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From YouTube: June 16, 2020 IURA Economic Development Committee Mtg.
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A
We
are
now
live
streaming
on:
YouTube,
terrific,
okay,
no
changes,
great,
no
public
comments,
Charles
disappointing,
okay,
we'll
review
the
meeting
minutes
then
from
April
14th.
They
were
in
your
packets
or
take
a
motion
to
accept
them.
If
there
is
such
a
thing,
Charles.
A
C
I
wanted
to
give
you
a
status
update
on
the
vecino
project,
which
covers
the
Western
in
center
section
of
the
Greene
Street
project
site
and
then
move
on
to
a
discussion
draft
disposition,
development
agreement
for
the
eastern
section
with
the
pick
up
properties,
Jeffrey
Rimland
at
all,
so
the
good
news
with
vecino
is.
They
are
right
on
schedule
with
their
project
there
before
the
Planning
Board.
C
They
expect
to
work
their
way
through
there
they're
now
in
the
process
of
finalizing
their
environmental
review,
they
will
have
to
then
go
to
the
BCA
for
a
area
variance
for
the
backyard.
There's
a
20-foot,
we're
yard
requirement
which
is
impossible
to
meet.
The
current
garage
does
not
meet
that
20-foot
step
back
setback
and
then
they
will
come
back
to
the
Planning
Board
for
final
site
plan
approval.
C
They
think
they
will
have
that
in
August
if
everything
goes
according
to
their
schedule,
they've
done
a
lot
of
work
as
if
you
looked
at
any
of
the
links,
you've
seen
that
there's
quite
or
even
in
the
packet
I
I
think
I
erred
on
the
side
of
providing
too
much
information
to
just
way
too
many
pages.
In
the
packet,
but
they
have
made
a
lot
of
progress
on
the
conference
center,
the
the
upper
story,
housing,
affordable
housing,
as
well
as
the
parking
garage
it
looks
like
they're
working
through
all
the
major
issues.
C
The
conference
center
had
just
had
a
preliminary
budget
checked
with
there
tractor
Welliver
and
its
unscheduled
it's
on
budget
way
at
the
moment.
So
that's
another
positive
for
the
conference
center
project
again,
their
their
goal
is
to
be
able
to
get
to
the
state
for
a
financing
approval
before
the
end
of
the
calendar
year,
while
there's
still
money
in
the
pot
for
affordable
housing
and
they
need
to
really
complete
their
their
safe
plan
approval
process
by
about
September
at
the
latest.
C
So
they
can
do
the
kind
of
detailed
cost,
estimating
and
gate
permitting
in
place
for
that
project
for
December.
So
it
seems
like
they're
working
very
well
towards
that
goal
and
they
are
on
schedule
with
our
disposition.
Involvement
agreement
as
well.
So
I
don't
know
if
they
have
any
questions
about
the
vecino
aspect,
there's
three
components
again:
the
parking
the
conference
center
and
the
affordable
housing.
B
So
I'm
interested
about
the
comfort
center,
because
I
thought
that
the
last
expectation
was
with
Kovac.
You
know
it
was
approved
and
everyone
was
happy
and
yeah
there's
money
and
then
Kovac
came
and
I
thought
that
we
had
the
impression
that
it
was
gonna
get
the
ixnay
as
a
result
of
budget
catastrophes.
There.
C
The
tourism
industry
has
launched,
you
know,
has
trumpeted
this
project
as
a
way
to
restart
the
economy
and
build
the
economy
for
diversity
and
hopefully
there'll
be
some
additional
funding.
Sources
may
be
made
available
if
there's
more
stimulus.
Funding
is
the
other
aspect,
but
it
you
know
there
definitely
is
an
elevated
risk
with
that
project.
C
So
they
are
aware
of
those
issues
and
there
are
a
couple
of
county
council
members
who
have
raised
concerns,
but
now
has
not
gotten
to
the
point
where
there's
been
a
motion
on
the
floor
to
change
their
prior
approval
vote.
So
that's
it
continues
that
be
discussed.
That's
what
it
that
way
right
now,
it's
moving
forward.
I.
D
C
That
was
an
earlier
version
of
the
project.
It
has
gone
through
more
refinement
and
I
understand.
There's
one
more
submission
coming
to
the
Planning
Board,
with
some
different
materials
or
refined
package
of
materials
and
exterior
facades.
It's
not
going
to
change.
100%
I
mean
it's.
It's
still
following
the
same
kind
of
visuals
that
you
see
in
that
package,
but
it
could
be
warmer
colors.
In
some
cases
it
could
be
some
changes.
C
The
Planning
Board
does
have
downtown
design
review
guidelines
are
following
and
they
have
been
teaching
the
project
as
it's
gone
forward.
I
think
that's.
One
of
the
reasons
for
the
new
submission
that
will
come
in
is
to
respond
to
some
of
the
comments
at
the
planning
board
made.
However,
they've
been
very
positive
about
the
overall
feel
of
the
project.
They,
like
the
modernistic
approach,
the
iconic
kind
of
definition
of
the
building
the
clear
conference
center
identity
different
from
the
upper
storeys.
C
It
is
from
you
know
the
more
common
white
and
gray
and
tan
paneled
metal
panel
buildings.
We've
been
seeing
going
up
and
it'll
be
in
this.
You
know
I
think
there
have
been
some
questions
raised
about
the
darkness
of
the
pallet
and
if
colours
have
been
a
little
on
the
dark
side
and
I
think
that's
still
an
ongoing
issue,
but,
generally
speaking,
there
seems
to
be
plenty
board
support
for
there.
You
know
kind
of
an
approach
to
the
design
of
the
building.
C
Having
said
that,
the
parking
garage
component
in
the
center
is
still
undergoing
some
additional
analysis.
It's
got
these
living
vines
and
plants,
look
nd
in
each
side.
There's
gonna
have
like
a
green
wall
concept,
they're
hoping
for,
but
the
initial
version
was
to
have
Cora
vertical
solar
panels
on
the
South
facade
as
a
visual
element.
C
The
Tatum
analysis
of
that
turns
out
that
there's
a
you
know,
it's
like
a
50-year
payback
or
something
it
doesn't
really
make
sense
from
a
energy
perspective
and
so
they're
looking
at
alternatives
on
that
component,
so
we
will
probably
see
some
pretty
significant
changes
between
the
two
bookends
of
the
of
the
green
planting,
vines
on
that
garage
structure.
So
after
we
can
see
how
that
goes,.
A
C
Yeah
the
state
sent
sent
me
an
invite
to
join
the
Housing
Finance
Agency
sees
discussion
of
affordable
I
was
in
during
The
Cove
at
19
pause,
and
they
that
was
one
of
the
categories
of
projects
that
did
not
pause.
It
was
considered
essential
and
their
main
point
of
that
whole
meeting
was
to
say
we're
in
business.
We're
continuing,
there's
no
changes
to
our
our
pipeline
or
our
projects
or
our
funding
keep
bringing
forward
projects.
Affordable.
Housing
is
an
essential
need
in
the
state
and
they
plan
to
keep
moving
forward
without
any
major
delays
or
changes.
A
Be
great
if
we
could
be
one
of
the
last
ones
under
the
wire
before
they
process,
I
mean
I
would
hope
that
the
state
would
realize
that
in
an
economic
calamity
like
affordable,
housing
is
more
important
than
ever,
and
there
are
other
things
that
probably
could
be
more
discretionary
but
right,
but
we
will
take
that
up
later
with
it's
not
really
our
issue:
okay,
any
other
questions,
Leslie
or
Doug
anything
else,
first,
Nels
on
the
western
half
all
right.
Well,
let's
talk
about
the
eastern
section.
C
We
expect
there'll
be
some
back-and-forth
with
the
developer
in
terms
of
some
of
the
terms
and
conditions
or
the
language
perhaps,
but
we're
trying
to
get
a
framework
that
we
can
move
forward
with.
As
a
recommendation
from
the
committee,
then
we'll
share
that
with
the
developer.
Wait
for
them
for
any
comments
to
come
in
and
the
IRA
can
then
decide
whether
they
want
to
entertain
those
comments
or
whether
they're
not
or
whether
they
want
to
use
vote
on
it
at
the
end.
C
Late
later,
June
more
likely
the
it's
very
likely
that
they
will
want
to
consider
the
comments
and
either
negotiate
or
consider
those
some
changes
in
the
document
or
send
it
back
to
the
committee
for
some
further
review.
If
they're
substantive
comments,
there
was
a
little
initial
feedback
and
there
are
some
concerns
raised
by
the
developer
on
a
couple
of
points
here.
But
I
think
this
DDA
is
pretty
consistent
with
the
way
we've
discussed.
C
So
you
should
have
in
your
package
a
draft
resolution
which
would
essentially
the
agency
would
approve
the
DDA
and
then
the
full
DDA,
keep
in
mind.
There's
a
significant
process
for
going
through
these
steps.
Once
the
IRA
has
approved
the
DDA,
then
it
needs
to
go
to
the
Common
Council.
Well,
actually,
the
first
step
would
be
the
the
area
approves
the
DDA
but
doesn't
sign
it.
Then
it
goes
to
the
developer
and
we
ask
the
developer
to
sign.
The
DDA
is
as
acceptable
to
them.
C
Once
that's
done,
we
bring
it
to
a
public
hearing
before
the
Common
Council
and
seek
the
common
Council's
approval
of
the
DBA.
That
action
can
occur
before
the
environmental
review
of
the
project
is
complete.
In
this
case,
the
site
plan
process
is
well
underway,
so
I
think
the
environmental
review
will
be
complete.
You
know
likelihood
in
the
next
month
or
two
and
then
it
goes
to
comment
Council
for
approval
so
and
then
after
the
Common
Council
approves
it,
then
the
IRA
can
execute
or
counteract
owner
sign
the
disposition
and
development
agreement.
C
So
it's
a
there's
quite
a
process
here
from
the
initial
IRA
approval
and
I.
Think
the
thing
that's
different
about
this
project
in
kind
of
a
framework
approach
from
the
vecino
one
is.
The
project
is
much
further
advanced
at
the
time
of
the
disposition
development.
We
don't
need
an
exclusive
negotiation
negotiation
agreement
because
the
city
has
already
signed
a
purchase
agreement
with
ethica
Properties
LLC
to
acquire
or
the
property
is
worn.
It
turns
to
the
DDA.
C
So
this
is
unusual
in
some
respects
when
prior
to
the
D
would
be
part
of
the
DDA,
but
the
difference
here
that
I
hope
I'm
not
freezing
up
on
you.
The
difference
is
that
the
the
difference
here
is
that
the
hotel,
the
Marriot
Hotel,
has
an
option
on
the
Natraj
and
they
have
the
right.
Once
the
city
says
they
sell
the
property.
They
have
one
year
to
figure
out
if
they
want
to
acquire
these
section
of
the
garage
for
$1
in
its
current
condition.
C
If
they
choose
to
elect
that
and
do
that,
then
our
hotel
parking
agreement
is
terminated
and
we
don't
have
to
provide
them
with
any
parking
and
they
take
over
the
garage
in
its
current
condition.
We
have
a
letter
from
them
dated
December
that
they
want
to
relinquish
their
rights
in
exchange
for
having
access
to
park
and
a
newly
constructed
public
parking
area.
So
well,
that's
the
reason
why
we
executed
the
agreement.
C
A
I
thought
maybe
and
I
can
and
I'm
happy
to
share
my
screen.
If
it
makes
sense,
I
mean
I
thought
we
could
come
just
go
through
it
section
by
section.
I
mean
some
of
these
sections.
They
literally
maybe
no
questions,
no
comments.
What
you
just
quit
or
or
someone
else
can
share
to
you
it
but
I'm.
Oh
because
I
don't
have
screen
checks,
I'm,
not
the
host
Thank,
You,
Charles
yeah,
so
I
thought.
Maybe
we
yeah
if
we
just
go
through
the
literally
starting
with
section
one.
A
A
C
C
D
C
A
A
C
C
C
C
C
It
does
require
a
height
variance,
so
it's
possible
they'd
have
to
shave
off
some,
maybe
as
many
as
twenty
units
I
think
there
probably
be
more
likely
to
get
the
variance
than
not
so
and
they
do
have
a
really
healthy
mix
of
Studios,
one
bedrooms
and
two
bedroom
units
in
the
project
they've
submitted
to
the
Planning
Board,
so
they're
on
board.
With
that.
B
C
Just
gonna
say:
figuring
out
the
workforce
housing.
The
count
is
going
to
be
an
interesting
calculation
working
with
them,
because
we
don't
have
very
much
information
yet
to
see
whether
it's
going
to
be
the
minimum
10
percent
or
upwards
closer
to
20
percent
of
the
units.
But
I
want
to
just
establish
some
of
those
frameworks.
Early
on
in
the
agreement.
B
Now,
as
you
alluded
to
the
project
term
sheet-
and
it
says,
attachment
2
I-
don't
want
I
have
this
on
my
screen.
I,
don't
want
to
scroll
down
to
find
that
because
it'll
be
a
thousand
pages
further
and
won't
be
able
to
find
my
way
back.
But
my
recollection
is.
The
term
sheet
has
like
in
much
more
detail.
What
each
of
these
things,
how
they're
defined
is
that
correct.
C
And
it
that
is
correct,
yes,
yeah,
actually
looking
at
it,
I
came
to
the
conclusion
myself
here
that
I
think
the
best
way
to
organize
those
attachments
is
to
move
the
term
sheet
and
the
contingency
schedule
right
up
last
after
the
DDA.
Rather
than
have
legal
documents
and
a
lot
of
pages
between
them
and
push
the
illegal
documents
to
end
drawings
to
the
back.
So.
A
C
No
I
removed
the
size
of
units
component
because
it's
not
affordable
housing,
we're
not
the
unit's,
you
look
and
they
did
submit
in
their
proposal.
Unit
sizes,
they're,
reasonable
sizes,
they're,
not
finding
the
studios,
not
378
square
feet
or
anything
like
that.
Yeah.
So
I
didn't
include
that
that's
something
we
could
include
if
you
feel
that
that's
an
issue
for
market
rate
and
workforce
housing
units,
because
all
the
units
have
to
be
essentially
the
same
size
and
scale
that
really
the
mercury
units
will
determine
the
sizes
of
the
we.
B
Know
the
reason
I
asked-
and
you
know
again-
we
can
hang
all
over
this
later-
is
that
to
me
the
term
workforce
housing
is
meaningless
and
I
think
legally,
it's
meaningless,
so
I'd
really
rather
have
this
say
even
if
it
spelled
out
later.
Let's
use
consistent
terminology
up
to
80%
is
considered
low
income
by
HUD
and
it's
not
very
low
income
and
it's
not
super
low
income.
B
B
A
C
B
C
We
have
had
criticism
of
that
issue
when
we
call
something
affordable
and
then
it
turns
out
for
a
lot
of
people.
They
feel
it's
not
affordable
when
they
look
at
the
actual
rent
level,
so
I'm
a
little
uncomfortable
with
that
calling
it
affordable,
because
it's
really
gonna
be
more
of
a
moderate
price.
What.
A
C
Fino,
that's
already
been
agreed
to
in
the
purchase
agreement.
$350,000,
it's
a
purchase
price
that
really
represents
a
a
praised
value
of
about
2.4
million,
but
because
the
city
is
avoiding
the
costs
of
decommissioning
and
demolishing
the
garage
had
a
request
about
two
million.
It
works
out
to
350
as
a
purchase
price.
Great.
C
Are
a
lot
of
similarities
like
the
first
one
is
exactly
the
same,
for
example
in
terms
of
this
no
district
or
pal
of
any
sale,
but
the
you
know
the
contingencies
are
really
the
heart
of
the
agreement.
If
you
think
about
it
yeah
we
are
making
sure
that
the
developer
is
satisfied,
that
we
have
some
obligations
as
an
agency
as
a
seller
and
then
most
of
the
obligations
on
the
developer
to
perform.
Basically.
C
So
this
first
one
two
three
four,
our
obligations
of
the
agency,
so
the
MN
te
has
a
leasehold
mortgage
that
we
have
to
get
released
just
like
we
have
to
do
with
vecino.
We've
started
some
of
those
early
discussions
with
them.
They
you
know,
that's
really
that
mortgage
is
securing
their
letter
of
credit
on
the
Kubica
Raj
bombs.
C
It's
an
outside
the
deal
kind
of
security
for
them.
We've
now
paid
down
50%
of
those
bonds.
So
there
is
some
recognition
that
they
don't
require
the
same
level
of
security
as
they
had
in
day.
One
of
2003,
but
I
will
still
have
to
negotiate
that
through
and
find
something
that's
satisfactory
to
them.
The
parking
lease
agreement
is
really
making
sure
that
we
have
an
agreement
in
place
for
the
city
to
lease
back
their
space.
B
C
Only
I
know
there's
not
a
camp
listed
here.
We
could
put
a
cap
in
if
you
think
that's
reasonable.
I
have
been
in
contact
with
sunny
days.
They
have
documented
for
me
legal
expenses
of
two
thousand
five
hundred
and
fifty
dollars
directly
related
to
negotiations
with
the
developer
regarding
their
displacement
proposed
displacement,
I've
asked
home
Green
home
for
similar
information.
They
have
not
submitted
with
any
information
to
me
so
right
now.
We're
at
twenty-five
fifty
is
is
the
total,
and
then
we
know
you
won't
be
surprised
to
know.
The
developer
doesn't
like
this
contingency.
B
Don't
backing
up
just
a
second
about
the
whole
business
dislocation
question
last
we
talked
about
this
at
some
length
was
I
think
there
was
some
some
still
unresolved
terms
and
dispute,
especially
between
sunny
days
and
Rimland,
and
it
was
thought
that
sunny
days
wouldn't
survive
a
dislocation.
But
my
question,
I
guess
is:
are
these
guys
anticipating
surviving
the
shutdown,
and
is
this
question
potentially
even
moot
not
like
I,
think
that's
a
good
thing,
but
it
would
certainly
change
the
picture.
Well,.
C
The
developer
modified
the
proposal,
so
the
project
no
longer
physically
dislocates
any
existing
businesses.
So
in
that
regard
it's
moot,
but
these
businesses
did
incur
costs
associated
when
they
were.
You
know
that
then
proposed
did
acquire
dislocation
and
we
had
it
in
a
requirement
that
we
impose
that
there
would
have
to
be
a
mitigation
plan
and
the
developer
and
the
businesses
entered
in
to
go
to
negotiations
to
try
to
find
initially
agreeable
mitigation
plan.
They
weren't
successful
in
that
process
and
the
develop
modified
the
project
so
from
the
businesses
perspective.
C
They
incurred
costs
going
through
that
negotiation
and
now
they're
out
some
money
and
yes,
they're
not
being
physically
dislocated,
but
they
did
incur
some
expenses.
I,
don't
know
the
status
of
their
ability
to
resume
businesses
or
survive.
The
Cove
at
19
I
mean
every
retailer,
and
the
Commons
is
at
a
heightened
level
of
risk
compared
to
where
they
were
six
months
ago.
For
certain.
C
C
Your
point,
Chris
I,
think
we
probably
could
put
a
cap
on
this
with
you
know.
We
know
there's
only
two
businesses
that
entered
into
negotiations,
one
that
did
hire
legal
counsel.
We
know
for
certain
incurred,
a
cost
of
25
50
I
would
be
surprised
if
the
other
business
incurred
costs
higher
than
that.
A
Yeah
I
don't
have
a
strong
opinion,
one
way
or
the
other.
This
conscious
of
you
know
I
think
we
want
to
provide
reasonable
reimbursement
of
expenses.
We
just
want
to
make
sure
I
mean
I,
guess,
there's
sort
of
this
second
paragraph
here,
which
sort
of
implies
that
the
agency
has
some
oversight
over
whether
or
not
they're
reasonable,
but.
C
D
C
The
you
know
the
discussion
of
the
Common
Council
on
the
purchase
agreement
brought
this
point
out,
and
basically
it
was
pretty
clear
to
me
without
a
vote
that
there
was
not
support
for
selling
the
property
to
the
developer
and
continuing
to
approve
the
DDA
unless
this
issue
was
resolved
and
what
was
viewed
as
a
fair
and
equitable
way.
In
other
words,
I,
don't
think
the
kemon
Council
is
going
to
approve
the
DDA
unless
there's
some
satisfaction
on
this
point,
so
I
I
think
it's
better
to
raise
it.
C
A
C
It's
gonna
consume
the
public
hearing,
discussion
on
this
project
and
and
probably
the
comment
at
the
coming
council
meeting.
If
it's
not
resolved,
probably
at
the
IRA
meeting
for
that
matter,
you
know
it's
just
going
to
become
an
issue.
That's
gonna
keep
coming
up
and
I
think
you
know
they
would
be
best
if
it
were
resolved
as
soon
as
possible.
Yeah.
A
I
mean
I
mean
I
could
make
actual
devil's
advocate
opinion,
but
it's
a
moot
point
because
there,
yet
you
say
that
the
public
comments
and
the
Common
Council
won't
allow
this
thing
to
move
forward
unless
it's
resolved,
so
Mike
sort
of
devil's
advocate
a
viewpoint.
Doesn't
matter
really,
let's
just
move
on:
let's
leave
it
where
it
is
you're,
obviously
in
conversation
with
both
tenants
and
the
developer.
So
let
you
carry
it
forward.
All
right
site
plan
approval.
You
mentioned
that
already,
so
they
will
need
to
have
that
phrasing.
C
C
The
developer
is
counting
on
a
pilot
and
in
fact,
because
the
project
includes
public
parking,
the
the
approval
of
a
pilot
or
non
approval.
A
pilot
will
impact
the
lease
payment
for
the
the
facility
will
be
charged
on
the
parking
agreement.
So
if
the
parking
garage
is
considered,
taxable
will
have
to
incorporate
that
into
the
lease.
A
C
You're
right
yes,
and
so
we
could
yeah,
it's
not
so
much
a
contingency
for
us
other
than
the
fact
that
we
have
parking
in
the
garage
that
we
don't
want
to
be
having
to
pay
taxes
on
through
the
list.
If
we
can
avoid
it,
but
it
is
not
critical
to
us
whether
the
pilot
is
achieved
or
not
actually,
music.
The
project
can
still
go
forward.
It
would
be.
C
It
would
be
think
about
that
and
I
don't
want
to
calculate
the
partner
below
market
closing
component
and
have
them
go
for
the
pilot
and
then
find
out
later
they
got
a
pilot,
but
I
think
we
could
manage
it
another
way.
So
I
think
we
probably
could
eliminate
this
one
as
a
contingency.
If
we
didn't
want
to
worry
about
that.
C
A
Like
the
optics
of
it
like,
if
I
were
moving,
it
I,
don't
want
to
actually
create
a
whole
new
cycle
with
him
about
whether
he's
able
to
apply
for
this.
It's
going
to
get
it
whatever
words.
If
we
leave
it
in
it's
just
there
and
it
doesn't
change
the
dynamics,
but
if
we
take
it
out,
might
somehow
in
his
mind,
see
that
we're
not
endorsing
that
approach
or
etc.
Yeah.
A
D
C
Right
this
is
where
they're
committing
to
a
minimum
of
10%
and
upwards
to
20%
units
to
be
below
market
housing
and
we've
determined
from
prior
discussions
that
how
we
decide
whether
there'll
be
more
than
10%,
is
if
they're
cash
on
cash
return
of
their
cash
equity.
Investment
in
the
project
yields
an
8
percent
or
greater
return
over
the
first
five
to
eight
years.
C
Actually,
I
looked
back
at
the
earlier
materials
and
we
talked
about
an
8
year
average
and
I
think
that
works
to
their
advantage,
actually
because
the
first
couple
years
might
have
really
large
pilot
agreements
in
them.
Why
one
two
three?
But
it
starts
to
get
closer
and
reduce
over
over
eight
years,
so
I
think
that
it
probably
should
revert
back
to
that
eight
year,
average.
A
C
A
C
C
C
C
C
More
right
and
we're
basically
not
gonna
even
worry
about
the
you
know
the
ten
percent
of
floor.
It's
not
negotiable
they've
got
to
provide
ten
percent.
If
they
don't
choose
to
do
ten
percent,
then
that's
their
decision
yeah
they
made
the
project
may
not
go
forward
if
they
don't
think,
that's
feasible,
but
it
could
increase
up
to
twenty.
You
know
towards
twenty
percent.
If
they're
projections
show
a
higher
profitability
or
if
they
have
less
cash,
they
have
that
know.
B
If,
if
we
assume
that
he
achieves
that
eight
percent,
how
does
this
spell
out
how
much
above
that
10%
they
need
to
be
the
10%
in
in
80%?
Am
I
housing
right
if
he
says
oh,
we'll,
add
two
more
units
you
know
at
what
level
does
you
have
to
be
to
hit
20?
Is
it
a
street
job?
He
goes
from
10
to
20
percent.
C
Would
essentially
be
a
sensitivity
analysis
where
you
keep
adding
one
more
and
you
say:
are
we
still?
Are
we
still
at
8%?
Okay?
Well,
then,
we'll
add
two
more
we'll
see.
Are
we
at
8%?
Yes,
okay,
then
we'll
add
three
more
and
we
get
up
to
you
know
12%,
then
13%
and
ultimately,
at
some
point
we'll
hit
a
barrier
where
it
no
longer
providing
a
percent
return
on
that
cash
equity
invested.
What
we
don't
know
right
now
is
how
much
cash
equity
is
going
to
be
invested.
C
Exactly
we
don't
know
your
loan
of
them
ouch
and
we
don't
know
the
interest
rates
on
the
loan,
and
this
is
really
after
debt
service.
So
you
know
if
they
have.
You
know
the
interest
rates
high
and
debt
service
that
could
really
make
it
harder
to
make
this
work
in
if
all
the
sudden,
the
interest
rate
drops
to
a
really
low
number
in
a
Kovan
19
that
might
enhance
the
ability,
on
the
other
hand,
at
me
also,
they
may
have
to
project
lower
rents
as
well.
C
B
C
No
we'll
take
a
look
at
we'll,
take
a
look
at
it,
but
the
there
is
an
open
book
section
in
the
agreement
that
requires
them
to
share
their
open
books,
and
you
know
we
we
won't
achieve
I.
You
know,
I
won't,
recommend
a
agreement
that
doesn't
have
some
means
of
checking
the
reality
of
their
numbers,
but
there
is
always
going
to
be
what-if
questions.
You
know,
there's
going
to
be,
can
engine
see
in
the
construction
contract
there's
going
to
be
reserves
for
replacement
and
in
repairs?
C
So
the
lease
agreement
is
really
just
to
make
sure
that
we
have
an
agreement
from
the
developer
that
the
city
can
consider
60
days
before
the
closing.
So
we
have
time
to
look
at
it,
the
County
Council
to
review
and
approve
it
or
modify
it.
That's
just
a
reasonable
time
frame
to
to
make
sure
that
happens.
C
Likewise,
the
superintendent
contingency
is
to
make
sure
that
he's
looked
at
the
project
construction
project
and
agrees
that
the
scope
is
appropriate
for
what's
being
built
and
and
the
construction
methodology
is
sound
because
we
have
to
have
30
years
of
the
useful
life
for
the
lease
agreement.
Then
we
also
have
two
10-year
renewal
periods
that
the
city
has
an
option
to
go
forward
with,
so
we're
just
making
sure
that
its
meeting
a
professional
design-
that's
acceptable
for
them.
The
superintendent
of
all
that
works
with
that
one.
A
C
But
totally
is
that
section
where
we
get
there?
We
get
them
to
provide
us
with
a
final
budget
for
the
entire
project,
as
well
as
that
soft
cost
and
hard
costs,
as
well
as
their
financing
commitments.
So
we'll
find
out
what
the
loan
amount
is,
the
term
of
the
loan
and
the
interest
rate.
Then
we
can
calculate
what
their
debt
service
is
per
year
and
pull
it
into
that
that
housing
calculation
up
above.
A
C
Then,
finally,
is
the
consent
controller.
At
once,
we
want
the
city
controller
to
take
a
look
at
the
loan
terms
for
the
parking
component
to
make
sure
we're
not
somehow
paying
a
higher
interest
rate
than
is
appropriate
or
some
other
kind
of
terms
associated
with
that
agreement
that
are
unfavorable
in
the
city.
So
that's
really
related
to
the
parking
lease
just
to
make
sure
that
the
controller
can
take
a
look
and
see
are
those
reasonable
terms
that
are
being
offered
well.
It
makes
perfect
benchmark
to
take
a
look
at
and
then
the
final
one
is.
C
We
don't
want
to
convey
before
there's
a
building
permit
issue,
because
otherwise
we
don't
have
certainty
the
projects
gonna
go
forward.
We
don't
want
to
be
stuck
in
a
scenario
where
we've
conveyed
it
over,
but
we
don't
have.
You
know
we
still
have
an
obligation
with
the
Marriott
hotel
for
hotel
parking
and
and
we
don't
have
control
of
parking
off
the
parking
anymore.
That
would
be
a
bad
outcome,
so
we
want
to
make
sure
we
just
get
to
the
conclusion
before
we
convey.
A
C
Right,
so
the
issue
with
prevailing
wages
is
that
when
the
city
builds,
a
parking
garage
is
considered
a
public
works
project,
and
that
means
that
state
Pavillion
wages
must
be
paid
to
all
laborers
working
on
that
project.
It
generally
tends
to
be
a
union
scale
when
a
private
developer
built
a
garage
for
private
use.
They're
not
required
to
do
that.
However,
we
have
these
hybrids
where
the
city
is
leasing
their
garage
for
30
years
in
this
case,
and
it's
not
entirely
clear
whether
it
triggers
a
requirement
for
prevailing
wages
or
not.
C
Our
experience
is
that
for
the
Kubica
raj,
the
department
of
labor
after
the
fact
determined
that
it
was
subject
to
pavillion
wages.
Luckily,
the
project
paid
prevailing
wages
for
all,
but
two
trades
I
think
it
was
glass
and
landscaping
or
something,
but
they
find
they
find
the
city
for
not
compliant
with
the
prevailing
wage
rules.
In
that
case,
so
I
think
that
one
is
similar
in
many
respects
to
these
agreements
with
vecino
and
with
Rimland.
C
It's
a
private
developer,
building
it,
but
it's
for
the
benefit
of
the
city
in
some
respects,
even
though
we're
only
leasing
it
and
the
city
is
going
to
be
operating
public
parking.
So
my
guess
is
that
the
Department
of
Labor
will
categorize
these
projects.
The
public
parking
component
as
public
works
projects,
subject
to
mandatory
prevailing
wages.
C
C
So
in
this
case
I,
you
know
it's
possible
to
break
up
the
lower
three
floors
from
the
top
floors
and
one
could
be
public.
A
public
works
project
per
million
wages,
the
other
one
could
be
a
private
contract
without
prevailing
wages,
but
I
think
we
want
to
protect
the
city
and
the
agency
against
being
dragged
into
court
or
paying
fines
or
penalties
or
extra
wages
in
the
event
that
the
Department
of
Labor
declares
this
a
prevailing
wage
project,
at
least
a
portion.
That's
public
parking!
A
C
C
Think
those
are
all
really
general
and
a
lot
of
these
things
were,
as
you
go
further
down,
we're
all
addressed
in
the
purchase
agreement
itself.
So
you
see
a
lot
of
references
to
this
will
be
governed
by
the
contingent
purchase
agreement
between
the
city,
the
IRA
and
the
developer,
which
is
acquitted
as
an
attachment.
So
I
don't
think
there
was
anything
else
that
jumped
out
I.
C
Think
I
would
like
to
add
one
element
here
just
for
clarity
somewhere
in
this
section,
to
make
it
really
clear
that
there
is
a
termination
date
to
this
agreement,
because
a
lot
of
the
contingencies
don't
have
a
clear
end
date.
They
reference
a
conveyance
state
or
a
reference.
You
know
45
days
before
conveyance
I
think
we
do
want
to
include
somewhere
in
here
that
this
agreement
terminates
as
of
unless
the
property
is
conveyed
by
January
31st
2022.
C
This
agreement,
as
Trent,
will
terminate
just
to
be
really
crystal
clear
on
that
somewhere,
yeah,
that's
not
in
here
anywhere
that
I
could
find
so
I
think
we
want
to
have
that.
B
A
B
C
These
general
terms
are
really
a
recite
meant
of
the
language
that
you've
seen
before
I.
Don't
think
that
the
first
page
has
anything
different
or
new
in
it.
It
kind
of
highlights
some
of
them
in
thinking
that
some
people
may
not
read
the
actual
narrative.
It
kind
of
goes
to
a
a
bullet
point
approach,
to
repeat
some
of
the
same
information
I
think
it
did,
though,
two
things
that
ads
are
the
very
last
elements.
I
mean
it
does
go
through
the
the
conditions
for
conveyance
and
the
contingencies
in
kind
of
a
more
summarized
form.
C
C
So
this
was
part
of
the
original
submission
for
sponsor.
You
know
when
they
applied
for
sponsorship,
but
they
agreed
to
do
these
things,
but
we
want
to
build
it
into
the
DDA
now
and
make
sure
it's
clear
that
we
haven't
forgotten
those
issues
and
we
currently,
the
the
green
building
policy,
is
still
not
been
codified.
So
if
we
don't
have
it
built
in
here
as
compliance
with
the
policy,
we
there
could
be
a
little
loophole.
You
know
where
there
is
no
codified
policy
in
place
for
the
building
code,
yet
so
we'll
catch
it.
C
A
A
C
B
C
Doesn't
that's
a
good
question
to
raise
I
mean
it's
got
to
be
I,
don't
know
whether
the
Finney
I
mean
there.
There
may
be
some
of
these
units
that
are
going
to
be
priced
at
a
significantly
higher
rate
that
they
may
want
to
treat
a
little
bit
different.
Then
the
below
market
units-
I,
don't
know,
that's
something.
That's
important
to
make
sure
it's
exactly
similar
to
what
some
might
view
is
a
luxury
unit.
A
C
C
Yeah
yeah
I
think
we
did
have
just
a
brief
discussion
with
the
developer
at
one
point
where
I
think
that
the
term
granite
countertops
came
up
and
they
wanted
to
reserve
the
right
to
not
have
granite
countertops
in
every
unit.
The
80%
ami
rent
is
still
going
to
be
pretty
close
to
what
we
would
consider
a
a.
C
Rent,
that's
you
know.
Well
above
fair
market,
rent,
they're
gonna
need
to
market
these
units
and
make
them
desirable
to
fill
them
up.
They're,
not
you
know
it's
not
as
if
there
is
gonna,
be
a
huge
demand
of
people
waiting
to
take
units,
no
matter
what
they
look
like
so
I
think,
there's
I
think
it's
gonna
be
in
their
own
best
interest
to
make
these
nice
units
that
can
you
know
reach
that
part
of
the
market.
That's
not
eligible
for
I
was
in
choice,
vouchers
or
other
assistance.
Programs.
B
B
C
We
could
walk
that
by
the
developer
and
see
what
they
say
in
regards
to
that
I
think
right
now,
the
floor
plates
for
these
units
are
the
same
on
every
floor
and
every
basically
you
know
every
two-bedroom
looks
like
the
same
two-bedroom
if
it's
in
the
same
part
of
the
building,
there's
not
alike
variation.
If.
A
C
A
A
B
Know
what
I
think
it
might
be
worth
adding,
though
the
second
to
last
bullet
that
says
they
share
the
same
lobby
entrance
and
it
you
know
it
might
make
sense
to
add
something
that
also
specifies
that
they
have
access
to
all
of
the
amenities
of
the
facility
right.
You
know.
If
there's
a
gym,
everybody
gets
to
use
the
gym.
If
there's
a
you
know,
lounge
everybody
gets
to
use
the
lounge.
That's.
B
C
The
developer
has
already
racing
the
chains
about
the
prevailing
wage
issues,
so
they
may
come
back
and
say:
they've
got
an
alternative
in
which
no
Danny
will
get
an
opinion
of
the
Department
of
Labor
and
they
will
indemnify
the
city
in
the
IRA,
and
that
might
be
another
option
to
look
at
here.
But
right
now
it
says
the
parking
project
component.
Will
you
know
she'll
comply
with
public
works
project,
yeah.
C
We're
expecting
the
entire
parking
garage
we're
expecting
both
these
projects
to
be
under
construction
at
the
same
time,
essentially
if
they
go
forward,
so
that's
kind
of
good
and
bad
and
on
one
hand
if
the
garage
is
going
to
be
down
for
one
part
of
the
garage
it
might
as
well
be
down
for
both
parts.
So
that
will
minimize
the
you
know.
We
won't
have
a
closure
followed
by
a
closure,
but
the
only
entrance
point
is
a
center
section
and
then
it
leads
over
to
the
east
section
your
women's
project.
C
We
do
expect
that
to
be
about
five
months
of
full
closure,
because
the
casino
center
section
garage
is
being
built
as
a
cast-in-place
concrete.
That
means
as
a
move
up
higher
above
on
upper
levels.
They
can
open
up
the
lower
level,
so
it
may
reduce
the
total
closure
time,
but
again,
that's
subject
to
building
division,
making
a
determination
that
it's
safe
to
go
back
into
that
garage
while
there's
still
construction
activity
all
around.
So
we're
kind
of
looking
at
the
more
conservative.
C
And
we're
looking
to
make
sure
that
the
garage
is
fully
available
for
youth
once
it's
open,
striped
and
every
striped
and
wayfinding
installed
ready
to
go
and
the
final
section.
There
is
just
some
protections
for
the
city
during
the
construction
process
that
were
in
the
loop
to
make
sure
it's
a
quality
construction,
have
the
opportunity
to
look
at
inspections
and
raise
issues
with
the
contractor
as
they
move
forward.
C
And,
finally,
if
there's
some
savings
realized
in
the
construction
that
are
lower
than
they're,
expecting
that
very
last
paragraph
expect
90
percent
of
the
savings
to
accrue
to
the
city,
although
it's
so
rare
that
we
see
savings
like
construction
projects
and
Charles
I,
don't
know
what
a
photograph
is.
I,
don't
know
where
I
got
that
well,
take
a
look
at
what
that
term
means.
Nobody
raised
it
before
you.
C
Okay,
and
then
here
is
the
summary
of
the
performance
milestones
which
are
really
the
same
as
the
contingencies
for
closing.
They
should
look
familiar
to
to
you
in
terms
of
labor
identify
it
previously
seen
out.
There
did
other
than
the
vecino
approach
where
everything
was
based
on
within
45
or
90
days,
or
a
hundred
eighty
days
from
you
know
the
signature
of
the
agreement.
This
is
kind
of
working
back
with
two
different
milestones.
C
A
few
of
the
items
are
triggered
by
the
execution
of
the
DDA,
but
most
of
them
are
just
looking
at
that
property,
conveyance
date
and
working
backwards.
Since
we
have
a
conveyance
that
must
occur
by
January
of
2022.
It's
it's
much
much
simpler.
Just
to
say
these
are
all
have
to
be
in
place
before
we
close.
D
C
C
I
think
yeah.
What
I'd
like
to
see
is
this.
You
know
with
these
changes
incorporated,
be
recommended
to
the
agency,
and
then
we
would
then
share
it
with
the
developer
and
if
they
have
no
comments,
we'll
ask
the
agency
to
take
action,
and
if
they
do
have
comments,
we'll
have
to
figure
out
what
the
best
way
is
to
respond
to
those,
whether
it's
modest
things
that
the
agency
can
deal
with
or
bringing
it
back
to
to
this
committee
for
further
discussion.
C
D
C
So
we
have
yeah,
we've
got
yeah
there,
we
go
yeah,
we've
got
our
loan
report
and
we
have
a
couple
who
are
late.
We
we
have
the
known
Finger,
Lakes,
massage
green
star
coop
was
late.
They
have
caught
up
now,
so
that
is
now
current
they're,
paying
interest
only
I
think
still
for
a
couple
more
months
and
I
think
a
downtown
associates
the
canopy
hotel.
Even
though
we
negotiated
an
interest-only
payment
for
six
months,
they
didn't
make
their
payment
last
two
months,
so
I've
asked
them
what's
the
deal,
they
are
closed.
C
They
they
closed
early
in
the
Copa
19.
They
were
just
opened
before
then,
so
they
are
in
a
difficult
financial
position,
probably,
but
they
still
have
a
loan
with
us
and
they
have
not
held
up
their
side
of
the
renegotiate
agreement.
So
we're
waiting
for
a
response
from
from
their
management
team.
On
that
we.
A
C
C
It's
mixed,
the
Hilton
Garden
and
the
hotel
Ithaca
crest
from
the
Qt
garage
and
the
Marriott
are
all
open.
I
think
there
was
a
short
closure
for
in
the
Marriott
there
back
open.
They
were,
they
were
getting
some
additional
business,
I
mean,
but
nowadays,
when
they
say
additional
business,
that's
moving
from
like
four
percent
occupancy
to
twelve
percent
occupancy
or
something
it's
not
a
good
place
to
be
still,
but
they
are
still
they
are
operating.
C
Then
they
had
it
apparently
some
uptick
weekend
traffic
just
recently,
which
is
a
good
sign
as
long
as
they're
protecting
us
from
our
public
health,
I
guess,
they're,
it's
all
over
I
mean
many
of
them
did
close
for
a
period
of
time
and
are
trying
to
be
open.
I
think
the
super
8
has
stayed
open
throughout
this
process
if
it's
been
catering
to
some
edge
workers
from
what
I
understand.
But
it's
not
a
very
area.
C
Some
reports
from
the
county
in
terms
of
their
hotel
room,
occupancy
tax-
and
you
know
severely
down
you
know,
as
you
would
expect
for
the
F
first
quarter
and
they
expect
again
a
bad
second
quarter.
Of
course,
there's
a
lot
of
delays
in
those
reporting's
and
there
were
some
hotels
that
were
late
in
submitting
their
payments
as
well.
So
it's
huge
the
numbers
yeah.
C
So
it's
you
know
hotel
is
not
where
you
want
to
be
at
this
moment
so
that'sthat's.
The
loan
repayment
report
we
have
and
as
it
relates
to
that
I,
did
want
to
note
that
we've
been
working
with
you
well
tomorrow.
The
least
report
I
take
it.
The
least
report
is
everybody
is
current.
Currently
all
pro
was
three
days
later,
something
for
their
May
payment,
as
relates
to
the
leases,
though
it's
in
Annapolis
and
cultivar
er,
two
tenants
who
are
involved
in
our
lease
agreements.
C
We
have
a
lease
agreement
with
new
green
LLC,
which
was
the
developer
team
of
Bloomfield
and
Sean
Sean,
and
they
have
agreed
to
provide
both
delayed
payments
force
in
Annapolis,
as
well
as
for
cultivar
II,
and
then
they
went
back
in
and
discounted
the
rents
for
three
months
for
cultivar
E
and
two
months
for
synopsis.
So
they've
been
really
playing
a
very
you
know:
no,
it's
the
it's
a
good
model
for
landlords.
C
The
good
news
is
that
we're
renting
to
them
at
roughly
350,
it's
worth
what
they're
renting
to
San
innopolis
in
cultivar,
yet
and
at
twelve
dollars
a
square
foot,
so
our
discount
is
lower
than
their
discount,
but
that's
that
just
wanted.
Let
you
know
that
that's
in
process
and
they've
really
stepped
up
support.
There
wasn't
two
not-for-profits
that
have
had
real
difficulty.
Staying
open.
C
The
future
closure
includes
a
mitigation
payment
for
when
they're
closed,
so
they'll
get
some
additional
revenues.
As
a
result
of
that,
this
one
doesn't
have
that
right
now
they
did
fret
didn't
say
that
they
were
financially
at
a
pretty
good
place
before
Cove
in
nineteen,
so
they
were
able
to
with.
You
know,
withstand
some
impact,
but
nobody
can
expect
you
know
a
hundred
days
of
you
know.
Basically,
zero
revenue
is
not
a
good
place
to
be.
They
have
retained,
I
believe
their
full
work
force
and
they
took
out
a
PPP
loan.
C
Again,
though,
that
starts
to
wear
off.
You
know,
after
a
hundred
days,
so
I
think
I
got
the
touch
base
with
Brett
to
see
where
they're
at
now
he
might
be
actually
looking
forward
to
a
construction
schedule
where
there
turned
out,
he
could
do
his
streaming
and
we
can
pay
for
you
know
some
medication
payments
for
him,
but
I
know
that
the
State
Theater
did
some
streaming
and
they
were
pretty
successful
with
some
other
stream
live,
shows
and
fundraisers.
C
So
that
was
a
positive
thing
that
they
want
to
actually
build
upon
and
do
and
offer
that
as
an
option
so
that
they
could
sell
like
every
third
seat
and
then,
if
you
want
to
pay
for
being
president
de
théâtre,
you
could
pay
a
smaller
feet
to
watch
the
show
live
stream.
Next
team,
like
that,
has
some
promise.
C
Quick
you've
been
involved
with
the
small
business
resiliency
fund.
It's
a
program
that
just
keeps
on
giving,
so
it
helped
about
80
businesses,
which,
with
the
assistance
of
around
$4,000,
a
FCU,
was
able
to
secure
an
additional
eighty.
Four
thousand
through
the
Federal
Home
Loan
Bank
I
think
it
was,
and
came
back
in
funded
another
24
business.
So
it's
a
private
financing
that
many
businesses
that
were
assisted
through
that
program.
So
it's
really
been
very
impactful
for
many
of
those
businesses.
C
Programming
of
about
a
hundred
thousand
dollars,
so
that's
that's
moving
forward.
Finally,
in
terms
of
the
loan
pipeline,
I
have
one
candidate
business.
It's
an
interesting
business,
it's
called
avert,
agree
collaborative
they're,
a
women
business
owned
contracting
firm,
Julie
Kitson
is
the
is
the
owner
and
they're
exploring
gearing
back
up
with
staffing
back
to
their
Kovan
19
level
of
12
employees.
There
now
down
closer
to
five
or
six
at
the
moment
and
they're
looking
at
some
cash
flow
issues
associated
with
bringing
staff
back
on
before
they
can
receive
their
fees
and
so
they're.
C
C
D
B
B
C
Professor
took
she
actually
was
a
professor
at
Cornell,
I
think
is
when
I
was
thinking
about.
She
was
delayed
for
both
the
bza
and
the
IRA,
and
she
was
interested
in
both
the
IDI
committee
and
the
border
zone.
Ian's
appeals,
the
Board
of
Zoning
Appeals,
was
close
to
not
having
a
quorum
and
she
had
a
strong
interest,
the
process
of
land-use.
So
she
took
that
one
so
now
we're
casting
around
for
it
and
she's
ready.
C
She
worked
out
to
be
very,
very
skillful
on
the
board,
so
they
got
lucky
and
stole
another
one
from
us,
but
I
am
I
will
I
will
cast
about
and
look
for
a
fifth
member
and
I'm
open
to
any
ideas
you
have
it'd
be
great
to
have.
You
know
diversity
in
some
way.
Added
to
the
you
know,
the
base
we
have
and
yeah
we'd
be
good
to
have
a
fifth.