 All right, I will call the joint board of review to order at 3 p.m. For those in attendance, would you please stand for the Pledge of Allegiance? Pledge of Allegiance is due to the flag of the United States of America and to the Republic for which it stands, one nation under the God, indivisible with liberty and justice for all. All right. I'll call the roll. Ryan is here. Mark. Roger. Roberta. And then Roy. TBD. So, moving right along, approval of the minutes from our August 11th meeting in 2020, is there a motion to approve? Motion to approve. Is there a second? Second. There's been a motion second. Any discussion? Seeing none. All those in favor of approving the minutes, please state aye. Aye. Anyone opposed? Chair votes aye. The minutes are approved. First item of business, election of chairperson. Is there any nominations for election of chairperson? I would move to nominate the mayor. Is there a second? Second. Any other nominations? Any other nominations? Any other nominations? I guess I'll accept. Gotta be here anyway. I know, right. All those in favor of nominating and electing the mayor as the chairperson of this committee, please state aye. Aye. Aye. Anyone opposed? Chair votes aye. Thank you everybody. Election of the vice chairperson. Is there a nomination for vice chairperson? Roberta's pointing at Roger or Mark, which one? You're pointing right back at hers. I'll nominate Roberta. Second. All right, there's been a motion second. Roberta, do you accept? Sure. Any other nominations? Any other nominations? Any other nominations? All those in favor of electing Roberta, vice chair of the joint board of, joint review board, please state aye. Aye. Anyone opposed? Chair votes aye. Congratulations, Roberta. Thank you. Dubiously. All right, 3.3 review of tax incremental district 610, 12, 13, 14, 15, 16, 17, 18, 19, and reports and status performances. Nice. All right, Chad, take it away. Thank you, mayor. So everybody that's in attendance should have a copy of a spreadsheet that was sent out just for those of you that are new. The city is required to provide a update and submit status reports as of July 1st, the department of revenue under state statute. So each year prior to submitting those reports we're required to hold a joint review board meeting to review the status of the district. So we're gonna start on the left side of this report and kind of walk you through. There's not a ton of change with them, but we'll go through it. And then if you've got any questions, we would be happy to address those questions. So starting out the TID 6, which is the marina area. So the marina, the riverfront and south pier are included in that district. As you can see was originally created in 1992. It closes two years from now in 2023. It has a beginning fund balance of around 472,000. It revolves in about a 1.4 million of revenues each year. The expenses at the bottom of about 1.2 million is really debt service payments on the long-term debt that will be paid off in 2022. So a couple months before the district closes, it has a positive cash fund balance and the decrease increases primarily related to interest charges and different expenses. Any questions on TID 6? Hearing none, moving on to TID 10. This is the Water Street area. So this is primarily the Kingsbury development. Those apartments that were built north of Kingsbury, the garden toy, that kind of area. And it also includes the Walgreens on the corner of 14th and Erie was created in 1997, closes in 2024. It started out with a negative fund balance. That will be different now that the Kingsbury property has been developed and it's about five and a half million of new development on there. So as you can see, there's not a lot of expenses. The increment is about 292,000. This is before Kingsbury, expenses of about 650 a year. So there's a positive fund balance in it. There'll be a little bit more, but we do have a development incentive that we need to pay out for the next three years on the Kingsbury property to the tune of about $300,000, I believe. So there'll be some expenses, but in the end, the district I'm believing will close in the positive. TID 11 is Washington Square with a hyperlinks that this district has been closed. So you'll recall what the city closed this last year in 2020, 2021. So the negative cash balance in the bottom or the deficit of the fund balance is really we took money out by state statute. We can extend a district for one year and collect those revenues for affordable housing dollars. So the city created an affordable housing fund and moved roughly 700,000 into it. So that's primarily the difference and then the closeout of the remaining interest income and those types of things. So, and it also, the other costs, I think, yeah, the 691,691,775 is the other costs in there. I don't know why the administration is 1.6 million. That doesn't seem right. Does she have any notes? So here's what I have to preface our previous finance director, Daniela Portapillo, who is no longer with the city, worked on this. Caitlyn Krieger is our new finance director. We're gonna have to look into that number, I think before we finalize it because I think she's got one too many numbers there. So we'll verify that. That's a lot of administration. Yeah, that's a lot of wages. Tid 12 is Niagara Avenue. This is the area where, this is the Grand State Hotel and the building next to it and part of the Wiles Center block. It was really created to redevelop the Grand State and what I'd call the Nemshoff Building or the building that Rody Dales is in. Closes in 2027 has a positive cash balance. There's not a lot of changes in there. That difference I believe is between the revenues and the expenses, but it's pretty status quo. Tid, that and I shall also say that Tid 12 allocates funds, positive cash balance funds get allocated as a donor district to Tid 17, which is Indiana Avenue and we'll talk about that shortly. Landmark Square is Tid 13. That's primarily the landmark condominiums and the Founders Club building was created in 2005. Closes in 2032 has a positive cash balance and the end has a positive balance all the way through. This one allocates 300,002. Tid 17 as a donor district because it's a positive cash flow. Tid 14 is the Taylor Heights. That was the Taylor Heights shopping center, the festival foods and the new Meyer store and that whole redevelopment. In 2020, we did not make a Tiff incentive payment to Meyer, but in 2021 and forward, we will be making a Tiff incentive payment, but the district has a positive cash flow at about 1.2 million. And I think with the new Meyer coming on at about 14 million, that'll definitely increase this substantially. So this district does relatively well. This district does relatively well all the time, so we really don't have any concerns with it. Tid 15 is the pick and save on the south side and some residential area was created in 2011 closes in 2031. The real difference here is the income, the revenue increments to the expenses, so it makes out a developer incentive payment and we lost value in that district related to the Bethesda buying a property on the corner of I don't even know what role that is, maybe Wilson and self-business drive and making a good portion of that property tax exempt. So we're optimistic in the end that this district will close in the positive, but if not, we have some opportunities, particularly from Tid 14 to share revenues if we need to, but at this stage, I think it's premature to look at that. Next one, Tid 16, this is A Street. This was developed for the Encore Apartments and the Portscape Apartments. So this runs basically from the Wild Center down to the bridge on A Street. We continually, there's a lot of deficit in it primarily because there's developer incentives and we're still paying those back and we've done some improvements, particularly at the library and continued lighting upgrades as part of the city's capital improvements program. So, and this is a relatively new district was created in 2015. So it would be expended that it would be thought that there would be deficit, which there is, but over time it will collect enough revenue to pay itself off. When 16 came to us, what was the predominant? Encore Apartments at the Boston Store and High Point. High Point Apartments on South A Street. Thank you. Indiana Avenue Tid 17 is a rehabilitation district was created in 2018, closes in 2045. It's open for 27 years. This was, this is primarily the Indiana corridor from the traffic circle to 14th Street. It does include some properties south of it along the lake front. So the former Panterre property is in it. The Optenburg property is in it and then some properties along the river from the old Kepsel site all the way up to Pennsylvania Avenue are in the district as well. This district had, we did a major project. So the amount that you're seeing there, the capital expenditures 3.2 million is the road reconstruction as it relates to the Badger State Loftanery Project for Illinois Avenue and replacing two 65 inch box culvert storm sewer. So it was a very costly project. But so that's one of the reasons why there's a fund deficit. It is receiving allocations from the two districts I mentioned previously, Tid 12 and Tid 13 with the Badger State Lofts coming on with the new condos on South Pier coming into the district will be seeing some new revenues and I would, you know, it's projected to be as pretty good district moving forward. It's just that we've had these early expenses and really that's what it's set up is to fund public improvements. What it records the six or 17. So here it says innovation districts too. Is that gonna change a lot of how it functions? Cause the original project for the innovation district was gonna be in all this. Correct, the innovation district that's essentially dead now. So what do we have to relook at this in terms of what we're gonna do? We can just change the title. Okay, cool. So we'll just, we can just change the title and make it Indiana Avenue and take out the innovation district. And you know, we thought the innovation concept was gonna be moving forward for those of you that may or may not know of the SEEDC and the city applied for a federal grant. During COVID it was only funded at a 50-50. We had hoped for 80, 20, 80% grant, 20% match. That didn't happen so the Economic Development Corporation Board decided not to proceed forward with it. So at this stage, we're in discussions with a developer for an affordable housing project on the former Kepsel property. So we'll see what that looks like and once that comes to fruition we'll be back to this group probably. Cool. TID 18 is the self-point enterprise campus. That's our new, it's our new business park. It's the only industrial TID we have currently was created in 2018, closes in 2038. Although we did make, we did get an amendment from the state for an additional three years on it. So it's actually 2041 I think is the, or 2041 is the close-out date. So if you can just make a note of that, Caitlin so we can make sure that's correct. As you know, we put roughly 12 to 15 million of infrastructure into that. We refinanced some loan payments and it's got the fund balances positive now but we haven't made, we haven't started making mortgage, we haven't started making debt service payments or debt service payments are about 567,000 a year. We had two years of capitalized interest on that. So we have to start making, I think a debt service payment next year. So that's why we're on the roll to try to get some development in that park. We've got some leads on projects that are out there. A couple of them are hopefully gonna become in soon that'll be major investments. So we're optimistic that at least we can get enough to cover the debt service payments and then continue from that point forward. Debt service starts in 2022. I believe so. Okay, thank you. Tit 19 is the River Bend. So that's the area where Dullmas Decor is where the new condo were along the river. The boat doctors or LTC property was created as a mixed use district in 2018. It's open for 20 years. Started with a negative fund balance, particularly because we borrowed some debt to repair streets down there. So that's pretty much it on that one. The balance at the end of the year is still a negative, but we hadn't seen any of the new, really any of the new increment from those developments because of the timing of the one one year. So that should be help itself out next year. Tit 20 is listed on here. It's not on the agenda item. And the reason is, is because it was create, it's a 2020 district and we didn't have it. We don't have to report out on it until next year, but this was created for the Oscar development. The three apartment buildings that are under construction now, we haven't seen any revenue. We have had some expenses, particularly related to administration car charges. And then some engineering for some traffic control that's gonna be on self-business drive. But other than that, as of the end of the year, there wasn't much activity, most activities happening in 2021. And it is not, the termination date is not correct. It should be 37, it's a typing error. It should be 20, it's a 20 year TID. So it should be 2040. 2040. We'll get that updated. The last one is the environmental TID for Northgate. So that's the city had developed an environmental district to help with environmental issues related to the Pigley-Wigley development back in the early 2000s. So this district closes in 2025. It has a fund balance shortage currently, but by the time it closes, it will pay itself off because it's not paying off any more debt. And it was really there to deal with environmental related to that Pigley-Wigley development. So that's the TIDs in the nutshell. If anybody has any questions, I would be happy to answer them. Any questions for Chad? I've got one. Let's go back to the Washington Square. Can you review the Washington Square again? Just briefly. So Washington Square, that district is closed and this column will be removed after we do the final reporting. So it had a beginning fund balance of 2.6 million. It revolved in around 750,000 a year. As we stated, the administration line has won too many numbers. I'm guessing it's more like 16,000 or less. So go ahead. Got it. So when we closed that district, we paid back the fund balance to the taxing jurisdiction. So the city, if I recall, got 900,000. The county got 500,000. The school district got, I don't remember, 500,000. So that's the number of paying everybody out to of the fund balance to close the district. Everybody got a payment out of that one. So that would make sense. So that's what's in there. So that would stay the same. Great, thanks. And then the other cost is the 6.91 which we took out and put into the affordable housing fund. Got it. Thank you. Anything else, River? Nope, that's, I'm happy. So if this board so chooses, we need a motion and approval to accept the report and allow staff to submit the documents to the Department of Revenue. Accepted as corrected. As amended. Yeah. I'll move to accept the report as amended. The motion is there a second? Support. All right, there's been a motion second. Any other discussion on, on chance report? All right, seeing none. All those in favor, please state aye. Aye. Anyone opposed? Chair votes aye. Anything else you want to go over, Chad, or? Nope, that's it. All right, seeing we've exhausted the agenda, is there a motion to adjourn? So moved. Second. If there's no motion, second. All those in favor of adjourning, please state aye. Aye. Anyone opposed? Chair votes aye. We are adjourned at 321. Thanks everybody.