the address that's listed to the intersection of Mary Holiday Road and 00:19:04
Shannon St. CHANIN. 00:19:08
Is that right, John? 00:19:12
Nin, Excuse me? 00:19:15
And then at the end of. 00:19:17
Paragraph 2. 00:19:19
You have language that says In addition, the City shall also be entitled to interest on any amounts remaining due. 00:19:20
At an interest rate equivalent to the amount received by the City on funds deposited deposited in the Public Treasurer's 00:19:27
Investment Fund. 00:19:31
You need all that in the motion. 00:19:35
Can you text? Can you text me to me really quick? 00:19:37
Where would you like to bring your iPad over here? 00:19:42
You can just refer to it and I'll make sure, Stephanie. 00:19:46
OK. 00:19:49
It's my district, I'd be happy to make a motion. Would anybody? 00:19:51
So let's just because this is one of those. 00:19:55
Agenda items that, if there's not context given, can cause folks to reach for the Pepto Bismol. Let's just make sure that we. 00:19:59
Explain what this is. This is. 00:20:09
Simply where we have agreed to. 00:20:12
Pre Fund. 00:20:16
Some infrastructure, specifically the traffic light. 00:20:18
On Murray Rd. 00:20:21
And Shannon, which is? 00:20:23
For reference, the very northeast corner. 00:20:25
It's the intersection that crosses over into the theaters and the. 00:20:27
Toshi's ramen, that's that intersection, so. 00:20:31
That. 00:20:33
Traffic light. 00:20:34
Was an obligation of the Holiday Hills project. 00:20:35
But was going to be funded with tax increment. 00:20:40
Tax increment does not adequately flowing. 00:20:42
We wanted to have this. 00:20:45
Traffic light. 00:20:46
Completed. And so we have gone ahead and funded it. 00:20:47
With the intent of being reimbursed. 00:20:50
Reimbursed with tax increment financing. So it's only in regarding that light it's not changing the the. 00:20:52
The big old agreement. 00:20:57
That we. 00:21:00
Have negotiated over. 00:21:01
Years previous, this is what This is another one of those. 00:21:02
Very minor changes. 00:21:05
So it's. 00:21:08
So no one needs to grab the Pepto Bismol over. 00:21:09
What this agenda item is in my view. 00:21:12
And the cities being compensated for the time to hide money. Yeah, right. 00:21:14
Yeah. So given that. 00:21:18
Unless there's more common I can make a motion. 00:21:22
Mr. Mayor, I move approval Resolution 2025-20 approving a memo understanding. 00:21:25
For the Royal Holiday Hills project related to tax increment funding with a couple of changes. 00:21:32
One being correcting the address reference to be Murray Holiday Rd. 00:21:38
And Shannon St. 00:21:42
Is it? 00:21:44
And the other change relating to. 00:21:45
The charging of. 00:21:48
Interest for the outstanding debt. 00:21:50
Using a rate equivalent to our BTIF. 00:21:54
Funds. 00:21:57
Second passenger. 00:22:00
That OK. 00:22:01
I'll second that. 00:22:03
OK, so we have a motion and a second then? 00:22:05
Councilmember Gray. 00:22:07
Yes, Councilmember Quinn. Yes, Councilmember Fotheringham. Yes, Councilmember Durham. Yes, Councilmember Brewer. 00:22:09
Yes, and chair vote. Just that agreement is approved by the Council. 00:22:15
And will be revisited momentarily with the RDA. 00:22:20
Consent agenda. Any changes, Edits. 00:22:24
Additions. Deletions. 00:22:27
Minutes from April 3rd, June 5th and 12th, and July 17th. 00:22:29
If not, I'd take a motion to approve those. 00:22:35
I'll move that we approve those. 00:22:37
The minutes of those dates that you just referenced. 00:22:39
Second motion and 2nd all in favor say aye. 00:22:42
Aye. 00:22:45
Any opposed? 00:22:46
Minutes are unanimously approved. Thank you, Council City Manager report Gina. 00:22:48
Two quick items from me tonight. First of all, we received notice today from. 00:22:54
The state Department of Transportation. 00:23:01
That we successfully. 00:23:04
Applied for and will receive a Safe Sidewalks grant for $200,000 for phase two of the 45th South Sidewalk Project. 00:23:07
That will require at least a 25% match on our side, so expect to see that in a future budget amendment. 00:23:17
This grant was written by Justice to Four and am thrilled that we and I'm sure if Holly were here she would also. 00:23:26
Share her excitement that we are so successfully. 00:23:35
Applying, writing and receiving grants. 00:23:40
Not just written by Holly. 00:23:43
We're really excited to get that that phase two started. You've probably seen phase one nearly complete. 00:23:48
So that is on the received grant side, on the application side, if the Council is all right, we would like to apply. 00:23:56
For another Creative aging grant we have received. 00:24:07
That grant for the last two years and that's been administered by. 00:24:12
The Arts Council and Megan Aderman and is one of my very favorite. 00:24:17
Programs because it really targets a small group of people and builds community through the arts. 00:24:22
Any concerns about that application? 00:24:30
Oh, full speed ahead and maybe go for more so we can expand the program because it. 00:24:32
So great. 00:24:37
OK, great. 00:24:39
Thank you. Anything for Gina. 00:24:40
OK, what's up? 00:24:44
Start with Emily, We'll move our way down the road. 00:24:47
A couple things that I wanted to mention. Cottonwood High School has a new principal starting this year, Doctor Justin Pritcher. 00:24:50
Got his bachelor's degree from Southern Utah University, a master's of education from Brigham Young University, and his pH D in 00:24:59
education from the University of Utah. So he. 00:25:03
Equally supports and offends everybody. 00:25:08
About Utah State, not Utah State, which is really unfortunate that's. 00:25:12
But. 00:25:17
I think he's going to be a fantastic. 00:25:19
Principal. He was a vice principal over at Brighton. Then we pulled him over. 00:25:21
One of the things that I felt like was. 00:25:26
A real asset to him, serving as the principle of. 00:25:29
Cottonwood is his pH D thesis. 00:25:33
Was on including. 00:25:35
Are helping create an environment that included refugees, which we know we have a large refugee population at Cottonwood. 00:25:37
And helping integrate. 00:25:44
Then seamlessly into the community. 00:25:47
I've met with him, I'm very excited about what he brings to the table and I think he'll be a real benefit. 00:25:49
To Cottonwood High School. 00:25:54
Second thing that I wanted to mention is that we have hired. 00:25:56
A replacement for Pam over at Wasatch Front Waste and Recycling. 00:26:01
She's leaving. 00:26:07
At the end of September, her replacement is going to come. 00:26:09
On a little early to. 00:26:12
To start working with her, his name is. 00:26:14
Evan Tyrell. 00:26:16
He most recently is from Flagstaff, AZ. 00:26:19
Umm, well, actually, no. Right now he's in Colorado. 00:26:22
Most recently with. 00:26:26
Solid waste disposal. He worked as a section director for the City of Flagstaff. He also worked for make sure I get his position. 00:26:28
Correct here. 00:26:36
In Moab. 00:26:40
I'll try to find the exact. 00:26:42
As the district manager. 00:26:44
For the County Down in Moab, so he has a lot of waste management experience he. 00:26:46
Roast the top very quickly in the candidate pool that we interviewed and I would say and I think everyone that was uh. 00:26:52
And the hiring committee would agree that he. 00:26:57
He's by far the best candidate. We're really excited to have him. I think it. 00:27:01
He will. 00:27:05
It's impossible to replace Pam, but I think he will be a good replacement and do a good job. 00:27:07
So that's what we have going on. 00:27:10
OK, yesterday I went to and Matt was there too. A. 00:27:15
Subcommittee Joint subcommittee meeting of this. 00:27:18
The committee that. 00:27:21
I'm Spacey on the name of it. 00:27:25
The committee that. 00:27:27
Is meeting. 00:27:28
Trying to give information to the district. 00:27:30
As far as the boundary study. 00:27:33
And, umm. 00:27:36
It was interesting. 00:27:38
Throughout a bunch of ideas of. 00:27:40
Things, ways they were trying to attract. 00:27:42
More students into Granite District. 00:27:46
And I was pleased to know that the PAC. 00:27:49
Committee. Which is the committee? 00:27:53
Doing the boundary study will. 00:27:56
Present their findings, their preliminary recommendations on the 2nd of September. So everyone who has been sitting on. 00:27:58
The edge of their seats. 00:28:06
What schools are going to be closed? 00:28:07
Those initial recommendations that information will be. 00:28:10
Given on the at the September 2nd. 00:28:14
Granite School District meeting so. 00:28:17
Everybody will be excited to hear that. 00:28:20
Also, I went to the family night at the Holiday Lions last Friday night. That was a real fun event. 00:28:23
Kudos to Happy Healthy Holiday on that. 00:28:31
And then did have several complaints about fireworks. There were a lot of fireworks set off in my neighborhood. I don't know why 00:28:34
it was seemed like. 00:28:38
Twice as many as ever before, but I did have a number of complaints come in and. 00:28:44
My, my neighborhood, and of course with the. 00:28:48
Fire the apartment fire just over the South border in Mill Creek. That's. 00:28:52
I'm sure something will have a robust discussion on. 00:28:57
Come next spring. 00:29:00
OK, Paul. 00:29:04
OK, yeah, the Arts Council. 00:29:06
Summer concerts are in full swing. The last couple of concerts we've had. 00:29:09
Over 1000. 00:29:13
Attendees. 00:29:14
So that's going great. 00:29:16
This coming Saturday, I believe is a bluegrass band. 00:29:18
And then coming up. 00:29:23
In a couple of weeks, August 21st through 25th, we have our inaugural performance from the Holiday Theater Company of Newsies. 00:29:25
And if you show up on. 00:29:33
Thursday or Saturday, this mustache will be explained. 00:29:35
Not normally a mustache guy. 00:29:39
And then also while I was. 00:29:44
Out and about. 00:29:48
Doing. 00:29:49
Things. Umm. 00:29:49
You can imagine. 00:29:51
I ran into a constituent who? 00:29:52
Is a recipient. 00:29:55
Probably about. 00:29:57
10 years ago. 00:29:58
Of one of the trees that we do. 00:29:59
Tree giveaway. So I guess the tree giveaway has been going on for quite some time. 00:30:01
Yeah, I think that's probably about when we started it. 00:30:05
Maybe 10 years ago, so this might be one of the initial trees and so this. 00:30:08
Of fledgling tree from well, not pledging now, right? That was my point. This is from 10 years ago. This is a resident on Westmore 00:30:13
I believe. 00:30:17
And this tree in his front yard was just gorgeous. 00:30:22
Just gorgeous. 00:30:25
And so at some point I should probably take. 00:30:26
The tree committee person over there. 00:30:28
You can get a picture and say this is what happens 10 years later. 00:30:30
Because this is really a gorgeous tree. 00:30:34
In this front yard of this constituent on Westmore. So that's like just like kudos and congratulations on the tree committee for 00:30:36
their. 00:30:39
Foresight. 00:30:43
And previous councils. 00:30:45
Funding that program because wow. 00:30:48
I'm sure there are several more, and we'll have more to come in years to come. 00:30:51
That's all I have. 00:30:55
Well, just to carry on with the tree committee. 00:30:58
They've got some events coming up. 00:31:01
Including. 00:31:03
Their normal tree talk event on. 00:31:04
In September at the library, but also. 00:31:07
They're planning an event in connection with the 25th anniversary of the city, where they'll be planting trees. 00:31:10
Hopefully it commutes in Park. 00:31:17
And then also in October. 00:31:19
And, well, they'll be planting a tree. 00:31:22
In honor of Travis Jones, who was a long time. 00:31:24
President or chair of the Tree Committee? 00:31:27
And he's. 00:31:30
He's gonna come in town, we're gonna invite some of his family and friends to attend, so that'll be a really nice event, I think. 00:31:31
I appreciate John working with them on. 00:31:38
Timing and locations and things like that and. 00:31:40
I'm they wanted to hear back from us on some specifics, so I'll be sure and coordinate with them. 00:31:43
And that's all I have. 00:31:49
I just wanted to. 00:31:54
Mentioned on the. 00:31:57
As far as Paul and the Arts Council, I don't know how much it has to do with his liaising. 00:31:59
With the Arts Council or not, but this outdoor concert series has been fantastic and. 00:32:04
I know taste is subjective, but the lineup that they had this year was very tasteful and good. And when you talk about a culture 00:32:08
of. 00:32:11
You know the community and things like that. 00:32:14
I just really. 00:32:16
Impressed with? 00:32:18
You know, it was they had a Carole King tribute band. They had the the Pickpockets this weekend. It was the blue. 00:32:19
Bluegrass band that I've heard before that's really great. 00:32:25
They had I was expecting Simon Garfunkel one night. I think my calendar got messed up and it was an Eric Clapton one. Anyways, 00:32:27
it's been really great. 00:32:30
And it's just, it's cool to see how well intended it is. 00:32:34
Just a great thing. So I've really enjoyed that. 00:32:37
I've had it's interesting the complaints that have been coming in. 00:32:42
And I missed this. Now I don't know if I ever mentioned it to you, but. 00:32:45
There was a lady that called. 00:32:48
Talking about a cockroach infestation, this is actually a Mill Creek across the corner from your. 00:32:50
District worried that it was going to spill over into our our city. We're building a wall so just wasn't there. 00:32:54
So just so you're aware. 00:33:03
The subway. 00:33:07
That's down. 00:33:08
Highland Drive and just north of I say the former Subway and north of Murray Holiday Rd. has really gotten dilapidated. I've had 00:33:10
several constituents reach out about that. 00:33:14
Officer Patterson is on it. 00:33:19
Hope and it sounds like from the latest response that that's, if you all hear it, there's a good chance of here 'cause it's it's 00:33:22
kind of. 00:33:25
Something that's been a hot issue. 00:33:28
But. 00:33:31
Hopefully the landlord or the owner of that property will be responding soon to get things. 00:33:32
The. 00:33:36
Graffiti cleaned up and things like that. 00:33:37
I'm trying to think of anything else from a report's perspective. I will just mention we talked about this across the way, but I 00:33:39
would like to just include it in my in my. 00:33:45
Council report here. 00:33:50
Just this summer that this issue of. 00:33:51
And it's timely with the. 00:33:54
Well, it's obvious that it's an issue because of the article that Chief Hoyle put out this. 00:33:55
But of youth on. 00:34:00
Electric. 00:34:03
Or really just yeah, electric or gas or other. 00:34:04
Motor vehicles in that. 00:34:07
For whatever reason, it has really blown up this. 00:34:10
Year it has seemed to me anecdotally. 00:34:13
But it's it's a. 00:34:16
A very big problem. 00:34:18
I think I. 00:34:20
Would just like to stay. 00:34:21
On the record that as a council we've discussed this, it's something that we're. 00:34:22
Aware of and. 00:34:26
In my remaining time on the Council, I hope to do something that could be meaningful and at least from. 00:34:28
Helping on the education side and coming. 00:34:33
Working with. 00:34:36
Chief Oil and others to come up with a good approach. 00:34:37
To teach kids to be smart. 00:34:41
Or not be so stupid anyways. 00:34:44
And and and hopefully the mayor's. 00:34:47
Point formerly, you know, I get parents to be more involved in in helping to make sure that happens. I think in the end. 00:34:49
Just education is what? 00:34:55
It really needs to be. 00:34:57
And probably it's like if you see something, say something kind of a thing, we as community needs to. 00:34:58
Probably stop and talk to kids when they're. 00:35:04
When they're being stupid and help them appreciate the significance of what they're doing. 00:35:07
I think that's all I've got as far as my. 00:35:11
Councillor Porteous. 00:35:13
Thanks Ty. 00:35:16
Just a couple of things, I'll try to go quick. 00:35:17
The Interfaith Council has organized a collection of items for the Cottonwood. 00:35:21
It's the Cottonwood Food Pantry, but really the. 00:35:27
The request they have is for. 00:35:29
A lot of school supplies that Robin Ivins has. 00:35:32
Has sent a list out. I think lane has been great. 00:35:35
Reposting and getting it up on our site and helping us get the word out that way. 00:35:39
So they'll be collecting items in the front of City Hall. 00:35:43
From 9:00 AM to noon on Saturday and then. 00:35:46
A few of us will haul the haul what has been dropped off there over to Cottonwood High and. 00:35:49
Help get it into the pantry for the start of the school year for. 00:35:54
Students that really don't have the means to. 00:35:58
Be prepared for the first day of school. 00:36:02
That's a little service project. They've always wanted to add service, a little bit of service to what they're doing. 00:36:05
In the interfaith community, so. 00:36:10
That will be kind of a fun event. 00:36:12
On Saturday morning. 00:36:16
The Interfaith There's an interfaith roundtable that takes place once a month. They're having one again on. 00:36:19
Monday night at 7:00 PM here. I will not be able to attend but. 00:36:24
Michael Gee. I can't pronounce his last name. 00:36:28
From the. 00:36:31
Saint Vincents Catholic community kind of chairs that event they. 00:36:33
They usually have eight or nine people. It's a small group, but they enjoy it and they keep meeting and. 00:36:36
They always have interesting discussions if anybody is interested in popping in. 00:36:40
November 16th they are all geared up for the. 00:36:44
Interfaith service, Our pre Thanksgiving interfaith service that we have every year, it's going to be held at. 00:36:48
Olympus Junior High again, the feedback we got was that people really enjoyed it and liked it. 00:36:53
It was. 00:36:58
A perfect venue to facilitate the attendees and. 00:37:00
The post event. 00:37:05
Little swirry they have after that with food and getting together so that that's no. 00:37:07
November 16th, which is a Sunday night at 7:00. 00:37:13
And that just usually I'll talk to the chief and Gina. 00:37:18
As the school gets ready to ramp up, we love to get. 00:37:22
Some of our officers out to certain schools, especially dregs. 00:37:25
Oakwood. 00:37:31
For the start of the school years, have a presence there. 00:37:33
Areas that we can before and after school, just mostly to remind people that school is back in session. 00:37:37
Pay attention. 00:37:43
We do not want. 00:37:45
I don't want that call. 00:37:46
And just remind everybody. 00:37:49
You know, there's going to be kids out in these crosswalks again and just. 00:37:51
Umm, be aware. 00:37:56
And pay attention. 00:37:58
So that's all I have so. 00:38:00
We've already gone through the well. 00:38:03
We go through. 00:38:04
Let's see the good Rd. the calendar we already went through so. 00:38:07
We'll recess to. 00:38:10
Take a motion to recess to RDA and then we'll come out of RDA and work across the to the work session. 00:38:12
Was the mayor I move? We recess City Council meeting and reconvene an RDA meeting. 00:38:17
2nd. 00:38:21
Motion is second. All in favor say aye aye. 00:38:23
I and we are. 00:38:25
Recess to well, I'm not sure well recess City Council were in RDA so. 00:38:27
I'll turn it over to the chair. 00:38:32
OK. I'd like to welcome everybody to our RDA meeting this. 00:38:34
Thursday, August 7th, 2025 at 6:40. 00:38:38
5:00 PM. 00:38:41
And first, would like to see if there's anybody with that's here for public comment. 00:38:42
Seeing or hearing nobody will close public comment. 00:38:49
And as was discussed in the City Council meeting that we just had, we have a resolution before us that. 00:38:53
Is to memorialize and. 00:38:59
Changes to the agreement that we have with the. 00:39:01
Umm with holiday with the Royal holiday hills. 00:39:04
With respect to a stoplight that the city has chosen to fund. 00:39:08
At Murray Hobby Road and Shannon St. 00:39:13
Where the city has seen that as being something that we need to do now and the. 00:39:18
Tax increment has not been flowing. 00:39:23
Point to where the. 00:39:25
Landowner has the ability to fund that and so the. 00:39:27
City is fronting that. 00:39:30
The financing of that event. 00:39:33
And we will be. 00:39:34
Compensated for that until there is tax increment to. 00:39:38
Funded. 00:39:42
With that I would welcome. 00:39:44
Motion, Todd, does this need to have the same changes mentioned? OK. 00:39:47
Mr. Chair, I move approval of Resolution 2025-03 with the following changes. 00:39:51
That the address be updated in the memo. 00:39:56
To reflect Murray Holiday Road and Shannon St. 00:40:00
And secondly that. 00:40:03
An interest rate will be born. 00:40:04
Equivalent to the PTIF rate that we otherwise. 00:40:06
2nd. 00:40:10
We have a motion. 00:40:12
Councilmember Craig. 00:40:14
Yes. 00:40:15
Council Member. 00:40:16
Yes. 00:40:19
Mayor Dolly, Yes. 00:40:21
Councilmember Fotheringham, Yes. 00:40:23
Councilmember Durham, Yes. 00:40:24
And chair votes yes. 00:40:26
Motion is approved. 00:40:28
Without if you have any other business. 00:40:30
Entertain a motion to adjourn. 00:40:32
Mr. Chairman, adjournment of RDA and reconvening back into City Council. 00:40:35
Or are we adjourning City Council to and going across all Yeah, just reconvene a work session. 00:40:40
OK, then we reconvene in the work session. 00:40:45
All in favor say aye. 00:40:47
Aye. 00:40:48
Meeting adjourned. 00:40:51
OK. 00:41:03
Wait, please. 00:41:14
So we'll get a thumbs up from Stephanie Lynch and ready but. 00:41:17
Press we're on you. 00:41:23
You're good, go for it. 00:41:25
And see this kind of give us at all. 00:41:28
I'm just gonna see it. 00:41:30
So we've been talking, the council has been talking for the last. 00:41:33
And a half about. 00:41:37
Two large projects. 00:41:39
And how we would finance those projects, one contamination of this building. 00:41:42
And the second now that we've executed at least for Spring Lane. 00:41:49
Being the construction of apartment the former. 00:41:53
Ring lane site. 00:41:56
The last time we had. 00:41:58
Really in-depth conversation about this. 00:42:00
Which is probably February. 00:42:03
Area of this year. 00:42:05
The Council asked that we. 00:42:07
Look at. 00:42:10
Our funding needs kind of holistically and so in preparation for. 00:42:12
What I think will be a. 00:42:18
Much more in depth. 00:42:20
Conversation about. 00:42:22
Of the size of. 00:42:24
Potential bond issues on. 00:42:26
August the 20. 00:42:28
We have asked Fred full pot to update our. 00:42:30
Sustainability Plan. 00:42:35
Financial sustainability plan. 00:42:37
And take a look over the next five years at what we expect in terms of revenue and expense growth both in the general fund and in 00:42:39
the capital. 00:42:44
Project slides. 00:42:50
So with that as background. 00:42:52
Alternative refret. 00:42:55
Just kind of point to me and I'll try to, I'll try to anticipate though. 00:43:01
Yeah. 00:43:08
Public outreach and. 00:43:16
And as Gene indicated. 00:43:25
We breath, come in. 00:43:26
Brush that. 00:43:27
In relation to the quantity functions that have been discussed. 00:43:29
While making assumptions relative to. 00:43:33
Probably some expenses. 00:43:35
So I'm going to highlight those model assumptions, talk about the bonding stereos. 00:43:37
And show you what we've come up with. 00:43:42
And steps. 00:43:45
What I do want to point out. 00:43:47
These types of models are not necessarily. 00:43:51
We're going to tell you what's going to happen. 00:43:54
You know, that's very difficult to predict. 00:43:56
Future. 00:43:59
But it does. 00:44:01
Help with the scenario evaluation. Say OK if we make a certain kind of assumption to what happens. 00:44:03
And if we change those assumptions? 00:44:08
How does that change the outcome so we can understand the magnitude? 00:44:10
As well as. 00:44:15
In that decision making us, we could say OK. 00:44:17
What do we want to rely on, or whatever we've been willing to rely on? 00:44:20
Relative to the relevance. 00:44:24
So that's what I hope. 00:44:26
You get out of this is again. It should help inform the decision making process. 00:44:28
And we can also based on your input, we can go back and modify stereo. 00:44:32
Maybe we're too aggressive or too conservative in some areas. 00:44:38
And we can go back. 00:44:41
See what that does to you. 00:44:44
The options. 00:44:45
The other thing I wanted to point out is. 00:44:48
This model is based on budget numbers. 00:44:50
So we're utilizing your most recent budget. 00:44:53
And we look at your actual prior years, but we're not basically our forecast of. 00:44:57
Comes to the actual business. 00:45:02
That's an important consideration because as you. 00:45:04
You're aware what we budget and what actually happens are two different things. We hope they're pretty close, but sometimes 00:45:07
there's a surplus meeting we have. 00:45:12
More revenues than we anticipated and less expense. 00:45:17
In some instances the. 00:45:20
The reverse of the Catholic program. 00:45:22
There's unforeseen expenses and exceeds our. 00:45:24
So again, our model is based off of budget numbers and. 00:45:31
So here's a table of a lot of. 00:45:39
Most of those are zeros, essentially what we're doing. 00:45:42
Isolated feeding revenue variables within. 00:45:46
Which your property tax revenues and your sales tax revenues. 00:45:50
Biggest pockets? 00:45:54
There are other revenue line items of those fluctuates from year to year. For the purpose of this model, we kept those constant 00:45:56
being company like the growth in those revenue streams. 00:46:00
From the our reliance growth into our sales tax. 00:46:05
Which we have at 2 1/2 percent. 00:46:08
Historically, it's been higher than that. 00:46:10
Been closer to 6 to 8% growth sales tax revenues. 00:46:13
And that's 2019 format. 00:46:19
Essentially what we're saying is tariffs. 00:46:28
And maybe that slows. If that slows down, maybe. 00:46:31
We don't see as robust growth and sales tax rate. 00:46:34
What happens to this program? 00:46:38
So. 00:46:41
Reflection of that saying, OK, let's assume if we get less revenue. 00:46:42
Growth that category. 00:46:46
In addition, we have no new property tax revenue leading, no revenue from. 00:46:49
Order Spanish in the city. 00:46:54
A little bit of. 00:46:56
Central layer velvet. 00:46:58
We've been underlying that. 00:47:03
I'll also point out. 00:47:12
Again, appreciation is not considered new growth. So it's your property. Appreciate it. So you don't mention it. 00:47:13
Listen, privileges extension. 00:47:24
That's on the revenue side, on the expense side where you say. 00:47:31
3% inflation, which is. 00:47:34
Similar to the long term muted picosidex percentage. 00:47:37
Your capital. 00:47:41
CPI and. 00:47:44
If you look at the long term average. 00:47:49
In prior years, the. 00:47:52
Inflation was much more pronounced. 00:47:53
We have pretty hefty. 00:47:56
Cost inflation, which is now tapered off. 00:47:58
They're saying a lot of that fall back to historical works. 00:48:01
So again, for an operation from an operation perspective for most states that's we're using 3% growth, but for public works. 00:48:04
And safety, we have a higher percentage growth. 00:48:11
4 1/2 percent works. 00:48:15
And 7% for the safety which? 00:48:17
Compared to what those numbers have done so. 00:48:21
So we're hoping essentially. 00:48:24
For all of those line items and we don't experience the. 00:48:27
Cost increase that we've experienced in the past. 00:48:32
So those are the assumptions again and I'm going to model. 00:48:36
Just one thing about sales tax because this question might come up of. 00:48:42
We will have some additional brick and mortar. 00:48:46
Associated with the Holiday Hill site. 00:48:49
Just a reminder of that. 00:48:53
The majority of that will be shared. 75% will be shared with the. 00:48:54
Developers. Umm. 00:49:00
Through the end of the. 00:49:02
Project area in 2038. 00:49:05
But is that? 00:49:08
Does that share it out of gate? 00:49:11
Or is it until it hits that base rate? 00:49:13
Like they only get increment of what were we talking about like 40 million or something? 00:49:18
Yeah. So the number. 00:49:23
The we have a card loaded. 00:49:26
Number in the AL and that's. 00:49:28
$239,000. 00:49:30
Of sales. 00:49:33
As the base, so it would be above that much. 00:49:34
That we would share. 00:49:38
But that's the Max we can. 00:49:39
We can capture ourselves before we start splitting and they get. 00:49:43
They're 75% so. 00:49:47
Yeah. 00:49:50
Of revenue. 00:49:56
So. 00:49:58
Yeah, that would have been better. 00:49:59
Hero Director. 00:50:03
So the sales tax would do. 00:50:08
Sales tax revenue. 00:50:13
Where we don't. 00:50:15
So we could put it a little bit there. 00:50:17
Valuation. 00:50:26
And it would be natural growth. 00:50:28
Outside changed. 00:50:31
Yes, yes. 00:50:33
Yes, we're again we're building. 00:50:34
But we've always had. 00:50:43
Stubborn growth, I mean, we've always had. 00:50:44
50 or 60 or 70,000 or whatever year. 00:50:47
That I think would be that's outside of holidays. 00:50:51
That there is something. It's not nothing. 00:50:54
I don't know, maybe it's insignificant. 00:50:57
Well, we should. 00:50:59
Buffers for everything else, and. 00:51:04
Seems like you do have an assumption about new growth. 00:51:06
Yeah. 00:51:09
We kept that component, yeah, so. 00:51:12
Clarified that it's. 00:51:15
It's not that we don't have any growth, we're just not increasing that. So recap to that. I see, I see. OK. 00:51:17
So we have in the model about 80,000 of new property tax for location. 00:51:25
We keep that concept. We're not showing that up or down. 00:51:31
Budget, We're still going to get one minute over here. 00:51:34
There is no assumption for us going through the maximum. 00:51:38
Carefully interested? No, but we do have some scenarios relative to. 00:51:41
Potential tax increases to. 00:51:45
To address that. 00:51:48
Yeah, right now we assume no trouble taxation of the basic. 00:51:51
So this is. 00:51:57
This is really just an illustration of what kind. 00:51:58
Currently happens and is projected to happen. 00:52:03
If we don't make a lot of changes to that budget, we'll see. 00:52:06
Inflationary pressure. 00:52:10
And potential part of the scenarios welcome. 00:52:12
Right now what happens is the black line is your expense. 00:52:15
And if we project that, we get a little bit more revenue than expense. 00:52:20
Every year then we transfer that out to cover debt service and capital Uber projects, whatever is leftover. 00:52:25
Goes to fund those one time. 00:52:32
Elements well as inflation continues to. 00:52:34
To against the general funds and again, if we think about the. 00:52:38
Projection of revenues and expenses. 00:52:42
Where we're showing 3% growth in general expenses. 00:52:44
4 1/2% of growth. 00:52:48
Public Service Citizens 7% growth in. 00:52:50
In law enforcement. 00:52:53
Compared to 2 1/2 percent growth in sales tax. But what happens is eventually. 00:52:56
Those lines. 00:53:01
Cross right, our expenses continue to grow at a higher rate versus our revenue grows, but not as rapidly. 00:53:02
And we get to the point where we say, OK, we no longer have. 00:53:08
Revenues surplus to transfer out. 00:53:11
The fund of one type of projects. 00:53:13
And now it's gone if we're actually helping to go to our. 00:53:16
Because our expenses seem. 00:53:19
That revenue. 00:53:21
There's Property taxes don't naturally increase as a result of inflation on. 00:53:23
Housing. 00:53:28
Yes, we get stuck in the truth of taxation. Very correct. Yep, that's. 00:53:29
So I can actually close this. That's brilliant. 00:53:33
So, well, the truth. The certified tax. 00:53:37
Helps Utah keep us from. 00:53:39
Suffering from recessionary conditions? 00:53:42
It does not. 00:53:45
Inflation. 00:53:46
So other states have. 00:53:48
Raise that function rate based on appreciation that. 00:53:51
Very beneficial is here. 00:53:53
Booming but detrimental included. 00:53:55
So we're protected in some ways, but it doesn't help us address inflation. So that's why those assumptions relative to revenues 00:53:59
and expenses are very important. If we're conservative on the assumptions relative to revenue, then it creates this scenario. 00:54:05
Again. 00:54:14
Understanding this is a scenario tool. 00:54:15
We can play around with those variety and we can say, OK, what is our? 00:54:18
Comfort level relative to reliance on sales tax. 00:54:22
Everyone be more aggressive or do we say no? 00:54:25
There is some concern that that's not always going to be there, So what action are we going to take? 00:54:29
To help shore up the general fund. 00:54:33
With the other tool that we have which is proper device. 00:54:35
So this just gives you an idea of the model, what the model is looking at. 00:54:38
That we we see that. 00:54:42
With that relationship or expenses to us. 00:54:45
So now we. 00:54:49
Determine what we can do about it. 00:54:50
Especially if we consider our. 00:54:53
Countless we have. 00:54:56
What would be some? 00:54:59
The regular Catholic leads in 28th or 27th or 2031. 00:55:01
But we have a huge lead up for. 00:55:08
Perspective projects she. 00:55:10
Potential form on the student associated. 00:55:13
So really. 00:55:17
Are scenarios where. 00:55:19
Trying to help address that upfront meeting. 00:55:21
While looking at that service payments and the. 00:55:24
So you can see the 23 million up front. 00:55:28
That's the. 00:55:34
All right, jump to the next slide. 00:55:45
This highlights some of the other assumptions that we have. 00:55:47
Within the general fund or assuming a starting point. 00:55:51
With our with regards to our fund balance of $6.7 billion. 00:55:54
The CIP fund, that's. 00:55:58
For robust fund balance. 00:56:00
6 billion. Again, those are the starting points. 00:56:02
Position for the analysis and we see what happens to those we. 00:56:06
Apply these assumptions. Does it increase? Does it decrease? You're really dropping the targets. 00:56:10
We're continuing to transfer out of the general fund. 00:56:17
Another necessary amounts for you existing left service. 00:56:20
Account for that and then we're also layering on top of that. 00:56:24
The proposed debt service under. 00:56:27
Which is. 00:56:29
We're looking at a five year planet, Verizon. 00:56:33
Open about these sales or what athletes. 00:56:39
On. 00:56:41
You know this is our crystal ball is pretty. 00:56:44
The five years it gets. 00:56:46
Even more. 00:56:48
You know and. 00:56:50
So this. 00:56:55
70. 00:56:58
Now is that all completely unrestricted or is there? 00:57:00
Anything attached to that? 00:57:04
Now that. 00:57:06
Was already thought to be going somewhere else. 00:57:07
To other capital, I think it's all. 00:57:09
I said the team is unrestricted. 00:57:12
That's based off of budget. 00:57:13
I think it'd be quite anticipated if you. 00:57:17
Order so but. 00:57:20
I asked Jean and Christine about this. 00:57:23
Is the. 00:57:28
So right now in the. 00:57:30
Village RDA. There's about. 00:57:32
Two and a half million. 00:57:35
Of cash parked in there, that is. 00:57:37
Supposed to go towards the pay down of the 3.7 million of. 00:57:39
Of debt that's owned from the RDA into the city, the general fund and. 00:57:45
We think by the end of the RDA that those numbers will be really close to being able to retire and so. 00:57:50
When that's retired. 00:57:55
Does that. 00:57:58
When that's retired with that 17.6. 00:58:00
Then go to 21 million. 00:58:04
If it goes from restricted to unrestricted. 00:58:06
Or is it in that number? No. So that's 6.7 or 17 point. 00:58:09
Does not include that you would have our model. 00:58:13
Bring that in. 00:58:16
In our first meetings. 00:58:18
That in 2026 and then 5G period. 00:58:21
We get another two and a half million. We're putting that in general fund. 00:58:24
So we're showing them just come into that 6.7, but your revenue model is going to. 00:58:28
Include that, yes, it's not going to be a windfall on top of what we're looking at. 00:58:33
The scenarios that we presented. 00:58:38
Assume that that's what it happened everything. 00:58:40
Three Well 3.7. 00:58:46
So the 2 1/2 would be part of that 3.7, so it would be the additional. 00:58:49
1.2 is who? 00:58:53
Yeah, right now we have. 00:58:55
Within the general fund, there's additional funds. 00:58:57
We have. 00:59:03
Sorry I missed phones we didn't include. 00:59:07
The general fund balance we are preliminary to see if it. 00:59:09
Yes, but we also have. So we just included the 200. 00:59:14
We have some unrestricted fund balance. 00:59:22
Higher cost upsets Mondays from. 00:59:26
That sit around the street to funds. 00:59:29
Slide that shows. 00:59:36
Two and a half million plus 1.8 million of unrestricted tone balance the grants contribution of $1 million. 00:59:37
And the computing project. 00:59:46
And then we have one of the bond proceeds. 00:59:51
We give them money, so under each scenario there's a certain amount of proceeds that we're also infusing them into the capital. 00:59:55
Improvement Fund. 01:00:01
So all of those funds were layering on top of each other to adduccess scenario. 01:00:03
So if there's some. 01:00:08
Additional funds. 01:00:10
We should account for that as well. 01:00:12
So far, based off of what we've seen, we think it will be. 01:00:37
Yeah, we've had some discussions with Burex, something essentially said. Well. 01:00:42
Yes, that additional fundamentally we just start relying on it. 01:00:48
Alrighty, so with Prexworks. 01:01:00
As we look at those fundamental exists, what we're trying to do is keep our fund balance and generally about the 25% threshold. 01:01:02
So this is general fund revenues as? 01:01:09
We're essentially comparing the fund balance to your revenue stream. 01:01:12
We can maintain at least 25%. 01:01:17
As a threshold though. 01:01:20
The state actually allows you to keep up to 35%. 01:01:21
We've captured about the 25% actually that's analyzing. 01:01:25
That's that general fund time was serving there and on the CIP fund we're keeping it at. 01:01:30
4 million minimums or say let's not see that drop below 4 million. 01:01:36
Some of that has to do with. 01:01:41
Do you have? 01:01:42
Challenges associated with the CI. 01:01:45
Months of to get the last five years where inflation was so high like. 01:01:47
It became very difficult to build projects without having a. 01:01:53
A little bit of the fund balance that can help you to work those types of things here. 01:01:56
In addition, there are some projects. 01:02:01
Within the future then. 01:02:03
They require some cash. 01:02:05
So. 01:02:07
All right. So with regards to the financing options again the. 01:02:16
Two big projects there totaling almost $20 million of $23 million in the first year. So really this is the primary driver. 01:02:19
As I mentioned, we brought in the alternative funding. 01:02:28
Solutions as well, so there. 01:02:33
Project 5. 01:02:35
Unbalanced and other things folded all of. 01:02:39
Different what happens? 01:02:47
All right. 01:02:54
Bonding options that we're looking at is option A, which is a reduced bonding 6.6 million. 01:02:55
Quickly, both of these two. 01:03:04
Heard of these pretty quickly. 01:03:05
So option A baseline 6.6 million. 01:03:08
We're not doing anything to baseline. So we're certainly no transfers out other than the existing debt service. 01:03:12
No additional transfers to capital improvements. 01:03:19
That we're trying to isolate the funds and say, OK, if we do this. 01:03:22
How do these funds perform? 01:03:26
And. 01:03:28
Confirm independent of. 01:03:30
Each other. 01:03:31
Option B we increase the bonding amount and. 01:03:33
See what happens. So keep setting baseline scenarios and. 01:03:38
Assuming that does, under our assumptions, we're assuming a 20 year term. 01:03:41
4% interest rate and cost of issuance Cost of issuance the cost you pay to. 01:03:46
Financial advice are on the record. 01:03:51
On council. 01:03:54
The 4% interest rate, that's going to fluctuate and will depend on your security experience, whatever uses that backs up that. 01:03:57
Debt will influence that interest rate as well as where we're at market. 01:04:04
12% is. 01:04:08
Don't take it but. 01:04:10
Independently. 01:04:13
I was just going to add here, we'll have a much more in depth conversation about these options on the 28th. 01:04:14
With Fred's partner Laura Lewis. 01:04:25
And once we get that? 01:04:27
You know again, this helps you understand. 01:04:29
Trade-offs of these scenarios. 01:04:31
What they may mean? 01:04:34
Which I hope it forms us. 01:04:35
Discussion on the 28th and then once we have some better data. 01:04:37
We're plugged in on COD. 01:04:41
Is the 20 year term? Is that a standard term? 01:04:46
Yes, yeah, for, well. 01:04:49
Actually you could go shortly. So I was thinking well. 01:04:52
Yeah, so add. 01:04:59
25 years. 01:05:01
And to push that. 01:05:03
Integrated C30 year, well, I just wonder on 25, it seems like these are going to be 25 year assets, yeah. 01:05:05
And of course, it's going to bring her. 01:05:12
Yearly payment down and stretch it out as. 01:05:16
I mean, I would think City Hall is going to last at least 25 years and certainly the improvements we make at straight line would 01:05:19
be. 01:05:22
25 year assets, so. 01:05:25
If it was possible. 01:05:27
Is there? Is there a? 01:05:29
Downside to that? 01:05:30
I mean, that's something we can talk about with Laura too. I will say that we. 01:05:32
We umm uh. 01:05:37
Assumed in the construction of the lease that we were looking at a 20 year. 01:05:39
Term uh. 01:05:44
So. 01:05:45
Factors that we mentioned across the hall. 01:05:47
Like. 01:05:51
We looked at a 20 year time. 01:05:54
Right. And we're trying to make sure that we had a longer lease by about a decade than the bonds. 01:05:58
So that's a conversation I think want to have with Bond Council and before see. 01:06:06
What their comfort would be. 01:06:12
And. 01:06:15
One of the trade-offs, see. 01:06:16
That. 01:06:22
Interesting thing so. 01:06:23
There's trade-offs, there's expenses. 01:06:25
Large chunk of. 01:06:29
Some shorter duration. 01:06:30
Minimize that. 01:06:33
At the expense, but increase your. 01:06:34
Business payments. 01:06:36
At 10 million or even the 6.6 million? 01:06:38
And again this. 01:06:42
This is just information. 01:06:44
This gives it the realm of private placement. 01:06:50
Look at this government of the institution. 01:06:53
Would they like to see the current dimension so they don't mind the? 01:06:56
5 to $10 million range for. 01:07:00
Yeah, but they want to see it paid off in 1015 years. 01:07:02
So they don't like this. 01:07:05
Sit there there's, whereas the public market is OK, there's. 01:07:07
OK, so again, our baseline scenario is. 01:07:16
Based on these two options, assuming we take no action relative to certified tax rate. 01:07:20
We we conclude all those assumptions. So really we're just evaluating what happens to the general fund. 01:07:26
And the CIP fund based on the inclusion of all costs. 01:07:31
All of those assumptions and this content for these two standard years here. 01:07:34
Again, that's based on. 01:07:39
The budget, so it's taking your budget numbers and pushing those forward and adding these additional costs. 01:07:41
So under option A, you can see both of those. We start off with the net positive as we illustrate that paragraph, but it does 01:07:48
decline because. 01:07:52
Again, our revenues are not growing as fast as our expense and we're layering on. 01:07:56
A debt service payment. 01:08:01
So now we have new debt on top of the investing debt. 01:08:02
And that erodes your. 01:08:06
Your net revenues essentially and. 01:08:10
That point in 2029 and start to be. 01:08:13
To see. 01:08:16
Our fund balance so. 01:08:18
We don't go negative. 01:08:21
So we still have a. 01:08:23
Positive fund balance and you can see it commits below. 01:08:24
35. 01:08:28
CIP funds here we do have an issue because we're relying now on. 01:08:31
More on that fund balance because we're issuing less debt. 01:08:35
We have less project proceeds coming into that. 01:08:39
Scenario so that. 01:08:42
17. 01:08:44
$20 million of capital costs that we have for those two projects. 01:08:45
With only six and a half, $1,000,000 in bonds, we're using a lot of we're funded on this rate, but. 01:08:51
$10 million that fund downwards. 01:08:56
To come into play. 01:08:58
Plus the additional capital improvements that we have in the model and this isn't enough there. 01:09:00
So that's essentially what's happening on scenario A and scenario B we have. 01:09:06
Of a similar issue, except. 01:09:13
Here this isn't. 01:09:16
Right off the bat, intuitive, but our general fund is actually worse off. 01:09:21
And you would think why is that happening because we're getting more project proceeds, but. 01:09:27
What's happening is the general fund is actually covering more debt service because we've issued 10,000,006 million. 01:09:31
But that project proceeds, it's coming down below Mr. Capital Improvement Fund, so this is not quite as negative. 01:09:38
Because we've got more money on this side of the coin. 01:09:44
And so. 01:09:47
If it does a little bit better, you see IP fund. 01:09:48
That our general fund is what suffers because. 01:09:51
With that service payment. 01:09:53
Higher debt servicemen than. 01:09:55
So. 01:09:59
You know this. 01:10:01
This isn't intended to be. 01:10:03
Saying it's the. 01:10:05
Again, because I'm trying to. 01:10:07
Show the percentages it's going to be. 01:10:13
Big projects. 01:10:16
Part of this is to evaluate it from the lens, the status quo, right? Because we're using your budget as the starting point. 01:10:20
There is a little bit of. 01:10:26
Squishiness there in your budget. 01:10:28
With most entities across the state, it is a saver practice to. 01:10:32
Under project revenues and overdraft expense don't get into trouble. 01:10:36
Now, that doesn't always work, and there's circumstances that influence that. 01:10:42
And relationship. 01:10:46
But this perpetuates. 01:10:48
In this model, so it's keeping that status quo, it's saying what do we need to do to our taxation to keep that? 01:10:50
Now you can as a council, you can say, hey, we're going to recognize that and. 01:10:58
Figure out. 01:11:02
I think they look more aggressive. 01:11:03
This discussion didn't. 01:11:05
Maybe we. 01:11:08
Tighten some of those strengths up we. 01:11:09
That's always an option, but again, the more you type that. 01:11:12
The more you try to. 01:11:17
To make those levers and. 01:11:18
Can create risk. 01:11:20
That's really what we're trying to tell us, this stuff. 01:11:22
Status quo. 01:11:24
So based on that, again, we just don't have enough there to handle everything. 01:11:28
So now we look at solutions. What do we do about that? 01:11:32
So essentially what we're saying. 01:11:36
We're doing the models look at a percentage tax increase. 01:11:37
For revenue increase. 01:11:40
To make these work. 01:11:42
Under the 6.6 million. 01:11:45
I can jump to the next slide. 01:11:47
This shows that scenario so. 01:11:49
Again, we show what we're trying to do is hit our targets. That's the objective fund. 01:11:52
I'll also point out here. 01:11:57
You can see our target actually increases overtime. 01:11:59
So this is a little bit of a double edged sword because as you increase your revenue because it's percentage based, your general 01:12:03
fund balance actually goes up. 01:12:07
Dollar basis ever here. 01:12:11
If we're Peggy gets 25% of your revenue. 01:12:12
If you increase taxes and raise your revenue targeted on this. 01:12:16
So that's also something. 01:12:19
So you're raising revenue on revenue increase? Yes, exactly. 01:12:25
So some entities will say hey, we're OK and if. 01:12:29
That percentage drops a little bit or if we started at. 01:12:32
The Max of 35%, so 60%, but we're OK letting that drop to 25% recognizing that. 01:12:36
It's still increasing. 01:12:42
That's why the target. 01:12:48
Goes up and on fund balance. 01:12:50
Our CIP fund balance, we're essentially getting to a point where saying, OK, we're still relying on that fund balance. 01:12:52
As we're now transferring monies out of the Jone Fund to the Capitol Hill put funding because of the. 01:13:03
Tax increases that. 01:13:09
Let's raise rapidly. 01:13:12
Take that revenue. 01:13:13
Pay our debt service inflation and now start sending some of that funds to the company. 01:13:14
But the capital of prison fund destruction? 01:13:19
Yes. 01:13:22
Yep. So we're not keeping $17 million a day. 01:13:23
We are saying it's dropping, but we don't want to let it drop. 01:13:26
Below 4 million. 01:13:29
Wrap basically say we're going to take. 01:13:31
We're so. 01:13:35
This is what I'm saying. 01:13:37
We're going to bond for $6 million. 01:13:39
Right. Yes. 01:13:41
We're going to take. 01:13:42
We're going to take. 01:13:45
$7,000,000 or whatever out of the capital improvement. 01:13:47
Right up, right out of The Cave. 01:13:50
We're going to shrink that. 01:13:52
Yes, and then? 01:13:54
We're going to continue to use some of that fund balance. 01:13:57
And we'll chew into our fund balance if we don't have a tax increase. 01:14:00
To the point that by 20-30, we're down to our. 01:14:04
Minimum acceptable level. This is actually with taxes. 01:14:07
Ohh so if you go to the charts before. 01:14:11
Jump back to where we get into the we. 01:14:14
We're going to get negative. 01:14:17
So this is. 01:14:19
If we want to. 01:14:21
To achieve just in its which is yes. Still you want to achieve that crappy scenario and raise taxes. 01:14:23
How much does he raise taxes out of? Yes, if you jump to the next slide. 01:14:30
So. 01:14:33
Here we go. 01:14:36
So this is what we assumed. 01:14:37
Is a 10 1/2 percent increase. 01:14:39
Compounding. So it's. 01:14:42
Every year, yeah. 01:14:45
Every year, yes. 01:14:47
Yes. 01:14:49
Yes, so it. 01:14:51
They have $1,000,000 bond for. 01:14:53
That's like I was 70. 01:14:55
5000. 01:14:57
The European discs, so like we have. 01:14:58
And that's that's a one time. 01:15:01
Increase, not a Yeah, 10 1/2 percent increase. 01:15:04
On your. 01:15:08
Understand one. 01:15:12
So yeah, that's about $1,000,000 in. 01:15:17
Tax revenue. 01:15:23
That word? Umm. 01:15:24
Program against them tomorrow. 01:15:26
So then we say you go from. 01:15:29
Eight and a half, $1,000,000 of. 01:15:31
Proper tax revenue now. 01:15:34
It's quite utility. 01:15:36
Yeah. 01:15:39
You have, yeah, eight and a half million dollars of property tax. 01:15:42
That. 01:15:45
$15 million, so it is generating. 01:15:48
Yeah, quite a bit of new property tax revenue to offset debt service. 01:15:51
But that's only one. 01:15:55
So 1 component is the new debt service. 01:15:57
But the other is the. 01:16:02
If you look at. 01:16:05
The initial trading revenue growth and expense inflationary pressure. 01:16:06
So this is also trying to mitigate that issue that. 01:16:11
Our revenues are only going to grow at 2 1/2 percent or as our expenses are going to grow in. 01:16:15
4 1/2 percent. 01:16:21
Primarily due to. 01:16:22
With public safety, yeah. So it's filling back gap as well. 01:16:24
In addition, it's filling the CIP. 01:16:29
So there's all of those variables on top of each other. It's not just, we're not just saying. 01:16:32
How much will we need to generate to cover? 01:16:36
The 400, the 500,000 data service or how much if it's? 01:16:39
800,000 debt service that is 1 component of this. 01:16:43
In other words, absent. 01:16:47
Absent doing the projects. 01:16:49
And all that. What? What would that send the answer to? 01:16:51
Likely end up being the key. 01:16:53
If we pulled out the project. 01:16:55
And if you this is what we would be doing every three years, yeah. 01:16:59
If you can't do math in public, that's something we could do for. 01:17:02
That was my favorite question. 01:17:07
Again, it's not just those projects. 01:17:30
But yeah, I mean, you have to take status quo, status quo plus, yes, status quo plus of projects still being slowed down. 01:17:35
So this is really to help. 01:17:44
The Council understands that there are multiple factors that engage the General Fund. 01:17:46
And often we get blinders on say, OK, we want to build this project and we need. 01:17:51
$500,000. 01:17:56
$800,000. 01:17:58
That is 1 component of the general fund. 01:18:00
The other proponent is your inflationary pressure, as well as all of the other capital permits that you need to construct. 01:18:03
So we're trying to take it from. 01:18:09
This that narrow view of this project say OK, what are all these other variables? 01:18:11
That should help with the decision. 01:18:15
Process, and especially as you're considering. 01:18:18
More or less that. 01:18:21
We want to issue more debt. 01:18:23
What are the trade-offs that were left? 01:18:25
While keeping in your mind you should always be chewing on this fact that inflation is going to be your enemy right as we move 01:18:30
forward, that inflationary pressure is always there. 01:18:34
And so why do we, how do we think about taxation as a result and following us. 01:18:39
Again, we're not saying this is what you have. 01:18:44
You need to set a policy for tenancy. 01:18:47
Keeping that status quo under these assumptions. 01:18:50
You need to do something. 01:18:53
Because you have to battle inflation and your. 01:18:54
Anticipate this is a yes, yes if if we wanted to achieve this and again we can. 01:18:58
We can create additional scenarios. We can choose sales tax growth and say, hey, that's too low. What do we think here? 01:19:05
But this is giving you some. 01:19:12
Some of those numbers so you could understand the magnitude and the challenge associated. 01:19:13
So yeah, take away this. 01:19:20
Go on tomorrow and raise your taxes so every year. 01:19:23
It is a big number to cover all. 01:19:27
To say if we want to cover all inflation. 01:19:30
If we think revenues are going to decrease. 01:19:33
And we want to build those projects. 01:19:35
It's not easy. 01:19:37
To do all of those things. 01:19:39
So maybe for the 28th we could look at and I'm actually thinking maybe yes. 01:19:41
Stacking chart of the 10% what? 01:19:45
What is just baseline? 01:19:49
And then what is? 01:19:51
The cost of the projects in each of these scenarios just to help you with the margin impact of. 01:19:53
Yeah, yeah. 01:19:59
And then we could also look at. 01:20:01
The impact of just changing that sales tax from if we went from 2 1/2. 01:20:04
6%. 01:20:09
What does that mean? 01:20:11
Just to give you a sense. 01:20:12
I was playing around with that percentage and some of these things are brand. 01:20:13
You do have to rely. 01:20:19
In order for that to be the savior. 01:20:24
You would have to say more than 6% sales tax instead of. 01:20:26
Yeah. 01:20:31
And then we could also look at what a few P. What about those public safety increases if they were more than 7%? 01:20:34
Yeah. 01:20:46
You just be most upset just to put that into context. 01:20:47
And your. 01:20:50
If you're historic growth rate for. 01:20:53
Law enforcement. 01:20:57
Was eight point. 01:20:59
3%, so 20. 01:21:00
19/20/24. 01:21:02
Those expenses written by 80.3%. Again, there are so many. 01:21:05
7 So we're a little closer. 01:21:12
No. 01:21:25
Again that. 01:21:48
That highlights the. 01:21:49
Some of the issues right It's if. 01:21:50
Where maybe we're too conservative on the revenue, but we could say the same. 01:21:52
And that would. 01:21:55
OK. So yes, we whenever we present these scenarios, there's definitely sticker dog. 01:22:00
And the idea is to. 01:22:06
Narrow in on what we think is most important. 01:22:08
Established priorities and. 01:22:10
Adjust some of those stairs. OK, what are we comfortable with and. 01:22:14
What are we going to reliance? 01:22:16
The next area isn't much better, but it does help a little bit to issue more debt. So this gives you an idea of. 01:22:20
Some of that magnitude. 01:22:28
This transactions projects. 01:22:30
Again, we're achieving the same. 01:22:33
Trying to achieve the same elements here. 01:22:34
But what the? 01:22:37
Or the bond does. The higher bond is it does allow us to shave off. 01:22:38
1 1/2 percent. 01:22:42
To those numbers so we're able to. 01:22:44
Used more project proceeds out of the debt service. 01:22:47
And that requires less revenue generation on the property cap side. 01:22:50
So we have more debt, but we transfer less money into the CIP fund because within. 01:22:55
Now we commend ourselves 20 years of. 01:23:01
Favorite Brandon cash pump for that so. 01:23:04
That's really one of the biggest tradeoffs as you talk about. 01:23:07
The duration of the debt and the magnitude of that debt. 01:23:11
Is. 01:23:15
Who's going to pay for that and how long you can? 01:23:17
Can you go back to the slide prior the? 01:23:20
And so this one. 01:23:27
You'll see starts at about 13 million. 01:23:29
As opposed to 10 million so. 01:23:32
Preserves more. 01:23:34
Of your capital improvement fund balance. 01:23:36
But it doesn't change. 01:23:39
Yeah, it doesn't change timely. It just changes it from 10 1/2 to 9%. Yeah, we're still achieving this. So these scenarios achieve 01:23:41
the same objectives, Yeah. 01:23:45
So if we're not changing our. 01:23:50
Our target. 01:23:51
What happens if you stroll? 01:23:54
To the next slide. 01:23:55
What what happens is we generate less impact the. 01:23:57
End use of the taxpayer. 01:24:01
Under option B. 01:24:03
In the short term. 01:24:05
Again, we're committing them to more. 01:24:06
Death in the long term. 01:24:08
But we reduced that short term impact and now we transfer less. 01:24:10
Out of the. 01:24:17
General Fund. 01:24:18
Because the CIP fund. 01:24:19
That bond produce and also a million the general fund. 01:24:21
Doesn't need to generate as much. 01:24:24
And because of that, we've been using the. 01:24:27
Project proceeds to embed. 01:24:29
So. 01:24:31
I mean, the one thing he could do there, I mean, because. 01:24:32
If I could see where Emily was going with her comment. 01:24:36
Really, we're going to go out for truth in taxation every year. 01:24:39
It's like that's. 01:24:42
It most likely it's going to be. 01:24:44
A policy statement where we. 01:24:46
Look, we're going to have to go out for 20% tax increase in 2028. 01:24:49
And then in 2031, we're going to have to go out for another 25 or 30% tax increase. 01:24:53
We just have to, even though we can't find a future council. 01:24:58
Happy. 01:25:02
Yeah, well, we're making them think really hard. 01:25:04
Really awful decisions down the road right about. 01:25:08
So it's an obligation. 01:25:12
No, no. So that that idea of doing. 01:25:18
11 time or. 01:25:21
Or they're saying, OK, let's do something now and then wait a couple of years. Many of these. 01:25:23
Say let's, but it's a pretty significant. It becomes pretty. 01:25:28
Yes, yeah. So those are percentages as you spread them out, become larger percentages. 01:25:31
So a lot of entities have had many entities. 01:25:37
Establish their policy to go through the truth and taxation process. Members loser. 01:25:43
But they tie it more to a CTI as a 3% or if it's not. 01:25:48
Yeah, 10%. 01:25:53
Yes. So they'll say, OK, we're going to. 01:25:55
We're going to have. 01:25:58
The property tax types of inflation. 01:26:00
So that we go through student taxation every year. 01:26:02
And then strategically make decisions on. 01:26:04
Larger increases, they said. Well, maybe we do an upfront increase and then do inflationary increases thereafter or? 01:26:08
Establish a policy around. 01:26:14
More frequent truth attention. 01:26:17
Procedures so. 01:26:20
Again, that's one of the main benefits I think to these types of discussions. This model is to understand the impact of inflation. 01:26:23
And. 01:26:31
How that influence in general fund? 01:26:32
Because I think most entities will. 01:26:34
Let their property. 01:26:38
Safe as it's, we did that. 01:26:40
Yes, that is fine if your. 01:26:43
Sales tax revenue continues to. 01:26:46
And. 01:26:49
And that works. 01:26:51
For a lot of years, that sometimes does. 01:26:53
So again. 01:26:55
One of the. 01:26:58
One of my clients, Ogden City. 01:26:59
We've gone through this process several times. 01:27:00
And they've started a policy they actually adopted. 01:27:03
Taxation policy, that's. 01:27:08
And inflation exceed. 01:27:11
So they just, they're not binding future councils, but the policy says we're going to increase every year based on. 01:27:13
They have a formula that's tied into two entries. 01:27:20
And you have to take action to prevent it from. 01:27:23
Essentially, but then if it goes above that metric. 01:27:26
That's a real indication that it's a taxing. 01:27:30
That you're asking for more than what inflation is covering. 01:27:33
So yeah, if they need more than that inflation. 01:27:37
Then there's a way to justify it because of XY and Z. 01:27:40
That we're going above that calculating. 01:27:44
Increase umm. 01:27:47
I think most people, whether we like it or not, again, I'm speaking out as a taxpayer. 01:27:51
I'm a little bit more of an informed taxpayer base on my job. 01:27:56
This idea of inflation, I mean, it makes sense, right? 01:28:02
Everybody understands inflation, especially in the last. 01:28:05
Years so. 01:28:08
The entities that have done these types of studies and established policy. 01:28:10
I'd say, hey, it's just an inflationary person. 01:28:14
Taxes don't go up. 01:28:17
But 99%? 01:28:18
Don't understand that Pete has. 01:28:20
Policy doesn't secure and it really has to do with the certified tax rate counting. 01:28:22
Appreciation. 01:28:26
Does result in new revenue. 01:28:28
Which is what are the equipment CPI I'm assuming, as well as indexes. What is the other thing that they face? So there's a. 01:28:30
They use the Western. 01:28:37
Consumer prices next will be the cost of next. 01:28:40
There's there are several indices that you could look at and they're all a little different. The fast. 01:28:43
Yes, so. 01:28:51
If you have a. 01:28:53
Pretty intensive pro forma that's relied to capital or reliant on capital costs and construction costs to next it would be a 01:28:54
factor that is going there. 01:28:59
In the general fund where you're. 01:29:03
Heavily relied upon. 01:29:05
Music costs and employment basement. 01:29:06
Expenditures. 01:29:10
That consumer price events of the municipal cost events would like the better variable to utilize. 01:29:11
Inflation, but. 01:29:18
Again, the idea here is. 01:29:19
More bonding I guess my conclusion from this analysis is. 01:29:24
More bonding. 01:29:28
Does alleviate pressure? 01:29:29
In the short term so it fuses this. 01:29:31
The Capital Improvement fund. 01:29:34
With revenues upfront? 01:29:36
Which reduces the impact of the general fund. Now the general fund doesn't have to produce that revenue or identify that revenue. 01:29:39
You're advertising that impact over a longer period. 01:29:46
That can be beneficial. 01:29:51
We perceive our. 01:29:53
Our capital. 01:29:56
Horizon, if we see it as a mountain, essentially, if we look at it and say. 01:30:01
I think it's going to go really tight, then it's going to go down. 01:30:05
To go back a couple of slides. 01:30:08
To that time. 01:30:12
CIP. 01:30:14
So this is. 01:30:25
This is beneficial to me. 01:30:28
When we do these types of studies when I see this. 01:30:30
This is a candidate for death. 01:30:32
Right, because. 01:30:34
We have a huge mountain of expanded significant unrest this very young fear 1. 01:30:35
Take all that off. 01:30:40
Emphasized over longer period, he said. This slide being here, maybe it's up here. 01:30:41
But it's much more manageable. 01:30:45
That doesn't work if we were to anticipate. 01:30:47
Capital costs up here for multiple years. 01:30:51
Or you you had a deficit even at this level, so you need to actually bring your taxes up to cover your baseline here. 01:30:54
Something like this is a good candidate for bonding. 01:31:03
Again, because we amortize that impact. 01:31:07
Impact of her, but I don't think it's just the nature of the assets or by the nature of the assets are long term assets. 01:31:09
Benefit or citizens benefit from disasters over the long term. 01:31:15
Should be paid for by citizen taxes over the long term as opposed to thing with. 01:31:20
Current fund balances of current citizens, yes. 01:31:24
That really should be in place for paving roads. 01:31:26
The current maintenance project. 01:31:30
I mean his. His. 01:31:32
Part of the. 01:31:34
Fundamental decision here, whether we bond for 6 million or 10 million. 01:31:35
Yeah, I mean, I think. 01:31:39
The last discussion the Council had, there were two schools of thought. 01:31:41
And for a while we had names associated with those two schools of thought. We just moved to A&B. 01:31:47
To simplify the the conversation. 01:31:53
But that was a real kind of fundamental trade off. 01:31:56
Or the other option should be dialed. 01:31:59
Absolutely, that's always an option. 01:32:02
That's, I mean, regardless I think. 01:32:04
Yeah, I think that's a discussion that could be had. 01:32:09
Because I. 01:32:13
That troubles me. 01:32:15
What I'm looking at troubles. That's why they need to look at large. 01:32:17
These type of projects. 01:32:22
Really know the impact. 01:32:25
Projects are. 01:32:26
Relative to what we're already building again. 01:32:27
Everything else. So the stacking thing. 01:32:30
Yeah, because this. 01:32:33
But I'm not sure. 01:32:36
Why we would? 01:32:38
Not choose the. 01:32:40
The 10? Absolutely. 01:32:41
Option B. Why would we not choose that one if? 01:32:43
It's going to bring down the. 01:32:47
Potential tax increase down the road and it's going to preserve more fund balance because. 01:32:48
We do have. 01:32:53
I mean, I don't want to just build excessive fund balance, but. 01:32:56
We do have. 01:33:00
As you and I'm not sure if we got to it yet, I hope I'm not getting ahead of. 01:33:01
Ourselves here, but. 01:33:05
You know, we've got. 01:33:07
The Walking path. 01:33:08
Interactive path on 2/15, right? 01:33:12
And Thailand drive project. 01:33:16
And who knows what other elementary schools are going to close? 01:33:18
You know. 01:33:25
5%, which is not really that they're parking. 01:33:27
Right. And so you want some. 01:33:30
Do you want some? 01:33:34
Flexibility to be nimble and not be not be put into a corner. 01:33:35
From a negotiation standpoint, so. 01:33:41
I'm not. I would rather just start focusing, you know? 01:33:44
On that option for the 28th and then whatever else we want to mix in there. 01:33:48
Yeah, that was kind of our discussion. 01:33:54
As we looked at these scenarios. 01:33:57
Saying. 01:34:01
As you described, it's. 01:34:04
More understanding that. 01:34:05
With the impacts of the two options. 01:34:07
And its implications on the General Fund. 01:34:13
In potential if there were to be tax aid. 01:34:16
Whether those scenarios? 01:34:21
And while considering the future. 01:34:23
So our last slide does show. 01:34:26
Those elements relative to. 01:34:28
Some of the additional considerations, we didn't put a lot of data here, but. 01:34:30
And those two points. 01:34:34
You've got your Highland Dr. reconstruction works facility and potential for a public works facility. 01:34:37
So. 01:34:42
Drawing down your fund balance. 01:34:44
Now. 01:34:46
May create some challenges as your approach for these constituents. 01:34:47
So, uh. 01:34:51
I guess. 01:34:53
As an outsider, again, I look at it as you're going to issue debt. 01:34:54
To that magnitude. 01:34:58
You've got some substantial capital investment. 01:35:02
We had crystal ball and we should say, you know what, interest rates. 01:35:07
In the future, for most views less than what they are now that. 01:35:10
Do less now on issue more than. 01:35:16
Down the road. 01:35:18
But we just don't know. 01:35:20
There's always the options. 01:35:23
I think that is a good summary of. 01:35:28
What's the big side of the grounds? 01:35:32
Option A and option B. 01:35:34
This helps you understand. 01:35:35
Probably familiar with, yes. 01:35:39
Yes. 01:35:41
If we refund those parts. 01:35:42
And sometimes we pay for that option. So that's something we'll talk about on the 28th as well. 01:35:46
Up front, how comfortable are we with the? 01:35:52
Revenue and expense models. 01:35:56
I mean, it seems to me like the revenue model. 01:35:59
It seems like a worst case scenario. 01:36:01
And I don't want to. I don't want to. 01:36:06
Had the statistics. 01:36:08
But I want it to be. 01:36:10
Like where we feel comfortable. It's realistic too. 01:36:12
I would say it's the worst case scenario. 01:36:15
We would push up the expense. 01:36:17
But it's conservative. But it's very conservative. 01:36:23
Relative to regular space rate. 01:36:27
We're at 2 1/2% of sales tax. 01:36:30
Pretty festive growth from the public services. 01:36:33
Public safety operas store it. 01:36:36
I don't have a problem with Derek. 01:36:39
I don't think their expense. 01:36:40
Projections are. 01:36:43
Yeah. So it's. 01:36:44
It could be. 01:36:45
You can see more. 01:36:48
Sales tax equipment. 01:36:49
Than what we're projecting. 01:36:51
And again, we're using budgeted expense. 01:36:53
Revenue. So it is there's a cushion in the. 01:36:56
And you've if prior budgets. 01:36:59
You will have seen. 01:37:01
Transfer. 01:37:03
For your revenues, exceed those expenses and transfer the CIP fund. 01:37:05
And funded capital cost saving. 01:37:10
And just for perspective, that's been significant for us for the last several years like in the million? 01:37:14
Plus dollar for the last. 01:37:21
Several fiscal years. 01:37:23
But in terms of looking forward. 01:37:26
Who knows? 01:37:31
And so we chose to make to be pretty conservative in these assumptions. 01:37:32
2 1/2% for sales tax historically. 01:37:37
Sales tax growth at that level. 01:37:41
That at one point would have seemed pretty aggressive to me. 01:37:46
But the last? 01:37:51
Six years have been we've just seen huge increases. 01:37:52
I keep thinking that. 01:37:57
Yeah. 01:38:04
I think you're right. 01:38:08
Yeah, I think you're exactly right. 01:38:10
But going back to. 01:38:12
Trader Joe's. 01:38:13
So. 01:38:15
But do we have? 01:38:23
So clarifying so we will get. 01:38:25
$289,000 of additional tax and then? 01:38:28
Once it goes past that, then we have to. 01:38:31
Share the increment. So beyond that, we're not going to get much inside 2030. 01:38:34
Is the 289. 01:38:39
In the model. 01:38:41
Let's see right now. 01:38:42
Let's see what the 290%. 01:38:44
And especially 23 years, 13 years out on this computer. 01:38:49
Visitor understood. 01:38:52
Is that how that works? 01:38:55
I don't think we went that far in terms of the model. I think we ended at 2031. So 2 1/2 percent increase in sales tax is. 01:38:57
$550,000 up to 70. 01:39:06
1000 New cell sex relatives. 01:39:09
We didn't parse that out say where it's coming from. 01:39:12
Yeah, it doesn't change the. 01:39:15
Historically, it's a lot of money, but it's not significant towards the percent. 01:39:17
Yeah, but. 01:39:21
Pre 2018 and to see what the average was because. 01:39:29
I think these are. 01:39:33
The whole public. 01:39:34
Yeah. 01:39:37
Yeah, time we did this. 01:39:40
In 2020, I think our public safety line item was. 01:39:43
6% if I'm remembering correctly. Fred. 01:39:48
We just. 01:39:52
We've seen greater increases than we had. 01:39:54
Planned on well, we already. 01:39:57
Are anticipating. 01:40:00
Another issue with UPD this year because. 01:40:02
Salt Lake City just. 01:40:05
Put a big bump in there. 01:40:07
Pay rates again. 01:40:10
And that drives the market as then? 01:40:12
It just hasn't stopped. 01:40:15
I've been against several. 01:40:17
Salaries all of the other entities. 01:40:28
Either they lose staff or they not. 01:40:30
Yeah. 01:40:39
You can follow their plan. 01:40:42
Yeah, there's some weird market pressures going on here. 01:40:44
In terms of next steps. 01:40:51
I think. 01:40:53
We have some ideas of what we want to do for. 01:40:54
For umm. 01:40:57
The 28th. 01:40:58
That stacking, What does our model assume about? 01:41:00
Regular inflationary growth in property tax needs. 01:41:04
Without these projects and then. 01:41:11
With anything else? 01:41:13
Unless we went down 2013, you know, if we take it out to the 20. 01:41:16
Or at least the. 01:41:22
I mean, does that is that material as we're getting 75% of the tax? 01:41:23
I mean, I don't know how. 01:41:29
And Fred, I'd be interested in knowing what you feel like the accuracy is past 2031. 01:41:31
There would just be a lot. 01:41:43
But I think. 01:41:51
This idea of saying, OK, what happens if we. 01:41:52
Group of projects. 01:41:55
Look at inflation we could show. 01:41:56
Given higher sales tax. 01:41:59
And that should help give some. 01:42:02
In bookends this discussion, so it's OK what are being. 01:42:06
Comfortable with what we. 01:42:09
What sort of policies, if any, do move on and talk to these? 01:42:12
Again, we're not suggesting. 01:42:15
Many of these take the information, say OK, watch. 01:42:17
Over the next year and. 01:42:26
Distract. 01:42:29
See what happens. 01:42:31
That wait and see approach can be challenging because if you give idea called and. 01:42:33
So we just have to get higher to build. 01:42:37
So hopefully. 01:42:41
By building the scenarios we can actually get into. 01:42:43
Does the. 01:42:45
The 19.9 million. 01:42:47
Does that account? 01:42:53
For the current. 01:42:56
Earmark. 01:42:58
Or is that that of worst case scenario? 01:43:00
So we're assuming we're going to get that, but. 01:43:03
Umm, so we'll be applying for TRCC, but we can't? 01:43:06
Include that there because that's too much up in the air. 01:43:10
But that so that 19.9 is we're going to get that 1.7. 01:43:14
And we'll have some ways of looking at that as both projects together. 01:43:18
Brad, I'm wondering if you want to just touch briefly on the debt structure bullets there? 01:43:27
So. 01:43:34
Just to make this even more. 01:43:36
Their options for later time strike. 01:43:40
Itself and. 01:43:42
You can capitalize interest for example, where you take if you would have paid and rolled into the debt, don't have to pay. 01:43:44
That and it changes that. 01:43:52
Superhero pushes out. 01:43:54
Some of that you could also structure the debt so that it's back loaded so it can have that expiring. 01:43:57
Even less papers up front. 01:44:03
Higher payments and tail end. 01:44:05
To line up. 01:44:08
Inspiration and resisting that service right now your. 01:44:10
For example, your existing 2020 data service fees in 20-30. 01:44:14
And then your 2022 dad, it's 23rd forward. 01:44:21
So you have. 01:44:24
You know, if we're looking at a 20 year end of debt. 01:44:26
You could structure it such that the. 01:44:28
And you have the larger blue payments, the tail end. 01:44:32
At the expiration of those. 01:44:38
Also. 01:44:40
There there could be an understanding that. 01:44:41
We if the market allows you to refund that. 01:44:43
Where you get to deliver the payments and spread the. 01:44:48
So there are options there to get creative. 01:44:51
Hilarious. The queen of creativity. 01:44:54
These are some elements that you can talk about. 01:44:56
On the 20 inch budget. 01:44:59
That's something to think about. 01:45:01
Maybe that helps in this scenario. 01:45:03
Relative to tax increases. 01:45:06
We can change it, change that 9% notice that would change. 01:45:09
Yeah. 01:45:13
My recollection when we look at this first time is we. 01:45:14
We were going to smooth it to that 2032 number so that our cash flow rate constant. 01:45:18
So these bond payments would be. 01:45:24
300 whatever it was 300,000 here and then they would go, yes, the 600 will then, but it smooths the cash flow. 01:45:26
Yes, yes, this, this help that would help us. 01:45:33
Yeah. 01:45:36
Expression 0. Havens for 10 years. 01:45:39
Must be. There are some. 01:45:42
Suffolk. 01:45:50
Yeah, what we're talking about here, you're going to have. 01:45:52
Haven up front, but. 01:45:54
To change that. 01:45:56
That duration. 01:45:59
Some other thought. 01:46:00
It's been everybody's son from this book. 01:46:02
City Hall to me seems like. 01:46:06
Who's the local size of big enough? But that's kind of like. 01:46:07
Anonymous. 01:46:10
As far as Sprint and then goes, I don't recall what. 01:46:12
It might be nice to have. 01:46:15
Here like this is this is this was figuring what was the? 01:46:18
The dollar. 01:46:21
Assuming for spring less. 01:46:23
I think 10 million of this and seven. 01:46:25
And so I. 01:46:28
Yeah, so so on the Spring link. 01:46:29
Yeah, yeah. And so we had some awesome. 01:46:39
Some options with more wish list funding than not. 01:46:45
And we can have those for you. 01:46:49
It looks like you're. 01:46:55
So it's really good experience, so. 01:47:02
Robust growth. 01:47:05
And I actually just. 01:47:10
It's up. 01:47:13
I was looking at sales tax. 01:47:14
The average sales tax growth we saw from 2013 to 2019. 01:47:16
It's like 63%. 01:47:20
Per year so. 01:47:22
But when did we start getting the? 01:47:25
You know, for deliveries September of 2019. 01:47:27
Team is when it went into effect. 01:47:31
Then in 2020 and. 01:47:35
21 and 80. 01:47:37
And the pandemic? 01:47:39
Yeah, yeah. 01:47:44
That's what I'm interested in. 01:47:51
Than to think it's more and. 01:47:54
Like we've captured all the. 01:47:56
The opportunity has been captured in terms of the. 01:47:59
Well, maybe not based on my own, but. 01:48:03
Seems to be just going up and up. 01:48:05
Pretty much zero and then. 01:48:17
24 was the three person. 01:48:18
Yeah. So short term, excellent. 01:48:20
Yeah, I think you have to look at the last two years to get. 01:48:23
The realistic. 01:48:28
Yeah, that's what led us to. 01:48:30
When I look at that. 01:48:32
2324 for me. 01:48:33
Slowing down. 01:48:36
If you did have really. 01:48:39
But again, this is. 01:48:41
This is trying to make the economy. 01:48:45
She's partly. 01:48:51
Who knows? 01:48:59
We'll in our model. 01:49:01
We'll look at showing. 01:49:03
Impacts just from inflation. 01:49:05
Take out projects. 01:49:07
What does the general fund look like? 01:49:09
And then we'll also show higher. 01:49:11
6%. 01:49:17
What does that do? 01:49:23
To that scenario. 01:49:24
This is so helpful. It's like a it's like a financial planner helping you know where. 01:49:27
I'll prepare the additional scenarios. Think of anything else as to. 01:49:49
Pondering about. 01:49:53
These decisions. 01:49:54
Send those to Gina and we can. 01:49:56
Creates an additional scenario analysis. 01:49:58
We all work hard. 01:50:01
On our side relative to. 01:50:02
Upon exteriors, different feedback going to the structure. 01:50:05
And I think we'll both be here on the 25th. 01:50:08
More about the tab that I can be. 01:50:12
2nd. 01:50:14
And present the additional. 01:50:18
Comments. Sensitivity. 01:50:20
Some point on sales staff, yeah, that's what's the impact. 01:50:25
Yeah. 01:50:28
We'll just keep taking the sales tax number up until we like. 01:50:31
But also we can. 01:50:37
Yeah, OK. 01:50:47
Understanding studies also have the UFS a piece where we don't. 01:50:49
Right. 01:50:52
And in 2020 we we tried to do an apples to apples comparison. 01:50:54
A little challenging, but we put something together. 01:51:00
Yeah. 01:51:04
And I feel like I'm really tired. 01:51:13
We went to Idaho for a family trip. 01:51:17
It's emotional about our number. 01:51:27
Thank you. Thank you, Thank you. Appreciate it. 01:51:40
Good. 01:51:45
Morgan Yes. 01:51:49
Yes. 01:51:51
Thanks so much. 01:52:10
I think we're on grants. 01:52:13
Holly. 01:52:17
Much better. 01:52:20
I hope that was helpful. 01:52:22
And. 01:52:25
And. 01:52:51
I thought I'd start by answering this question. I think this is a question, LeBron. 01:52:57
And the simple answer is. 01:53:04
Because when you have Piper grants, it frees up underneath projects and you make a fluid projects that other. 01:53:06
And as we were just talking through the model with Fred. 01:53:13
We have a lot of needs and services and programs that. 01:53:17
For every granddaughter again. 01:53:22
Essentially, and we have a responsibility to our residents. 01:53:25
To try and get. 01:53:29
And through the resources that they're creating, essentially discipline. 01:53:30
So this is our Steam share. 01:53:35
Definite weekend. 01:53:38
We go to the psychic. 01:53:40
This next slide. 01:53:43
Highlights our group. 01:53:44
So when I started working for this city, need for tickets? 01:53:46
There were four of us. 01:53:51
Together. 01:53:53
Basically like half of our. 01:53:55
Are now contributing to our current. 01:53:57
So our court scheme includes John Christian, Jeanette. 01:54:01
But in their staff team is much larger. 01:54:06
Now we have. 01:54:09
Take an end and Bartley University Justice to for Kerry Marsh. 01:54:11
To avoid all suggestions. 01:54:15
So we have this. 01:54:17
Big team now that. 01:54:19
Near yesterday. 01:54:21
At the base of our houses it seems to take laser, so we have three more new postal word. 01:54:24
And the free award is what most people think of when they think of print writing. 01:54:29
So writing the application. 01:54:32
What we are really good at doing is we not only think about getting the money, but then strategically. 01:54:35
Kitat is just as informed as taking money as we just shared in between. 01:54:41
Efficient defining. We have staff resources to carry out. 01:54:46
Project and we have several steps that we follow. The steps are aligned here. 01:54:49
And a couple of them are kind of various. So in the beginning when we identified projects and fund sources, they're kind of 01:54:54
they're kind of influencing each other. 01:54:58
And we draw their projects from a variety of sources. 01:55:02
So every year we're even having a retreat. You can identify your favorites. We don't get that. 01:55:05
We look at our big CIP list, we look at the general plan, we look at the studies and. 01:55:09
All the other things that we have. 01:55:13
Better resources for projects and we try to align. 01:55:15
Sometimes the gravel climbing and it entaces us to get a project idea that they're in right. 01:55:19
Gina always comes to council work. 01:55:24
So you make sure we get approval from the green application and once we have any decision. 01:55:28
We get together as a staff team to decide how we're going to do one of the project. 01:55:32
And then at the end of the project we get back together. Very difficult. 01:55:37
To discuss. 01:55:40
On the public grants, we decided we don't want to get there again and. 01:55:41
We learn thesis as we go through processes so it helps us a better job. 01:55:45
And then our staff team. 01:55:51
Theory having regular checklists through today's year. This is aligned with our Facebook. 01:55:52
And in the end of the. 01:55:57
So we're talking a couple of things in your function. 01:56:00
Please. 01:56:05
These are our stats over the last 14 years. We. 01:56:07
Then you want to get 15. 01:56:11
$52.6 million I think the last time I was here to participate in 15. 01:56:12
And I'm hoping we can get up to the 60 next year. 01:56:16
So we keep pushing up and we have a really good success rate. 01:56:19
And Speaking of the consultant, every day we just. 01:56:22
Fair pay. They have a 30% success rate. 01:56:25
Our success rate is really high. 01:56:29
If we don't go out during equity, we make sure we have. 01:56:32
So that's why our success rate is so high. 01:56:38
And we have a good grant rating team, everybody mayor, producing quality applications. 01:56:40
And of that vacation .2, we're only 80 to 10% coverage. So that again is. 01:56:46
Leveraging the resources and have to get along. 01:56:52
All right. Next slide highlights a couple of projects we've recently completed. 01:56:56
And, umm. 01:57:00
Joe Bolton was the DC Services city engineer. 01:57:01
For the implementation. 01:57:05
And they have their new. 01:57:07
Biplanes on Message Blvd. 01:57:09
And the fill in projects which? 01:57:11
Stop sleeping, expanding our bike, kind of everything that's our carrying the active bus. 01:57:15
Your beating. 01:57:20
So that. 01:57:22
And the next site we have. 01:57:24
Yeah, 25 projects. We just got another printing board yesterday, so this is outdated. 01:57:27
So we have 24 which actually research related to 1552 point 4 million. 01:57:32
And these projects range lots of different categories. So we do do capital look for events, but we also do studies. 01:57:37
We also have some boundary program. 01:57:43
Operational funding that helps us do some days and we'll talk about minutes. 01:57:46
But the grants that we have right now? 01:57:50
The thing? 01:57:54
19 point $100. 01:57:56
A grants that already have. 01:57:59
We go to the next step. 01:58:03
So I'm just going to go real quickly. 01:58:05
Through some of the projects that. 01:58:07
And we are continuing to fill in. 01:58:11
Two grants that were leveraging together to complete cycle. 01:58:15
Excited about 400? 01:58:19
In City Hall is for renovating still payment grant to use system. 01:58:21
We're getting some rebates to rocking on the tower. We have some other grants that are putting in and we'll talk about in a bit. 01:58:27
That are released that project. 01:58:32
And we're optimizing the signals that maintain intersections. So if you've ever driven down a road and you feel like you're 01:58:34
getting every red light. 01:58:37
We're trying to set. 01:58:40
So that things are coordinated. 01:58:42
And there's a huge. 01:58:44
Fuel savings for the system is like 25 talents. 01:58:45
So this is something that. 01:58:50
Not only benefits capable of driving experience, but actually. 01:58:52
To the family and probably. 01:58:55
Next slide, please. 01:58:58
Signal is 1. 01:59:00
Immediately. 01:59:03
And we're working with you down on that. 01:59:07
I'm having. 01:59:15
We have 3.6 million. 01:59:19
For the design and right of these acquisition phases? 01:59:21
Project and that is really important to me because when we start to. 01:59:25
Address in the spaces and actually. 01:59:30
Dollars. So we are actually starting the vegetarian pattern. 01:59:33
I think an environmental study underway. 01:59:37
And we're going to keep moving. That's right. And this is thanks to Senator Curtis and. 01:59:39
Writing of it. 01:59:44
Just get 20. 01:59:46
And then thanks to Mayor Dally, we got an addition to 1.23 million to your hospital, 488 between President Ford. 01:59:47
And that money is? 01:59:55
Right now in the construction base and you can see we have quite hits upset. 01:59:57
And this is going to be a focus in the next. 02:00:01
Just trying to close that. 02:00:03
And then related to the model. 02:00:06
Was that better or not? We are entrepreneurs. 02:00:08
We also have. 02:00:13
Bridge. So this is the bridge that's right in front of the old Reese's building and the dull nodes. 02:00:16
Just. 02:00:24
But that project is going to be. 02:00:26
Potentially next. 02:00:30
It's got some issues with the deck and we're going to just. 02:00:33
We will be keeping these openings. 02:00:38
Next slide, please. 02:00:44
So John is leading our general plan update and that project is funded through agreements and they're emerged about another grant 02:00:45
that's security respect. 02:00:49
Project we also have agreed together district. 02:00:53
That's substantially independent through grandparents. 02:00:58
And then the family found. 02:01:01
We are also adding some. 02:01:03
Cameras in the State Park. 02:01:05
But those are going to be going into Stephanie Palace. 02:01:11
Security improvements. 02:01:15
And then lastly, for our upcoming projects, we have program support. 02:01:19
So the public health program, we were able to get some funding through Salt Lake County. 02:01:22
This was related to the big opioid settlement that came down from state. 02:01:27
And we've got 2 awards right now, this established big records position. 02:01:31
And it's helping have. 02:01:35
Tracking healthy quality go through the communities that fair. 02:01:37
Framework and Megan Aderman also gets grants every year to help supplement the arts and culture program. 02:01:39
So she gets those through the Utah Arts Museum and the Salt Lake County Zac program. 02:01:45
That's really critical. We know our residents will have all of that programming and super entries. 02:01:50
And then Ann Garcia recently got a grant through with the CDBG through which? 02:01:54
And we're going to be established and implemented. 02:01:59
And that will help. 02:02:03
Some of that. 02:02:04
Housing stock right now. 02:02:06
It's more important. 02:02:08
So allowing people to access that. 02:02:09
And there's do some things like that. 02:02:12
Looking for the loan that will meet you? 02:02:14
That my understanding is those can be counted against our. 02:02:17
Obligations under the idea. 02:02:22
And then looking ahead. 02:02:28
We have started 200,000. We just were awarded for the foreign. 02:02:30
We still have $6 million. 02:02:35
That includes the 1.76 million that's going through the community project fund at the federal level for the seismic project City 02:02:38
Hall. 02:02:42
And the auditory renovation? 02:02:46
Ask if you want the TRC system. 02:02:48
We also are recommended to receive another children about the livelihood of drive. 02:02:51
So that's going to help with that at 17,000,000 delta. 02:02:55
And then we're working on. 02:03:00
Be some other priority quarters. So 5600 S has been a priority quarter. 02:03:02
We're going to try to get sidewalk at least on the South side. 02:03:07
Each type of character. 02:03:10
And then we'll keep 14 other. 02:03:12
The projects and then looking. 02:03:14
Former We are going to recount some federal. 02:03:17
Should with the consultant. 02:03:21
The build program is one that we're looking at for our divide. 02:03:24
It's usually the next. 02:03:28
Knowing that there are changes. 02:03:32
But that one could close that delta. 02:03:35
Pretty significantly. 02:03:38
And then we're just working on the bike pet projects, Major John, you mentioned. 02:03:40
At 2:15, the 39% of projects like that. 02:03:44
OK, one more site. There you go. 02:03:51
OK, so. 02:03:54
When we're looking at what's happening at the federal level. 02:03:56
There are some things that are really concerning. 02:03:59
And right now, I think we're OK with the funding to be. 02:04:01
But we are keeping an eye on what's happening there and I just wanted to share. 02:04:05
Some of the strategy for the word incomplete to make sure that. 02:04:09
Safe spot. So we already have a centralized grant program. We have a. 02:04:12
Solid group image which you all look at. We have our arms around. 02:04:17
And then, with Fred's help, we can. 02:04:20
Scenarios should anything. 02:04:23
Unpredictable happened. 02:04:26
And what we would do is we would model like let's say the federal government took to bring up that. 02:04:28
What we would like to do? 02:04:37
In that situation. 02:04:38
We are also looking to diversify our portfolio. 02:04:40
So we're looking for other partners. 02:04:43
Bear in mind though, that. 02:04:46
Every cities doing this like non federal. 02:04:47
But every city will be doing this and there's been limited resources. 02:04:51
So they're all competing for this evening. 02:04:55
We're also looking to tenure cash flow for reversible scientifically. 02:04:58
When we have a project that's reversible, we sometimes will go through physical projects. 02:05:01
For work for the agency from us. 02:05:07
We may do that in English. Just switching to that cash flow coming in. 02:05:10
There are less staff at the federal level and things are taking longer. 02:05:13
Per video. 02:05:17
And then lastly, we're preparing to graphically book so for that build grant that we're working on. 02:05:18
We're actually working on that grant. 02:05:24
To prepare for the four points and every that notice that funding opportunity may be issued. 02:05:27
Are really disturbing thing happened in July. 02:05:32
Typically law firm. 02:05:35
From the notice of funding opportunity until deadline, 60 days. 02:05:37
There is a number of programs that release with the tubing deadline. 02:05:41
And that's just impossible. 02:05:44
The build grant for example will probably be like 180 hours of pricing. 02:05:46
So it's just impossible with that. 02:05:51
And you know. 02:06:13
Approving the grant. 02:06:16
And then take it back is the thing. 02:06:17
Yeah. 02:06:19
Transportation has been pretty insulated from that. 02:06:22
CDBG. 02:06:26
What's happening? 02:06:28
Everything is getting pushed and. 02:06:32
Can you do development blocks? 02:06:35
So there's certain areas. 02:06:38
Where we can potentially see some decreases, transportation still seems to be pretty solid. 02:06:40
And that's what we go after regularly because that's. 02:06:46
Is in transportation. 02:06:50
All right. And I think that's their update. 02:06:53
You have any questions about our projects? There's a process. 02:06:58
This. 02:07:09
Well, as I've stated before, I've been doing this for a while. 02:07:18
And our grants. 02:07:21
The amount of money we've been able to take in fund. 02:07:24
Really proud of that. 02:07:27
From the city standpoint, I'm saying. 02:07:29
It's like I'm not sure. 02:07:31
Stephanie would probably know best, but. 02:07:33
It didn't seem like a. 02:07:35
As much of A committed system to finding box of money. 02:07:37
And going after that money and then the success rate and I was telling Gina the. 02:07:42
Impressive statistic to me in. 02:07:46
Presentation is the 80% conversion rate. 02:07:48
Because. 02:07:53
I mean, I think there's some people that they just have a staff, right, A grant writer, that's all they do and. 02:07:54
I'm sure they're just like. 02:07:59
OK here let's send these out but. 02:08:00
If we have 13 people there. 02:08:03
None of them are specifically doing to include Holly. 02:08:05
Their job is just not to write grants. 02:08:09
They're doing other stuff and so. 02:08:11
We don't want to waste our time going after money that we know we're not going to score. 02:08:13
And so I think that's. 02:08:19
One, I think it's awesome, that team. 02:08:21
I wish we could. 02:08:23
Explain it to residents. 02:08:24
How hard we have worked as a city to go find money outside of our. 02:08:26
Retrofit in our traditional revenue sources. 02:08:31
That have been a huge benefit. 02:08:33
In terms of. 02:08:36
Arctic programming and history, Programming and infrastructure improvements and. 02:08:38
I mean, just everything we've done. 02:08:43
That has grown in the last. 02:08:46
Over three years because of. 02:08:48
Our ability to go out and. 02:08:51
And really capitalize on these opportunities. 02:08:53
Been amazing I think. 02:08:56
Thank you for your support. 02:08:58
Since again. 02:09:00
Why wouldn't they? 02:09:03
That we don't want that. 02:09:05
You know what that money we pay taxes it. 02:09:08
Let everybody else have it. 02:09:11
So anyway, kudos to the whole thing. 02:09:13
Thanks, Alice. 02:09:15
Percent growth. 02:09:28
No, I think you're. 02:09:41
That's why asset, it's like I don't want it to be. 02:09:42
I don't want our numbers to be unrealistic. 02:09:45
But I don't want to. 02:09:48
Yeah, I wanted, I wanted to say, OK, I'm comfortable with that. 02:09:50
The thing about the sales tax specifically what it was 6% on average per year for those years and it even went up to 18, around 02:09:53
22, but just in the last two years it's been like 1. 02:09:58
1% one year and like 0%. 02:10:03
So it's been really extreme, but it's really. 02:10:06
So maybe 2 1/2 is the right note. 02:10:10
But it's based on what you must see. Yeah, it would be hard to argue that follow our sales taxes are going to go up 40%. 02:10:18
It could, but. 02:10:27
And Todd's point, I mean based on what you're seeing. 02:10:30
Depending on what happens with inflation. 02:10:35
We could get a bump just as. 02:10:37
There's inflationary pressure in the economy and. 02:10:40
People are paying without reducing spending. 02:10:45
Yeah, but if people are reducing spending. 02:10:48
You know, it's just hard to know. 02:10:51
It's hard to know. 02:10:53
I think the tune to count. 02:10:55
It's pretty reasonable. 02:10:57
And I think it's reasonable. 02:11:00
But I do I do want to see in the model. 02:11:02
That. 02:11:05
I guess the amortization table that shows. 02:11:08
Reduce payments in the first seven or eight years and see how that affects that model. 02:11:12
You know, smooth our cash flow and hopefully it brings it down because. 02:11:17
It'd sure be nice if it got to where it was more like. 02:11:21
6% a year and we could say, look every we're going to have to go out for a 15% tax increase this year and then. 02:11:25
In three years of 20%, I mean, I think we could stomach that 3% of that is in inflation. 02:11:31
Right, right. 02:11:36
So Gina, if you did a Geo bond. 02:11:38
It goes to the ballot. 02:11:41
Does that then. 02:11:43
Is that a general fund? 02:11:46
Accounted for. 02:11:48
Or does it show up as a separate line item on your taxes? How does that work? 02:11:50
Is part of the general. It's basically a voter approved. 02:11:54
Bars here she expressed that it would be unlikely. 02:12:02
Yeah. So other cities that have been. 02:12:05
Pursue City Hall. 02:12:08
Geo bonds over the last. 02:12:11
Decade. 02:12:13
Not been successful. What about Springwood? 02:12:15
I mean, we would have to talk about that. 02:12:20
Whether that would work? 02:12:23
Oh yeah. 02:12:28
That's what's got to be tightened. 02:12:31
OK. 02:12:35
So. 02:12:37
The company came over broker. 02:12:42
2700 E. 02:13:05
Which yes. 02:13:08
Like A2 planner Oh. 02:13:11
Oh, and 2300 E. 02:13:14
Three-year. 02:13:17
That would be Salt Lake City. 02:13:20
On 2300 E. 02:13:28
By the elementary? No. This is over by the Roselands just South of it. 02:13:30
Oh yeah, yeah. 02:13:41
We'll reach out to. There was a. 02:13:45
Water. 02:13:47
Is that yes? 02:13:47
So someone's been working there. 02:13:50
Be coming tomorrow but. 02:13:54
And then there's water. 02:13:55
Is it Salt Lake City public? 02:13:57
So they have been terrible. 02:14:01
For like. 02:14:06
OK. 02:14:14
Yeah. 02:14:21
Hopefully Barbara will be here as their first meeting in September to talk about it number of customer service issues. 02:14:22
Capital planning. 02:14:32
Water night. 02:14:35
Thank you. 02:14:39
All right. 02:14:53
Welcome to adjourn. 02:14:56
All in favor. 02:14:58
Thanks everybody. We're adjourned. 02:15:00
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Transcript

Event transcript
Which it says. 00:00:01
Under God. 00:00:02
Indivisible with liberty and justice for all. 00:00:03
OK. Thank you. We have no public hearings tonight, so we'll open up public comment. 00:00:11
It is now open Trudy, if you want to come on up and. 00:00:15
Tell us what's happening at the library. 00:00:18
A lot. How's the? 00:00:22
How's the Moon Tree doing? Or whatever that's called the Moon Tree. 00:00:23
Still alive, That's. 00:00:27
Awesome. 00:00:30
It's surviving us. 00:00:32
I'm kind of a plant tiller. It's. 00:00:34
You don't have a green thumb. 00:00:36
No green phone. 00:00:38
I'm just not allowed anywhere near. 00:00:39
We want to thank everybody for. 00:00:43
The summer reading. 00:00:44
If you haven't used it yet, your fine waiver is still good through the end of this month. 00:00:47
And also thanks to everybody who came in yesterday and donated blood. We had a great turn out. 00:00:53
On Saturday. 00:00:59
We are going to be celebrating National Book Lovers Day. 00:01:01
From 1:50 you can come in and sublimate a bookmark. 00:01:05
Or, umm. 00:01:09
Decorate a little mini composition book. 00:01:10
See you on Tuesday. 00:01:13
You can come back again to vote in the primary election. 00:01:15
And then all the normal kind of. 00:01:18
Ongoing fun things are happening. 00:01:20
But at the end of the month, on the 29th, we're going to have an after hour star party. 00:01:22
So. 00:01:27
The calendar says 9:00 PM, but it's going to be dusk. Whenever that sun goes down, that's when we're starting. 00:01:28
But we will be doing it with the Salt Lake Astronomical Society, so we'll bring all of their really good telescopes and we'll have 00:01:33
treats and crafts and all fun stuff. 00:01:37
And that's what we're doing at the library in August. 00:01:41
Any questions? No. Fabulous. Thank you. 00:01:44
I want to make sure this lady back here is not here for public comment. 00:01:53
Are you here to make public comment? 00:02:03
To the Council, I just want to make sure I don't close it if you are. 00:02:06
It's good you asked. 00:02:17
You know what? 00:02:20
I'll keep it open. 00:02:21
I'll keep it open and we'll move with the agenda. 00:02:24
When he gets here, I'll allow him to come up and make come up and then I'll close it. 00:02:27
Aaron. 00:02:31
So we won't close public comment that we'll move to item number 4 on the agenda. This is. 00:02:33
The code relating to outdoor lighting standards, we discussed it in the prior meeting. It was kind of those three items. 00:02:39
Umm. 00:02:46
That we asked John to kind of. 00:02:49
To go through in detail. 00:02:51
So any. 00:02:53
Questions for Steph. Sorry, I'm making a couple of notes. 00:02:56
Any questions for John or clarifying? 00:03:01
Questions before we take a motion. 00:03:04
Are you good? 00:03:09
Mr. Mayor, I move approval of Ordinance 2025-13 amending Title 13.84 of the City code relating to outdoor lighting standards. 00:03:12
Second OK, motion in a second, we'll go to vote. 00:03:20
Councilmember Gray. 00:03:23
Yes. 00:03:24
Councilmember Quinn. 00:03:26
Yes, Councilmember Fotheringham. Yes. 00:03:27
Councilmember Durham. 00:03:30
Councilmember Brewer. 00:03:32
And chair votes yes and. 00:03:35
Thanks, John. 00:03:37
That was a big lift. 00:03:38
Getting that through Planning Commission and getting those details in there so. 00:03:39
Tell your staff thank you ever did the. 00:03:44
Did all the work on that. 00:03:46
Probably you. 00:03:48
What can I say? 00:03:50
Thanks, John. 00:03:53
OK, item number 5 is the. 00:03:54
Maintenance agreement for historical markers. It's in your packet. 00:03:58
Pretty straightforward there at Olympus Hills Park and Creekside Park and. 00:04:02
We'll start those installations as we complete this historical walk back here. 00:04:06
And any questions before we go to motion on this one? 00:04:11
OK. 00:04:17
Mr. Mayor, I move that we. 00:04:19
Approve Resolution 2025-16 approving an interlocal agreement with Salt Lake County for construction and maintenance of historical 00:04:21
markers. 00:04:24
Second OK motion. In a second, we'll go to vote Councilmember Gray. 00:04:28
Yes, Councilmember Quinn. 00:04:32
Yes, Councilmember Fotheringham. Yes. Councilmember Durham. Yes. 00:04:34
Councilmember Brewer. 00:04:38
And chair vote just that is approved. 00:04:40
Thank you. Now big item on the agenda is this ongoing negotiation we've had with Granite School District. 00:04:42
It's been almost a year, I think, since this started. 00:04:49
And. 00:04:53
Gene is going to come up and kind of it's in your packet. I'm assuming everybody's kind of. 00:04:54
Perused it but. 00:04:58
She'll hit the high points and then see what questions we have and we'll move towards a motion on the approval of this lease. 00:05:00
Europe almost exactly what? 00:05:06
So we. 00:05:16
Is the microphone on? 00:05:16
How about now? 00:05:17
Yeah. All right. So we. 00:05:22
Began negotiations with Granite School District in September of last year. 00:05:26
And the result of that ongoing negotiation is in front of you it. 00:05:31
Is. 00:05:38
30 year. 00:05:39
Lease Land lease. 00:05:40
With the school district assuming responsibility for demolition of Spring Lane Elementary, which has happened. 00:05:43
The lease includes a 2% escalator over that 30 year term beginning with a first year payment. 00:05:50
Of about 37,000 annualized. 00:05:59
In this fiscal year, for us, that will be a payment of just over $18,000. 00:06:03
Over the term of the lease, the total amount that will pay the school district is about $1.5 million. 00:06:09
Umm. 00:06:18
Honestly. 00:06:22
Is a pretty straightforward lease with not a lot of restrictions on the city in terms of use. 00:06:23
We are will begin responsibility for maintenance of the school district and of the school grounds. 00:06:33
And we'll begin payment in January of 2026. 00:06:43
We have included in the lease a tenant's first right to purchase if the school district at some point. 00:06:48
Changes their mind. 00:06:55
About. 00:06:58
Their willingness to sell rather than lease the property. 00:06:59
Other than that, Todd, I don't know if there's anything you would point to. 00:07:06
I think the council ought to be aware that the lease requires the city to design its use of the park property. 00:07:13
In a way that leaves open about 5 acres in case there's some kind of horrible emergency in the county. Needs to put relocatables 00:07:19
there for a period of time. 00:07:23
It does provide that after 20 years. 00:07:28
The district could. 00:07:31
Take the property back if there was a forced measure event that required them. 00:07:34
To do so. 00:07:38
But it would it's restricted in a way that. 00:07:40
They would only be able to do that if there were an event that was within 3 miles I believe of. 00:07:43
Of the park site. 00:07:48
And it was a reasonable location to relocate a school facility. 00:07:50
At that point, they would be obligated to reimburse the city. 00:07:55
For the depreciated capitalized cost you put into the park property. 00:07:59
To take it back. 00:08:02
And and that's at a period of time when your bonds would be at a point where they're about to expire. 00:08:04
By their own terms, so. 00:08:09
We think the district at the. 00:08:12
End of a long negotiation. 00:08:14
Reached a good place with us. 00:08:17
And and allowed us to pursue this agreement in a way that we think is fair. 00:08:19
And really allows you to go forward in a way that benefits the public interest significantly. 00:08:24
And the Granite School District board approved this lease on Tuesday. 00:08:30
With that first item refusal is it? 00:08:38
Is that if they were to choose to sell it? 00:08:41
Is there a valuation like a valuation approach in that case or is it where they would list it for sale and we'd? 00:08:43
Of a first try to somebody else were to make an offer on or how did that work? There is right now in state law a first right of 00:08:47
refusal for the city. 00:08:51
On any piece of property that a district. 00:08:54
Decides to surplus. 00:08:57
Our first ride is based on that statutory first rite. 00:08:59
There's evaluation. 00:09:03
Sort of a process. 00:09:05
In state law. 00:09:06
In our contractual first right piggybacks on that and provides that if the Legislature for any reason eliminates that statute. 00:09:08
And doesn't prohibit a first right. 00:09:15
Than our contractual first right would follow that same statutory process. 00:09:18
And a similar valuation. 00:09:23
Would that be up for grabs? 00:09:25
We incorporated the statute wholesale so it would be under the same evaluation process. 00:09:26
Gotcha. 00:09:30
And I'm noting the amortization schedule. 00:09:34
Average payment midway through with the 2% is like 50 grand. 00:09:36
So it goes from 37 all the way up to 65 over the course of 30 years. 00:09:40
So that's. 00:09:45
Pretty light load. 00:09:46
Relatively speaking. 00:09:49
For what it is. 00:09:50
Yeah, I think. 00:09:51
Make a comment before we take a motion, assuming we're going to approve this. 00:09:54
But. 00:09:59
Yeah, I mean, it was a sad day when Spring Lane Elementary closed, but umm. 00:10:02
You know, I commend our Council for. 00:10:07
Being willing to take a long term vision of this because it is this is going to be a burden to our taxpayers to. 00:10:11
One, improve the facility but also the ongoing maintenance for it, but. 00:10:17
An opportunity to preserve. 00:10:22
Around 12 acres of open space inside our city. 00:10:24
Is unique. I think our residents will benefit tremendously from preserving this space. 00:10:28
I think it's a great use of taxpayer dollars. 00:10:35
In fact, I think it. 00:10:38
I think it double S. 00:10:40
About double S. 00:10:42
I think it's like 6 acres and so it double s. 00:10:43
Between Knutson and City Hall Park and. 00:10:47
City Hall at about double S the amount of public space we have right now. 00:10:50
So, umm. 00:10:54
You know, thanks to Gina and staff for. 00:10:55
It's been kind of a long process to get to the. 00:10:58
To a lease point and we're there. 00:11:01
And we're excited. 00:11:04
Get started on improving this next year. 00:11:07
I think we take. 00:11:10
We actually take possession January 1st. 00:11:11
And I assume we'll start. 00:11:14
I'm assuming, I guess we can talk about in council, but the target would be to. 00:11:16
Hopefully get started on it next year. 00:11:20
That is the goal and how we've built. 00:11:23
The need for potential bonding based on that January 1 acquisition date. 00:11:27
OK, well, there's also when I'm out. 00:11:34
I don't want to bring in the campaign at all, but just when I've been out canvassing there's. 00:11:38
Certainly get a lot of. 00:11:42
Taxpayers who? 00:11:44
They don't want to have change. Well, this is one of those examples where change happens. 00:11:45
Whether you wanted to or not. 00:11:49
And then the question is what you do with that? 00:11:51
Opportunity when changes happened and how do you adapt to it? 00:11:53
And I think this is a great. 00:11:57
Move, uh. 00:11:58
In terms of. 00:12:00
Addressing the. 00:12:01
Values of our citizens generally. 00:12:02
To add the screen space, so I'm excited to. 00:12:04
Make a motion. 00:12:07
If we're ready. 00:12:08
Think we are. 00:12:11
Mr. Mayor, I move approval of Resolution 2025-17 approving a lease agreement the Granite School District for Spring Lane 00:12:12
Elementary. 00:12:16
2nd. 00:12:20
OK, we have a motion in a second. We will go to vote. 00:12:22
Council Member Gray. 00:12:26
Yes, Councilmember Quinn. Yes. 00:12:27
Councilmember Fotheringham, Yes. Councilmember Durham. Yes. Councilmember Brewer. 00:12:29
Yes and chair vote yes. 00:12:34
We have approval of that lease agreement. 00:12:36
That's a big one. 00:12:43
OK. We're going to, I'm going to handle these next two items and then we'll open up public comment again. 00:12:45
Gina, since you're up there, let's talk a little bit about item 7:00 and 8:00 because they deal with the same thing. They're just 00:12:52
updated contracts I believe for. 00:12:56
Hansen Law and. 00:13:01
Stole crate for. 00:13:03
Prosecution services and indigent defense services, That's right. So the first one, item 7 is our prosecution agreement. 00:13:06
This change in contract reflects. 00:13:16
A proposed addition of language that allows for a 3% escalator. 00:13:20
In the cost of overall cost of our fixed contract with the prosecution. 00:13:26
This year that will be about $10,000. 00:13:32
Like all Justice Court expenses, that is shared between holiday. 00:13:37
Mill Creek and Cottonwood Heights on a proportional basis. 00:13:42
But because we administer, the court will see the full amount. 00:13:46
In. 00:13:50
On our budget. 00:13:52
This $10,000 increase was not reflected in the budget you approved in June. 00:13:54
And we'll monitor it closely to see if we'll need a budget amendment to reflect that change later in the year. 00:13:59
Item 8 is an update in our indigent defense contract. This contract was originally executed in 2010. 00:14:07
And rates have been. 00:14:18
Stagnant for that 15 year period. 00:14:20
So this contract adjust that. 00:14:25
The primary rate from $150.00 to $200. 00:14:28
And that increase was reflected in your budget that you passed in June? 00:14:34
Any questions for Gina on either contract? 00:14:39
OK. Thanks, Gina. 00:14:44
OK, let's take item 7 first then. 00:14:46
Mayor Motion approval of Resolution 2025-18 approving a criminal legal service agreement with Hanson Law for prosecution and 00:14:48
services. 00:14:53
2nd. 00:14:57
OK, Motion and a second Councilmember Gray. 00:14:59
Yes, Councilmember Quinn. 00:15:01
Yes, Councilmember Fotheringham. Yes, Councilmember Durham. Yes, Councilmember Brewer. Yes and chair votes Yes. The contract is 00:15:03
approved. 00:15:07
Now, item 8, any final questions on the Engine Defense Services contract? 00:15:11
If there aren't any, we'll take a motion on this one. 00:15:18
Mr. Mayor, I move approval of Resolution 2025-19. 00:15:20
Approving an agreement with Stonewall Creek. 00:15:25
PLLC for indigent defense services. 00:15:29
Second motion and a second Councilmember Gray. 00:15:32
Yes, Councilmember Quinn. 00:15:35
Yes, Councilmember Fotheringham. Yes, Councilmember Durham. Yes, Councilmember Brewer. 00:15:36
Yes. And Chair votes yes, that contract is approved as well. Thank you, Council. 00:15:41
We'll return to item number 3 on the agenda public comment, which remained open. 00:15:46
We were informed that you're on your way and didn't want to. 00:15:51
Didn't want to shut you out for public comment, just to name and address and. 00:15:54
Try to keep it to 3 minutes or less please. 00:15:59
My name is. 00:16:01
My name is Rusty. 00:16:02
I live at 5220 Holiday Blvd. 00:16:04
And. 00:16:08
Thank you for being so kind to let me get happy. Trying to get here for a month and I just have not been able to do it. 00:16:09
I'm actually here to ask for help. 00:16:15
I've gone through city planning. 00:16:19
I've gone to the mayor. 00:16:21
And talking to my attorney, the last. 00:16:23
I have is to you guys. 00:16:25
The work done at my neighbor's house was not done up to code. 00:16:28
It was not even done up to the variance that was asked for. 00:16:33
When I talked to the city planner, they made it seem like that. 00:16:37
If it wasn't up to code, they would. 00:16:42
Get that taken care of and. 00:16:45
Make sure that the neighbor got it up to code. 00:16:48
Since then, he's waffled on that his time has gone on. 00:16:51
In order for me to do what I need to do on my side. 00:16:55
To protect myself. What's happening on his side? 00:16:58
It's eye wateringly expensive. 00:17:01
And it's very evasive for stuff that's already there. 00:17:03
Where if it would have just been right what you guys asked to do and wanted to have done in the first place? 00:17:06
I wouldn't even be in this situation and it would resolve like 90% of my problems. 00:17:14
I see that. 00:17:21
John is here which is fantastic, so if you have any questions feel free to ask him, but. 00:17:23
Can you guys please look into this? 00:17:27
When I was here when this happened, there's a lady in Darker right there and she said that the stairs were going to be protected. 00:17:31
And the gentleman that sat next to her was going to make sure that the. 00:17:36
Guns be compacted properly and proper lift so that there would be no. 00:17:39
Movement of the Hill. 00:17:43
None of that has happened. 00:17:45
So. 00:17:47
This has been going on for years. 00:17:48
And we just had. 00:17:50
You know, we're in the thick of it. We've got to mediation. 00:17:52
And. 00:17:55
With the last thing that happened, my attorney just asked me to come in here and just plead one more time for help. 00:17:56
Because they should not have this burden. I'm an innocent party. 00:18:00
And I am burying the majority of the cost of what's happening. 00:18:03
That's all I have to say. 00:18:08
I don't know what happens after this if I get feedback or whatever, but. 00:18:09
Please someone look into this. 00:18:13
Yeah. I mean typically just just so you know, in a public comment, we won't. 00:18:14
Get in it back and forth, but we'll. 00:18:18
We've got your comments on the record and I'm sure we'll take a look at it. 00:18:21
With the address. Thank you. 00:18:24
I don't see anybody else here that would be making public comment. 00:18:28
But it's still open. 00:18:33
OK. I don't see anybody. So we'll close public comment at this point then and we'll. 00:18:36
Return to the agenda to. 00:18:41
Item number 9, which is the Royal Holiday Hills project. 00:18:43
Related to tax increment funding. 00:18:48
To basically for the city. 00:18:50
To install the hat hat. 00:18:53
Shannon and Murray Holiday Rd. 00:18:56
We were going to make. 00:18:58
Two small changes. I don't know if Todd's got the language on that. 00:18:59
In the motion. 00:19:03
Yeah, Mayor, our recommendation would be that you do change the address that's listed to the intersection of Mary Holiday Road and 00:19:04
Shannon St. CHANIN. 00:19:08
Is that right, John? 00:19:12
Nin, Excuse me? 00:19:15
And then at the end of. 00:19:17
Paragraph 2. 00:19:19
You have language that says In addition, the City shall also be entitled to interest on any amounts remaining due. 00:19:20
At an interest rate equivalent to the amount received by the City on funds deposited deposited in the Public Treasurer's 00:19:27
Investment Fund. 00:19:31
You need all that in the motion. 00:19:35
Can you text? Can you text me to me really quick? 00:19:37
Where would you like to bring your iPad over here? 00:19:42
You can just refer to it and I'll make sure, Stephanie. 00:19:46
OK. 00:19:49
It's my district, I'd be happy to make a motion. Would anybody? 00:19:51
So let's just because this is one of those. 00:19:55
Agenda items that, if there's not context given, can cause folks to reach for the Pepto Bismol. Let's just make sure that we. 00:19:59
Explain what this is. This is. 00:20:09
Simply where we have agreed to. 00:20:12
Pre Fund. 00:20:16
Some infrastructure, specifically the traffic light. 00:20:18
On Murray Rd. 00:20:21
And Shannon, which is? 00:20:23
For reference, the very northeast corner. 00:20:25
It's the intersection that crosses over into the theaters and the. 00:20:27
Toshi's ramen, that's that intersection, so. 00:20:31
That. 00:20:33
Traffic light. 00:20:34
Was an obligation of the Holiday Hills project. 00:20:35
But was going to be funded with tax increment. 00:20:40
Tax increment does not adequately flowing. 00:20:42
We wanted to have this. 00:20:45
Traffic light. 00:20:46
Completed. And so we have gone ahead and funded it. 00:20:47
With the intent of being reimbursed. 00:20:50
Reimbursed with tax increment financing. So it's only in regarding that light it's not changing the the. 00:20:52
The big old agreement. 00:20:57
That we. 00:21:00
Have negotiated over. 00:21:01
Years previous, this is what This is another one of those. 00:21:02
Very minor changes. 00:21:05
So it's. 00:21:08
So no one needs to grab the Pepto Bismol over. 00:21:09
What this agenda item is in my view. 00:21:12
And the cities being compensated for the time to hide money. Yeah, right. 00:21:14
Yeah. So given that. 00:21:18
Unless there's more common I can make a motion. 00:21:22
Mr. Mayor, I move approval Resolution 2025-20 approving a memo understanding. 00:21:25
For the Royal Holiday Hills project related to tax increment funding with a couple of changes. 00:21:32
One being correcting the address reference to be Murray Holiday Rd. 00:21:38
And Shannon St. 00:21:42
Is it? 00:21:44
And the other change relating to. 00:21:45
The charging of. 00:21:48
Interest for the outstanding debt. 00:21:50
Using a rate equivalent to our BTIF. 00:21:54
Funds. 00:21:57
Second passenger. 00:22:00
That OK. 00:22:01
I'll second that. 00:22:03
OK, so we have a motion and a second then? 00:22:05
Councilmember Gray. 00:22:07
Yes, Councilmember Quinn. Yes, Councilmember Fotheringham. Yes, Councilmember Durham. Yes, Councilmember Brewer. 00:22:09
Yes, and chair vote. Just that agreement is approved by the Council. 00:22:15
And will be revisited momentarily with the RDA. 00:22:20
Consent agenda. Any changes, Edits. 00:22:24
Additions. Deletions. 00:22:27
Minutes from April 3rd, June 5th and 12th, and July 17th. 00:22:29
If not, I'd take a motion to approve those. 00:22:35
I'll move that we approve those. 00:22:37
The minutes of those dates that you just referenced. 00:22:39
Second motion and 2nd all in favor say aye. 00:22:42
Aye. 00:22:45
Any opposed? 00:22:46
Minutes are unanimously approved. Thank you, Council City Manager report Gina. 00:22:48
Two quick items from me tonight. First of all, we received notice today from. 00:22:54
The state Department of Transportation. 00:23:01
That we successfully. 00:23:04
Applied for and will receive a Safe Sidewalks grant for $200,000 for phase two of the 45th South Sidewalk Project. 00:23:07
That will require at least a 25% match on our side, so expect to see that in a future budget amendment. 00:23:17
This grant was written by Justice to Four and am thrilled that we and I'm sure if Holly were here she would also. 00:23:26
Share her excitement that we are so successfully. 00:23:35
Applying, writing and receiving grants. 00:23:40
Not just written by Holly. 00:23:43
We're really excited to get that that phase two started. You've probably seen phase one nearly complete. 00:23:48
So that is on the received grant side, on the application side, if the Council is all right, we would like to apply. 00:23:56
For another Creative aging grant we have received. 00:24:07
That grant for the last two years and that's been administered by. 00:24:12
The Arts Council and Megan Aderman and is one of my very favorite. 00:24:17
Programs because it really targets a small group of people and builds community through the arts. 00:24:22
Any concerns about that application? 00:24:30
Oh, full speed ahead and maybe go for more so we can expand the program because it. 00:24:32
So great. 00:24:37
OK, great. 00:24:39
Thank you. Anything for Gina. 00:24:40
OK, what's up? 00:24:44
Start with Emily, We'll move our way down the road. 00:24:47
A couple things that I wanted to mention. Cottonwood High School has a new principal starting this year, Doctor Justin Pritcher. 00:24:50
Got his bachelor's degree from Southern Utah University, a master's of education from Brigham Young University, and his pH D in 00:24:59
education from the University of Utah. So he. 00:25:03
Equally supports and offends everybody. 00:25:08
About Utah State, not Utah State, which is really unfortunate that's. 00:25:12
But. 00:25:17
I think he's going to be a fantastic. 00:25:19
Principal. He was a vice principal over at Brighton. Then we pulled him over. 00:25:21
One of the things that I felt like was. 00:25:26
A real asset to him, serving as the principle of. 00:25:29
Cottonwood is his pH D thesis. 00:25:33
Was on including. 00:25:35
Are helping create an environment that included refugees, which we know we have a large refugee population at Cottonwood. 00:25:37
And helping integrate. 00:25:44
Then seamlessly into the community. 00:25:47
I've met with him, I'm very excited about what he brings to the table and I think he'll be a real benefit. 00:25:49
To Cottonwood High School. 00:25:54
Second thing that I wanted to mention is that we have hired. 00:25:56
A replacement for Pam over at Wasatch Front Waste and Recycling. 00:26:01
She's leaving. 00:26:07
At the end of September, her replacement is going to come. 00:26:09
On a little early to. 00:26:12
To start working with her, his name is. 00:26:14
Evan Tyrell. 00:26:16
He most recently is from Flagstaff, AZ. 00:26:19
Umm, well, actually, no. Right now he's in Colorado. 00:26:22
Most recently with. 00:26:26
Solid waste disposal. He worked as a section director for the City of Flagstaff. He also worked for make sure I get his position. 00:26:28
Correct here. 00:26:36
In Moab. 00:26:40
I'll try to find the exact. 00:26:42
As the district manager. 00:26:44
For the County Down in Moab, so he has a lot of waste management experience he. 00:26:46
Roast the top very quickly in the candidate pool that we interviewed and I would say and I think everyone that was uh. 00:26:52
And the hiring committee would agree that he. 00:26:57
He's by far the best candidate. We're really excited to have him. I think it. 00:27:01
He will. 00:27:05
It's impossible to replace Pam, but I think he will be a good replacement and do a good job. 00:27:07
So that's what we have going on. 00:27:10
OK, yesterday I went to and Matt was there too. A. 00:27:15
Subcommittee Joint subcommittee meeting of this. 00:27:18
The committee that. 00:27:21
I'm Spacey on the name of it. 00:27:25
The committee that. 00:27:27
Is meeting. 00:27:28
Trying to give information to the district. 00:27:30
As far as the boundary study. 00:27:33
And, umm. 00:27:36
It was interesting. 00:27:38
Throughout a bunch of ideas of. 00:27:40
Things, ways they were trying to attract. 00:27:42
More students into Granite District. 00:27:46
And I was pleased to know that the PAC. 00:27:49
Committee. Which is the committee? 00:27:53
Doing the boundary study will. 00:27:56
Present their findings, their preliminary recommendations on the 2nd of September. So everyone who has been sitting on. 00:27:58
The edge of their seats. 00:28:06
What schools are going to be closed? 00:28:07
Those initial recommendations that information will be. 00:28:10
Given on the at the September 2nd. 00:28:14
Granite School District meeting so. 00:28:17
Everybody will be excited to hear that. 00:28:20
Also, I went to the family night at the Holiday Lions last Friday night. That was a real fun event. 00:28:23
Kudos to Happy Healthy Holiday on that. 00:28:31
And then did have several complaints about fireworks. There were a lot of fireworks set off in my neighborhood. I don't know why 00:28:34
it was seemed like. 00:28:38
Twice as many as ever before, but I did have a number of complaints come in and. 00:28:44
My, my neighborhood, and of course with the. 00:28:48
Fire the apartment fire just over the South border in Mill Creek. That's. 00:28:52
I'm sure something will have a robust discussion on. 00:28:57
Come next spring. 00:29:00
OK, Paul. 00:29:04
OK, yeah, the Arts Council. 00:29:06
Summer concerts are in full swing. The last couple of concerts we've had. 00:29:09
Over 1000. 00:29:13
Attendees. 00:29:14
So that's going great. 00:29:16
This coming Saturday, I believe is a bluegrass band. 00:29:18
And then coming up. 00:29:23
In a couple of weeks, August 21st through 25th, we have our inaugural performance from the Holiday Theater Company of Newsies. 00:29:25
And if you show up on. 00:29:33
Thursday or Saturday, this mustache will be explained. 00:29:35
Not normally a mustache guy. 00:29:39
And then also while I was. 00:29:44
Out and about. 00:29:48
Doing. 00:29:49
Things. Umm. 00:29:49
You can imagine. 00:29:51
I ran into a constituent who? 00:29:52
Is a recipient. 00:29:55
Probably about. 00:29:57
10 years ago. 00:29:58
Of one of the trees that we do. 00:29:59
Tree giveaway. So I guess the tree giveaway has been going on for quite some time. 00:30:01
Yeah, I think that's probably about when we started it. 00:30:05
Maybe 10 years ago, so this might be one of the initial trees and so this. 00:30:08
Of fledgling tree from well, not pledging now, right? That was my point. This is from 10 years ago. This is a resident on Westmore 00:30:13
I believe. 00:30:17
And this tree in his front yard was just gorgeous. 00:30:22
Just gorgeous. 00:30:25
And so at some point I should probably take. 00:30:26
The tree committee person over there. 00:30:28
You can get a picture and say this is what happens 10 years later. 00:30:30
Because this is really a gorgeous tree. 00:30:34
In this front yard of this constituent on Westmore. So that's like just like kudos and congratulations on the tree committee for 00:30:36
their. 00:30:39
Foresight. 00:30:43
And previous councils. 00:30:45
Funding that program because wow. 00:30:48
I'm sure there are several more, and we'll have more to come in years to come. 00:30:51
That's all I have. 00:30:55
Well, just to carry on with the tree committee. 00:30:58
They've got some events coming up. 00:31:01
Including. 00:31:03
Their normal tree talk event on. 00:31:04
In September at the library, but also. 00:31:07
They're planning an event in connection with the 25th anniversary of the city, where they'll be planting trees. 00:31:10
Hopefully it commutes in Park. 00:31:17
And then also in October. 00:31:19
And, well, they'll be planting a tree. 00:31:22
In honor of Travis Jones, who was a long time. 00:31:24
President or chair of the Tree Committee? 00:31:27
And he's. 00:31:30
He's gonna come in town, we're gonna invite some of his family and friends to attend, so that'll be a really nice event, I think. 00:31:31
I appreciate John working with them on. 00:31:38
Timing and locations and things like that and. 00:31:40
I'm they wanted to hear back from us on some specifics, so I'll be sure and coordinate with them. 00:31:43
And that's all I have. 00:31:49
I just wanted to. 00:31:54
Mentioned on the. 00:31:57
As far as Paul and the Arts Council, I don't know how much it has to do with his liaising. 00:31:59
With the Arts Council or not, but this outdoor concert series has been fantastic and. 00:32:04
I know taste is subjective, but the lineup that they had this year was very tasteful and good. And when you talk about a culture 00:32:08
of. 00:32:11
You know the community and things like that. 00:32:14
I just really. 00:32:16
Impressed with? 00:32:18
You know, it was they had a Carole King tribute band. They had the the Pickpockets this weekend. It was the blue. 00:32:19
Bluegrass band that I've heard before that's really great. 00:32:25
They had I was expecting Simon Garfunkel one night. I think my calendar got messed up and it was an Eric Clapton one. Anyways, 00:32:27
it's been really great. 00:32:30
And it's just, it's cool to see how well intended it is. 00:32:34
Just a great thing. So I've really enjoyed that. 00:32:37
I've had it's interesting the complaints that have been coming in. 00:32:42
And I missed this. Now I don't know if I ever mentioned it to you, but. 00:32:45
There was a lady that called. 00:32:48
Talking about a cockroach infestation, this is actually a Mill Creek across the corner from your. 00:32:50
District worried that it was going to spill over into our our city. We're building a wall so just wasn't there. 00:32:54
So just so you're aware. 00:33:03
The subway. 00:33:07
That's down. 00:33:08
Highland Drive and just north of I say the former Subway and north of Murray Holiday Rd. has really gotten dilapidated. I've had 00:33:10
several constituents reach out about that. 00:33:14
Officer Patterson is on it. 00:33:19
Hope and it sounds like from the latest response that that's, if you all hear it, there's a good chance of here 'cause it's it's 00:33:22
kind of. 00:33:25
Something that's been a hot issue. 00:33:28
But. 00:33:31
Hopefully the landlord or the owner of that property will be responding soon to get things. 00:33:32
The. 00:33:36
Graffiti cleaned up and things like that. 00:33:37
I'm trying to think of anything else from a report's perspective. I will just mention we talked about this across the way, but I 00:33:39
would like to just include it in my in my. 00:33:45
Council report here. 00:33:50
Just this summer that this issue of. 00:33:51
And it's timely with the. 00:33:54
Well, it's obvious that it's an issue because of the article that Chief Hoyle put out this. 00:33:55
But of youth on. 00:34:00
Electric. 00:34:03
Or really just yeah, electric or gas or other. 00:34:04
Motor vehicles in that. 00:34:07
For whatever reason, it has really blown up this. 00:34:10
Year it has seemed to me anecdotally. 00:34:13
But it's it's a. 00:34:16
A very big problem. 00:34:18
I think I. 00:34:20
Would just like to stay. 00:34:21
On the record that as a council we've discussed this, it's something that we're. 00:34:22
Aware of and. 00:34:26
In my remaining time on the Council, I hope to do something that could be meaningful and at least from. 00:34:28
Helping on the education side and coming. 00:34:33
Working with. 00:34:36
Chief Oil and others to come up with a good approach. 00:34:37
To teach kids to be smart. 00:34:41
Or not be so stupid anyways. 00:34:44
And and and hopefully the mayor's. 00:34:47
Point formerly, you know, I get parents to be more involved in in helping to make sure that happens. I think in the end. 00:34:49
Just education is what? 00:34:55
It really needs to be. 00:34:57
And probably it's like if you see something, say something kind of a thing, we as community needs to. 00:34:58
Probably stop and talk to kids when they're. 00:35:04
When they're being stupid and help them appreciate the significance of what they're doing. 00:35:07
I think that's all I've got as far as my. 00:35:11
Councillor Porteous. 00:35:13
Thanks Ty. 00:35:16
Just a couple of things, I'll try to go quick. 00:35:17
The Interfaith Council has organized a collection of items for the Cottonwood. 00:35:21
It's the Cottonwood Food Pantry, but really the. 00:35:27
The request they have is for. 00:35:29
A lot of school supplies that Robin Ivins has. 00:35:32
Has sent a list out. I think lane has been great. 00:35:35
Reposting and getting it up on our site and helping us get the word out that way. 00:35:39
So they'll be collecting items in the front of City Hall. 00:35:43
From 9:00 AM to noon on Saturday and then. 00:35:46
A few of us will haul the haul what has been dropped off there over to Cottonwood High and. 00:35:49
Help get it into the pantry for the start of the school year for. 00:35:54
Students that really don't have the means to. 00:35:58
Be prepared for the first day of school. 00:36:02
That's a little service project. They've always wanted to add service, a little bit of service to what they're doing. 00:36:05
In the interfaith community, so. 00:36:10
That will be kind of a fun event. 00:36:12
On Saturday morning. 00:36:16
The Interfaith There's an interfaith roundtable that takes place once a month. They're having one again on. 00:36:19
Monday night at 7:00 PM here. I will not be able to attend but. 00:36:24
Michael Gee. I can't pronounce his last name. 00:36:28
From the. 00:36:31
Saint Vincents Catholic community kind of chairs that event they. 00:36:33
They usually have eight or nine people. It's a small group, but they enjoy it and they keep meeting and. 00:36:36
They always have interesting discussions if anybody is interested in popping in. 00:36:40
November 16th they are all geared up for the. 00:36:44
Interfaith service, Our pre Thanksgiving interfaith service that we have every year, it's going to be held at. 00:36:48
Olympus Junior High again, the feedback we got was that people really enjoyed it and liked it. 00:36:53
It was. 00:36:58
A perfect venue to facilitate the attendees and. 00:37:00
The post event. 00:37:05
Little swirry they have after that with food and getting together so that that's no. 00:37:07
November 16th, which is a Sunday night at 7:00. 00:37:13
And that just usually I'll talk to the chief and Gina. 00:37:18
As the school gets ready to ramp up, we love to get. 00:37:22
Some of our officers out to certain schools, especially dregs. 00:37:25
Oakwood. 00:37:31
For the start of the school years, have a presence there. 00:37:33
Areas that we can before and after school, just mostly to remind people that school is back in session. 00:37:37
Pay attention. 00:37:43
We do not want. 00:37:45
I don't want that call. 00:37:46
And just remind everybody. 00:37:49
You know, there's going to be kids out in these crosswalks again and just. 00:37:51
Umm, be aware. 00:37:56
And pay attention. 00:37:58
So that's all I have so. 00:38:00
We've already gone through the well. 00:38:03
We go through. 00:38:04
Let's see the good Rd. the calendar we already went through so. 00:38:07
We'll recess to. 00:38:10
Take a motion to recess to RDA and then we'll come out of RDA and work across the to the work session. 00:38:12
Was the mayor I move? We recess City Council meeting and reconvene an RDA meeting. 00:38:17
2nd. 00:38:21
Motion is second. All in favor say aye aye. 00:38:23
I and we are. 00:38:25
Recess to well, I'm not sure well recess City Council were in RDA so. 00:38:27
I'll turn it over to the chair. 00:38:32
OK. I'd like to welcome everybody to our RDA meeting this. 00:38:34
Thursday, August 7th, 2025 at 6:40. 00:38:38
5:00 PM. 00:38:41
And first, would like to see if there's anybody with that's here for public comment. 00:38:42
Seeing or hearing nobody will close public comment. 00:38:49
And as was discussed in the City Council meeting that we just had, we have a resolution before us that. 00:38:53
Is to memorialize and. 00:38:59
Changes to the agreement that we have with the. 00:39:01
Umm with holiday with the Royal holiday hills. 00:39:04
With respect to a stoplight that the city has chosen to fund. 00:39:08
At Murray Hobby Road and Shannon St. 00:39:13
Where the city has seen that as being something that we need to do now and the. 00:39:18
Tax increment has not been flowing. 00:39:23
Point to where the. 00:39:25
Landowner has the ability to fund that and so the. 00:39:27
City is fronting that. 00:39:30
The financing of that event. 00:39:33
And we will be. 00:39:34
Compensated for that until there is tax increment to. 00:39:38
Funded. 00:39:42
With that I would welcome. 00:39:44
Motion, Todd, does this need to have the same changes mentioned? OK. 00:39:47
Mr. Chair, I move approval of Resolution 2025-03 with the following changes. 00:39:51
That the address be updated in the memo. 00:39:56
To reflect Murray Holiday Road and Shannon St. 00:40:00
And secondly that. 00:40:03
An interest rate will be born. 00:40:04
Equivalent to the PTIF rate that we otherwise. 00:40:06
2nd. 00:40:10
We have a motion. 00:40:12
Councilmember Craig. 00:40:14
Yes. 00:40:15
Council Member. 00:40:16
Yes. 00:40:19
Mayor Dolly, Yes. 00:40:21
Councilmember Fotheringham, Yes. 00:40:23
Councilmember Durham, Yes. 00:40:24
And chair votes yes. 00:40:26
Motion is approved. 00:40:28
Without if you have any other business. 00:40:30
Entertain a motion to adjourn. 00:40:32
Mr. Chairman, adjournment of RDA and reconvening back into City Council. 00:40:35
Or are we adjourning City Council to and going across all Yeah, just reconvene a work session. 00:40:40
OK, then we reconvene in the work session. 00:40:45
All in favor say aye. 00:40:47
Aye. 00:40:48
Meeting adjourned. 00:40:51
OK. 00:41:03
Wait, please. 00:41:14
So we'll get a thumbs up from Stephanie Lynch and ready but. 00:41:17
Press we're on you. 00:41:23
You're good, go for it. 00:41:25
And see this kind of give us at all. 00:41:28
I'm just gonna see it. 00:41:30
So we've been talking, the council has been talking for the last. 00:41:33
And a half about. 00:41:37
Two large projects. 00:41:39
And how we would finance those projects, one contamination of this building. 00:41:42
And the second now that we've executed at least for Spring Lane. 00:41:49
Being the construction of apartment the former. 00:41:53
Ring lane site. 00:41:56
The last time we had. 00:41:58
Really in-depth conversation about this. 00:42:00
Which is probably February. 00:42:03
Area of this year. 00:42:05
The Council asked that we. 00:42:07
Look at. 00:42:10
Our funding needs kind of holistically and so in preparation for. 00:42:12
What I think will be a. 00:42:18
Much more in depth. 00:42:20
Conversation about. 00:42:22
Of the size of. 00:42:24
Potential bond issues on. 00:42:26
August the 20. 00:42:28
We have asked Fred full pot to update our. 00:42:30
Sustainability Plan. 00:42:35
Financial sustainability plan. 00:42:37
And take a look over the next five years at what we expect in terms of revenue and expense growth both in the general fund and in 00:42:39
the capital. 00:42:44
Project slides. 00:42:50
So with that as background. 00:42:52
Alternative refret. 00:42:55
Just kind of point to me and I'll try to, I'll try to anticipate though. 00:43:01
Yeah. 00:43:08
Public outreach and. 00:43:16
And as Gene indicated. 00:43:25
We breath, come in. 00:43:26
Brush that. 00:43:27
In relation to the quantity functions that have been discussed. 00:43:29
While making assumptions relative to. 00:43:33
Probably some expenses. 00:43:35
So I'm going to highlight those model assumptions, talk about the bonding stereos. 00:43:37
And show you what we've come up with. 00:43:42
And steps. 00:43:45
What I do want to point out. 00:43:47
These types of models are not necessarily. 00:43:51
We're going to tell you what's going to happen. 00:43:54
You know, that's very difficult to predict. 00:43:56
Future. 00:43:59
But it does. 00:44:01
Help with the scenario evaluation. Say OK if we make a certain kind of assumption to what happens. 00:44:03
And if we change those assumptions? 00:44:08
How does that change the outcome so we can understand the magnitude? 00:44:10
As well as. 00:44:15
In that decision making us, we could say OK. 00:44:17
What do we want to rely on, or whatever we've been willing to rely on? 00:44:20
Relative to the relevance. 00:44:24
So that's what I hope. 00:44:26
You get out of this is again. It should help inform the decision making process. 00:44:28
And we can also based on your input, we can go back and modify stereo. 00:44:32
Maybe we're too aggressive or too conservative in some areas. 00:44:38
And we can go back. 00:44:41
See what that does to you. 00:44:44
The options. 00:44:45
The other thing I wanted to point out is. 00:44:48
This model is based on budget numbers. 00:44:50
So we're utilizing your most recent budget. 00:44:53
And we look at your actual prior years, but we're not basically our forecast of. 00:44:57
Comes to the actual business. 00:45:02
That's an important consideration because as you. 00:45:04
You're aware what we budget and what actually happens are two different things. We hope they're pretty close, but sometimes 00:45:07
there's a surplus meeting we have. 00:45:12
More revenues than we anticipated and less expense. 00:45:17
In some instances the. 00:45:20
The reverse of the Catholic program. 00:45:22
There's unforeseen expenses and exceeds our. 00:45:24
So again, our model is based off of budget numbers and. 00:45:31
So here's a table of a lot of. 00:45:39
Most of those are zeros, essentially what we're doing. 00:45:42
Isolated feeding revenue variables within. 00:45:46
Which your property tax revenues and your sales tax revenues. 00:45:50
Biggest pockets? 00:45:54
There are other revenue line items of those fluctuates from year to year. For the purpose of this model, we kept those constant 00:45:56
being company like the growth in those revenue streams. 00:46:00
From the our reliance growth into our sales tax. 00:46:05
Which we have at 2 1/2 percent. 00:46:08
Historically, it's been higher than that. 00:46:10
Been closer to 6 to 8% growth sales tax revenues. 00:46:13
And that's 2019 format. 00:46:19
Essentially what we're saying is tariffs. 00:46:28
And maybe that slows. If that slows down, maybe. 00:46:31
We don't see as robust growth and sales tax rate. 00:46:34
What happens to this program? 00:46:38
So. 00:46:41
Reflection of that saying, OK, let's assume if we get less revenue. 00:46:42
Growth that category. 00:46:46
In addition, we have no new property tax revenue leading, no revenue from. 00:46:49
Order Spanish in the city. 00:46:54
A little bit of. 00:46:56
Central layer velvet. 00:46:58
We've been underlying that. 00:47:03
I'll also point out. 00:47:12
Again, appreciation is not considered new growth. So it's your property. Appreciate it. So you don't mention it. 00:47:13
Listen, privileges extension. 00:47:24
That's on the revenue side, on the expense side where you say. 00:47:31
3% inflation, which is. 00:47:34
Similar to the long term muted picosidex percentage. 00:47:37
Your capital. 00:47:41
CPI and. 00:47:44
If you look at the long term average. 00:47:49
In prior years, the. 00:47:52
Inflation was much more pronounced. 00:47:53
We have pretty hefty. 00:47:56
Cost inflation, which is now tapered off. 00:47:58
They're saying a lot of that fall back to historical works. 00:48:01
So again, for an operation from an operation perspective for most states that's we're using 3% growth, but for public works. 00:48:04
And safety, we have a higher percentage growth. 00:48:11
4 1/2 percent works. 00:48:15
And 7% for the safety which? 00:48:17
Compared to what those numbers have done so. 00:48:21
So we're hoping essentially. 00:48:24
For all of those line items and we don't experience the. 00:48:27
Cost increase that we've experienced in the past. 00:48:32
So those are the assumptions again and I'm going to model. 00:48:36
Just one thing about sales tax because this question might come up of. 00:48:42
We will have some additional brick and mortar. 00:48:46
Associated with the Holiday Hill site. 00:48:49
Just a reminder of that. 00:48:53
The majority of that will be shared. 75% will be shared with the. 00:48:54
Developers. Umm. 00:49:00
Through the end of the. 00:49:02
Project area in 2038. 00:49:05
But is that? 00:49:08
Does that share it out of gate? 00:49:11
Or is it until it hits that base rate? 00:49:13
Like they only get increment of what were we talking about like 40 million or something? 00:49:18
Yeah. So the number. 00:49:23
The we have a card loaded. 00:49:26
Number in the AL and that's. 00:49:28
$239,000. 00:49:30
Of sales. 00:49:33
As the base, so it would be above that much. 00:49:34
That we would share. 00:49:38
But that's the Max we can. 00:49:39
We can capture ourselves before we start splitting and they get. 00:49:43
They're 75% so. 00:49:47
Yeah. 00:49:50
Of revenue. 00:49:56
So. 00:49:58
Yeah, that would have been better. 00:49:59
Hero Director. 00:50:03
So the sales tax would do. 00:50:08
Sales tax revenue. 00:50:13
Where we don't. 00:50:15
So we could put it a little bit there. 00:50:17
Valuation. 00:50:26
And it would be natural growth. 00:50:28
Outside changed. 00:50:31
Yes, yes. 00:50:33
Yes, we're again we're building. 00:50:34
But we've always had. 00:50:43
Stubborn growth, I mean, we've always had. 00:50:44
50 or 60 or 70,000 or whatever year. 00:50:47
That I think would be that's outside of holidays. 00:50:51
That there is something. It's not nothing. 00:50:54
I don't know, maybe it's insignificant. 00:50:57
Well, we should. 00:50:59
Buffers for everything else, and. 00:51:04
Seems like you do have an assumption about new growth. 00:51:06
Yeah. 00:51:09
We kept that component, yeah, so. 00:51:12
Clarified that it's. 00:51:15
It's not that we don't have any growth, we're just not increasing that. So recap to that. I see, I see. OK. 00:51:17
So we have in the model about 80,000 of new property tax for location. 00:51:25
We keep that concept. We're not showing that up or down. 00:51:31
Budget, We're still going to get one minute over here. 00:51:34
There is no assumption for us going through the maximum. 00:51:38
Carefully interested? No, but we do have some scenarios relative to. 00:51:41
Potential tax increases to. 00:51:45
To address that. 00:51:48
Yeah, right now we assume no trouble taxation of the basic. 00:51:51
So this is. 00:51:57
This is really just an illustration of what kind. 00:51:58
Currently happens and is projected to happen. 00:52:03
If we don't make a lot of changes to that budget, we'll see. 00:52:06
Inflationary pressure. 00:52:10
And potential part of the scenarios welcome. 00:52:12
Right now what happens is the black line is your expense. 00:52:15
And if we project that, we get a little bit more revenue than expense. 00:52:20
Every year then we transfer that out to cover debt service and capital Uber projects, whatever is leftover. 00:52:25
Goes to fund those one time. 00:52:32
Elements well as inflation continues to. 00:52:34
To against the general funds and again, if we think about the. 00:52:38
Projection of revenues and expenses. 00:52:42
Where we're showing 3% growth in general expenses. 00:52:44
4 1/2% of growth. 00:52:48
Public Service Citizens 7% growth in. 00:52:50
In law enforcement. 00:52:53
Compared to 2 1/2 percent growth in sales tax. But what happens is eventually. 00:52:56
Those lines. 00:53:01
Cross right, our expenses continue to grow at a higher rate versus our revenue grows, but not as rapidly. 00:53:02
And we get to the point where we say, OK, we no longer have. 00:53:08
Revenues surplus to transfer out. 00:53:11
The fund of one type of projects. 00:53:13
And now it's gone if we're actually helping to go to our. 00:53:16
Because our expenses seem. 00:53:19
That revenue. 00:53:21
There's Property taxes don't naturally increase as a result of inflation on. 00:53:23
Housing. 00:53:28
Yes, we get stuck in the truth of taxation. Very correct. Yep, that's. 00:53:29
So I can actually close this. That's brilliant. 00:53:33
So, well, the truth. The certified tax. 00:53:37
Helps Utah keep us from. 00:53:39
Suffering from recessionary conditions? 00:53:42
It does not. 00:53:45
Inflation. 00:53:46
So other states have. 00:53:48
Raise that function rate based on appreciation that. 00:53:51
Very beneficial is here. 00:53:53
Booming but detrimental included. 00:53:55
So we're protected in some ways, but it doesn't help us address inflation. So that's why those assumptions relative to revenues 00:53:59
and expenses are very important. If we're conservative on the assumptions relative to revenue, then it creates this scenario. 00:54:05
Again. 00:54:14
Understanding this is a scenario tool. 00:54:15
We can play around with those variety and we can say, OK, what is our? 00:54:18
Comfort level relative to reliance on sales tax. 00:54:22
Everyone be more aggressive or do we say no? 00:54:25
There is some concern that that's not always going to be there, So what action are we going to take? 00:54:29
To help shore up the general fund. 00:54:33
With the other tool that we have which is proper device. 00:54:35
So this just gives you an idea of the model, what the model is looking at. 00:54:38
That we we see that. 00:54:42
With that relationship or expenses to us. 00:54:45
So now we. 00:54:49
Determine what we can do about it. 00:54:50
Especially if we consider our. 00:54:53
Countless we have. 00:54:56
What would be some? 00:54:59
The regular Catholic leads in 28th or 27th or 2031. 00:55:01
But we have a huge lead up for. 00:55:08
Perspective projects she. 00:55:10
Potential form on the student associated. 00:55:13
So really. 00:55:17
Are scenarios where. 00:55:19
Trying to help address that upfront meeting. 00:55:21
While looking at that service payments and the. 00:55:24
So you can see the 23 million up front. 00:55:28
That's the. 00:55:34
All right, jump to the next slide. 00:55:45
This highlights some of the other assumptions that we have. 00:55:47
Within the general fund or assuming a starting point. 00:55:51
With our with regards to our fund balance of $6.7 billion. 00:55:54
The CIP fund, that's. 00:55:58
For robust fund balance. 00:56:00
6 billion. Again, those are the starting points. 00:56:02
Position for the analysis and we see what happens to those we. 00:56:06
Apply these assumptions. Does it increase? Does it decrease? You're really dropping the targets. 00:56:10
We're continuing to transfer out of the general fund. 00:56:17
Another necessary amounts for you existing left service. 00:56:20
Account for that and then we're also layering on top of that. 00:56:24
The proposed debt service under. 00:56:27
Which is. 00:56:29
We're looking at a five year planet, Verizon. 00:56:33
Open about these sales or what athletes. 00:56:39
On. 00:56:41
You know this is our crystal ball is pretty. 00:56:44
The five years it gets. 00:56:46
Even more. 00:56:48
You know and. 00:56:50
So this. 00:56:55
70. 00:56:58
Now is that all completely unrestricted or is there? 00:57:00
Anything attached to that? 00:57:04
Now that. 00:57:06
Was already thought to be going somewhere else. 00:57:07
To other capital, I think it's all. 00:57:09
I said the team is unrestricted. 00:57:12
That's based off of budget. 00:57:13
I think it'd be quite anticipated if you. 00:57:17
Order so but. 00:57:20
I asked Jean and Christine about this. 00:57:23
Is the. 00:57:28
So right now in the. 00:57:30
Village RDA. There's about. 00:57:32
Two and a half million. 00:57:35
Of cash parked in there, that is. 00:57:37
Supposed to go towards the pay down of the 3.7 million of. 00:57:39
Of debt that's owned from the RDA into the city, the general fund and. 00:57:45
We think by the end of the RDA that those numbers will be really close to being able to retire and so. 00:57:50
When that's retired. 00:57:55
Does that. 00:57:58
When that's retired with that 17.6. 00:58:00
Then go to 21 million. 00:58:04
If it goes from restricted to unrestricted. 00:58:06
Or is it in that number? No. So that's 6.7 or 17 point. 00:58:09
Does not include that you would have our model. 00:58:13
Bring that in. 00:58:16
In our first meetings. 00:58:18
That in 2026 and then 5G period. 00:58:21
We get another two and a half million. We're putting that in general fund. 00:58:24
So we're showing them just come into that 6.7, but your revenue model is going to. 00:58:28
Include that, yes, it's not going to be a windfall on top of what we're looking at. 00:58:33
The scenarios that we presented. 00:58:38
Assume that that's what it happened everything. 00:58:40
Three Well 3.7. 00:58:46
So the 2 1/2 would be part of that 3.7, so it would be the additional. 00:58:49
1.2 is who? 00:58:53
Yeah, right now we have. 00:58:55
Within the general fund, there's additional funds. 00:58:57
We have. 00:59:03
Sorry I missed phones we didn't include. 00:59:07
The general fund balance we are preliminary to see if it. 00:59:09
Yes, but we also have. So we just included the 200. 00:59:14
We have some unrestricted fund balance. 00:59:22
Higher cost upsets Mondays from. 00:59:26
That sit around the street to funds. 00:59:29
Slide that shows. 00:59:36
Two and a half million plus 1.8 million of unrestricted tone balance the grants contribution of $1 million. 00:59:37
And the computing project. 00:59:46
And then we have one of the bond proceeds. 00:59:51
We give them money, so under each scenario there's a certain amount of proceeds that we're also infusing them into the capital. 00:59:55
Improvement Fund. 01:00:01
So all of those funds were layering on top of each other to adduccess scenario. 01:00:03
So if there's some. 01:00:08
Additional funds. 01:00:10
We should account for that as well. 01:00:12
So far, based off of what we've seen, we think it will be. 01:00:37
Yeah, we've had some discussions with Burex, something essentially said. Well. 01:00:42
Yes, that additional fundamentally we just start relying on it. 01:00:48
Alrighty, so with Prexworks. 01:01:00
As we look at those fundamental exists, what we're trying to do is keep our fund balance and generally about the 25% threshold. 01:01:02
So this is general fund revenues as? 01:01:09
We're essentially comparing the fund balance to your revenue stream. 01:01:12
We can maintain at least 25%. 01:01:17
As a threshold though. 01:01:20
The state actually allows you to keep up to 35%. 01:01:21
We've captured about the 25% actually that's analyzing. 01:01:25
That's that general fund time was serving there and on the CIP fund we're keeping it at. 01:01:30
4 million minimums or say let's not see that drop below 4 million. 01:01:36
Some of that has to do with. 01:01:41
Do you have? 01:01:42
Challenges associated with the CI. 01:01:45
Months of to get the last five years where inflation was so high like. 01:01:47
It became very difficult to build projects without having a. 01:01:53
A little bit of the fund balance that can help you to work those types of things here. 01:01:56
In addition, there are some projects. 01:02:01
Within the future then. 01:02:03
They require some cash. 01:02:05
So. 01:02:07
All right. So with regards to the financing options again the. 01:02:16
Two big projects there totaling almost $20 million of $23 million in the first year. So really this is the primary driver. 01:02:19
As I mentioned, we brought in the alternative funding. 01:02:28
Solutions as well, so there. 01:02:33
Project 5. 01:02:35
Unbalanced and other things folded all of. 01:02:39
Different what happens? 01:02:47
All right. 01:02:54
Bonding options that we're looking at is option A, which is a reduced bonding 6.6 million. 01:02:55
Quickly, both of these two. 01:03:04
Heard of these pretty quickly. 01:03:05
So option A baseline 6.6 million. 01:03:08
We're not doing anything to baseline. So we're certainly no transfers out other than the existing debt service. 01:03:12
No additional transfers to capital improvements. 01:03:19
That we're trying to isolate the funds and say, OK, if we do this. 01:03:22
How do these funds perform? 01:03:26
And. 01:03:28
Confirm independent of. 01:03:30
Each other. 01:03:31
Option B we increase the bonding amount and. 01:03:33
See what happens. So keep setting baseline scenarios and. 01:03:38
Assuming that does, under our assumptions, we're assuming a 20 year term. 01:03:41
4% interest rate and cost of issuance Cost of issuance the cost you pay to. 01:03:46
Financial advice are on the record. 01:03:51
On council. 01:03:54
The 4% interest rate, that's going to fluctuate and will depend on your security experience, whatever uses that backs up that. 01:03:57
Debt will influence that interest rate as well as where we're at market. 01:04:04
12% is. 01:04:08
Don't take it but. 01:04:10
Independently. 01:04:13
I was just going to add here, we'll have a much more in depth conversation about these options on the 28th. 01:04:14
With Fred's partner Laura Lewis. 01:04:25
And once we get that? 01:04:27
You know again, this helps you understand. 01:04:29
Trade-offs of these scenarios. 01:04:31
What they may mean? 01:04:34
Which I hope it forms us. 01:04:35
Discussion on the 28th and then once we have some better data. 01:04:37
We're plugged in on COD. 01:04:41
Is the 20 year term? Is that a standard term? 01:04:46
Yes, yeah, for, well. 01:04:49
Actually you could go shortly. So I was thinking well. 01:04:52
Yeah, so add. 01:04:59
25 years. 01:05:01
And to push that. 01:05:03
Integrated C30 year, well, I just wonder on 25, it seems like these are going to be 25 year assets, yeah. 01:05:05
And of course, it's going to bring her. 01:05:12
Yearly payment down and stretch it out as. 01:05:16
I mean, I would think City Hall is going to last at least 25 years and certainly the improvements we make at straight line would 01:05:19
be. 01:05:22
25 year assets, so. 01:05:25
If it was possible. 01:05:27
Is there? Is there a? 01:05:29
Downside to that? 01:05:30
I mean, that's something we can talk about with Laura too. I will say that we. 01:05:32
We umm uh. 01:05:37
Assumed in the construction of the lease that we were looking at a 20 year. 01:05:39
Term uh. 01:05:44
So. 01:05:45
Factors that we mentioned across the hall. 01:05:47
Like. 01:05:51
We looked at a 20 year time. 01:05:54
Right. And we're trying to make sure that we had a longer lease by about a decade than the bonds. 01:05:58
So that's a conversation I think want to have with Bond Council and before see. 01:06:06
What their comfort would be. 01:06:12
And. 01:06:15
One of the trade-offs, see. 01:06:16
That. 01:06:22
Interesting thing so. 01:06:23
There's trade-offs, there's expenses. 01:06:25
Large chunk of. 01:06:29
Some shorter duration. 01:06:30
Minimize that. 01:06:33
At the expense, but increase your. 01:06:34
Business payments. 01:06:36
At 10 million or even the 6.6 million? 01:06:38
And again this. 01:06:42
This is just information. 01:06:44
This gives it the realm of private placement. 01:06:50
Look at this government of the institution. 01:06:53
Would they like to see the current dimension so they don't mind the? 01:06:56
5 to $10 million range for. 01:07:00
Yeah, but they want to see it paid off in 1015 years. 01:07:02
So they don't like this. 01:07:05
Sit there there's, whereas the public market is OK, there's. 01:07:07
OK, so again, our baseline scenario is. 01:07:16
Based on these two options, assuming we take no action relative to certified tax rate. 01:07:20
We we conclude all those assumptions. So really we're just evaluating what happens to the general fund. 01:07:26
And the CIP fund based on the inclusion of all costs. 01:07:31
All of those assumptions and this content for these two standard years here. 01:07:34
Again, that's based on. 01:07:39
The budget, so it's taking your budget numbers and pushing those forward and adding these additional costs. 01:07:41
So under option A, you can see both of those. We start off with the net positive as we illustrate that paragraph, but it does 01:07:48
decline because. 01:07:52
Again, our revenues are not growing as fast as our expense and we're layering on. 01:07:56
A debt service payment. 01:08:01
So now we have new debt on top of the investing debt. 01:08:02
And that erodes your. 01:08:06
Your net revenues essentially and. 01:08:10
That point in 2029 and start to be. 01:08:13
To see. 01:08:16
Our fund balance so. 01:08:18
We don't go negative. 01:08:21
So we still have a. 01:08:23
Positive fund balance and you can see it commits below. 01:08:24
35. 01:08:28
CIP funds here we do have an issue because we're relying now on. 01:08:31
More on that fund balance because we're issuing less debt. 01:08:35
We have less project proceeds coming into that. 01:08:39
Scenario so that. 01:08:42
17. 01:08:44
$20 million of capital costs that we have for those two projects. 01:08:45
With only six and a half, $1,000,000 in bonds, we're using a lot of we're funded on this rate, but. 01:08:51
$10 million that fund downwards. 01:08:56
To come into play. 01:08:58
Plus the additional capital improvements that we have in the model and this isn't enough there. 01:09:00
So that's essentially what's happening on scenario A and scenario B we have. 01:09:06
Of a similar issue, except. 01:09:13
Here this isn't. 01:09:16
Right off the bat, intuitive, but our general fund is actually worse off. 01:09:21
And you would think why is that happening because we're getting more project proceeds, but. 01:09:27
What's happening is the general fund is actually covering more debt service because we've issued 10,000,006 million. 01:09:31
But that project proceeds, it's coming down below Mr. Capital Improvement Fund, so this is not quite as negative. 01:09:38
Because we've got more money on this side of the coin. 01:09:44
And so. 01:09:47
If it does a little bit better, you see IP fund. 01:09:48
That our general fund is what suffers because. 01:09:51
With that service payment. 01:09:53
Higher debt servicemen than. 01:09:55
So. 01:09:59
You know this. 01:10:01
This isn't intended to be. 01:10:03
Saying it's the. 01:10:05
Again, because I'm trying to. 01:10:07
Show the percentages it's going to be. 01:10:13
Big projects. 01:10:16
Part of this is to evaluate it from the lens, the status quo, right? Because we're using your budget as the starting point. 01:10:20
There is a little bit of. 01:10:26
Squishiness there in your budget. 01:10:28
With most entities across the state, it is a saver practice to. 01:10:32
Under project revenues and overdraft expense don't get into trouble. 01:10:36
Now, that doesn't always work, and there's circumstances that influence that. 01:10:42
And relationship. 01:10:46
But this perpetuates. 01:10:48
In this model, so it's keeping that status quo, it's saying what do we need to do to our taxation to keep that? 01:10:50
Now you can as a council, you can say, hey, we're going to recognize that and. 01:10:58
Figure out. 01:11:02
I think they look more aggressive. 01:11:03
This discussion didn't. 01:11:05
Maybe we. 01:11:08
Tighten some of those strengths up we. 01:11:09
That's always an option, but again, the more you type that. 01:11:12
The more you try to. 01:11:17
To make those levers and. 01:11:18
Can create risk. 01:11:20
That's really what we're trying to tell us, this stuff. 01:11:22
Status quo. 01:11:24
So based on that, again, we just don't have enough there to handle everything. 01:11:28
So now we look at solutions. What do we do about that? 01:11:32
So essentially what we're saying. 01:11:36
We're doing the models look at a percentage tax increase. 01:11:37
For revenue increase. 01:11:40
To make these work. 01:11:42
Under the 6.6 million. 01:11:45
I can jump to the next slide. 01:11:47
This shows that scenario so. 01:11:49
Again, we show what we're trying to do is hit our targets. That's the objective fund. 01:11:52
I'll also point out here. 01:11:57
You can see our target actually increases overtime. 01:11:59
So this is a little bit of a double edged sword because as you increase your revenue because it's percentage based, your general 01:12:03
fund balance actually goes up. 01:12:07
Dollar basis ever here. 01:12:11
If we're Peggy gets 25% of your revenue. 01:12:12
If you increase taxes and raise your revenue targeted on this. 01:12:16
So that's also something. 01:12:19
So you're raising revenue on revenue increase? Yes, exactly. 01:12:25
So some entities will say hey, we're OK and if. 01:12:29
That percentage drops a little bit or if we started at. 01:12:32
The Max of 35%, so 60%, but we're OK letting that drop to 25% recognizing that. 01:12:36
It's still increasing. 01:12:42
That's why the target. 01:12:48
Goes up and on fund balance. 01:12:50
Our CIP fund balance, we're essentially getting to a point where saying, OK, we're still relying on that fund balance. 01:12:52
As we're now transferring monies out of the Jone Fund to the Capitol Hill put funding because of the. 01:13:03
Tax increases that. 01:13:09
Let's raise rapidly. 01:13:12
Take that revenue. 01:13:13
Pay our debt service inflation and now start sending some of that funds to the company. 01:13:14
But the capital of prison fund destruction? 01:13:19
Yes. 01:13:22
Yep. So we're not keeping $17 million a day. 01:13:23
We are saying it's dropping, but we don't want to let it drop. 01:13:26
Below 4 million. 01:13:29
Wrap basically say we're going to take. 01:13:31
We're so. 01:13:35
This is what I'm saying. 01:13:37
We're going to bond for $6 million. 01:13:39
Right. Yes. 01:13:41
We're going to take. 01:13:42
We're going to take. 01:13:45
$7,000,000 or whatever out of the capital improvement. 01:13:47
Right up, right out of The Cave. 01:13:50
We're going to shrink that. 01:13:52
Yes, and then? 01:13:54
We're going to continue to use some of that fund balance. 01:13:57
And we'll chew into our fund balance if we don't have a tax increase. 01:14:00
To the point that by 20-30, we're down to our. 01:14:04
Minimum acceptable level. This is actually with taxes. 01:14:07
Ohh so if you go to the charts before. 01:14:11
Jump back to where we get into the we. 01:14:14
We're going to get negative. 01:14:17
So this is. 01:14:19
If we want to. 01:14:21
To achieve just in its which is yes. Still you want to achieve that crappy scenario and raise taxes. 01:14:23
How much does he raise taxes out of? Yes, if you jump to the next slide. 01:14:30
So. 01:14:33
Here we go. 01:14:36
So this is what we assumed. 01:14:37
Is a 10 1/2 percent increase. 01:14:39
Compounding. So it's. 01:14:42
Every year, yeah. 01:14:45
Every year, yes. 01:14:47
Yes. 01:14:49
Yes, so it. 01:14:51
They have $1,000,000 bond for. 01:14:53
That's like I was 70. 01:14:55
5000. 01:14:57
The European discs, so like we have. 01:14:58
And that's that's a one time. 01:15:01
Increase, not a Yeah, 10 1/2 percent increase. 01:15:04
On your. 01:15:08
Understand one. 01:15:12
So yeah, that's about $1,000,000 in. 01:15:17
Tax revenue. 01:15:23
That word? Umm. 01:15:24
Program against them tomorrow. 01:15:26
So then we say you go from. 01:15:29
Eight and a half, $1,000,000 of. 01:15:31
Proper tax revenue now. 01:15:34
It's quite utility. 01:15:36
Yeah. 01:15:39
You have, yeah, eight and a half million dollars of property tax. 01:15:42
That. 01:15:45
$15 million, so it is generating. 01:15:48
Yeah, quite a bit of new property tax revenue to offset debt service. 01:15:51
But that's only one. 01:15:55
So 1 component is the new debt service. 01:15:57
But the other is the. 01:16:02
If you look at. 01:16:05
The initial trading revenue growth and expense inflationary pressure. 01:16:06
So this is also trying to mitigate that issue that. 01:16:11
Our revenues are only going to grow at 2 1/2 percent or as our expenses are going to grow in. 01:16:15
4 1/2 percent. 01:16:21
Primarily due to. 01:16:22
With public safety, yeah. So it's filling back gap as well. 01:16:24
In addition, it's filling the CIP. 01:16:29
So there's all of those variables on top of each other. It's not just, we're not just saying. 01:16:32
How much will we need to generate to cover? 01:16:36
The 400, the 500,000 data service or how much if it's? 01:16:39
800,000 debt service that is 1 component of this. 01:16:43
In other words, absent. 01:16:47
Absent doing the projects. 01:16:49
And all that. What? What would that send the answer to? 01:16:51
Likely end up being the key. 01:16:53
If we pulled out the project. 01:16:55
And if you this is what we would be doing every three years, yeah. 01:16:59
If you can't do math in public, that's something we could do for. 01:17:02
That was my favorite question. 01:17:07
Again, it's not just those projects. 01:17:30
But yeah, I mean, you have to take status quo, status quo plus, yes, status quo plus of projects still being slowed down. 01:17:35
So this is really to help. 01:17:44
The Council understands that there are multiple factors that engage the General Fund. 01:17:46
And often we get blinders on say, OK, we want to build this project and we need. 01:17:51
$500,000. 01:17:56
$800,000. 01:17:58
That is 1 component of the general fund. 01:18:00
The other proponent is your inflationary pressure, as well as all of the other capital permits that you need to construct. 01:18:03
So we're trying to take it from. 01:18:09
This that narrow view of this project say OK, what are all these other variables? 01:18:11
That should help with the decision. 01:18:15
Process, and especially as you're considering. 01:18:18
More or less that. 01:18:21
We want to issue more debt. 01:18:23
What are the trade-offs that were left? 01:18:25
While keeping in your mind you should always be chewing on this fact that inflation is going to be your enemy right as we move 01:18:30
forward, that inflationary pressure is always there. 01:18:34
And so why do we, how do we think about taxation as a result and following us. 01:18:39
Again, we're not saying this is what you have. 01:18:44
You need to set a policy for tenancy. 01:18:47
Keeping that status quo under these assumptions. 01:18:50
You need to do something. 01:18:53
Because you have to battle inflation and your. 01:18:54
Anticipate this is a yes, yes if if we wanted to achieve this and again we can. 01:18:58
We can create additional scenarios. We can choose sales tax growth and say, hey, that's too low. What do we think here? 01:19:05
But this is giving you some. 01:19:12
Some of those numbers so you could understand the magnitude and the challenge associated. 01:19:13
So yeah, take away this. 01:19:20
Go on tomorrow and raise your taxes so every year. 01:19:23
It is a big number to cover all. 01:19:27
To say if we want to cover all inflation. 01:19:30
If we think revenues are going to decrease. 01:19:33
And we want to build those projects. 01:19:35
It's not easy. 01:19:37
To do all of those things. 01:19:39
So maybe for the 28th we could look at and I'm actually thinking maybe yes. 01:19:41
Stacking chart of the 10% what? 01:19:45
What is just baseline? 01:19:49
And then what is? 01:19:51
The cost of the projects in each of these scenarios just to help you with the margin impact of. 01:19:53
Yeah, yeah. 01:19:59
And then we could also look at. 01:20:01
The impact of just changing that sales tax from if we went from 2 1/2. 01:20:04
6%. 01:20:09
What does that mean? 01:20:11
Just to give you a sense. 01:20:12
I was playing around with that percentage and some of these things are brand. 01:20:13
You do have to rely. 01:20:19
In order for that to be the savior. 01:20:24
You would have to say more than 6% sales tax instead of. 01:20:26
Yeah. 01:20:31
And then we could also look at what a few P. What about those public safety increases if they were more than 7%? 01:20:34
Yeah. 01:20:46
You just be most upset just to put that into context. 01:20:47
And your. 01:20:50
If you're historic growth rate for. 01:20:53
Law enforcement. 01:20:57
Was eight point. 01:20:59
3%, so 20. 01:21:00
19/20/24. 01:21:02
Those expenses written by 80.3%. Again, there are so many. 01:21:05
7 So we're a little closer. 01:21:12
No. 01:21:25
Again that. 01:21:48
That highlights the. 01:21:49
Some of the issues right It's if. 01:21:50
Where maybe we're too conservative on the revenue, but we could say the same. 01:21:52
And that would. 01:21:55
OK. So yes, we whenever we present these scenarios, there's definitely sticker dog. 01:22:00
And the idea is to. 01:22:06
Narrow in on what we think is most important. 01:22:08
Established priorities and. 01:22:10
Adjust some of those stairs. OK, what are we comfortable with and. 01:22:14
What are we going to reliance? 01:22:16
The next area isn't much better, but it does help a little bit to issue more debt. So this gives you an idea of. 01:22:20
Some of that magnitude. 01:22:28
This transactions projects. 01:22:30
Again, we're achieving the same. 01:22:33
Trying to achieve the same elements here. 01:22:34
But what the? 01:22:37
Or the bond does. The higher bond is it does allow us to shave off. 01:22:38
1 1/2 percent. 01:22:42
To those numbers so we're able to. 01:22:44
Used more project proceeds out of the debt service. 01:22:47
And that requires less revenue generation on the property cap side. 01:22:50
So we have more debt, but we transfer less money into the CIP fund because within. 01:22:55
Now we commend ourselves 20 years of. 01:23:01
Favorite Brandon cash pump for that so. 01:23:04
That's really one of the biggest tradeoffs as you talk about. 01:23:07
The duration of the debt and the magnitude of that debt. 01:23:11
Is. 01:23:15
Who's going to pay for that and how long you can? 01:23:17
Can you go back to the slide prior the? 01:23:20
And so this one. 01:23:27
You'll see starts at about 13 million. 01:23:29
As opposed to 10 million so. 01:23:32
Preserves more. 01:23:34
Of your capital improvement fund balance. 01:23:36
But it doesn't change. 01:23:39
Yeah, it doesn't change timely. It just changes it from 10 1/2 to 9%. Yeah, we're still achieving this. So these scenarios achieve 01:23:41
the same objectives, Yeah. 01:23:45
So if we're not changing our. 01:23:50
Our target. 01:23:51
What happens if you stroll? 01:23:54
To the next slide. 01:23:55
What what happens is we generate less impact the. 01:23:57
End use of the taxpayer. 01:24:01
Under option B. 01:24:03
In the short term. 01:24:05
Again, we're committing them to more. 01:24:06
Death in the long term. 01:24:08
But we reduced that short term impact and now we transfer less. 01:24:10
Out of the. 01:24:17
General Fund. 01:24:18
Because the CIP fund. 01:24:19
That bond produce and also a million the general fund. 01:24:21
Doesn't need to generate as much. 01:24:24
And because of that, we've been using the. 01:24:27
Project proceeds to embed. 01:24:29
So. 01:24:31
I mean, the one thing he could do there, I mean, because. 01:24:32
If I could see where Emily was going with her comment. 01:24:36
Really, we're going to go out for truth in taxation every year. 01:24:39
It's like that's. 01:24:42
It most likely it's going to be. 01:24:44
A policy statement where we. 01:24:46
Look, we're going to have to go out for 20% tax increase in 2028. 01:24:49
And then in 2031, we're going to have to go out for another 25 or 30% tax increase. 01:24:53
We just have to, even though we can't find a future council. 01:24:58
Happy. 01:25:02
Yeah, well, we're making them think really hard. 01:25:04
Really awful decisions down the road right about. 01:25:08
So it's an obligation. 01:25:12
No, no. So that that idea of doing. 01:25:18
11 time or. 01:25:21
Or they're saying, OK, let's do something now and then wait a couple of years. Many of these. 01:25:23
Say let's, but it's a pretty significant. It becomes pretty. 01:25:28
Yes, yeah. So those are percentages as you spread them out, become larger percentages. 01:25:31
So a lot of entities have had many entities. 01:25:37
Establish their policy to go through the truth and taxation process. Members loser. 01:25:43
But they tie it more to a CTI as a 3% or if it's not. 01:25:48
Yeah, 10%. 01:25:53
Yes. So they'll say, OK, we're going to. 01:25:55
We're going to have. 01:25:58
The property tax types of inflation. 01:26:00
So that we go through student taxation every year. 01:26:02
And then strategically make decisions on. 01:26:04
Larger increases, they said. Well, maybe we do an upfront increase and then do inflationary increases thereafter or? 01:26:08
Establish a policy around. 01:26:14
More frequent truth attention. 01:26:17
Procedures so. 01:26:20
Again, that's one of the main benefits I think to these types of discussions. This model is to understand the impact of inflation. 01:26:23
And. 01:26:31
How that influence in general fund? 01:26:32
Because I think most entities will. 01:26:34
Let their property. 01:26:38
Safe as it's, we did that. 01:26:40
Yes, that is fine if your. 01:26:43
Sales tax revenue continues to. 01:26:46
And. 01:26:49
And that works. 01:26:51
For a lot of years, that sometimes does. 01:26:53
So again. 01:26:55
One of the. 01:26:58
One of my clients, Ogden City. 01:26:59
We've gone through this process several times. 01:27:00
And they've started a policy they actually adopted. 01:27:03
Taxation policy, that's. 01:27:08
And inflation exceed. 01:27:11
So they just, they're not binding future councils, but the policy says we're going to increase every year based on. 01:27:13
They have a formula that's tied into two entries. 01:27:20
And you have to take action to prevent it from. 01:27:23
Essentially, but then if it goes above that metric. 01:27:26
That's a real indication that it's a taxing. 01:27:30
That you're asking for more than what inflation is covering. 01:27:33
So yeah, if they need more than that inflation. 01:27:37
Then there's a way to justify it because of XY and Z. 01:27:40
That we're going above that calculating. 01:27:44
Increase umm. 01:27:47
I think most people, whether we like it or not, again, I'm speaking out as a taxpayer. 01:27:51
I'm a little bit more of an informed taxpayer base on my job. 01:27:56
This idea of inflation, I mean, it makes sense, right? 01:28:02
Everybody understands inflation, especially in the last. 01:28:05
Years so. 01:28:08
The entities that have done these types of studies and established policy. 01:28:10
I'd say, hey, it's just an inflationary person. 01:28:14
Taxes don't go up. 01:28:17
But 99%? 01:28:18
Don't understand that Pete has. 01:28:20
Policy doesn't secure and it really has to do with the certified tax rate counting. 01:28:22
Appreciation. 01:28:26
Does result in new revenue. 01:28:28
Which is what are the equipment CPI I'm assuming, as well as indexes. What is the other thing that they face? So there's a. 01:28:30
They use the Western. 01:28:37
Consumer prices next will be the cost of next. 01:28:40
There's there are several indices that you could look at and they're all a little different. The fast. 01:28:43
Yes, so. 01:28:51
If you have a. 01:28:53
Pretty intensive pro forma that's relied to capital or reliant on capital costs and construction costs to next it would be a 01:28:54
factor that is going there. 01:28:59
In the general fund where you're. 01:29:03
Heavily relied upon. 01:29:05
Music costs and employment basement. 01:29:06
Expenditures. 01:29:10
That consumer price events of the municipal cost events would like the better variable to utilize. 01:29:11
Inflation, but. 01:29:18
Again, the idea here is. 01:29:19
More bonding I guess my conclusion from this analysis is. 01:29:24
More bonding. 01:29:28
Does alleviate pressure? 01:29:29
In the short term so it fuses this. 01:29:31
The Capital Improvement fund. 01:29:34
With revenues upfront? 01:29:36
Which reduces the impact of the general fund. Now the general fund doesn't have to produce that revenue or identify that revenue. 01:29:39
You're advertising that impact over a longer period. 01:29:46
That can be beneficial. 01:29:51
We perceive our. 01:29:53
Our capital. 01:29:56
Horizon, if we see it as a mountain, essentially, if we look at it and say. 01:30:01
I think it's going to go really tight, then it's going to go down. 01:30:05
To go back a couple of slides. 01:30:08
To that time. 01:30:12
CIP. 01:30:14
So this is. 01:30:25
This is beneficial to me. 01:30:28
When we do these types of studies when I see this. 01:30:30
This is a candidate for death. 01:30:32
Right, because. 01:30:34
We have a huge mountain of expanded significant unrest this very young fear 1. 01:30:35
Take all that off. 01:30:40
Emphasized over longer period, he said. This slide being here, maybe it's up here. 01:30:41
But it's much more manageable. 01:30:45
That doesn't work if we were to anticipate. 01:30:47
Capital costs up here for multiple years. 01:30:51
Or you you had a deficit even at this level, so you need to actually bring your taxes up to cover your baseline here. 01:30:54
Something like this is a good candidate for bonding. 01:31:03
Again, because we amortize that impact. 01:31:07
Impact of her, but I don't think it's just the nature of the assets or by the nature of the assets are long term assets. 01:31:09
Benefit or citizens benefit from disasters over the long term. 01:31:15
Should be paid for by citizen taxes over the long term as opposed to thing with. 01:31:20
Current fund balances of current citizens, yes. 01:31:24
That really should be in place for paving roads. 01:31:26
The current maintenance project. 01:31:30
I mean his. His. 01:31:32
Part of the. 01:31:34
Fundamental decision here, whether we bond for 6 million or 10 million. 01:31:35
Yeah, I mean, I think. 01:31:39
The last discussion the Council had, there were two schools of thought. 01:31:41
And for a while we had names associated with those two schools of thought. We just moved to A&B. 01:31:47
To simplify the the conversation. 01:31:53
But that was a real kind of fundamental trade off. 01:31:56
Or the other option should be dialed. 01:31:59
Absolutely, that's always an option. 01:32:02
That's, I mean, regardless I think. 01:32:04
Yeah, I think that's a discussion that could be had. 01:32:09
Because I. 01:32:13
That troubles me. 01:32:15
What I'm looking at troubles. That's why they need to look at large. 01:32:17
These type of projects. 01:32:22
Really know the impact. 01:32:25
Projects are. 01:32:26
Relative to what we're already building again. 01:32:27
Everything else. So the stacking thing. 01:32:30
Yeah, because this. 01:32:33
But I'm not sure. 01:32:36
Why we would? 01:32:38
Not choose the. 01:32:40
The 10? Absolutely. 01:32:41
Option B. Why would we not choose that one if? 01:32:43
It's going to bring down the. 01:32:47
Potential tax increase down the road and it's going to preserve more fund balance because. 01:32:48
We do have. 01:32:53
I mean, I don't want to just build excessive fund balance, but. 01:32:56
We do have. 01:33:00
As you and I'm not sure if we got to it yet, I hope I'm not getting ahead of. 01:33:01
Ourselves here, but. 01:33:05
You know, we've got. 01:33:07
The Walking path. 01:33:08
Interactive path on 2/15, right? 01:33:12
And Thailand drive project. 01:33:16
And who knows what other elementary schools are going to close? 01:33:18
You know. 01:33:25
5%, which is not really that they're parking. 01:33:27
Right. And so you want some. 01:33:30
Do you want some? 01:33:34
Flexibility to be nimble and not be not be put into a corner. 01:33:35
From a negotiation standpoint, so. 01:33:41
I'm not. I would rather just start focusing, you know? 01:33:44
On that option for the 28th and then whatever else we want to mix in there. 01:33:48
Yeah, that was kind of our discussion. 01:33:54
As we looked at these scenarios. 01:33:57
Saying. 01:34:01
As you described, it's. 01:34:04
More understanding that. 01:34:05
With the impacts of the two options. 01:34:07
And its implications on the General Fund. 01:34:13
In potential if there were to be tax aid. 01:34:16
Whether those scenarios? 01:34:21
And while considering the future. 01:34:23
So our last slide does show. 01:34:26
Those elements relative to. 01:34:28
Some of the additional considerations, we didn't put a lot of data here, but. 01:34:30
And those two points. 01:34:34
You've got your Highland Dr. reconstruction works facility and potential for a public works facility. 01:34:37
So. 01:34:42
Drawing down your fund balance. 01:34:44
Now. 01:34:46
May create some challenges as your approach for these constituents. 01:34:47
So, uh. 01:34:51
I guess. 01:34:53
As an outsider, again, I look at it as you're going to issue debt. 01:34:54
To that magnitude. 01:34:58
You've got some substantial capital investment. 01:35:02
We had crystal ball and we should say, you know what, interest rates. 01:35:07
In the future, for most views less than what they are now that. 01:35:10
Do less now on issue more than. 01:35:16
Down the road. 01:35:18
But we just don't know. 01:35:20
There's always the options. 01:35:23
I think that is a good summary of. 01:35:28
What's the big side of the grounds? 01:35:32
Option A and option B. 01:35:34
This helps you understand. 01:35:35
Probably familiar with, yes. 01:35:39
Yes. 01:35:41
If we refund those parts. 01:35:42
And sometimes we pay for that option. So that's something we'll talk about on the 28th as well. 01:35:46
Up front, how comfortable are we with the? 01:35:52
Revenue and expense models. 01:35:56
I mean, it seems to me like the revenue model. 01:35:59
It seems like a worst case scenario. 01:36:01
And I don't want to. I don't want to. 01:36:06
Had the statistics. 01:36:08
But I want it to be. 01:36:10
Like where we feel comfortable. It's realistic too. 01:36:12
I would say it's the worst case scenario. 01:36:15
We would push up the expense. 01:36:17
But it's conservative. But it's very conservative. 01:36:23
Relative to regular space rate. 01:36:27
We're at 2 1/2% of sales tax. 01:36:30
Pretty festive growth from the public services. 01:36:33
Public safety operas store it. 01:36:36
I don't have a problem with Derek. 01:36:39
I don't think their expense. 01:36:40
Projections are. 01:36:43
Yeah. So it's. 01:36:44
It could be. 01:36:45
You can see more. 01:36:48
Sales tax equipment. 01:36:49
Than what we're projecting. 01:36:51
And again, we're using budgeted expense. 01:36:53
Revenue. So it is there's a cushion in the. 01:36:56
And you've if prior budgets. 01:36:59
You will have seen. 01:37:01
Transfer. 01:37:03
For your revenues, exceed those expenses and transfer the CIP fund. 01:37:05
And funded capital cost saving. 01:37:10
And just for perspective, that's been significant for us for the last several years like in the million? 01:37:14
Plus dollar for the last. 01:37:21
Several fiscal years. 01:37:23
But in terms of looking forward. 01:37:26
Who knows? 01:37:31
And so we chose to make to be pretty conservative in these assumptions. 01:37:32
2 1/2% for sales tax historically. 01:37:37
Sales tax growth at that level. 01:37:41
That at one point would have seemed pretty aggressive to me. 01:37:46
But the last? 01:37:51
Six years have been we've just seen huge increases. 01:37:52
I keep thinking that. 01:37:57
Yeah. 01:38:04
I think you're right. 01:38:08
Yeah, I think you're exactly right. 01:38:10
But going back to. 01:38:12
Trader Joe's. 01:38:13
So. 01:38:15
But do we have? 01:38:23
So clarifying so we will get. 01:38:25
$289,000 of additional tax and then? 01:38:28
Once it goes past that, then we have to. 01:38:31
Share the increment. So beyond that, we're not going to get much inside 2030. 01:38:34
Is the 289. 01:38:39
In the model. 01:38:41
Let's see right now. 01:38:42
Let's see what the 290%. 01:38:44
And especially 23 years, 13 years out on this computer. 01:38:49
Visitor understood. 01:38:52
Is that how that works? 01:38:55
I don't think we went that far in terms of the model. I think we ended at 2031. So 2 1/2 percent increase in sales tax is. 01:38:57
$550,000 up to 70. 01:39:06
1000 New cell sex relatives. 01:39:09
We didn't parse that out say where it's coming from. 01:39:12
Yeah, it doesn't change the. 01:39:15
Historically, it's a lot of money, but it's not significant towards the percent. 01:39:17
Yeah, but. 01:39:21
Pre 2018 and to see what the average was because. 01:39:29
I think these are. 01:39:33
The whole public. 01:39:34
Yeah. 01:39:37
Yeah, time we did this. 01:39:40
In 2020, I think our public safety line item was. 01:39:43
6% if I'm remembering correctly. Fred. 01:39:48
We just. 01:39:52
We've seen greater increases than we had. 01:39:54
Planned on well, we already. 01:39:57
Are anticipating. 01:40:00
Another issue with UPD this year because. 01:40:02
Salt Lake City just. 01:40:05
Put a big bump in there. 01:40:07
Pay rates again. 01:40:10
And that drives the market as then? 01:40:12
It just hasn't stopped. 01:40:15
I've been against several. 01:40:17
Salaries all of the other entities. 01:40:28
Either they lose staff or they not. 01:40:30
Yeah. 01:40:39
You can follow their plan. 01:40:42
Yeah, there's some weird market pressures going on here. 01:40:44
In terms of next steps. 01:40:51
I think. 01:40:53
We have some ideas of what we want to do for. 01:40:54
For umm. 01:40:57
The 28th. 01:40:58
That stacking, What does our model assume about? 01:41:00
Regular inflationary growth in property tax needs. 01:41:04
Without these projects and then. 01:41:11
With anything else? 01:41:13
Unless we went down 2013, you know, if we take it out to the 20. 01:41:16
Or at least the. 01:41:22
I mean, does that is that material as we're getting 75% of the tax? 01:41:23
I mean, I don't know how. 01:41:29
And Fred, I'd be interested in knowing what you feel like the accuracy is past 2031. 01:41:31
There would just be a lot. 01:41:43
But I think. 01:41:51
This idea of saying, OK, what happens if we. 01:41:52
Group of projects. 01:41:55
Look at inflation we could show. 01:41:56
Given higher sales tax. 01:41:59
And that should help give some. 01:42:02
In bookends this discussion, so it's OK what are being. 01:42:06
Comfortable with what we. 01:42:09
What sort of policies, if any, do move on and talk to these? 01:42:12
Again, we're not suggesting. 01:42:15
Many of these take the information, say OK, watch. 01:42:17
Over the next year and. 01:42:26
Distract. 01:42:29
See what happens. 01:42:31
That wait and see approach can be challenging because if you give idea called and. 01:42:33
So we just have to get higher to build. 01:42:37
So hopefully. 01:42:41
By building the scenarios we can actually get into. 01:42:43
Does the. 01:42:45
The 19.9 million. 01:42:47
Does that account? 01:42:53
For the current. 01:42:56
Earmark. 01:42:58
Or is that that of worst case scenario? 01:43:00
So we're assuming we're going to get that, but. 01:43:03
Umm, so we'll be applying for TRCC, but we can't? 01:43:06
Include that there because that's too much up in the air. 01:43:10
But that so that 19.9 is we're going to get that 1.7. 01:43:14
And we'll have some ways of looking at that as both projects together. 01:43:18
Brad, I'm wondering if you want to just touch briefly on the debt structure bullets there? 01:43:27
So. 01:43:34
Just to make this even more. 01:43:36
Their options for later time strike. 01:43:40
Itself and. 01:43:42
You can capitalize interest for example, where you take if you would have paid and rolled into the debt, don't have to pay. 01:43:44
That and it changes that. 01:43:52
Superhero pushes out. 01:43:54
Some of that you could also structure the debt so that it's back loaded so it can have that expiring. 01:43:57
Even less papers up front. 01:44:03
Higher payments and tail end. 01:44:05
To line up. 01:44:08
Inspiration and resisting that service right now your. 01:44:10
For example, your existing 2020 data service fees in 20-30. 01:44:14
And then your 2022 dad, it's 23rd forward. 01:44:21
So you have. 01:44:24
You know, if we're looking at a 20 year end of debt. 01:44:26
You could structure it such that the. 01:44:28
And you have the larger blue payments, the tail end. 01:44:32
At the expiration of those. 01:44:38
Also. 01:44:40
There there could be an understanding that. 01:44:41
We if the market allows you to refund that. 01:44:43
Where you get to deliver the payments and spread the. 01:44:48
So there are options there to get creative. 01:44:51
Hilarious. The queen of creativity. 01:44:54
These are some elements that you can talk about. 01:44:56
On the 20 inch budget. 01:44:59
That's something to think about. 01:45:01
Maybe that helps in this scenario. 01:45:03
Relative to tax increases. 01:45:06
We can change it, change that 9% notice that would change. 01:45:09
Yeah. 01:45:13
My recollection when we look at this first time is we. 01:45:14
We were going to smooth it to that 2032 number so that our cash flow rate constant. 01:45:18
So these bond payments would be. 01:45:24
300 whatever it was 300,000 here and then they would go, yes, the 600 will then, but it smooths the cash flow. 01:45:26
Yes, yes, this, this help that would help us. 01:45:33
Yeah. 01:45:36
Expression 0. Havens for 10 years. 01:45:39
Must be. There are some. 01:45:42
Suffolk. 01:45:50
Yeah, what we're talking about here, you're going to have. 01:45:52
Haven up front, but. 01:45:54
To change that. 01:45:56
That duration. 01:45:59
Some other thought. 01:46:00
It's been everybody's son from this book. 01:46:02
City Hall to me seems like. 01:46:06
Who's the local size of big enough? But that's kind of like. 01:46:07
Anonymous. 01:46:10
As far as Sprint and then goes, I don't recall what. 01:46:12
It might be nice to have. 01:46:15
Here like this is this is this was figuring what was the? 01:46:18
The dollar. 01:46:21
Assuming for spring less. 01:46:23
I think 10 million of this and seven. 01:46:25
And so I. 01:46:28
Yeah, so so on the Spring link. 01:46:29
Yeah, yeah. And so we had some awesome. 01:46:39
Some options with more wish list funding than not. 01:46:45
And we can have those for you. 01:46:49
It looks like you're. 01:46:55
So it's really good experience, so. 01:47:02
Robust growth. 01:47:05
And I actually just. 01:47:10
It's up. 01:47:13
I was looking at sales tax. 01:47:14
The average sales tax growth we saw from 2013 to 2019. 01:47:16
It's like 63%. 01:47:20
Per year so. 01:47:22
But when did we start getting the? 01:47:25
You know, for deliveries September of 2019. 01:47:27
Team is when it went into effect. 01:47:31
Then in 2020 and. 01:47:35
21 and 80. 01:47:37
And the pandemic? 01:47:39
Yeah, yeah. 01:47:44
That's what I'm interested in. 01:47:51
Than to think it's more and. 01:47:54
Like we've captured all the. 01:47:56
The opportunity has been captured in terms of the. 01:47:59
Well, maybe not based on my own, but. 01:48:03
Seems to be just going up and up. 01:48:05
Pretty much zero and then. 01:48:17
24 was the three person. 01:48:18
Yeah. So short term, excellent. 01:48:20
Yeah, I think you have to look at the last two years to get. 01:48:23
The realistic. 01:48:28
Yeah, that's what led us to. 01:48:30
When I look at that. 01:48:32
2324 for me. 01:48:33
Slowing down. 01:48:36
If you did have really. 01:48:39
But again, this is. 01:48:41
This is trying to make the economy. 01:48:45
She's partly. 01:48:51
Who knows? 01:48:59
We'll in our model. 01:49:01
We'll look at showing. 01:49:03
Impacts just from inflation. 01:49:05
Take out projects. 01:49:07
What does the general fund look like? 01:49:09
And then we'll also show higher. 01:49:11
6%. 01:49:17
What does that do? 01:49:23
To that scenario. 01:49:24
This is so helpful. It's like a it's like a financial planner helping you know where. 01:49:27
I'll prepare the additional scenarios. Think of anything else as to. 01:49:49
Pondering about. 01:49:53
These decisions. 01:49:54
Send those to Gina and we can. 01:49:56
Creates an additional scenario analysis. 01:49:58
We all work hard. 01:50:01
On our side relative to. 01:50:02
Upon exteriors, different feedback going to the structure. 01:50:05
And I think we'll both be here on the 25th. 01:50:08
More about the tab that I can be. 01:50:12
2nd. 01:50:14
And present the additional. 01:50:18
Comments. Sensitivity. 01:50:20
Some point on sales staff, yeah, that's what's the impact. 01:50:25
Yeah. 01:50:28
We'll just keep taking the sales tax number up until we like. 01:50:31
But also we can. 01:50:37
Yeah, OK. 01:50:47
Understanding studies also have the UFS a piece where we don't. 01:50:49
Right. 01:50:52
And in 2020 we we tried to do an apples to apples comparison. 01:50:54
A little challenging, but we put something together. 01:51:00
Yeah. 01:51:04
And I feel like I'm really tired. 01:51:13
We went to Idaho for a family trip. 01:51:17
It's emotional about our number. 01:51:27
Thank you. Thank you, Thank you. Appreciate it. 01:51:40
Good. 01:51:45
Morgan Yes. 01:51:49
Yes. 01:51:51
Thanks so much. 01:52:10
I think we're on grants. 01:52:13
Holly. 01:52:17
Much better. 01:52:20
I hope that was helpful. 01:52:22
And. 01:52:25
And. 01:52:51
I thought I'd start by answering this question. I think this is a question, LeBron. 01:52:57
And the simple answer is. 01:53:04
Because when you have Piper grants, it frees up underneath projects and you make a fluid projects that other. 01:53:06
And as we were just talking through the model with Fred. 01:53:13
We have a lot of needs and services and programs that. 01:53:17
For every granddaughter again. 01:53:22
Essentially, and we have a responsibility to our residents. 01:53:25
To try and get. 01:53:29
And through the resources that they're creating, essentially discipline. 01:53:30
So this is our Steam share. 01:53:35
Definite weekend. 01:53:38
We go to the psychic. 01:53:40
This next slide. 01:53:43
Highlights our group. 01:53:44
So when I started working for this city, need for tickets? 01:53:46
There were four of us. 01:53:51
Together. 01:53:53
Basically like half of our. 01:53:55
Are now contributing to our current. 01:53:57
So our court scheme includes John Christian, Jeanette. 01:54:01
But in their staff team is much larger. 01:54:06
Now we have. 01:54:09
Take an end and Bartley University Justice to for Kerry Marsh. 01:54:11
To avoid all suggestions. 01:54:15
So we have this. 01:54:17
Big team now that. 01:54:19
Near yesterday. 01:54:21
At the base of our houses it seems to take laser, so we have three more new postal word. 01:54:24
And the free award is what most people think of when they think of print writing. 01:54:29
So writing the application. 01:54:32
What we are really good at doing is we not only think about getting the money, but then strategically. 01:54:35
Kitat is just as informed as taking money as we just shared in between. 01:54:41
Efficient defining. We have staff resources to carry out. 01:54:46
Project and we have several steps that we follow. The steps are aligned here. 01:54:49
And a couple of them are kind of various. So in the beginning when we identified projects and fund sources, they're kind of 01:54:54
they're kind of influencing each other. 01:54:58
And we draw their projects from a variety of sources. 01:55:02
So every year we're even having a retreat. You can identify your favorites. We don't get that. 01:55:05
We look at our big CIP list, we look at the general plan, we look at the studies and. 01:55:09
All the other things that we have. 01:55:13
Better resources for projects and we try to align. 01:55:15
Sometimes the gravel climbing and it entaces us to get a project idea that they're in right. 01:55:19
Gina always comes to council work. 01:55:24
So you make sure we get approval from the green application and once we have any decision. 01:55:28
We get together as a staff team to decide how we're going to do one of the project. 01:55:32
And then at the end of the project we get back together. Very difficult. 01:55:37
To discuss. 01:55:40
On the public grants, we decided we don't want to get there again and. 01:55:41
We learn thesis as we go through processes so it helps us a better job. 01:55:45
And then our staff team. 01:55:51
Theory having regular checklists through today's year. This is aligned with our Facebook. 01:55:52
And in the end of the. 01:55:57
So we're talking a couple of things in your function. 01:56:00
Please. 01:56:05
These are our stats over the last 14 years. We. 01:56:07
Then you want to get 15. 01:56:11
$52.6 million I think the last time I was here to participate in 15. 01:56:12
And I'm hoping we can get up to the 60 next year. 01:56:16
So we keep pushing up and we have a really good success rate. 01:56:19
And Speaking of the consultant, every day we just. 01:56:22
Fair pay. They have a 30% success rate. 01:56:25
Our success rate is really high. 01:56:29
If we don't go out during equity, we make sure we have. 01:56:32
So that's why our success rate is so high. 01:56:38
And we have a good grant rating team, everybody mayor, producing quality applications. 01:56:40
And of that vacation .2, we're only 80 to 10% coverage. So that again is. 01:56:46
Leveraging the resources and have to get along. 01:56:52
All right. Next slide highlights a couple of projects we've recently completed. 01:56:56
And, umm. 01:57:00
Joe Bolton was the DC Services city engineer. 01:57:01
For the implementation. 01:57:05
And they have their new. 01:57:07
Biplanes on Message Blvd. 01:57:09
And the fill in projects which? 01:57:11
Stop sleeping, expanding our bike, kind of everything that's our carrying the active bus. 01:57:15
Your beating. 01:57:20
So that. 01:57:22
And the next site we have. 01:57:24
Yeah, 25 projects. We just got another printing board yesterday, so this is outdated. 01:57:27
So we have 24 which actually research related to 1552 point 4 million. 01:57:32
And these projects range lots of different categories. So we do do capital look for events, but we also do studies. 01:57:37
We also have some boundary program. 01:57:43
Operational funding that helps us do some days and we'll talk about minutes. 01:57:46
But the grants that we have right now? 01:57:50
The thing? 01:57:54
19 point $100. 01:57:56
A grants that already have. 01:57:59
We go to the next step. 01:58:03
So I'm just going to go real quickly. 01:58:05
Through some of the projects that. 01:58:07
And we are continuing to fill in. 01:58:11
Two grants that were leveraging together to complete cycle. 01:58:15
Excited about 400? 01:58:19
In City Hall is for renovating still payment grant to use system. 01:58:21
We're getting some rebates to rocking on the tower. We have some other grants that are putting in and we'll talk about in a bit. 01:58:27
That are released that project. 01:58:32
And we're optimizing the signals that maintain intersections. So if you've ever driven down a road and you feel like you're 01:58:34
getting every red light. 01:58:37
We're trying to set. 01:58:40
So that things are coordinated. 01:58:42
And there's a huge. 01:58:44
Fuel savings for the system is like 25 talents. 01:58:45
So this is something that. 01:58:50
Not only benefits capable of driving experience, but actually. 01:58:52
To the family and probably. 01:58:55
Next slide, please. 01:58:58
Signal is 1. 01:59:00
Immediately. 01:59:03
And we're working with you down on that. 01:59:07
I'm having. 01:59:15
We have 3.6 million. 01:59:19
For the design and right of these acquisition phases? 01:59:21
Project and that is really important to me because when we start to. 01:59:25
Address in the spaces and actually. 01:59:30
Dollars. So we are actually starting the vegetarian pattern. 01:59:33
I think an environmental study underway. 01:59:37
And we're going to keep moving. That's right. And this is thanks to Senator Curtis and. 01:59:39
Writing of it. 01:59:44
Just get 20. 01:59:46
And then thanks to Mayor Dally, we got an addition to 1.23 million to your hospital, 488 between President Ford. 01:59:47
And that money is? 01:59:55
Right now in the construction base and you can see we have quite hits upset. 01:59:57
And this is going to be a focus in the next. 02:00:01
Just trying to close that. 02:00:03
And then related to the model. 02:00:06
Was that better or not? We are entrepreneurs. 02:00:08
We also have. 02:00:13
Bridge. So this is the bridge that's right in front of the old Reese's building and the dull nodes. 02:00:16
Just. 02:00:24
But that project is going to be. 02:00:26
Potentially next. 02:00:30
It's got some issues with the deck and we're going to just. 02:00:33
We will be keeping these openings. 02:00:38
Next slide, please. 02:00:44
So John is leading our general plan update and that project is funded through agreements and they're emerged about another grant 02:00:45
that's security respect. 02:00:49
Project we also have agreed together district. 02:00:53
That's substantially independent through grandparents. 02:00:58
And then the family found. 02:01:01
We are also adding some. 02:01:03
Cameras in the State Park. 02:01:05
But those are going to be going into Stephanie Palace. 02:01:11
Security improvements. 02:01:15
And then lastly, for our upcoming projects, we have program support. 02:01:19
So the public health program, we were able to get some funding through Salt Lake County. 02:01:22
This was related to the big opioid settlement that came down from state. 02:01:27
And we've got 2 awards right now, this established big records position. 02:01:31
And it's helping have. 02:01:35
Tracking healthy quality go through the communities that fair. 02:01:37
Framework and Megan Aderman also gets grants every year to help supplement the arts and culture program. 02:01:39
So she gets those through the Utah Arts Museum and the Salt Lake County Zac program. 02:01:45
That's really critical. We know our residents will have all of that programming and super entries. 02:01:50
And then Ann Garcia recently got a grant through with the CDBG through which? 02:01:54
And we're going to be established and implemented. 02:01:59
And that will help. 02:02:03
Some of that. 02:02:04
Housing stock right now. 02:02:06
It's more important. 02:02:08
So allowing people to access that. 02:02:09
And there's do some things like that. 02:02:12
Looking for the loan that will meet you? 02:02:14
That my understanding is those can be counted against our. 02:02:17
Obligations under the idea. 02:02:22
And then looking ahead. 02:02:28
We have started 200,000. We just were awarded for the foreign. 02:02:30
We still have $6 million. 02:02:35
That includes the 1.76 million that's going through the community project fund at the federal level for the seismic project City 02:02:38
Hall. 02:02:42
And the auditory renovation? 02:02:46
Ask if you want the TRC system. 02:02:48
We also are recommended to receive another children about the livelihood of drive. 02:02:51
So that's going to help with that at 17,000,000 delta. 02:02:55
And then we're working on. 02:03:00
Be some other priority quarters. So 5600 S has been a priority quarter. 02:03:02
We're going to try to get sidewalk at least on the South side. 02:03:07
Each type of character. 02:03:10
And then we'll keep 14 other. 02:03:12
The projects and then looking. 02:03:14
Former We are going to recount some federal. 02:03:17
Should with the consultant. 02:03:21
The build program is one that we're looking at for our divide. 02:03:24
It's usually the next. 02:03:28
Knowing that there are changes. 02:03:32
But that one could close that delta. 02:03:35
Pretty significantly. 02:03:38
And then we're just working on the bike pet projects, Major John, you mentioned. 02:03:40
At 2:15, the 39% of projects like that. 02:03:44
OK, one more site. There you go. 02:03:51
OK, so. 02:03:54
When we're looking at what's happening at the federal level. 02:03:56
There are some things that are really concerning. 02:03:59
And right now, I think we're OK with the funding to be. 02:04:01
But we are keeping an eye on what's happening there and I just wanted to share. 02:04:05
Some of the strategy for the word incomplete to make sure that. 02:04:09
Safe spot. So we already have a centralized grant program. We have a. 02:04:12
Solid group image which you all look at. We have our arms around. 02:04:17
And then, with Fred's help, we can. 02:04:20
Scenarios should anything. 02:04:23
Unpredictable happened. 02:04:26
And what we would do is we would model like let's say the federal government took to bring up that. 02:04:28
What we would like to do? 02:04:37
In that situation. 02:04:38
We are also looking to diversify our portfolio. 02:04:40
So we're looking for other partners. 02:04:43
Bear in mind though, that. 02:04:46
Every cities doing this like non federal. 02:04:47
But every city will be doing this and there's been limited resources. 02:04:51
So they're all competing for this evening. 02:04:55
We're also looking to tenure cash flow for reversible scientifically. 02:04:58
When we have a project that's reversible, we sometimes will go through physical projects. 02:05:01
For work for the agency from us. 02:05:07
We may do that in English. Just switching to that cash flow coming in. 02:05:10
There are less staff at the federal level and things are taking longer. 02:05:13
Per video. 02:05:17
And then lastly, we're preparing to graphically book so for that build grant that we're working on. 02:05:18
We're actually working on that grant. 02:05:24
To prepare for the four points and every that notice that funding opportunity may be issued. 02:05:27
Are really disturbing thing happened in July. 02:05:32
Typically law firm. 02:05:35
From the notice of funding opportunity until deadline, 60 days. 02:05:37
There is a number of programs that release with the tubing deadline. 02:05:41
And that's just impossible. 02:05:44
The build grant for example will probably be like 180 hours of pricing. 02:05:46
So it's just impossible with that. 02:05:51
And you know. 02:06:13
Approving the grant. 02:06:16
And then take it back is the thing. 02:06:17
Yeah. 02:06:19
Transportation has been pretty insulated from that. 02:06:22
CDBG. 02:06:26
What's happening? 02:06:28
Everything is getting pushed and. 02:06:32
Can you do development blocks? 02:06:35
So there's certain areas. 02:06:38
Where we can potentially see some decreases, transportation still seems to be pretty solid. 02:06:40
And that's what we go after regularly because that's. 02:06:46
Is in transportation. 02:06:50
All right. And I think that's their update. 02:06:53
You have any questions about our projects? There's a process. 02:06:58
This. 02:07:09
Well, as I've stated before, I've been doing this for a while. 02:07:18
And our grants. 02:07:21
The amount of money we've been able to take in fund. 02:07:24
Really proud of that. 02:07:27
From the city standpoint, I'm saying. 02:07:29
It's like I'm not sure. 02:07:31
Stephanie would probably know best, but. 02:07:33
It didn't seem like a. 02:07:35
As much of A committed system to finding box of money. 02:07:37
And going after that money and then the success rate and I was telling Gina the. 02:07:42
Impressive statistic to me in. 02:07:46
Presentation is the 80% conversion rate. 02:07:48
Because. 02:07:53
I mean, I think there's some people that they just have a staff, right, A grant writer, that's all they do and. 02:07:54
I'm sure they're just like. 02:07:59
OK here let's send these out but. 02:08:00
If we have 13 people there. 02:08:03
None of them are specifically doing to include Holly. 02:08:05
Their job is just not to write grants. 02:08:09
They're doing other stuff and so. 02:08:11
We don't want to waste our time going after money that we know we're not going to score. 02:08:13
And so I think that's. 02:08:19
One, I think it's awesome, that team. 02:08:21
I wish we could. 02:08:23
Explain it to residents. 02:08:24
How hard we have worked as a city to go find money outside of our. 02:08:26
Retrofit in our traditional revenue sources. 02:08:31
That have been a huge benefit. 02:08:33
In terms of. 02:08:36
Arctic programming and history, Programming and infrastructure improvements and. 02:08:38
I mean, just everything we've done. 02:08:43
That has grown in the last. 02:08:46
Over three years because of. 02:08:48
Our ability to go out and. 02:08:51
And really capitalize on these opportunities. 02:08:53
Been amazing I think. 02:08:56
Thank you for your support. 02:08:58
Since again. 02:09:00
Why wouldn't they? 02:09:03
That we don't want that. 02:09:05
You know what that money we pay taxes it. 02:09:08
Let everybody else have it. 02:09:11
So anyway, kudos to the whole thing. 02:09:13
Thanks, Alice. 02:09:15
Percent growth. 02:09:28
No, I think you're. 02:09:41
That's why asset, it's like I don't want it to be. 02:09:42
I don't want our numbers to be unrealistic. 02:09:45
But I don't want to. 02:09:48
Yeah, I wanted, I wanted to say, OK, I'm comfortable with that. 02:09:50
The thing about the sales tax specifically what it was 6% on average per year for those years and it even went up to 18, around 02:09:53
22, but just in the last two years it's been like 1. 02:09:58
1% one year and like 0%. 02:10:03
So it's been really extreme, but it's really. 02:10:06
So maybe 2 1/2 is the right note. 02:10:10
But it's based on what you must see. Yeah, it would be hard to argue that follow our sales taxes are going to go up 40%. 02:10:18
It could, but. 02:10:27
And Todd's point, I mean based on what you're seeing. 02:10:30
Depending on what happens with inflation. 02:10:35
We could get a bump just as. 02:10:37
There's inflationary pressure in the economy and. 02:10:40
People are paying without reducing spending. 02:10:45
Yeah, but if people are reducing spending. 02:10:48
You know, it's just hard to know. 02:10:51
It's hard to know. 02:10:53
I think the tune to count. 02:10:55
It's pretty reasonable. 02:10:57
And I think it's reasonable. 02:11:00
But I do I do want to see in the model. 02:11:02
That. 02:11:05
I guess the amortization table that shows. 02:11:08
Reduce payments in the first seven or eight years and see how that affects that model. 02:11:12
You know, smooth our cash flow and hopefully it brings it down because. 02:11:17
It'd sure be nice if it got to where it was more like. 02:11:21
6% a year and we could say, look every we're going to have to go out for a 15% tax increase this year and then. 02:11:25
In three years of 20%, I mean, I think we could stomach that 3% of that is in inflation. 02:11:31
Right, right. 02:11:36
So Gina, if you did a Geo bond. 02:11:38
It goes to the ballot. 02:11:41
Does that then. 02:11:43
Is that a general fund? 02:11:46
Accounted for. 02:11:48
Or does it show up as a separate line item on your taxes? How does that work? 02:11:50
Is part of the general. It's basically a voter approved. 02:11:54
Bars here she expressed that it would be unlikely. 02:12:02
Yeah. So other cities that have been. 02:12:05
Pursue City Hall. 02:12:08
Geo bonds over the last. 02:12:11
Decade. 02:12:13
Not been successful. What about Springwood? 02:12:15
I mean, we would have to talk about that. 02:12:20
Whether that would work? 02:12:23
Oh yeah. 02:12:28
That's what's got to be tightened. 02:12:31
OK. 02:12:35
So. 02:12:37
The company came over broker. 02:12:42
2700 E. 02:13:05
Which yes. 02:13:08
Like A2 planner Oh. 02:13:11
Oh, and 2300 E. 02:13:14
Three-year. 02:13:17
That would be Salt Lake City. 02:13:20
On 2300 E. 02:13:28
By the elementary? No. This is over by the Roselands just South of it. 02:13:30
Oh yeah, yeah. 02:13:41
We'll reach out to. There was a. 02:13:45
Water. 02:13:47
Is that yes? 02:13:47
So someone's been working there. 02:13:50
Be coming tomorrow but. 02:13:54
And then there's water. 02:13:55
Is it Salt Lake City public? 02:13:57
So they have been terrible. 02:14:01
For like. 02:14:06
OK. 02:14:14
Yeah. 02:14:21
Hopefully Barbara will be here as their first meeting in September to talk about it number of customer service issues. 02:14:22
Capital planning. 02:14:32
Water night. 02:14:35
Thank you. 02:14:39
All right. 02:14:53
Welcome to adjourn. 02:14:56
All in favor. 02:14:58
Thanks everybody. We're adjourned. 02:15:00