[00:00:01]
          I'D LIKE TO CALL TO ORDER FOR THE TAX INCREMENT REINVESTMENT ZONE BOARD MEETING FOR THE
CITY OF PRINCETON. 
          [CALL TO ORDER]
TODAY IS TUESDAY, JULY 24TH, 2023, AT 5:45 P.M. 
          FIRST ORDER OF BUSINESS WILL BE A ROLL CALL. 
          THE HONORABLE MAYOR BREANNA CHACON. 
          PRESENT. 
          STEVE DEFFIBAUGH. I'M HERE. 
          DAVID KLEIBER HERE. 
          MARLO OBERA HERE. 
          BRIAN WASHINGTON HERE AND KEVIN UNDERWOOD IS NOT HERE. 
          WE DO HAVE A QUORUM AND THE FIRST ITEM OF BUSINESS IS THE CONSENT AGENDA. 
          [CONSENT AGENDA]
ALL CONSENT AGENDA ITEMS LISTED ARE CONSIDERED TO BE ROUTINE BY THE CITY COUNCIL AND WILL
BE ENACTED BY ONE MOTION. 
          THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS THE COUNCIL MEMBERS SO REQUEST
IN WHICH EVENT THE ITEM WILL BE REMOVED FROM THE CONSENT AGENDA AND CONSIDERED IN ITS NORMAL SEQUENCE ON THE AGENDA. 
          ITEM ON THE CONSENT AGENDA IS THE MINUTES, DISCUSSION AND POSSIBLE ACTION REGARDING THE
MINUTES OF THE FEBRUARY 13TH, 2023 REGULAR TAX INCREMENT REINVESTMENT ZONE BOARD MEETING. 
          MAKE A MOTION TO APPROVE CONSENT AGENDA. 
          MOTION BEEN MADE TO APPROVE AND I'LL SECOND THAT. 
          SECOND BY MR. WASHINGTON. 
          HONORABLE CHACON. 
          YES. I APPROVE. 
          DAVID KLEIBER. YES. 
          MARLO OBERA. YES. 
          BRIAN WASHINGTON. YES. 
          MOTION APPROVED. 
          FIVE ZERO. NEXT IS THE REGULAR AGENDA ITEM 2023 TIRZ 002 
          [REGULAR AGENDA]
RESOLUTION NUMBER 2023 0724 PR EAST RIDGE TIRZ CONSIDER AND APPROVE AMENDED AND RESTATED
PROJECT AND FINANCING PLAN FOR THE EAST RIDGE TIRZ. 
          THANK YOU, MR. CHAIRMAN. 
          WE HAVE MR. JEFF GLOBUS WITH OUR BOND COUNSEL HERE TODAY, AND HE'S GOING TO BRIEF YOU ON THIS ITEM. 
          THANK YOU. GOOD AFTERNOON, CHAIRMAN AND MEMBERS OF THE BOARD. 
          I ALWAYS MAKE SURE I ADDRESS YOU ALL CORRECTLY AS THE TIRZ BOARD. 
          AS YOU WILL DISCUSS LATER IN THE COUNCIL MEETING, WE DID SELL BONDS THIS AFTERNOON FOR
THE SECOND PHASE OF THE EAST RIDGE PUBLIC IMPROVEMENT DISTRICT. 
          AS YOU ALL WILL RECALL LAST YEAR WHEN WE STARTED EAST RIDGE, IN ORDER TO KEEP THESE
DEVELOPMENTS SOMEWHAT AS MUCH AS POSSIBLE, APPLES TO APPLES. 
          EAST RIDGE IS OVERLAID WITH A TAX INCREMENT REINVESTMENT ZONE. 
          THE PURPOSE OF THAT ZONE IS TO BUY DOWN THE PIT ASSESSMENTS TO A POINT WHERE IT'S
MARKETABLE FOR THE END USERS AND MARKETABLE TO BONDHOLDERS AS WELL. 
          IN CONNECTION WITH THAT, IN CONNECTION WITH TODAY'S PRICING OF THE BONDS, WE OBVIOUSLY
HAVE TO AMEND THE TIRZ PLANS TO REFLECT THE ACTUAL PRICING INFORMATION. 
          SO THE ITEM BEFORE YOU IS APPROVAL OF THE AMENDED PLANS. 
          AND ESSENTIALLY WHAT THIS DOES IS IT STAYS WITH THE WAY THE EAST RIDGE PIT AND TIRZ HAVE
BEEN SET UP. 
          THE TIRZ SUPPORTS APPROXIMATELY 33% OF THOSE BONDS AND SO THAT ALLOWS THOSE ASSESSMENTS
TO STAY, LIKE I SAID, AS MUCH APPLES TO APPLES. 
          ONCE THOSE BONDS ARE PAID OFF, THAT TIRZ DOES GO AWAY. 
          THAT WILL BE AN ASSESSMENT OR TAXABLE VALUE THAT GOES FULLY INTO THE CITY'S GENERAL FUND. 
          WE WILL GO INTO A LOT OF THIS IN GREATER DETAIL, BUT CERTAINLY HAPPY TO ANSWER ANY
QUESTIONS YOU ALL MAY HAVE. 
          YOU HAVE DRAFT PLANS. 
          OBVIOUSLY, THESE DON'T GET UPDATED UNTIL ABOUT AN HOUR AGO. 
          ONCE WE GET THE FINAL PRICING NUMBERS REFLECTED, WHICH AGAIN WILL GO OVER IN MORE DETAIL. 
          AND SO AS PART OF THE PLAN, ANY TIME WE DO PLAN AMENDMENTS, IT HAS TO START WITH THE TIRZ
BOARD AND THEN SAME ITEMS WILL COME BEFORE COUNCIL FOR APPROVAL, ASSUMING YOU ALL AS THE TIRZ BOARD RECOMMEND APPROVAL. 
          ANY MEMBERS HAVE ANY QUESTIONS? IF NOT, I'LL ENTERTAIN A MOTION. 
          I'LL MAKE THAT MOTION TO APPROVE AGENDA ITEM 2023. 
          EXCUSE ME. RESOLUTION NUMBER 2023 0724 PR EAST RIDGE TIRZ. 
          MOTION BEEN MADE. 
          I'LL SECOND THE MOTION AND SECOND. 
          ALL THOSE IN FAVOR. 
          I'LL DO A ROLL CALL. VOTE. 
          JOHN? YES. 
          I VOTE YES. DAVID KLEIBER YES. 
          MARLO OBERA YES. 
          BRIAN WASHINGTON. YES. 
          MOTION CARRIES FIVE ZERO AND THE NEXT ITEM IS ADJOURNMENT. 
          DO I HAVE A MOTION TO ADJOURN? MAKE A MOTION TO ADJOURN. 
          MOTION MADE TO ADJOURN. 
          I'LL SECOND. SECOND. 
          [00:05:01]
ALL IN FAVOR, SAY YAY. 
          YAY. YES OR WHATEVER. 
          OKAY, WE'RE ADJOURNED. 
          THANK YOU.
* This transcript was compiled from uncorrected Closed Captioning.