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C
C
B
B
A
Good
afternoon
and
welcome
to
the
oce
meeting
for
the
month
of
that
we're
in
here
in
september,
but
before
we
call
the
meeting
to
order,
I'm
going
to
have
craig
freeman,
give
us
some
instructions
so
craig.
If
you
would
give
us
the
instructions
and
then
we'll
be
ready
to
open
up
the
meeting
and
do
some
business
sure.
D
I'd
be
glad
to
so,
as
we
start
the
meeting
the
trustees,
the
secretary
and
municipal
counselor,
will
remain
unmuted
during
the
meeting,
but
any
other
participants
or
staff
that
are
going
to
be
in
the
meeting
or
observing.
The
meeting
need
to
remain
on
mute
until
recognized
by
the
chairman
or
the
manager,
if
you're
calling
into
the
meeting,
and
you
need
to
mute
or
unmute,
you
can
use
star
six
if
the
video
conference
is
disconnected
at
any
time
during
the
meeting,
the
meeting
will
be
stopped
and
reconvened
once
the
connection
is
restored.
D
If
communication
is
unable
to
be
restored
within
15
minutes
and
if
communications
cannot
be
restored,
the
meeting
will
reconvene
on
september
28th
2020
at
5
pm.
Anyone
wishing
to
speak
about
an
item
or
to
be
included
in
the
citizens
to
be
heard
portion
at
the
end
of
the
meeting
should
call
405
297-2
or
you
can
text.
D
E
A
A
A
D
Sir,
the
this
item
is
the
economic
development
agreement
with
bar-k
dog
park,
okc
llc,
and
it
is
for
the
development
financing
support
for
the
bar-k
dog
park.
This
agreement.
Previously,
the
trust
and
the
council
have
approved
the
allocation
of
funding
of
750
000
for
this
project
through
tif2
funding,
and
now
the
project
is
coming
back
before
us
with
the
economic
development
agreement.
D
The
first
hundred
fifty
thousand
dollars
will
be
provided
to
the
developer
on
documentation
of
five
point:
four
million
dollars
in
project
costs
and
then,
after
that,
it'll
be
on
a
reimbursement
basis
not
to
exceed
the
seven
hundred.
Fifty
thousand
dollars
and
we'd
be
happy
to
answer
any
other
questions.
A
D
D
G
Afternoon,
good
afternoon,
sir,
this
was
a
request
by
the
developer
at
the
steel
yard
project,
to
allow
us
to
allow
the
increment
that
we're
paying
to
them
over
the
life
of
the
tiff
to
be
assigned
to
its
parent
company,
and
the
original
agreement
didn't
allow
for
that.
It
only
allowed
for
an
assignment
to
a
primary
lender,
and
but
the
primary
lender
has
no
interest
in
asking
for
the
increment
to
be
assigned
to
it.
G
D
Sir,
this
item
is
a
joint
resolution
with
the
development,
trust
and
the
city,
and
it
provides
for
the
economic
development
agreement
and
some
amendments
to
the
agreements
that
we've
had
we've
already
approved.
All
the
allocations
council's
authorized.
The
issuance
of
debt
brent
bryant,
is
on
the
line,
our
finance
director
and
will
just
give
us
a
summary
of
the
items
of
this
item
and,
what's
being
requested
here,.
H
Good
afternoon,
first,
I'm
going
to
give
you
a
little
bit
of
a
history
about
the
first
national
development
center.
In
2016,
the
city
council
approved
the
creation
of
district
number
10.
We
carved
that
out
of
the
downtown
tif
district
number
two.
The
goal
was
to
redevelop
the
first
nationals
subsequent
to
that
in
2017.
H
The
garage
provided
that,
in
the
event
of
a
leveraged
lender
on
the
garage
opted
not
to
continue
with
the
primary
project
loan
loan.
The
trust
would
entertain
a
loan
agreement
and
take
that
loan
out
and
in
in
that
and
if
that
did
not
occur,
the
increment
that
was
generated
would
be
provided
to
the
developer
to
support
the
redevelopment
of
the
garage
component
today,
what
we're
seeking
to
do
is
to
do
two
things.
H
The
developer
has
a
change
in
in
some
of
the
ownership
they've
added
a
third
partner,
and
we
need
to
recognize
and
approve
that
ownership
in
the
parent
developer.
In
addition
to
that,
we
need
to
confirm
that
the
principles
of
the
parent
developer
will
guarantee.
In
the
event
the
city
takes
out.
Any
of
the
debt
on
this
project
takes
the
loan
out
that
they
would
provide
a
guarantee
similar
to
what
they're
providing
on
the
hotel
project.
H
So
that's
what
we're
seeking
for
you
to
do
on
the
on
the
garage
component
as
it
relates
to
the
hotel
and
the
apartments.
Historically,
those
have
been
originally.
We
had
those
bundled
up
in
what
we
call
the
tower
project.
Initially,
the
developer
was
going
to
get
financing
and
the
financing
was
going
to
be
for
the
two
together,
but
that
fell
through.
So
as
a
result
of
that
they've
come
back.
H
Today,
though,
we
need
to
provide
you
that
the
loan
is
no
longer
25
and
a
half
million
dollars.
It
will
only
be
24
million,
550,
000
and
the
reason
being
we
have
approximately
450
000
of
tiff
funds
on
hand
that
we're
going
to
use
to
support
it.
So,
at
the
end
of
the
day,
only
25
million
dollars
will
go
to
the
project.
H
H
The
trust
will
be
charging
the
the
developer
a
a
fee,
above
and
beyond
our
borrowing
cost
of
jp
morgan
and
we'll
utilize
that
those
funds
will
go
into
a
a
debt
service
reserve
fund
of
the
25
million
that
we
are
loaning
the
project
two
point:
the
first
2.885
million
will
go
into
a
debt
service
reserve
fund.
This
is
to
mitigate
risk
for
the
city
and
the
trust
and
then,
as
ad
valorem
revenues.
Each
year
come
in
for
the
residents.
H
In
addition,
the
interest
rate
spread
that
we
will
charge
above
and
beyond
our
borrowing
cost
that
we
charge.
The
developer
will
also
be
added
to
the
reserve
fund
each
year
once
we
get
to
5.7
million
dollars
in
the
reserve
fund,
the
developer
or
the
any
funds
above
that
will
be
used
to
pay
down
the
price
pay
down
additional
principal
on
the
debt.
It's
similar
to
making
an
extra
payment
on
your
house
payment,
or
something
like
that
right.
H
What
we're
seeking
today
to
do
is
two
things,
as
relates
to
the
hotel
eda
amendment,
and
they
are
the
eda
initially,
the
eda
that
we
had
was
with
the
tower
now
we're
carving
out
the
residents,
because
we're
only
supporting
the
hotel
and
so
we're
eliminating
the
the
residence
out
as
a
co-borrow.
In
addition
to
that,
and
we're
only
providing
the
incentive
to
be
made
to
the
hotel,
you
can
go
to
the
next
slide
now.
H
In
addition
to
that,
what
we're
seeking
your
approval
today
is
approval
of
all
the
form
of
all
the
documents
needed
to
close
the
24
and
a
half
million
dollar
incentive
loan
with
jp
morgan
chase.
Again,
this
body
approved
the
the
financing
back
in
march
of
2019,
and
this
also
authorizes
the
city
and
trust
officials
to
execute
the
documents
necessary
for
closing
and
with
that
I'd
be
happy
to
try
to
answer
any
questions.
H
F
H
H
Is
we
have
a
a
covenant
on
the
deed
of
the
property
that
says
they
will
pay
these
taxes
and
or
pay
this
amount,
which
is
the
equivalent
of
what
their?
What
their
annual
mortgage
payment
is
and
if
they
don't
and
that's
something
that
that
gives
us
security
in
the
asset
and
it
protects
us
in
the
event
that
they
do
not
pay.