2026-10-09 - Mall Area TAD Advisory Committee

06:34Friday.

06:36[laughter]

06:38I know this is

06:42>> beautiful.

06:45>> All right. Thank you all for coming,

06:46especially on a Friday afternoon,

06:48especially one with inclement weather

06:50looming over us. So, we'll get out of

06:53here well before that starts. Um,

06:57we're going to go over a PowerPoint

06:58presentation about the finances for

07:00TADS. Um, before we do, and for the

07:04folks in the in the back, thank you for

07:06coming. Uh, my name is Daniel Young. I

07:07work for economic development or we call

07:09it invest Athens our work facing I

07:13handle the tax allocation districts ads

07:16um I'm the business development

07:17incentives coordinator and so there's

07:19other incentives that we use to try to

07:21encourage business here growth increase

07:23our uh average wage in the community and

07:27all sorts of things to just make life in

07:29Athens a little better that's my role um

07:32with me is uh Mr. Chris Caldwell. He is

07:36the assistant director for the finance

07:39department. He's going to take over

07:40about the second half of this

07:42presentation, the bulk of it, the meat

07:44of it. And then my boss, the economic

07:46development director and the interim

07:48assistant manager for the county is Dr.

07:49Oka McConnell. And they'll introduce

07:51themselves as well uh when they come up

07:54and and address the slides that they

07:55would like to. Um we're here for a

07:58couple of things. We're here really

07:59because

08:01tag committee members. So remember

08:02there's six tags. each tag committee is

08:05uh trying to aim to have seven members.

08:07So 42 members, you all didn't start at

08:10the same time. And so maybe you haven't

08:12all been exposed to the same information

08:14uh especially depending on where your

08:16TAD is going and the questions that your

08:18TAD is asking, but the orientations uh

08:20that you've had. So we've had some

08:22questions come up about finances. We

08:24just thought that this made sense to

08:26address them to to as many folks who

08:28could could make it out here on a Friday

08:30afternoon. So thank you to those who

08:31did.

08:33Um, if we can, I'd like to just ask the

08:36room because you're all committee

08:37members. Mind just going through and

08:39introducing yourselves. And Miss Willa,

08:41can I ask you to start because you're a

08:43great starting point.

08:44>> Okay. Thank you. Thank you.

08:47>> My name is Willa Famro and uh I

08:50represent the

08:53I

08:54the uh downtown

08:58Athens tag and I'm co-chair and our

09:01chair is over here.

09:03Teresa William North Avenue District

09:09Kimberly

09:11West

09:14>> Chenise Allen I'm with the Leon Road ad

09:17and I'm the chair [clears throat]

09:19>> Mac Dan I'm with Nathan Rose

09:24>> I'm Kristen Bach and I'm the chair of

09:27excuse me it's the Newton Bridge

09:31>> name is Karina Gallagher and I serve as

09:33the chair for the North Avenue.

09:36>> Jessica Nicholson and I'm on the mall

09:38tab.

09:40>> Okonnell. I work with economic

09:41development at the CC.

09:44>> Susan Bogardis. I'm the chair of the

09:46mall tab.

09:48>> Taylor pass. I'm the chair of the east

09:50downtown tag.

09:55>> Oh, Gio McDavid

09:57uh in East A.

10:03I'm not one. [laughter]

10:07>> All right. Thank you all. So, we're

10:09going to be talking about some financial

10:11aspects of the TADS. Um, some of you

10:13might have some familiarity with it,

10:14some of you might not. But before we get

10:16started on that, I'm going to show you

10:18some just quick synopsis of the TADS, a

10:21little bit of a refresher. Hopefully,

10:22most of you are familiar with this

10:24little triangle that you see here. Uh,

10:28this has been our go-to image for

10:30explaining what a TAD is. So, here in

10:33Athens, we have the six TADs. And on

10:36December 31st, it's always the last day

10:38of the calendar year. December 31st of

10:402020, the Georgia Department of Revenue

10:42certified our tax base.

10:46And what that was was basically they

10:47said, "This is what we value the taxes

10:50for the parcels in the six tags as we

10:53Athensclar County have defined them."

10:55Hey, sir.

10:59The other thing that we defined was the

11:01life of the tags. So, we said, uh, we're

11:04going to do a 20-year TAD. Five.

11:06>> All six of them are 20. And so, we start

11:09with this is what they certified. They

11:11said this was your tax digest. This was

11:13your base when you got there.

11:17And what we'll do is there's going to be

11:19an increment. So, as the property values

11:22increase, everything up to the base will

11:25continue to do what property taxes do.

11:27And when I say property taxes, if you've

11:29ever been on Q public, you've got the

11:31land and the improvement being the

11:32buildings, the permanent structures.

11:35So, that's what I mean by that. So,

11:37everything up to this in uh up to this

11:39point from 2020 will stay in the general

11:42fund as our property tax revenue often

11:44does. Anything collected for the TAD

11:48parcels

11:49>> is what we call the increment.

11:50>> It's uh nationwide is typically tax

11:53increment financing. So the increment

11:55will be set aside specifically in that

11:57TAD's bank account bond account.

12:00>> Right? So Lexington Road, the parcels

12:02that make up Lexington Road, that

12:04increment above that certified base from

12:07December 31st, 2020, that increment

12:08continues to go and build into the fund

12:11account.

12:15Tell you what,

12:17imagine in think about your house. Think

12:20about think about a house for those of

12:22you who are homeowners. Think about a

12:23house that's $200,000

12:26and you want to make improvements on it.

12:28So maybe you're a really wonderful

12:31person. You build an in-law suite on the

12:33side of the house.

12:35Or maybe you do a swimming pool. Uh so

12:37you don't have to do the in-law suite.

12:38Sorry, there's no room. Or you do a

12:41porch, right? Well, you do an

12:44improvement to your home, your home's

12:46going to increase in value.

12:48And there's three ways that we see

12:50increases in our our home's values. So,

12:52we might see it by doing something new,

12:56you know, new development, uh, uh,

12:58expanding it. Like I said, build that

13:00in-law suite. Just thinking about in

13:02terms of your $200,000 house.

13:04It might be the halo effect. Everybody

13:07in your neighborhood's building an

13:08in-law suite. All of a sudden, you've

13:09got so many more beds. think that so

13:11much more on the sidewalks in the

13:13neighborhood.

13:15Your house will appreciate as well,

13:17right? It's the [clears throat] halo

13:18effect. You'll really see this and the u

13:21uh one of my favorite tads to talk about

13:22is the Atlanta belt line. They did the

13:25belt line, but everything around it

13:27built up. Another one, it's not a tad.

13:29You got to think what Disneyland when

13:31they built up that orange grove. What

13:32happened around it? Hotels built up. So,

13:35the hail effect of that. And then of

13:37course rising market values. As our

13:39homes appreciate in value, as people are

13:42more willing to spend more money, those

13:44things, the values just go up.

13:47So that's how we increase our our value

13:49in the TADS. That's how we increase the

13:51increment over the life of the TADS,

13:53which again for us is 20 years.

13:56So in short, TAD's not it's not a new

13:58tax. It's just recognizing that taxes

14:02will increase.

14:04Um,

14:06Ela, this might be a good one for you to

14:08help me explain. Okay,

14:09>> so we pulled this information together.

14:11The mayor and commission did their

14:13annual retreat um a couple of weeks ago.

14:16And so we just showed them. So this is

14:18the overall digest growth, the value of

14:21the digest in the last five years, six

14:24years. So you can see it's growing a

14:26lot. I mean, you just look around

14:27cranes, construction, dirt moving. So

14:31the whole digest has grown almost 87%

14:34over the last six years since the TADs

14:37were established. And then for each of

14:39the TADs, you can see what the rate of

14:42growth in that TAD was without any TAD

14:45funds being used. This is just natural

14:47market growth. Right? So keeping in mind

14:49that the point of a TAD is to stimulate

14:52growth in areas that are having barriers

14:54to growth. We shared this with them

14:56because clearly some of the TADs are not

14:59having very many barriers to growth like

15:01things are happening right. So something

15:03that we wanted to put in front of them

15:04as kind of a policy consideration like

15:07are there areas where the TADs may um

15:10really be important to helping make sure

15:12things happen and are there ones where

15:14things are already already happening. So

15:17you can kind of see the mall area as the

15:19that building is older it depreciates so

15:21the value goes goes down over time. So

15:24you can see their growth is less strong

15:26than some of the other ones.

15:28>> The next slide I think.

15:29>> Thank you. Yeah, actually. So it's funny

15:31because the next slide's going to talk

15:32about

15:32>> Yeah, the next slide will kind of show

15:34some of the because you're like where

15:35did all this where did these numbers and

15:37growth in the digest go. So these are

15:39some that have been completed in the

15:40last since 2020 and these are some that

15:44go are either underway or in review. So

15:46things that are about to happen or in

15:49the happening process and these are um

15:52things that are done that have already

15:53been added to that value.

15:56It's not everything. We just kind of

15:58tried to pick the big ones that you

16:00could see along the road.

16:02>> Yeah. Yeah. So you can see that a lot of

16:04things are still going on process

16:08including North Avenue.

16:12>> Probably a few more in West Broad too. I

16:14just was picking and grabbing as quickly

16:17as I could to kind of put these in

16:18there.

16:19>> What's the [clears throat] next slide?

16:20>> Cool.

16:21>> All right. Do you want to take Okay.

16:24>> So, I'm hoping these look familiar to

16:26everybody.

16:27Uh the mayor and commission. So, when

16:30they were developing the TADS in 2019

16:31and 2020, they determined that there are

16:34four priorities that we'd like to see

16:36used because TAD is applying public

16:38funds typically to private uh

16:41development. So, they would like to

16:43encourage public infrastructure

16:44improvements, economic development

16:46partnerships, and that could be anything

16:47from just growing business to small

16:50business incubators. Um, affordable

16:52housing, and I said housing

16:53opportunities, you'll find these in the

16:56redevelopment plan. I'll highlight that

16:57in a second, but housing opportunities

16:59does talk about affordable housing and

17:01affordable housing is 20% of area of

17:03media in media income. And then, of

17:06course, youth development in Clark

17:08County School District. So opportunities

17:10remember earlier I I mentioned something

17:12about I work on quality of life for the

17:14area. These are all ways of incur

17:16improving our quality of life here. This

17:19is from the redevelopment plan. The

17:21redevelopment plan is available on the

17:23website. There is one redevelopment plan

17:25for every single TAD and if we ever

17:27start a new TAD and every community that

17:29has a TAD has to do a redevelopment plan

17:32first. [clears throat] In our

17:34redevelopment plan, we discuss the

17:36committees which is y'all

17:39uh and your primary charge. Your primary

17:42charge was to take those four priorities

17:44here

17:46and recommend percentage of the

17:47available tag funds to be applied to

17:49each goal to total 100%.

17:53You all did that. I think by uh spring

17:55of this year, the sixth and final

17:57committee finished that. the mayor and

17:59commission have accepted all of your

18:01plans and some of your uh

18:03recommendations specific to those plans.

18:05So, thank you for doing that.

18:07[clears throat] That was a lot of public

18:08input that supported that information.

18:11Uh here's how it broke down.

18:14So, this is pretty interesting. Two of

18:16your committees, Newton Bridge Road and

18:17Lexington Road, uh wanted to apply 100%

18:20of TAD funds towards public

18:22infrastructure improvement areas. three

18:25or half your committees actually did uh

18:28diver uh spread everything out across

18:30all four areas.

18:34>> And then what is the economic

18:35development

18:36>> economic development opportunity uh

18:38partnerships opportunities and that

18:40could be anything from uh business

18:42growth to small business incubators to

18:45just support local businesses.

18:49It's it's actually uh thoroughly

18:51explained in the um in the redevelopment

18:53plan and and if anybody would like to

18:55directly happy to do that too.

18:57>> If you were to put everything together

18:59uh public infrastructure accounted for

19:00almost twothirds of everybody's

19:02recommendations

19:03and youth development for about 11%.

19:08>> Hey Daniel, after this meeting would you

19:10mind sending each tag committee just the

19:12link or a copy of their redevelopment

19:14plan? That way they'll just kind of have

19:15it at their fingertips.

19:16>> Happy to do it. Absolutely.

19:18>> I have a question. Um, you said the tag

19:22started in 2020

19:24and I know it was last year when they

19:26decide to split the east town, east

19:28downtown and enter East Athens TAD 3070.

19:34So, previously the money that was spent

19:37out of those TADs,

19:41how much was that money and where was it

19:44spent?

19:46So

19:48this may be a question for you.

19:49>> Be a good question for Chris.

19:51>> Um and it might be information that we

19:53have available to you. So

19:55>> yeah,

19:56>> you want the clicky?

19:56>> Yeah. Yeah, I'll I can I can talk about

19:59that when we get in in short the the

20:04cumulative balance. So it would be

20:06monies you know prior to their decision

20:09to split because they were splitting all

20:13the monies that accumulated in that tab.

20:16>> So prior to the 3070 split it was half

20:20and half or what was what are you

20:22saying?

20:24>> No

20:25let me let me come back to that when I

20:27when I talk about that particular tad if

20:30I can.

20:33though and because it wasn't I think

20:35hopefully I'll make hopefully I'll make

20:37sense when I get to that that balance

20:39there and can explain. So what what I

20:44would like to do here is

20:47um for the next few minutes is discuss

20:49how the TADS are accounted for how all

20:52the TADs uh how all the TAD dollars are

20:54accounted for so you have a general

20:56understanding of of what that is. um

21:00discuss the TAD revenues and

21:01expenditures and fund balance. So what

21:04those revenues are for each TAD, what

21:06the expenditures are for each TAD, and

21:09what that fund balance is or the money's

21:11left over. And then take a minute to

21:14review the financial report for each of

21:17those TADs, sort of the that summary

21:19report. And if you got questions about

21:22that, we can we can talk through those.

21:26So, and I'm kind of switching two pages

21:28in in your presentation here.

21:32So, accounting for TADS, uh, TAD funds

21:36are accounted for in a special special

21:38revenue in a separate special revenue

21:40fund for each TAD. And just to kind of

21:44give you a little understanding of what

21:46that is is

21:48um and I have to talk about governmental

21:50accounting is that all local governments

21:54uh account for their fund account for

21:56their monies in funds. So if you look at

21:59a financial statement for a local

22:01government regardless any city or county

22:05it's going to be presented in funds. The

22:08most common fund that you would see is

22:10the general fund, right? So, every local

22:14government has a general fund and

22:16there's just one general fund in that

22:18local government. And so, that's where

22:20most of your activity goes on. police

22:22department, fire department, you know,

22:25uh leisure services, um you know,

22:29finance, HR, manager's office. All your

22:32typical kind of government operations

22:34are going to be in your general fund.

22:37And revenues in the general fund are

22:38going to be things like property taxes,

22:40sales taxes,

22:42um fines,

22:45licensing, that sort of thing.

22:48But governments also either by law or by

22:52local decision by the elected body

22:55create special revenue funds or create

22:58other funds. A good example of a special

23:01revenue fund that's restricted by law is

23:05you know we have a hotel motel tax in

23:07Athens Clark County. It's a 7% tax on

23:11the on hotel rooms if you stay here.

23:14Well, state law requires that local

23:16governments that have hotel motel taxes

23:19account for that in a special revenue

23:21fund. So, it has to be kept separate

23:24from the general fund.

23:27TADs are the same way. So, a TAD is a

23:31special revenue if you want to think of

23:32it that way. That incremental tax on

23:35each of those TADs is kept separate from

23:37the general fund. So we account for all

23:41the revenues and all the expenses of the

23:44TADS of each of the TADs separately.

23:47Okay. So when we refer to here that

23:50there's a special revenue fund for each

23:52of the TADs, that's what I'm talking

23:54about there is the accounting for those

23:57uh revenues. So that way we can keep

23:58them separate from everything else.

24:02revenues generated by each TAD can only

24:05be spent in the TAD in that TAD for

24:08eligible expenses. So, so again, we keep

24:12those separate so we know which expenses

24:14go to which TAD and um and are kept

24:18separate. And these special revenue

24:20funds also fall under the same

24:24legal requirement as um uh budgeting and

24:28financial reporting of any other dollar

24:31in the government. So the general fund

24:34the mayor and commission re review and

24:36approve a budget those expenses are you

24:40know carried out during the year and

24:41it's audited at the end of the the

24:44financial fiscal year. Same thing for

24:47special revenue funds. Same thing for

24:48the tabs. It's part of the government's

24:50overall um operating budget. So the

24:53mayor and commission approved those

24:55budgets, authorize them for spending and

24:58they are audited at the end of the end

25:00of the fin end of the year. So it's

25:02similar to the rules on those monies are

25:05similar to uh any other governmental

25:08funds.

25:10And then

25:12um and then available fund balance is

25:14one and and I'll talk a little more

25:15about this, but available fund balances

25:19that's that revenues that are more than

25:21expenses. Again, they're kept in each

25:23individual TAD. Those monies um those

25:26balances beyond the daily cash needs are

25:29invested and earn interest. So that's a

25:32revenue you're going to see for each of

25:33the TAD is interest earning. So those

25:37balances earn interest uh which remain

25:40in the individual tabs.

25:42>> How is the interest earned?

25:44>> Um the it's um the

25:48most of uh Athens Clark County's um

25:51cash. We have bank accounts and but most

25:54of our idle cash is also invested in a

26:00state of Georgia uh investment pool that

26:04all that the state you the state money's

26:06in as well as local governments have the

26:09option to invest in that. It's sort of

26:11like a money market account that you

26:13might think of. If you have a checking

26:15account and a money market or a savings

26:17account that earns a little more

26:18interest, it's a similar similar

26:22situation. But yeah, those monies are

26:24they're they have to be again state law

26:26because these are governmental funds

26:27just like general similar to general

26:29fund. There are laws around how that

26:32money can be invested. It can't be

26:34speculative. It can't be in stocks. It

26:36has to be in governmentbacked

26:38securities. Um so there you know there

26:41other uh laws around how those monies

26:44can be invested and those apply to these

26:47monies. So um uh

26:52so so anyway so that's kind of in

26:54general how those how TAD monies are

26:57accounted for accounted for in this in

26:59special revenue funds.

27:07What's that

27:10here?

27:30>> Okay. Yeah, if you don't mind. Uh, thank

27:32you. Um and if you would go back one

27:36page uh one slide that would be all

27:39right. So um in each of the tabs and and

27:43when you get to those financial um

27:45reports form they're going to have

27:47revenues for the TADS. Those revenues

27:50are going to be

27:53um pretty much three things. Primary one

27:55is going to be property taxes. Again,

27:58that's that tax on the incremental value

28:01of property in those tads. Uh there'll

28:04be a, you know, penalty and interest. Uh

28:07if they're late property tax, um fees,

28:11there'll be penalty and interest revenue

28:12there. And then there'll be interest

28:14revenue, which is what I was just

28:16talking about. That's the interest on

28:18the balance of those monies held. Um

28:22it's the interest earned on that.

28:25So um

28:28uh and the property tax revenue is

28:31coming from the tax commissioner's

28:32office. So remember as though you know

28:35like I guess in another week or so is

28:38the deadline for property taxes to be

28:40paid. Uh so those all the property taxes

28:42are collected by the tax commissioner.

28:45Those are build out and collected there

28:47and then they pay to acc Gov the portion

28:51of the of those property taxes that

28:53belong to the general fund belong to

28:55each of the TADs.

28:58Um and that so so that's you know what

29:02the revenues are going to be. That's

29:03generally what those are. Um, and then

29:06on the expenditures for TAD

29:08expenditures, there's there's really

29:11it's going to be expenditures again that

29:13are approved as a part of the mayor and

29:14commission u budget adoption or during

29:18the year if they approve a budget for a

29:20special project, but for the most part

29:22the there haven't been a lot of TAD

29:24expenditures. You have expenses,

29:27allowable expenses for administering the

29:29TAD. So you've got Daniel, you know, his

29:32cost is spread out over all six TADs. So

29:36you have that cost to manage and

29:39administer. If you have um uh uh any

29:44expenses related to uh uh legal

29:48professional services that um help us

29:52administer or answer questions or manage

29:55those tags are allowable. um the uh

30:00capital type expenses in a in just

30:04talking in general about TADS. That's

30:06going to be what your most common type

30:08of expenses will be in a TAD. You really

30:10haven't had that because the commission

30:12hasn't approved any sort of

30:14infrastructure or capital expense or

30:17TADS. You know, there hasn't been

30:20anything uh there. The one thing they

30:22have approved which is really more of an

30:24administrative cost is software um

30:27upgrade for the tax commissioner's

30:29office because their existing software

30:32couldn't calculate pad um increment and

30:37billing properly. So uh they had to uh I

30:41think about two years ago the commission

30:43approved money that was spread out over

30:45all the six tabs. So you'll see you'll

30:48see that expense in there where they had

30:50to um upgrade their software system to

30:55calculate that appropriately.

30:57Um

30:59>> listed

31:00>> that's listed on on there. It'll it says

31:04capital software maybe

31:12if if it's not on there expenses on

31:14that.

31:17It's not even It's not even a line item

31:19that I see.

31:20>> Yeah. And it may not be every year.

31:24>> You know what? Don't let me say it.

31:26Okay, y'all. Go ahead.

31:28>> Okay. Um, so, um, yeah. Definitely not.

31:34>> So, and then others.

31:40>> So, questions on on general um

31:44understanding what revenues might go

31:45into a TAD and expenses that might go

31:48into a TAD.

31:51>> All right.

31:53Some of the other expenses is like when

31:56uh when each TAD went through their

31:58community input processes, we mailed

32:01postcards to every parcel in the TAD to

32:04let them know the input meetings were

32:05coming up. We had road signs so people

32:08would know when the public input

32:10meetings were. We had a few snacks,

32:12things like that. Um you know, foam

32:14boards to show the map of the TAD and

32:17that sort of thing. So you may see a few

32:18line items that are for that type of

32:20thing.

32:22Okay. So, y'all not giving us the whole

32:23pictures. Is that what you're saying?

32:26Or what? Because I want to know. I want

32:29to know everything.

32:30>> Okay.

32:30>> You know, let me

32:32>> And I don't see everything on here.

32:34>> Let me let me do this.

32:35>> Like what was paid off to where, where?

32:38>> Yes, ma'am. Exactly. I I want to be the

32:41accountant. Why don't we do that? Just

32:42if you bring something to us, put down

32:45where all the money went and who it went

32:46to.

32:47>> Can we do that?

32:48>> We We can We can We can We can provide

32:50that. Yes.

32:51>> And don't bunch stuff together.

32:52>> Yeah. Tell every every detail what the

32:55money went, how much percentage, and

32:57>> what month it went.

32:58>> Yes.

32:59>> And if the whole this right here is

33:02flow.

33:03>> Well, let let me let me if I can let me

33:08talk a little more about just the

33:09overall structure of it and and where

33:12how you get to that detail.

33:14All right. or how we how we want it

33:16because I I've kind of looked at this

33:19and I know this in the answer your

33:21question. I'm not trying to say the that

33:23I look at this in in layers more

33:26summarized to more detail. You have to

33:28understand that your position,

33:31you're speaking from what you know, not

33:34how we can understand. At least me, you

33:37know, I I'll admit my failings. You're

33:40explaining it how it's done because

33:42you're there doing it. But for me, it's

33:45not hitting my brain like it should.

33:48Okay?

33:48>> Because you're explaining it like an

33:50accountant, and I'm not an accountant.

33:53>> Get me?

33:53>> Yeah, I get you. Okay? And I think

33:55that's a good idea to just break it

33:57everything down to all of us.

34:00Every detent

34:04that was given out to east to east.

34:06>> Maybe y'all want to go back and start

34:07all over. I don't know.

34:08>> Yeah. But I'm just saying from now on

34:10can we do that? Just break everything

34:12down from all seven tactics

34:15just and we'll have it.

34:17>> Okay. And and we can provide as much

34:20detail on the on all the transactions. I

34:23don't have all that detail here for each

34:26of those, but I can I can run through

34:29how it's organized. It may answer some

34:32of your questions.

34:33>> No, that won't answer question. We just

34:34need to see and have it and know.

34:37>> Okay.

34:38>> Be on the website.

34:39>> But but can you put it on paper for us

34:41the next time we have the meeting the

34:42big meeting like this?

34:45>> Wait that long.

34:46>> Yeah, we want to see it now, too. We

34:49won't go into next year. Can it not be

34:51on the website

34:54>> so that we have access to understand it

34:58>> digest it.

34:59>> Yeah.

35:00>> It's like what we get is just

35:02>> compacted

35:03>> compacted and just tag

35:05>> but you know we want to know about

35:08what's going on in a

35:09>> Yes.

35:10>> So I think it's important that that

35:11information is available

35:14>> distributed

35:14>> and we shouldn't have to do open records

35:16requests to get that type of

35:17information.

35:18>> Okay.

35:19>> Yeah. I'm gonna keep going through my

35:22presentation on this and if it answers

35:24questions, if it brings up other

35:26questions, that's fine and we can we can

35:28present that.

35:30So what I um

35:34other than the revenues and expenditures

35:36the the type of revenues and

35:37expenditures you're going to see in

35:39those tabs um

35:42one of the the things that are generate

35:44the other term to know is fund balance.

35:48And so the fund balance is the

35:51cumulative difference between revenues

35:53and expenses for each of those funds.

35:57the fund balance is going to be at a

35:59point in time. And what I mean by that

36:02is is for example here is at the end of

36:06our most recent fiscal year which is

36:09June 30th June 30th 2026.

36:13This was the balance in each of the six

36:16tabs.

36:18This is so cumulative since they began.

36:22all the revenues totaled up less all the

36:25expenses totaled up get to a fund

36:29balance.

36:31So at the end of FY 26 end of June this

36:36is the available balance in each of

36:38those tags. So if the mayor and

36:41commission if the tag committees

36:43recommended a project to be done to the

36:46mayor and commission

36:48[clears throat] these would be the

36:49amounts of monies available to do that

36:52at that point in time.

36:55So your tabs will grow going into the

36:58future but you know we measure at the

37:01end of each fiscal year you know what

37:03those are. So you can see what that what

37:06that is. And so this may not been your

37:10uh answer to your to your whole question

37:12earlier about the eastbound downtown the

37:1670% and the 30% split but this said so

37:20at the end of June there was a million

37:24566,000

37:26fund balance in the east downtown tab

37:29>> I think simplify my question

37:33uh

37:35I would like to know from 2020 20 to

37:382026,

37:40how much money downtown received and how

37:43much money in East Athens received and

37:46I'd like to see what it was spent for.

37:50>> You'll get that when he's sharing over

37:51the detailed line item as well. So, so

37:54far um will it the any funds that have

37:58gone out of East Downtown as a whole or

38:00even Inner East Athens were those

38:02administrative

38:04>> broken down? It's broken down as one

38:05thing though.

38:06>> Okay. And it's not broken down

38:08individually. What I'm looking at is

38:10broken down. This was spent. We don't

38:13know whether it went to we don't know

38:14whether it went to inner east Athens or

38:16whether it went to downtown.

38:18>> Right. So let me if it's okay I'll

38:20finish what I was saying and then I

38:21think then you'll have the answer. So

38:24what has been spent so far in East

38:27Athens and inner east Athens, same

38:29really the same pot of money is those

38:31administrative expenses,

38:34>> public input

38:36which then resulted in the committee

38:40deciding what percentage should go to

38:41housing, what percentage should go to

38:43public infrastructure, what percentage

38:44should go to youth development and what

38:46percentage should go to economic

38:48development partnership. So the public

38:49input signage, postcards to every

38:52address telling them about the meeting,

38:54snacks at the meeting, Daniel's salary

38:56and benefits, the software, one sixth of

39:00the software. So only those kind of

39:04background administrative expensive have

39:06been spent so far from inner east Athens

39:09or East Athens.

39:11There haven't been any no there haven't

39:13been

39:14>> town. You keep saying East Athens and

39:16inner east. Well, they're all one tad

39:18together, but in in either one of them

39:21has anything been spent other than these

39:24sort of baseline items. There have not

39:26been a project that has been funded out

39:29of inner east Athens or East Athens.

39:34You keep saying that, but I that's where

39:37our confusion is coming in. Okay, I'm

39:39not even putting East Athens in the

39:41picture. Okay, says enter East Athens

39:44and downtown. Yeah. So what are you

39:46telling me that nothing has been spent

39:49on any projects downtown or in in East

39:52Athens? That is my question.

39:54>> Yes, ma'am. There no project has

39:56occurred so far

39:57>> since 2020.

39:58>> Well, actually in none of the TADs

40:01except for Newton Bridge which had a

40:03traffic study that was funded out of it.

40:14So

40:16uh in a second when we start looking at

40:18each of the individual financial reports

40:20for the TADS

40:23you'll see this number again

40:26under the end of FY26 that available

40:29fund balance. So, and we can kind of

40:31switch back, but uh that answers that

40:34question of what is the balance at the

40:37end of FY26 that would be available for

40:40projects in those tabs.

40:45And then this chart is more of

40:48anformational chart about the property

40:50taxes that are generated from those tax

40:53increments in each tag over the last

40:56couple of years.

40:58So,

41:01um,

41:04in total it's about 2.6 million in

41:08property taxes that are going to those

41:11TADs each year or in this coming year.

41:15Those would be property taxes that

41:17otherwise would go to the general fund

41:20if the TADS um uh if the TADS didn't

41:24exist. So that just gives you an idea of

41:28the tax revenue generated from each of

41:31those tabs.

41:35The malt tad is one thing to remember

41:39about that is the tax increment in the

41:42malt tad includes the Clark County

41:46School District millage rate and the ACC

41:49gov millage rate because that's the only

41:52TAD in which the school district

41:54participates.

41:56So that tax increment is higher in the

42:00mall because that the millage rate for

42:04the school district is applied to that

42:06increment as well as the ACC gov millage

42:09rate.

42:10>> So when you pay your taxes and you see

42:12your tax bill on your house, let's say

42:15it's $100 just to be easy, right? 40% of

42:19that, so 40 bucks goes to local

42:21government and 60 bucks goes to the

42:23school system. Does that make sense? So

42:26when he says it's just the ACC gov

42:28increment, that's just the 40% of the

42:33growth and the mall is the only TAD that

42:35the school system decided to partner in.

42:38So for the mall TAD, it's 100% of the

42:41growth of the tax, but for all the other

42:45five of the TADs, it's only the 40%

42:48because it's just ACC gov but not CCSD.

42:52Does that make sense? Okay.

42:55>> Um,

42:57[clears throat] so those are property

42:59taxes

43:00that would go to, you know, that are ACC

43:03gov sort of property taxes that are

43:04going into each of those tabs um each of

43:08those years.

43:12So this takes us to the financial

43:16reports that that are provided for each

43:18of the tabs. And I'm kind of going from,

43:21you know, the reports are designed sort

43:23of a summary page

43:25uh and then detail pages for each fiscal

43:27year is is what's included there. So, so

43:31the mall tag um so on here the things to

43:36um uh you know to to look at the first

43:40thing is so FY26 the this last fiscal

43:44year that ended in the end of June

43:48see this number here fund balance ending

43:50a million52606

43:54so that's

43:57this same number that I was giving you

43:59here. That's that's the fund balance.

44:02That's the available um uh dollars, if

44:06you will, at the end of June u for that

44:09tag.

44:11>> That's kind of like when you log in or

44:13you get your um bank account statement

44:16and you look at it and sometimes there's

44:19um it'll say available balance at the

44:21bottom and sometimes it'll say pending

44:23like if you went to the gas station and

44:25they haven't quite charged you yet,

44:26it'll have the parentheses around it. So

44:29for us that word encumbered is the

44:31pending items.

44:33>> Uh a great one is the um the the um

44:39trying to think of my directions west of

44:40the river in east downtown. They have

44:43some funds that are encumbered for Arena

44:46District Development Facilitator. That's

44:48kind of when you say like we got to set

44:50this aside and we can't spend it because

44:52we know the charge is coming. So that's

44:54what encumbered is.

44:58Okay. So again looking at this um this

45:03particular um tad looking at the mall

45:06and this format is going to be the same

45:07for each of the tabs but you can see the

45:11mall tad revenues in FY24 that uh

45:172,444,000

45:20and 24 FY24 expenditures of 16,000 the

45:24net change there 227,000

45:30fund balance. Again, that accumulated

45:32balance from prior years [clears throat]

45:3695. And then so that net change gets

45:39added to fund balance at the beginning

45:42of the year. And at the end of the year,

45:44that makes it now 323,000.

45:48So the end of FY24

45:51was the ending balance of 323,000.

45:55you move into the next year, that's

45:57going to be your beginning balance,

45:59right?

46:01You go up to in FY25, there were 312,000

46:05of revenues, 29,000 of expenses. So

46:08there was 283,000

46:10added to that fund balance.

46:15Added to 323 become 606.

46:19Move into this past fiscal year, same

46:22thing. 480,000 of revenue, 34,000 of

46:26expenses,

46:28446,000

46:30to be added to that fund balance.

46:34That 606 now is a midp.

46:39And then the then for FY27, obviously

46:42we're we're in the middle of FY27.

46:45This is what was just uh approved in the

46:48budget was an estimate of 382,000.

46:51The expense budget is the expense is

46:55budgeted equal to the revenue. So they

46:57just balance those when they adopt it.

47:01But you know that will be you know

47:04updated based on actual uh revenues and

47:07expenses that come through.

47:10>> So that's that's how those are um

47:13formatted. And like I said that'll be

47:15the same way same format for each of the

47:18uh each of the tags. Any

47:23questions about [clears throat] the

47:25format?

47:27>> Yes. So the expenditure and FY27

47:31is just a placeholder

47:34>> estimated expenditure,

47:35>> right?

47:35>> Estimated.

47:36>> Yeah, that that's right. Yeah, it's a it

47:39was what the the commission when they

47:41adopted the budget, they adopted

47:44revenues and expenses to balance there.

47:47So there is there is I'm not aware of

47:49any specific project that they they've

47:52approved there. So they would have to

47:54approve a specific project.

47:56>> So basically that's what's available for

47:58expenditures not what

48:00>> right? That's that's what's kind of um

48:02that would be estimated that would come

48:04in new in the next year where you've got

48:07a million. So you got a million

48:10in hand that's available to be spent and

48:13so there may be another 382 it'll

48:17probably be more than that to be honest

48:19that will be added to that fund.

48:21>> Do you have that make sense

48:24for a payment lake for east?

48:26>> Yes sir.

48:28>> Can can you one up?

48:29>> Yeah I can I can I can do that. Um let's

48:33go. So I'll go I'll skip to that one.

48:36That's that's West Broad again. I can

48:37come back and talk about any of these.

48:40So, east east downtown east tad east

48:43downtown tad. [laughter]

48:45So again, similar thing LY24

48:50there was 320,000 in revenues, 30,000 in

48:54expenses.

48:56There was a gain of 290,000 that year.

49:00The beginning balance again that

49:02accumulation from the prior years before

49:05FY24 was 288. Add those that becomes

49:09579,000

49:12at the end of 24.

49:14That rolls forward to the next year. So

49:17you got 429,000 in revenues and 25

49:2215,000 of expenses. So 413,000 added to

49:27it.

49:29So you can see that move makes it 992

49:32going into FY26.

49:35612,000 of revenues, 38,000 of expenses

49:41that added 574. So you can see that

49:45accumulation of

49:48balance in that fund.

49:52Again, this 1,566846

49:56is the total for the TAD fund. And I'll

50:00go back real quick. 1 million, you know,

50:04566846.

50:06So that's that cumulative

50:08um amount.

50:15Stop there for a second. Does that that

50:17make sense where where that is?

50:19>> It does, man. It does. It does to us

50:23because we on the tag committee.

50:25>> Okay. [laughter] But um it's sense uh

50:29inner east and downtown have a split

50:33like they do

50:35but they have uh they are on a separate

50:38lines but that encumbered

50:41you know may throw some people off

50:43because in East Adam is not encumbered

50:47and explain it explains it down there

50:49but right that doesn't necessarily mean

50:51that the general public would understand

50:52that

50:53>> right

50:53>> and so and that is that uh designation.

50:57So, the mayor and commission voted

51:00specifically to designate.

51:02>> I understand that. Okay.

51:03>> See, most people don't understand that

51:05designation. I understand perfectly well

51:08that since I'm on that committee, you

51:10know, it was perhaps suggested that we

51:13help them out, but I perhaps suggested,

51:15oh no, they got they have their own 30%.

51:19But at any rate, I'm saying that the

51:21general public might not understand

51:25the way it's the way it's on there as

51:28encumbered.

51:30>> Well, so

51:31>> that's okay. I'm good.

51:33>> Okay. The Yeah.

51:36Yeah. Don't think about the the

51:38encumbered is [laughter]

51:40>> I understand completely. But

51:43>> yeah, because the um the encumbered is

51:46actually small amount of that. So that's

51:50just this the the split of that taking

51:53that full balance 70% of this number

51:58uh designated for east of the north oak

52:01county and then 30% of this number

52:05dedicated designated for west of the

52:08north oak county and then commission has

52:12um utilized some of that west of it for

52:16the um arena district facilitator

52:20leaving them a balance.

52:22So that's how um again that's how that

52:26summary financial report page is is laid

52:30out.

52:31[clears throat] All right. So and I'm

52:35going to go to this last page. So again

52:38going from summary to more detailed

52:42that financial page for the mall and

52:45I've just used that as an example.

52:48Again, I apologize. I'm kind of skip

52:50around a little bit.

52:54So, this page for the mall that you had

52:58for, think about FY26 for a second. You

53:01had 480,000 in revenues, 34,000 in

53:05expenses.

53:07I'm about to show you a little more

53:10detail for that number, for those

53:12numbers. And again, this will be in each

53:14of your reports for each of the tags.

53:18So you go past the summary page.

53:23So for the mall,

53:25you're going to have one page for each

53:27fiscal year that ties to that summary.

53:32For FY26,

53:35there was 480,000 in total revenues.

53:39This page tells you how much of that 480

53:43came from property tax.

53:46448 came from property tax penalties and

53:49in penalties and late payments and how

53:51much came from interest revenue which is

53:54the interest revenue off of the money

53:56was invested off of the balance

53:59invested.

54:01That's that's a again a step down into

54:04more detail from that um summary page.

54:09And then the expenses and incumbrances.

54:12So then the expenses

54:15on here you look and you see other

54:17expenses and again focus on what's

54:19actually spent there was nothing spent

54:21there capital software

54:25that's the tax commissioner software

54:27that I was talking about earlier that's

54:30the portion of that

54:33um and I'll come back to that and then

54:35it goes under and then it has

54:37compensation

54:39uh social security uh retirement plan,

54:42employer 401. Those are all the benefits

54:45associated with Daniel gets picked on,

54:49you know, but that's his that's his

54:51salary and benefits that are spread out.

54:55So So for the malt tad in FY26,

55:01um you had roughly

55:04uh you know 18,220

55:07that were um salary and benefits. you

55:11had 11,456

55:13that were part of that software cost

55:17and then this uh encumbered amount this

55:204375 that's the balance of the um

55:25commitment that we've made for the

55:27software. So that's one encumbered we've

55:30we've ordered it. It hasn't fully been

55:32installed so we haven't fully paid for

55:34it but we [clears throat] have to

55:36encumber we have to set aside that

55:38money.

55:40So this 29676

55:43and 4375 I know a small page but if you

55:46total those two together

55:52but

55:54that totals 3405120

55:5825. So that's that's again that's the

56:00detail that goes into that summary page.

56:08Um,

56:10so does that does that make sense on

56:12that? So when you're looking at the

56:14financial reports for each of your tags,

56:17again, think of it as coming, you know,

56:19summarized to last summarized that top

56:22page for each year and summary and then

56:25the pages after that give you details

56:28for each fiscal year going back. And um

56:35and then if there's something if there's

56:36an expense on here that you want to know

56:39the specific vendor it was paid to and

56:42that sort of thing, we can provide that.

56:45But it was a little more detailed than

56:48to to put up on each of these reports.

56:54>> Any yeah questions about that? Um

56:55>> so on that says total 72 economic

56:59development. What is total 72?

57:02>> Total 72

57:04>> or I can't see from here but I think it

57:06says 72.

57:09>> Oh yeah total. So economic development.

57:12So this is a report from our financial

57:14system and expenses are grouped in

57:17different ways. So economic development

57:19is the department in which Daniel um

57:22resides in. So these are economic

57:26development department expenses.

57:29>> Yeah. 72 is just our department number.

57:31Every department in the local government

57:33has for whatever reason a number and 72

57:36is economic development.

57:39>> So yeah. So and like I said that's what

57:41you know just pulling this report out of

57:44out of our system it's going to it

57:46includes our account number and some of

57:48that. So yeah that's exactly right.

57:51>> And the capital software is this that an

57:53annual cost or one time? uh that's going

57:56to be a one a one-time cost for them to

57:58upgrade that and then their ongoing cost

58:00for maintaining it will be in their

58:03regular general fund budget.

58:05>> And you said it's not currently in use.

58:08>> Uh I I'm not sure. I think they've I

58:12don't know if this year's tax bills were

58:15used off the new software or the old

58:17one. I think they were off the new

58:19software, but that would be a question

58:22for the tax commissioner. Yeah. and then

58:25Houston paid the same 11,000.

58:28>> Yeah, th those those sort of what I

58:30would call administrative costs um get

58:34spread out equally across the tads.

58:37>> My last question is this software is

58:39just for the this department 72 or for

58:44the entire county.

58:45>> It's for the tax assessor. So um that

58:48serves the whole county, right? It's how

58:50they it's the software for how they um

58:53keep track of property taxes and things

58:55like that. So the tax assessor that's

58:57the tax commissioner and the tax

58:58assessor I think both use that software,

59:00right?

59:02>> Yeah. Yes. I mean the the information

59:03from tax assessor gets in uploaded into

59:07that software that the tax comms

59:11to calculate those.

59:13>> So it's it's it's really not a tad

59:15expense, but Tad pays for it.

59:18>> Well,

59:19And I know the connection between the

59:22the uh property tax office and the TAD

59:26because they do work for the TAD. And is

59:28the TAD bearing that whole expense

59:32budget? Is it bare

59:33>> for that the the t the six tads bear

59:37bore the expense for the whole expense

59:39for upgrading that software for the tax

59:41commissioners because they the the

59:44reason they needed it upgraded is

59:45because they couldn't calculate the tag

59:49increments in their existing software.

59:52>> How how was it getting done before tag

59:54existed? they were doing it um by hand

59:57in a spreadsheet and you've got you know

1:00:01and over time that was um leading was

1:00:05going to lead to errors that was and you

1:00:09know

1:00:11I mean my opinion you know the tax

1:00:14billing system would be one system we

1:00:17really want to make sure is um done well

1:00:21[laughter]

1:00:24>> you Right. Yeah.

1:00:25>> You know,

1:00:25>> but what's so different about the TAD

1:00:27increments than what they use in the tax

1:00:30department or the collection of taxes?

1:00:33What was so different about what they do

1:00:35at the TAD office than what they do over

1:00:39>> at the other two offices? So the the the

1:00:44um when they calculate the the tax bill,

1:00:48the being able to

1:00:52calculate the tax on the increments, you

1:00:55know, so that increase in value over the

1:00:58base year.

1:01:00um is the tax commissioner has to

1:01:03calculate what that dollar amount is to

1:01:05put on the tax bill and then to be able

1:01:09to pay ACC gov that tad portion. So to

1:01:15be able to separate that the tax

1:01:18commissioner was having to do all this

1:01:21extra work um to uh to calculate that

1:01:26and manually put it into their old

1:01:30tax billing software.

1:01:31>> Okay. If that I hope I don't know if

1:01:33that's answering your question or not.

1:01:34No, that's all right. Excuse me.

1:01:37>> So that is not an ongoing expense. So

1:01:40that's a one time. That's onetime

1:01:41expense. That's correct. See that again.

1:01:44>> That's the first year we're paid and we

1:01:46do and we're done with it.

1:01:48>> That's that's correct. Okay. Yeah.

1:01:49That's a one time.

1:01:50>> That's not paid for employee.

1:01:51>> I'm sorry.

1:01:52>> But it's not paid for employee.

1:01:54>> It Yeah, that's it. at the end of June,

1:01:57you still had a small amount that was

1:02:00still, you know, so you had about you

1:02:02had about that amount in each of the six

1:02:04tabs. And so I think they're done with

1:02:07it now. I don't want to speak for the

1:02:09tax commissioner, but you know,

1:02:11>> software solve the problem.

1:02:13>> I hope so.

1:02:15>> Yeah, I think so. solve then except for

1:02:18that expenditure that rest of that right

1:02:20there that should not be an ongoing

1:02:23expense because

1:02:25>> not to the tabs.

1:02:26>> Yeah.

1:02:26>> Right. Not to the tabs because that is

1:02:28going to be part of their regular

1:02:30software updates and uh maintenance

1:02:32costs.

1:02:34>> Yeah.

1:02:36>> I've got one last thing. Thank you, sir.

1:02:39>> I had I'm sorry. I had a question. Maybe

1:02:41I missed it, but what was the other

1:02:44expenses? That line item.

1:02:47>> Oh, yeah. So,

1:02:50so there wasn't anything expended in

1:02:52other expenses is really was a holding

1:02:55place if you will at the time they adopt

1:02:58the budget. So you had and really this

1:03:02is the the right you know in FY26 there

1:03:06was a budget of 303,000 in revenue

1:03:09303,000 in expenses

1:03:12and the the amount that wasn't either in

1:03:16that software or for pay for salaries

1:03:19and benefits was just plugged into that

1:03:22other expenses as a placeholder. You

1:03:25know, there are some TADs that have had

1:03:28other expenses if there's something

1:03:30specific to that TAD, you know, that

1:03:33comes up, but the mall TAD didn't didn't

1:03:36have anything. And again, that would be

1:03:37something the mayor and commission would

1:03:39have to approve.

1:03:40>> Thank

1:03:43you ser.

1:03:47>> You're what?

1:03:49>> Most fraud. Got it.

1:03:51>> Um, I just want to let everybody know.

1:03:53So, one second, Sarah. I just want to

1:03:55let everybody know that we are um

1:03:57putting this on YouTube, so you can

1:03:59watch it later. Folks who aren't able to

1:04:01attend can watch it later. Um if you do

1:04:03have any questions and you don't have

1:04:05time here, you can you're welcome to

1:04:07email them to me and I can relay them to

1:04:09Chris and who knows it's it might be

1:04:11something that benefits everybody here.

1:04:12Uh and then we'll share this

1:04:14presentation with all of you. And then

1:04:15Daniel, you want to share a little bit

1:04:17about the um about the financial

1:04:19information that you're going to be

1:04:20posting to each of the TAD pages on the

1:04:23website?

1:04:24>> Yes. So, uh we've already posted some of

1:04:26it and actually you're you're holding

1:04:27examples. Many of you are holding

1:04:29examples of what is on there today, but

1:04:32because we're having this meeting from

1:04:34your feedback and from the questions

1:04:35that we got ahead of time, we're going

1:04:37to make adjustments to the website uh

1:04:39with your feedback, too. So, some of the

1:04:42information will include, you know,

1:04:44these summary forms, uh, as well as

1:04:46these budget breakdowns. Um, Chris, I

1:04:50don't know, did you ever say 271 is 271

1:04:53is the mall, 272, then it's going to be

1:04:55West Broad Hawthorne 27.

1:04:57>> Yeah. And that that's correct.

1:05:00>> Um, and then we'll add uh further

1:05:02documents to actually show a lot more

1:05:04breakdown of the transactions.

1:05:07>> And I see questions. If I can just one

1:05:09second. I just want to show you all one

1:05:11thing that I can turn it over to

1:05:12questions. You

1:05:13>> already answered mine.

1:05:14>> Thank you. Okay, I'll get you sir. Um I

1:05:18do want to show you all. So the website,

1:05:20we are expanding the website. We

1:05:21continue to improve it from your

1:05:23feedback. So thank you for that. Each

1:05:25tad has its own web page. You can find

1:05:28it through the economic development

1:05:29site. It will bring you up here. You'll

1:05:31see your meeting schedules. You'll see

1:05:33the uh committee members. And it's

1:05:35appointed by the mayor. And this new

1:05:37information is going to be available as

1:05:39you scroll down.

1:05:40>> So the next meeting would be December

1:05:41the 15th.

1:05:42>> That's not you guys.

1:05:45>> Uh this is for Lexington Road.

1:05:49>> Sarah.

1:05:50>> Okay. I just have one quick question.

1:05:53The mall the summary p I guess you call

1:05:56it the summary page you had listed for

1:06:00FY26 actual and encumbered revenues of

1:06:03480. Then you had a budget of for 27 of

1:06:09382. Then you had another slide in there

1:06:11that you showed the county portion of

1:06:14the uh increase for taxes at uh 185821.

1:06:20If I take that 185821

1:06:23and calculate it out, it's going to come

1:06:26closer to 480 for FY27 than it is 382.

1:06:30Why wasn't budget adopted like that?

1:06:33Yeah, the um one of the challenges of um

1:06:39adopting revenue estimates for property

1:06:41taxes with the budget is the timing of

1:06:44completion of the tax digest. So,

1:06:49usually the end of April, 1 of May is

1:06:53when we get a final digest, a final

1:06:55listing of all the prop taxable property

1:06:58from the tax assessor's office. And

1:07:00that's for, you know, I'm not seeing,

1:07:04you know, the individual parcels. I'm

1:07:06seeing a total.

1:07:08>> And so, so, um, in short, that's

1:07:12conservative. It's usually looking at

1:07:13the year before. And, um, uh, and it's

1:07:18probably going to be, you're right, it's

1:07:19probably going to be higher, um, than,

1:07:22uh, than than what that says because it

1:07:24was set early in the process.

1:07:29>> Yeah. So, so there will be yeah the act

1:07:32the actual is a pretty good mess in the

1:07:35real world

1:07:36>> right and um you know again I mean the

1:07:41you know uh that's something that they

1:07:44can update as they go forward thank you

1:07:47>> all right

1:07:50anybody else have any questions that we

1:07:51can answer

1:07:53or try to answer today

1:07:58>> you think of more when you go home, you

1:08:01just kind of you're like me, you

1:08:02percolate afterwards. If you have

1:08:04questions, just them into an email and

1:08:09um and we'll be glad to share back the

1:08:11answers with everyone, the questions and

1:08:13the answers.

1:08:17>> Isn't specific to these spreadsheets,

1:08:20but I think it is finances. Is the

1:08:22mindset still that if the developer is

1:08:26they get refunded

1:08:29their taxes

1:08:29>> reimburse

1:08:31>> reimbured

1:08:32after they build?

1:08:34>> Yes sir. That is what the mayor and

1:08:36commission have determined that they

1:08:38prefer payo rather than bonding up

1:08:40front.

1:08:41>> So

1:08:43that's a scenario. The funds can never

1:08:46be spent. In other words, there's no

1:08:49scenario right now where Lexington Road

1:08:512.6 million could be spent

1:08:54or stop could be

1:08:58started. It's start it's taxes already

1:09:00spent. I mean,

1:09:04we're saying we can't pay developers up

1:09:06front.

1:09:09How can you ever spend these funds?

1:09:13I I don't I don't understand how these

1:09:15funds can be spent.

1:09:18Well, you pay them, they finish, right?

1:09:20You pay them after they finish or they

1:09:22get split the percent.

1:09:23>> They get refunded their taxes.

1:09:27>> So, they build, let's say they had a

1:09:29million, they're paying taxes on the

1:09:31million, they get their taxes

1:09:33reimbursed, and the the funds keep

1:09:36building.

1:09:38So, I I think there needs to be a whole

1:09:41reinking of this so that we can use

1:09:43these funds we have as incentives. But

1:09:46we can do something else for our

1:09:47community. That's what it need to be

1:09:49used for.

1:09:50>> Used for what?

1:09:51>> In our community. Whatever needs to be

1:09:53done in the community.

1:09:55>> There's not It's not written.

1:09:57>> It's not That's why it's

1:10:00>> just for the builders. Just

1:10:02>> then they got the $10,000 fee.

1:10:04>> Okay. that

1:10:05>> enough said. I'm just I'm I'm kind of

1:10:08frustrated that it hasn't been dealt

1:10:10with that we don't have a plan in my

1:10:13opinion

1:10:14>> to have a way to spend the funds that

1:10:16we've already accumulated and we

1:10:18continue to accumulate. That that's all

1:10:21just a statement.

1:10:31Was

1:10:36were there any other question?

1:10:40>> Thank you for coming.

1:10:44>> Really appreciate y'all coming.

1:10:46>> Thank you for your presentation.

1:10:50>> Right. Have a good weekend. Stay dry.

1:10:52Stay safe.

1:10:53>> Appreciate y'all sharing your Friday

1:10:54afternoon with us.

1:10:56>> Thank you for talking to us. Thank you

1:10:59for your service. She

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