 Let's see, the time is 415, okay. I'll call this meeting of the airport commission on the 17th of February, 2021. First item is the agenda. Somebody want to make a motion to approve the agenda? Somebody. Helen, go ahead. Helen moves to approve the agenda. Is there a second? I'll second that. Any discussion? Seeing none, all in favor of signify by saying aye. Aye. I'll oppose no. So ordered. We have an agenda. Next item is the public forum. Is there anyone around in the public forum? No. Is Mayor Lott in the audience? I don't see that. Mayor Lott is, and she does have her hand up as well. Her digital hand up. Okay. I don't see that. Mayor. Can you hear me? Yes, I can. Thank you. Okay. When we come to the discussion of the MOU, I think we'll allow you to participate in that discussion. Is there something else other than the MOU that you want to talk to the commission about? I just wanted to ask for a quick correction to the minutes from the last meeting. I'll take care of that. Okay. Thank you. Yep. Is there anything else that you want to discuss? And you'll be around for the MOU discussion. I should be. Yes. Okay. Thank you. Seeing none will close the public forum. And next item is the consent agenda. The motion to approve the minutes and the, approve the consent agenda. And I have an amendment to that after the motion is made and seconded. So we want to move that. I'll move that. Is there a second? I can second that. Thank you. All right. I think it's you and me, Tim. I moved to amend the minutes. I don't know if you have your document with you, but on the second line as reads. Two members of the city council. Two members of city. Delete that. And in lieu of that, add. Two state representatives. From a new ski. So delete the wording in the minutes. Two members of the city council. Delete that. And substitute for that. Two state representatives from a new ski. As recommended by the mayor. Okay. Is there any discussion on the amendment? No. Seeing none. Seeing none. All in favor of approving the amendment. Seeing if I was saying aye. Aye. All opposed. No. So ordered. So here we go. Next item is the. Action items. The FAA grant for. Sound installation pilot program. So we want to move the approval. I have a motion. I didn't anticipate chairing this meeting. So let me. But the motion is moved to a move to accept the FAA grant for the sound. Insulation program. And other related items. As described. The. International Airport memo of February 16th, 2020. The FAA grant for. Sound installation pilot program. So we want to move the approval. I have a motion. They have it all set. I didn't anticipate chairing this meeting. So. But the motions move to a move to accept the FAA grant for the sound. The FAA grant for the sound installation pilot. The FAA grant for the sound installation pilot. The FAA grant for the sound installation pilot for February 16th, 2021. To recommend to the city council. Second. Second. Discussion from staff, please. Briefly, because it's pretty clear in the memo. Staff. Yeah, it is, it is pretty clear. So. Gene, if you're all right with it, I'll, I'll just go at it. And so this is just a compliment to what we've been working on for the many, many, many years really. The first thing that was really difficult to do. To do for the first time noise compatibility program approved by the FAA in 2020, with the tremendous help from South Burlington and Winooseki and Williston. This is the first step in the insulation program. As you can see from the memo, it's a pilot program for the first 10 houses. To go through some acoustical testing, some studies, expecting from the FAA, which is a really good piece to this, is for them to allow us to also apply for the grant for the next 50 houses. So that's what is included in this to help the initial design and outreach process for the next 50 house phase. That gets us ahead of the game and that gets us not only working with the 10 houses, but also the enormous amount of outreach that's going to happen with the cumulative 60 houses, the 10 plus 50. Later on we'll have to come back to you for approval for our construction contract once we get out to bid and then we'll have to come back every year because this is going to be the revolving process where we design the 50 houses just like we are doing in this memo and then constructing that for next year while also designing for the next 50 houses for the following year. So every year we're designing and constructing year over year and that's basically the gist of this. Requesting approval to accept a grant which we're applying for by May, sign a contract with the Jones Payne group, which I'm sure you're familiar with that consultant's name. We've been using them for a few years now to help with our entire process and then a small budget amendment on top of that. Nick, questions from the commission? One thing I'd like to add to that, if you don't mind, is just for your information, this project that'll probably go up to 25 years will bring millions and millions of dollars into our economy. It'll be excellent for stimulating our economy. It'll be just what Burlington will be contributing to its surrounding community's green footprint. Just by what we will do with insulation and windows besides just the sound for what it's entitled for, it's going to be huge. So there's many, many benefits here and when people ask you, what does the airport do? This is really significant. I mean, at one time, it was a preferred method to remove houses. Today it's, and this program wasn't easy to come about. It was very, very difficult to change the ways, but together, we as three communities did this together. We listened and we reacted. So you as the commission, the city council and the mayor, we made this happen in the last nine years. It's a big deal, but it'll go on for 25 years. So economic development, green footprint, big deal, long time. Thank you. Commission members, do you have questions of staff? I do. I just have to, I just want to be clear. So this grant is for up to 1.1 million and change and that pays for the first 10 homes. Is that right? And then it also lets us apply for the dollars for the next 50. Just for the initial outreach and some of the initial design efforts on the next 50. Okay. So we'll have to come back for the construction portion of that, which on average is about $50,000 per parcel. And that's going to be the annual average equating to about $5 million a year. And the outreach is how you go in or paying liver, whatever it is, goes in, paying Jones, I guess, goes in and does an estimate of what this house can have done. And then, is that right? So, okay. Well, pretty much it's the initial outreach, the initial conversations with a homeowner or a property owner on if they are wanting to participate, how they want to participate. We're kind of getting that list, so to speak, of who is a higher priority based on our implementation plan, which has different allocations per community, pretty much based on the ratio and the decibel level that they're within. So it's that initial conversation with the homeowner, as well as what exactly what you just said, the initial conversation of what material or what process and what design may best fit that particular property to get an interior noise level down to that federal threshold, which is 45 decibels. So that, as you can imagine, with 50 plus the 10 is a tremendous amount of work just for that initial outreach, and then to continue the process on really getting the design, the bidding process and the bids out on the street, as well as the contractors ready to do about 50 houses per year. Okay. And then it does do the first 10, right? It does outreach estimate, and then you actually are going to do the installation or whatever it is they qualify for. Okay. I just wanted to be clear. So I've reported accurately. Perfect. And just one more piece to that as well, both with the 10 and the 50, is there's going to have to be some acoustical testing that occurs as well. And that creates that level of complexity similar to the Chamberlain Elementary School, where we need to not only determine whether they are located in the contour lines, but making sure that they also are eligible for sound insulation, similar to what we did with the Chamberlain School, not exactly because that's a different land use, but very, very similar to that. Hey, Nick, we just talked about the first 10 houses, how we're going to pick them. That's my question. Correct. Say that again. How are we going to pick them? Yes. Yeah. So the 10 houses are going to be picked. Basically, exactly how our implementation plan spells out, which is an allocation spread across all the communities impacted based on essentially the ratio of how many are impacted. So for example, allocation of what, Nick? The ratio, how many people, how many houses or how many dwelling units essentially are within each community? Okay. Yeah. So right now, Winooski has the greatest number of houses or dwelling units in the document within that community. So 10 houses split among these communities based on that ratio, as well as the decibel levels, meaning we're not going to go all the way out to the very edge of the contour line. Before we do closer, Winooski's a kind of a really good example of having a high allocation of dwelling units, but also being between the higher or the lower, rather, decibel levels because they're further out on those contour lines. Can this be controversial? Selection of houses? Okay, you've got 10. How many in Winooski, how many in Williston, how many in South Burlington? Do you know that yet? We have a general idea, but the implementation plan, that's why we wanted to spell it out very formally and get that plan in place, working with the communities on what those pieces of allocation, South Burlington, Winooski, Wilton, weighed in on that plan as well on what it means to be prioritized, if you will, on which houses get selected first. Doesn't go into the details. The answer to your question is it can be controversial. That's why we have a contractor that is doing this for us and with us and working with our partners to get the best possible outcome. But of course, I mean, everything in Burlington can be. I hope it is. It's a wonderful opportunity. It is. It is. And it's really important that we're able to get through those first 10 so we can do the next 50 and then move on from thereafter. So if I can just jump in, I just want to understand, it seems like it's going to be somewhat formulaic as to the number of houses per town. But within a town, let's say Winooski gets six of the 10. How is it determined which six dwelling units in Winooski get improved? And that's why this pilot program is so important because we have to determine a couple of methodical and required strategies per the FAA on type of building, what materials is a building made out of, and then perform those acoustical testing based on the area or the contour level that those houses are within. So that when we move forward into the next 50 and the next 50 after that, we can determine based on those acoustical testing, again, based on where you are in a contour line, what type of material or what type of house you're located within so that we can again methodically look at each contour level as we go out based on those calculated methods of quantity of houses within each community. Okay, so the houses within each town will be determined, will not be solely determined by the town themselves, but will be done in conjunction with the airport. And it also has to do with the ones that are most affected found. So that's a key factor, the ones that are most affected. So if you're good friends with Mayor Lott, it doesn't mean it's going to happen. I'm just kidding, Mayor Lott, but it has more to do with which ones have the most adverse effect on them. They're going to look for those first. If they do go into the house and do the acoustical testing and check out how the house is built and so forth and determine that it's not appropriate to use any of the materials that just won't work, do they go on to the next house so that 10 in full will be remediated or is it just you pick 10 and if only three of them can be worked on then only three? Yeah, that's a good question. No, the intent is to actually accomplish 10. To actually accomplish 10. The really great part about our particular noise compatibility program that especially as we move past the pilot program, if you're not eligible for the sound insulation, then there's those other options assurance sales assistant. So there's something really hopefully for everybody that that is is impacted by these noise levels at that particular unique situation at their at their property. Excuse me, Mayor Lott, if you want to weigh in on this, feel free to do so. Okay. Mayor Lott. Yeah, thank you. Do you want to weigh in on this issue? Feel free to do so. I mean, I appreciate the approach of waiting because Wendyski has so much more impact giving us some weight in the way that things are rolled out. We haven't had any belief or provide given any belief to residents that we would our homes would be part of the first 10 pilots either have just assumed that those would be as close to the airport as possible. And that, you know, with those first 50 homes working out from the airport, we might have a portion of those. So that is sort of the bar that we've been setting publicly. That's great. Okay. Any other reason I asked that question is, you know, just as we're going through this COVID-19 allocation is going to be a similar process of selecting 10 homes and the criteria for the first 10 criteria for the next 50 and so on. So I know I want to be first because even though I live in wherever, but okay, all right. Anything more from staff on this issue? Anything to commission? Are you ready for the question? Quick, I'd build just a quick clarification. So the million, we're basically talking $100,000 per house in terms of actual construction. Am I reading that correctly? It comes out to about $50,000 per house. Okay. If you divide the numbers, yeah, that's your math is spot on, but there's a lot of extra documentation, acoustical testing plans, other consultant fees within that million dollars. Okay. So the $100,000 per house. Oh, because the first 10 include what we're also being approved for on the next 50. Correct, as well as all that documentation at a time as well. Understood. Thank you. So can I just ask one more question then? You ask more than one if you want. So going forward, you're saying it's approximately $50,000 per house and that includes going forward the acoustical work and the evaluation work that would be needed or not? Not necessarily. That $50,000 average comes from the Jones Pains group work across the country, some of the averages, some of the contractor analysis that they have performed, which is inclusive of the materials that are needed to add to the house, not necessarily the back end work. So the work that we're doing, the grants that we're going to be receiving are everything that we need to construct, everything we need to design, and then all the paperwork that is associated with it as well, outside of that $50,000 per house. Okay. I do think that there would be a huge difference between a potential self-burrowing done home and I only say that because of the age of the communities. So when you get into downtown Winooski, you're dealing with a completely different age of homes in many, many cases. So I wouldn't be surprised if you saw some variances in between the two, but I think it's at the end of the day, they have a goal of inside the house to reduce noise. So some will take it differently than others, but they're going to do what they need to do to get it to that point. Good. Anyone else? If so, are you ready for the question? Yes. If so, all in favor of the motion signify by saying aye. Aye. I'll oppose no. So order unanimous item because that's behind us. Next item is the, I see a J. J for Jeff, which one? Jeff Shulman. Okay. Jeff Shulman. Yes. Thank you. Next item is the MOU update. I asked that this be on the agenda because I hadn't seen the MOU, haven't heard about it. I just had some vague reports. So I asked, and thanks for the assistance of Hannah and Gene. This is, we all got a report. I hope you had a chance to look at it. And I just have a number of, we're, the commission was not involved in this at all. And we're not, and we're just advisory. We don't have to be involved, I guess. But I thought it was important that we should know what it, what it, what it contains. And I think both Helen and Kristen are, have been involved directly in this. And so I think they know what's going on. So I don't know, Gene, I think you indicated you were not involved in these negotiations. So I guess I have some, some questions. First of all, some comments, and I'll make them brief. My first comment is continued in the, I'll just read what the comment is, continue to pursue an amendment to the Berlington City Charter. This is Berlington's responsibility. Continue to request a bonus, give a seat on the Berlington Airport Commission if approved by the city charter. That's a continuing thing. So even if the, even if the voters don't approve it, or if they do approve it or the legislature don't approve it, we're continuing to make that effort. And that's fine. That's what the MOU says. And let's see. Another comment is, if the joint efforts to pursue state and federal funding for local match do not meet the, the full necessary dollar about the city, Berlington will explore using airport revenues to meet the local match requirement. I have a question, Gene or somebody, what's the money that the airport has that could reach the local match? Do you have any ideas in mind to do that? Are you talking about for the sound program, Bill? I'm talking about the match money. I think that's moved right now. The Vermont gas has stepped up for the first portion. That's a different issue. That's a different issue of the Vermont gas. Okay. And then Senator Leahy is working with DOD to deal with the rest of it. It's about 50 million dollars to go out to joint use airports. And so it sounds like that's a mood at this point. DOD is taking care of it. But the answer to your question is, and I'm going to have stated this right along, is we're in no position to participate at any level at 10% or 1% in this program. We have all we can do to balance our budget and take care of the immediate needs of the airport. We have a list three years long of things that need to go and be done, just like every other municipality. You know, we are doing the best we can to get by. We will participate and we will get the 90%. As we said, we would 90%. It's a huge gift. And we have worked really hard with the delegation to get what was really challenging to get, what we were told we couldn't get. So the delegation worked really hard. And we will always work and be creative and think outside the box like Nick did, you know, with Vermont gas and get creative. But if you expect ever to the money to come from the airport, it's no. Gene, I don't. I've been around long enough in the city to know that we don't have the funds to do that. I'm just looking at disagreement to see how that fits into what's going to happen. Now, let's see. I guess the other thing is a couple of other things. One is the, oh, I know it because I asked Jeff Munger, I don't know if Jeff's on board on this one, but he said, as far as he knows, there's no provision for federal money to mass federal money. Now, is there somehow a loophole in that gene whereby, are you on a phone? I'm going to do that right now. Yep. Sorry, Jeff has asked me to put him close to my mic. Okay, go ahead. Can you, I'm going to just try this. Jeff, can you hear that? Yeah. Can you hear me? Yes. Yes. All right. And be able to match federal funds. I believe you cannot match a federal grant with federal funds, which means that if we get a grant, these are going to have to figure out how they're going to come up and pay for it. Um, Mel, I mean, I'm sorry, Bill, I'm going to use any of the airport revenues because wouldn't that affect Moody's rating of the airport? Go further than that, Jeff. It's not only our Moody's rating, it is our day-to-day cash on hand. It's our, we also have to get permission from the airlines to do that. And I don't think we would, we don't really have it. So it's, it's a mood point. You know, we're not flush with cash. But one thing just to update you, we did talk to the FAA about this, about the DOD and their work, they seem to be working it out. I don't want to say what you said. Something may have changed, but I don't understand thing, you know, grants as well as you do probably in transportation. So, but at this point, it's not just Burlington, it's other joint use airports. And so I know that it's being worked on and the money was put aside for this purpose of matching funds. But I will certainly ask the question and see what we get for an answer. You all said, Jeff Munger. I sure will do that. I have a schedule to talk to him tomorrow. I think Eileen had a question. Oh, is Eileen on board? Yes. Yes, sir. Hi, how are you? For those who don't know me, I'm the city attorney. And I just wanted to reassure our partners on this that, that despite director Richard's position, the mayor and the city councils have committed that if all other sources fall through that airport revenues, that the city will work to find airport revenues that would cover the local map. What it says is that we will explore using airport revenues. They will work to see whether or not there are revenues and what the extent of those revenues are. And that's the pledge in this. Nobody is saying what they are or what they're going to look like. And there are all those issues that director Richards has come up with. But part of the city's obligation here is that we will certainly explore where and how we can find revenues. At the moment, though, the Vermont gas revenues and the monies that director Richards is talking about from Senator Leahy are expected to cover that local match dollars. Okay, Jeff Munger, are you all set? Jeff Munger, are you all set? Yes, he said yes. Okay, all right. Well, we're not going to solve this. So I'd like to move on. Thank you, Eileen, for being on board here. Now, who has to approve this MOU and what's the status of it? The South Burlington City Council has approved it. Okay, Winooski? Winooski City Council has also approved it. So Winooski is on board and Eileen has Burlington approved it? Burlington has approved it and I spoke with the mayor's chief of staff today and the next step is just her finding out ways to get everybody's electronic signatures on it so we get signed copies. So I put a little spark under her to be in contact with folks to see that that happens. Okay, good. So all communities have approved it. So we're all set to go. Just one other question, Gene or Nick or Eileen, has FAA looked at this? Is there any objection from FAA on this sort of thing? They're not a party to it, but I didn't know this has been bounced off them. Gene? No, it hasn't gone to FAA. I mean, you don't have to. It's just an idle question. Okay. I hear the agreement and I know that the mayors and the chair really put this together where the intent of it is to be a good partner. And I think that's the direction we're headed in. What I spoke of is what we call reality. And then there's partnerships. And I get it. But letting you know, I know that the mayor very much wants his partnership to work. He understands the needs, the changes. And he put a lot of time and effort as well as mayor and councilor really. And Eileen, I mean, there's been a lot, a lot of time into this. And these relationships are highly important to the partnerships of the communities and to the airport. And we need to learn to function and work well. And this was an attempt to do so. Okay, I understand all that. Thank you very much. Okay. I'll just move. Well, this would be on file anyway. So, okay. Any commissioner, any commission have a question on this issue? If none, we'll move on to financial reports. By the way, before Eileen goes home, Eileen, you earn your money at city council meetings and interpretations of Robert's rules. God love you for that. Thank you, Eileen. Thank you all. Moving on to the financial report. Very good. Well, hello, everybody to all here. I'll just go over the highlights that I include in the write up. So the first item gives you an overall picture of how much CARES Act money that we have and how we're spending it. Now that's showing you what we apply to our fiscal year, 20, we apply about 2.3 million dollars. And then how we're continuing to be able to use this money. This money has been on a lifeline and really important to the airport. And as we go through the report, you'll get a better sense as we go month to month that the revenues are going to be a big reflection of what we're seeing with our flying public, with our traffic and our employments. And if you looked at the employment report that was included, you're going to see that the traffic is much lower than it was a year ago. We had 9,300 and something in playments and last year we had closer to 50,000. So it's quite a change and our revenues reflect that. So I'm just trying to give you an overall sense with that chart on the CARES Act, how the money is being applied and how we're spending it. Additionally, just in the last week, the FAA in the end of December, the government did approve that there would be another stimulus package that the FAA would be getting a sizable amount of money to be able to give to the airports. The FAA has been working on how do they equitably and roll that out, give us the money, right, to all the airports. There's four amulets that are involved and all of that. And they've just announced that within the last week. Just earlier this week we got it. It's about 4 million dollars and there's a few little components of that. We haven't seen the grant application come to us yet, but we are expecting it in the short run here. Now that they've announced how much Burlington and all airports are getting. So we'll be getting an additional 4 million dollars on top of what we already got this 8 million dollars. They're calling it the CARESA. Quite a mouthful, but we have this new money that will be coming our way. The debt coverage score we're maintaining where our goal is to keep her, you know, right around 1.5 or a little bit less for this current year. We have to be above the 1.2. We did make debt payments earlier in the year and in January. And so that is going to, that is still a condition under our bond covenants. However, coming up in the future year, so fiscal year 22 and going in the fiscal year 23, and I'll discuss this a little bit later, the airport at the direction of Jean and working alongside with the downtown team and the mayor and Rich Goodwin and Catherine has been looking to do refunding portion of our upcoming bond payments. And what that means is we're going to be taking, I talked about this last month, we're going to be taking two years worth of principal payments and just about two years worth of interest payments. And instead of having the obligation to make those in the same time that we would have, we will be given additional time. They'll go into and that'll get escrowed account. We're issuing new debt and that those will be paid off a lot with the same timeline that we would have paid off the original debt. So by 2031, we will be in the same position as we would have been and all of our debt will be paid off. So we will be moving forward on that. But so for this year, we do need to be above that 1.25 debt coverage score. So you'll see that move around a little bit, I think, as the year goes on year to date revenues. I'm a year to date revenues through it was actually through November. I guess I have a typo there. I said October. But the year to date revenues through November were were $4.3 million, which is lower than prior year. And you can see those those differences, especially if you look at the budget performance report, you can see line by line. But I wanted to give you a sense of the areas where we're seeing the biggest reductions. These are consistent from month to month. We're seeing parking fees are $2 million lower rental car concessions are about $900,000 CFC about $655,000 lower and landing fees are half a million dollars lower because we have less planes flying in and flying out of Burlington, which makes sense because we don't have quite the need. The airlines are being good about providing us with routes, but we have a lot less people who are able or willing to take to take those flights right now, which is probably a good thing for Vermont. And our expenses year to date were through November were about $635,000 lower than prior year. The largest reduction, if you look again at the budget performance report and you look at the repairs and maintenance line, that was the biggest reduction. We had done more of that last year. We done some roof and more HVAC repairs. And so you're seeing a higher, you're seeing more expenses earlier on in the year. And we've also had, we've spent less in equipment repairs this year, which is good. It's just, you know, just how it's sort of working out. We have to repair things when they break for safety reasons. And we've spent less in their marketing efforts just because it translates to what's actually happening right now. And we have our salaries and overtime had been a little bit lower this year. So if you have it as we go on, you can either ask questions as we have or specifics. The AIP receivable was the federal government FAA owed us $2.1 million at the end of January. And a lot of that was related to the CARES Act, which we are actively going to be drawing down and continue to draw down. And then a bunch of other grants. We have that as well. We do not have any money drawn down under the grant anticipation note. But I do anticipate that we will start to be able to needing to do that. Our construction season has really slowed down again with the weather. But as we pick it back up, and if there are some of our grants, we are getting very close on like AIP 116, 116, which is our apron five and six. We're very, we just barely hit that 90 percentile. So once we hit 90 percent of expending the grant, as we have additional expenses to to finish up the grant and the construction, which will start up again in the spring, then those monies that we do for that, we will be able to draw down those reimbursements under the grant anticipation. And then when we close out the project, then we will get back reimbursement back under the FAA. And another great piece that I want to highlight, and I'm sure you don't want to talk about this, is we just barely in the last week received the terminal integration grant from the FAA. And that was that is a huge grant, 14 and a half million dollars. And that is to to do the consolidation, build out onto the building on the south end of the terminal and to consolidate the TSA. That's great. Yeah. Yeah. So we've had a lot, you know, a lot in the way of FAA grants coming our way, these monies finally coming to fruition. So I'm happy to report that because we've been talking about it for a long time. And but that finally came through the cash and our bank account. At the end of January, we had about 11.2 million dollars. And we have continued to be above that amount. So that's been very, very healthy and and keeping us in a, I would say that good cash flow for the airport. And I've already mentioned earlier that we are working on the refinancing. And the last thing that I will say, and it is related to this refinancing that we're doing, the airport is Moody's rating agency will be rating these, these, these refinance bonds. And we met with them, the team met with them last Friday. And we would anticipate that we will be getting a rating from them, I would say in the next week or so, we should be hearing back from them prior to issuing the bonds. The bonds are looking to the official statement is going to go out in the marketplace. The end of February. And I think they're going to get priced earlier in March. And then there'll be, I think the final transactions will be about the middle of March. So what are the bonds for? Is that still for the parking garage? They're not for the parking garage. They're simply going to give us some relief on having to make the next two years a principal and interest payments. So instead of having to use and, and ensure that we would be able to, given the uncertainty of how the pandemic will resolve itself and how are, how quickly we, we know that our payments will return why they'll, they're going to increase, but, but some projections, we don't think they're going to increase overnight. Right. And so some of that is just, it is trying to position the airport in a healthy manner in a very mindful, thoughtful manner to make sure that our cash flow is going to be, we're going to be able to support the cash flow of the airport for safety and being open and all the things that need to happen in addition to the debt. So we give some relief to the airport for two years is what it's like. Marie, my question was really what, what did we, what do the bonds represent construction or operating costs? What do they, what do they represent? So we're, we're going to, that money that we're going to raise in this bond is going to go into an escrow account and it's going to pay the debt service that we would have needed to pay. Okay. So it's not money that we're not getting an additional money. The money's not coming to the airport, not going to come into our bank account. It's all going to go into an escrow account and then we won't, this will take away from what we have to pay for the next two years. Now we do have to repay that new money and we will repay it over time. Okay. Thank you. Commissioners, you have any questions of Marie? No. I do. I had a, so how does that impact the, yes, Bill? Go ahead, Tim. How, Marie, how does that impact our calculation of the debt coverage score after this issuance? That's a great question. For this year that we're in, which is fiscal year 21, it will have no impact on this year. And that is because our payments are due on July 1st and they're due on January 1st. So those are already done for this year. It does, however, greatly impact. Next year we will not have in 2022, fiscal 2022, which will start July 1st, 21, we will not have any debt service coverage score for next year. We will have zero. We will have no debt. And if you look at my debt coverage worksheet, you have to have a debt number in order to calculate a score. So, and then the following year, we will have just an interest payment that will happen in January of 2023. And that interest payment will cause the score to look really, really great because it's going to be fairly low to probably be $700,000. We don't have final numbers on that, but compared to today, we're paying about $3.6 million. Okay. So in our, and you know the spread that I do, but in our relationship with the airlines, you know, we have agreements that talk about the debt coverage score. So in the absence of having one, what's the impact there? That's, well, I think I'm going to address this a few ways. Number one, our airline agreement is actually, it's a five-year agreement which runs through this June. And the airlines have indicated that they have intention three out of four of them. We just asked them in the last week. They've indicated that they are, they are looking to extend that lease at least another year while we work through the negotiations for another lease. So that's, I'm going to start with that. The airlines are very happy that we are giving some breathing room on that debt coverage score for a year. From their perspective, they also do not want us having to raise the rates because our revenues are lower. And if it takes time for those revenues to return and for our payments to get back to where they were before the pandemic hit, then the airlines have some breathing room as well, because under that airline agreement, which will probably be extended in a similar manner, they would be on the hook to make us whole or make us viable. And so that gives them, they're actually, I think this is a win-win for the airport and it's a win-win for the airlines right now. Okay. Thank you. Okay. Anyone else? Anyone else for Marie? That's a good report. Thank you very much, Marie. Appreciate it. So we'll accept that and place it on file. I see Poppy up on the screen with Margaret. I didn't get the last, is there a woman listening attending this who would like to speak to the commission? Okay. She was on earlier, Bill, but I don't, I also don't see her in the attendees list unless you do, Hannah. I don't see her. Is that, is that name familiar to you? Does that name familiar to anybody? What was it again? Margaret? I didn't get the, she's a Winooski resident. Oh, she is? Okay. Okay. All right. Well, moving on then to Larry, construction update. All right. I'll be quick. I'll just hit the highlights today. I did submit my report to you. Yes. We place that on file. Okay. So the big news is, as Marie reported, we did receive the 14.9 million, the total grant we applied for for the TIP project. We're proceeding through the permitting process, anticipate being before the city of South Burlington, DRB in late March, early April. Worst case right now for my discussions with staff there is April 6th and all other permit applications will be filed at real their terms. So we're moving forward in hopes for construction they should start by summer, hopefully. Good. Inline baggage. We're just continuing through that process to get the funding from TSA. We did receive bids for the Chamberlain School. We had four very good contractors at all bid yesterday and we did have a parent low bidder, which we're reviewing all bids and to ensure everything was complete and we will be moving that forward. But we did have the bid opening yesterday. So Larry, was that above your estimate or on your estimate or below? The low bit, low cost qualified bidder. Well, the nice thing here is they allowed us to do a design, design build and we already have the grant and it was significantly below what we anticipated. So it's a good news. So you have the design build. You have a contractor and an architect on that team. Is that correct? Correct and it's 100% grant. So we just need to process the contract requirements and then there's a very small window during the summer for that construction to take place. Thank you. Sound insulation pilot project. Nick, I already did a very thorough job. You know, we're moving through that process. Stormwater and UIC permit management RFPs, we have made a selection. I'm working with them right now and I anticipate by next month we'll be asking your authorization to move forward for city council. I anticipate a savings of about $100,000 to $120,000 a year from that we had seven qualified proposers and from the old cost, the new cost, I see about $100,000 in savings a year. So it's significant. Hotspot remediation, we've been through this. Nick did a nice job last month and we're proceeding, we are going to apply for a grant May 1 for this. We will be out to bid within 100 dates. We are going to have a the out to bid pre-bid on April 8 with bids back by April 28 so we can apply for grant May 1. The national weather service process, we have 100% plans. My goal is to give it out for RFP this Friday but I've committed worst case next Tuesday to the national weather service for that project. The noise equipment, we finalize the agreement and we're moving forward which will take over the next six months to get the program in place. That's all I had. Questions for anybody? That's plenty. Questions for Larry. I get a sense both Gene or Nick or Larry that there doesn't seem to be many restrictions for federal money. Is that a deep pocket that we're finding or has there been any applications that have been tabled from the airport or have been denied or do we get everything that we ask for? Bill, what that is called is tenacity. Larry, Marie, Shelby has been told no 100 times if not more and we get told no all the time. The tip project that you're talking about, that was the biggest slam the door in our face and there's no money for that and then we got the 10 million and then we know we needed more and we went back and we said there must be money that other airlines haven't, I mean other airports haven't used. That's called tenacity. This team works really hard and we pick up other people's scraps, we pick up anything that's laying around. That's good to hear. Thank you for your leadership and your tenacity of the crew out there. Okay, next item, South Burlington's seat update. Helen? I don't have anything other than we signed the MOU. We're waiting to have that finalized with all the signatures. Okay, all right, but you've had a motion to approve that in your city council and just have to get the signatures, is that correct? Well, you need to have the three cities sign the final. Okay, but from what I hear it's all approved by all three communities. Yes, it is. Okay, thank you. Okay, director's report, Gene? Okay, I'm going to go over some of the things you've already heard, but I just want to put some. You don't have to. I'm going to. So we did meet with the FAA, we meet with them a couple times a week and that relationship continues to go really well. You know, the whole sound program, much of the successes that the airport has to do is about relationships. So, and again, when I say we, it is everybody, everybody you see on here today meets with them, different partners, and it works really well out for us. One thing was really nice is last week, I called the airlines and, you know, they're going through a really historically, probably the worst time that most of them have ever seen. I asked them, I said, you know, our agreement is coming to an end. And in June, we're going to be going to talk to Moody's. I'd like to give them an indication. You know, is that something we'd love to continue? I would understand why you might not. And they came back to us as Marie indicated, three of them basically said, of course, we'd like to participate. They said, we would like to clone Burlington. So we're really happy about that. And I want to thank the entire team for giving us that reputation with the airlines. It isn't easy to be a small airport and to stick out like the way we do. So I just want to let you know it's this team in every level does so well. And again, I'm bragging, we met with the team again, met with Moody's last week. That is, for me, that is a nightmare. Just a thought. I thought like 2012 coming back flashbacks where, you know, it's been a tough time for our industry. And I couldn't be more proud of this team on how well we did. They started off the presentation Moody's giving us compliments going back to 2012 and just saying what great headway this airport has made and the city. So I just want to let you know that is a great way. And then, of course, we complimented them because we would not have been as prepared as we were for the COVID crisis if we had not taken their advice. So it turned out, well, I don't know the results of it yet. But I was very proud. Marie worked really hard putting that presentation together with Rich Goodwin. And Andrew and Shelby just made it look beautiful. So along with a couple of our consultants and Nick led the way for us. He did the entire presentation and just did a stunning job. So I was very pleased with that. And of course, Marie tipped it in as she brought it to the green bill and tipped it right in at the end. So it was well done. Let me see here. The beta relationship, they're up to 187 employees. You all should be so, so proud. In a time that people were getting laid off, they were hiring. And that's right here at Burlington International Airport. So you have a lot to be proud of, you have a lot to brag about. And we're building an electric aircraft. How great is that? So you have a lot to be proud of at our airport, one of very few in the whole world. We're building the electric aircraft, we have 187 people and growing. They have two additions going on their building right now, one on the north, one on the south. And we expect that they will be starting those sometime in April. So again, to grow and have a hell is more people, really, really excited about that. And we expect also potentially, you know, there to be some manufacturing talk, you know, they have been talking about building something at the airport. We just have to figure out where and, you know, but they have chosen and do want to be at Burlington if it can happen. So we're quite excited about the beta relationship. And I would not be surprised if in the next month or two, you got to see that electric aircraft land right here at Burlington. So history will be repeating itself in many ways, you know, going back almost 100 years to see this wonderful aircraft. And again, you know, we the maintenance team has been working night and day to keep that airport clean. And again, Shelby and Nick have worked endless hours to fill in, because we have not filled the position for a maintenance director. And those two have worked night and day to make sure that there was no loose ends. And again, thank you guys very much. But again, I'm very happy Helen and Mayor Lott. Thank you for being our partners. I love it when we talk. I used to hate it, because it used to be really stressful. And, you know, it's actually a real pleasure to talk to both of you, because I feel we're on the same team heading in the same direction. And I am so excited to see the first 10 of the next 50 houses done. We have done great work, and we're not taking homes down. We're building homes back up and making them more energy efficient and more affordable. So thank you all very much. That's all I have for a report, Bill. Any questions of Gene? Any questions? All right, seeing you. Thank you for your report. It's very positive. It's very good to see what's going on and what our potential. Thank you for doing a good job. Commissioner's items. Commissioner, do you have any items? I do not. No. Well, I'm just, I'm just wondering what's happened to our monthly report on noise complaints. Thank you, Jeff. Last month, we talked about getting noise complaints on a monthly basis from people who call in. What's the status of that monthly report? Can you let us know what that is? Somebody? Nick, do you have any idea? We weren't able to update it now. And honestly, we've been slightly preoccupied with getting the sound insulation monitor up and running. And that's going to, that's really going to give you what you need, Bill, because there's a lot of manual entries into the way that we're doing it right now versus this automation type of scenario with the sound monitor. So apologies for not having it ready for this meeting, but it's going to look and feel and be much more automated so that we can show you some live updates and some live complaint features. When can we expect that? So we're expecting to start the process soon. I believe we just signed the contract and looking at Larry to see if that's the case. And then there's a few month process for install operational procedures. And we're hoping to get that up and running by this summer. That doesn't mean that we're not going to stop inputting the data for the noise complaints both on the phone line and from the email addresses. It was just a miss on this particular meeting. But you're getting that information now. The complaints, correct. I think we passed a motion to go forward with this. I just like this. You get some reaction to get that information. That's all. I mean, we have to wait till the next summer. It might not have passed that motion at all. No, no, we're still going to provide the actual information and the data. This meeting, we just weren't able to do it. And we can provide that after this meeting, certainly. Okay. I'm not saying we're not going to provide that information. I'm saying we're trying to combine it. Bill, we'll get that to you. Hannah, would you follow up with Bill and the rest of the commission? And then would you make sure that's on our agenda from now on? Yeah. Thank you. Thank you. Appreciate that very much. Anything else from anyone? The mic is open. All right, seeing that all without objection, I will hereby adjourn this meeting and we'll see you next month. Thank you. Okay. Take care, everybody. Be safe. All right. Yeah.