May 21, 2026 Community Development & Economic Development Corporations Joint Meeting

[1. CALL TO ORDER]

[00:00:12]

EVC WILL CALL TO ORDER. WE HAVE A QUORUM PRESENT. ONE MEMBER. 6:01 P.M. CALL THE CDC TO ORDER QUORUM. WE HAVE ONE MEMBER MISSING. DO YOU THINK IT. OKAY, WE'LL GO TO ITEM NUMBER TWO.

[2.A. Briefing - Special Election Overview and Transition to Municipal Development District (MDD) ]

SO NOW SHE'S MOVED OVER TO THE ECONOMIC DEVELOPMENT SIDE. SO CONGRATS. EXCITED TO HAVE YOU.

YEAH. YOU ALWAYS HELP US A LOT WITH THE CHRISTMAS CELEBRATION. SO YOU'RE A PERFECT FIT. SHE'S BEEN DOING THAT TODAY ALREADY. YES. OH GOODNESS. ALL RIGHT. SO NOW BACK IN THE BRIEFING ITEM.

I JUST WANTED TO UPDATE ON THE SPECIAL ELECTION AND THE TRANSITION TO THE MUNICIPAL DEVELOPMENT DISTRICT. AS I'M SURE YOU'RE ALL WELL AWARE, BOTH PROPOSITIONS PASS PROPOSITION A CREATING THE MUNICIPAL DEVELOPMENT DISTRICT PASSED, AND THAT WAS CONTINGENT ON PROPOSITION B, THE TERMINATION OF THE EDC AND THE CDC. SO BOTH OF THOSE PASSED.

SO THIS WILL IN ALL LIKELIHOOD BE YOUR LAST MEETING AS A AT LEAST AS A EDC OR CDC BOARD MEMBER. AND I'LL SECOND, I'LL BE THE LAST TIME WE HAVE THE AWKWARD JOINT MEETINGS WHERE YOU'RE HAVING TO CALL MEETINGS TO ORDER SEPARATELY AND STUFF, AND THEN WE'LL HAVE A NEW MUNICIPAL DEVELOPMENT DISTRICT. AND AS A REMINDER, WE'VE TALKED ABOUT THIS SEVERAL TIMES, BUT THE MDD IS VERY SIMILAR TO THE DEVELOPMENT CORPORATIONS WITH THE PRIMARY PURPOSE OF ECONOMIC AND COMMUNITY DEVELOPMENT. THE DISTRICT INCLUDES NOT JUST NORTHLAKE TOWN LIMITS, BUT ALSO THE ETJ, EXCEPT FOR THE PORTION OF THAT INCLUDES HARVEST THAT IS EXCLUDED FROM IT. SO. BUT THAT HALF CENT SALES TAX WILL APPLY TO THAT ENTIRE DISTRICT, INCLUDING TO THE AREAS IN THE ETJ. THAT IS ONE ADVANTAGE OF OF MOVING TO THE MDD. IT'S TO BE ADMINISTERED BY A BOARD APPOINTED BY TOWN COUNCIL. STATE LAW REQUIRES THEY HAVE A MINIMUM OF FOUR MEMBERS. WE. AT COUNCIL'S LAST MEETING WE PRESENTED SOME. THE REQUIREMENTS FOR THEM AND SOME OPTIONS FOR CONSIDERATION. THEY WILL CONSIDER BETWEEN 5 OR 7 MEMBERS AT THEIR NEXT MEETING WHEN THEY OFFICIALLY CREATE THE. THE MDD BOARD AND THE GOVERNANCE STRUCTURE FOR IT AND MEMBERS CAN BE FROM. BE RESIDENTS OF THE ETJ SINCE THE DISTRICT INCLUDES THAT THAT AREA. HOW MANY ARE THERE TOTAL. HOW MANY ETJ MEMBERS? NO. NO. HOW MANY ETJ S? I MEAN, I WOULD SAY OUR TOTAL FOOTPRINT IS 32MI■!S AND OUR TOWN LIMIT IS ABOUT 19. AND SO THE REMAINDER WOULD BE OUR ETJ. IT IS NOT SEPARATE UNITS. IT'S COLLECTIVELY IT'S THAT AREA AND IT'S NOT CONTIGUOUS. THERE'S POCKETS. THERE'S STUFF ON THE OUTSIDE. BUT AND SINCE WE EXCLUDED HARVEST, IT'S NOT NEARLY AS POPULATED. RIGHT. SO THERE'S NOT YEAH, THERE'S NOT MANY RESIDENTS IN THAT PORTION OF THE ETJ. AND SO I'VE FORGOTTEN MY MATH ALREADY. WHAT 13MI■!S OF ETJ. DO YOU KNOW WHAT THAT WOULD EQUATE TO FROM A TAX STANDPOINT? WE WE AREN'T ALLOWED TO KNOW THE SALES TAX FOR INDIVIDUAL ENTITIES. THERE IS LUCKY SPUR, WHICH IS IN THE ETJ. WE KNOW THERE'S A LOT OF ACTIVITY THERE. WE JUST DON'T HAVE THAT DETAIL. WE KNOW THE BASEBALL PLACE IN THE SHOOTING RANGE IS IN OUR ETJ. AND THOSE HAVE SALES AS WELL. THERE ARE SOME ACTIVITY IN AND AROUND THE AIRPORT. WE DON'T KNOW EXACTLY WHAT THAT IS YET, BUT WE'RE

[00:05:06]

AND NATHAN, I LEARNED A NEW. THERE'S A DIFFERENCE, A LEGAL DIFFERENCE BETWEEN DISSOLUTION AND TERMINATION. SO I DIDN'T UPDATE YOU ON THAT. OKAY. MY APOLOGIES. SO THE DISSOLUTION STARTS MAY 28TH WHEN THE COUNCIL TAKES THAT ACTION. THE ACTUAL TERMINATION IS SEPTEMBER 30TH. SO THERE ARE MY ATTORNEY TOLD ME, THOUGH, THAT'S A LEGAL LEASE, TWO DIFFERENT TERMS. YES, SIR. THE THE TOWN HAS TO INFORM THE CONTROLLER'S OFFICE. AFTER ALL, EDC AND CDC OBLIGATIONS ARE SATISFIED. SO THE CORPORATIONS HAVE NO OBLIGATIONS THAT THE TOWN IS NOT ALSO A PARTY TO ALL OF OUR AGREEMENTS. THE TOWN IS ALSO A PARTY TO THOSE. ANY REMAINING ASSETS OF THE EDC AND CDC ARE TO BE TRANSFERRED TO THE TOWN. THE ONLY ASSETS THAT WILL BE REMAINING IS IS FUND BALANCE. SO THE NEXT STEPS ARE TO ACT ON TERMINATION LETTER. WE'LL DISCUSS MORE ON THE SAME AGENDA UNDER THE THE ACTION ITEM. AND OUR ATTORNEY HAS HAS DRAFTED THAT FOR YOU, WHICH YOU CAN REVIEW AND ADD TO AND UPDATE AS YOU AS YOU FEEL AS NECESSARY.

ON. AT THE MAY 28TH TOWN COUNCIL MEETING, COUNCIL WILL CONSIDER A RESOLUTION THAT WILL TERMINATE AND BEGIN THE DISSOLUTION OF THE PROCESS OF THE EDC AND CDC. SO THAT IT WILL. SO THAT WE CAN CONTINUE COLLECTING THE SALES TAX THROUGH SEPTEMBER 30TH, BUT WILL BE WINDING DOWN THE OPERATIONS DURING THAT TIME. AND ON JUNE 11TH, TOWN COUNCIL WILL CONSIDER APPOINTMENTS AND REAPPOINTMENTS. AND THIS IS TO BE DETERMINED WHETHER THIS WILL BE NECESSARY FOR THE EDC AND CDC MOVING FORWARD. SINCE OPERATIONS ARE WINDING DOWN, THE ONLY ACTIVITIES OF THE BOARD AFTER MAY 28TH ARE JUST TO BE CLOSEOUT ITEMS. SO IT'S NOT LIKELY THAT ANOTHER MEETING IS PLANNED. NOW FOR THE ESTABLISHMENT OF THE MDD. THOSE SALES TAXES WILL BEGIN IMMEDIATELY FOLLOWING THE END OF THE EDC AND CDC. SALES TAXES BEGIN ON OCTOBER 1ST, AND AT THAT POINT, ANY OF THAT REMAINING FUND BALANCE WILL GO TO THE TOWN AUTOMATICALLY, AND THE TOWN COUNCIL CAN CONSIDER TRANSFERRING THOSE TO THE MDD.

TOWN COUNCIL IS TO CREATE THE MDD BOARD BY RESOLUTION AT THEIR MAY 28TH MEETING. THEY'LL AS KIND OF DECIDE ON ON THAT STRUCTURE, THEIR GOVERNANCE. AMONG THE THINGS THEY WILL DECIDE IS THE NUMBER OF BOARD MEMBERS. SO IT'S GOT TO BE A MINIMUM OF FOUR. IT'S USUALLY NOT A GOOD IDEA TO HAVE AN EVEN NUMBER ON A BOARD. YOU WANT TO AVOID TIE VOTES OR MAKING IT THAT EASY TO HAVE A TIE VOTE. ALSO, ALL OTHER BOARDS OF THE TOWN HAVE EITHER 5 OR 7 MEMBERS.

AND ANOTHER CONSTRAINT WE HAVE IS THE MAXIMUM NUMBER OF SEATS AT THE DAIS IS IS SEVEN. NOW THAT WE'RE RECORDING ALL MEETINGS, IT'S A LOT EASIER TO DO IT UP THERE AT THE DAIS IF EVERYBODY CAN BE SEATED UP THERE AND HAVE THE MICROPHONES. THEY'LL ALSO DETERMINE THE

[00:10:02]

[2.B. Briefing - Projects & Incentives Update ]

JUST TO REMIND YOU OF WHERE WE'RE AT ON SOME CURRENT PROJECTS AND, AND, AND THINGS THAT ARE ONGOING. SO THESE ARE SOME OF THE PLANNED AND ONGOING PROJECTS. DETOUR DOLLARS PROGRAM FOR FM 407 WAS INCLUDED IN THIS YEAR'S BUDGET. WHEN WE WERE FIRST DRAFTING THAT BUDGET, THAT BREAKOUT PROJECT, THE FULL BREAKOUT PROJECT FOR THE ULTIMATE, NOT THIS MICRO BREAKOUT THAT'S UNDERWAY NOW, WAS PLANNED TO TO BE UNDERWAY DURING THIS BUDGET YEAR. THEY THAT GOT DELAYED DUE TO SOME UTILITY RELOCATION ISSUES. IT TOOK A LITTLE BIT LONGER. SO THE MICRO BREAKOUT PROJECT IS, YOU KNOW, MOVED UP TO ALLEVIATE SOME OF THE TRAFFIC ISSUES AS BEST POSSIBLE IN THE INTERIM. THE FULL BREAKOUT PROJECT IS ANTICIPATED TO START LATER THIS YEAR. IS THAT RIGHT? YES. SO. SO SINCE THIS WAS FOR THE FULL BREAKOUT PROJECT, I THINK THAT THE THOUGHT IS WE'D WAIT UNTIL THAT HAPPENS. THE ENTRY MONUMENT SIGNS WAS A BIG ITEM IN THIS YEAR'S BUDGET. THAT BUDGET IS TO COVER THE DESIGN AS WELL AS CONSTRUCTION AND PROPERTY ACQUISITION COSTS FOR THREE INITIAL SIGN LOCATIONS. SO WE'VE CONTRACTED WITH HALF FOR THE DESIGN, WHICH IS UNDERWAY. THE SLOWDOWN IN THIS PROJECT, THOUGH, HAS BEEN WORK WORKING TO OBTAIN PROPERTY FOR THE LOCATION HERE ON 407, JUST EAST OF HARVEST WAY. WE'RE

[00:15:05]

AND AGAIN, THAT'S ANOTHER ONE THAT THE TOWN WAS A PARTY TO. ANY QUESTIONS OR COMMENTS ON THOSE? WHAT DID WE WHAT DID WE BUDGET FOR THE 114 VICTORY DOLLARS? IS IT THE SAME THING? YES. 150,000. AND IN THE END, WHAT DID WE END UP SPENDING ON THAT ONE MORE. THAT WAS FOR. SO WE WE DID IT FOR THE 114 AND. AND THAT WAS IT WAS VERY SMALL. YEAH. YEAH, IT WAS PRETTY SMALL.

YEAH. SOMETHING LIKE THAT. UNDER 2000. AND WHAT, HOW MANY BUSINESS DEALS ONLY BUSINESSES DO YOU PROJECT FOR LIKE $2 FOR 407. SO THERE WERE ONLY NINE FOR 114. YES. THEY HAVEN'T EVALUATED THE NUMBER THAT WOULD BE ELIGIBLE OR WILLING TO PARTICIPATE YET, BUT THE NUMBER OF BUSINESSES DOESN'T CHANGE THE AMOUNT BECAUSE EACH PERSON GETS THE SAME AMOUNT. RIGHT. I UNDERSTAND THAT, BUT WE WOULD EXPECT THERE'S MORE RESIDENTS CLOSER TO THIS AREA, THEN WE'D PROBABLY END UP BEING THE SECOND TIME WE DO IT, THAT WE'D HAVE A HIGHER USAGE RATE, BUT PROBABLY NOWHERE NEAR THE BUDGETED AMOUNT. I HAVE A QUESTION FOR REMINDED ME THE CHRISTMAS EVENT AND THE CHRISTMAS TREE THAT WE'VE BEEN FUNDING THE STORAGE FOR. HOW WILL THAT BE HANDLED? YEAH, THAT'S A I THINK WE'VE ALREADY MADE THE PAYMENTS ON THAT.

THERE'S ONLY ONE PAYMENT LEFT. AND THAT OBLIGATION WOULD WOULD GO TO THE THE TOWN. SO WHAT HAPPENS WHEN THE TREE WEARS OUT? BECAUSE THEY TOLD US INITIALLY EVERY SO MANY YEARS YOU NEED A NEW TREE. RIGHT. SO WOULD THAT BE FUNDED BY THE MDD, THE MDD OR THE TOWN? IS THAT SOMETHING WE WANT TO ADD EITHER TO THIS LETTER OR JUST SO IT'S NOT FORGOTTEN? DOCUMENTED. IS THERE? IF YOU WANT TO ADD THAT AS A RECOMMENDATION OR SOMETHING THAT NEEDS TO BE THOUGHT OF GOING FORWARD. YES. YES, PLEASE. NATHAN, JUST A QUESTION. BACK TO THE THE. 407, IF THAT GOES.

[00:20:06]

ADVERTISERS DO THAT. SO WE'LL JUST IF YOU WANT TO MAKE THAT RECOMMENDATION AS WELL. I THINK IF WE USE MDD FUNDS, WE WOULD NEED TO OPEN IT UP TO THE FULL MDD DISTRICT. BUT PERCENTAGE WISE, IT'S GOING TO BE MAYBE LESS THAN 5% OF THE OF THE TOWN RESIDENTS, BUT THEY. YEAH. AND IT DEPENDS ON WHERE YOU SHOP IS, WHERE YOU PAY THE SALES TAX. SO BUT WE'RE IT'S TO SUPPORT THOSE BUSINESSES IN THE END. AND SO WE, WE'RE OPEN TO WE'RE OPEN TO INPUT ON THAT AS WELL. I HAVE ANOTHER QUESTION WITH RESPECT TO THAT. SO THEY BUDGETED 150,000 BUDGETED FOR 100 TOTAL 150 000 BUDGET IS NOT USED. DOES THAT JUST STAY IN LIKE THAT. IT JUST GOES BACK INTO YOUR FUND BALANCE. OKAY. AND THAT CAN BE USED FOR SOMETHING ELSE. YES. IN THE FUTURE. THE REASON I ASK IS COMPANY I WORK FOR LIKE WE BUDGETED SOMETHING, IT'S EITHER USE IT OR LOSE IT.

SO IT DIDN'T GO BACK ANYWHERE. SO ANOTHER THING TO CONSIDER IS THESE DETOUR DOLLARS. WE ESPECIALLY STARTING OFF, WANTED TO KEEP IT TO JUST RESIDENTS. YOU COULD OPEN IT UP TO EVERYBODY WITHIN CERTAIN MAIL ROUTES AND STUFF. AND LIKE DREW SAID, IT'S REALLY FOR THE BUSINESS OF THE BUSINESSES THAT ARE IN THE IN THE TOWN AND IN THIS AREA PRIMARILY BE THE, THE TOWN. SO IT MAY BE WORTHWHILE OPENING IT UP TO SOME OUTSIDE AS WELL. ANY OTHER QUESTIONS, THOUGHTS, ANYTHING ELSE YOU SEE MISSING FROM THIS LIST? WE PAY THE STORAGE FEE TOO, RIGHT? SO EVERYTHING ASSOCIATED WITH LIKE THE CHRISTMAS. AND MAKE SURE WE DOCUMENT THAT. I THINK. OTHER THOUGHTS ON THAT. ITEM NUMBER THREE IS PUBLIC INPUT. THIS ITEM IS AVAILABLE FOR CITIZENS TO ADDRESS THE BOARD ON ANY MATTER. IS THERE ANYONE WHO WISHES TO SPEAK ON PUBLIC INPUT?

[4.A. Discuss and consider authorizing the Board President to submit a letter on behalf of the Board to the Town Council and Municipal Development District Board outlining current projects, ongoing initiatives, and recommendations for continuation of work through the Municipal Development District, if desired by the board ]

[00:25:05]

IT'S SHOWING BEHIND IN IN REVENUES. BUT WE'RE WE'RE ACTUALLY AHEAD BECAUSE WE'RE MISSING A COUPLE OF MONTHS BECAUSE OF A LAG IN THE SALES TAX RECEIPTS. SO WE'RE ACTUALLY DOING, WE'RE PROBABLY GOING TO BE OVER BUDGET IN REVENUES. WE'RE RUNNING WAY UNDER BUDGET AND EXPENDITURES BECAUSE OF THE BIG ITEMS LIKE THE ENTRY MONUMENT SIGN AND, AND THE DETOUR DOLLARS, WHICH WE HAVEN'T DONE. BUT, BUT OTHERWISE, EVERYTHING'S TRACKING REALLY WELL ON BUDGET AND STILL EXPECT TO HAVE AT LEAST ABOUT $1.5 MILLION OF FUND BALANCE IN, IN EACH CORPORATIONS FUND AT THE END OF THIS FISCAL YEAR. SO FOR FOR AT LEAST A TOTAL OF 3 MILLION. AND SO THIS ITEM IS ADDED ON HERE SO THAT YOU COULD DISCUSS THESE ITEMS THAT YOU WANT TO INCLUDE IN THIS LETTER. BUT REAL QUICK, I WANT TO GO OVER THIS DRAFT LETTER THAT'S BEFORE YOU. THIS IS A LETTER WITH A PLAN FOR DISSOLUTION AND TERMINATION OF THE CORPORATION'S. IT'S TO BE SUBMITTED TO COUNCIL TO KIND OF GO OVER THE TERMINATION PROCESS.

ALL THE THE LEGALESE AND THE FORMALITIES. IT WAS DRAFTED BY OUR TOWN ATTORNEY AND IT. AND IT MAY BE APPROVED AS AS PART OF THIS ITEM. SO SOME OF THE THINGS THAT INCLUDES IS THAT ALL REMAINING ASSETS, FUNDS AND PROPERTIES TRANSFER TO THE TOWN. THIS ALIGNS WITH WHAT STATE LAW CALLS FOR. IT'S INCLUDES IN HERE, THIS CORPORATION STATE THAT YOU HAVE NO KNOWN DEBTS OR LIABILITIES OR NO OWNED REAL PROPERTY. THE ONE PROPERTY THAT THE EDC AND CDC HELPED PURCHASE WAS THE ONE WITH THE BILLBOARD ON IT, BUT IT'S ACTUALLY IN THE TOWN'S NAME, NOT IN THE CORPORATION'S NAME. THE TOWN IS ALSO PARTY TO ALL KNOWN AGREEMENTS, AS WE DISCUSSED, BUT THERE THERE IS WITHIN THIS LETTER, A STATEMENT THAT ANY EXISTING AGREEMENTS BE ASSIGNED TO THE TOWN AS NECESSARY, JUST TO MAKE SURE WE'RE COVERED. AND IT AUTHORIZES THE MAYOR AND TOWN SECRETARY TO NOTIFY THE CONTROLLER AND SECRETARY OF STATE FILE TERMINATION DOCUMENTS AND EXECUTE THE REQUIRED DISSOLUTION DISSOLUTION PAPERWORK. THE CORPORATIONS ARE THE MAIN ACTIVE ONLY FOR LIMITED WINDING UP PURPOSES OR WINDING DOWN.

NOT UP. UNTIL THE TERMINATION IS FINALIZED. AND THEN IT STATES THE CORPORATIONS WOULD ONLY CONDUCT ACTIVITIES RELATED TO ASSET TRANSFER AGREEMENT ASSIGNMENT AND FINAL DISSOLUTION ACTIVITIES. SO THAT'S WHAT'S IN THIS LETTER. YOU'RE WELCOME TO TALK ABOUT THINGS YOU WANT TO ADD, OR MAYBE EVEN DO A SEPARATE COVER LETTER FOR I THINK WOULD WORK.

BUT I'LL LEAVE THAT FOR YOU GUYS TO DISCUSS.

[00:30:01]

OR NOT? NOT DRAWN OUT. NO. BUT WE CAN MAKE IT CONSENSUS. IT DOESN'T HAVE TO BE LIKE ME DICTATING. IT CAN BE HOW WE WANT IT TO BE. NATHAN. QUESTION. SO. IS IT IS THE EDC AND CDC JUST BASICALLY AN ENTITY COLLECTING THE TAX MONEY UNTIL SEPTEMBER 30TH? BUT STARTING IN JUNE, I GUESS, OR WHATEVER, WHATEVER THE DATE WAS, THE MDE IS IN EXISTENCE. SO WHAT I'M TRYING TO GET AT IS IF SOMEONE IF A BUSINESS COMES AND WANTS A GRANT BETWEEN NOW AND SEPTEMBER 30TH, WHAT HAPPENS? DOES IT GO TO THE MDD OR DOES IT GET PUSHED OFF? AND YOU TELL THEM, HEY, COME BACK ON OCTOBER 1ST OR WHAT? LIKE, WHAT DOES THAT WORK? IT WOULD NEED TO BE THAT WOULD GO TO THE MDD. THE MDD WOULD CONSIDER IT AT THAT POINT, AND THEY WON'T START COLLECTING THEIR SALES TAXES UNTIL OCTOBER 1ST. AND THEY CAN'T GET ANY TRANSFER OF FUNDS, A LEASE THAT THE EDC AND CDC CURRENTLY HAVE UNTIL THAT SEPTEMBER 30TH DATE PASSES. BUT AS YOU KNOW, MOST OF THE TIME WHEN YOU ACT ON AN INCENTIVE, YOU DON'T PAY IT OUT IMMEDIATELY. THERE'S THERE'S A LAG TIME. SO IT COULD BE. IT COULD BE STRUCTURED AND LIKELY WOULD END UP HAPPENING ANYWAYS.

IT'S NOT PAID OUT UNTIL THAT THAT NEXT BUDGET YEAR WHEN THEY HAVE THE FUNDS AVAILABLE.

BECAUSE WE PAID OUT PRETTY QUICK, AT LEAST THE FIRST PART OF IT, RIGHT? THE MONTH. YES.

AND IT COULD HAPPEN. JUST ONE CLARIFICATION. IT COULD. AND IF THERE WAS SOMETHING LIKE THAT THAT CAME UP, WE COULD PUT ON THERE, THE PAYMENT WOULD HAPPEN. COULDN'T HAPPEN UNTIL AFTER OCTOBER 1ST. THERE REALLY IS. BUT WE I AM NOT AWARE OF ANYTHING. WE'RE NOT TALKING TO ANYBODY RIGHT NOW THAT'S WOULD HAVE ANYTHING COME UP THAT FAST. THERE'S SOME OTHER SCENARIOS THAT TALK TO THE ATTORNEY. IT'S ALL UP TO THE COUNCIL ON WHAT THEY DECIDE. THERE COULD BE A SCENARIO WHERE THE MDD WILL SERVE TEMPORARILY FOR FOUR MONTHS AS THE EDC AND CDC, IN A OVERLAPPING APPOINTMENT STRUCTURE WHERE THE 5 OR 7 OR ARE APPOINTED AS MDD, EDC AND CDC, THERE COULD BE A SCENARIO WHERE THE MDD IS WORKING ON THE BUDGET AND IN OCTOBER 1ST, BUT THE COUNCIL COULD CALL BACK THE EDC AND CDC FOR THOSE ACTIONS. OR IT COULD OCCUR, LIKE NATHAN SAID, WHERE YOU JUST STRUCTURE IT, THAT IT'S APPROVED. BUT THE FUNDING DOESN'T HAPPEN UNTIL OCTOBER 1ST. SO THERE'S A NUMBER OF WAYS THAT THE COUNCIL COULD STRUCTURE THIS, AND THEY HAVEN'T. I THINK THE YEAH, I GOT IN TROUBLE BEFORE FOR TRYING TO INTERPRET WHAT INTERPRET WHAT THE COUNCIL WAS SAYING AT THE MEETING. SO THOSE ARE ALL THE DIFFERENT SCENARIOS THAT ARE POSSIBILITY THAT ARE LEGALLY POSSIBLE. AND KIND OF WHAT WAS THROWN BACK AND FORTH AT THE AT THE COUNCIL MEETING AND TALKING WITH OUR ATTORNEY. BUT TO ANSWER YOUR QUESTION, IF SOMETHING CAME UP, THERE'S A NUMBER OF WAYS THAT IT COULD BE HANDLED JUST DEPENDING ON WHAT COUNCIL'S DIRECTION IS. OKAY. SO COUNCIL WOULD DECIDE WHAT THEY WANT TO DO. AND JUST COUNCIL ALONE CAN CAN APPROVE INCENTIVES AS WELL. FUNDING IS AVAILABLE. CHAPTER THREE AGREEMENTS. ARE WE GOING TO ADD AN EXHIBIT A LIST? YEAH, I WOULD SAY WE TAKE MINIMUM OF WHAT NATHAN HAD PLUS THE CHRISTMAS INFORMATION. AND WE ADD THAT AS KIND OF THAT WOULD BE LIKE THE COVER LETTER, LIKE YOU SUGGESTED, OR, OR AN ATTACHMENT OR ADDENDUM OR AN APPENDIX OR ONE OF THE THREE. SO DO YOU WANT US TO DO THAT NOW OR DO YOU HOW DO YOU WANT TO WITH THAT? IS THAT HOMEWORK TO COME BACK OR DO WE GET. I THINK YOU SHOULD PROBABLY DISCUSS WHAT ITEMS YOU WANT TO INCLUDE IN THERE. AND I THINK IT WOULD MAKE SENSE FOR THE PRESIDENTS TO, TO DRAFT THAT BASED ON THE INPUT FOR THIS. AND THAT COULD BE LIKE A COVER

[00:35:03]

SLIDES. I THINK THE OTHER STUFF THOUGH THEY'RE OBLIGATED TO. YEAH. THEY WERE THE ONLY TWO THAT DIDN'T HAVE ANY NOTE ABOUT THE TOWN. THEN. THESE ARE KIND OF HISTORICALLY THE PROJECTS THAT YOU'VE DONE, THE LARGER ONES. BUT THE CONTRACTED ONES WE DON'T NEED TO INCLUDE HERE BECAUSE THOSE ARE SET. SO YOU JUST WANT US TO LIKE ON A SCRAP PIECE OF PAPER OR OUTLINE, OR YOU WANT US TO, YOU WANT TO DO. YEAH, I WOULD JUST TAKE THOSE AND ADD HISTORY AND MAKE IT PRETTY. I THINK THERE'S OTHER THINGS THAT YOU'VE DONE THAT I THINK YOU'RE, YOU'RE PROUD OF AND WORKING TOWARDS, LIKE THE RETAIL RECRUITMENT STRATEGY AND SOME THINGS LIKE THAT THAT YOU MIGHT WANT TO CONSIDER INCLUDING AS WELL. YEAH. THAT'S TRUE. SO NOT JUST OBLIGATIONS, BUT ALL THE THINGS WE'VE DONE, AND WE WANT THE MDD TO CONTINUE TO EITHER FOLLOW AND OR REVISE IF NEEDED AS A LIVING DOCUMENT. ANYWAY. SO WHAT ARE THE OTHER THINGS I THINK WOULD BE HELPFUL IS NOT JUST THE INFORMATION, BUT SOME OF OUR REASONING WHY AND WHY WE FOUND THESE IMPORTANT ENOUGH TO UNDERTAKE THEM. THINGS LIKE THE DETOUR DOLLARS, WHAT, WHAT OUR GOALS WERE AND TRYING TO TO ACCOMPLISH THAT. BECAUSE SOME OF THE JUST STRAIGHT INFORMATION I'LL PROBABLY GET, BUT THEY WON'T KNOW UNLESS WE TELL THEM WHAT WE DID. SO THAT'S TRUE. WELL, I MEAN, TO BE TRANSPARENT, IT'S GOING TO BE A SUBSET OF THIS GROUP. MORE THAN LIKELY THE ODDS ARE FROM THE DISCUSSION. SO IT'S MORE LIKE YOU'RE WRITING A LETTER TO YOURSELF WHEN YOU'RE. JUST THINKING WORST CASE SCENARIO. YEAH, I'LL PUT IT ON RECORD.

OKAY, SO THE COVER LETTER SO FAR I HAVE, IT'S GOING TO CONTAIN WELL, IT'S IN OUR NOTES.

SO THE PROJECTS UNDERTAKEN BY CDC AND EDC, THOSE FOUR BULLETS, AS WELL AS RETAIL RECRUITMENT STRATEGY AND THEN THE PLAN AND ONGOING PROJECTS LIKE THE DETOUR DOLLARS AND THE ENTRY MONUMENT SIGNS WITH THAT DETAIL AND ADDING AS WELL CHRISTMAS AND THE NORTH LAKE TOWN CELEBRATION. AM I MISSING ANYTHING? Y'ALL CAN THINK? AND THEN THE REASONING, THE REASONING BEHIND IT. DO WE WANT TO ELABORATE A LITTLE BIT ON THE PIONEER GRANT? IN OUR REASONING, WE TALKED ABOUT THE SIGNIFICANT AMOUNT OF DETAIL THAT WE PUT INTO THE NEW PLAN VERSUS THE OLD PLAN TO TRY TO MEET. I THINK WE SHOULD PUT IN SOME LANGUAGE ABOUT THAT, THAT THAT WE JUST REDESIGNED THE PLAN OVER HOW LONG TO BETTER MEET TOWN COUNCIL'S EXPECTATIONS OF THE PROGRAM. THAT'S GOOD. YEAH. AND THEN ANOTHER NOTE ABOUT THE RETAIL

[00:40:07]

WHAT ELSE? WHAT ELSE CAN YOU THINK OF? IS THERE ANYTHING WITH THE CONFERENCE CENTER THIS DIDN'T WE FUND PORTION OF THAT AS WELL? YOU DID ALREADY PACKAGED UP AND DONE. YOU DID LIKE A PIONEER GRANT FOR THE RESTAURANT PORTION OF IT. YEAH. AND THAT'S THAT'S BEEN PAID OUT. OKAY. DO WE NEED TO ADDRESS. I GUESS WE DON'T BECAUSE THE, THE TOWN'S ALSO A PARTNER IN THE BOOK, SO WE DON'T NEED TO ADDRESS ANYTHING THAT MIGHT BE COMING BACK FROM ANY OF THOSE THAT DEFAULT. DO WE NEED TO ADDRESS IT OR WHO WOULD WHO WOULD HANDLE THOSE MOVING FORWARD? WOULD THE MDD, BECAUSE THE MDD IS NOT GOING TO BE OKAY. I'M PROBABLY GETTING INTO THE WEEDS HERE, BUT THE MDE IS NOT A PARTNER ON ANY OF THOSE AGREEMENTS. SO THE TOWN COUNCIL WOULD HAVE TO MAKE THE DETERMINATION WOULD BE THE TOWN, UNLESS THEY ASSIGN THOSE AGREEMENTS TO THE MDD. WE ENVISION THEY'LL PROBABLY. YOU ASSIGN IT TO THE ARE THE TOWNS OF PARTY, AND THEN THE TOWN WOULD MAKE THE MDD A PARTY OF THAT AS WELL. OKAY. BUT YOU DID MAKE IMPROVEMENTS ON THE PAYBACK AND RAISING THE BAR A LITTLE BIT ON THOSE PIONEER GRANTS. AND SO I THINK THAT'S A, A GOOD BULLET AS WELL, KIND OF HOW YOU WHAT WAS PART OF YOUR ORIGINAL, HOW YOU IMPROVED THE PIONEER GRANT PROGRAM OR REVISED IT, BUT ALSO. INCREASED THE CALLBACK PROVISIONS.

SO JUST TO CLARIFY, SO THAT'S ANOTHER DETERMINATION THAT TOWN COUNCIL WILL BE MAKING A PART OF THIS TRANSITION, WHETHER THEY MOVE THOSE OBLIGATIONS BACK OVER TO THE MDD TO COLLECT ON THEM IF THEY WOULD NEED TO OR SHARE THOSE. OKAY. YEAH,

[00:45:02]

SINCE WE'RE MAKING THIS LIST, DO WE NEED TO CHANGE WHERE IT SAYS THERE ARE NO KNOWN DEBTS OR OBLIGATIONS OF THE CORPORATIONS? AREN'T JOINT AGREEMENTS, OBLIGATIONS? BECAUSE WE'RE WORKING BETWEEN DISSOLUTION AND TERMINATION? POSSIBLY. I WILL ASK OUR ATTORNEY HE DRAFTED THAT. SO THE WORDING THAT HAS TO BE IN IT. YEAH. YOU HAVE GOT TO BE YOU'VE GOT TO PROVE YOU'RE FREE AND CLEAR LEGALLY. WE ARE. I UNDERSTAND WHAT YOU'RE GETTING AT. BUT YEAH, THE WHEN WHEN THIS IS ALL THE TOWN WILL ASSUME ALL THE OBLIGATIONS.

YEAH. WHICH IS CONTRADICTING. ITEM THREE IS JUST SAYING THAT CDC AND EDC HAVE NO, NO DEBTS BECAUSE IT'S ALL BEEN TRANSFERRED TO THE TOWN, RIGHT? YES. SAME ENTITY. YES. BUT WE STILL HAVE OBLIGATIONS WHICH WE. INVESTIGATION AND DETERMINATION. SO FALLS INTO TOWN. I GUESS EVERYONE'S THE SAME PARTY AND THE REAL PROPERTY THAT TREE IS THE ONLY THING WE HAVE IS REAL PROPERTY. YEAH, BECAUSE IT SAYS THEY DON'T OWN ANY REAL PROPERTY. REAL PROPERTY, LAND OR BUILDINGS. SO IT'D BE BUSINESS PERSON. HEY. WE DID GET THAT TREE. I WASN'T SURE WE HAD COMPUTERS OR SHIRTS OR. THE PRESIDENT SIGNED THE TREE. SO, DREW, ARE YOU GOING TO TAKE AN ACTION TO TALK WITH THE ATTORNEY ABOUT THAT, OR ARE WE GOING TO LEAVE IT ALONE OR I'LL ASK HIM. I THINK WE HAVE TO LEAVE IT ALONE, BUT I WILL. I'LL ASK HIM FIRST DETAIL ON THAT. OKAY. SO FOR THE COVER LETTER, THIS IS WHAT I HAVE. SO I'LL GO BACK THROUGH IT. WE'RE GOING TO ADD THE REASONING FOR WHY WE DID ALL THE THINGS THAT ARE GOING TO BE LISTED. WE'RE GOING TO ADD THE RETAIL RECRUITMENT STRATEGY. WE'RE GOING TO INCLUDE THE PROJECT TYPES UNDERTAKEN BY CDC AND EDC, THOSE FOUR BULLETS. AND WE'RE GOING TO ADD A FIFTH BULLET ON PUBLIC AND PRIVATE PARTNERSHIPS, WHICH, YOU KNOW, INCLUDES THE STAR CENTER. BUT WE'RE NOT GOING TO CALL OUT STAR CENTER. THEN WE'RE GOING TO LIST THE PLANNED OR ONGOING PROJECTS, DETOUR DOLLARS ENTRY, MONUMENT SIGNS, CHRISTMAS TREE STORAGE DECORATIONS IN THE TOWN CELEBRATION, AND LET ME GO BACK. SO UNDER PROJECT TYPES FOR INFRASTRUCTURE PARTICIPATION, WE'RE GOING TO MODIFY THAT TO SAY TARGETED INFRASTRUCTURE IMPROVEMENTS. AND THEN UNDER PIONEER GRANTS, WE'RE GOING TO EXPLAIN THAT WE REDESIGNED THIS TO MEET COUNCIL EXPECTATIONS OF THE PROGRAM AND THAT WE IMPROVED THE PAYBACK TERMS AND CLAWBACK PROVISIONS AND ALL THAT. AWESOME. OKAY. AND I WILL DRAFT THIS UP AND I CAN I KNOW IT'S A HOLIDAY COMING UP, BUT I CAN PROBABLY EVEN DO IT. I DON'T KNOW WHEN DO Y'ALL NEED IT BY TOMORROW, COB OR DO WE DO YOU DO I SEND IT TO YOU, NATHAN AND YOU CAN SEND IT FOR REVIEW OR HOW DO YOU WANT TO? I WANT TO MAKE SURE EVERYBODY'S HAPPY WITH IT. I DON'T IF WE CAN, BUT I'M NOT GOING TO SEND IT TO EVERYBODY. I DON'T KNOW IF THERE'S A WAY TO DO THAT WITH I TRUST YOU, HAPPY WITH IT. SO MISUSE. OKAY, OKAY. YEAH. WE ALTHOUGH THE BOARDS ARE KIND OF GOING AWAY, I DON'T KNOW IF IT'S JUST A, IF IT'S JUST FINE TUNING THE WHAT'S BEEN DISCUSSED. YOU'VE ALREADY DISCUSSED IT. I THINK IT WOULD BE OKAY TO DO AN EMAIL CHAIN, MAKE SURE EVERYBODY'S JUST KIND OF CHECKING OFF ON IT AND THEN DELIVERY. WE WE CAN HAVE IT DELIVERED THE DAY OF. SO YOU GIVE YOU FULL WEEK. THERE'S NO REASON IT DOESN'T NEED TO BE PACKETS ARE GOING TO GO OUT

[00:50:01]

OKAY. TAKE YOUR TIME. GET GET GET MAKE SURE EVERYBODY'S. GOT CONSENSUS. EVERYBODY AGREES WITH THIS STATEMENT. AND WE'LL JUST HAND DELIVER IT. OR IF YOU IF YOU GET IT TO US EARLY, WE'LL EMAIL IT DIRECTLY TO THE COUNCIL SO THEY CAN READ IT BEFORE THE MEETING. SO WHENEVER YOU GET IT TO US, WE'LL GET IT TO THEM. ALL RIGHT. ARE YOU THINKING THIS WOULD BE SOMETHING YOU JOINTLY SIGN? BOTH PRESIDENTS? I THINK THE LETTER. SO I DIDN'T KNOW IF YOU HAD DRAFTED IT. Y'ALL COULD WORK ON THAT AND SEND IT. YOU COULD SEND IT TO ME AND JU OR Z, AND THEN WE CAN SEND IT OUT TO EVERYONE. BLIND COPY. AND Y'ALL CAN PROVIDE ANY COMMENTS BACK OR ANYTHING THAT WAY. ANYTHING ELSE, MISS ANYTHING, ANYTHING YOU WANT TO ADD? SO ON THE ACTION. WE NEEDED TO DO BECAUSE WE TALKED ABOUT IT, BUT IT'S NOT QUITE FINISHED. SO SOME THINGS WE'RE GOING TO DO THE COVER LETTER AND WE'RE GOING TO DO IS GOING TO CHECK THE WORDING ON THE ACTUAL AGREEMENT. SO THEY JUST NEED TO, TO AUTHORIZE YOU AS PRESIDENTS TO, TO DRAFT THIS LETTER AS DISCUSSED. OKAY. ON BEHALF OF THE BOARD. OKAY. YOU WANT TO GO FIRST? AND THEN TO ALSO INCLUDE THE. SURE. SORRY I MISSED THAT LAST PART. IT INCLUDES THE TOWN ATTORNEY DRAFTED LETTER AS WELL. SO YOU CAN MAKE A MOTION AND ASK FOR A SECOND, OR YOU CAN ASK FOR SOMEONE TO ASK FOR A SECOND OR. GO AHEAD. MOTION TO APPROVE TOWN MANAGER ON BEHALF OF THE NORTH LAKE COMMUNITY DEVELOPMENT CORPORATION TO SIGN THE LETTER TO COMPLETE THE LIQUIDATION, DISSOLUTION OR TERMINATION OF THE CDC IN ACCORDANCE WITH THE. THE LETTER, DRAFTED BY THE LAWYER AND COVER LETTER THAT WILL BE DRAFTED AND SIGNED BY BOTH PRESIDENTS OF THE CDC AND EDC. CAN I GET A SECOND? I'LL SECOND. ALL IN FAVOR. ANY OPPOSED? MOTION PASSES. OKAY, TOM, THAT WAS A VERY ELOQUENT. I DON'T HAVE THAT WRITTEN DOWN. BEEN WORKING ON IT ALL DAY. OKAY. DO YOU WANT TO GIVE IT A SHOT? ALL RIGHT. SO FOR EDC, I'LL MAKE A

[4.A. VOTE]

WHAT ELSE? WE DID THE TOWN CHRISTMAS. WE WE HAD THE MULTI-SPORT CENTER WITH THE STARS. AND THEN EVEN OUR MOST RECENT ONE, WHICH WAS THE THE COFFEE COMPANY. SO YOU ALL SHOULD BE PROUD OF WHAT WE DID HERE AS A GROUP. AND, AND IN THE PAST AS WELL, ALL THESE REALLY GREAT THINGS WE'VE ACCOMPLISHED. AND THOUGH EVEN THOUGH IT FEELS LIKE AN END, THE END OF AN ERA, IT REALLY IT'S NOT GOODBYE. IT'S MORE LIKE, HEY, WHAT'S NEXT? SO JUST EVERYBODY, THANK YOU FOR EVERYTHING AND YOUR PARTICIPATION, THE TOWN AND I

[00:55:02]

SO THAT'S BEEN, IT'S BEEN NICE SEEING THE TOWN GROW AND BE SUCCESSFUL. I ALSO REMEMBER WHEN WE BROUGHT NATHAN ON. SO THAT WAS, THAT WAS THAT WAS AN EXCITING THING. SO A GREAT ADDITION. IT WAS LONG AGO. IT WAS A MINUTE AGO. YEAH. HOW LONG DID YOU SERVE? I THINK I CAME ON IN LIKE ZERO EIGHT. SO WHAT ABOUT YOU FOR A YEAR? YOU'VE BEEN ON LONGER THAN ME, TOO. HOW LONG HAVE YOU BEEN SERVING? YEAH, I CAME ON IN 2016, I THINK. BUT YEAH, WE'VE DONE SOME AWESOME THINGS. YOU ALL SHOULD BE PROUD OF YOURSELVES. THANK YOU. ALRIGHTY.

WITH THAT, WE WILL. NO. OKAY. WE WILL COME TO ITEM NUMBER FIVE WHICH IS ADJOURNMENT. SO IT IS 6:57 P.M. THE EDC WILL ADJOURN BY CONSENT. 6:57 P.M. THE CDC WILL ADJOURN

* This transcript was compiled from uncorrected Closed Captioning.