 We'll call the special meeting order. Debbie, would you call the roll, please? Bird. Here. Bonet. Here. Serta. Here. Graf. Here. Manny. Here. Montemayor. Here. Perez. Here. Peterson. Here. Rindflash. Rindflash, sorry. I did that all night the other night. Segali. Here. Stephan. Excuse. Van Akron. Here. Vanderweel. Here. Warner. Here. B-13. Kormspresent. Tonight, we have a presentation by the Great Lakes Company. You got the letter in your hand. Steve handed out. They requested to come up and give a presentation on Blue Harbor. So gentlemen, it's all yours who would like to come up and start speaking. No, we're not in close session. Yeah. We're not in close yet. Hello. My name is Michael Schroeder. I'm the general counselor for the Great Lakes Companies. And we're here this evening to request some changes related to the ownership of the units by purchaser of the condominium units. That's, I think in general terms that's what we're outlining our letter. I'm not really sure what we're supposed to talk about at this point. I know that you had, we're looking for some, just changes related to the ownership, restrictions on the ownership of the units. Okay. I guess getting to the explanation of why you're asking for these changes or as far as you can go and how much you can give us in the session. Okay. I'm John Emery. I'm the chief executive officer of the Great Lakes Companies. And in a nutshell, the request that has been put in front of you in writing is to modify some of the restrictions on the ownership of the units. Right now we have all those units reserved and sold. And we're expected to close them shortly. The effectively what we're asking for is a slight modification before we go to final contract on those units to comply with what are really kind of national requirements in the terms of the way they're used. Those condominium units are part of our resort project. Every single one of those condominium units will be in a rental pool. As of right now, those owners have all elected that to be in a rental pool. They're all paying occupancy taxes as the council is aware. That project, as it comes to closure, and we've done further review, is a very unique structure, by the way. That project, there's been no other project like that with those types of restrictions done that we could find in Wisconsin or even myself from out of the state of Wisconsin that we've looked at. The changes are to comply so that when all of these units are put into the rental pools that we comply with all, not just Wisconsin law, but all national requirements in terms of what we sold those condominiums for. In a nutshell, that's what it is. There's no impact. In fact, we are offering, we are ensuring that the occupancy taxes derived by those condominiums are even more certain now than they were back six months ago when the condominiums were started to be built. Really, the changes are to clarify certain of the residency restrictions in those condominiums before they go to final contract, which happens starting June 15th, July 1st, something like that. So here in about hopefully six weeks. Steve. Mr. Emery, it's a big good opportunity if Great Lakes would desire. You've got a couple minutes to perhaps give the council an update as to how the project is going and when you're planning on having your opening, if you wish. Absolutely, come on up, Tom. One of the things that, and Tom Sather, who's our director of development, giving up the other project, one of the things that these changes are being asked for is because now that the condominiums are almost ready to be built, we can really clarify exactly the residency restrictions on the condominiums going forward. When they were all conceived, if you go back six months ago before they were sold, we weren't sure how long or if, you know, how long it would take to build and sell all those condominiums. The fact that we've been able to get them all built and opened before the PGA, we're very pleased with what Tom will give you the update on that. And so this is kind of the final step, if you will, of making sure that those things close on time, that they're occupied on time, and start throwing off taxes effectively before the biggest defense that's going to have happened here in a long time to generate taxes happens. But let me have Tom update you on where the project stands. Yeah, most of you know me by now. I'm Tom Sather, director of development, and I'm sure most of you have seen the project drive by once in a while, but in a summary with the resort project, as everybody knows, we were fast-tracking as much as we could the whole way through this process to get it open for summer. And summer effectively starts June 15th. The first couple of weeks kids are out of school, it's a little slow. Starting the 15th, that's peak season for resorts here in Wisconsin. So we're trying to get that goal accomplished with the resort and then also, of course, have it open for the PGA this summer. And we've been shooting for July 15th for our opening date from day one, with the groundbreaking that we had, I believe, I'm sorry, June 15th. I believe early June last year, last week of May. So building, you know, a 200,000 square foot plus facility in a year is a heck of a task. And if you've driven by and seen all the trades out there, seen the guys working like crazy for last year, they've had a heck of a battle to fight. But we are right now projecting to have our grand opening on the 8th of June. It'll be about one week ahead of schedule. I think we're going to make it, you know, there's still a lot of work that has to be done. But it's finish work, you know, it's carpet, it's paint, it's moving furniture in, things like that. So from a production standpoint, on the convention center and the resort, it's going very well. Both are tracking right down to the last percent on budget. I mean, we're going to be right there. It's like you expected any job. No nasty surprises. You know, early on we had some additional site civil costs that, you know, made people a little nervous. But we've been able to control things on the other end. So it really is tracking well. I think the best surprise for everybody is the condos. Because the big question mark, as you all know, was are they going to sell? Are there going to be any of them open for some? Are there going to be any open for the PGA? What's going to happen? Until we got in the sales process, which we couldn't start until, you know, last fall, no one knew. And the really, the biggest, most pleasant surprise so far in this project has been the excitement the marketplace has had for the condominiums. And they have sold much more quickly than anticipated. As you probably remember, we had to have the whole condo site divided into 16 individual parcels anticipating we'd build a building, sell a few units, later on build another building. Well, we were able to get enough pre-sales activity done to build them all at once, as you know. So we're on pace now to have the first eight units, eight buildings, which is actually 32 units scheduled to be delivered by mid-June. And then the last eight buildings by mid-July. So really, when the demand starts heating up, you know, for pre-PGA events, which is about the third week in July, all the resort units and all the condo units should be up and running. So that's really been a pleasant surprise for us. And as everybody can tell, they are just working like crazy out there. So we're very pleased with things are going along. If anybody has any questions, you can ask them to me now or you can always call me at the office. Thank you. Alderman Prez. Thank you, Your Honor. I take it when we go into executive closed session, we're going to discuss specifics. Yes. Thank you. That's what we need up for. Alderman Orner. Oh, excuse me. Before we do it. Michael, you have to call meeting. This is a joint meeting. Did you call? Okay. You don't have three from the... Four. Okay. Okay. Alderman Orner. On that, Your Honor, I'd move that we convene closed session under the provisions of section 19.851E of the Wisconsin Statutes for the purpose of negotiating and deliberating possible amendment of the development agreement with the Great Lakes Companies where competitive or bargaining reasons require a closed session. We have a motion before us. Any discussion on a motion? Aye. We'll call roll calls. Aye. Serta. Aye. Graf. Aye. Montemayor. Aye. Perez. Aye. Peterson. Aye. Rindvallis. Aye. Zagali. Aye. Vanakka. Aye. Vanderweel. Aye. Warner. Aye. And Burke.