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From YouTube: October 31, 2016 Ways & Means
Description
Minneapolis Ways & Means Committee Meeting
A
Good
afternoon,
everyone
welcome
to
the
regularly
scheduled
meeting
of
the
Ways
and
Means
Committee
John
Quincy,
chair
and
joined
by
council
members,
yang,
palmisano,
council,
vice-president
glidden
and
council
member
Andrew,
Johnson
I.
Think
councilmember
bender
will
be
joining
us
in
just
a
few
moments.
We
have
32
items
on
our
agenda
today,
31
of
which
are
on
the
on
our
consent
agenda.
A
So
if
I
could
just
run
through
those
we'll
see
if
we
can
dispense
with
that
and
get
to
our
discussion
item,
our
first
is
a
series
of
actions,
legal
settlements
from
the
City
Attorney's
Office,
as
well
as
a
grant
acceptance
from
local
initiative
support
corporation
for
policing
conference
attendance.
That's
item
number
6.
Item
number
7
is
from
the
communications
department.
It's
the
gift
acceptance
from
clear
channel
outdoor
for
display
time.
The
convention
center
brings
forward
two
items.
A
A
That's
the
liability
cap
language
approval,
as
well
as
an
acquisition
of
real
estate
for
Eastside
maintenance
facility
project,
the
340
twenty
seventh
avenue
north
east
and
then
a
contract
for
design
services
with
RSP
architects
for
the
hiawatha
maintenance
facility.
Campus
expansion
project
Human
Resources
has
the
contract
amendment
to
increase
then
extend
eight
human
capital,
consulting
professional
services
contracts
as
information
technology
department
has
the
contract
amendment
with
toe
exchange,
inc
for
towing
software
and
operation
system
management
referred
from
the
community
development
regulatory
services
committee.
A
We
have
the
2016,
affordable,
housing,
trust
fund
project
recommendations
and
we
have
the
grant
acceptance
awarded
by
Minnesota
Department
of
Employment
and
economic
development
for
August,
first
round
of
deeds,
redevelopment
grant
program
and
a
bid
for
them
demolition
and
site
clearance
of
1215
second
avenue
north
from
the
health
environment
community
engagement
committee.
We
have
a
grant
from
Minnesota
Department
of
Health
for
public
health
nurse
home
visiting
program,
contract
amendment
with
stair-step
foundation
for
diabetes
reduction
services,
the
skyway
Senior
Center.
A
This
is
a
donation
acceptance
from
the
Friends
of
skyway
Senior
Center
and
the
skyway
Senior
Center
also
has
the
letter
of
intent
to
transfer
operations
to
ecumene
for
its
operations.
We
also
have
the
community
engagement
plan
for
neighborhoods
2020
and
a
grant
from
the
Department
of
Justice
for
group
violence,
intervention
program,
Public,
Safety
and
civil
rights
and
emergency
management
committee
brings
for
a
grant
award
for
minnesota
department
of
public
safety,
as
well
as
a
contract.
A
Amendment
for
Minnesota
Bureau
of
Criminal
Apprehension
for
analysis
for
DNA
case
evidence,
travel,
expense,
donation,
acceptance
for
police,
executive,
Research,
Forum
and
travel
expense
donation,
acceptance
for
national
network
of
safe
communities
at
John,
Jay,
College,
criminal
justice,
transportation,
Public,
Works
Committee
for
words.
It's
the
franklin
avenue
and
west
broadway
pedestrian
improvements,
Hennepin
Avenue
reconstruction
project
parking,
ramp,
elevator,
modernization
project,
that's
a
contract
men
with
more
con
construction
and
a
bid
for
supervisory
control
and
data
acquisition
system.
A
C
B
About
that,
I
just
want
to
make
two
comments
about.
One
item
number
15
in
one
item
number
17
at
your
real
number,
15
I
just
wanted
to
say
how
grateful
I
am
that
this
is
happening
and
I
know
that
my
comments
will
not
be
as
dramatic
or
emotional
as
the
one
last
Tuesday,
but
nonetheless
I'm
still
very
happy
that
this
is
happening
for
the
projects
that
are
happening
in
word.
Five.
B
A
A
A
Council
murmuring
I'd
ask
if
we
can
at
least
look
forward
to
passing
this
on
and
get
that
information
to
you.
That's
great.
Thank
you
mr.
Shirley.
It
did
come
through
that
committee,
but
not
not
sure
about
the
next
steps
for
that
that
particular
parcel
okay.
Thank
you.
Okay,
any
other
questions
or
comments
on
the
on
the
consent
agenda
items
not
seeing
any
all
those
in
favor,
please
signify
by
saying
aye
hi
posed
and
those
items
carry.
Thank
you
very
much.
Are
we
now
we
get
to
move
down
to
our
finance
property
services?
Discussion
item?
A
D
Chair
members
of
the
committee
mark
rough,
the
chief
financial
officer,
first
of
all,
I
just
want
to
take
this
opportunity
to
introduce
our
new
deputy
CFO.
This
is
Lori
Johnson
to
my
left.
Lori's
first
day
is
today,
and
so
what
better
way
to
start
it,
then
the
Ways
and
Means
Committee
I
can
think
of
no
better
and.
D
So
periodically
review
our
investment
policy
there
are,
there
is
a
process
that
we
follow.
Is
the
city
is
where
the
sea
council
members
are
aware.
We
have
an
independent
advisor
for
our
investments.
We
think
that's
a
very
healthy
thing,
because
it's
not
someone
who
is
a
broker,
then
that's
dependent
on
buying
and
selling
security.
To
give
us
advice
that
firms
name
is
Elwood
out
of
Chicago,
and
then
we
also
have
most
of
our
investments
handled
by
three
different
fund
managers
who
compete
against
each
other.
D
A
little
bit
unyielding
I
think
overall,
has
shown
good
benefits
for
the
city
in
terms
of
the
management
of
those
funds.
The
city
has
historically
puts
safety
as
the
preeminent
goal
within
our
investment
policy,
and
we've
also
kept
our
investments
fairly
short
in
term.
In
fact,
right
now
the
average
life
of
the
average
maturity
of
an
investment
in
our
portfolio
is
less
than
two
years.
We
primarily
invest
according
to
state
law.
D
We
have
very
restrictive
state
laws
on
what
we
can
invest
in,
but
primarily
we
invest
in
us
treasuries
what
we
would
call
fixed
income
securities,
US
Treasuries
agencies
which
are
on
either
direct
or
indirect
guarantees
of
the
federal
government.
And
then
we
have
some
commercial
paper.
We
have
some
bank
CD's,
but
predominantly
it's
really
Treasuries
and
agencies.
D
E
D
Our
investment
right
now
it
cannot
exceed
five
years.
The
last
payment
date
can't
exceed
five
years
on,
and
so
we
have
many.
We
have
difficulty
achieving
a
high
yield
in
today's
environment.
We
are
averaging
around
one
percent
which,
given
our
short
term
of
investments,
is
not
bad,
but
we
have
a
fair
amount
of
money
that
we
invest
every
every
day,
depending
on
the
time
of
year.
D
And
so
we
think
that
automatically-
and
there
was
a
statement
from
our
advisors
in
the
packet
which
just
says
that
automatically
we
should
be
able
to
increase
our
yield
by
30
basis,
points
which
doesn't
sound
like
a
lot,
but
when
you're
only
receiving
100
basis
points
or
one
percent
versus
a
third,
that's
a
third
increase
in
our
investment
reason
returns.
So
generally,
we
think
we
can
do
this.
D
D
Change,
which
is
commercial
paper,
which
is
very
short-term
investments
right
now,
we're
limited
180
days
of
maturity
and
we'd
like
to
go
out
to
270,
which
was
more
typical
for
the
industry.
So
that's
the
general
investment
policy
as
we
were
reviewing
generally
the
investment
policy.
We
also
have
had
discussions
both
with
council
and
with
our
friends
at
CPM
and
aundrea
Brennan
from
the
director
of
housing
at
sea.
D
Pet
is
with
us
this
afternoon
as
well
for
any
questions
you
may
have
about
this
program
and
this
new
program
that
has
been
discussed
not
just
among
the
city
but
also
the
county
and
then
also
nationally,
is
no
unnatural,
naturally
occurring
affordable
housing,
and
so
we
looked
at
our
investment
portfolio
and
recognized
that
a
substantial
amount
of
our
investments
are
through
government-sponsored
entities
for
mortgages.
Their
mortgage
backed
securities,
which
are
both
single
family
and
multi-family
mortgages.
D
They
are
typically
pooled
investments
mean
that
they
could
be
mortgages
of
an
apartment
building
in
texas
or
california
yeah,
and
we
buy
this
because
number
one
state
law
says
that
it's
an
eligible
investment.
We
get
a
little
more
yield
on
those
investments
because
they're
not
directly,
but
they
are
indirectly
guaranteed
by
the
federal
government
and
the
federal
government
during
the
recession
did
back
all
of
these
obligations.
They
have
a
little
higher
yield,
but
typically
that
can
also
be
prepaid
earlier,
and
so
this
is
another
reason
that
we
want
to
change.
D
So
right
now
we're
just
buying
those
mortgage-backed
securities
on
the
secondary
market
right
they're.
Looking
at
a
direct
placement
of
these
securities
to
socially
minded
investors,
and
before
we
started
the
conversations
with
them,
they
were
thinking
about
foundations.
You
know
so
foundations
who
would
be,
who
can
invest
in
a
lot
of
things
that
we
can't
as
a
public
entity
equity
stocks,
they
were
trying
to
get
them
to
buy
two
percent
type
of
investments.
D
So
that
was
the
evolution
of
this
and
we've
been
working
closely
with
C
ped
and
as
well
as
the
other
nonprofit
and
for-profit
folks
who
are
interested
in
Noah.
We've
also
been
talking
with
Freddie
Mac.
Their
program
is
not
fully
baked
yet,
but
as
long
as
we
were
going
to
change
our
investment
policy,
we
thought
we
would
bring
this
before
the
ways
and
means
for
consideration.
D
It
would
really
be
redirecting
our
investments
to
Minneapolis
specific
and
it
could
be
as
small
as
a
50-unit
building
and
a
mortgage
on
the
50-unit
building
or
it
could
be
100
or
200
units,
but
Freddie
Mac
is
instead
of
doing
this
on
a
very
large
scale
is
willing
to
look
at
these
transactions
individually
and
place
those
investments
than
with
the
city
of
Minneapolis.
Now
this
is
different
than
the
money
that's
proposed
in
the
mayor's
budget.
If
you
remember
that
that
is
gap
money,
so
what
we
are
talking
about
is
Freddie.
D
Mac
will
give
one
of
these
buyers
of
first
mortgage,
which
will
cover
75
to
80
percent
of
the
cost
of
the
acquisition
and
what
greater
minnesota
housing
fund
has
been
doing.
Working
with
Hennepin
County
and
those
have
requests
into
the
city
is
to
supply
the
gap
financing
that
money.
That
is
the
difference
between
the
acquisition
price
and
the
first
mortgage.
So
we
are
talking
about
an
investment
that
covers
the
first
mortgage.
So
how
does
that
benefit?
The
property
well
benefits
the
property
really
number
one
is.
D
We
are
not
creating
a
new
pool,
we're
buying
an
investment
for
buying
an
investment,
that's
guaranteed
by
Freddie
Mac,
which
has
a
very
strict
underwriting
criteria.
So
these
potential
purchasers
would
need
to
have
that
type
of
relationship
with
Freddie
Mac
that
there
was
a
trust
level
there.
So
Freddie
Mac
would
land
them
that
money.
We
would
get
an
investment
and
we
would
tie
it
to
something
a
little
better
than
a
Treasury.
So,
let's
just
four
round
numbers
say:
2%,
Freddie
Mac
would
have
a
guarantee
fee.
D
On
top
of
that,
we
don't
know
the
exact
amount
of
that
guarantee
fee,
but
for
round
numbers,
let's
just
say
one
percent
and
then
there'd
be
some
servicing
fees,
so
a
for-profit
or
nonprofit
buyer
would
have
somewhere
in
the
neighborhood
of
three
and
a
quarter
or
three
and
a
half
percent
long-term
money,
which
would
be
then
be
able
for
them
to
turn
around
and
write
down
rents
or
afford
more
capital
improvements.
So
that's
the
proposal
of
this
program.
D
Why
are
we
acting
now
before
this
is
all
fully
in
place,
and
why
are
we
acting
now
when
the
mayor's
budget
has
not
been
formally
considered
by
the
council
and
and
approved
by
the
council?
I
think
number
one
is
because
we
are
talking
about
investments
number
one.
It
seemed
as
a
as
a
good
opportunity
to
have
this
discussion
to
is
this
would
send
a
signal
to
places
like
Freddie
Mac
that
the
city
Minneapolis
is
interested
and
try
to
accelerate
them.
D
The
implementation
of
this
program
and
three
is
to
send
a
signal
then,
to
the
for-profit
and
nonprofit
world
who
is
interested
in
Noah
that
this
is
another
tool.
It's
not
the
only
tool,
it's
not
going
to
solve
all
of
the
problems,
but
it
is
another
tool
that
will
help
with
this
emerging
problem
of
availability
of
affordable
housing
within
the
city
of
Minneapolis,
so
I
think
I
think
it's
important
to
emphasize
that
we
are
putting
limits
on
this.
We're
not
going
to
have
our
whole
investment
portfolio
involved
in
this.
D
In
fact,
we
would
recommend
no
more
than
ten
percent
of
our
investment
portfolio.
I
think
it's
also
important
to
bring
up,
which
is.
Why
would
a
city
not
want
to
do
this?
These
are
going
to
be
longer
term
investments.
Potentially
I
talked
about
a
five-year
average
life
as
our
standard
investments.
These
might
be
as
much
as
10
or
12
years
average
length.
So
we
are
going
to
be
locked
into
a
longer
investment.
D
Now
we
have
all
sorts
of
assets
and
capital
replacement,
which
are
long
term
as
well,
but
many
cities
have
tried
to
keep
it
as
a
shorter
term,
and
so
one
potential
reason
why
I
said
you
might
not
want
to
do
this.
Is
they
don't
want
to
lock
up
five
or
ten
percent
of
their
investments
for
a
10
or
12
year
period?
These
will
be
marketable
securities,
but
if
we
traded
them
we
would
probably
have
to
take
them.
You
know
if
interest
rates
are
higher.
We
would
lose
money
on
that
trade.
D
So
that's
a
weakness
of
this,
but
it's
clearly
a
trade-off
in
the
sense
of
the
benefit
is
we're
getting
a
better
yield
then
on
this
investment
than
we
are
getting
with
the
rest
of
our
portfolio,
so
the
trade-off
of
a
longer
investment
is
is
more
long
term
on
liquidity
and
not
as
liquid
of
a
investment,
but
the
benefit
is
we
get
a
better
interest
rate
overall
for
the
taxpayers?
I
think.
D
What
we
would
prefer
is
to
have
a
council
working
with
C
ped
staff,
which
I
know
they've
already
started
on
coming
up
with
criteria
for
nor
Noah
properties,
and
so
that,
when
we
have
criteria,
then
we
can
make
this
investment
relatively
quickly
I'm
in
order
to
facilitate
this
acquisition,
but
also
to
make
sure
that
there's
confidence
from
the
buyer
standpoint
that
this
money
is
available
at
the
rates
that
they're
looking
for.
So
mr.
D
A
E
You
counseling
the
Quincy
and
thank
you
mr.
ruff,
for
this
breaking
down
a
complicated
topic,
at
least
for
someone
who's,
not
a
finance
professional,
into
somewhat
of
an
understandable
concept,
because
we
had
been
talking
a
lot
in
the
community
as
well
as
at
the
City
Council
about
naturally
occurring
affordable
housing
and
how
we're
losing
many
units
of
that
type
of
housing.
E
E
I
was
wondering
if
Miss
Brennan
might
like
to
just
give
us
a
little
bit
of
feedback
on
what
more
is
coming
from
the
housing
policy
and
just
because
I
think
we're
trying
to
understand
how
this
investment
policy
fits
in
with
what
is
a
developing
body
of
work
in
our
Housing
division.
That's
going
to
help
us
understand
how
this
will
all
work
together.
So
maybe
you
could
just
give
us
a
heads
up
about
what
is
to
come
and
then
we
can
go
back
and
I
might
have
another
question
for
mr.
A
F
Mr.
chair
council,
vice-president
glidden
and
members
of
the
committee
there's
a
number
of
initiatives
that
we're
currently
developing
as
staff
to
move
forward.
One
of
them
has
to
do
with
the
preservation
of
existing
housing
that
has
some
form
of
subsidy
and
that
specifically
relates
to
developments
that
have
been
financed
with
proceeds
from
text
exempt,
bonds
and
equity
from
low
income,
housing,
tax
credits.
So
right
now,
under
our
current
policy,
when
we
issue
those
bonds
and
allocate
those
credits
developers,
they
could
exercise
an
ability
to
opt
out
of
the
affordability
requirements
after
year,
15.
F
So
right
now
we've.
We
are
it's
out
for
public
comment
right
now
or
this
proposed
change,
and
then
it
will
go
before
the
community
development
regulatory
services
committee
at
the
end
of
november
november
29th.
But
our
proposal
is
to
change,
what's
called
our
qualified
allocation
plan
and
that
would
then
require
any
developers
who
are
using
an
allocation
of
tax-exempt
bonding
authority
to
waive
their
ability
to
opt
out
of
the
affordability
requirements
after
year
15.
So
that's
not.
F
You
know
directly
related
to
the
naturally
occurring
affordable
housing,
but
it
is
extending
the
affordability
of
housing
that
is
at
risk
of
going
from
sort
of
the
more
subsidized
camp
into
the
market
rate,
not
affordable
and
where
those
developments
tend
to
occur
are
in
stronger
market
areas,
where
there's
an
ability
to
increase
the
rent
pretty
substantially.
So
that's
that's
one
effort,
as
mr.
rough
noted,
we're
also
working
to
define
the
criteria
that
could
be
the
criteria
of
properties
that
would
be
eligible
for
funding
under
the
mayor's
proposed
1.5
million
in
the
proposed
2017
budget.
F
F
There
are
a
lot
of
investors
interested
in
purchasing
rental
property
in
the
city
of
Minneapolis
and
in
the
region,
and
so
whatever
restructure
has
to
be
something
that
is
can
be
very
rapidly
deployed.
So
because
that's
not
how
our
typical
kind
of
gap,
funding
sources
work,
I'm
working
with
a
city
attorney's
office
to
propose
criteria
where
we
could
move
a
little
bit
faster.
So
that
is,
is
underway
and
we're
hoping
to
have
something
for
discussion
in
the
next
month
as
well.
Conserv,
I
suppose
Glenn
did
you
have
any
other
specific
yeah.
E
Maybe
this
one
more
question:
do
you
do
we
assume
that
if
there
is
a
property
that
comes
available,
that
that
a
non-profit
developer,
community
developer
or
some
kind
that
wants
to
make
an
offer
on
the
property
will
need
both
the
gap?
Financing?
That's
part
of
the
mayor's
proposed
budget,
as
well
as
this
first
mortgage
and
order
to
kind
of
put
those
pieces
together
to
move
quickly
or
could
one
work
without
the
other.
F
Yes,
I
think
that
the
way
that
we've
that
we've
discussed
it
is
that
it
could
be,
they
could
definitely
work
together
because,
as
Mercer
rough
mentioned,
there
is
the
the
investment
policy
changes
would
allow
the
city
to
invest
in
the
first
mortgage,
and
the
1.5
million
would
be
something
that
could
be
basically
would
meet
the
the
the
buyers
equity
requirement,
which
is
that
anywhere
between
the
twenty
and
thirty
percent.
So
both
pieces
are
needed
for
anyone,
development
and
it's
very
possible
and
probably
ideal
from
our
standpoint.
F
If
those
two
worked
together
in
the
same
development,
the
1.5
million
is,
it
could
probably
assist
somewhere
between
60
units
on
the
low
side
to
you
know,
maybe
at
most
two
hundred
units,
so
that
dollar
amount
probably
won't
the
gap
on
the
gap
side.
It
probably
won't
go
as
far
as
the
investment
side
could
go
and
so
I
think
it's
it's
more
likely
that
there
could
be
developments
where
the
investments
could
be
made
where
there
isn't
the
gap
funding
available
any
longer
and.
E
E
F
And
all
that
mr.
Rufford
respond
to
this,
but
I
like
to
first
Abbott.
Yes,
we
do
know
that
would
be
of
great
assistance
to
the
developers
that
we've
talked
to,
as
well
as
the
greater
minnesota
housing
fund
who's,
putting
together
an
equity
fund
on
that
gap,
equity
side
of
things,
they've
indicated
that
it.
This
would
be
of
great
benefit
to
developments
that
are
that
are
seeking
to
socially
oriented
owner
operators
that
are
competing
for
these
properties.
D
But
clearly
every
nonprofit
and
for-profit
developer
may
have
their
own
ideas
about
how
they
blend
all
of
their
financing,
not
just
for
one
property
and
for
a
larger
property.
So
you
may
find
that
people
make
other
choices.
So,
as
I
said,
this
is
a
tool.
We
think
that
that
interest
rate
right
down
will
mean
somewhere
in
the
neighborhood
of
six
hundred
and
nine
hundred
dollars
per
unit
per
year,
lesson
rents
or
at
least
availability
for
more
capital
improvements.
F
D
I
know
I
would
just
take
this
opportunity,
certainly
to
thank
all
of
you
on
the
committee.
I
think
all
of
you
have
been
very
encouraging
of
the
naturally
occurring,
affordable
housing.
Councilmember
Quincy
spent
a
number
of
hours
with
me
talking
about
this
concept
prior
to
this
meeting,
so
I
appreciate
that
guidance.
E
My
guess
is:
we
would
be
a
jurisdiction,
that's
either
going
first
or
closer
to
first
on
this
type
of
investment
strategy
and
our
ability
to
show
how
to
put
this
together
could
be
an
incentive
to
other
communities,
because
I
know
we
are
not
the
only
community
that
is
having
these
exact
same
discussions.
So
thank
you
very
much
for
putting
in
the
work
to
help
offer
another
tool
around
this
very
important
issue.
A
Thank
you.
I
would
agree
completely,
obviously
with
council
vice-president
glidden.
It
is
another
tool
and
in
this
case
it's
a
before
our
committee,
because
it's
not
a
CD
related
policy,
although
it's
certainly
related,
but
this
is
an
investment
policy.
This
is
how
the
city
invests
its
resources.
So
my
concern,
as
always,
is
we've
always
been
a
priority
of
having
security,
liquidity,
diversification
and
then
yield
was
the
last.
A
C
You
mr.
chair
I
think
this
is
great.
One
of
the
biggest
concerns
are
hear
from
my
constituents
is
cost
of
rising
housing,
and
we
know
from
conversations
that
Miss
Brennan
has
briefed
council
members
on
that
we're
losing
unit
affordable
units
faster
than
we
are
building
them
and
so
I
think
it's
really
exciting
to
see
staff
bring
forward
this
innovative
kind
of
approach
that
would
be
both,
hopefully,
a
financial
benefit
to
the
city
as
well
as
meet
our
goals
around
affordable
housing.
C
I
wanted
to
understand
some
more
of
the
details
about
the
timing
of
how
this
would
roll
out.
So
my
understanding
of
the
proposal
from
staff,
knowing
that
we're
not
being
asked
to
take
action
right
now,
necessarily
is
that
our
portfolio
overall
would
be
limited
to
ten
percent
in
this
type
of
investment,
and
then
I
wanted
to
get
your
sense
of
how
long
this
would
take.
C
D
Chair
councilmember,
bender,
I,
I,
honestly,
don't
know
I
I
think.
Clearly
there
are
properties
up
for
sale
on
a
regular
basis
in
the
city
of
Minneapolis
and,
as
miss
Brennan
said,
it's
a
competitive
marketplace.
I
think
that
this
tool
would
give
some
of
those
nonprofit
and
for-profit
developers
a
little
more
of
an
advantage
in
some
of
those
acquisition
efforts.
D
I,
don't
think
that
we
have
one
large
owner
or
developer
that
we're
trying
to
acquire
a
big
portfolio
from
I
think
the
idea
would
be
to
have
targeted
areas
of
the
city
where
this
is
really
the
biggest
emphasis
that
we
have
for
our
dollars.
I
would
also
say
that
we
are
not
going
to
be
able
to
make
this
available
that
just
anybody
who
wants
to
buy
nor
property
as
I
said
we're
not
the
ones
making
the
decision
on
the
underwriting
criterias
the
chair
mentioned.
D
But
it's
there's
going
to
be
a
process
initially
of
working
with
Freddie
Mac
on
this
new
program
and
other
government
sponsored
or
any
of
them.
Fannie
Mae
is
another
entity
that
is
in
this
marketplace.
I,
don't
know
whether
they
have
similar
efforts
as
well.
But
you
know
this.
This
is
a
program
which
could
take
a
couple
of
years
to
holy,
implement.
C
Then
one
other
maybe
question
or
comment
is
I'm
interested
in
understanding.
If
there
are
policies
we
could
consider
that
would
help
us
identify
properties,
whether
it's
requiring
notification
of
the
city
when
a
sale
is
about
to
occur
or
I,
understand
that
I
think
some
cities
require
notification
of
the
city
or
even
require
a
property
owner
to
offer
to
the
city
to
purchase
properties.
So
anyway,
it
could
be
a
comment
or
a
question.
F
Mr.
tarak,
from
a
vendor
at
this
point
we
don't
have
any
such
requirement
where
the
city
is
notified
on
any
sort
of
impending
sale
of
naturally
occurring
affordable
housing.
But
there
are
other
jurisdictions
that
have
looked
at
those
types
of
requirements
through
ordinance.
Others
have
done
so
through
state
legislative
process.
So
there
is
a
working
group
of
staff
and
outside
expertise
are
looking
at
different
policy
options
that
that
you
may
want
to
consider
in
the
future.
A
A
Not
seeing
any
additional
questions
or
comments
at
this
time,
I
do
appreciate
this.
I
do
have
a
one
quick
thought:
will
this
require
an
additional
RFP
for
an
investment
manager
on
this
process?
Is
this
give
us
another
opportunity
to
add
to
that
resources?
I
think
at
one
time
we
had
five
or
maybe
seven
and
we're
down
to
three
as
I
understand
it.
So
is
this
another
opportunity
for
another
investment
management
to
get
involved.
Sure.
D
Mr.
chair
I
can
ask
our
investment
staff
to
confirm
this,
but
because
this
would
be
a
direct
placement,
it
wouldn't
necessarily
require
an
additional
investment
manager
on
this
would
be.
You
know
there
wouldn't
be
a
custodian.
It
would
be
similar
if
we
went
to
a
bank
and
bought
a
CD
directly
and
just
held
it
for
a
long
period
of
time
that
that
would
be
a
direct
investment
between
us
and
the
the
entity
that
is
providing
the
investment,
so
I
see
it
as
outside
of
our
existing
investment
pool
and
would
not
require
another
manager.
Okay,.
D
A
Thanks
very
much
I'm,
not
seeing
any
additional
questions,
comments.
I'll
move
this
action
item
of
any
not
seeing
any
other
comments,
so
all
those
in
favor
signify
by
saying,
aye
and
opposed,
and
that
item
carries.
Thank
you
very
much.
Mr.
ruff
I
think
that
officially
concludes
the
business
for
the
Ways
and
Means
agenda.
But
I
do
want
to
point
out.
We
have
a
couple
of
other
items
coming
up
on
our
budget
subcommittee
meetings.