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From YouTube: August 12, 2020 Board of Estimate & Taxation
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B
Members
is
authorized
under
minnesota
statutes,
section
13d
021,
due
to
the
declare
the
declared
local
health
pandemic
for
the
record.
My
name
is
carol
becker.
I
am
the
president
of
the
board
of
estimate
taxation.
I
will
not
call
this
meeting
to
order
and
ask
the
clerk
to
call
the
role,
so
we
may
verify
the
presence
of
a
quorum.
A
C
A
C
A
B
Well,
at
the
record
reflect
we
have
a
quorum.
We
will
now
proceed
to
our
agenda,
a
copy
which
was
posted
for
public
access
in
the
city's
legislative
information
management
system,
which
is
available
at
l.
I
m
dot
for
all
voting.
Roll
call
will
be
the
procedure
so
adoption
of
the
agenda
where
the
agenda
for
days
meeting
is
before
us.
May
I
have
a
motion
to
adopt
the
agenda.
D
A
C
A
B
B
B
A
A
C
A
C
A
C
B
That
motion
passes
the
minutes
are
adopted
discussion
item
four
on
the
agenda
item.
Four
on
the
agenda
is
a
presentation
from
the
finance
department
on
the
revised
2020
budget
call
on
my
car
micah
intermel
to
present
the
report.
E
B
E
Great,
so
I
I
will
quickly
walk
through
how
the
city
has
advanced
to
a
revised
budget
for
2020.
If
I
could
have
the
next
slide,
please
so
in.
In
total
the
we
estimate
that
the
city
will
fall
short
of
the
revenue
projections
included
in
the
2020
council
adopted
budget
by
156
million
dollars
that
revenue
loss
is
primarily
concentrated,
as
we've
talked
about
in
the
downtown
assets
fund
and
the
general
fund,
as
well
as
the
parking
fund.
Can
I
have
the
next
slide
please.
E
The
first
phase
was
an
implementation
of
a
series
of
administrative
actions
that
council
and
mayor
had
approved
back
in
june
that
solved
for
about
60
million
dollars
of
the
problem
and
and
that
included
a
hiring
freeze
and
that
hiring
freeze
goes
back
to
april,
in
fact,
and
that
saved
or
avoided
23
million
dollars
of
costs
for
the
city,
a
wage
freeze
for
some
city
employees,
and
so
it
includes
freeze
on
steps
for
appointed
officials,
politically
appointed
staff
and
non-represented
staff.
E
It
also
includes
a
number
of
all
bargaining
unit
staff
are
receiving
their
steps
this
year.
E
However,
there
are
a
number
of
bargaining
units
that
had
not
yet
settled
a
cost
of
living
adjustment
or
across
the
board
increase,
and
so
those
amounts
that
had
been
budgeted
in
anticipation
of
eventual
settlement
were
also
removed
from
the
2020
budget
and
are
part
of
the
6.1
million
dollars
of
savings
through
the
wage.
Freeze,
10
million
dollars
of
fleet
and
I.t
costs
were
either
delayed
to
future
years
or
or
put
on
indefinite
hold
about
three
million
dollars
of
discretionary
non-essential.
E
Spending
on
training
and
travel
supplies
was
removed
in
that
phase,
one
reduction,
as
well
as
16
million
dollars
through
reducing
all
professional
services
contracts
by
15
across
the
board,
so
that
left
a
remaining
98
million
dollars
to
solve
through
phase
two
which
are
described
on
the
next
slide.
If
we
could
have
that.
E
So
in
phase
two
four
additional
strategies
were
deployed,
so
the
the
first
one
and
possibly
the
most
most
germane
to
this
body-
is
taking
on
some
additional
debt
for
planned
capital
spending
and
and
that
capital
spending
had
been
anticipated
to
be
paid
for
in
2020,
using
cash
resources,
certainly
with
less
money
coming
in.
We
felt
it
prudent
to
hold
on
to
that
cash
and
instead
borrow
to
to
pay
for
those
needed
improvements
in
future
years.
E
So
that's
12.3
million
dollars
concentrated
in
the
general
fund.
The
general
fund
spending
that
you
see
is
primarily
for
the
the
streets,
part
of
the
streets,
portion
of
parks
and
streets,
as
well
as
some
monies
for
pre-design
activity
for
new
first
precincts
for
the
police
department.
Then
the
seven
million
dollars
that
you
see
in
the
parking
fund
relates
to
improvements
to
sort
of
like
non-life
safety
improvements
in
parking
ramps.
E
So
those
that's
that's
those
items
and
those
I
believe
our
director
of
denton
investments
is
on
and
I'm
sure
he
can
correct
me
if
I'm
wrong,
but
those
will
not
be
included
in
the
upcoming
sale.
Rather,
those
issues
will
happen
later
this
year.
E
The
next
cost
containment
approach
is
program
adjustments,
and
so
that's
reductions
primarily
to
one
time
what
we
call
change
items
in
in
our
operating
budget
or
one-time
capital
expenditures
in
in
our
budget
as
well,
and
so
the
the
11
million
dollars
that
you
see
in
the
downtown
assets
fund
in
particular,
is
reductions
to
planned
capital
again
non-life
safety
capital
improvements
to
the
convention
center
and
target
center.
Likewise,
with
the
parking
fund
a
little
bit
more
capital
activity
there.
E
The
the
program
adjustments
in
in
the
general
fund
you
know
are
were
explained
in
depth
in
a
presentation
on
july
14th
to
the
city
council,
with
lots
of
reference
to
the
lengthy
explanations
of
the
change
items
that
are
found
in
the
council
adopted
budget
book,
and
so
I
won't
go
into
detail
in
in
detail
here,
but
just
encourage
folks
who
are
interested
in
the
details
of
that
to
you
know
view
either
take
a
look
at
the
presentation
materials
from
july
14th
that
are
available
on
our
legislative
information
management
site
or
also
view
those
those
archived
hearings
on
on
our
youtube
channel.
E
E
So
that's
sort
of
the
the
final
lever
pulled
in
this
solution
prior
to
deploying
cash
resources
to
offset
any
other
revenues
that
we
were
not
able
to
fully
recover.
B
A
Anybody
ever
have
a
question
as
much
as
I
you
know.
I
know
you've
probably
made
this
presentation
enough
times
and
probably
in
your
sleep,
a
little
bit
micah,
but
thank
you
so
much
for
for
coming
and
spending
some
time
and
going
through
this
with
us.
The
demand
on
all
of
you
is
so
remarkable.
With
the
crisis
we're
in
and.
C
C
A
B
Other
questions,
I
have
a
few
questions
if
nobody
else
has
any
questions,
if
you
have
questions
put
them
in
the
meeting
chat,
I'm
figuring
out
how
to
run
that
now.
One
thing
that
you
didn't
touch
on
micah
was
the
22
million
dollar
transfer
from
the
general
fund
to
the
the
downtown
assets
fund.
Yes,.
E
Thank
you,
president
becker.
I
I
was
realizing
that,
as
I
was
wrapping
up
there
that
I
failed
to
touch
on
that
at
the
outset,
and
it
is
an
important
piece
of
the
conversation
so
back
in
2018
the
healthy
on
simpler
days
of
2018.
E
We,
the
city,
created
what
we
call
the
downtown
assets
fund
and
began
collecting
all
of
our
local
taxes,
our
local
option,
sales,
use
and
entertainment
taxes
in
that
fund,
and
that
time
we
began
transferring
a
portion
including
roughly
20
million
dollars
of
entertainment
taxes
plus
10
million
dollars
of
local
sales
taxes
which
are
available
to
be
used
for
limited
purposes,
including
economic
development,
which
is
primarily
how
we
deploy
those
local
taxes
in
the
general
fund
because
of
the
the
constriction
on
local
sales
and
entertainment
tax
revenues.
E
In
particular,
it
became
necessary
to
reduce
that
transfer,
so
it
was
a
planned
transfer
of
a
little
over
32
million
dollars
in
2020
and
through
the
revised
budget
process
we
reduced
that
transfer
by
22
million
dollars,
and
so
there
was
some
entertainment
collect,
entertainment,
tax
collected
in
january
february.
E
In
the
beginning
of
march,
we
were
actually
the
the
local
economy
was
doing
very
well,
and
all
signs
were
that
we
were
going
to
have
a
great
year
and
then
things
obviously
slowed
down
with
the
onset
of
covid,
and
so
those
entertainment
taxes
in
particular
have
have
diminished
greatly
and
so
out
of
recognition
of
that
we
we
had
to
make
that
change
of
the
transfer
and
revert
that
money
to
stay
in
the
downtown
assets
fund.
To
the
extent
it's
showing
up.
B
So
just
so,
I'm
clear
the
22
million,
which
went
from
the
general
fund
and
get
me
when
I'm
wrong
here,
went
from
the
general
fund
to
the
downtown
assets
fund
was
entertainment.
Revenue
were
the
other
sales
taxes
all
in
the
general
fund,
also
and
then
transferring
the
revenue
over
or
the
sales,
because
the
entertainment
tax,
of
course,
is
a
different
tax,
but
the
the
the
half
cent
sales
tax,
the
downtown
food,
the
downtown
resident
of
the
hotel,
I
thought
were
over
in
the
sales
tax
fund.
E
Thank
you
for
the
question
president
becker,
the
all
of
the
local
taxes.
So
all
five
of
the
local
taxes
are
deposited
in
the
downtown
assets
fund
and
when
the
32
million
dollar
transfer
this
year
was
set
up,
we
anticipated
transferring
22
million
dollars
of
entertainment,
taxes
and
10
million
dollars
of
local
sales
taxes
and.
E
B
Okay,
okay,
I'm
understanding
it
better
now.
Thank
you
second
question.
I
should
also
ask:
would
it
be
possible
to
get
the
monthly
sales
tax
revenue
numbers
like
from
january
till
now?
Just
I'm
curious
to
see
how
far
down
we
are,
because
it
seems
to
me
the
real
crisis
is
not
going
to
be
in
the
general
fund,
because
we
eventually
get
our
property
taxes
it
might
take
a
year
to,
but
by
god,
we're
going
to
get
them.
B
Sales
taxes,
on
the
other
hand,
are
gone
like
gone
and
we'll
never
come
back
again
and
then
sort
of
there's
this
kind
of
looming
question
of
whether
or
not
as
a
society.
We
need
a
downtown
anymore
and
what
it's
going
to
look
like
and
so
to
me.
The
real
crux
of
this
question
ongoing
longer
term
is
going
to
be
in
the
sales
tax.
B
So
I'm
wondering
if
it
would
be
possible
if
you
could
give
those
to
allen,
and
we
could
take
a
look
at
them
just
to
see
how
far
down
we're
talking
and
whether
or
not
we're
seeing
any
recovery.
If
that
would
be
possible.
E
Yep
so
president
becker,
the
all
of
that
information
is,
is
available
to
everybody
in
on
this
body
and
anybody
in
the
public
by
going
to
minneapolismn.opengov.com,
and
we
we
keep
a
report
there.
That
is
a
current
year
to
date,
log
of
all
of
our
both
our
revenues
and
our
expenditures.
E
And
so
when
mr
hoppe
gave
me
a
heads
up
that
this
question
may
be
coming,
I
went
to
that
site
this
morning
and
took
a
look
at
it.
It
is
updated
through
our
june
collections
because
it
takes
a
little
while
there's
a
little
bit
of
a
lag
once
a
month
closes.
We
have
to
get
all
of
our
accounting
ducks
in
a
row
and
then
it
about
two
weeks
later.
E
So
I
anticipate
soon
we
will
have
the
july
numbers
up,
but
through
june
we
had
collected
about
26
million
dollars
in
local
taxes,
whereas
you
know
on
a
flat
line
trajectory
if
we
collected
the
same
amount
each
year
since
we
anticipated
collecting
93
million
dollars
in
local
taxes.
We,
otherwise
you
know
a
flatline
trajectory
through
through
june.
We
would
have
collected
46
million
so
that
you
can
see
that
lag
starting
to
catch
up
with
us.
E
Yeah,
it's
it!
It's
not
that
simple!
Just
because
our
to
use
a
technical
finance
term,
our
revenues
are
lumpy,
they
don't
come
in
at
the
same
rate
each
month,
and
so
we
typically
get
more
sales
tax
revenues,
sales
and
entertainment
tax
revenues
in
the
fall
when
there's
more
activity
related
to
the
vikings
and
the
gophers.
E
B
Sure,
thank
you
other
question
on
the
issuance
of
debt.
We
do
have
a
bond
issuance
coming
up
here
in
september,
but
you
had
said
that
this
this
other
debt
would
be
going
at
a
different
time.
B
E
Yeah,
so
in
in
terms
of
cash
flow,
our
staff
have
been
looking
watching
it
very
intently,
as
you
would
imagine,
and
don't
don't
see,
cash
flow
problems
occurring
in
2020
and
the
the
plan,
like
I
said
I
believe,
early
december-
is
the
intention
on
issuing
that
debt.
B
We
only
have
one
meeting
in
december,
so
it
would
need
to
be
at
that
meeting
if
we
were
going
to
do
it.
So
just
a
heads
up
on
the
calendar,
there
isn't
a
second
meeting
at
this
point
in
december.
F
I
just
wanted
to
comment
that,
of
course
we
have
a
lot
of
these
kinds
of
discussions
in
the
budget
meetings
and
other
places
in
the
council,
but
you
know
I
I
didn't
want
to
just
appreciate
the
questions
you're
asking
and
note
that
you
know
I
I
think
it's
clear
that
the
the
strip
the
shifts
to
our
budget
are
likely
structural,
at
least
in
like
the
medium
term,
and
you
know
the
way
I've
been
describing
it
to
my
constituents-
is
that
our
budget
is
becoming
more
like
that
of
a
suburban
community
that
is
not
a
commuting
center,
an
entertainment
center,
a
tourism
center
and,
of
course,
other
cities
around
the
state.
F
Other
communities
around
the
state
that
have
revenues
coming
in
from
tourism
or
from
commuting
or
from
hotel
taxes
and
sales
taxes
are
seeing
similar
shifts,
not
exactly
the
same,
but
so
you
know
the
trick.
I
think
that
that
director,
intermil
and
policymakers
and
all
of
us
have
before
us
is
in
part
to
try
to
predict
how
long
that
will
be
the
case,
but
I
I
think
it
will
be
the
case,
for
I
think
that
we
will
see
some
pretty
significant
long-term
shifts
in
commuting
patterns
and
travel
patterns.
F
F
So
to
me,
we're
not
talking
about
the
2020
budget
and
the
2021
budget,
we're
talking
about
the
five-year
financial
projection
and
understanding
that
we
will
likely
see
these
kinds
of
shifts
in
revenue
in
the
years
to
come,
and
so
one
thing
that
I
do
based
on
that
is
when
I'm
talking
with
folks
advocates
or
folks
from
other
local
governments.
I
think
you
know
our
region
has
really
come
to
rely
on
minneapolis
for
a
lot
of
things.
F
You
know
just
as
one
example
our
city
attorney's
office
tends
to
defend
in
court
a
lot
of
policy
change
that
then
other
cities
are
able
to.
You
know
benefit
from
to
to
you
know
we
pass
something
like
paid
sick
time
or
minimum
wage
law.
We
defend
it
in
court
against
preemption
claims
and
then
other
cities
are
able
to
to
pass
those
laws
and
that's
a
small
thing.
F
You
know
in
the
scope
of
our
billion
dollar
budget,
but
you
know
you
can
think
about
the
functions
that
our
igr
staff
play
the
way
that
we
have
stepped
up
in
such
a
big
way
on
shelter
and
homelessness
and
housing.
You
know:
we've
talked
about
making
more
investments
in
transportation
and
transit.
F
Like
a
residential
community
that
doesn't
have
that
sort
of
influx
of
of
folks
and
the
revenue
that
comes
with
it
so
anyway,
that's
I
didn't
mean
to
make
a
speech
honestly,
but
I
just
you
know.
I
appreciate
the
question
and
I
I
agree
with
the
you
know.
I
think
the
sentiment
behind
it,
which
is
to
be
thoughtful
not
just
in
the
short
term,
but
in
the
and
just
thinking
through
how
this
pandemic
and
the
economic
crisis
and
and
frankly,
potentially
longer
term
behavior
changes
will
affect
our
city's
budget
going
forward.
B
Thank
you,
mr
fry.
D
Thank
you,
madam
president,
just
briefly
to
council
president's
point,
those
outside
property
tax
revenue
sources
they
account
for
like
55
percent
of
the
budget.
If
you
look
at
the
percentage
breakdown
in
other
cities,
it's
not
even
remotely
close
to
that,
and
so
you
know
granted
all
municipalities.
D
All
localities
are
hit
particularly
hard
by
are
hit
by
covet
19,
but
the
city
of
minneapolis
is
is
hit
far
far
more,
I
mean,
even
if
you
look
at
the
budgetary
ramifications
in
st
paul,
you
know
we
we're
a
city
of
440,
000
they're,
a
city
of
I
don't
know
exactly
what
it
is:
330
000
or
something
granted
our
population
is
higher,
but
the
reason
that
our
our
budget
is
two
and
three
times
the
size
is
because
of
those
additional
taxes
beyond
property
that
we
generally
accrue
and
right
now
we're
just
not
seeing
anywhere
close
to
the
same
numbers
and
so
yeah.
D
B
B
If
no
one
else
would
speak,
I
would
just
step
in
and
say
better.
I
agree
with
you
about
the
structural
changes
in
the
city
and
I
am
substantially
concerned
about
the
impact
on
our
citizens
that
I
agree
with
you
that
I
I
the
question
about
whether
or
not
I
mean
society
needs
a
downtown
anymore.
B
B
Express
bus
service
is
down
what
93
percent
you
know
we're
talking
about
making
transit
investments
nobody's,
taking
the
bus
into
downtown
anymore
and
in
talking
to
them
they're
all
like
we're,
not
going
back,
we're
more
efficient
working
home,
we're
happier
working
from
home,
and
so
that
just
fundamental
question
about
what
what
is
a
downtown
and
we're
not
going
to
get
the
revenues
off
of
it,
and
that
falls
to
the
sales
tax
and
the
parking
fund.
B
You
know
to
me
that's
the
nut
of
where
we're
going
to
have
issues
going
long-term
at
the
same
time.
You
know,
you
know
guys
know
it.
Property
taxes
are
a
balloon.
If
you
squeeze
it
down,
one
place
it's
going
to
pop
up
on
the
other
and
we're
going
to
have
to
figure
that
out,
so
I'm
very
much
looking
forward
to
both
the
next
year's
budget
as
well
as
the
five-year
budget.
So
thank
you,
for
that.
Is
there
any
other
discussion
on
this.
B
Any
other
discussion
on
this
all
right,
then,
I'd
like
to
move
to
item
number.
B
Five
item
number
five
would
be
on
the
upcoming
bond.
The
bond
question
around.
G
Hello,
everybody.
This
is
michael
abelin,
I'm
the
director
of
investments
and
debt
management
for
the
city
and,
yes,
we
are
in
the
process
of
planning
for
a
refunding
of
about
six
series
of
bonds,
so
that
is
going
to
be
added
to
our
new
money
bond
sale,
which
we
started
and
through
a
lot
of
a
lot
of
reasons
for
having
to
delay
our
bond
sale.
G
We
are
at
a
point
now
where
we
can
actually
issue
these
refunding
bonds
in
conjunction
with
the
other
bonds
and
perform,
what's
called
a
current
refunding,
where
we
will
sell
those
bonds
in
september
and
use
the
monies
in
december
to
pre-pay
and
take
out
the
the
bonds
we're
refunding
so
there's,
like,
I
said,
there's
six
series
of
bonds.
I
don't
know
how
much
information
you
want
regarding
the
details
of
these
transactions
they're
still
being
developed.
G
G
I
will
maybe
correct
one
thing
that
was
talked
about
with
regard
to
the
issuance
of
other
debt,
that
was
part
of
the
budget
reductions,
the
5.3
million-
that
was
a
general
fund
transfer.
That's
now
going
to
be
bonded,
for
that
is
on
top
of
additional
bonds
that
we're
already
issuing
this
fall
as
part
of
this
bigger
sale.
So
that
is
covering
a
lot
of
the
cash
flow
of
streets
and
park
projects
that
are
being
constructed
this
year
and
then,
with
the
parking
fund
part
of
the
debt.
G
G
There
will
also
be
resolutions
coming
to
the
board
to
approve
the
issuance
of
that
debt
and
they're
kind
of
synced
up.
The
council
will
meet
on
the
20th
of
august
on
this,
and
it
will
come
to
your
next
board
meeting
on
the
26th
of
august.
G
So
basically
we
have
to
get
those
actions
approved
in
order
to
be
able
to
issue
the
debt
in
september.
B
Do
I
apologize
my
connection
dropped,
but
I'm
now
back
when
we
do
this
refunding,
are
we
going
to
be
reducing
payments
throughout
the
the
issuance?
Are
we
going
to
be
cutting
years
off
the
end
when
we
do
that.
G
President
becker,
there
is
a
lot
of
different
moving
parts
and
pieces
to
these
refundings,
two
of
them.
One
of
them
is
the
convention
center,
and
the
convention
center,
as
you
know,
and
have
heard,
has
had
issues
with
revenue
collections
with
the
sales
tax
and
and
not
even
be
able
to
being
able
to
host
conventions
which
cuts
into
their
revenue.
G
So
we
are
actually
going
to
use
this
opportunity
to
put
that
debt
back
out
a
little
bit
so
that
we
have
time
to
collect
revenues
and
and
be
able
to
prepay
it
when
we
do
have
more
funds.
So
that'd
be
an
example
where
it's
going
to.
Actually,
you
know,
cost
the
city
a
little
more,
because
we
want
to
preserve
our
working
capital
for
that
function
in
the
downtown
assets
fund,
and
then
we
have
four
of
the
three
of
the
one.
The
issues
will
be
savings.
G
They
will
be
basically
trading
bonds
for
bonds
at
lower
interest
rates
that
will
affect
future
debt
service
costs
in
a
favorable
way
from
refunding,
and
then
another
piece
has
to
do
with
the
park
board
has
a
maturity
on
a
bond
this
year.
At
the
end
of
this
year,
that
was
planned
to
be
refunded
and
pushed
back
out
to
coordinate
with
their
debt
service
structure
for
the
parade
stadium,
there's
some
taxable
bonds
and
some
tax
exempt
bonds
and
back
when
we
issued
all
those
bonds.
G
There
was
a
move
to
to
big
make
a
big
maturity
this
year
that
we
would
then
be
able
to
get
at
the
time
we
got
lower
interest
costs
because
of
moving
up
the
interest
rate
curve
to
a
lower
interest
rate
cycle
and
now
we're
going
to
push
that
back
out
and
that
that's
going
to
actually
be
a
little
bit
longer
now,
and
I
worked
with
julie
weisman
from
the
park
board
to
structure
that
and
help
the
park
board
with
managing
their
cash
flows
for
that
debt.
G
And
then
the
final
one
is
related
to
the
library
debt
that's
outstanding
and
we
are
working
toward
trying
to
pay
that
debt
off
quicker,
and
so
this
refunding
is
actually
going
to
take
and
move
bonds
up
so
that
they
can
get
paid
sooner.
So
we're
actually
going
to
get
out
of
the
debt
with
the
library
system
earlier
and
then
those
tax
collections
go
toward
payment
of
debt
on
the
new
public
service
center.
So
there's
so,
there's
not
a
simple
answer
that
we're
doing
all
these
for
savings.
We're
restructuring
debt
we're
moving
things
around.
G
One
of
them
has
some
parking
fund
implications.
The
parking
fund
has
been
compromised
with
its
revenues
this
year
as
well.
So
we're
going
to
be
refunding
some
parking
related
bonds.
They
will
be
refunded
for
interest
savings
as
well
as
to
impact
the
structure
and
provide
a
little
bit
of
near-term
relief
and
extend
that
structure
a
little
bit.
B
Is
it
possible
when
you
bring
those
to
give
us
not
just
the
restriction
but
the
what
we
have
outstanding
in
that
debt?
I
mean
this
question
again
that
miss
bender
brought
up
about.
You
know
what
the
downtown
could
look
like.
Maybe
we
don't
ever
see
a
re
restoration
of
of
utilization
of
parking
and
we're
gonna
have
all
this
debt
to
understand
what
that
debt
structure
in
that
outstanding
debt
looks
like
if,
if
you
know,
if
we
don't
see
any
sort
of
recovery
of
a
downtown.
B
What
are
we
gonna?
Do
I
mean
that's
kind
of
the
big
outstanding
question.
It
seems
to
me,
in
my
limited
knowledge,
that
the
only
thing
we
have
to
fall
back
on
is
the
property
tax
and
and
if
the
downtown
and
assets
I
mean
in
total,
is
going
to
be
short
between
the
convention
side
of
the
target
center.
The
viking
stadium,
which
maybe
the
state
will
take
care
of
or
not
and
the
parking
I
mean
how
big
of
a
problem
do
we
have.
B
G
President
becker,
I
will
provide
some
statistics
on
the
before
and
after
picture
of
that
debt
in
the
in
the
total
structure
of
the
parking
fund.
The
good
news
is,
the
parking
fund
has
paid
off
a
lot
of
its
debt,
the
last
several
years
with
a
lot
of
good
years.
G
G
I
have
faith
in
the
people
of
minneapolis
that
they
will
come
back
downtown
and
utilize
facilities
in
the
downtown
area
and
begin
parking,
and
we
will.
We
will
have
enough
revenues.
I
believe,
to
continue
to
pay
those
parking
costs
and
we
are,
I
am
going
to
be
putting
in
a
plan
that
will
save
the
next
couple
years.
We'll
have
some
lower
debt
service,
so
that'll
give
us
a
little
bit
of
relief
just
in
case
it
takes
longer
than
I
thought,
but
I
think
we'll
be
in
good
shape.
B
F
Oh
thanks,
madam
chair,
you
know
I
just
wanted
to
make
a
quick
reflection,
and
I
understand
and
appreciate
the
questions
are
asking.
I
think
they're
really
helpful.
I
did
just
want
to
note
that
downtown
has
changed
a
lot
and
is
now
a
really
robust
residential
community
as
well.
So
you
know,
I
think
your
point
is
well
made
it
well
taken
about
some
of
these
large.
F
You
know
kind
of
like
destination
things
in
in
downtown
like
the
stadiums
and
the
parking
ramps,
but
we
also
know
we
have
a
lot
of
folks
living
downtown
now
and
that
there
is
a
residential
neighborhood
there
and
small
businesses
and
all
kinds
of
other
things
so
that,
even
if
downtown
shifted
in
terms
of
how
many
people
are
coming
as
a
destination,
it's
still
a
really
robust
community
and
residential
neighborhood
with
businesses
and
its
own
right.
B
How
are
we
going
to
make
this
work
and
then,
at
the
same
time
it
can't
all
roll
back
to
the
to
the
property
taxes
both
because
there'll
be
a
shift
in
the
percentage
that
homeowners
are
going
to
have
to
pay
as
well
as
this
idea
that
they'll
have
to
pay
more,
and
so
I'm
very
concerned
about
that.
So,
but
I
think
we're
on
the
same
page.
So
if
I
have
any
any
other
comments,
any
other
comments.
B
All
in
favor
say:
aye,
oh
wait.
We
have
to
do
roll
call.
I
apologize.
Can
we
do
a
roll
call
to
adjourn.